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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Long-Term Debt |
millions of Canadian dollars
At December 31 |  |  | 2019 |  |  |  | 2018 |
Long-term debt (a) |  |  | 4,447 |  |  |  | 4,447 |
Finance leases (b) |  |  | 514 |  |  |  | 531 |
Total long-term debt |  |  | 4,961 |  |  |  | 4,978 |
(a) | Borrowed under an existing agreement with an affiliated company of ExxonMobil that provides for a long-term, variable-rate, Canadian dollar loan from ExxonMobil to the company of up to $7.75 billion at interest equivalent to Canadian market rates. The agreement is effective until June 30, 2025, cancelable if ExxonMobil provides at least 370 days advance written notice.
(b) | Finance leases are primarily associated with transportation facilities and services agreements. The average imputed rate was 7.5 percent in 2019 (2018 – 7.1 percent). Total finance lease obligations also include $18 million in current liabilities (2018 - $27 million). Principal payments on finance leases of approximately $13 million on average per year are due in each of the next four years after December 31, 2020.

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