Long-term debt



(Expressed in thousands)
Issued	Maturity Date	At September 30, 2016		At December 31, 2015
Senior Secured Notes	4/15/2018	$	150,000	$	150,000
Unamortized Debt Issuance Costs		769		1,132
		$	149,231	$	148,868

On April 12, 2011, the Company completed the private placement of $200 million in aggregate principal amount of 8.75% Senior Secured Notes due April 15, 2018 (the "Notes") at par. The interest on the Notes is payable semi-annually on April 15th and October 15th. On April 15, 2014, the Company retired early a total of $50.0 million (25%) of the Notes.

The indenture for the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach of covenants and bankruptcy. The Company’s obligations under the Notes are guaranteed, subject to certain limitations. These guarantees may be shared, on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future. At September 30, 2016, the Company was in compliance with all of its covenants.

As discussed in Note 3, "Discontinued operations," the Company has sold most of the assets of its Commercial Mortgage Banking business which operated out of its OMHHF subsidiary. Under the indenture for the Notes, OMHHF is a restricted subsidiary and the Company has pledged its equity interests in OMHHF as collateral for the Notes. Net proceeds received by the Company and restricted subsidiaries from asset sales must either be used within twelve months from the date to make an offer to repurchase the Notes or to make an investment in Replacement Assets, as defined in the indenture, or if any such proceeds are not so applied, and the total thereof is at least $15.0 million, the Company must offer to purchase Notes at par with an aggregate principal amount equal to the amount of such proceeds.

Interest expense for both the three and nine months ended September 30, 2016 and 2015 on the Notes was $3.3 million and $9.8 million, respectively.