7. LONG-TERM DEBT

Long-term debt consists of the following:


	April 30, 2018			July 31, 2017
	(in thousands)
Bank Term Loan under Credit Agreement	$	—		$	19,375
Bank Term Loan—Commerzbank		2,544			2,791

Total debt		2,544			22,166
Less: financing fees		—			(840	)
Less: current portion		(359	)		(3,779	)

Total long-term debt	$	2,185		$	17,547

The debt principal payments for the next five years and thereafter are as follows:


Payments due by fiscal year	Debt Principal Payments
	(in thousands)
Remainder of 2018	$	106
2019		424
2020		424
2021		424
2022		424
Thereafter		742

Total	$	2,544

Credit Agreement

On December 15, 2014, the Company entered into a credit agreement (the “Credit Agreement”) with ECT, a wholly owned subsidiary of the Company ( together with the Company, the “Borrowers”), Silicon Valley Bank, as lender, administrative agent and issuing lender (“SVB”), and the several lenders from time to time party thereto (collectively, the “Lenders”). The Credit Agreement provides for a senior secured credit facility, consisting of a term loan facility (the “Term Loan”), in favor of the Borrowers in the aggregate principal amount of $25.0 million which was advanced to the Company on December 15, 2014.

On November 28, 2017, the Company’s Board of Directors approved management to repay in full the outstanding obligation under the Term Loan with SVB. On December 1, 2017, the Company repaid $18.8 million of principal, accrued interest and fees to SVB, releasing the Company from its obligation under the Credit Agreement and the Credit Agreement was terminated.

Bank Term Loan—Commerzbank

In May 2014, the Company entered into a loan agreement with Commerzbank to finance the purchase of the Company’s leased facility in Rosenheim, Germany. The principal amount of the term loan is 2.9 million euro ($3.9 million, using a July 31, 2014 exchange rate), payable over 10 years at an annual interest rate of 2.35%. Principal plus accrued interest is due quarterly over the duration of the term loan.