5.Debt Obligations

The following table sets forth information regarding debt obligations by component as of June 30, 2015 and December 31, 2014 (dollar amounts in thousands):


		At June 30, 2015				At December 31, 2014
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate(1)	Balance		Borrowing		Balance		Borrowing
Bank Borrowings(2)	1.67%	$	80,500	$	319,500	$	—	$	400,000
Senior Unsecured Notes(3)	4.80%		277,467		n.a.		281,633		n.a.
Total	4.10%	$	357,967			$	281,633

(1)

Represents weighted average of interest rate as of June 30, 2015.

(2)

Subsequent to June 30, 2015, we borrowed $24,000 under our Unsecured Credit Agreement. Accordingly, we have $104,500 outstanding under our Unsecured Credit Agreement with $295,500 remaining for borrowing.

(3)

Subsequent to June 30, 2015, we repaid $25,000 of scheduled principal payments under our Senior Unsecured Notes. Accordingly, we have $252,467 outstanding under our Senior Unsecured Notes.

Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up to $400,000,000 with the opportunity to increase the credit amount up to a total of $600,000,000. The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at June 30, 2015, the facility provides for interest annually at LIBOR plus 125 basis points and an unused commitment fee of 30 basis points. During the six months ended June 30, 2015 and 2014, we borrowed $82,000,000 and $21,000,000, respectively, under our Unsecured Credit Agreement. Additionally, during the six months ended June 30, 2015, we repaid $1,500,000 under our Unsecured Credit Agreement. At June 30, 2015, we were in compliance with all covenants.

Senior Unsecured Notes. During each of the six months ended June 30, 2015 and 2014, we paid $4,167,000 in regular scheduled principal payments. In April 2015, we entered into a third amended and restated $200,000,000 private shelf agreement with Prudential for a three-year term. The agreement provides for the possible issuance of up to an additional $102,000,000 of senior unsecured fixed interest rate term notes. After July 14, 2015 and for the balance of the term, the agreement provides for the possible issuance of additional senior unsecured fixed interest rate term notes up to the maximum availability upon us making our scheduled principal payments on existing notes then outstanding. Interest rates on any issuance under the shelf agreement will be set at a spread over applicable Treasury rates. Maturities of each issuance are at our election for up to 15 years from the date of issuance with a maximum average life of 12 years from the date of original issuance. Subsequent to June 30, 2015, we locked rate under our Prudential shelf agreement on $100,000,000 senior unsecured notes with an annual fixed rate of 4.5% and anticipate selling the notes to Prudential on or around August 31, 2015. These notes have periodic scheduled principal repayments with a 15-year final maturity.

Also, subsequent to June 30, 2015, we entered into a $100,000,000 note purchase and private shelf agreement with AIG Asset Management (U.S.) LLC (or AIG) for a three-year term. Interest rates on any issuance under the shelf agreement will be set at a spread over applicable Treasury rates. Maturities of each issuance are at our election for up to 15 years from the date of issuance with a maximum average life of 12 years from the date of original issuance.

Bonds Payable. We had a multifamily tax-exempt revenue bond that was secured by five assisted living properties in Washington which was paid off during 2014. During the six months ended June 30, 2014, we paid $635,000 in regularly scheduled principal payments.