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(&#8220;JPMorgan&#8221;) pursuant to a credit agreement (the &#8220;Credit Agreement&#8221;) between the Company and JPMorgan.&#160;&#160;The maximum aggregate amount of the Facility is $25.0 million, of which the Company immediately borrowed $7.2 million, using the proceeds to repay the outstanding balance under the $9.3 million line of credit with another financial institution which formerly managed a substantial portion of the Company&#8217;s investment portfolio.&#160;&#160;As a result of this refinancing of short-term credit with a long-term obligation, as of April 30, 2013, the Company reclassified the $6.0 million balance payable under the replaced line of credit to long-term debt.&#160;&#160;Proceeds from the Facility will be used for working capital and to finance acquisitions.&#160;&#160;During the three-month period ended July 31, 2013, the Company borrowed an additional $2.0 million under the Facility.&#160;&#160;The additional borrowings were used for working capital and to finance the acquisition of certain fixed assets.</font> </div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may make borrowings under the Facility from either Tranche A or Tranche B or a combination of both, not to exceed $25.0 million.&#160;&#160;Pursuant to the Credit Agreement, the amount of Tranche A borrowings may not exceed the value of the Pledged Investments (as defined in the Credit Agreement).&#160;&#160;The amount of Tranche B borrowings may not exceed the lesser of (i) $15.0 million and (ii) the Borrowing Base (as defined in the Credit Agreement).&#160;&#160;Current outstanding borrowings under the Facility are all under Tranche A.&#160;&#160;The Facility is fully guaranteed by certain of the Company&#8217;s subsidiaries and is secured by, among other things, a pledge of substantially all personal property of the Company and certain of the Company&#8217;s subsidiaries.</font> </div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Borrowings under the Facility are evidenced by a line of credit note (the &#8220;Note&#8221;) and bear interest, payable monthly, at a rate equal to the LIBOR Rate, as determined from time&#160;&#160;to&#160;&#160;time&#160;&#160;by&#160;&#160;JPMorgan</font> pursuant to the terms of the Note, plus a margin of 0.75% for Tranche A borrowings and 1.75% for Tranche B borrowings.&#160;&#160;The principal balance on the Note, along with any accrued and unpaid interest, is due and payable no later than June 5, 2018, which is the maturity date of the Facility.&#160;&#160;In addition, the Company is required to pay JPMorgan fees equal to 0.1% per annum on any unused portion of the Facility.</font> </div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Credit Agreement contains a number of affirmative and negative covenants, including limitations on the incurrence of additional debt, liens on property, acquisitions, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, and distributions and other payments in respect of the Company&#8217;s capital stock.&#160;&#160;The Credit Agreement also contains certain events of default customary for credit facilities of this type, including nonpayment of principal or interest when due, material incorrectness of representations and warranties when made, breach of covenants, bankruptcy and insolvency, unstayed material judgment beyond specified periods, and acceleration or payment default of other material indebtedness.&#160;&#160;The Credit Agreement requires the Company to maintain, as of the end of each fiscal quarter, a funded debt to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ratio and an interest charge coverage ratio.&#160;&#160;The calculation of both ratios is defined in the Credit Agreement.&#160;&#160;For the period ended July 31, 2013, the Company met the required covenants.</font> </div><br/> 25000000 7200000 9300000 6000000 2000000 Pursuant to the Credit Agreement, the amount of Tranche A borrowings may not exceed the value of the Pledged Investments (as defined in the Credit Agreement).The amount of Tranche B borrowings may not exceed the lesser of (i) $15.0 million and (ii) the Borrowing Base (as defined in the Credit Agreement). The Facility is fully guaranteed by certain of the Company's subsidiaries and is secured by, among other things, a pledge of substantially all personal property of the Company and certain of the Company's subsidiaries. rate equal to the LIBOR Rate, as determined from timetotimebyJPMorgan pursuant to the terms of the Note, plus a margin of 0.75% for Tranche A borrowings and 1.75% for Tranche B borrowings. 2018-06-05 required to pay JPMorgan fees equal to 0.1% per annum on any unused portion of the Facility. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE K &#8211; INCOME TAXES</font> </div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In prior fiscal years, the Company reduced the valuation allowance on the deferred tax assets of its U.S. subsidiaries.&#160;&#160;Consequently, for the three months ended July 31, 2013 and 2012, the Company recorded provisions for income taxes based on both current taxes due in the United States as well as the tax provision or benefit to be realized from temporary tax differences.&#160;&#160;As of July 31, 2013 and April 30, 2013, the remaining deferred tax asset valuation allowance is approximately $1.9 million and is primarily related to deferred tax assets of the Company&#8217;s non-U.S.-based subsidiaries.</font> </div><br/> 1900000 1900000