Term Loans Payable

3 Months Ended

Nov. 30, 2019

NOTE 3 – TERM LOANS PAYABLE

Pursuant to the credit agreement we obtained in August 2019 (the 2019 Credit Agreement), we have the ability to borrow up to $25.0 million in term loans. At August 31, 2019, we had borrowed $20.0 million of the available term loan amount. During November 2019, we borrowed the remaining $5.0 million term loan available on the 2019 Credit Agreement. The additional $5.0 million term loan has the same terms and conditions as the previous term loan and does not change our quarterly principal payments. However, the maturity date of the term loans is extended for an additional year. At November 30, 2019, our future principal payments on the term loans are as follows (in thousands):



YEAR ENDING AUGUST 31,		Amount
2020	$	3,750
2021		5,000
2022		5,000
2023		5,000
2024		5,000
	$	23,750