Notes payable and line of credit. A summary of notes payable is as follows:



	2017	2016
	($000 omitted)
Banks – varying payments and rates ⁽¹⁾	98,875	92,875
Other than banks	10,437	13,933
	109,312	106,808

⁽¹⁾Average interest rates were 2.59% and 1.97% during the year ended December 31, 2017 and 2016, respectively.

Principal payments on the above notes, based upon the contractual maturities, are due in the amounts of $7.4 million in 2018, $101.0 million in 2019, and $0.9 million in 2020. Included within notes payable - other than banks are $6.1 million and $7.3 million of capital lease obligations at December 31, 2017 and 2016, respectively.

As of December 31, 2017, the Company had available a $125.0 million unsecured line of credit commitment (Credit Agreement), which expires October 2019, under which borrowings of $98.9 million were outstanding; the remaining balance of the line of credit available for use was $23.6 million, net of an unused $2.5 million letter of credit. The unsecured line of credit can be used for general corporate purposes, including acquisitions. Borrowings bear interest, at the Company's election, 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, as amended in February 2016 (First Amendment), 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 in any calendar year may not exceed $25.0 million, with certain allowances for carryover of unused amounts. The Company was in compliance with all covenants as of December 31, 2017 and 2016.

Included in the First Amendment were other restrictions relating to the Credit Agreement such as an establishment of an exception to the limitation on restricted payments under the Credit Agreement in respect of the Company’s share repurchase program of up to $50.0 million that was announced in November 2015, and an increase in the general permitted restricted payments (dividends) basket in Section 6.07 of the Credit Agreement from $25.0 million to $35.0 million annually.

The Company's qualified intermediary in tax-deferred property exchanges pursuant to Section 1031 of the Internal Revenue Code enters into short-term loan agreements with parties to an exchange in the ordinary course of its business. The outstanding balances pursuant to these loans, as included within notes payable - other than banks in the above table, were $4.3 million and $6.5 million as of December 31, 2017 and 2016, respectively, and are secured by cash that is included in cash and cash equivalents on the Company's consolidated balance sheet. Borrowings and repayments on these short-term loans are reflected as financing activities in the consolidated statements of cash flows.