Bank Borrowings. We have an unsecured credit agreement that provides for a revolving aggregate commitment of the lenders of up to $600,000,000 with the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000. The unsecured credit agreement matures on June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at December 31, 2020, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At December 31, 2020 and 2019, we were in compliance with all covenants. Financial covenants contained in the Unsecured Credit Agreement, which are measured quarterly, require us to maintain, among other things:

Senior Unsecured Notes. We have senior unsecured notes held by institutional investors with interest rates ranging from 3.85% to 5.03%. The senior unsecured notes mature between 2021 and 2032. The following table sets forth information regarding debt obligations by component as of December 31, 2020 and 2019 (dollar amounts in thousands):


		At December 31, 2020				At December 31, 2019
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate ⁽¹⁾	Balance		Borrowing		Balance		Borrowing
Bank borrowings ⁽²⁾	1.38%	$	89,900	$	510,100	$	93,900	$	506,100
Senior unsecured notes, net of debt issue costs ⁽³⁾	4.37%		559,482		—		599,488		21,500
Total	3.96%	$	649,382	$	510,100	$	693,388	$	527,600

(1)	Represents weighted average of interest rate as of December 31, 2020.

(2)	Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit.

(3)	Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.

Our borrowings and repayments for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):


	2020						2019					2018
Debt Obligations		Borrowings			Repayments		Borrowings			Repayments			Borrowings		Repayments
Bank borrowings	$	24,000	⁽¹⁾	$	(28,000)		$	107,900		$	(126,000)	$	116,200	$	(100,700)
Senior unsecured notes		—			(40,160)	⁽²⁾		100,000	⁽³⁾		(33,667)		-		(38,166)
Total	$	24,000		$	(68,160)		$	207,900		$	(159,667)	$	116,200	$	(138,866)

(1)	Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit.

(2)	Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.

(3)	During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85%, have scheduled principal payments and mature on October 20, 2031.

Scheduled Principal Payments. The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2020, and excludes the effects of interest and debt issue costs (in thousands):


	Total			2021			2022		2023		2024		2025		Thereafter
Bank borrowings	$	89,900	⁽¹⁾	$	—	⁽¹⁾	$	89,900	$	—	$	—	$	—	$	—
Senior unsecured notes		560,140	⁽²⁾		47,160	⁽²⁾		48,160		49,160		49,160		49,500		317,000
	$	650,040		$	47,160		$	138,060	$	49,160	$	49,160	$	49,500	$	317,000

(1)	Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit.

(2)	Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.