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Debt
9 Months Ended
Sep. 30, 2020
Debt [Abstract]  
Debt 8. Debt

Our outstanding debt obligations included the following as of September 30, 2020 and December 31, 2019 (in thousands):  

September 30,

December 31,

2020

2019

6.750% senior notes, due May 2027(1)

$

494,736

$

494,307

5.875% senior notes, due July 2025(1)

396,644

396,120

Other financing obligations

4,487

6,277

Notes payable

895,867

896,704

Revolving line of credit, due April 2023

68,700

Mortgage repurchase facilities

173,415

174,095

Total debt

$

1,069,282

$

1,139,499

(1) The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest expense over the respective terms of the senior notes.

Revolving Line of Credit

We are party to an Amended and Restated Credit Agreement with Texas Capital Bank, National Association, as Administrative Agent and L/C Issuer, the lenders party thereto and certain of our subsidiaries (which we refer to as the “Amended and Restated Credit Agreement”), which, as amended most recently on December 13, 2019, provides us with a revolving line of credit of up to $640.0 million, and unless terminated earlier, will mature on April 30, 2023. Our obligations under the Amended and Restated Credit Agreement are guaranteed by certain of our subsidiaries. The Amended and Restated Credit Agreement contains customary affirmative and negative covenants (including limitations on our ability to grant liens, incur additional debt, pay dividends, redeem our common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions), as well as customary events of default. These covenants are measured as defined in the Amended and Restated Credit Agreement and are reported to the lenders quarterly. Borrowings under the Amended and Restated Credit Agreement bear interest at a floating rate equal to the adjusted Eurodollar Rate plus an applicable margin between 2.60% and 3.10% per annum, or, at the Administrative Agent’s discretion, a base rate plus an applicable margin between 1.60% and 2.10% per annum.

As of September 30, 2020 and December 31, 2019, we had no amounts and $68.7 million outstanding under the credit facility, respectively, and were in compliance with all covenants.

Mortgage Repurchase Facilities – Financial Services

On May 4, 2018, September 14, 2018, and August 1, 2019, Inspire entered into mortgage warehouse facilities, with Comerica Bank, J.P. Morgan, and Wells Fargo, respectively. The mortgage warehouse lines of credit (which we refer to as the “repurchase facilities”) provide Inspire with uncommitted repurchase facilities of up to an aggregate of $275 million, secured by the mortgage loans financed thereunder. Amounts outstanding under the repurchase facilities are not guaranteed by us or any of our subsidiaries and the agreements contain various affirmative and negative covenants applicable to Inspire that are customary for arrangements of this type. As of September 30, 2020 and December 31, 2019, we had $173.4 million and $174.1 million outstanding under these repurchase facilities, respectively, and were in compliance with all covenants thereunder.

During the three months ended September 30, 2020 and 2019, we incurred interest expense on the repurchase facilities of $0.8 million and $0.6 million, respectively, which are included in financial services costs on our condensed consolidated statements of operations. During the nine months ended September 30, 2020 and 2019, we incurred interest expense on the repurchase facilities of $2.0 million and $2.1 million, respectively.