Subsequent Events

9 Months Ended

Sep. 30, 2015

13.

Subsequent Events

On October 30, 2015, the term loan agreement was amended such that the Company may borrow up to $60.0 million, or up to an aggregate of approximately $70.0 million if the Company elects to exercise in full an option to defer payment of a portion of the interest that accrues on borrowings under the term loan agreement. In addition to the $30.0 million borrowed to date, the Company has committed to borrow an additional $10.0 million no later than December 31, 2015 and an additional $5.0 million no later than June 30, 2016, which will bring total borrowings under the term loan agreement to $45.0 million. In addition, the Company has the option to borrow up to an additional $15.0 million under the agreement no later than December 31, 2016. The amendment extended by two years the term of the agreement, the period during which only interest is payable, and the period during which the company may defer payment of a portion of the interest otherwise payable. Also, the amendment reduces the interest rate from 12.5% to 12.0%, of which 3.0% may be deferred during the first six years at the Company’s option and be repaid together with principal. In consideration of these changes, the Company agreed to pay a fee equal to 2% of the total amount borrowed under the term loan agreement at the time the principal is repaid. All other provisions of the agreement remain unchanged.