(7)

Line of Credit

In May 2013, the Company increased its standby letter of credit from $10.0 million to $15.0 million.

In August 2013, the Company amended its line of credit to increase the available borrowing amount temporarily from $80.0 million to $100.0 million.

On September 19, 2013, the Company entered into an Amended and Restated Credit Agreement (the “Restated Loan Agreement”). The Restated Loan Agreement added additional lenders, increased the available borrowing amount to $150.0 million through September 19, 2016 and changed certain of the financial provisions.

Prior to the Restated Loan Agreement, the Company was required to pay monthly interest on the greater of the actual borrowings or $25.0 million. Since the Company’s intent was not to repay below $25.0 million in the next twelve months, the Company had reclassified $25.0 million borrowed under its line of credit as a non-current liability. As of the time of the amendment, the Company repaid the $25.0 million. Under the Restated Loan Agreement, the Company pays a fee of 0.50% per annum for the daily unused portions of the line of credit. The interest rate at September 30, 2013 and December 31, 2012 was 4.25% and 4.5%, respectively. The Company paid a one time commitment fee of $430,000. The Company also paid Silicon Valley Bank a one-time arrangement fee of 0.30% of the amount available under the line of credit and an annual administration fee of $45,000.

During the nine months ended September 30, 2013, the Company borrowed $532.0 million and repaid $572.0 million under its line of credit. During the nine months ended September 30, 2012, the Company borrowed $437.5 million and repaid $423.5 million under its line of credit.

At September 30, 2013, the Company had $135.0 million available under its $150.0 million line of credit, reflecting $15.0 million reserved under the standby letter of credit.