15. 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, 2013 and 2012, the contractual interest rates for these agreements, which include both fixed and variable, ranged from 0.23% to 6.04% and from 0.33% to 6.04%, respectively. As of December 31, 2013 and 2012, the carrying value of obligations under investment and investment repurchase agreements, including unamortized discounts or premiums to principal, were $359,070 and $362,017, 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
2014	$	—
2015		44,374
2016		190,051
2017		124,308
2018		—
All later years		—

	$	358,733