The Company has an outstanding credit agreement (the “Credit Agreement”) with a consortium of lenders and Bank of America, N.A., as administrative agent. The Credit Agreement provides the Company a revolving credit note (“U.S. Revolving Note”) with a maximum borrowing capacity of $350,000.

All subsidiary borrowers and guarantors participating in the Credit Agreement have entered into a related pledge and security agreement. The security agreement grants a security interest to the lenders in substantially all of the personal property of subsidiaries designated as borrowers to secure their respective obligations under the Credit Agreement, including the stock and membership interests of specified subsidiaries (limited to 66% of the stock in the case of certain non-U.S. subsidiaries). The Credit Agreement restricts the amount of dividend payments the Company can make to shareholders.

The Credit Agreement requires the Company to maintain a minimum Consolidated Interest Coverage Ratio and Consolidated Leverage Ratio. Definitions for these financial ratios are provided in the Credit Agreement.

Under the Credit Agreement, U.S. Dollar denominated loans bear interest at either a base rate (“Base Rate Loans”) or Eurocurrency rate (“Eurocurrency Rate Loans”), plus a margin (“Applicable Rate”). The rate for Base Rate Loans is equal to the highest of the Federal Funds Rate (2.43% at March 31, 2019) plus 0.50%, Bank of America’s prime rate (5.50% at March 31, 2019), or a one-month Eurocurrency rate (0.00% at March 31, 2019) plus 1.00%. The rate for Eurocurrency Rate Loans denominated in U.S. Dollars is equal to the London Interbank Offered Rate (2.49% at March 31, 2019). All loans denominated in a currency other than the U.S. Dollar must be Eurocurrency Rate Loans. Interest is payable at least quarterly.

The Applicable Rate varies based on the Consolidated Leverage Ratio reported by the Company. As long as the Company is not in default of the terms and conditions of the Credit Agreement, the lowest and highest possible Applicable Rate is 1.25% and 2.00%, respectively, for Eurocurrency Rate Loans and 0.25% and 1.00%, respectively, for Base Rate Loans.

The Company also has two fixed interest rate loans with the German Investment Corporation (“DEG”), a subsidiary of KfW Banking Group, a Germany government-owned development bank.

The first DEG loan, a loan we used to fund capital investments in China (the “DEG China Loan”), is subject to semi-annual principal payments that began March, 2015 and will end September, 2019. Under the terms of the DEG China Loan, the Company must maintain a minimum Debt-to-Equity Ratio, Current Ratio and Debt Service Coverage Ratio, as defined by the DEG China Loan agreement, based on the financial statements of Gentherm’s wholly owned subsidiary, Gentherm Automotive Systems (China) Ltd.

The Company’s second fixed interest rate loan agreement with DEG was used to finance the construction and set up of the Vietnam production facility (“DEG Vietnam Loan”). The DEG Vietnam Loan is subject to semi-annual principal payments that began November, 2017 and will end May, 2023. Under the terms of the DEG Vietnam Loan, the Company must maintain a minimum Equity Ratio and Enhanced Equity Ratio, as defined by the DEG Vietnam Loan agreement, based on the financial statements of Gentherm’s wholly owned subsidiary, Gentherm Vietnam Co. Ltd.

Undrawn borrowing capacity under the U.S. Revolving Note was $261,071 as of March 31, 2019. The following table summarizes the Company’s debt at March 31, 2019 and at December 31, 2018.

	March 31, 2019						December 31, 2018
	Interest Rate			Principal Balance			Principal Balance
Credit Agreement:
U.S. Revolving Note (U.S. Dollar Denominations)		4.00	%	$	81,000		$	122,000
U.S. Revolving Note (Euro Denominations)		1.50	%		7,854			5,727
DEG China Loan		4.25	%		449			913
DEG Vietnam Loan		5.21	%		11,250			11,250
Total debt					100,553			139,890
Current portion					(2,949	)		(3,413	)
Long-term debt, less current maturities				$	97,604		$	136,477

The scheduled principal maturities of our debt as of March 31, 2019 are as follows:

Year	U.S. Revolving Note		DEG China Note		DEG Vietnam Note		Total
Remainder of 2019	$	—	$	449	$	2,500	$	2,949
2020		—		—		2,500		2,500
2021		88,854		—		2,500		91,354
2022		—		—		2,500		2,500
2023		—		—		1,250		1,250
Total	$	88,854	$	449	$	11,250	$	100,553

Principal outstanding under the U.S. Revolving Note will be due and payable in full on March 17, 2021. As of March 31, 2019, we were in compliance, in all material respects, with all terms as outlined in the Credit Agreement, DEG China Loan and DEG Vietnam Loan.