Table:
|  |  |  | Payments Due by Period |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years |
| Operating lease obligations | $ 70,284 | $ 17,180 | $ 23,116 | $ 12,738 | $ 17,250 |
| Term loans | 756,060 | 38,950 | 89,381 | 627,729 | — |
| Term loans interest (1) | 117,168 | 30,025 | 55,232 | 31,911 | — |
| Revolving credit facility | 239,000 | — | — | 239,000 | — |
| Revolving credit facility interest (2) | 40,528 | 9,536 | 19,072 | 11,920 | — |
| Senior notes | 400,000 | — | — | — | 400,000 |
| Senior notes interest (3) | 149,500 | 23,000 | 46,000 | 46,000 | 34,500 |
| Financed internal-use software (4) | 13,822 | 5,974 | 7,848 | — | — |
| Total | $1,786,362 | $124,665 | $240,649 | $969,298 | $451,750 |
Paragraphs:
Contractual Obligations and Commercial Commitments
We lease office space and equipment under operating leases that run through October 2028. Additionally, we have entered into a Credit Agreement that matures in April 2024 and have issued Senior Notes that mature in August 2026.
Contractual obligations as of December 31, 2019, are as follows (in thousands):
(1) Based on the Term Loans debt outstanding and interest rate in effect at December 31, 2019, of 4.05%.
(2) Based on Revolving Credit Facility debt outstanding and interest rate in effect at December 31, 2019, of 3.99%.
(3) Based on 2026 Notes issued of $400.0 million with an annual interest rate of 5.750%.
(4) During the year ended December 31, 2019, we financed certain multi-year license agreements for internal-use software for $10.4 million with annual payments through April 1, 2022. As of December 31, 2019, $13.8 million is outstanding under these and other agreements previously entered into, of which $6.0 million and $7.8 million is included in other current liabilities and other noncurrent liabilities, respectively, in our Consolidated Balance Sheet in Part IV, Item 15 of this Form 10-K as of December 31, 2019.
We are unable to reasonably estimate the ultimate amount or timing of settlement of our reserves for income taxes under ASC 740, Income Taxes. The liability for unrecognized tax benefits at December 31, 2019, is $29.0 million.
Question:
What were the term loans based on?
Answer: the Term Loans debt outstanding and interest rate in effect at December 31, 2019, of 4.05%.