Debt

Outstanding balances (in thousands) for the Company’s long-term debt were as follows:



	10/31/2015		1/31/2015		10/31/2014
	(in thousands)
Revolving credit line	$	4,018	$	9,366	$	7,967
Other	114		153		204
Total debt	4,132		9,519		8,171
Less current portion	68		3,366		2,018
Non-current portion	$	4,064	$	6,153	$	6,153

On December 22, 2011, the Company entered into a Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association (“PNC”). The credit agreement currently matures on December 22, 2017 and has a maximum availability of $50,000,000, including sub-lines for letters of credit and equipment financing. Borrowings under the Credit Agreement bear interest at either the Alternate Base Rate (as defined in the Credit Agreement) plus 0.75% to 1.75% or the Eurodollar Currency Rate (as defined in the Credit Agreement) plus 1.75% to 2.75%. The interest rate at October 31, 2015 was 4%. Approximately $13,331,000 was available for borrowing as of October 31, 2015.

The Credit Agreement prohibits the Company from issuing dividends or making payments with respect to the Company's capital stock, and contains numerous other covenants, including these financial covenants: (1) minimum tangible net worth, (2) fixed charge coverage ratio, and (3) minimum EBITDA amount, in each case as of the end of the relevant monthly, quarterly or annual measurement period. The Company was in compliance with its covenants during the first three quarters of 2015. Pursuant to the Credit Agreement, substantially all of the Company's accounts receivable are automatically and promptly swept to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Company. In addition, the Credit Agreement contains a clean down provision that requires the Company to reduce borrowings under the line to less than $6,000,000 for a period of 60 consecutive days each fiscal year. On June 18, 2015, the Company entered into Amendment No. 10 to the Credit Agreement which, among other things, increased the borrowing availability for the period from June 18, 2015 through August 15, 2015. On December 2, 2015, the Company entered into Amendment No. 11 to the Credit Agreement which, among other things, modified the clean down requirement, commencing in calendar year 2015, during the period between October 1st and December 31st of each year to permit Revolving Advances in the aggregate to exceed $6,000,000 at any time for a period of 30 consecutive days during such period.

The Company believes that the Revolving Credit Facility will provide sufficient liquidity to meet its capital requirements for at least in the next 12 months. Management believes that the carrying value of debt approximated fair value at October 31, 2015 and 2014, as all of the long-term debt bears interest at variable rates based on prevailing market conditions.