The Company entered into a new revolving line-of-credit facility governed by a Credit Agreement (the Credit Agreement) dated The Credit Agreement provides for a revolving credit facility of million, which can be increased by an additional million subject to certain conditions. Borrowings under the Credit Agreement be used for working capital and expenditures of the Company and its subsidiaries, including financing permitted acquisitions. Borrowings under the Credit Agreement for base rate loans bear interest at a variable rate equal to the greater of (i) the prime commercial rate, (ii) the per annum federal funds rate plus or (iii) LIBOR + - depending on the existing total leverage ratio of Debt to Earnings Before Interest, Taxes, Depreciation and Amortization (as defined in the Credit Agreement). The annualized fee for any unused portion of the credit facility is currently basis points.

 

The Credit Agreement matures on   and contains customary restrictive and financial covenants and customary events of default. As of

  the outstanding balance under the Credit Agreement was

million.