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## (7) investment in and advances to affiliated Partnership 

In prior periods the Company had a 26.32% ownership interest in a realty limited partnership, United Development Company Limited (“UDt”). the Company had consolidated the financial statements of UDt for prior periods because it determined that UDt was a variable Interest entity (“vIe”) of which the Company was the primary beneficiary. On February 29, 2012, the Company purchased the manufacturing building that it leased from UDt for $1,350,000. since this transaction took place among commonly controlled companies, the building was recorded by the Company at UDt’s carrying value. subsequently, UDt was dissolved and its assets were distributed. thus, in effect, the Company has acquired the remaining 73.68% ownership interest in UDt, eliminating the vIe. the non-controlling interests’ portion of the excess of the amount paid for the building over UDt’s carrying value, totaling $329,972, which is net of the tax effect of the difference in the Company’s book basis versus tax basis in the acquired building attributable to the non-controlling interest, has been recorded in stockholders’ equity as a reduction to additional paid-in capital. the transaction did not impact the consolidated results of operations. 

## (8) indebtedness 

On December 2, 2013, the Company entered into an unsecured $40 million revolving credit facility with Bank of America, n.A. the credit facility calls for interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from 0.25% to zero. In both cases the applicable margin is dependent upon Company performance. Under the credit facility, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to eBItDA financial covenant. the credit facility was amended effective December 31, 2014, to modify the definition of “consolidated fixed-charge coverage ratio”. the Company was in compliance with all covenants at December 31, 2014. the Company’s $40 million credit facility matures on november 30, 2018. 

In conjunction with the execution of the credit facility, the Company fully paid approximately $5.1 million in debt previously outstanding under the Company’s prior credit facility with Bank of America, n.A., which was terminated on December 2, 2013. As of December 31, 2014, the Company had no borrowings outstanding under the credit facility. 

On October 11, 2012, the Company entered into a loan agreement to finance the purchase of two new molded fiber machines. the annual interest rate is fixed at 1.83%. As of December 31, 2014, approximately $5.0 million had been advanced on the loan and the outstanding balance was approximately $2.9 million. the loan will be repaid over a five-year term. the loan is secured by the related molded fiber machines. 

Long-term debt consists of the following (in thousands): 

<img src='content_image/222679.jpg'>

## (9) accrued expenses 

Accrued expenses consist of the following (in thousands): 

Aggregate maturities of long-term debt are as follows (in thousands): 

<img src='content_image/222680.jpg'>

<img src='content_image/222678.jpg'>

