Note 11 – Notes Payable

Notes payable are summarized as follows (dollars in thousands):



Name of Note Payable or Security	March 31, 2015 Interest Rates	December 31, 2014 Interest Rates	Maturity Date		2015 Balance		2014 Balance
Trust Preferred Securities	4.25%	4.23%	April 30, 2027	$	27,913	$	27,913
Australian NAB Corporate Term Loan	4.61%	5.04%	June 30, 2019		43,844		47,403
Australian NAB Corporate Revolver	4.61%	5.04%	June 30, 2019		--		8,173
New Zealand Corporate Credit Facility	5.70%	5.80%	April 30, 2015		20,958		21,829
US Bank of America Credit Facility	2.68%	2.67%	December 1, 2019		29,750		29,750
US Bank of America Line of Credit	3.18%	3.17%	October 31, 2017		--		--
US Cinema 1, 2, 3 Term Loan	3.69%	3.69%	July 1, 2016		15,000		15,000
US Minetta & Orpheum Theatres Loan	2.94%	2.94%	June 1, 2018		7,500		7,500
US Union Square Theatre Term Loan	5.92%	5.92%	May 1, 2015		6,403		6,468
Total				$	151,368	$	164,036

Derivative Instruments

As indicated in Note 16 – Derivative Instruments, for our Australian NAB Corporate Credit Facility (“NAB Loan”), our U.S. Bank of America Revolver (“BofA Revolver”), and our Trust Preferred Securities Loan we have entered into interest rate swap agreements for all or part of these facilities. The loan agreement together with the swap results in us paying a total fixed interest rate of 7.85% (5.50% swap contract rate plus a 2.35% margin under the loan) for our NAB Loan; a total fixed interest rate of 3.65% (1.15% swap contract rate plus a 2.50% margin under the loan) for our BofA Revolver; and a total fixed interest rate of 5.2% (1.20% swap contract rate plus a 4.00% margin under the loan) for our Trust Preferred Securities Loan. These rates are instead of the above indicated 4.61%, 2.68% and 4.25% respectively, which are the obligatorily disclosed loan rates.

New Zealand Corporate Credit Facility

We originally extended our New Zealand Westpac bank loan to April 30, 2015, but have since received a second extension to July 30, 2015. We have however, signed a new term sheet for our new credit facility and expect the loan documents to be signed prior to the end of the current extension. We anticipate a higher facility limit than we currently have, a similar term, interest only and a 25bps lower margin cost. This loan has been classified as a short-term liability on the consolidated balance sheet as at March 31, 2015.

US Union Square Term Loan

The US Union Square Term loan came due for repayment on May 1, 2015 but has been extended to June 1, 2015. We have signed a term sheet for our new credit facility and expect the loan documents to be signed prior to the end of the current extension. We anticipate a higher loan limit, a 2-year term, interest only with no prepayment penalty. This loan has been classified as a short-term liability on the consolidated balance sheet as at March 31, 2015.