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Commitments and Contingencies
6 Months Ended
Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Silicon Valley Bank Revolving Line of Credit
As of July 31, 2020 and January 31, 2020, the Company maintained a revolving line of credit that matures in September 2020 and provided for aggregate borrowings of up to $50.0 million. Prior to the maturity date, the Company has the option, to borrow an aggregate amount not to exceed $15.0 million and convert the borrowing to a term loan (Term-Out Loan), provided that no prior event of default has occurred. The existing aggregate borrowing amount on the revolving line of credit is reduced by the amount of the Term-Out Loan. Principal payments on the Term-Out Loan are repaid in consecutive monthly installments. The maturity date is the earlier of (i) 48 months after such Term-Out Loan are made and (ii) September 2023. The applicable interest rate for borrowings under the revolving line of credit and the Term-Out Loan are determined as follows: for borrowings less than $5.0 million, the interest rate is based on the Wall Street Journal's Prime Rate plus a 0.5% margin. For borrowings greater than or equal to $5.0 million, but less than $10.0 million, the interest rate is based on the Wall Street Journal's Prime Rate. For borrowings greater or equal to $10.0 million, the interest rate is based on the Wall Street Journal's Prime Rate minus a 0.5% applicable margin.
Standby letters of credit related to the Company's office lease facilities of $4.7 million and $3.5 million were outstanding as of July 31, 2020 and January 31, 2020, respectively, and such amounts reduce aggregate borrowings available under the revolving line of credit. As of January 31, 2020, $46.5 million was available for borrowing under the revolving line of credit. During the six months ended July 31, 2020, the Company drew down $43.0 million from its revolving line of credit as a precautionary measure to provide liquidity in light of the global economic uncertainty caused by the COVID-19 pandemic and the remaining balance of $2.3 million was available for borrowing under the revolving line of credit.
As of July 31, 2020, the Company was in compliance with the financial covenants contained in the revolving line of credit. The revolving line of credit required the Company to achieve a minimum level of quarterly subscription revenue and liquidity as defined in the credit agreement.
On September 4, 2020, the Company paid all outstanding amounts owing under the Silicon Valley Bank revolving line of credit and terminated the credit facility. The Company continues to have unsecured letters of credit issued by Silicon Valley Bank in the face amount of $4.7 million outstanding.

Wells Fargo Bank Revolving Line of Credit

On September 4, 2020, the Company entered into the Wells Fargo Bank, National Association (Wells Fargo) credit facility to provide for a senior secured revolving line of credit of up to $50.0 million with the right (subject to certain conditions) to add incremental revolving commitments of up to $50.0 million in the aggregate. The revolving line of credit provides a sublimit of up to $40.0 million to be available for the issuance of letters of credit. The outstanding balance, if any, is due at the maturity date in September 2023. Loans bear interest, at the Company’s option, at an annual rate based on LIBOR or a base rate. Loans based on LIBOR shall bear interest at a rate of LIBOR plus 1.75%. Loans based on the base rate shall bear interest at a rate of the base rate plus 0.75%. The Company is required to pay a commitment fee equal to 0.25% per annum on the undrawn portion available under the revolving line of credit.

Operating Leases
The Company leases certain office and data center facilities which are operating leases that expire in fiscal 2020 to 2028. Certain of the Company's leases include options to renew with terms of up to five years. There have been no material changes to the Company's contractual lease obligations from those disclosed in Item 7 of the Company's Form 10-K for the year ended January 31, 2020 and Form 10-Q for the quarter ended April 30, 2020, except as noted herein.
Rent expense during the three and six months ended July 31, 2020 was $4.5 million and $9.5 million, respectively and for the three and six months ended July 31, 2019 was $3.8 million and $7.2 million, respectively.

During the three months ended July 31, 2020, the Company exited its office space in San Mateo and a portion of its office space in Pleasanton, California. On August 5, 2020, the portion of the office space not utilized by the Company in Pleasanton, California, was sublet to a third party. The office space in San Mateo is currently being marketed for sublease. The Company recorded lease exit charges of $7.6 million in the three months ended July 31, 2020. These lease exit charges, included in general and administrative expense, primarily include the present value of remaining lease obligation on the cease use dates, that occurred during the second quarter, net of estimated sublease income.

Warranties, Indemnification, and Contingent Obligations
The Company's arrangements generally include provisions indemnifying customers against liabilities if their customer data is compromised due to a breach of information security, or if the Company's applications or services infringe a third-party's intellectual property rights. To date, the Company has not incurred any costs as a result of such indemnification and has not accrued any liabilities related to such obligations in the unaudited condensed consolidated financial statements.
The Company enters into service level agreements with customers which warrant defined levels of uptime and support response times and permit those customers to receive credits for prepaid amounts in the event that those performance and response levels are not met. To date, the Company has not experienced any significant failures to meet defined levels of performance and response. In connection with the service level agreements, the Company has not incurred any significant costs and has not accrued any liabilities in the unaudited condensed consolidated financial statements. The Company's subscription services agreements also generally include a warranty that the service performs in accordance with the applicable specifications document. The Company's professional services are generally warranted to be performed in a professional manner and in a manner that will comply with the terms of the customer agreements. To date, the Company has not incurred any material costs associated with these warranties.