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Long-Term Obligations and Commitments | 6 Months Ended
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Jan. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Obligations and Commitments |
5. Long-Term Obligations and Commitments
Long-Term Debt
On May 2, 2019 we entered into an amended and restated credit agreement with certain institutional lenders for a credit facility with an aggregate principal amount of $1.4 billion, which includes a $400 million unsecured term loan. This agreement amended and restated our prior unsecured revolving credit facility dated February 1, 2016. Under this agreement we may, subject to certain customary conditions, on one or more occasions increase commitments under the term loan in an amount not to exceed $400 million in the aggregate. The term loan accrues interest at rates that are equal to, at our election, either Bank of America's alternate base rate plus a margin that ranges from 0.0% to 0.125% or LIBOR plus a margin that ranges from 0.625% to 1.125%. Actual margins under either election will be based on our senior debt credit ratings. The amended and restated credit agreement includes customary affirmative and negative covenants. See Note 4, “Current Liabilities – Unsecured Revolving Credit Facility,” for more information. The term loan is subject to quarterly principal payments of $12.5 million through October 31, 2020, with the balance payable on February 1, 2021. At January 31, 2020, $363 million was outstanding under the term loan, of which $38 million was classified as short-term debt. The carrying value of the term loan approximates its fair value. Interest on the term loan is payable monthly. We paid $6 million for interest on the term loan during the six months ended January 31, 2020 and $7 million during the six months ended January 31, 2019.
Secured Revolving Credit Facility
On February 19, 2019, a subsidiary of Intuit entered into a $300 million secured revolving credit facility with a lender. The revolving credit facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc. Advances under this secured revolving credit facility are used to fund a portion of our loans to qualified small businesses. The secured revolving credit facility is available for use for a term of two years and accrues interest at LIBOR plus 2.39%. Unused portions of the credit facility accrue interest at a rate of 0.50%. Outstanding advances mature on August 19, 2021 and payments made prior to February 19, 2020 are subject to a 1% prepayment fee. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of January 31, 2020 we were compliant with all required covenants. At January 31, 2020, $48 million was outstanding under this facility, with a weighted-average interest rate of 7.24%, which includes the unused facility fee. The outstanding balance is secured by cash and receivables of the subsidiary totaling $123 million. Interest on the facility is payable monthly. We paid $2 million for interest on the secured revolving credit facility during the six months ended January 31, 2020.
Other Long-Term Obligations
Other long-term obligations were as follows at the dates indicated:
(In millions) | January 31, 2020 |  | July 31, 2019
Long-term income tax liabilities | $ | 40 |  |  | $ | 89 |
Total deferred rent | — |  |  | 47 |
Total dividend payable | 13 |  |  | 11 |
Other | 12 |  |  | 12 |
Total long-term obligations | 65 |  |  | 159 |
Less current portion (included in other current liabilities) | (9 | ) |  | (14 | )
Long-term obligations due after one year | $ | 56 |  |  | $ | 145 |
Unconditional Purchase Obligations
We describe our purchase obligations in Note 8 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2019. There were no significant changes in our purchase obligations during the six months ended January 31, 2020.

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