(v) bankruptcy, insolvency, or other similar proceedings, (vi) our inability to pay debts, (vii) judgment defaults of $15 million or more, (viii) customary ERISA and environmental defaults, (ix) actual or asserted invalidity of any material provision of the loan documentation or impairment of a portion of the collateral, (x) failure of subordinated indebtedness to be validly and sufficiently subordinated, and (xi) a change of control.
Borrowings under the Credit Agreement accrue interest at variable rates, which depend on the type (U. S.  dollar or Canadian dollar) and duration of the borrowing, plus an applicable margin rate.
The weighted-average interest rates, including the effect of interest rate swap agreements, on borrowings outstanding against our senior secured credit facility at December 31, 2010 and 2009 were 3.97% and 4.53%, respectively.
Borrowings against the senior secured credit facility totaled $590.1 million and $595.7 million at December 31, 2010 and 2009, respectively, of which $50.0 million and $7.5 million were classified as current maturities, respectively.
We also incur commitment fees on the unused portion of our revolving credit facility ranging from 0.38% to 0.50%.
As part of the consideration for business acquisitions completed during 2010, 2009 and 2008, we issued promissory notes totaling approximately $5.5 million, $1.2 million and $1.6 million, respectively.
The notes bear interest at annual rates of 2.0% to 4.0%, and interest is payable at maturity or in monthly installments.
Note 6.
Derivative Instruments and Hedging Activities We are exposed to market risks, including the effect of changes in interest rates, foreign currency exchange rates and commodity prices.
Under our current policies, we use derivatives to manage our exposure to variable interest rates on our Credit Agreement, but we do not attempt to hedge our foreign currency and commodity price risks.
We do not hold or issue derivatives for trading purposes.
At December 31, 2010, we had interest rate swap agreements in place to hedge a portion of the variable interest rate risk on our variable rate term loans, with the objective of minimizing the impact of interest rate fluctuations and stabilizing cash flows.
Beginning on the effective dates of the interest rate swap agreements, on a monthly basis through the maturity date, we have paid and will pay the fixed interest rate and have received and will receive payment at a variable rate of interest based on the London InterBank Offered Rate (“LIBOR”) on the notional amount.
The interest rate swap agreements qualify as cash flow hedges, and we have elected to apply hedge accounting for these swap agreements.
As a result, the effective portion of changes in the fair value of the interest rate swap agreements is recorded in Other Comprehensive Income and is reclassified to interest expense when the underlying interest payment has an impact on earnings.
The ineffective portion of changes in the fair value of the interest rate swap agreements is reported in interest expense.
The following table summarizes the terms of our interest rate swap agreements as of December 31, 2010:
## Table 0 ##
* Includes applicable margin of 2.25% per annum currently in effect under the Credit Agreement As of December 31, 2010, the fair market value of the $200 million notional amount swap was a liability of $1.4 million, included in Other Accrued Expenses on our Consolidated Balance Sheet.
The fair market value of the other swap contracts was an asset of $4.8 million, included in Other Assets on our Consolidated Balance Sheet as of December 31, 2010.
As of December 31, 2009, the fair market value of the interest rate swap contracts was a liability of $10.2 million and was included in Other Accrued Expenses ($5.0 million) and Other Noncurrent Liabilities ($5.2 million) on our Consolidated Balance Sheet.
Corporate lending commitments may not be indicative of the Company’s actual funding requirements, as the commitment may expire unused or the borrower may not fully utilize the commitment or the Company’s portion of the commitment may be reduced through the syndication or sales process.
Such syndications or sales may involve third-party institutional investors where the Company may have a custodial relationship, such as prime brokerage clients.
The Company may hedge and/or sell its exposures in connection with loans and lending commitments.
Additionally, the Company may mitigate credit risk by requiring borrowers to pledge collateral and include financial covenants in lending commitments to such borrowers.
In the Company’s consolidated statements of financial condition these loans are carried at either fair value with changes in fair value recorded in earnings; held for investment, which are recorded at amortized cost; or held for sale, which are recorded at lower of cost or fair value.
The Company’s credit exposure from its corporate lending positions and lending commitments is measured in accordance with the Company’s internal risk management standards.
Lending commitments represent legally binding obligations to provide funding to clients for all lending transactions.
Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.
The following tables present the Company’s Institutional Securities Corporate Lending Commitments and Funded Loans at December 31, 2014 and December 31, 2013.
## Table 1 ##
(1) Obligor credit ratings are determined by the Company’s Credit Risk Management Department.
(2) For syndications led by the Company, lending commitments accepted by the borrower but not yet closed are net of the amounts agreed to by counterparties that will participate in the syndication.
For syndications that the Company participates in and does not lead, lending commitments accepted by the borrower but not yet closed include only the amount that the Company expects it will be allocated from the lead syndicate bank.
(3) Amounts include the fair value adjustment of ($0.3) billion related to the Company’s unfunded lending commitments.
## Table 2 ##
(1) All prior-year amounts have been recast to conform to the current year’s presentation.
(2) Obligor credit ratings are determined by the Company’s Credit Risk Management Department.
(3) For syndications led by the Company, lending commitments accepted by the borrower but not yet closed are net of the amounts agreed to by counterparties that will participate in the syndication.
For syndications that the Company participates in and does not lead, lending
commitments accepted by the borrower but not yet closed include only the amount that the Company expects it will be allocated from the lead syndicate bank.
(4) Amounts include the fair value adjustment of ($0.1) billion related to the Company’s unfunded lending commitments.
At December 31, 2014 and December 31, 2013, the aggregate amount of investment grade funded loans was $6.3 billion and $6.7 billion, respectively, and the aggregate amount of non-investment grade funded loans was $9.9 billion and $10.2 billion, respectively.
In connection with these corporate lending activities (which include both corporate funded and unfunded lending commitments), the Company had hedges (which included “single name,” “sector” and “index” hedges) with a notional amount of $12.9 billion related to the total corporate lending exposure of $98.0 billion at December 31, 2014 and with a notional amount of $9.0 billion related to the total corporate lending exposure of $95.4 billion at December 31, 2013.
At December 31, 2014 and December 31, 2013, all Corporate lending activities held for investment were current.
“Event-Driven” Loans and Lending Commitments at December 31, 2014.
Included in the total corporate lending exposure amounts in the table above at December 31, 2014 were “eventdriven” exposures of $15.2 billion composed of funded loans of $5.7 billion and lending commitments of $9.5 billion.
Included in the “event-driven” exposure at December 31, 2014 were $11.6 billion of loans and lending commitments to non-investment grade borrowers.
The maturity profile of these “event-driven” loans and lending commitments at December 31, 2014 were as follows: 18% will mature in less than 1 year, 14% will mature within 1 to 3 years, 37% will mature within 3 to 5 years and 31% will mature in over 5 years.
Industry Exposure—Corporate Lending.
The Company also monitors its credit exposure to individual industries for credit exposure arising from corporate loans and lending commitments as discussed below.
The following table presents the Company’s Institutional Securities credit exposure from its primary Corporate Lending Commitments and Funded Loans by industry:
## Table 3 ##
(1) All prior-year amounts have been recast to conform to the current year’s presentation.
(2) Includes mutual funds, pension funds, private equity and real estate funds, exchanges and clearinghouses and diversified financial services.
Institutional Securities Other Lending Activities.
In addition to the primary corporate lending activities described above, the Company’s Institutional Securities business segment engages in other lending activities.
These activities include commercial and residential mortgage lending, asset-backed lending, corporate loans purchased in the secondary market, financing extended to institutional equities clients and loans to municipalities.
In 2014, loans and lending commitments associated with these activities increased by approximately 89%, mainly due to growth in corporate and wholesale real estate loans.
At December 31, 2014 and December 31, 2013, approximately 99.9% and 99.6%, respectively, of Institutional Securities other lending activities held for investment were current and
reference entity.
The beneficiary typically pays a periodic premium over the life of the contract and is protected for the period.
If a credit event occurs, the guarantor is required to make payment to the beneficiary based on the terms of the credit derivative contract.
Credit events, as defined in the contract, may be one or more of the following defined events: bankruptcy, dissolution or insolvency of the referenced entity, failure to pay, obligation acceleration, repudiation, payment moratorium and restructurings.
The Company trades in a variety of credit derivatives and may either purchase or write protection on a single name or portfolio of referenced entities.
In transactions referencing a portfolio of entities or securities, protection may be limited to a tranche of exposure or a single name within the portfolio.
The Company is an active market maker in the credit derivatives markets.
As a market maker, the Company works to earn a bid-offer spread on client flow business and manages any residual credit or correlation risk on a portfolio basis.
Further, the Company uses credit derivatives to manage its exposure to residential and commercial mortgage loans and corporate lending exposures during the periods presented.
The effectiveness of the Company’s credit default swap (“CDS”) protection as a hedge of the Company’s exposures may vary depending upon a number of factors, including the contractual terms of the CDS.
The Company actively monitors its counterparty credit risk related to credit derivatives.
A majority of the Company’s counterparties are composed of banks, broker-dealers, insurance and other financial institutions.
Contracts with these counterparties may include provisions related to counterparty rating downgrades, which may result in additional collateral being required by the Company.
As with all derivative contracts, the Company considers counterparty credit risk in the valuation of its positions and recognizes credit valuation adjustments as appropriate within Trading revenues in the Company’s consolidated statements of income.
The following tables summarize the key characteristics of the Company’s credit derivative portfolio by counterparty type at December 31, 2014 and December 31, 2013.
The fair values shown are before the application of contractual netting or collateral.
For additional credit exposure information on the Company’s credit derivative portfolio, see Note 12 to the Company’s consolidated financial statements in Item 8.
## Table 4 ##
(1) The Company’s CDS are classified in either Level 2 or Level 3 of the fair value hierarchy.
Approximately 4% of receivable fair values and 7% of payable fair values represent Level 3 amounts (see Note 4 to the Company’s consolidated financial statements in Item 8).
## Table 5 ##
(1) The Company’s CDS are classified in either Level 2 or Level 3 of the fair value hierarchy.
Approximately 7% of receivable fair values and 5% of payable fair values represent Level 3 amounts (see Note 4 to the consolidated financial statements in Item 8).
(8) The computation of average common equity for each business segment is determined using the Company’s Required Capital framework, an internal capital adequacy measure (see “Liquidity and Capital Resources—Regulatory Requirements—Required Capital” herein).
Average common equity for each business segment is a non-GAAP financial measure that the Company considers to be a useful measure to the Company and investors to assess capital adequacy.
(9) The calculation of each business segment’s return on average common equity uses income from continuing operations applicable to Morgan Stanley less preferred dividends as a percentage of each business segment’s average common equity.
The return on average common equity is a non-GAAP financial measure that the Company considers to be a useful measure to the Company and investors to assess operating performance.
The effective tax rates used in the computation of business segments’ return on average common equity were determined on a separate legal entity basis.
To determine the return on consolidated average common equity, excluding the impact of DVA, also a non-GAAP financial measure, both the numerator and the denominator were adjusted to exclude the impact of DVA.
The impact of DVA in 2014, 2013 and 2012 was 0.8%, (0.6)% and (5.1)%, respectively.
(10) Average tangible common equity is a non-GAAP financial measure that the Company considers to be a useful measure to the Company and investors to assess capital adequacy.
For a discussion of tangible common equity, see “Liquidity and Capital Resources—Capital Management” herein.
(11) Return on average tangible common equity is a non-GAAP financial measure that the Company considers to be a useful measure to the Company and investors to assess capital adequacy.
The calculation of return on average tangible common equity uses income from continuing operations applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity.
To determine the return on average tangible common equity, excluding the impact of DVA, also a non-GAAP financial measure, both the numerator and the denominator were adjusted to exclude the impact of DVA.
The impact of DVA in 2014, 2013 and 2012 was 0.8%, (0.7)% and (5.8)%, respectively.
(12) From time to time, the Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise.
For these purposes, “U.
S.  GAAP” refers to accounting principles generally accepted in the U. S.  The U. S.  Securities and Exchange Commission (the “SEC”) defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial positions, or cash flows that excludes or includes amounts or is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U. S.  GAAP.
Non-GAAP financial measures disclosed by the Company are provided as additional information to investors in order to provide them with further transparency about, or as an alternative method for assessing, the Company’s financial condition and operating results.
These measures are not in accordance with, or a substitute for, U. S.  GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies.
Whenever the Company refers to a non-GAAP financial measure, the Company will also generally present the most directly comparable financial measure calculated and presented in accordance with U. S.  GAAP, along with a reconciliation of the differences between the non-GAAP financial measure and the U. S.  GAAP financial measure.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Notional Amount</td><td>Effective Date</td><td>Maturity Date</td><td>Fixed Interest Rate*</td></tr><tr><td>$200,000,000</td><td>April 14, 2008</td><td>April 14, 2011</td><td>4.99%</td></tr><tr><td>$250,000,000</td><td>October 14, 2010</td><td>October 14, 2015</td><td>3.81%</td></tr><tr><td>$100,000,000</td><td>April 14, 2011</td><td>October 14, 2013</td><td>3.34%</td></tr></table>
<table><tr><td></td><td colspan="5"> At December 31, 2014</td></tr><tr><td></td><td colspan="4"> Years to Maturity</td><td></td></tr><tr><td> Credit Rating-1</td><td> Less than 1</td><td> 1-3</td><td> 3-5</td><td> Over 5</td><td> Total-2(3)</td></tr><tr><td></td><td colspan="5"> (dollars in millions)</td></tr><tr><td>AAA</td><td>$275</td><td>$74</td><td>$37</td><td>$—</td><td>$386</td></tr><tr><td>AA</td><td>3,760</td><td>2,764</td><td>4,580</td><td>—</td><td>11,104</td></tr><tr><td>A</td><td>2,135</td><td>4,534</td><td>12,029</td><td>173</td><td>18,871</td></tr><tr><td>BBB</td><td>3,350</td><td>9,303</td><td>22,424</td><td>1,503</td><td>36,580</td></tr><tr><td>Investment grade</td><td>9,520</td><td>16,675</td><td>39,070</td><td>1,676</td><td>66,941</td></tr><tr><td>Non-investment grade</td><td>2,034</td><td>7,222</td><td>17,755</td><td>4,050</td><td>31,061</td></tr><tr><td>Total</td><td>$11,554</td><td>$23,897</td><td>$56,825</td><td>$5,726</td><td>$98,002</td></tr></table>
<table><tr><td></td><td colspan="5"> At December 31, 2013-1</td></tr><tr><td></td><td colspan="4"> Years to Maturity</td><td></td></tr><tr><td> Credit Rating-2</td><td> Less than 1</td><td> 1-3</td><td> 3-5</td><td> Over 5</td><td> Total-3(4)</td></tr><tr><td></td><td colspan="5"> (dollars in millions)</td></tr><tr><td>AAA</td><td>$859</td><td>$114</td><td>$121</td><td>$—</td><td>$1,094</td></tr><tr><td>AA</td><td>2,718</td><td>1,870</td><td>5,556</td><td>—</td><td>10,144</td></tr><tr><td>A</td><td>3,159</td><td>4,230</td><td>11,417</td><td>598</td><td>19,404</td></tr><tr><td>BBB</td><td>2,486</td><td>10,551</td><td>21,530</td><td>752</td><td>35,319</td></tr><tr><td>Investment grade</td><td>9,222</td><td>16,765</td><td>38,624</td><td>1,350</td><td>65,961</td></tr><tr><td>Non-investment grade</td><td>2,757</td><td>8,069</td><td>13,028</td><td>5,572</td><td>29,426</td></tr><tr><td>Total</td><td>$11,979</td><td>$24,834</td><td>$51,652</td><td>$6,922</td><td>$95,387</td></tr></table>
<table><tr><td> Industry</td><td> At December 31, 2014</td><td> At December 31, 2013-1</td></tr><tr><td></td><td colspan="2"> (dollars in millions)</td></tr><tr><td>Energy</td><td>$14,056</td><td>$12,240</td></tr><tr><td>Utilities</td><td>11,717</td><td>10,404</td></tr><tr><td>Consumer discretionary</td><td>10,214</td><td>10,332</td></tr><tr><td>Healthcare</td><td>9,707</td><td>10,096</td></tr><tr><td>Funds, exchanges and other financial services-2</td><td>9,277</td><td>9,297</td></tr><tr><td>Industrials</td><td>9,134</td><td>10,976</td></tr><tr><td>Information technology</td><td>7,572</td><td>6,882</td></tr><tr><td>Consumer staples</td><td>7,320</td><td>6,964</td></tr><tr><td>Materials</td><td>5,259</td><td>4,895</td></tr><tr><td>Real Estate</td><td>4,616</td><td>4,161</td></tr><tr><td>Telecommunications services</td><td>4,335</td><td>5,684</td></tr><tr><td>Other</td><td>4,795</td><td>3,456</td></tr><tr><td>Total</td><td>$98,002</td><td>$95,387</td></tr></table>
<table><tr><td></td><td colspan="5"> At December 31, 2014</td></tr><tr><td></td><td colspan="3">Fair Values-1</td><td colspan="2"> Notionals</td></tr><tr><td></td><td> Receivable</td><td> Payable</td><td>Net</td><td> Beneficiary</td><td> Guarantor</td></tr><tr><td></td><td colspan="5"> (dollars in millions)</td></tr><tr><td>Banks and securities firms</td><td>$25,452</td><td>$25,323</td><td>$129</td><td>$712,466</td><td>$687,155</td></tr><tr><td>Insurance and other financial institutions</td><td>6,639</td><td>6,697</td><td>-58</td><td>216,489</td><td>217,201</td></tr><tr><td>Non-financial entities</td><td>91</td><td>89</td><td>2</td><td>5,049</td><td>3,706</td></tr><tr><td>Total</td><td>$32,182</td><td>$32,109</td><td>$73</td><td>$934,004</td><td>$908,062</td></tr></table>
<table><tr><td></td><td colspan="5"> At December 31, 2013</td></tr><tr><td></td><td colspan="3"> Fair Values-1</td><td colspan="2"> Notionals</td></tr><tr><td></td><td> Receivable</td><td> Payable</td><td> Net</td><td> Beneficiary</td><td> Guarantor</td></tr><tr><td></td><td colspan="5"> (dollars in millions)</td></tr><tr><td>Banks and securities firms</td><td>$60,728</td><td>$57,399</td><td>$3,329</td><td>$1,620,774</td><td>$1,573,217</td></tr><tr><td>Insurance and other financial institutions</td><td>7,313</td><td>6,908</td><td>405</td><td>278,705</td><td>313,897</td></tr><tr><td>Non-financial entities</td><td>226</td><td>187</td><td>39</td><td>7,922</td><td>6,078</td></tr><tr><td>Total</td><td>$68,267</td><td>$64,494</td><td>$3,773</td><td>$1,907,401</td><td>$1,893,192</td></tr></table>

Question: What is the average value of BBB for Less than 1,1-3 and 3-5 ? (in million)
Answer: 11692.3
Reasoning program: add(3350,9303), add(#0,22424), divide(#1,const_3)