Note 2. Long-Term Debt

The following long-term debt and capital lease obligations were outstanding as of the dates indicated:



	March 31,			December 31,
In thousands	2015			2014
Bank Credit Agreement	$	465,000		$	395,000
6⅜% Senior Subordinated Notes due 2021	400,000			400,000
5½% Senior Subordinated Notes due 2022	1,250,000			1,250,000
4⅝% Senior Subordinated Notes due 2023	1,200,000			1,200,000
Other Subordinated Notes, including premium of $10 and $11, respectively	2,744			2,746
Pipeline financings	218,486			220,583
Capital lease obligations	96,534			103,041
Total	3,632,764			3,571,370
Less: current obligations	(36,679		)	(35,470		)
Long-term debt and capital lease obligations	$	3,596,085		$	3,535,900

The ultimate parent company in our corporate structure, Denbury Resources Inc. ("DRI"), is the sole issuer of all of our outstanding senior subordinated notes. DRI has no independent assets or operations. Each of the subsidiary guarantors of such notes is 100% owned, directly or indirectly, by DRI, and the guarantees of the notes are full and unconditional and joint and several; any subsidiaries of DRI that are not subsidiary guarantors of certain of such notes are minor subsidiaries.

Bank Credit Facility

In December 2014, we entered into an Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and other lenders party thereto (the "Bank Credit Agreement"). The Bank Credit Agreement is a senior secured revolving credit facility with an initial borrowing base of $3.0 billion and aggregate lender commitments of $1.6 billion. Loans under the Bank Credit Agreement mature in December 2019. The weighted average interest rate on borrowings outstanding as of March 31, 2015, under the Bank Credit Agreement was 1.5%. The undrawn portion of the aggregate lender commitments under the Bank Credit Agreement is subject to a commitment fee ranging from 0.3% to 0.375% per annum. As of March 31, 2015, we were in compliance with all debt covenants under the Bank Credit Agreement.

In connection with the borrowing base redetermination completed in early May 2015 under our Bank Credit Agreement, we elected to maintain our aggregate lender commitments at $1.6 billion; however, due to a reduction in oil prices used by our lenders in determining the borrowing base value of our proved reserves attributable to our oil and natural gas properties, our borrowing base was reduced from the previous level of $3.0 billion to $2.6 billion. Because we continue to maintain a significant cushion between our borrowing base and the aggregate lender commitments, this borrowing base reduction has no impact on our liquidity. Redeterminations under our Bank Credit Agreement occur annually, making our next scheduled redetermination in May 2016.

In conjunction with the May 2015 redetermination, we also entered into the First Amendment to the Bank Credit Agreement (the "First Amendment"). This First Amendment restructures certain financial covenants in 2016, 2017, and 2018 in order to provide more flexibility in managing our balance sheet and managing the credit extended by our lenders if oil prices remain low over the next several years. The covenant changes included in the First Amendment were as follows:

•

In 2016 and 2017, suspend the maximum permitted ratio of consolidated total net debt to consolidated EBITDAX covenant of 4.25 to 1.0 and replace it with a maximum permitted ratio of consolidated senior secured debt to consolidated EBITDAX covenant of 2.5 to 1.0 during the same time period. Currently, only debt under our Bank Credit Agreement would be considered consolidated senior secured debt for purposes of this ratio.

•

Beginning in the first quarter of 2018, reinstate the ratio of consolidated total net debt to consolidated EBITDAX covenant utilizing an annualized EBITDAX amount for the first quarter of 2018 and building to a trailing four quarters by the end of 2018, with the maximum permitted ratios being 6.0 to 1.0 for the first quarter ended March 31, 2018, 5.5 to 1.0 for the second quarter ended June 30, 2018, and 5.0 to 1.0 for the third and fourth quarters ended September 30 and December 31, 2018, and returning to 4.25 to 1.0 for the first quarter ended March 31, 2019.


•	In 2016 and 2017, institute a minimum permitted ratio of consolidated EBITDAX to consolidated interest charges of 2.25 to 1.0.

The restructuring of covenants through the First Amendment were executed in consideration of a fee paid to the lenders. The First Amendment has no impact on the current ratio financial performance covenant, which will remain in place in 2015 and beyond. All of the above descriptions of financial covenants are qualified by the express language and defined terms contained in the Bank Credit Agreement filed on December 15, 2014, as Exhibit 10.1 to our Current Report on Form 8-K or the First Amendment, which is filed as Exhibit 10(a) to this Quarterly Report on Form 10-Q.