12. DEBT

Debt, including capitalized lease obligations, is comprised of the following (in thousands):

	June 30, 2015		June 30, 2014
Short-term and current maturities
Loan and Security Agreement	$	1,474	$	10,410
Capitalized leases		78		138
	$	1,552	$	10,548
Long-term debt
Loan and Security Agreement, net of current portion	$	18,552	$	10,726
Capitalized leases		-		78
		18,552		10,804
Total debt	$	20,104	$	21,352

Future maturities of debt are as follows (in thousands):

Fiscal Year
2016	$	1,552
2017		1,543
2018		10,914
2019		1,688
2020		1,765
Thereafter		2,642
Total	$	20,104

The Company completed the negotiations for an amended Loan and Security Agreement and executed the new agreement as of April 25, 2015. Borrowings under this agreement may not exceed $23.0 million. The agreement expires on April 30, 2018 and has an interest rate of LIBOR plus 1.5%. The effective interest rate under the agreement for fiscal 2015 was 2.03%.

The material financial covenants of the amended Loan and Security Agreement are: 1) funded debt to EBITDA, excluding non-cash and retirement benefit expenses (“maximum leverage”), cannot exceed 2.25 to 1; 2) annual capital expenditures cannot exceed $15.0 million; 3) maintain a Debt Service Coverage Rate of a minimum of 1.25 to 1 and 4) maintain consolidated cash plus liquid investments of not less than $10.0 million at any time. As of June 30, 2015, the Company was in compliance with all the covenants. The Company expects to be able to meet the covenants in future periods.

On November 22, 2011, in conjunction with the Bytewise acquisition, the Company entered into a new $15.5 million term loan (the “Term Loan”) under the then existing Loan and Security Agreement. The term loan is a ten year loan bearing a fixed interest rate of 4.5% and is payable in fixed monthly payments of principal and interest of $160,640. The $15.5 million term loan is subject to the same financial covenants as the Loan and Security Agreement. As of June 30, 2015, $10.7 million of the term loan was outstanding.

Availability under the Line of Credit is subject to a borrowing base comprised of accounts receivable and inventory. The Company believes that the borrowing base will consistently produce availability under the Line of Credit in excess of $23.0 million. As of June 30, 2015, the Company had borrowings of $9.3 million under this facility. A 0.25% commitment fee is charged on the unused portion of the Line of Credit.

The Company has one standby letter of credit totaling $0.8 million which reduce the $23.0 million available Line of Credit to $22.2 million. As of June 30, 2015, the Company has approximately $12.9 million available in the Line of Credit.

The obligations under the Credit Facility are unsecured. In the event of certain triggering events, such obligations would become secured by the assets of the Company’s domestic subsidiaries. A triggering event occurs when the Company fails to achieve any of the financial covenants noted above in consecutive quarters.