The Company has borrowed against the short-term revolving line of credit that it has arranged with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“MUFG”) to fund its operations. The weighted-average interest rate on short-term borrowings outstanding as of December 31, 2019 was 1.42%.

As of September 30, 2020, the Company was in compliance with all of the financial covenants under its debt agreement with MUFG.

Debt obligations as of September 30, 2020 and December 31, 2019 consisted of the following:

	As of
	September 30, 2020		December 31, 2019
	(in thousands)
Revolving line of credit:
MUFG	$	—	$	41,000
Balance		—		41,000
Less: Current portion of long-term debt		—		(41,000	)
Long-term debt	$	—	$	—

As of December 31, 2019, debt obligations were as follows (dollars in thousands):

Lender	Loan Start Date	Loan Amount		Annual Interest Rate			Maturity Date
MUFG	12/19/2019	$	38,000		2.97	%	6/10/2020
MUFG	8/23/2019		3,000		3.10	%	2/19/2020
		$	41,000

On June 10, 2020, the $38.0 million loan with MUFG matured, at which time the Company renewed the loan for $23.0 million at an interest rate of 1.39% through June 24, 2020. On June 24, 2020, the loan was further extended through July 24, 2020 at an interest rate of 1.45%. On July 24, 2020, the Company paid down all outstanding loans with MUFG of $35.0 million of which $12.0 million of loans were prepaid with a penalty of $0.1 million. Effective June 30, 2020, the MegaChips guarantee for the revolving line of credit with MUFG has been terminated. Upon termination of the guarantee, the Company agreed to maintain a minimum cash balance in its operating cash account equal to its outstanding loan balance with MUFG. The minimum cash balance requirement is a compensating balance arrangement that does not legally restrict any cash amounts that are shown in the condensed consolidated balance sheet. The Company continues to have $50.0 million funds available under its credit facility with MUFG. The credit line with MUFG is no longer guaranteed by MCC. As of September 30, 2020, the Company closed the $20.0 million revolving line of credit it had with Sumitomo Mitsui Banking Corporation and $30.0 million revolving line of credit with MegaChips. Both of these credit facilities had no outstanding balance at time of closing.