INDEBTEDNESS

The detail of our long-term debt at the end of each fiscal year is as follows (in thousands):



	2017			2016
Revolver, variable interest rate based on an applicable margin plus LIBOR, 3.34% at October 1, 2017	$	497,022		$	282,422
Term loan, variable interest rate based on an applicable margin plus LIBOR, 3.24% at October 1, 2017	639,385			694,141
Capital lease obligations, 3.50% weighted average interest rate at October 1, 2017	11,049			18,523
	1,147,456			995,086
Less current maturities of long-term debt, net of $1,502 and $1,639 of term loan debt issuance costs, respectively	(64,383		)	(55,935		)
Less term loan debt issuance costs	(2,141		)	(3,779		)
	$	1,080,932		$	935,372

Credit facility — At October 1, 2017, our credit facility was comprised of (i) a $900.0 million revolving credit agreement and (ii) a $700.0 million term loan. The interest rate on the credit facility is based on the Company’s leverage ratio and can range from the London Interbank Offered Rate (“LIBOR”) plus 1.25% to 2.25% with a 0% floor on the LIBOR. Both the revolving credit agreement and the term loan have maturity dates of March 19, 2019. As part of the existing credit agreement, we may also request the issuance of up to $75.0 million in letters of credit, the outstanding amount of which reduces our net borrowing capacity under the agreement. As of October 1, 2017, our unused borrowing capacity was $371.6 million.

Collateral — The Company’s obligations under the credit facility are secured by (i) first priority liens and security interests in the capital stock, partnership and membership interests owned by the Company and/or its subsidiaries, and any proceeds thereof, and (ii) the grant by the Company and the guarantors of first priority liens and security interests in substantially all of their tangible and intangible property, and all proceeds thereof, all of which are subject to certain restrictions set forth in the credit agreement. Additionally, there is a negative pledge on all tangible and intangible assets (including all real and personal property) with customary exceptions as reflected in the credit agreement.

Covenants — We are subject to a number of customary covenants under our credit facility, including limitations on additional borrowings, acquisitions, loans to franchisees, lease commitments, stock repurchases and dividend payments, and requirements to maintain certain financial ratios as defined in the credit agreement.

Future cash payments — Scheduled principal payments on our long-term debt outstanding at October 1, 2017 for each of the next five fiscal years and thereafter are as follows (in thousands):



2018	$	65,885
2019	1,074,211
2020	1,608
2021	1,655
2022	1,704
Thereafter	2,393
	$	1,147,456

We may make voluntary prepayments of the loans under the revolving credit agreement and term loan at any time without premium or penalty. Specific events such as asset sales, certain issuances of debt, and insurance and condemnation recoveries, may trigger a mandatory prepayment.