mpany has an unsecured, committed revolving line of credit with monthly variable commitments available for funding that average $50.0 million over the course of a calendar year. The maturity date of this agreement is August 1, 2023. Interest, payable monthly, is based on the Company's applicable funded debt ratio, which could range from USD LIBOR plus 87.5 basis points to USD LIBOR plus 162.5 basis points. This line of credit requires the Company to comply with certain financial covenants covering the Company's funded debt ratio and interest coverage ratio. If the Company is in default, it is prohibited from paying dividends or repurchasing common stock. At December 31, 2019, the Company was in compliance with all associated covenants. At December 31, 2019 and 2018, no balance was outstanding under this line of credit.
The Company's Canadian subsidiary has available an unsecured and uncommitted line of credit guaranteed by the Company providing for borrowing up to a maximum of CAD$30.0 million (approximately US$23.0 million) at December 31, 2019. The revolving line accrues interest at the bank's Canadian prime rate. At December 31, 2019 and 2018 no balance was outstanding under this line of credit.
The Company's European subsidiary has available two separate unsecured and uncommitted lines of credit guaranteed by the Company providing for borrowing up to a maximum of €25.8 million and €5.0 million, respectively (combined approximately US$34.5 million), at December 31, 2019. The line of credit with a maximum borrowing of €25.8 million accrues interest based on the European
Central Bank refinancing rate plus 75 basis points. The line of credit with a maximum borrowing of €5.0 million accrues interest based on the Euro Overnight Index Average plus 75 basis points. There was no balance outstanding under either line at December 31, 2019 or 2018.
The Company's Japanese subsidiary has two separate unsecured and uncommitted lines of credit guaranteed by the Company providing for borrowing up to a maximum of US$7.0 million and ¥300.0 million, respectively (combined approximately US$9.8 million), at December 31, 2019. These lines accrue interest at JPY LIBOR plus 100 basis points and the Bank of Tokyo Prime Rate, respectively. There was no balance outstanding under either line at December 31, 2019 or 2018.
The Company's Korean subsidiary has available an unsecured and uncommitted line of credit guaranteed by the Company providing for borrowing up to a maximum of US$20.0 million at December 31, 2019. The revolving line accrues interest at the Korean three month CD rate plus 220 basis points. There was no balance outstanding under this line at December 31, 2019 or 2018.
The Company's Chinese subsidiary has available an unsecured and uncommitted line of credit guaranteed by the Company providing for borrowings of advances or overdrafts up to a maximum of US$20.0 million at December 31, 2019. Once the line is drawn upon, the revolving line accrues interest on advances of RMB based on the People's Bank of China ("PBOC") base rate, advances of USD based on LIBOR +1.8% per annum or overdrafts of RMB based on 110% of the PBOC base rate. There was no balance outstanding under this line at December 31, 2019 or 2018.