Debt

The following table summarizes our outstanding debt as of December 31 (in thousands):



Description	Type	Maturity Date	Weighted Average Interest Rate at December 31, 2015	December 31, 2015		December 31, 2014
Funding Debt:
ODAST Agreement	Securitization Facility	May 2018⁽¹⁾	3.4%	$	174,980	$	174,972
PORT Agreement	Revolving	June 2017	2.7%	59,415		—
RAOD Agreement	Revolving	May 2017	3.3%	47,465		—
ODART Agreement	Revolving	September 2017	2.6%	42,090		105,598
ODAC Agreement	Revolving	May 2017	8.6%	27,699		32,733
SBAF Agreement	Revolving	Various⁽²⁾	6.9%	12,783		16,740
ODAP Agreement	Revolving	August 2017⁽³⁾	5.0%	8,819		56,686
Partner Synthetic Participations	Term	Various⁽⁴⁾	Various	6,861		1,199
				380,112		387,928
Corporate Debt:
Square 1 Agreement	Revolving	October 2016	4.5%	2,700		12,000
				$	382,812	$	399,928


(1)	The period during which remaining cash flow can be used to purchase additional loans expires April 30, 2016


(2)	Maturity dates range from January 2016 through August 2017


(3)	The period during which new borrowings may be made under this facility expires in August 2016


(4)	Maturity dates range from January 2016 through October 2017

Certain of our loans held for investment are pledged as collateral for borrowings in our funding debt facilities, with the exception of Partner Synthetic Participations. These loans totaled $417.1 million and $431 million as of December 31, 2015 and 2014, respectively. There is no collateral requirement for Partner Synthetic Participations. Our corporate debt facility is collateralized by substantially all of our assets.

During the three years ended December 31, 2015, the following significant activity took place related to our debt facilities:

ODAST Agreement

On May 8, 2014, ODAST entered into a $175 million securitization agreement with Deutsche Bank Securities (“Deutsche Bank”) as administrative agent. Of the total commitment, Deutsche Bank allowed for $156.7 million of Class A (primary group of lenders) asset backed notes and $18.3 million of Class B (subordinate group of lenders) asset backed notes. The agreement requires pooled loans to be transferred from us to ODAST with a minimum aggregate principal balance of approximately $183.2 million. Class A and Class B commitments bear interest at 3.15% and 5.68%, respectively. Monthly payments of interest were due beginning June 17, 2014 and principal and interest are due beginning in June 2016, with the final payment occurring in May 2018.

PORT Agreement

On June 12, 2015, through a wholly-owned bankruptcy remote subsidiary, we entered into a $100 million revolving line of credit with Bank of America, N.A. ("PORT Agreement"). The facility bears interest at LIBOR plus 2.25%, and matures in June 2017.

RAOD Agreement

On May 22, 2015, through a wholly-owned bankruptcy remote subsidiary, we entered into a $50 million revolving line of credit with SunTrust Bank ("RAOD Agreement"). The facility bears interest at LIBOR plus 3.00%, and matures in May 2017. On February 26, 2016, the RAOD Agreement was amended to increase the borrowing capacity from $50 million to $100 million.

ODART Agreement

On September 15, 2014, we entered into an amendment of the ODART agreement which provided for:


•	the increase of the total facility size from $111.8 million to $167.6 million. with the Class A commitments increased from $100 million to $150 million and the Class B commitments increased from $11.8 million to $17.6 million;

•the decrease in the Class A interest rate to the applicable cost of funds rate plus 3%;

•the decrease in the Class B interest rate to 7.25% plus the greater of 1% or LIBOR; and

•the extensions of the commitment termination date of from August 16, 2015 to September 15, 2016.

On October 7, 2015 an amendment was made to the ODART Agreement which included for:

•the decrease in Class A interest rate to the applicable cost of funds rate plus 2.25%;


•	the extension of the commitment termination date of the ODART Agreement by approximately one year to September 15, 2017;


•	the extension of the date on or prior to which early termination fees may be payable in the event of a termination or other permanent reduction of the revolving commitments by approximately one year to May 15, 2017, and the ability to make certain partial commitment terminations without early termination fees;

•the ability to use up to a specified portion of the facility for financing of our weekly pay term loan product; and

•

the termination of the Class B revolving lending commitment, the effect of which is to reduce the total facility capacity to $150 million; the termination was made at ODART's request and consented to by the Class B Revolving Lender. The ODART Second A&R Credit Agreement also contemplates the reintroduction, at ODART's election and administrative agent's consent, of one or more Class B Revolving Lending resulting in Class B commitments up to $17.6 million, thereby potentially restoring the facility size to up to$167.6 million. The borrowing base advance rate for reintroduced Class B revolving loans is 95% and the interest rate will be LIBOR plus 7.00%.

ODAC Agreement

In October 2013, ODAC entered into a $25 million revolving credit agreement (the “ODAC Agreement”). On January 2, 2014, ODAC entered into a second amendment of the ODAC Agreement increasing the financing limit of the ODAC Agreement from $25 million to $50 million bearing an interest rate of LIBOR plus 8.25%. On December 19, 2014 amendments were made to the ODAC Agreement to among other items, extend the commitment termination date to October 2016 to introduce the ability to use up to a specified portion of the ODAC facility for the financing our line of credit product. On May 22, 2015, amendments were made to the ODAC Agreement to, among other items, extend the commitment termination date to May 2017 and to provide for the utilization of up to the entire ODAC facility solely for the financing of our line of credit product. In addition to other changes, this facility is now exclusively used to our line of credit product.

ODAP Agreement

In August 2014, ODAP entered into a $75 million revolving line of credit with Jefferies Mortgage Funding, LLC ("ODAP Agreement"). On August 13, 2015, an amendment was made to the ODAP Agreement converting the Lenders’ obligation from a commitment to make revolving loans to ODAP of up to $75 million to an agreement under which the Lenders are allowed to make, on an uncommitted basis, revolving loans to ODAP of up to $100 million; extending the revolving termination date (i.e., the period during which ODAP is permitted to request the advance of revolving loans) by approximately one year to August 13, 2016 and the amortization period end date by approximately one year to August 13, 2017; increasing the borrowing advance rate; and various other changes. On November 25, 2015 ODAP terminated its existing asset-backed revolving debt facility and simultaneously entered into a new-asset backed revolving debt facility with substantially similar terms to the terminated facility. The note bears interest at 4% plus the greater of 1% or LIBOR.

Square 1 Agreement

On October 2, 2015 an amendment was made to the Square 1 Agreement which extended the date of maturity of our corporate revolving line of credit from October 2015 to October 2016, added a minimum monthly interest payment and modified certain financial and portfolio covenants.

Other

In August 2013, and as subsequently amended, we entered into an $8 million senior subordinated loan and security agreement (“SSL&SA”) with certain entities collectively referred to as SF Capital. On January 22, 2014, we entered into a second amendment with SF Capital, increasing the credit limit available on SSL&SA from $8 million to $18 million with borrowings up to $8 million bearing the original interest rate of 16% and all borrowings in excess of $8 million bearing an interest rate of 12%. No other significant terms were modified under this amendment. On February 27, 2014, approximately $30 million of the proceeds of the issuance of the Series E redeemable convertible preferred shares was used to repay the SSL&SA in full and portions of certain other debt payable. On April 7, 2014, the SBLP II Agreement was terminated and the amount outstanding of $63.3 million was paid in full to the lenders.

As of December 31, 2015, future maturities of our borrowings were as follows (in thousands):



2016	$	69,046
2017	277,308
2018	36,458
2019	—
2020	—
Thereafter	—
Total	$	382,812