Long-Term Debt	3 Months Ended
Apr. 04, 2017
Long-Term Debt
Long-Term Debt	3. Long-Term Debt We maintain a $200 million unsecured revolving credit facility (“Facility”), $50 million of which may be used for issuances of letters of credit. Availability under the Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. The Facility, which matures on December 22, 2020, contains a commitment increase feature that could provide for an additional $100 million in available credit upon our request and subject to the participating lenders electing to increase their commitments or by means of the addition of new lenders. Certain of our material subsidiaries guarantee our obligations under the Facility. We did not borrow or repay any amounts under the Facility during the first quarter of fiscal 2017. At April 4, 2017, we had net availability for borrowings of $178 million, based on a zero outstanding debt balance and $22.0 million in standby letters of credit. We are subject to certain financial covenants under the Facility requiring us to maintain (i) a maximum “Net Adjusted Leverage Ratio” of 4.0 and (ii) a minimum EBITDAR to interest and rental expense ratio (“EBITDAR Ratio”) of 1.9, with each of the capitalized terms in this note 3 as defined in the Facility. The Facility also sets forth negative covenants that restrict indebtedness, liens, investments, sales of assets, fundamental changes and other matters, including limits on cash distributions with respect to our equity interests, such as cash dividends and share repurchases. Our Net Adjusted Leverage and EBITDAR Ratios, as defined in the Facility, were 2.4 and 3.0, respectively, at April 4, 2017, and we were in compliance with all covenants in effect at that date. Borrowings under the Facility bear interest, at our option, at a rate per annum equal to either (i) the Adjusted LIBO Rate plus a margin ranging from 1.00% to 1.75% based on our Net Adjusted Leverage Ratio or (ii) the sum of (a) the highest of (1) the rate of interest publicly announced by JPMorgan Chase Bank as its prime rate in effect, (2) the greater of the Federal Funds Effective Rate or the Overnight Bank Funding Rate, in either case plus 0.5%, and (3) the one-month Adjusted LIBO Rate plus 1.0%, plus (b) a margin ranging from 0.00% to 0.75% based on our Net Adjusted Leverage Ratio (each as defined in the Facility). We also pay customary fees on the unused portion of the Facility and on our outstanding letters of credit.

3. Long-Term Debt

We maintain a $200 million unsecured revolving credit facility (“Facility”), $50 million of which may be used for issuances of letters of credit. Availability under the Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. The Facility, which matures on December 22, 2020, contains a commitment increase feature that could provide for an additional $100 million in available credit upon our request and subject to the participating lenders electing to increase their commitments or by means of the addition of new lenders. Certain of our material subsidiaries guarantee our obligations under the Facility. We did not borrow or repay any amounts under the Facility during the first quarter of fiscal 2017. At April 4, 2017, we had net availability for borrowings of $178 million, based on a zero outstanding debt balance and $22.0 million in standby letters of credit.

We are subject to certain financial covenants under the Facility requiring us to maintain (i) a maximum “Net Adjusted Leverage Ratio” of 4.0 and (ii) a minimum EBITDAR to interest and rental expense ratio (“EBITDAR Ratio”) of 1.9, with each of the capitalized terms in this note 3 as defined in the Facility. The Facility also sets forth negative covenants that restrict indebtedness, liens, investments, sales of assets, fundamental changes and other matters, including limits on cash distributions with respect to our equity interests, such as cash dividends and share repurchases. Our Net Adjusted Leverage and EBITDAR Ratios, as defined in the Facility, were 2.4 and 3.0, respectively, at April 4, 2017, and we were in compliance with all covenants in effect at that date.

Borrowings under the Facility bear interest, at our option, at a rate per annum equal to either (i) the Adjusted LIBO Rate plus a margin ranging from 1.00% to 1.75% based on our Net Adjusted Leverage Ratio or (ii) the sum of (a) the highest of (1) the rate of interest publicly announced by JPMorgan Chase Bank as its prime rate in effect, (2) the greater of the Federal Funds Effective Rate or the Overnight Bank Funding Rate, in either case plus 0.5%, and (3) the one-month Adjusted LIBO Rate plus 1.0%, plus (b) a margin ranging from 0.00% to 0.75% based on our Net Adjusted Leverage Ratio (each as defined in the Facility). We also pay customary fees on the unused portion of the Facility and on our outstanding letters of credit.