Table:
|  | 2019 | 2018 |
| --- | --- | --- |
| Prepaid expenses | $137,927 | $90,981 |
| Prepaid income taxes . | 47,811 | 59,319 |
| Indirect tax receivables . | 29,908 | 26,327 |
| Restricted cash | 13,697 | 19,671 |
| Notes receivable (1) | 23,873 | 5,196 |
| Derivative instruments (2) . | 1,199 | 2,364 |
| Other current assets | 22,040 | 39,203 |
| Prepaid expenses and other current assets | $276,455 | $243,061 |
Paragraphs:
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following at December 31, 2019 and 2018 (in thousands):
(1) In November 2014 and February 2016, we entered into a term loan agreement and a convertible loan agreement, respectively, with Clean Energy Collective, LLC (“CEC”). Our term loan bears interest at 16% per annum, and our convertible loan bears interest at 10% per annum. In November 2018, we amended the terms of the loan agreements to (i) extend their maturity to June 2020, (ii) waive the conversion features on our convertible loan, and (iii) increase the frequency of interest payments, subject to certain conditions. In January 2019, CEC finalized certain restructuring arrangements, which resulted in a dilution of our ownership interest in CEC and the loss of our representation on the company’s board of managers. As a result of such restructuring, CEC no longer qualified to be accounted for under the equity method. As of December 31, 2019, the aggregate balance outstanding on the loans was $23.9 million and was presented within “Prepaid expenses and other current assets.” As of December 31, 2018, the aggregate balance outstanding on the loans was $22.8 million and was presented within “Notes receivable, affiliate.”
(2) See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.
Question:
What is the interest rate of the term loan?
Answer: Our term loan bears interest at 16% per annum