15. Unsecured Lines of Credit

The following represents the unsecured lines of credit (“LOC”) on June 30, 2016 and December 31, 2015:

Unsecured Lines of Credit	Outstanding on June 30, 2016		Total Commitment		Maturity	Variable / Fixed	Reset Frequency	Period End Rate
Bankers Trust	$	23,997,000	$	40,000,000	May-17	Variable	Monthly		3.47	%
Bankers Trust operating		-		7,500,000	October-16	Variable	Monthly		3.72	%
Total unsecured lines of credit	$	23,997,000	$	47,500,000

Unsecured Lines of Credit	Outstanding on December 31, 2015		Total Commitment		Maturity	Variable / Fixed	Reset Frequency	Period End Rate
Bankers Trust	$	12,497,000	$	37,500,000	May-17	Variable	Monthly		2.90	%
Bankers Trust operating		-		5,000,000	March-16	Variable	Monthly		3.50	%
Five Points Bank operating		5,000,000		5,000,000	March-16	Variable	Monthly		3.40	%
Total unsecured lines of credit	$	17,497,000	$	47,500,000

In January 2016, the Partnership borrowed $11.5 million on the Bankers Trust unsecured LOC to finance the purchase of the Companion at Thornhill Apartments mortgage revenue bond (Note 5).

The Partnership is required to make prepayments of the principal to reduce the Bankers Trust Operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. For all periods presented the Partnership fulfilled its prepayment obligation. In addition, the Partnership has fulfilled its third quarter of 2016 prepayment obligation as it has maintained a zero balance in this LOC for the first fifteen days of July 2016.