Table:
| (in millions) |  |  | Payment Due by Period |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years |
| Term Loan and Notes, including interest | $4,373.3 | $3,227.0 | $65.0 | $65.0 | $1,016.3 |
| Operating lease obligations, net | 711.5 | 88.7 | 158.0 | 126.9 | 337.9 |
| Purchase obligations | 2,036.5 | 545.0 | 935.8 | 555.7 | — |
| Total | $7,121.3 | $3,860.7 | $1,158.8 | $747.6 | $1,354.2 |
Paragraphs:
Contractual Obligations
The following table summarizes our contractual obligations as of November 29, 2019:
As of November 29, 2019, our Term Loan’s carrying value was $2.25 billion. At our election, the Term Loan will bear interest at either (i) the London Interbank Offered Rate (“LIBOR”) plus a margin, based on our debt ratings, ranging from 0.500% to 1.000% or (ii) a base rate plus a margin, based on our debt ratings, ranging from 0.040% to 0.110%. Interest is payable periodically, in arrears, at the end of each interest period we elect. Based on the LIBOR rate at November 29, 2019, our estimated maximum commitment for interest payments was $23.2 million for the remaining duration of the Term Loan.
As of November 29, 2019, the carrying value of our Notes payable was $1.89 billion. Interest on our Notes is payable semi-annually, in arrears on February 1 and August 1. At November 29, 2019, our maximum commitment for interest payments was $200.1 million for the remaining duration of our Notes.
Our Term Loan and Revolving Credit Agreement contain similar financial covenants requiring us not to exceed a maximum leverage ratio. As of November 29, 2019, we were in compliance with this covenant. We believe this covenant will not impact our credit or cash in the coming fiscal year or restrict our ability to execute our business plan. Our senior notes do not contain any financial covenants.
Under the terms of our Term Loan and Revolving Credit Agreement, we are not prohibited from paying cash dividends unless payment would trigger an event of default or if one currently exists. We do not anticipate paying any cash dividends in the foreseeable future.
Question:
How often is payment for interest on Notes made?
Answer: semi-annually