	September 30, 2020			December 31, 2019
Credit facility:
Principal outstanding	$	20,500		$	35,000
Unamortized debt issuance costs		(108	)		(205	)
Carrying amount		20,392			34,795

Senior loan facility:
Principal outstanding		29,000			29,000
Unamortized debt issuance costs		—			(1,232	)
Carrying amount		29,000			27,768

6% senior secured convertible notes due 2023:
Principal outstanding		60,000			60,000
Unamortized debt discount and debt issuance costs		—			(13,341	)
Carrying amount		60,000			46,659

Secured note payable		7,934			9,974

Unsecured note payable		6,829			—

Finance leases		—			350

Total debt		124,155			119,546
Debt subject to compromise		(95,829	)		—
Total debt not subject to compromise		28,326			119,546
Current portion of long-term debt and finance leases		(28,326	)		(112,401	)
Total long-term debt and finance leases	$	—		$	7,145

The commencement of the Chapter 11 Cases described in Note 1 above constitutes an event of default under the credit facility, the senior loan facility, the indenture governing the 2023 Notes, our secured note payable and our unsecured note payable. The credit facility and the senior loan facility, and the indenture governing the 2023 Notes provide that as a result of the Petition, the obligations thereunder are accelerated and the principal and interest due thereunder became immediately due and payable. However, any efforts to enforce such payment obligations under such debt instruments are automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement in respect of such debt instruments will be subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

We repaid $14.5 million of the amounts outstanding under our credit facility with the net proceeds received from the sale of certain seismic data and related assets in January 2020 (see Note 2).

We are continuing to accrue interest on our credit facility with any accrued but unpaid interest to be paid upon our emergence from bankruptcy.

As of September 30, 2020, our senior loan facility is reflected as “Liabilities subject to compromise” in our unaudited condensed consolidated financial statements with the carrying value equal to the face value of the debt. The unamortized debt issuance costs of $0.4 million as of the Petition Date were expensed and recognized in “Reorganization expenses” in our unaudited condensed consolidated statements of operations. In addition, $0.3 million of accrued but unpaid interest is reflected as “Liabilities subject to compromise” in our unaudited condensed consolidated balance sheets. We have not recognized any interest expense on our senior loan facility subsequent to the Petition Date. Unrecognized contractual interest expense on our senior loan facility as of September 30, 2020 was $0.3 million.

As of September 30, 2020, our 2023 Notes are reflected as “Liabilities subject to compromise” in our unaudited condensed consolidated financial statements with the carrying value equal to the face value of the debt. The unamortized discount and debt issuance costs of $0.6 million and $10.9 million, respectively, as of the Petition Date were expensed and recognized in “Reorganization expenses” in our unaudited condensed consolidated statements of operations. In addition, $0.7 million of accrued but unpaid interest is reflected as “Liabilities subject to compromise” in our unaudited condensed consolidated balance sheets. We have not recognized any interest expense on our 2023 Notes subsequent to the Petition Date. Unrecognized contractual interest expense on our 2023 Notes as of September 30, 2020 was $0.3 million.

In May 2020, we received the proceeds from an unsecured loan in the amount of $6.8 million pursuant to the Paycheck Protection Program (the “PPP”) under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP loan matures in May 2022 and bears interest at a rate of 1.0% per annum. Principal and interest are payable monthly beginning seven months from the date of the PPP loan and may be prepaid at any time prior to maturity with no prepayment penalties.

Under the term of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any covered payments of mortgage interest, rent, and utilities. In the event the loan, or any portion thereof, is forgiven pursuant to the PPP, the amount forgiven is applied to outstanding principal, and we would record a gain on extinguishment for the amount forgiven when we are legally released from being the primary obligor. We intend to use the proceeds of the PPP loan to maintain payroll and make lease, rent and utility payments; however, there is no assurance that the PPP loan will be forgiven, in whole or in part.

As of September 30, 2020, the PPP loan is reflected as “Liabilities subject to compromise” in our unaudited condensed consolidated financial statements with the carrying value equal to the face value of the debt.