Notes payable, net consisted of the following (in thousands):



Indebtedness	Borrower	Maturity	Interest Rate	March 31, 2020			December 31, 2019
Term loan ⁽⁷⁾	Ashford Inc.	March 19, 2024	Base Rate ⁽¹⁾ + 2.00% to 2.25% or LIBOR ⁽²⁾ + 3.00% to 3.25%	$	35,000		$	10,000
Term loan ^{(5) (8)}	JSAV	November 1, 2022	One-Month LIBOR ⁽³⁾ + 3.25%	12,300			12,642
Revolving credit facility^{(5) (8)}	JSAV	November 1, 2022	One-Month LIBOR ⁽³⁾ + 3.25%	135			2,599
Equipment note ^{(5) (9)}	JSAV	November 1, 2022	One-Month LIBOR ⁽³⁾ + 3.25%	6,017			3,393
Draw term loan ^{(5) (9)}	JSAV	November 1, 2022	One-Month LIBOR ⁽³⁾ + 3.25%	1,700			1,750
Revolving credit facility ^{(5) (10)}	Pure Wellness	On demand	Prime Rate ⁽⁴⁾ + 1.00%	40			45
Term loan^{(6) (11)}	RED	April 5, 2025	Prime Rate ⁽⁴⁾ + 1.75%	581			605
Revolving credit facility^{(6) (12)}	RED	May 5, 2020	Prime Rate ⁽⁴⁾ + 1.75%	246			106
Draw term loan ^{(6) (13)}	RED	December 5, 2026	Prime Rate ⁽⁴⁾ + 1.75%	1,375			1,400
Term loan ^{(6) (14)}	RED	February 1, 2029	Prime Rate ⁽⁴⁾ + 2.00%	1,592			1,636
Term loan ⁽⁵⁾ ⁽¹⁵⁾	RED	July 17, 2029	6.0% ⁽¹⁶⁾	1,663			1,674
Term loan ⁽⁵⁾ ⁽¹⁶⁾	RED	July 17, 2022	6.5%	900			960
Draw term loan ^{(5) (17)}	RED	February 5, 2028	Prime Rate ⁽⁴⁾ + 2.00%	1,575			—
Notes payable				63,124			36,810
Less deferred loan costs, net				(673		)	(227		)
Notes payable less net deferred loan costs				62,451			36,583
Less current portion				(57,944		)	(3,550		)
Notes payable, net - non-current				$	4,507		$	33,033

__________________


⁽¹⁾	Base Rate, as defined in the term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50%, or (iii) LIBOR plus 1.00%.


⁽²⁾	Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing.


⁽³⁾	The one-month LIBOR rate was 0.99% and 1.76% at March 31, 2020 and December 31, 2019, respectively.


⁽⁴⁾	Prime Rate was 3.25% and 4.75% at March 31, 2020 and December 31, 2019, respectively.


⁽⁵⁾	Creditors do not have recourse to Ashford Inc.


⁽⁶⁾	Creditors have recourse to Ashford Inc.

⁽⁷⁾

On March 19, 2020, the Company amended and restated the senior revolving credit facility pursuant to a Fourth Amendment to the Term Loan Agreement. The Company converted and consolidated the existing $10 million borrowing under the senior revolving credit facility (which had been borrowed on a revolving basis) into a term loan and drew down the remaining $25 million balance of the senior revolving credit facility, borrowing $35 million under the term loan in the aggregate. The Term Loan Agreement has a four year term and a maximum principal amount of $35 million. Principal payments of 1.25% of the outstanding balance are payable on the last business day of each fiscal quarter commencing June 30, 2020. Principal payment amounts are subject to maintaining a fixed charge coverage ratio below specified thresholds which if not met increase the principal payment due each quarter from 1.25% to 5.0% of the outstanding principal balance. The Company is also subject to certain financial covenants. See covenant compliance discussion below.

⁽⁸⁾

On March 1, 2019, in connection with the acquisition of BAV, JSAV amended the existing term loan and borrowed an additional $5.0 million. The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million. In connection with the term loan, JSAV entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0%. The fair value of the interest rate cap at March 31, 2020 and December 31, 2019, was not material.


⁽⁹⁾	On March 1, 2019, in connection with the acquisition of BAV, JSAV amended the existing equipment note and draw term note to increase the borrowing capacity to $8.0 million and $2.4 million, respectively. All the loans are partially secured by a security interest on all of the assets and equity interests of JSAV.


⁽¹⁰⁾	On April 6, 2017, Pure Wellness entered into a $100,000 line of credit.


⁽¹¹⁾	On March 23, 2018, RED entered into a term loan of $750,000.


⁽¹²⁾	On February 28, 2019, RED renewed its $250,000 revolving credit facility.


⁽¹³⁾	On February 27, 2019, RED entered into a draw term loan in the amount of $1.4 million.


⁽¹⁴⁾	On August 31, 2018, RED entered into a term loan of $1.8 million.


⁽¹⁵⁾	On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.7 million. The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0%.


⁽¹⁶⁾	On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.1 million.


⁽¹⁷⁾	On March 24, 2020, RED entered into a draw term loan with a maximum aggregate principal amount of $1.9 million. The draw term loan requires payment of interest only until March 5, 2021.