Note H. Debt

Debt is composed of the following obligations.



December 31
(In millions)	2015		2014
Short term debt:
Senior notes of CNAF, 6.500%, face amount of $350, due August 15, 2016	$	350	$	—

Long term debt:
Senior notes of CNAF:
6.500%, face amount of $350, due August 15, 2016	—		349
6.950%, face amount of $150, due January 15, 2018	150		150
7.350%, face amount of $350, due November 15, 2019	349		348
5.875%, face amount of $500, due August 15, 2020	497		497
5.750%, face amount of $400, due August 15, 2021	397		397
3.950%, face amount of $550, due May 15, 2024	547		547
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023	242		241
Subordinated variable rate debt of Hardy, face amount of $30, due September 15, 2036	30		30
Total long term debt	2,212		2,559
Total debt	$	2,562	$	2,559

CCC is a member of the FHLBC. FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $17 million of FHLBC stock as of December 31, 2015 giving it access to approximately $349 million of additional liquidity. As of December 31, 2015 and 2014, CCC had no outstanding borrowings from the FHLBC.

During 2015, the Company entered into a new credit agreement with a syndicate of banks and simultaneously terminated the previous credit agreement. The new credit agreement established a five-year $250 million senior unsecured revolving credit facility which may be used for general corporate purposes. At the Company's election, the commitments under the new credit agreement may be increased from time to time up to an additional aggregate amount of $100 million and the new credit agreement includes two optional one-year extensions prior to the first and second anniversary of the closing date, subject to applicable consents. Under the new credit agreement, the Company is required to pay a facility fee which would adjust automatically in the event of a change in the Company's financial ratings. The new credit agreement includes several covenants, including maintenance of a minimum consolidated net worth and a defined ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined as of December 31, 2015, was $8.7 billion. As of December 31, 2015 and 2014, the Company had no outstanding borrowings under the credit agreements.

The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2015 and 2014.

The combined aggregate maturities for debt as of December 31, 2015 are presented in the following table.



(In millions)
2016	$	350
2017	—
2018	150
2019	350
2020	500
Thereafter	1,223
Less discount	(11		)
Total	$	2,562