8. Debt

Lines-of-Credit and Notes Payable

We have outstanding borrowings with various financial institutions and other lenders. Financial data related to our lines of credit and notes payable (other than receivable-backed notes payable, which are discussed below) as of September 30, 2019 and December 31, 2018, was as follows (dollars in thousands):



	As of
	September 30, 2019					December 31, 2018
	Balance		Interest Rate	Carrying Amount of Pledged Assets		Balance		Interest Rate	Carrying Amount of Pledged Assets

2013 Notes Payable	$	—	—		—	$	28,125	5.50%	$	22,878
Fifth Third Bank Note Payable		3,649	5.11%		7,757		3,834	5.34%		7,892
NBA Éilan Loan		19,974	5.34%		32,821		25,603	5.60%		35,615
Fifth Third Syndicated LOC		75,000	4.88%		102,431		55,000	5.27%		92,415
Fifth Third Syndicated Term		21,094	5.08%		28,809		22,500	5.37%		27,724
Unamortized debt issuance costs		(672)	—		—		(1,671)	—		—
Total	$	119,045		$	171,818	$	133,391		$	186,524

2013 Notes Payable. In September 2019, we repaid in full the remaining senior secured notes payable. Accordingly, the related unamortized debt issuance costs of $0.4 million were written off in the third quarter of 2019.

Fifth Third Bank Note Payable, Fifth Third Syndicated LOC and Fifth Third Syndicated Term. In December 2016, we entered into a $100.0 million syndicated credit facility with Fifth Third Bank, as administrative agent and lead arranger, and certain other bank participants as lenders. In October 2019, we amended the facility and increased the facility to $225.0 million. The amended facility includes a $100.0 million term loan (the “Fifth Third Syndicated Term Loan”) with quarterly amortization requirements and a $125.0 million revolving line of credit (the “Fifth Third Syndicated Line-of-Credit”). Amounts borrowed under the amended facility generally bear interest at LIBOR plus 2.00% - 2.50%, depending on our leverage ratio, are collateralized by certain of our VOI inventories, sales center buildings, management fees, short-term receivables and cash flows from residual interests relating to certain term securitizations and will mature in October 2024. At closing, we borrowed the entire $100.0 million term loan and $30.0 million under the revolving line of credit. Proceeds were used to repay the outstanding balance on the existing Fifth Third Syndicated Credit Facility, repay $3.6 million on the existing Fifth Third Bank Note Payable and expenses and fees associated with the amendment with the remainder to be used for general corporate purposes.

Except as described above, there were no new debt issuances or significant changes related to the above listed lines-of-credit or notes payable during the nine months ended September 30, 2019. See Note 9 to our Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K for additional information regarding the lines-of-credit and notes payable.

Receivable-Backed Notes Payable

Financial data related to our receivable-backed notes payable facilities was as follows (dollars in thousands):



	As of
	September 30, 2019					December 31, 2018
	Debt Balance		Interest Rate	Principal Balance of Pledged/ Secured Receivables		Debt Balance		Interest Rate	Principal Balance of Pledged/ Secured Receivables

Receivable-backed notes payable - recourse:
Liberty Bank Facility	$	28,247	5.25%	$	34,545	$	17,654	5.25%	$	22,062
NBA Receivables Facility		35,809	4.79%		43,706		48,414	5.27%		57,805
Pacific Western Facility		30,848	4.92%		37,954		10,606	5.52%		13,730
Total		94,904			116,205		76,674			93,597

Receivable-backed notes payable - non-recourse:
KeyBank/DZ Purchase Facility	$	19,035	4.84%	$	23,390	$	—	---	$	—
Quorum Purchase Facility		44,865	4.75-5.50%		50,337		40,074	4.75-5.50%		45,283
2012 Term Securitization		9,986	2.94%		11,558		15,212	2.94%		16,866
2013 Term Securitization		20,090	3.20%		21,995		27,573	3.20%		29,351
2015 Term Securitization		34,093	3.02%		36,676		44,230	3.02%		47,690
2016 Term Securitization		52,632	3.35%		58,817		63,982	3.35%		72,590
2017 Term Securitization		69,763	3.12%		79,551		83,513	3.12%		95,877
2018 Term Securitization		96,907	4.02%		109,599		114,480	4.02%		125,916
Unamortized debt issuance costs		(5,515)	---		—		(6,807)	---		—
Total		341,856			391,923		382,257			433,573
Total receivable-backed debt	$	436,760		$	508,128	$	458,931		$	527,170

There were no new debt issuances or significant changes related to the above listed facilities during the nine months ended September 30, 2019. See Note 9 to our Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K for additional information regarding the receivable-backed notes payable facilities.

Junior Subordinated Debentures

Financial data relating to our junior subordinated debentures was as follows (dollars in thousands):



Trust	Carrying Value as of September 30, 2019 (1)		Initial Equity In Trust (2)		Issue Date	Interest Rate	Interest Rate at September 30, 2019	Maturity Date	Carrying Value as of December 31, 2018 (1)

BST I	$	15,018	$	355	3/15/2005	3-month LIBOR + 4.90%	7.22%	3/30/2035	$	14,900
BST II		16,816		401	5/4/2005	3-month LIBOR + 4.85%	7.12%	7/30/2035		16,688
BST III		6,805		164	5/10/2005	3-month LIBOR + 4.85%	7.12%	7/30/2035		6,755
BST IV		10,012		237	4/24/2006	3-month LIBOR + 4.85%	7.17%	6/30/2036		9,933
BST V		10,012		237	7/21/2006	3-month LIBOR + 4.85%	7.17%	9/30/2036		9,933
BST VI		13,220		311	2/26/2007	3-month LIBOR + 4.80%	7.07%	4/30/2037		13,114
	$	71,883	$	1,705					$	71,323

(1)

Amounts include purchase accounting adjustments which reduced the total carrying value by $38.9 million and $39.5 million as of September 30, 2019 and December 31, 2018, respectively.

(2)

Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets.

As of September 30, 2019, we were in compliance with all financial debt covenants under our debt instruments. As of September 30, 2019, we had availability of approximately $131.2 million under our receivable-backed purchase and credit facilities and corporate credit line, subject to eligible collateral and the terms of the facilities, as applicable.