FINANCING ARRANGEMENTS

9 Months Ended

Sep. 30, 2015

The following table is a summary of the Company’s financing arrangements (in thousands):



	September 30, 2015		December 31, 2014
Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes")	$	800,000	$	800,000
Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes")	595,000		595,000
Long-term obligations	$	1,395,000	$	1,395,000

At September 30, 2015 and December 31, 2014, the fair value of the Company's 2020 Notes was $812.0 million and $804.0 million, respectively, based on quoted market prices for the instrument. The fair value of the 2020 Notes is considered a Level 2 measure according to the fair value hierarchy.

At September 30, 2015 and December 31, 2014, the fair value of the Company's 2021 Notes was $602.4 million and $595.0 million, respectively, based on quoted market prices for the instrument. The fair value of the 2021 Notes is considered a Level 2 measure according to the fair value hierarchy.

The Company also maintains a revolving credit facility which as of September 30, 2015 and December 31, 2014 had no outstanding loan balances. At September 30, 2015, $232.0 million was available to borrow and outstanding letters of credit were $144.3 million. At December 31, 2014, $238.4 million was available to borrow and outstanding letters of credit were $134.5 million.

Available credit for Clean Harbors, Inc. ("Parent") and its domestic subsidiaries is limited to 85% of their eligible accounts receivable and 100% of their cash deposited in a controlled account with the agent. The revolving credit facility is guaranteed by all of Parent’s domestic subsidiaries and secured by substantially all of Parent’s and its domestic subsidiaries’ assets. Available credit for Parent’s Canadian subsidiaries is limited to 85% of their eligible accounts receivable and 100% of their cash deposited in a controlled account with the agent’s Canadian affiliate. The obligations of the Canadian subsidiaries under the revolving credit facility are guaranteed by all of Parent’s Canadian subsidiaries and secured by the accounts receivable of the Canadian subsidiaries, but the Canadian subsidiaries do not guarantee and are not otherwise responsible for the obligations of Parent or its domestic subsidiaries.