SHORT-TERM AND LONG-TERM DEBT

The carrying value of our outstanding debt consists of the following:



($ in thousands)	September 30, 2014			December 31, 2013
Note payable to a bank	$	4,518		$	4,693
Note payable to DMB TMV LLC	60,000			—
Revolving line of credit	20,200			—
Total short-term and long-term debt	84,718			4,693
Less short-term debt and current maturities of long-term debt	(20,441		)	(234		)
	$	64,277		$	4,459

We have a revolving line of credit of $30,000,000 that, as of September 30, 2014 had an outstanding balance of $20,200,000 and at December 31, 2013, had no outstanding balance. The outstanding balance is the result of working capital needs and the $10,000,000 payment to DMB TMV LLC on July 15, 2014, as part of the asset purchase transaction pursuant to which DMB TMV LLC agreed to sell its membership interest in TMV LLC to the Company for $70,000,000 or the Purchase Price. The Company was required to pay DMB TMV LLC the remaining $60,000,000 of the Purchase Price on or before October 13, 2014 and as such, had a note payable to DMB TMV LLC as of September 30, 2014. The Company classified the $60,000,000 note payable to DMB TMV LLC as long-term since we were able to demonstrate our intent and ability to refinance this note payable on a long-term basis as described below. On October 7, 2014, the Company exercised a one-time right to extend the final payment due date by thirty days for a payment of $1,000,000 which was applied toward the balance due. On October 20, 2014, the Company paid the remaining $59,000,000 to DMB TMV LLC. The remaining portion of outstanding long-term debt is being used to provide long-term financing for commercial retail development within the Tejon Ranch Commerce Center -West, or TRCC-West. The balance of the long-term debt instrument listed above approximates the fair value of the instrument.

On October 13, 2014, Tejon Ranchcorp, or TRC, the wholly-owned subsidiary of the Company, as borrower, entered into an Amended and Restated Credit Agreement, a Term Note and a Revolving Line of Credit Note, with Wells Fargo, or collectively the “ New Credit Facility”. The New Credit Facility amends and restates TRC’s existing credit facility dated as of November 5, 2010 and extended on December 4, 2013. The New Credit Facility adds a $70,000,000 ten-year term loan to the existing $30,000,000 long-term revolving line of credit. Funds from the term loan are being used to finance TRC’s purchase of DMB TMV LLC’s interest in TMV LLC as disclosed in the Current Report on Form 8-K on July 16, 2014. See Note 13 (Subsequent Events) of the Notes to Unaudited Consolidated Financial Statements for further detail regarding the Company's New Credit Facility.

As of September 30, 2014, at the Company’s option, the interest rate on the $30,000,000 long-term revolving line of credit can float at 1.75% over a selected LIBOR rate or can be fixed at 1.50% above LIBOR for a fixed rate term. During the term of this credit facility (which was extended on October 13, 2014 to mature in September 2019), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary. Under the terms of the line of credit, we must maintain tangible net worth, defined as total equity, including noncontrolling interest, plus debt less intangible assets, of not less than $225,000,000 and liquid assets of not less than $25,000,000, including the amount then available for borrowing under the line of credit. At September 30, 2014 our tangible net worth was $390,290,000 and liquid assets were $60,666,000 including available line of credit of $9,800,000. A portion of our farm acreage secures this line of credit. These Covenants were changed in the New Credit Facility, see Note 13 (Subsequent Events) of the Notes to Unaudited Consolidated Financial Statements for further detail regarding the covenants related to the Company's New Credit Facility.