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Credit Facility
3 Months Ended
Oct. 31, 2015
Line of Credit Facility [Abstract]  
Credit Facility
Credit Facility

We have an uncommitted $15,000,000 secured credit facility (the "Credit Facility") with one bank that provides for the extension of credit to us in the form of revolving loans, including letters of credit and standby letters of credit, at any time and from time to time during its term, in an aggregate principal amount at any time outstanding not to exceed $15,000,000. Subject to covenant limitations, the Credit Facility may be used for working capital, capital expenditures and other general corporate purposes. The Credit Facility, which can be terminated by us or the bank at any time without penalty, expires October 31, 2016. As discussed further in Note (18) - "Subsequent Events," in connection with our definitive merger agreement to acquire TeleCommunication Systems, Inc. ("TCS"), we have received a $400,000,000 commitment for a new credit facility (the "TCS Acquisition Related Credit Facility") from a major financial institution, the terms of which are expected to be finalized on or prior to the closing of the merger. This facility is expected to replace our existing Credit Facility.

At October 31, 2015, we had $1,794,000 of standby letters of credit outstanding related to our guarantees of future performance on certain customer contracts and no outstanding commercial letters of credit.

Interest expense, including amortization of deferred financing costs, recorded during the three months ended October 31, 2014 was $198,000, all of which related to our $100,000,000 committed revolving credit facility that expired on October 31, 2014. There was no interest expense recorded during the three months ended October 31, 2015.