NOTE I—LONG-TERM DEBT

The Company entered into a Fourth Amended and Restated Business Loan and Security Agreement with a syndication of 11 commercial banks on May 16, 2014, which was further modified on November 5, 2014 (the “Credit Facility”). The Credit Facility matures on May 16, 2019 and allows for borrowings of up to $500.0 million without a borrowing base requirement, taking into account financial, performance-based limitations and provides for an “accordion,” which permits additional revolving credit commitments of up to $100.0 million, subject to lenders’ approval. The Credit Facility provides for stand-by letters of credit aggregating up to $30.0 million that reduce the funds available under the Credit Facility when issued. The Credit Facility is collateralized by substantially all of the assets of the Company and requires that the Company remain in compliance with certain financial and non-financial covenants. The financial covenants, as defined in the Credit Facility, require, among other things, that the Company maintain, on a consolidated basis for each quarter, a fixed charge coverage ratio of not less than 1.25 to 1.00 and a leverage ratio of not more than 3.75 to 1.00. As of December 31, 2015, the Company was in compliance with its covenants under the Credit Facility.

As of December 31, 2015, the Company had $311.5 million in long-term debt outstanding, $3.7 million in outstanding letters of credit, and available borrowing capacity of $184.8 million under the Credit Facility (excluding the accordion). Taking into account the financial, performance-based limitations, available borrowing capacity (excluding the accordion) was $131.9 million as of December 31, 2015.

The Company’s debt issuance costs, which are included within other assets, are amortized over the term of indebtedness. Amortizable debt issuance costs were $5.8 million as of both December 31, 2015 and December 31, 2014. Accumulated amortization related to debt issuance costs was $4.0 million and $3.5 million, as of December 31, 2015 and 2014, respectively. Amortization expense of $0.5 million was recorded for each of the years ended December 31, 2015, 2014, and 2013, respectively.

The Company has the ability to borrow funds under its Credit Facility at interest rates based on both LIBOR (1, 3, or 6 month rates) and prime rates, at its discretion, plus their applicable margins and payable monthly. At December 31, 2015 and 2014, the Credit Facility was subject to a commitment fee on the unused portion of the Credit Facility of 0.25% and 0.30% per annum, respectively.

Long-term debt outstanding and the weighted average interest rate at December 31 is summarized as follows:

	2015					2014
	Debt Outstanding		Weighted Average Interest Rate			Debt Outstanding		Weighted Average Interest Rate
Revolving Line of Credit/Swing Line	$	311,532		2.23	%	$	350,052		2.41	%

Letters of Credit

At December 31, 2015 and 2014, the Company had outstanding letters of credit totaling approximately $3.7 million and $4.4 million, respectively. These letters of credit are renewed annually.