Quarterly report pursuant to Section 13 or 15(d)

LOANS PAYABLE AND OTHER BORROWINGS

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LOANS PAYABLE AND OTHER BORROWINGS
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
LOANS PAYABLE AND OTHER BORROWINGS LOANS PAYABLE AND OTHER BORROWINGS
Loans payable and other borrowings consist of the following (in thousands):
As of
September 30, 2021 December 31, 2020
Other borrowings, real estate notes payable (1)
$ 18,985  $ 23,094 
$780.0 million unsecured revolving credit facility with interest approximating LIBOR (approximately 0.08% at September 30, 2021) plus 1.375% or Prime (3.25% at September 30, 2021) plus 0.375%
 —  — 
Total $ 18,985  $ 23,094 
(1)Reflects balance of non-recourse notes payable in connection with land purchases.
The Company entered into an amended and restated unsecured revolving credit facility ("Credit Facility") in 2014 that has been amended from time to time. In December 2020, the Credit Facility was amended to extend the maturity date to December
22, 2025 and provide for the replacement of LIBOR in the event such reference rate is no longer available. The Credit Facility's aggregate commitment is $780.0 million with an accordion feature permitting the size of the facility to increase to a maximum of $880.0 million, subject to certain conditions, including the availability of additional bank commitments. Borrowings under the Credit Facility are unsecured, but availability is subject to, among other things, a borrowing base. The Credit Facility also contains certain financial covenants, including (a) a minimum tangible net worth requirement of $1.5 billion (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), and (b) a maximum leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 60%. In addition, we are required to maintain either (i) an interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.50 to 1.00 or (ii) liquidity (as defined therein) of an amount not less than our consolidated interest incurred during the trailing 12 months. We were in compliance with all Credit Facility covenants as of September 30, 2021.
We had no outstanding borrowings under the Credit Facility as of September 30, 2021 and December 31, 2020. There were no borrowings or repayments during the three and nine months ended September 30, 2021. During the first quarter of 2020 we borrowed $500.0 million on our Credit Facility in connection with the perceived potential instability of the financial markets around the COVID-19 pandemic, which we repaid in full during the second quarter of 2020. As of September 30, 2021, we had outstanding letters of credit issued under the Credit Facility totaling $75.0 million, leaving $705.0 million available under the Credit Facility to be drawn.