GUARANTEES AND COLLATERAL

9 Months Ended

Sep. 30, 2019

GUARANTEES AND COLLATERAL [Abstract]

Note 9—Guarantees and Collateral

Guarantees

Contemporaneously with the execution of the credit agreement, the Company agreed to guarantee all payment and performance obligations of MEH under the credit agreement to the lenders. The Company believes that there are no potential future payments to make under this guarantee.

Collateral and Restricted Assets

The following tables summarize assets that are either pledged or restricted for the Company’s use at September 30, 2019 and December 31, 2018:


	At
	September 30, 2019
			Investments				Total
	Restricted		in Debt		Investments in		Assets
(in thousands)	Cash		Securities		Partnerships		Pledged
Debt related to the revolving credit facility	$	2,592	$	─	$	194,647	$	197,239
Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF		1,364		─		7,499		8,863
Interest rate swaps		2,151		─		─		2,151
Other		8		─		─		8
Total	$	6,115	$	─	$	202,146	$	208,261


	At
	December 31, 2018
			Investments				Total
	Restricted		in Debt		Investments in		Assets
(in thousands)	Cash		Securities		Partnerships		Pledged
Debt and derivatives related to TRS agreements	$	4,287	$	85,347	$	─	$	89,634
Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF		1,340		─		8,779		10,119
Other		8		─		─		8
Total	$	5,635	$	85,347	$	8,779	$	99,761