3. Long-term Debt

Long-term debt consisted of the following:

	(in thousands)
	September 30, 2012			December 31, 2011
Borrowings under credit facility	$	23,899		$	19,888
Notes payable		6,841			7,989
Capitalized lease obligations		2,581			2,848
Total long-term debt		33,321			30,725
Less: Current maturities		(2,060	)		(1,936	)
Total maturities due after one year	$	31,261		$	28,789

As of September 30, 2012, the Company had a secured committed credit facility with an aggregate availability of $50 million that matures in March 2015. At September 30, 2012, the borrowing base availability under the credit facility decreased to $43.8 million compared to $49.2 million for the quarter ended June 30, 2012. At September 30, 2012, our availability under the credit facility was $15.2 million, as the Company had borrowings of $23.9 million under the credit facility and $4.7 million of standby letters of credit, which are used primarily for our self-insurance programs and legal matters, have been issued. The $5.4 million decrease in borrowing base availability during the three month period ended September 30, 2012 was due to a decrease in accounts receivable and equipment at the end of the quarter. The decrease in accounts receivable resulted from a reduction in eligible receivables of $1.8 million, while the decrease in equipment of $3.6 million resulted from the Company's sale of equipment that was previously included in the borrowing base. As of September 30, 2012, loans outstanding under the credit facility were categorized as either LIBOR loans, which had an interest rate of 2.8%, or bank base rate loans which had an interest rate of 4.8%.

The obligations under the credit facility are guaranteed by our parent company and certain named subsidiaries and secured by a pledge of substantially all of our assets. The obligations bear interest at either (i) the Base Rate, which for any day is a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day interest period as determined on such day, plus 1.0%, plus the Applicable Margin;or (ii) at LIBOR for the applicable interest period, plus the Applicable Margin; and (iii) if any other obligation (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans (as defined in the credit facility). Interest shall accrue from the date the loan is advanced or the obligation is incurred or payable, until paid by the borrowers. If a loan is repaid on the same day made, one day's interest shall accrue. We are obligated to comply with certain covenants under the credit facility. The Company was in compliance with all debt covenants as of September 30, 2012.

In the normal course of business, the Company has chosen to enter into various master security agreements and a capital lease agreement as an alternative to off-balance sheet operating leases to finance the purchase of revenue generating equipment at more favorable rates. The master security agreements provide for funding structured as promissory notes. The effective interest rates on the promissory notes range from 5.5% to 7.6%. The capital lease obligation for approximately $3.0 million of revenue generating equipment is structured as a 60-month rental agreement with a fixed price purchase option. The effective interest rate on the lease is approximately 6.8%. The capital lease agreement requires us to pay personal property taxes, maintenance, and operating expenses.