9.	SENIOR DEBT

Senior debt is comprised of the following as of June 30, 2017 and December 31, 2016:

							Outstanding as of
	Initial			Annual			June 30, 2017						December 31, 2016
	Principal Amount		Maturity Date	Interest Rate(a)			Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group 2020 Senior Notes		500,000	11/14/20		4.25	%	$	500,000	$	3,108	$	496,892	$	500,000	$	3,569	$	496,431
Lazard Group 2025 Senior Notes		400,000	2/13/25		3.75	%		400,000		3,597		396,403		400,000		3,833		396,167
Lazard Group 2027 Senior Notes		300,000	3/1/27		3.625	%		300,000		3,806		296,194		300,000		3,998		296,002
Total							$	1,200,000	$	10,511	$	1,189,489	$	1,200,000	$	11,400	$	1,188,600

(a)

The effective interest rates of Lazard Group’s 4.25% senior notes due November 14, 2020 (the “2020 Notes”), Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”) and Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”) are 4.43%, 3.87% and 3.76%, respectively.

On September 25, 2015, Lazard Group entered into an Amended and Restated Credit Agreement for a five-year $150,000 senior revolving credit facility with a group of lenders (the “Amended and Restated Credit Agreement”), which expires in September 2020. The Amended and Restated Credit Agreement amended and restated the previous credit agreement dated September 25, 2012. Borrowings under the Amended and Restated Credit Agreement generally will bear interest at LIBOR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency. At June 30, 2017 and December 31, 2016, no amounts were outstanding under the Amended and Restated Credit Agreement.

The Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of June 30, 2017, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

As of June 30, 2017, the Company had approximately $174,000 in unused lines of credit available to it, including the credit facility provided under the Amended and Restated Credit Agreement, and unused lines of credit available to LFB of approximately $23,000 (at June 30, 2017 exchange rates).

The Company’s senior debt at June 30, 2017 and December 31, 2016 is carried at historical amounts of $1,189,489 and $1,188,600, respectively. At those dates, the fair value of such senior debt was approximately $1,240,000 and $1,204,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value.