Debt, Capital Lease Obligations and Other Financing

Debt, capital lease obligations and other financing amounts outstanding at July 2, 2016 and October 3, 2015 are summarized below (in thousands):



	July 2, 2016			October 3, 2015
Borrowing under the credit facility	$	75,000		$	75,000
5.20% senior notes, due June 15, 2018	175,000			175,000
Capital lease & non-cash financing of leased facility obligations	12,758			12,770
Total obligations	262,758			262,770
Less: current portion	(78,279		)	(3,513		)
Long-term debt, capital lease and other financing obligations, net of current portion	$	184,479		$	259,257

The Company has a senior unsecured revolving credit facility (the “Credit Facility”), which was amended on July 5, 2016, subsequent to the end of the fiscal 2016 third quarter, to, among other changes, extend its expiration from May 15, 2019, to July 5, 2021, and increase the maximum commitment from $265.0 million to $300.0 million. The Credit Facility, as amended, may be further increased to $500.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. For more information regarding the amendment of the Credit Facility, see Note 14, “Subsequent Events.” During the three and nine months ended July 2, 2016, the highest daily borrowing was $225.0 million and the average daily borrowing was $195.2 million and $185.2 million, respectively. The Company borrowed and repaid $164.0 million and $453.0 million, respectively, of revolving borrowings under the Credit Facility during the three and nine months ended July 2, 2016.

The financial covenants (as defined under the related Credit Agreement) require that the Company maintain, as of each fiscal quarter end, a maximum total leverage ratio and a minimum interest coverage ratio. As of July 2, 2016, the Company was in compliance with all financial covenants of the Credit Agreement. For the nine months ended July 2, 2016, borrowings under the Credit Facility, at the Company's option, bore interest at a defined base rate or the LIBOR rate plus, in each case, an applicable margin based upon the Company's leverage ratio as defined in the Credit Agreement. Rates would increase upon negative changes in specified Company financial metrics and would decrease to no less than LIBOR plus 1.00% or base rate plus 0.00% upon reduction in the current total leverage ratio. As of July 2, 2016, the borrowing rate under the Credit Agreement was LIBOR plus 1.125% (or 1.588%). As of July 2, 2016, the $75.0 million of outstanding borrowing under the Credit Facility is effectively at a fixed interest rate as a result of a $75.0 million interest rate swap contract discussed in Note 4, "Derivatives and Fair Value Measurements." The Company is required to pay an annual commitment fee based on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.175% as of July 2, 2016.

The Company also has outstanding 5.20% senior notes, due on June 15, 2018 (the “Notes”). As of July 2, 2016 and October 3, 2015, $175.0 million of Notes was outstanding, and the Company was in compliance with all financial covenants relating to the Notes, which are generally consistent with those in the Credit Agreement discussed above. Subsequent to the end of the Company's fiscal third quarter, on July 5, 2016, the Company also amended the related Note Purchase Agreement; refer to Note 14, “Subsequent Events,” for further detail.