DEBT AND CAPITAL LEASES | DEBT AND CAPITAL LEASES Secured Credit Facilities Secured Credit Facilities —In 2010, Operations entered into the credit agreement governing the secured credit facilities (the “Secured Credit Facilities”). The credit agreement governing the Secured Credit Facilities was subsequently amended in 2012, 2013, 2014 and 2015. On January 25, 2016 , Operations entered into a ninth amendment to the credit agreement to replace the existing revolving credit facility with a new revolving credit facility, with a capacity of $175.0 million , maturing on January 25, 2021 .As of March 22, 2016 , the Secured Credit Facilities are comprised of (i) a $675.0 million term loan facility, and (ii) a revolving credit facility with capacity of $175.0 million and $145.0 million available for borrowing, after deducting $30.0 million of standby letters of credit outstanding. In addition, the credit agreement governing the Secured Credit Facilities includes capacity which provides, subject to lender participation, for additional borrowings in revolving or term loan commitments of $125.0 million , and additional borrowings thereafter so long as a senior secured leverage ratio (the “Senior Secured Leverage Ratio”) does not exceed 3.50 :1.00. As of March 22, 2016 , the interest rate on the term loan facility is a variable rate calculated as the higher of (i) 4.25% or (ii) an elected LIBOR plus a margin of 3.25% and the maturity date of the term loan facility is December 15, 2022 . As of March 22, 2016 , the revolving credit commitments mature on January 25, 2021 and bear interest at a rate of LIBOR plus a margin of 3.0% per annum. We are required to pay a commitment fee on all undrawn amounts under the revolving credit facility and a fee on all outstanding letters of credit, payable quarterly in arrears. As long as commitments are outstanding under the revolving credit facility, we are subject to limitations on the Senior Secured Leverage Ratio and a total leverage ratio (the “Total Leverage Ratio”). The Senior Secured Leverage Ratio is defined as the ratio of Operations’ Consolidated Senior Secured Debt (exclusive of the Senior Notes) to Consolidated EBITDA (disclosed as Adjusted EBITDA and defined in Note 12 ) and is calculated on a pro forma basis, giving effect to current period acquisitions as though they had been consummated on the first day of the period presented. The Total Leverage Ratio is defined as the ratio of Operations’ Consolidated Total Debt (including the Senior Notes) to Consolidated EBITDA and is also calculated on a pro forma basis. The credit agreement governing the Secured Credit Facilities requires us to maintain a Senior Secured Leverage Ratio no greater than 4.50 :1.00 and a Total Leverage Ratio of no greater than 5.75 :1.00 as of the end of each fiscal quarter. As of March 22, 2016 , Operations’ Senior Secured Leverage Ratio was 2.98 :1.00 and the Total Leverage ratio was 4.45 :1.00. All obligations under the Secured Credit Facilities are guaranteed by Operations’ Parent and each existing and all subsequently acquired or organized direct and indirect restricted subsidiaries of Operations, other than certain excluded subsidiaries (collectively, the “Guarantors”). The Secured Credit Facilities are secured, subject to permitted liens and other exceptions, by a first-priority perfected security interest in substantially all the assets of Operations, and the Guarantors, including, but not limited to (1) a perfected pledge of all the domestic capital stock owned by Operations and the Guarantors, and (2) perfected security interests in and mortgages on substantially all tangible and intangible personal property and material fee-owned property of Operations and the Guarantors, subject to certain exclusions. In conjunction with the amendments to the Secured Credit Facilities, we capitalized debt issuance costs of $1.1 million and expensed additional debt issuance costs of $0.7 million during the twelve weeks ended March 22, 2016 . During the twelve weeks ended March 24, 2015 , we expensed debt issuance costs of $0.1 million and did not capitalize any material debt issuance costs. All capitalized debt issuance costs are amortized over the term of the loan. 2015 Senior Notes On December 15, 2015 , Operations issued $350.0 million of senior notes (the “2015 Senior Notes”), maturing December 15, 2023 . The net proceeds from the offering of the 2015 Senior Notes were used in part to repay amounts outstanding under the Secured Credit Facilities in connection with the eighth amendment. Interest on the 2015 Senior Notes accrues at a fixed rate of 8.25% per annum. The 2015 Senior Notes are also guaranteed by the Guarantors (other than Operations’ Parent) on a full and unconditional basis. Operations incurred debt issuance costs in conjunction with the issuance of the 2015 Senior Notes of $7.3 million . These costs have been capitalized and are being amortized over the term of the 2015 Senior Notes. Notes payable related to certain Non-Core Development Entities In 1994 and 1995, we issued notes payable to finance a VIE related to our Non-Core Development Entities. The notes and accrued interest are payable through the cash proceeds related to the sale of certain real estate held by these Non-Core Development Entities. Mortgage Loans Stonebriar / Monarch Loan —In July 2008 , we entered into a secured mortgage loan with General Electric Capital Corporation for $32.0 million (the “Stonebriar / Monarch Loan”). Effective November 30, 2015, the maturity date is November 2016 with one twelve month option to extend the maturity date through November 2017 , upon satisfaction of certain conditions of the loan agreement. On June 11, 2015 , we were notified that the Stonebriar / Monarch Loan was assigned to an affiliate of Blackstone Mortgage Trust, Inc. As of March 22, 2016 , we expected to meet the required conditions and currently intend to extend the maturity date to November 2017 . Atlantic Capital Bank —In October 2010 , we entered into a new mortgage loan with Atlantic Capital Bank for $4.0 million of debt maturing in 2015 with 25 year amortization. Effective May 6, 2015 , we amended the loan agreement with Atlantic Capital Bank to extend the maturity date to April 2020 . BancFirst —In May 2013 , in connection with the acquisition of Oak Tree Country Club, we assumed a mortgage loan with BancFirst for $5.0 million with an original maturity of October 2014 and two twelve month options to extend the maturity through October 2016 upon satisfaction of certain conditions in the loan agreement. Effective October 1, 2015 , we extended the term of the loan to October 1, 2016 . Long-term borrowings and lease commitments as of March 22, 2016 and December 29, 2015 , are summarized below: March 22, 2016 December 29, 2015 Carrying Value Interest Rate Carrying Value Interest Rate Interest Rate Calculation Maturity 2015 Senior Notes $ 350,000 8.25 % $ 350,000 8.25 % Fixed 2023 Secured Credit Facilities Term Loan, gross of discount 675,000 4.25 % 675,000 4.25 % Greater of (i) 4.25% or (ii) an elected LIBOR + 3.25% 2022 Revolving Credit Borrowings - ($175,000 capacity) (1) — 3.43 % — 3.42 % LIBOR plus a margin of 3.0% 2021 Notes payable related to certain Non-Core Development Entities 11,837 9.00 % 11,837 9.00 % Fixed (2) Mortgage Loans Stonebriar / Monarch Loan 28,955 6.00 % 29,112 6.00 % 5.00% plus the greater of (i) three month LIBOR or (ii) 1% 2017 Atlantic Capital Bank 3,133 4.50 % 3,173 4.50 % Greater of (i) 3.0% + 30 day LIBOR or (ii) 4.5% 2020 BancFirst 3,721 4.50 % 3,842 4.50 % Greater of (i) 4.5% or (ii) prime rate 2016 Other indebtedness 1,880 4.75% - 6.00% 1,988 4.75% - 6.00% Fixed Various 1,074,526 1,074,952 Capital leases 43,520 43,271 Total obligation 1,118,046 1,118,223 Less net loan origination fees included in long-term debt (12,460 ) (13,000 ) Less current portion (20,568 ) (20,414 ) Less discount on the Secured Credit Facilities’ Term Loan (5,334 ) (5,489 ) Long-term debt $ 1,079,684 $ 1,079,320 ______________________ (1) As of March 22, 2016 , the revolving credit facility had capacity of $175.0 million , which was reduced by the $30.0 million of standby letters of credit outstanding, leaving $145.0 million available for borrowing. (2) Notes payable and accrued interest related to certain Non-Core Development Entities are payable through the cash proceeds related to the sale of certain real estate held by these Non-Core Development Entities. The amount of long-term debt maturing in each of the five years subsequent to 2015 and thereafter is as follows. This table reflects the contractual maturity dates as of March 22, 2016 . Year Debt Capital Leases Total Remainder of 2016 $ 4,534 $ 12,153 $ 16,687 2017 28,957 13,960 42,917 2018 490 10,356 10,846 2019 426 5,583 6,009 2020 2,630 1,458 4,088 Thereafter 1,037,489 10 1,037,499 Total $ 1,074,526 $ 43,520 $ 1,118,046 |