LINE OF CREDIT AND LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2016

The Company's outstanding debt facilities as of June 30, 2016 are summarized as follows:



Creditor	Loan Type	Origination Date	Maturity Date	Loan Amount		Balance on June 30, 2016
MidCap Revolving Line of Credit	Revolving Note	March, 2015	March, 2017	$	7,000,000	$	2,188,819
Goldman Sachs USA	Term Loan - Restated Credit Agreement	January 29, 2016	May 2, 2019	8,900,000		5,600,000
Fox Encore Promissory Note	Promissory Note	January 29, 2016	July 31, 2016	5,150,000		5,150,000
Pacific Western Bank	Capital Lease	September, 2012	August, 2017	3,154,860		228,486
Texas Citizens Bank	Term Note	January, 2015	January, 2020	2,045,500		1,755,893
Various institutions	Insurance premiums financed	Various	< 1 year	1,789,481		127,606
Total						$	15,050,804
Deferred Finance Cost, Net						(345,586		)
Total, net of Deferred Finance Costs				$	28,039,841	$	14,705,218

Schedule of future maturities of notes payable

Future contractual maturities of notes payable are summarized as follows:



Creditor	2016		2017		2018		2019		2020		Thereafter
MidCap Revolving Line of Credit	$	2,188,819	$	—	$	—	$	—	$	—	$	—
Goldman Sachs USA	1,600,000		3,200,000		800,000		—		—		—
Fox Encore Promissory Note	5,150,000		—		—		—		—		—
Pacific Western Bank	95,332		133,154		—		—		—		—
Texas Citizens Bank	224,387		468,225		495,013		523,333		44,935		—
Various institutions	127,606		—		—		—		—		—
Totals	$	9,386,144	$	3,801,379	$	1,295,013	$	523,333	$	44,935	$	—

Amendment No. 1 to Amended and Restated Credit and Guaranty Agreement

On May 9, 2016, we entered into Amendment No. 1 to the Amended and Restated Credit Agreement (“Amendment No. 1”), which amended the Restated Credit Agreement. Pursuant to Amendment No. 1, we, Vertex Operating, substantially all of our other wholly-owned subsidiaries, the Lender and the Agent, agreed to amend the Restated Credit Agreement to (a) change the threshold constituting a change of control under the Restated Credit Agreement, from any time that Benjamin P. Cowart, our Chief Executive Officer, Chairman and largest stockholder, ceases to beneficially own and control at least 20% on a fully diluted basis of the economic and voting interests of our capital stock (“Fully-Diluted Capital Stock”), to any time that Mr. Cowart beneficially owns less than 10% of our Fully-Diluted Capital Stock; (b) extend the date that we are required to meet certain fixed charge coverage ratios from the quarter ending September 30, 2016, to the quarter ending March 31, 2017; (c) adjust the calculation of leverage ratio described in the Restated Credit Agreement; (d) allow for the May 2016 Offering and the required payment of $800,000 to the Lender in connection with such May 2016 Offering (representing the payment originally due June 30, 2016); (e) provide that the financial covenants relating to fixed charge ratios and leverage ratios would not be tested for the quarters ending September 30, 2016 and December 31, 2016; (f) amend the required timing for certain other post-closing events to occur under the terms of the Restated Credit Agreement; and (g) include a release whereby we (and substantially all of our wholly-owned subsidiaries) released the Investor and Agent for any claims which we had, or could have had, as of the date the parties entered into Amendment No. 1.