(8) Long-term debt

Long-term debt consisted of the following (in thousands):


	December 28, 2014		December 29, 2013
Senior credit facility (a)	$	—	$	—
Note payable (b)		1,008		1,092

Total long-term debt		1,008		1,092
Less: Current portion		1,008		74

Long-term debt, net of current portion	$	—	$	1,018

The fair value of the current and long-term debt approximates the carrying value of the debt for all periods presented.

(a) Credit facility

JPMorgan Chase Bank, N.A.

On September 21, 2012, the Company entered into a five-year revolving credit facility agreement that expires in September 2017 and provides for borrowings up to $35.0 million to fund capital expenditures for new shops, renovations and maintenance of existing shops, and to provide ongoing working capital for other general and corporate purposes. The credit facility contains customary representations, warranties and negative and affirmative covenants, including a requirement to maintain a maximum leverage ratio, as defined, of 2.25:1 and a minimum debt service coverage ratio, as defined, of 1.5:1. The credit facility also limits the restricted payments (primarily distributions and equity repurchases) that the Company may make, unless the Company obtains certain waivers or amendments from the lender. The credit facility is secured by substantially all assets of the Company. Borrowings under the credit facility bear interest at interest rates based upon either the base rate or the London InterBank Offered Rate, plus or minus the applicable margins. The base rate is the higher of the prime rate and the federal funds rate, plus 0.50%. The Company pays commitment fees based on the amount available on the credit facility at a rate of 0.25%. As of December 28, 2014, the Company has no amounts outstanding under the credit facility. As of December 28, 2014, the Company has $34.4 million available for borrowing under the credit facility after reductions for outstanding letters of credit.

(b) Note payable

On March 15, 2007, the Company entered into a long-term note payable associated with the acquisition of certain assets of Pot Belly Deli, Inc., an unrelated California company, including the Pot Belly trade name, certain design marks, and other related assets. The Company records interest on the note payable under the effective interest method at an annual interest rate of 6.2% and recorded interest expense of $0.1 million in each fiscal year 2012, 2013 and 2014. Payment of interest and principal is made monthly. The final payment of the note will be made on April 1, 2015.

As of December 28, 2014, the scheduled payments on debt were as follows (in thousands):


Years Ending
2015	$	1,008
Thereafter		—

Total payments	$	1,008