On January 2, 2015, ArcBest Corporation entered into an amended and restated credit agreement by and among the company and certain of its subsidiaries that become party thereto from time to time, as borrowers, U.S. Bank National Association and the other financial institutions, as lenders and letter of credit issuers, and U.S. Bank National Association, as administrative agent, which refinanced the prior $70 million outstanding term loan with a $150 million revolving credit facility. The revolving credit facility has a five year term and an initial maximum credit amount of $150 million, including a swing line facility and a letter of credit sub-facility providing for the issuance of letters of credit up to an aggregate amount of $20 million. The credit facility was used to refinance the company's existing term loan and will be used, among other purposes, for general corporate purposes and to fund working capital.

The credit facility also provides the company with the right to request additional revolving commitments or incremental term loans thereunder up to an aggregate additional amount of $75 million, subject to the satisfaction of certain additional conditions provided therein. The credit facility is secured by a lien on substantially all of the assets of the company and of the company's Material Domestic Subsidiaries and pledges of equity interests in certain subsidiaries of the company and its Material Domestic Subsidiaries. The indebtedness under the credit agreement and certain other obligations owed to lenders or their affiliates are cross-guaranteed by the company and its Material Domestic Subsidiaries.

The credit facility matures on January 2, 2020 and borrowings under the credit agreement can either be, at the company's election at the Alternate Base Rate plus a spread ranging from 0.25% to 1.50% or at the Eurodollar Rate plus a spread ranging from 1.25% to 2.50%. The applicable spread is dependent upon the company's adjusted leverage ratio. Interest accrued on each Base Rate Advance is payable in arrears on the last business day of each calendar quarter and on the termination date.

Interest accrued on each Eurodollar Advance is payable on the last day of the applicable interest period, or every three months, whichever comes sooner, and on any prepayment date and the termination date.