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EXCEL - IDEA: XBRL DOCUMENT - CHROMCRAFT REVINGTON INCFinancial_Report.xls
10-K - CHROMCRAFT REVINGTON, INC 10-K 12-31-2011 - CHROMCRAFT REVINGTON INCform10k.htm
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EX-31.1 - EXHIBIT 31.1 - CHROMCRAFT REVINGTON INCex31_1.htm
EX-21.1 - EXHIBIT 21.1 - CHROMCRAFT REVINGTON INCex21_1.htm
EX-31.2 - EXHIBIT 31.2 - CHROMCRAFT REVINGTON INCex31_2.htm
EX-32.1 - EXHIBIT 32.1 - CHROMCRAFT REVINGTON INCex32_1.htm
EX-23.1 - EXHIBIT 23.1 - CHROMCRAFT REVINGTON INCex23_1.htm
v2.4.0.6
Revolving Credit Facility
12 Months Ended
Dec. 31, 2011
Revolving Credit Facility [Abstract]  
Revolving Credit Facility
Note 6.   Revolving Credit Facility

On October 25, 2011, the Company terminated its loan and security agreement with Bank of America, N.A. and entered into a three year loan and security agreement (the “Credit Facility”) with First Business Capital Corp. (the “Lender”) to provide the Company with a revolving credit facility up to a maximum amount of $10,000 (including letters of credit) based upon eligible accounts receivable of the Company.    All advances under the Credit Facility were used for working capital and other corporate purposes.

The Company terminated the Credit Facility on April 20, 2012 and entered a new two year secured revolving credit facility (the “New Facility”) with Gibraltar Business Capital, LLC (“Gibraltar”) of up to $5,000 (including letters of credit) based upon eligible accounts receivable of the Company.  A description of the terms of the New Facility is included later in this note.

The Company had $901 of net borrowings in 2011 and an outstanding loan balance of $901 at December 31, 2011.  The Company had approximately $4,330 of availability under the Credit Facility at December 31, 2011, which reflects a $565 reduction for a letter of credit outstanding in connection with a self-insured workers compensation program of $390 and other reserves.

Advances under the Credit Facility bore interest at the greater of the one-year LIBOR rate or 0.75%, plus a margin of 4.75%.  In addition, the Company was required to pay unused credit facility and other fees and expenses.  Obligations under the Credit Facility were secured by all of the assets of the Company and its subsidiaries.
 
The Credit Facility contained representations and warranties as well as affirmative and negative covenants of the Company.  The covenants included, but were not limited to, minimum net worth and net earnings (loss) requirements, and restrictions or limitations on other indebtedness, other liens on Company assets, capital expenditures, dividends, distributions, recapitalizations of the Company's corporate structure, repurchases of any equity interests of the Company, sales of assets (other than in the ordinary course of business), acquisitions of other businesses, and amendments to the Company's Certificate of Incorporation and By-Laws. Upon the occurrence of an event of default, the Lender could have terminated its commitment to make advances under the Credit Facility, declared all amounts then outstanding under the Credit Facility to be immediately due and payable, charged a default rate of interest and exercised any other rights and remedies that the Lender may have.  The Credit Facility included a lockbox service agreement whereby all payments received by the Company to the lockbox were transferred directly to the Lender's general funding account for application to any outstanding loan balance the Company had with the Lender.

The New Facility with Gibraltar replaced the Credit Facility with First Business Capital Corp. and will expire on April 20, 2014.  All advances under the New Facility will be used for working capital and other corporate purposes, subject to the initial pay off of any outstanding borrowings and associated fees to First Business Capital Corp. at closing.

Advances under the New Facility will bear interest at the annual rate of 3% above the Prime Rate (as published in the Wall Street Journal) with the Prime Rate never being lower than 3.25%. The Company is also required to pay annual collateral management and other fees and expenses.  Obligations under the New Facility are secured by all of the assets of the Company and its subsidiaries.

The New Facility contains representations and warranties as well as affirmative and negative covenants of the Company.  The covenants include, but are not limited to net earnings (loss) requirements, and restrictions or limitations on other indebtedness, other liens on Company assets, capital expenditures, a merger or sale of the Company, sales of assets (other than in the ordinary course of business), acquisitions of other businesses, and amendments to the Company's Certificate of Incorporation and By-Laws.  Upon the occurrence of an event of default, Gibraltar may terminate its commitment to make advances under the New Facility, declare all amounts then outstanding under the New Facility to be immediately due and payable, charge a default rate of interest and exercise any other rights and remedies that they may have. The New Facility includes a lockbox service agreement whereby all payments received by the Company to the lockbox are transferred directly to Gibraltar's general funding account for application to any outstanding loan balance the Company has with Gibraltar.