note 6 exhibit 9 2 of le chateau 2014 financial statements discusses the company line of credit

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Required:
a. What does it mean that the company has an operating line of credit of $70 million available? What kind of institution is the line of credit likely with?
b. The information regarding the interest rate on Le Chateau line of credit refers to Canadian prime rate. What does this term mean? Is this a fixed interest rate?
c. Le Chateau is required to pay a standby fee ranging from 0.250% to 0.375% on unused portions of the revolving credit. What does this mean and why would an institution charge this type of fee?
d. Is Le Chateau operating line of credit secured or unsecured? Explain what this means and why a company might prefer to have its debt secured.

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