Notes Payable

In December 2012, the Company drew down $220,000 from its revolving loan agreement with a group of six banks to fund a portion of the purchase price of the acquisition of PDC. As of July 31, 2013, there was $39,000 outstanding on this revolving loan agreement. During the three months ended October 31, 2013, the Company repaid $24,000 of the borrowing and the Company intends to repay the remainder of the borrowing within 12 months of the current period end. As such, the borrowing is classified as "Notes payable" within current liabilities on the condensed consolidated balance sheets. During the three months ended October 31, 2013, the maximum amount outstanding on the revolving loan agreement was $39,000. As of October 31, 2013, the outstanding balance on the credit facility was $15,000 and there was $285,000 available for future borrowing under the credit facility, which can be increased to $435,000 at the Company's option, subject to certain conditions.

In February 2013, the Company entered into a USD-denominated line of credit facility in China. The facility supports USD-denominated borrowing to fund working capital and operations for the Company's Chinese entities. During the three months ended October 31, 2013, the maximum amount outstanding was $11,442 which was the balance outstanding at October 31, 2013. As of October 31, 2013, there was $14,758 available for future borrowing under this credit facility.

As of October 31, 2013, borrowings on the revolving loan agreement and China line of credit were as follows:



	Interest Rate		October 31, 2013
USD-denominated borrowing on revolving loan agreement	1.2598	%	$	15,000
USD-denominated borrowing on China line of credit	1.5298	%	11,442
Notes payable	1.3766	%	$	26,442