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 $114.5 million and $116.0 million at June 30, 2019 and December 31, 2018, respectively and (ii) a $75 million revolving credit facility (“Revolver”), with no outstanding borrowings at June 30, 2019 or December 31, 2018. The CSA has a maturity date of December 11, 2022. At June 30, 2019 and December 31, 2018, the carrying value of the debt on the condensed consolidated balance sheet is reflected net of $1.5 million and $1.8 million, respectively, of deferred financing costs. During the six months ended June 30, 2019, the Company borrowed $12.0 million from its revolver, all of which was repaid by June 30, 2019.

The weighted-average interest rate in effect was 4.19% at June 30, 2019 and 4.31% at December 31, 2018 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 $1.3 million of interest expense during the three months ended June 30, 2019 and June 30, 2018, respectively, and $2.8 million and $2.5 million of interest expense during the six months ended June 30, 2019 and June 30, 2018, 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 June 30, 2019, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Fixed Charge Coverage Ratio.