UNSECURED LINES OF CREDIT PAYABLE

During the second quarter of 2015, we terminated our $100.0 million unsecured line of credit maturing in June 2015 (“Prior Credit Facility No. 1”) and our $400.0 million unsecured line of credit maturing in July 2016 (“Prior Credit Facility No. 2”), and executed a new $600.0 million unsecured credit agreement ("New Credit Facility") that matures in June 2019, unless extended pursuant to one or both of the two six-month extension options. The New Credit Facility has an accordion feature that allows us to increase the facility to $1.0 billion, subject to the extent the lenders agree to provide additional revolving loan commitments or term loans. We utilized a portion of the New Credit Facility's accordion feature in September 2015, as discussed in note 6.

The amount of the New Credit Facility unused and available at December 31, 2015 was as follows (in thousands):



Committed capacity	$	600,000
Borrowings outstanding	(105,000		)
Letters of credit issued ⁽¹⁾	(15,474		)
Unused and available	$	479,526

We executed borrowings and repayments on the unsecured lines of credit during 2015 as follows (in thousands):



	Prior Credit Facility No. 1			Prior Credit Facility No. 2			New Credit Facility
Balance at December 31, 2014	$	5,000		$	45,000		$	—
Borrowings	3,000			150,000			445,000
Repayments	(8,000		)	(195,000		)	(340,000		)
Balance at December 31, 2015	$	—		$	—		$	105,000

The New Credit Facility bears interest at a rate of either one month LIBOR plus a margin ranging from 0.875% to 1.55% or the base rate plus a margin ranging from 0% to 0.55% (in each case depending upon Washington REIT’s credit rating). The base rate is the highest of the administrative agent's prime rate, the federal funds rate plus 0.5% and the one month LIBOR market index rate plus 1.0%. As of December 31, 2015, the interest rate on the facility is one month LIBOR plus 1.0% and the one month LIBOR was 0.43%.

All outstanding advances for the New Credit Facility are due and payable upon maturity in June 2019, unless extended pursuant to one or both of the two six-month extension options. Interest only payments are due and payable generally on a monthly basis. In addition, the New Credit Facility requires the payment of a facility fee ranging from 0.125% to 0.30% (depending on Washington REIT’s credit rating) on the $600 million committed capacity, without regard to usage. As of December 31, 2015, the facility fee is 0.20%.

For the three years ended December 31, 2015, we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands):



	Year Ended December 31,
	2015		2014		2013
Interest expense (excluding facility fees)	$	2,266	$	196	$	867
Facility fees	1,241		1,267		1,267

The unsecured credit facilities contain certain financial and non-financial covenants, all of which we have met as of December 31, 2015 and 2014. Included in these covenants are limits on our total indebtedness, secured and unsecured indebtedness and required debt service payments.

Information related to revolving credit facilities for the three years ended December 31, 2015 as follows (in thousands, except percentage amounts):



	Year Ended December 31,
	2015			2014			2013
Total revolving credit facilities at December 31	$	600,000		$	500,000		$	500,000
Borrowings outstanding at December 31	105,000			50,000			—
Weighted average daily borrowings during the year	167,573			12,849			61,548
Maximum daily borrowings during the year	350,000			55,000			135,000
Weighted average interest rate during the year	1.35		%	1.53		%	1.41		%
Weighted average interest rate on borrowings outstanding at December 31	1.36		%	1.37		%	N/A

The covenants under our line of credit agreements require us to insure our properties against loss or damage in amounts customarily maintained by similar businesses or as they may be required by applicable law. The covenants for the notes require us to keep all of our insurable properties insured against loss or damage at least equal to their then full insurable value. We have an insurance policy that has no terrorism exclusion, except for non-certified nuclear, chemical and biological acts of terrorism. Our financial condition and results of operations are subject to the risks associated with acts of terrorism and the potential for uninsured losses as the result of any such acts. Effective November 26, 2002, under this existing coverage, any losses caused by certified acts of terrorism would be partially reimbursed by the United States under a formula established by federal law. Under this formula, the United States pays 85% of covered terrorism losses exceeding the statutorily established deductible paid by the insurance provider, and insurers pay 10% until aggregate insured losses from all insurers reach $100 billion in a calendar year. If the aggregate amount of insured losses under this program exceeds $100 billion during the applicable period for all insured and insurers combined, then each insurance provider will not be liable for payment of any amount which exceeds the aggregate amount of $100 billion. On January 12, 2015, the Terrorism Risk Insurance Program Reauthorization Act of 2015 was signed into law and extended the program through December 31, 2020.