6. Notes Payable and Other Noncurrent Liabilities

In December 2012, we entered into a new credit agreement, which increased our term loan to $100 million with a maturity date of December 2019. Additionally, this facility, as amended in January 2016, provides a revolving line of credit in the amount of $150 million through December 2017 to be utilized for working capital, capital expenditures, share repurchases and other general corporate purposes. The amendment to this facility increased the revolving line of credit from $50 million to $150 million. Indebtedness under the credit facility is secured by our assets and is guaranteed by certain of our subsidiaries. The Agreement contains standard covenants that, among other things, restrict the University’s ability to incur additional debt or make certain investments, require the University to maintain compliance with certain applicable regulatory standards, and require the University to achieve certain financial ratios and maintain certain financial condition. Indebtedness under the Agreement is secured by the University’s assets and is guaranteed by certain of the University’s subsidiaries. As of December 31, 2015, the University is in compliance with its debt covenants. No amounts were drawn on the revolver as of December 31, 2015.


	As of December 31,
	2015		2014
Notes Payable
Note payable, monthly payment of $556; interest at 30 day LIBOR plus 1.75% (1.99% at December 31, 2015) through December 31, 2019	$	79,525	$	86,049
Annuities; quarterly payments of $34; extending through 2019; interest at 10%		352		444

		79,877		86,493
Less: Current portion		6,625		6,616

	$	73,252	$	79,877

Payments due under the notes payable obligations are as follows as of December 31, 2015:


2016	$	6,625
2017		6,636
2018		6,691
2019		59,925

	$	79,877

Long-term deferred rent included in other noncurrent liabilities as of December 31, 2015 and 2014 was $3,502 and $4,513, respectively.