DEBT

On June 19, 2014, the Company entered into a senior Credit and Security Agreement with KeyBank National Association ("KeyBank") (as amended, the "Credit and Security Agreement" or "CSA"). The CSA consists of (i) a $50 million revolving credit facility ("Revolver"), (ii) a $145 million term loan facility ("Term Loan") and (iii) a $70 million delayed draw term loan ("DDTL") and matures on June 18, 2019. During 2014, the Company borrowed an aggregate amount of $238.0 million under the CSA to fund the 2014 Acquisitions. The Company had outstanding borrowings of $206.3 million and $232.6 million under the CSA at June 30, 2015 and December 31, 2014, respectively.

The weighted-average interest rate in effect was 2.94% at each of June 30, 2015 and December 31, 2014 and consisted of LIBOR plus the Company's credit spread, as determined per the terms of the CSA. During the three months ended June 30, 2015 and 2014, the Company incurred interest expense of $2.0 million and $0.2 million, respectively. During the six months ended June 30, 2015 and 2014, the Company incurred interest expense of $4.2 million and $0.2 million, respectively.

The CSA contains customary representations and warranties, covenants and events of default and financial covenants that measure (i) the ratio of the Company's total funded indebtedness, on a consolidated basis, to the amount of the Company's consolidated EBITDA, as defined, ("Leverage Ratio") and (ii) the ratio of the amount of the Company's consolidated EBITDA to the Company's consolidated fixed charges ("Fixed Charge Coverage Ratio"). If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor. At June 30, 2015, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Leverage Ratio. The unused credit available under the credit facility at June 30, 2015 was $39.0 million.