DEBT

The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the "CSA"). The CSA consists of (i) a term loan, with outstanding borrowings of $141.3 million and $143.8 million at March 31, 2017 and December 31, 2016, respectively and (ii) a $50 million revolving credit facility ("Revolver"), with $4.0 million and $0 outstanding borrowings at March 31, 2017 or December 31, 2016. At March 31, 2017 and December 31, 2016, the carrying value of the debt on the condensed consolidated balance sheet is reflected net of $2.3 million and $2.6 million, respectively, of deferred financing costs.

The weighted-average interest rate in effect was 3.25% at March 31, 2017 and 3.06% at December 31, 2016 and consisted of LIBOR plus the Company's credit spread, as determined per the terms of the CSA. The Company incurred $1.4 million and $2.2 million of interest expense during the three months ended March 31, 2017 and March 31, 2016, 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. 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 March 31, 2017, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Leverage Ratio.