12.

OBLIGATIONS UNDER INVESTMENT AGREEMENTS

Obligations under investment agreements, including those structured in the form of repurchase agreements, are recorded on a settlement-date basis. Certain investment agreements have contractual provisions that allow our counterparty the flexibility to withdraw funds prior to the legal maturity date. Amounts included in the table below are based on the expected optional draw date. As of December 31, 2012 and 2011, the contractual interest rates for these agreements, which include both fixed and variable, ranged from 0.33% to 6.04% and from 0.40% to 6.11%, respectively. As of December 31, 2012 and 2011, the carrying value of obligations under investment and investment repurchase agreements, including unamortized discounts to principal, were $362,017 and $546,546, respectively.

Principal due under investment and investment repurchase agreements, based on the expected optional draw date, in each of the next five years ending December 31, and the periods thereafter, are as follows:


	Principal Amount
2013	$	5,926
2014		190,000
2015		44,343
2016		4,002
2017		117,833
All later years		—

	$	362,104