

	Contractual Weighted Avg Interest Rate⁽¹⁾	Maturity Range⁽¹⁾		December 31, 2019			December 31, 2018
	Contractual Weighted Avg Interest Rate⁽¹⁾	From	To	December 31, 2019			December 31, 2018
Institutional notes	4.65%	Apr 2020	Jun 2029	$	1,957,557		$	2,198,200
Asset-backed securitization term notes	3.69%	May 2022	Jun 2028	2,719,206			3,063,821
Term loan facilities	3.32%	Apr 2022	Nov 2023	1,200,375			1,543,375
Asset-backed securitization warehouse	3.51%	Dec 2025	Dec 2025	370,000			340,000
Revolving credit facilities	3.45%	Sep 2023	Jul 2024	410,000			375,000
Finance lease obligations	4.92%	Feb 2024	Feb 2024	27,024			75,526
Total debt outstanding				6,684,162			7,595,922
Unamortized debt costs				(39,781		)	(44,889		)
Unamortized debt premiums & discounts				(4,065		)	(5,293		)
Unamortized fair value debt adjustment				(8,791		)	(16,308		)
Debt, net of unamortized costs				$	6,631,525		$	7,529,432

The fair value of total debt outstanding was $6,747.8 million and $7,559.1 million as of December 31, 2019 and December 31, 2018, respectively, and was measured using Level 2 inputs.

The Company is subject to certain financial covenants under its debt agreements. The agreements remain the obligations of the respective subsidiaries, and all related debt covenants are calculated at the subsidiary level. As of December 31, 2019 and December 31, 2018, the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements.

The Company hedges the risks associated with fluctuations in interest rates on a portion of its floating-rate debt by entering into interest rate swap agreements that convert a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of December 31, 2019 (in thousands):



	Balance Outstanding	Contractual Weighted Avg Interest Rate	Maturity Range		Weighted Avg Remaining Term
	Balance Outstanding	Contractual Weighted Avg Interest Rate	From	To	Weighted Avg Remaining Term
Excluding impact of derivative instruments:
Fixed-rate debt	$3,984,316	4.23%	Apr 2020	Jun 2029	3.4 years
Floating-rate debt	$2,699,846	3.38%	Apr 2022	Dec 2025	3.6 years

Including impact of derivative instruments:
Fixed-rate debt	$3,984,316	4.23%
Hedged floating-rate debt	1,799,204	3.60%
Total fixed and hedged debt	5,783,520	4.04%
Unhedged floating-rate debt	900,642	3.38%
Total	$6,684,162	3.95%

On May 16, 2019, the Company amended an existing $1,125.0 million revolving credit facility which reduced interest rates to LIBOR plus 1.50% and extended the maturity date to May 16, 2024.

On July 8, 2019, the Company entered into a new $325.0 million revolving credit facility with an interest rate of one-month LIBOR plus 1.75%. The facility is available on a revolving basis through July 8, 2021, after which it will convert to a term loan with a maturity date of July 8, 2024.

On August 2, 2019, the Company extinguished an asset-backed warehouse facility which had no outstanding balance. The Company also amended a term loan agreement which increased its borrowings by $39.2 million to $500.0 million, decreased its interest rate to one-month LIBOR plus 1.65%, and extended the maturity date to August 20, 2024.

In accordance with the institutional note agreements, interest payments on the Company's institutional notes are due semi-annually. Institutional note maturities typically range from 7 - 12 years, with level principal payments due annually following an interest-only period. The Company's institutional notes are pre-payable (in whole or in part) at the Company's option at any time, subject to certain provisions in the note agreements, including the payment of a make-whole premium in respect to such prepayment. These facilities provide for an advance rate against the net book values of designated eligible equipment.

Under the Company's ABS facilities, indirect wholly-owned subsidiaries of the Company issue asset-backed notes. These subsidiaries are intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company's borrowings under the ABS facilities amortize in monthly installments, typically in level payments over five or more years. These facilities provide for an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment is determined according to the related debt agreement and may be

different than those calculated per U.S. GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to three to nine months of interest expense depending on the terms of each facility.

The term loan facilities amortize in monthly or quarterly installments. These facilities provide for an advance rate against the net book values of designated eligible equipment.

Under the Company's asset-backed warehouse facility, indirect wholly-owned subsidiaries of the Company issue asset-backed notes. These subsidiaries are intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company's asset-backed warehouse facility has a borrowing capacity of $800.0 million that is available on a revolving basis until December 13, 2021, paying interest at LIBOR plus 1.75%, after which any borrowings will convert to term notes with a maturity date of December 15, 2025, paying interest at LIBOR plus 2.85%.

During the revolving period, the borrowing capacity under this facility is determined by applying an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment are determined according to the related debt agreement and may be different than those calculated per U.S. GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to three months of interest expense.

The revolving credit facilities have a maximum borrowing capacity of $1,560.0 million. These facilities provide for an advance rate against the net book values of designated eligible equipment.

The Company has entered into a series of finance lease transactions with various financial institutions to finance chassis and containers. Each lease is accounted for as a finance lease, with interest expense recognized on a level yield basis over the period preceding early purchase options, if any, which is generally three to ten years from the transaction date.



Years ending December 31,
2020	$	4,370
2021	4,370
2022	4,370
2023	4,370
2024	13,239
2025 and thereafter	—
Total future payments	30,719
Less: amount representing interest	(3,695		)
Finance lease obligations	$	27,024