On December 27, 2018, the Company; its wholly-owned subsidiary, CEC Educational Services, LLC; and the subsidiary guarantors thereunder, entered into a credit agreement with BMO Harris Bank N.A. (“BMO Harris”), in its capacities as the sole lender, the letter of credit issuer thereunder and the administrative agent for the lenders which from time to time may be parties to the credit agreement. The credit agreement provides the Company with the benefit of a $50.0 million revolving credit facility and is scheduled to mature on January 20, 2022. The credit agreement requires that interest is payable at the end of each respective interest period or monthly in arrears, fees are payable quarterly in arrears and principal is payable at maturity. Any borrowings bear interest at fluctuating interest rates based on either the base rate or the London Interbank Offered Rate (“LIBOR”), plus the applicable rate based on the type of loan. Under the credit agreement, if LIBOR cannot be determined, an alternative to LIBOR or a mechanism to establish an alternate rate is specified.

We may prepay amounts outstanding, or terminate or reduce the commitments, under the credit agreement upon three or five business days’ prior notice, respectively, in each case without premium or penalty. The credit agreement contains customary affirmative, negative and financial maintenance covenants, including a requirement to maintain a balance of cash, cash equivalents and marketable securities in our domestic accounts of at least $50.0 million at all times. The loans and letter of credit obligations under the credit agreement are required to be 100% secured with cash and marketable securities deposited with the bank. The agreement also contains customary representations and warranties, events of default, and rights and remedies upon the occurrence of any event of default, including rights to accelerate the loans, terminate the commitments and rights to realize upon the collateral securing the obligations under the credit agreement.

As of December 31, 2020 and 2019, there were no outstanding borrowings under the revolving credit facility.

Selected details of our credit agreement as of and for the years ended December 31, 2020 and 2019 were as follows (dollars in thousands):

	As of December 31,
	2020			2019
Credit Agreement:
Credit facility remaining availability	$	48,582		$	47,782
Outstanding letters of credit	$	1,418		$	2,218
Availability of additional letters of credit ⁽¹⁾	$	23,582		$	22,782
Weighted average daily revolving credit borrowings for the year ended	$	-		$	-
Weighted average annual interest rate		0.00	%		0.00	%
Commitment fee rate		0.30	%		0.30	%
Letter of credit fee rate		1.25	%		1.25	%