16. Interest Rate Derivative Agreements

The following represents the interest rate derivatives, excluding interest rate swaps, at March 31, 2018 and December 31, 2017:

Purchase Date	Notional Amount		Maturity Date	Effective Capped Rate ⁽¹⁾			Index	Variable Debt Financing Facility Hedged ⁽¹⁾	Counterparty	Fair Value as of March 31, 2018
July 2014	$	30,558,558	Aug 2019		3.0	%	SIFMA	M31 TEBS	Barclays Bank PLC	$	486
July 2014		30,558,558	Aug 2019		3.0	%	SIFMA	M31 TEBS	Royal Bank of Canada		486
July 2014		30,558,558	Aug 2019		3.0	%	SIFMA	M31 TEBS	SMBC Capital Markets, Inc		486
July 2015		27,591,683	Aug 2020		3.0	%	SIFMA	M33 TEBS	Wells Fargo Bank		10,333
July 2015		27,591,683	Aug 2020		3.0	%	SIFMA	M33 TEBS	Royal Bank of Canada		10,333
July 2015		27,591,683	Aug 2020		3.0	%	SIFMA	M33 TEBS	SMBC Capital Markets, Inc		10,333
June 2017		91,675,673	Aug 2019		1.5	%	SIFMA	M31 TEBS	Barclays Bank PLC		344,929
June 2017		82,775,049	Aug 2020		1.5	%	SIFMA	M33 TEBS	Barclays Bank PLC		813,862
Sept 2017		59,786,000	Sept 2020		4.0	%	SIFMA	M24 TEBS	Barclays Bank PLC		3,194
										$	1,194,442

⁽¹⁾	For additional details, see Note 21 to the Partnership's condensed consolidated financial statements.

Purchase Date	Notional Amount		Maturity Date	Effective Capped Rate ⁽¹⁾			Index	Variable Debt Financing Facility Hedged ⁽¹⁾	Counterparty	Fair Value as of December 31, 2017
July 2014	$	30,652,294	Aug 2019		3.0	%	SIFMA	M31 TEBS	Barclays Bank PLC	$	169
July 2014		30,652,294	Aug 2019		3.0	%	SIFMA	M31 TEBS	Royal Bank of Canada		169
July 2014		30,652,294	Aug 2019		3.0	%	SIFMA	M31 TEBS	SMBC Capital Markets, Inc		169
July 2015		27,666,739	Aug 2020		3.0	%	SIFMA	M33 TEBS	Wells Fargo Bank		3,213
July 2015		27,666,739	Aug 2020		3.0	%	SIFMA	M33 TEBS	Royal Bank of Canada		3,213
July 2015		27,666,739	Aug 2020		3.0	%	SIFMA	M33 TEBS	SMBC Capital Markets, Inc		3,213
June 2017		91,956,883	Aug 2019		1.5	%	SIFMA	M31 TEBS	Barclays Bank PLC		160,174
June 2017		83,000,217	Aug 2020		1.5	%	SIFMA	M33 TEBS	Barclays Bank PLC		425,978
Sept 2017		59,935,000	Sept 2020		4.0	%	SIFMA	M24 TEBS	Barclays Bank PLC		923
										$	597,221

⁽¹⁾	For additional details, see Note 21 to the Partnership's condensed consolidated financial statements.

The Partnership has contracted for two interest rate swaps with DB. On a quarterly basis, the Partnership reassesses its interest rate swap positions. The Partnership has determined that the interest rate swaps are intended to mitigate interest rate risk for the variable rate PHC TOB Trusts. The following table summarizes the terms of the interest rate swaps at March 31, 2018 and December 31, 2017:

Purchase Date	Notional Amount		Effective Date	Termination Date	Fixed Rate Paid			Period End Variable Rate Received			Variable Rate & Index	Counterparty	March 31, 2018 - Fair Value of Liability
Sept 2014	$	22,781,556	Oct 2016	Oct 2021		1.96	%		1.31	%	70% 30-day LIBOR	Deutsche Bank	$	(146,935	)
Sept 2014		18,022,873	April 2017	April 2022		2.06	%		1.30	%	70% 30-day LIBOR	Deutsche Bank		(194,805	)
													$	(341,740	)

Purchase Date	Notional Amount		Effective Date	Termination Date	Fixed Rate Paid			Period End Variable Rate Received			Variable Rate & Index	Counterparty	December 31, 2017 - Fair Value of Liability
Sept 2014	$	22,821,429	Oct 2016	Oct 2021		1.96	%		1.08	%	70% 30-day LIBOR	Deutsche Bank	$	(402,261	)
Sept 2014		18,051,775	April 2017	April 2022		2.06	%		1.08	%	70% 30-day LIBOR	Deutsche Bank		(424,591	)
													$	(826,852	)

The Partnership is required to fund a cash collateral account at DB for an amount greater than or equal to the fair value of the interest rate swaps. Such cash balances were approximately $377,000 and $850,000 at March 31, 2018 and December 31, 2017, respectively, and are reported within restricted cash on the consolidated balance sheets.

The Partnership’s interest rate derivatives and interest rate swaps are not designated as hedging instruments and, accordingly, they are recorded at fair value. Changes in fair value are included in current period earnings as interest expense. See Note 21 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives and interest rate swap arrangements. The interest rate derivatives are presented within Other assets and the interest rate swap arrangements are reported as a derivative swap liability on the condensed consolidated balance sheets.