On February 19, 2015, Spy Optic Inc. entered into the Twelfth Modification to Loan and Security Agreement with BFI Business Finance in order to provide for certain modifications to Spy's credit facility with BFI. The original Loan and Security Agreement with BFI was entered into on February 26, 2007. Among other things, the Modification increased the company's inventory borrowings to the lessor of $3.5 million, 100% of United States and Canadian eligible accounts receivable or 65% of eligible United States inventory; increased borrowing on eligible dating programs to 80%; and increased the maximum borrowing limit to $9.0 million from $8.0 million.