SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2016

11.	SUBSEQUENT EVENT

On April 12, 2016, the Company and its wholly-owned subsidiaries (collectively with the Company, the “Borrowers”) entered into a Credit Agreement (the “Credit Amendment”) with Sterling National Bank (the “Bank”) under which the Bank has agreed to issue letters of credit from time to time at 100% margin against available funds in a cash collateral account maintained by the Borrowers at the Bank. The maximum availability under the facility is $9,500,000. The Borrowers will pay the Bank a letter of credit fee equal to 1.75% on the daily amount available to be drawn under each outstanding letter of credit, which fee is payable in quarterly installments in arrears. The facility matures on April 1, 2017 and replaces a letter of credit facility with a prior lender. The Credit Agreement contains representations, warranties, affirmative and negative covenants and events of default customary for facilities of this type.