We maintain a revolving credit facility to cover our short-term and medium-term funding needs that are not met by cash from operations or other available funds. Commitments under this syndicated credit agreement extend through February 28, 2025. Available funding under this facility totaled $500 million through March 3, 2022, and $400 million from March 4, 2022 through February 28, 2025. We did not have any borrowings outstanding under this facility as of December 31, 2021 and 2020; however, the interest rate on borrowings would have been 1.1%. As of December 31, 2021 and 2020, we had a $0.5 million letter of credit outstanding under this facility.

Borrowings under the syndicated credit agreement that are based on Eurodollar rates bear interest at LIBOR plus a margin ranging from 0.90% to 1.5%, depending on our credit ratings. Borrowings not based on Eurodollar rates, including swingline borrowings, bear interest at the highest of (1) the federal funds effective rate plus 0.5%, (2) the prime commercial lending rate of the administrative agent, and (3) the daily LIBOR for a one-month interest period plus 1.0%, plus in each case a margin ranging from 0.0% to 0.5%. The syndicated credit agreement contains a provision that will result in interest rates being based upon a replacement index for LIBOR, if necessary. It is not clear how the interest rate will be calculated using the replacement index. The phase-out of LIBOR is not expected to have a material adverse effect on our cost of borrowing due to the amounts typically outstanding under the syndicated credit agreement. Additionally, we are also responsible for customary unused commitment fees, an administrative agent fee, and letter of credit fees.

The syndicated credit agreement contains customary conditions to borrowing or the issuance of letters of credit, representations and warranties, and covenants. This agreement obligates us to maintain a debt to capitalization ratio of no more than 0.85 to 1.00 and to maintain a margins for interest ratio of no less than 1.10 times interest charges (calculated in accordance with our Indenture). Outstanding loans under this agreement may be accelerated following, among other things:

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our failure to timely pay any principal and interest due under the credit facility;

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a breach by us of our representations and warranties in the credit agreement or related documents;

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a breach of a covenant contained in the credit agreement, which, in some cases we are given an opportunity to cure and, in certain cases, includes a debt to capitalization financial covenant;

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failure to pay, when due, other indebtedness above a specified amount;

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an unsatisfied judgment above specified amounts;

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bankruptcy or insolvency events relating to us;

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invalidity of the credit agreement and related loan documentation or our assertion of invalidity; and

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a failure by our member distribution cooperatives to pay amounts in excess of an agreed threshold owing to us beyond a specified cure period.

We maintain a program which allows our member distribution cooperatives to prepay or extend payment on their monthly power bills. Under this program, we pay interest on prepayment balances at a blended investment and short-term borrowing rate, and we charge interest on extended payment balances at a blended prepayment and short-term borrowing rate. Amounts prepaid by our member distribution cooperatives are included in accounts payable–members and as of December 31, 2021 and 2020, were $92.3 million and $57.2 million, respectively. Amounts extended to our member distribution cooperatives are included in accounts receivable–members and as of December 31, 2021 there were no amounts extended and as of December 31, 2020, the amounts extended to our member distribution cooperatives was $6.5 million.