Note 10. Notes Payable and Other Borrowings

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Note 10. Notes Payable and Other Borrowings

Notes payable and other borrowings include the following.

Current portion of notes payable and other borrowings	June 30, 2019			December 31, 2018
Notes payable	$	2,200		$	2,200
Unamortized original issue discount and debt issuance costs		(962	)		(943	)
Finance obligations		4,052			4,463
Finance lease liabilities		1,634			—
Total current portion of notes payable and other borrowings	$	6,924		$	5,720
Long-term notes payable and other borrowings
Notes payable	$	180,398		$	181,498
Unamortized original issue discount and debt issuance costs		(748	)		(1,234	)
Finance obligations		75,709			59,737
Finance leases liabilities		10,450			—
Total long-term notes payable and other borrowings	$	265,809		$	240,001

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000. The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.

Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.

Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. The interest rate on the term loan was 6.19% as of June 30, 2019.

The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Disruptions in debt capital markets that restrict access to funding when needed could adversely affect the results of operations, liquidity and capital resources of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of June 30, 2019, $182,598 was outstanding under the term loan.