Note

Long-t

erm

Debt

Long-term debt consists of the following:

	March 31, 2019			March 31, 2018
Line of credit (4.000%, as of March 31, 2019)	$	6,000		$	28,000
Term loan (4.000% as of March 31, 2019)		17,000			18,625
Less: discount		(262	)		(365	)
Less: current portion		(2,125	)		(1,625	)
Long-term portion	$	20,613		$	44,635

March 1, 2017,

we entered into a

five

-year agreement (the “Credit Facility”) for an

$80,000

revolving line of credit (“Line of Credit”), a

$20,000

term loan (“Term Loan”) and up to

$2,500

of letters of credit with a banking syndicate of

four

banks. In addition, the Credit Facility provides a post-closing accordion feature which allows for the Company to request to increase the Line of Credit or Term Loan up to an additional

$100,000.

Line of Credit and Term Loan indebtedness bears interest at either: (

) LIBOR, as defined, plus an applicable margin ranging from

1.5%

2.5%;

or (

) the alternate base rate (“ABR”), which is the greater of JPMorgan’s prime rate or the federal funds effective rate or the overnight bank funding rate plus

0.5%.

We elect the interest rate with each borrowing under the line of credit. In addition, there is an unused line fee of

0.15%

0.35%.

Letter of credit fees are based on the applicable LIBOR rate.

The Term Loan requires

quarterly principal payments (the

first

due date was

March 31, 2017)

in the amount of

$250

(increasing by

$125

each year up to

$750

in the

fifth

year). The remaining balance of principal and accrued interest are due on

March 1, 2022.

The Credit Facility is secured by all of our assets and requires us to maintain a ratio of funded debt to our trailing

four

quarters of EBIDTA (the “Leverage Ratio”), as defined in the agreement, of less than

3.0

1.0,

provided that, we

may

once during the term of the Credit Facility, in connection with a Permitted Acquisition for which the aggregate consideration paid or to be paid in respect thereof equals or exceeds

$20,000,

elect to increase the maximum Leverage Ratio permitted hereunder to (i)

3.5

1.0

for a period of

four

consecutive fiscal quarters commencing with the fiscal quarter in which such Permitted Acquisition occurs (the “Initial Holiday Period”) and (ii)

3.25

1.0

for the period of

four

consecutive fiscal quarters immediately following the Initial Holiday Period. The Credit Facility also requires us to maintain a minimum fixed charge coverage ratio of less than

1.25

1.0.

We were in compliance with the required covenants at

March 31, 2019.

Future contractual maturities of debt as of

March 31, 2019

are as follows:

For the year ending March 31,
2020	$	2,125
2021		2,625
2022		18,250
Total	$	23,000

Subsequent to

March 31, 2019,

we made

$2,500

in payments under the Line of Credit.