NOTES PAYABLE

Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 0.5 years to 15 years.

The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2015 and 2014:

Table 7.1



	December 31, 2015
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	6,642,560	0.32	%	$	5,251,081	0.22	%
Medium-term notes	595,991		0.38	%	761,998		0.25	%
Current portion of long-term notes	1,872,910		1.05	%
Total due within one year	$	9,111,461	0.48	%
Due after one year:
Medium-term notes due in:
2017	$	1,200,558	1.02	%
2018	1,539,264		0.85	%
2019	520,284		1.73	%
2020	529,567		1.68	%
Thereafter	1,177,363		3.05	%
Total due after one year	4,967,036		1.59	%
Total	$	14,078,497	0.87	%



	December 31, 2014
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	4,925,828	0.11	%	$	4,059,708	0.15	%
Medium-term notes	754,988		0.17	%	532,621		0.15	%
Current portion of long-term notes	1,673,137		0.98	%
	$	7,353,953	0.32	%
Due after one year:
Medium-term notes due in:
2016	$	1,569,961	1.16	%
2017	1,219,192		0.90	%
2018	682,224		1.28	%
2019	872,576		1.42	%
Thereafter	1,127,233		3.09	%
Total due after one year	5,471,186		1.56	%
Total	$	12,825,139	0.85	%

The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2015 and 2014 was $6.7 billion and $4.9 billion, respectively.

Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2016 as of December 31, 2015:

Table 7.2



Debt Callable in 2016 as of December 31, 2015
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2017	$	103,977	0.77	%
2018	801,930		0.43	%
2019	—		—	%
2020	179,803		1.90	%
Thereafter	219,333		2.59	%
Total	$	1,305,043	1.02	%

The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2015, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Table 7.3



	Earliest Interest Rate Reset Date of Borrowings Outstanding
	Amount		Weighted-Average Rate
	(dollars in thousands)
Debt with interest rate resets in:
2016	$	10,560,504	0.55%
2017	1,071,581		1.06%
2018	737,333		1.32%
2019	520,284		1.73%
2020	298,764		1.76%
Thereafter	890,031		3.34%
Total	$	14,078,497	0.87%

During 2015 and 2014, Farmer Mac called $2.4 billion and $0.5 billion of callable medium-term notes, respectively.

Authority to Borrow from the U.S. Treasury

Farmer Mac's statutory charter authorizes it to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely for the purpose of fulfilling Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2015, Farmer Mac had not used this borrowing authority and does not expect to use this borrowing authority in the future.

Gains on Repurchase of Outstanding Debt

No outstanding debt repurchases were made in 2015 or 2014. In 2013, Farmer Mac repurchased $29.1 million of outstanding debt at a gain of $1.5 million.