LINE OF CREDIT AND LONG-TERM DEBT

In May, 2014, the Company entered into a Credit and Guaranty Agreement with Goldman Sachs Bank USA (as amended, the “Credit Agreement”). Pursuant to the agreement, Goldman Sachs Bank USA loaned the Company $40,000,000 in the form of a term loan. As set forth in the Credit Agreement, the Company has the option to select whether loans made under the Credit Agreement bear interest at (a) the greater of (i) the prime rate in effect, (ii) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System plus ½ of 1%, (iii) the sum of (A) the Adjusted LIBOR Rate and (B) 1%, and (iv) 4.5% per annum; or (b) the greater of (i) 1.50% and (ii) the applicable ICE Benchmark Administration Limited interest rate, divided by (x) one minus, (y) the Adjusted LIBOR Rate. Interest on the Credit Agreement is payable monthly in arrears. The balance under the Credit Agreement was $22,400,000 at December 31, 2015 and principal payments in the amounts of $18,525,000, $3,200,000 and $675,000 are due in 2016, 2017 and 2018, respectively.

The Credit Agreement is secured by all of the assets of the Company.

Events of default under the Credit Agreement occurred during 2014 and 2015.

Amounts outstanding under this agreement were recorded as current liability on the December 31, 2014 balance sheet due to such Credit Agreement being in default as of such date. On March 26, 2015, the Company entered into a Second Amendment with Goldman Sachs Bank USA to amend the Credit Agreement to among other things, provide for the waiver of the prior defaults and to restructure certain covenants and other financial requirements of the Credit Agreement and to allow for our entry into the MidCap Loan Agreement.

The Credit Agreement contains customary representations, warranties, and covenants for facilities of similar nature and size as the Credit Agreement. The Credit Agreement also includes various covenants binding the Company including limits on indebtedness the Company may incur and maintenance of certain financial ratios relating to consolidated EBITDA and debt leverage. As each credit facility contains cross-default provisions, the default under each lender credit agreement constitutes a default under the agreement with the other lender.

The Company has notes payable to Texas Citizens Bank bearing interest at 5.5% per annum, maturing from June 7, 2015 to January 7, 2020. The balance of the notes payable is $1,974,107 at December 31, 2015.

The Company financed insurance premiums through various financial institutions bearing interest rates from 4% to 4.52%. All such premium finance agreements have maturities of less than one year and have a balance of $515,762 at December 31, 2015.

On May 2, 2014, in connection with the closing of the Omega Refining acquisition, the Company assumed two capital leases totaling $3,154,860. Payments of $2,662,105 were made during 2014 and the balance was $320,101 at December 31, 2015.

Effective January 1, 2014, the Company purchased an additional 19% ownership interest in E-Source Holdings, LLC ("E-Source") of which it had previously acquired 51%. In consideration for the additional interest the Company will pay $854,050 of which $200,000 was paid on April 11, 2014 and the remainder is to be paid monthly in $72,672 installments through December 31, 2014. The balance of the note payable is $0 at December 31, 2015 as it was paid in full in January 2015.

The Company's total line of credit and long term debt as of December 31, 2015 is as follows:

Creditor

Loan Type

Origination Date

Maturity Date

Loan Amount

Balance on December 31, 2015

MidCap Revolving Line of Credit

Revolving LOC

March, 2015

March, 2017

7,000,000

1,744,122

Goldman Sachs USA

Term Loan

May, 2014

May, 2019

40,000,000

22,400,000

Pacific Western Bank

Capital Lease

September, 2012

August, 2017

520,219

320,101

Texas Citizens Bank

Equipment & SBA Loans - E-Source

June 7, 2015

January 7, 2020

2,045,500

1,974,107

Various institutions

Insurance premiums financed

Various

> 1 year

1,789,481

515,762

51,355,200

26,954,092

Future maturities of notes payable are summarized as follows:



Creditor	2016		2017		2018		2019		2020		Thereafter
MidCap Revolving Line of Credit	$	1,744,122	$	—	$	—	$	—	$	—	$	—
Goldman Sachs USA	18,525,000		3,200,000		675,000		—		—		—
Pacific Western Bank	186,948		133,153		—		—		—		—
Texas Citizens Bank	442,601		468,225		495,013		523,333		44,935		—
Various institutions	515,762		—		—		—		—		—
Totals	$	21,414,433	$	3,801,378	$	1,170,013	$	523,333	$	44,935	$	—