Debt	9 Months Ended
Sep. 30, 2016
Debt
Debt	8. Debt Credit Line Agreement In September 2015, the Company entered into the Credit Line with UBS (the “Credit Line”) providing for a $50.0 million revolving line of credit that can be drawn down in increments at any time. In October 2015, the Company borrowed $32.0 million against the Credit Line, primarily to prepay all outstanding amounts under the Secured Loan Arrangement with ROS Acquisition Offshore, LP (the “Secured Loan Arrangement”). The Credit Line bears interest at 30-day LIBOR plus 0.65% per annum which resulted in an effective rate of interest of 1.1% for the each of the three and nine months ended September 30, 2016. In November 2015, the Company borrowed an additional $10.0 million which increased the principal balance to $42.0 million. In June 2016, the Company repaid $1.0 million on the Credit Line and borrowed $8.0 million resulting in a remaining $0.7 million available under the Credit Line net of accrued interest of $0.3 million. The Credit Line is secured by a first priority lien and security interest in the Company’s money market and marketable securities held in its managed investment account with UBS. UBS has the right to demand full or partial payment of the Credit Line obligations and terminate the Credit Line, in its discretion and without cause, at any time.

8. Debt

Credit Line Agreement

In September 2015, the Company entered into the Credit Line with UBS (the “Credit Line”) providing for a $50.0 million revolving line of credit that can be drawn down in increments at any time. In October 2015, the Company borrowed $32.0 million against the Credit Line, primarily to prepay all outstanding amounts under the Secured Loan Arrangement with ROS Acquisition Offshore, LP (the “Secured Loan Arrangement”). The Credit Line bears interest at 30-day LIBOR plus 0.65% per annum which resulted in an effective rate of interest of 1.1% for the each of the three and nine months ended September 30, 2016. In November 2015, the Company borrowed an additional $10.0 million which increased the principal balance to $42.0 million. In June 2016, the Company repaid $1.0 million on the Credit Line and borrowed $8.0 million resulting in a remaining $0.7 million available under the Credit Line net of accrued interest of $0.3 million. The Credit Line is secured by a first priority lien and security interest in the Company’s money market and marketable securities held in its managed investment account with UBS. UBS has the right to demand full or partial payment of the Credit Line obligations and terminate the Credit Line, in its discretion and without cause, at any time.