Long Term Debt	3 Months Ended
Aug. 31, 2020
Long Term Debt	10. LONG TERM DEBT We have a financing agreement with a bank providing for a $15,000,000 unsecured revolving line of credit, which expires on September 30, 2021. There were no advances against the line of credit during fiscal 2020 and there have been none thus far in fiscal 2021; there was no balance outstanding at August 31, 2020. Interest on any borrowings remained at LIBOR plus 100 basis points (rate under the terms of the agreement was 1.20% at August 31, 2020). Financial covenants include maintaining specified levels of tangible net worth, debt service coverage, and funded debt to EBITDA, each of which the Company was in compliance with at August 31, 2020.

We have a financing agreement with a bank providing for a $15,000,000 unsecured revolving line of credit, which

expires

on September 30, 2021. There were no advances against the line of credit during fiscal 2020 and there have been none thus far in fiscal 2021; there was no balance outstanding at August 31, 2020. Interest on any borrowings remained at LIBOR plus 100 basis points (rate under the terms of the agreement was 1.20% at August 31, 2020). Financial covenants include maintaining specified levels of tangible net worth, debt service coverage, and funded debt to EBITDA, each of which the Company was in compliance with at August 31, 2020.