On the Company entered into a revolving line of credit agreement with TD Bank providing for demand or short-term borrowings up to million. The credit agreement includes an interest rate indexed to above the Intercontinental Exchange Benchmark Administration Ltd. London Interbank Offered Rate with a floor of The line of credit expires on The total amount allowed to be drawn against the line is limited by varying percentages of the Company's eligible accounts receivable. At the limit was million. The bank is granted a security interest in all of the Company's assets if there are borrowings under the line of credit. Interest on outstanding balances is payable monthly. The effective rate at was Under the line of credit agreement, the Company is bound by certain covenants, including maintaining a minimum tangible net worth and producing a number of periodic financial reports for the benefit of the bank. At the Company was in compliance with its covenants with its lender.

 

There was outstanding balance on the line of credit at or