Xplore Technologies amended its credit agreement with Bank of America as lender.

The loans will consist of formula revolver loans and a letter of credit facility of up to $1 million. The maximum amount of formula revolving loans outstanding at any one time cannot exceed the lesser of $15 million or 85% of eligible accounts, plus the lesser of 65% of the carried value of eligible inventory or 85% of liquidation value of eligible inventory, minus certain reserves.

The agreement has a three-year term. Payment and performance under the agreement is secured by a first priority security interest in and to substantially all of the assets of the company.

The interest rate on the loans is variable, and will be equal to LIBOR in effect from time to time, plus between 2.25% and 2.75% per annum, based upon the company’s fixed charge coverage ratio.