7. Notes Payable and Other Noncurrent Liabilities

In December 2012, the University entered into a new credit agreement with Bank of America, N.A. as Administrative Agent and other lenders (the “Agreement”). The Agreement provides the University a revolving line of credit in the amount of $50,000 through December 2017 to be utilized for working capital, capital expenditures, share repurchases and other general corporate purposes. The Agreement contains standard covenants, that, among other things, restrict the University’s ability to incur additional debt or make certain investments, require the University to maintain compliance with certain applicable regulatory standards, and require the University to achieve certain financial ratios and maintain a certain financial condition. Indebtedness under the Agreement is secured by the University’s assets and is guaranteed by certain of the University’s subsidiaries. As of December 31, 2013, the University is in compliance with its debt covenants. Under the loan covenant computation as of December 31, 2013, $50,000 is available to be borrowed on the revolving line of credit although none has been drawn as of December 31, 2013.


	As of December 31,
	2013		2012
Notes Payable
Note payable, monthly payment of $556; interest at 30 day LIBOR plus 1.75% (1.92% at December 31, 2013) through December 31, 2019	$	92,573	$	99,098
Various Gift Annuities; quarterly payments of $34 extending through 2019; interest at 10%		527		602
Notes payable for vehicles requiring monthly payments with interest rates ranging from 8.8% to 11.0% through March 2013		—		1

		93,100		99,701
Less: Current portion		6,607		6,601

	$	86,493	$	93,100

Payments due under the notes payable obligations are as follows as of December 31, 2013:


2014	$	6,607
2015		6,616
2016		6,625
2017		6,636
2018		6,691
Thereafter		59,925

	$	93,100

Long-term deferred rent included in other noncurrent liabilities as of December 31, 2013 and 2012 was $6,811 and $7,015, respectively. The derivative liability for the forward interest rate swap included in other noncurrent liabilities as of December 31, 2012 was $390.