Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

13.  SUBSEQUENT EVENTS:

We recently borrowed $266.0 million under our revolving credit facility, which represented substantially all of the remaining undrawn amount under the revolving credit facility. As a result, no material further extensions of credit are available under our revolving credit facility. As of February 29, 2016, the Company's cash on hand exceeds the amount recently borrowed under the Credit Agreement. These funds are intended to be used for general corporate purposes. For more information about the Credit Facility, see Note 5.

Under our Credit Agreement, we are required to deliver audited, consolidated financial statements without a “going concern” or like qualification or explanation. Because the audit report prepared by our auditors with respect to the financial statements in this Form 10-K includes an explanatory paragraph expressing uncertainty as to our ability to continue as a “going concern,” we are in default under our Credit Agreement. We are currently in discussions with the lenders under our Credit Agreement regarding a waiver of this requirement. If we do not obtain a waiver or other suitable relief from the lenders under the Credit Agreement before the expiration of the 30-day grace period, there will exist an event of default under the Credit Agreement. If an event of default occurs under our Credit Agreement, the lenders could accelerate the loans outstanding under the Credit Agreement. In addition, if the lenders under our Credit Agreement accelerate the loans outstanding under the Credit Agreement, we will then also be in default under the Master Note Purchase Agreement and the indentures related to our 2018 Notes and our 2024 Notes. If we default under the Master Note Purchase Agreement, the holders of the Senior Notes could accelerate the Senior Notes. Likewise, if we default under the indentures, the holders of the 2018 Notes or the 2024 Notes could accelerate those notes.