Notes payable, convertible senior notes and line of credit.

A summary of notes payable follows:



	2015	2014
	($000 omitted)
Banks – varying payments and rates ⁽¹⁾	98,000	60,000
Other than banks	4,399	11,180
	102,399	71,180

⁽¹⁾Average interest rates were 1.68% and 2.21% during the year ended December 31, 2015 and 2014, respectively.

Principal payments on the above notes, based upon the contractual maturities, are due in the amounts of $2.5 million in 2016, $1.3 million in 2017, $0.4 million in 2018, and $98.2 million in 2019. Included within the other notes payable line above are $3.8 million and $5.6 million of capital lease obligations at December 31, 2015 and 2014, respectively.

In October 2009, the Company entered into an agreement providing for the sale of $65.0 million aggregate principal amount of 6.0% Convertible Senior Notes to an initial purchaser for resale to certain qualified institutional buyers in compliance with Rule 144A under the Securities Act of 1933, as amended. In 2013, the Company exchanged an aggregate of $37.8 million principal amount of Notes for an aggregate of 3,094,440 shares of Common Stock plus cash for the accrued and unpaid interest. In October 2014, the Company exchanged the remaining aggregate of $27.2 million principal amount of Notes for an aggregate of 2,111,017 shares of Common Stock. The Company incurred $3.3 million of debt issuance costs related to the Notes which were being amortized over the term of the Notes using the effective interest method. Upon conversion of the remaining Notes in 2014, the debt issuance costs were fully amortized at December 31, 2014. For 2014 and 2013, the amortization of the debt issuance costs was $0.3 million and $0.4 million, respectively, and interest expense on the Notes was $1.3 million and $2.0 million, respectively.

As of December 31, 2015, the Company had available a $125.0 million unsecured line of credit commitment (the Credit Agreement), which expires October 2019, under which borrowings of $98.0 million were outstanding. The unsecured line of credit can be used for general corporate purposes, including acquisitions. Borrowings, at the Company's election, bear interest at either (a) an Alternate Base Rate plus the Applicable Rate (ABR Borrowing) or (b) LIBOR plus the Applicable Rate (Eurodollar Borrowing). The Applicable Rate ranges from 0.50% to 1.00% per annum for ABR Borrowings and 1.50% to 2.00% per annum for Eurodollar Borrowings based on the Company's consolidated Leverage Ratio.

Also, under the terms of the Credit Agreement, the Company may at any time, subject to certain conditions, request an increase in the amount of the line of credit up to $50.0 million. The Credit Agreement contains customary affirmative and negative covenants. The Credit Agreement also contains certain consolidated financial covenants providing that (a) the ratio of EBITDA (as defined in the Credit Agreement) to fixed charges (as defined in the agreement) not be below 1.25 to 1.00 on a trailing four-quarter basis (Fixed Charge Ratio); (b) the ratio of total Indebtedness to EBITDA for the prior four consecutive quarters must not be greater than 2.25 to 1.00 (Leverage Ratio); and (c) Capital Expenditures in the aggregate for the Company consolidated in any calendar year may not exceed $20.0 million, with certain allowances for carryover of unused amounts. The Company was in compliance with all covenants as of December 31, 2015 and 2014.

On February 10, 2016, the Company entered into a first amendment (First Amendment) relating to the Credit Agreement. The First Amendment amends the Credit Agreement, effective as of December 31, 2015, to, among other things, (i) establish an exception to the limitation on restricted payments under the Credit Agreement for the cash payment of $12.0 million to the holders of the Company’s Class B Common Stock in respect of the Exchange Agreement, as announced in January 2016 (refer to Note 12), for the exchange of the Company’s Class B Common Stock into the Company’s Common Stock, (ii) establish an exception to the limitation on restricted payments under the Credit Agreement in respect of the Company’s new share repurchase program of up to $50.0 million, as announced in November 2015, (iii) increase the general permitted restricted payments (dividends) basket in Section 6.07 of the Credit Agreement from $25.0 million to $35.0 million annually, (iv) provide for an exclusion from the calculation of EBITDA of the $35.9 million impairment charge recorded in the quarter ended September 30, 2015, and (v) increase the amount of capital expenditures permitted in any calendar year from $20 million to $25 million.

Our qualified intermediary in tax-deferred property exchanges pursuant to Section 1031 of the Internal Revenue Code enters into short-term loan agreements in the ordinary course of its business. The outstanding balances pursuant to these loans are reflected in notes payable - other than banks in the table above and borrowings and repayments on these loans are reflected in our consolidated statements of cash flows.