Bank Borrowings	3 Months Ended
Sep. 30, 2019
Bank Borrowings
Bank Borrowings	4. Bank Borrowings On January 27, 2017, the Company entered into Amendment Number Two to the Credit Agreement (Amendment No. 2), which further amends the Credit Agreement with Wells Fargo and the lenders party thereto dated November 21, 2014 (as amended, the Credit Agreement). Pursuant to Amendment No. 2, the Applicable Margin at which LIBOR loans advanced under the Credit Agreement bear interest may be either the applicable LIBOR rate plus 5.5% per annum or 7.0% per annum, depending on the Company’s TTM Recurring Revenue Calculation. Loans may also bear interest under the Credit Agreement at the applicable Base Rate and the corresponding Applicable Margin for Base Rate loans is 1.0% per annum less than for LIBOR loans. The loan is secured by substantially all of the Company’s assets and the obligations will mature on November 21, 2019. The Credit Agreement contains certain customary affirmative and negative covenants, including a consolidated leverage ratio covenant, a consolidated interest coverage ratio covenant, a limit on the Company’s ability to incur additional indebtedness, dispose of assets, make certain acquisition transactions, pay dividends or distributions, and certain other restrictions on the Company’s activities each defined specifically in the Credit Agreement. The Company was in compliance with the Credit Agreement’s covenants as of September 30, 2019. As of September 30, 2019, the Company paid down the remaining principal balance on the term loan under the Credit Agreement and all remaining deferred financing costs have been written-off to interest expense. The monthly custodial fee on the term loan is considered to be nominal.

4. Bank Borrowings

On January 27, 2017, the Company entered into Amendment Number Two to the Credit Agreement (Amendment No. 2), which further amends the Credit Agreement with Wells Fargo and the lenders party thereto dated November 21, 2014 (as amended, the Credit Agreement). Pursuant to Amendment No. 2, the Applicable Margin at which LIBOR loans advanced under the Credit Agreement bear interest may be either the applicable LIBOR rate plus 5.5% per annum or 7.0% per annum, depending on the Company’s TTM Recurring Revenue Calculation. Loans may also bear interest under the Credit Agreement at the applicable Base Rate and the corresponding Applicable Margin for Base Rate loans is 1.0% per annum less than for LIBOR loans. The loan is secured by substantially all of the Company’s assets and the obligations will mature on November 21, 2019.

The Credit Agreement contains certain customary affirmative and negative covenants, including a consolidated leverage ratio covenant, a consolidated interest coverage ratio covenant, a limit on the Company’s ability to incur additional indebtedness, dispose of assets, make certain acquisition transactions, pay dividends or distributions, and certain other restrictions on the Company’s activities each defined specifically in the Credit Agreement. The Company was in compliance with the Credit Agreement’s covenants as of September 30, 2019.

As of September 30, 2019, the Company paid down the remaining principal balance on the term loan under the Credit Agreement and all remaining deferred financing costs have been written-off to interest expense. The monthly custodial fee on the term loan is considered to be nominal.