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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt |
Schedule of total debt | The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreement for equipment notes:
|  |  |  |  |  |  |  |  |  | Outstanding |  | Outstanding
|  |  |  | Stated Interest |  |  |  |  |  | Balance as of |  | Balance as of
|  | Inception |  | Rate |  | Payment |  | Term |  | December 31, |  | December 31,
(dollars in thousands) |  | Date |  | (per annum) |  | Frequency |  | (years) |  | 2019 |  | 2018
Credit Agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving loans |  | 9/13/2019 |  | Variable |  | Variable |  | 5 |  | $ | 103,820 |  | $ | 58,306
Equipment Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equipment Note 1 |  | 9/28/2018 |  | 4.16 | % | Semi-annual |  | 5 |  |  | 10,643 |  |  | 12,655
Equipment Note 2 |  | 9/28/2018 |  | 4.23 | % | Semi-annual |  | 7 |  |  | 11,200 |  |  | 12,279
Equipment Note 3 |  | 12/31/2018 |  | 3.97 | % | Semi-annual |  | 5 |  |  | 1,953 |  |  | 2,291
Equipment Note 4 |  | 12/31/2018 |  | 4.02 | % | Semi-annual |  | 7 |  |  | 2,108 |  |  | 2,313
Equipment Note 5 |  | 12/31/2018 |  | 4.01 | % | Semi-annual |  | 7 |  |  | 1,751 |  |  | 1,948
Equipment Note 6 |  | 6/25/2019 |  | 2.89 | % | Semi-annual |  | 7 |  |  | 14,286 |  |  | —
Equipment Note 7 |  | 6/24/2019 |  | 3.09 | % | Semi-annual |  | 5 |  |  | 9,033 |  |  | —
Equipment Note 8 |  | 12/27/2019 |  | 2.75 | % | Semi-annual |  | 5 |  |  | 6,496 |  |  | —
Equipment Note 9 |  | 12/24/2019 |  | 3.01 | % | Semi-annual |  | 7 |  |  | 4,534 |  |  | —
|  |  |  |  |  |  |  |  |  |  | 62,004 |  |  | 31,486
Total debt |  |  |  |  |  |  |  |  |  |  | 165,824 |  |  | 89,792
Less: current portion of long-term debt |  |  |  |  |  |  |  |  |  |  | (8,737) |  |  | (3,681)
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 157,087 |  | $ | 86,111
Schedule of remaining principal payments for long term obligations | The following table sets forth our remaining principal payments for the Company’s outstanding Equipment Notes as of December 31, 2019:
|  | Future
|  | Equipment
|  | Notes Principal
(in thousands) |  | Payments
2020 |  | $ | 8,737
2021 |  |  | 8,349
2022 |  |  | 8,645
2023 |  |  | 11,906
2024 |  |  | 8,923
Thereafter |  |  | 15,444
Total future principal payments |  | $ | 62,004
Less: current portion of equipment notes |  |  | (8,737)
Long-term principal obligations |  | $ | 53,267

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