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Credit Facility
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Credit Facility
CREDIT FACILITY

In connection with the spin-off, we entered into a credit agreement on May 11, 2015 (the "Credit Agreement"). The Credit Agreement provides for a senior secured revolving credit facility in an aggregate amount of up to $600 million, which is scheduled to mature on June 30, 2020. The proceeds of loans under the Credit Agreement are available for working capital needs, issuance of letters of credit and other general corporate purposes. At June 30, 2016, we had no borrowings outstanding under the revolving credit facility and after giving effect to the leverage ratio and $94.3 million of letters of credit issued under the credit facility, we had approximately $217.1 million available for borrowings based on trailing-twelve-months EBITDA, as defined in our Credit Agreement.

The Credit Agreement generally includes customary events of default for a secured credit facility. If an event of default relating to bankruptcy or other insolvency events with respect to us occurs under the Credit Agreement, all obligations will immediately become due and payable. If any other event of default exists, the lenders will be permitted to accelerate the maturity of the obligations outstanding. If any event of default occurs, the lenders are permitted to terminate their commitments thereunder and exercise other rights and remedies, including the commencement of foreclosure or other actions against the collateral. Additionally, if we are unable to make any of the representations and warranties in the Credit Agreement, we will be unable to borrow funds or have letters of credit issued. At June 30, 2016, we were in compliance with all of the covenants set forth in the Credit Agreement.