7. DEBT

Our long-term debt, as of June 30, 2011 and December 31, 2010, was as follows (in thousands):


	June 30, 2011			December 31, 2010
Credit Agreement:
Term loan, due December 2015, interest at adjusted LIBOR plus 3.75% (combined rate of 4.00% at June 30, 2011 and 4.06% at December 31, 2010)	$	195,000		$	200,000

$100 million revolving loan facility, due December 2015, interest at adjusted LIBOR plus applicable margin (combined rate of 4.06% at December 31, 2010)		—			35,000

Convertible Debt Securities:
2010 Convertible Notes – senior subordinated convertible notes; due March 1, 2017; cash interest at 3.0%; net of unamortized OID of $32,593 and $34,841, respectively		117,407			115,159

2004 Convertible Debt Securities – senior subordinated convertible contingent debt securities; due June 15, 2024; cash interest at 2.5%; net of unamortized OID of zero and $621, respectively		1,000			24,528

		313,407			374,687
Current portion of long-term debt, net		(16,000	)		(69,528	)

Total long-term debt, net	$	297,407		$	305,159

Credit Agreement. In January 2011, we repaid the $35 million outstanding balance of our $100 million revolving loan facility ("Revolver"). During the six months ended June 30, 2011, we made $5.0 million mandatory repayments on the Term Loan.

As of June 30, 2011, we were in compliance with the financial ratios and other covenants related to the Credit Agreement. As of June 30, 2011, we had no borrowings outstanding on our Revolver and had the entire $100 million available to us.

2010 Convertible Notes. As of June 30, 2011, and as it relates to our 2010 Convertible Notes, none of the contingent conversion features have been achieved, and thus, the 2010 Convertible Notes are not convertible by the holders.

Upon conversion of the 2010 Convertible Notes, we will settle our conversion obligation as follows: (i) we will pay cash for 100% of the par value of the 2010 Convertible Notes that are converted; and (ii) to the extent the value of our conversion obligation exceeds the par value, we will satisfy the remaining conversion obligation in our common stock, cash or any combination of our common stock and cash. As of June 30, 2011, the value of our conversion obligation did not exceed the par value of the 2010 Convertible Notes.

2004 Convertible Debt Securities. In June 2011, holders of $24.1 million par value of our 2004 Convertible Debt Securities exercised their put option and we paid the par value and accrued interest to extinguish these securities in June 2011. In June 2011, we exercised our option to call the remaining $1.0 million par value of our 2004 Convertible Debt Securities, and extinguished the debt in July 2011. As a result of the holders exercising their put option, approximately $6 million of deferred tax liabilities became payable and have been reclassified to current income taxes payable as of June 30, 2011.