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Senior Bank Debt
12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Senior Bank Debt
Senior Bank Debt
The Company has a $1.25 billion senior unsecured revolving credit facility (the "credit facility") which matures in April 2018. The Company pays interest on any outstanding obligations at specified rates (based either on the LIBOR rate or the prime rate as in effect from time to time).
As of December 31, 2012 and 2013, the Company had outstanding borrowings under the credit facility of $325.0 million and $525.0 million, respectively, and the weighted-average interest rate on outstanding borrowings was 2.77% and 1.95%, respectively. The Company pays commitment fees on the unused portion of its credit facility. In 2012 and 2013, these fees amounted to $3.7 million and $3.2 million, respectively.
The credit facility is unsecured and contains financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on indebtedness, liens, cash dividends, asset dispositions and fundamental corporate changes.