6. Notes Payable and Other Noncurrent Liabilities

In 2012, we entered into a new credit agreement, which increased our term loan to $100,000 with a maturity date of December 2019. Additionally, this facility, as amended in January 2016, provided a revolving line of credit in the amount of $150,000 through December 2017 to be utilized for working capital, capital expenditures, share repurchases and other general corporate purposes. The amendment to this facility increased the revolving line of credit from $50,000 to $150,000. Indebtedness under the credit facility is secured by our assets and is guaranteed by certain of our subsidiaries. The Agreement contains standard covenants that, among other things, restrict the University’s ability to incur additional debt or make certain investments, require the University to maintain compliance with certain applicable regulatory standards, and require the University to achieve certain financial ratios and maintain certain financial condition. As of December 31, 2017, the University is in compliance with its debt covenants. No amounts were drawn on the revolver as of December 31, 2017 and it expired.


	As of December 31,
	2017		2016
Notes Payable
Note payable, monthly payment of $556; interest at 30 day LIBOR plus 1.75% (3.11% at December 31, 2017) through December 31, 2019	$	66,477	$	73,001
Revolving line of credit; interest at 30 day LIBOR plus 1.75% (2.3% at December 31, 2016)		—		25,000
Annuities; quarterly payments of $34; extending through 2019; interest at 10%		139		251

		66,616		98,252
Less: Current portion		6,691		31,636

	$	59,925	$	66,616

Payments due under the notes payable obligations are as follows as of December 31, 2017:


2018	$	6,691
2019		59,925

	$	66,616

Long-term deferred rent included in other noncurrent liabilities as of December 31, 2017 and 2016 was $460 and $729, respectively.