NOTE 5 – LONG-TERM DEBT


	As of December 31,
	2014			2013
Revolving Line of Credit	$	—		$	27,269
Term Loan due July 7, 2019		24,688			—
Vehicle and equipment notes payable		1,346			—
Various notes payable, maturing through December 2016; payable in various monthly installments, including interest rates ranging from 0.0% to 10.0%		822			757

		26,856			28,026
Less: current maturities		(1,786	)		(255	)

Long-term debt, less current maturities	$	25,070		$	27,771

On July 8, 2014, we entered into a Credit Agreement (the “Credit Agreement”) with a bank group with an aggregate commitment of $100,000 and a maturity date of July 7, 2019 (the “Maturity Date”). Upon entry into the Credit Agreement, our previous credit agreement, as amended, with an aggregate commitment of $50,000, was terminated.

The Credit Agreement provides for a $75,000 revolving credit facility (“LOC”) and a $25,000 term loan (“Term Loan”) secured by all of our assets except certain vehicles secured by capital leases and loans. We can also borrow swingline loans up to $5,000 and obtain letters of credit of up to $10,000; any outstanding letters of credit and swingline loans under the Credit Agreement reduce our borrowing capacity. At December 31, 2014, we had $9,815 of outstanding letters of credit and no outstanding swingline loans.

We had $24,688 outstanding under the Term Loan and no outstanding borrowings under the LOC as of December 31, 2014. We had $24,500 outstanding on the line of credit under the previous Credit Agreement at 1-month LIBOR including margin (2.25%) and $2,769 outstanding on the previous line of credit at the Alternate Base Rate including margin (4.25%) as of December 31, 2013.

The LOC and Term Loan bear interest at either 1) the Eurodollar rate (“LIBOR”) or 2) the Base Rate (which approximates Prime Rate), plus a margin based on the type of rate applied and the value (represented as a ratio) of our total debt to earnings. The Term Loan amortizes in quarterly principal payments of $313 starting on December 31, 2014, with the quarterly payment amount increasing to $469 from September 30, 2016 through June 30, 2018, and further increasing to $625 from September 30, 2018 through June 30, 2019. Any outstanding principal balance on the Term Loan is due on the Maturity Date.

The Credit Agreement contains financial covenants requiring us to maintain 1) a leverage ratio of debt to earnings, as adjusted for certain items and as defined by the Credit Agreement, of no greater than 3.50 to 1.00 and decreasing over time to 2.75 to 1.00 by March 31, 2016, and 2) a fixed charge coverage ratio, as adjusted for certain items, of no less than 1.10 to 1.00. The Credit Agreement also contains various restrictive non-financial covenants and a provision requiring that, upon an event of default (as defined by the Credit Agreement), amounts outstanding under the LOC and Term Loan would bear interest at the rate as determined above plus 2%. In addition, all representations and warranties in the Credit Agreement must be true in all material respects on the date of each borrowing. Based on the limitations of the debt to total earnings ratio covenant in the Credit Agreement, at December 31, 2014, we had the ability to fully draw the LOC less the outstanding letters of credit. In December 2014, we entered into a First Amendment Agreement (the “First Amendment”) to the Credit Agreement, which, among others things, amends the definition of consolidated fixed charges to exclude certain share repurchase transactions, up to a specified limit, from the calculation of the fixed charge coverage ratio under the Credit Agreement.

In October 2014, we entered into a Master Loan and Security Agreement (“Master Loan Agreement”) with a new lender to provide financing up to $5,000 for the purpose of purchasing vehicles and equipment used in the normal course of business. Vehicles and equipment purchased under this Master Loan Agreement serve as collateral for each note controlled by this financing arrangement. Each financing arrangement under this Master Loan Agreement will serve as a separate note and obligation. Regular payments are due under each note beginning when each obligation occurs. The specific terms of each note are based on specific criteria, including the type of vehicle or equipment, the length of the term of the note, and the market interest rates at the time. There is no termination date of this Master Loan Arrangement. The balance outstanding thereunder at December 31, 2014, was $1,346.