Table:
| Contractual Obligations in $’000s | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years |
| --- | --- | --- | --- | --- | --- |
| Senior Secured Credit Facility (1)* | 291,798 | 18,749 | 30,610 | 242,439 | - |
| Interest Payments (2) | 82,255 | 21,690 | 39,624 | 20,941 | - |
| Financing of 2018 Newbuildings (3) | 119,867 | 7,630 | 16,287 | 17,849 | 78,101 |
| Interest Payments 2018 Newbuildings (4) | 47,517 | 7,674 | 13,739 | 11,526 | 14,578 |
| Operating Lease Liabilities (5) | 1,937 | 500 | 638 | 587 | 212 |
| Total | 543,374 | 56,243 | 100,898 | 293,342 | 92,891 |
Paragraphs:
The Company’s contractual obligations as of December 31, 2019, consist of our obligations as borrower under our 2019 Senior Secured Credit Facility, our obligations related to financing of our three 2018 Newbuildings.
The following table sets out financial, commercial and other obligations outstanding as of December 31, 2019.
Notes:
(1) Refers to obligation to repay indebtedness outstanding as of December 31, 2019.
(2) Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest rate and drawn amount as of December 31, 2019.
(3) Refers to obligation to repay indebtedness outstanding as of December 31, 2019 for three 2018 Newbuildings.
(4) Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest as of December 31, 2019 for the financing of the three 2018 Newbuildings.
(5) Refers to the future obligation as of December 31, 2019 to pay for operating lease liabilities at nominal values.
*The new five-year senior secured credit facility for $306.1 million is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash amortization mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed amortization.
Question:
What does Financing of 2018 Newbuildings refer to?
Answer: obligation to repay indebtedness outstanding as of December 31, 2019 for three 2018 Newbuildings.