Attached files
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| EX-10.1 - GLOBAL AXCESS CORP | v206444_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Date
of Report (Date of earliest event reported)
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December
17, 2010
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GLOBAL
AXCESS CORP.
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(Exact
name of registrant as specified in its charter)
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Nevada
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000-17874
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88-0199674
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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7800
Belfort Parkway, Suite 165, Jacksonville, Florida
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32256
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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(904)
280-3950
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N/A
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(Former
name or former address, if changed since last
report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry into a Material
Definitive Agreement.
On December
17, 2010, Global Axcess Corp., a Nevada corporation (the “Company”) and Fifth
Third Bank (“Fifth Third”) entered into a First Amendment (the “Amendment”) to
that certain Loan and Security Agreement dated as of June 18, 2010 (the “Loan
Agreement”) among the Company, certain subsidiaries of the Company and Fifth
Third. Pursuant to the Amendment, Global and Fifth Third modified the
draw loan aspect of the Loan Agreement to permit for additional financing in the
amount of $1,650,000 under the terms of the draw loan for the purposes of
purchasing certain assets and customer contracts connected with recent
acquisition agreements. The Amendment increased the maximum aggregate
credit availability pursuant to the Loan Agreement from $17.0 million to $18.65
million. As security for the loan to be extended under the Amendment,
in addition to that which was granted under the Loan Agreement, the Company
granted security interests in the assets to be acquired pursuant to the recent
acquisition agreements.
The foregoing
summary description of the Amendment is qualified in its entirety by reference
to the full text thereof which is filed as Exhibit 10.1 to this Current Report
and is incorporated herein by this reference.
Item
2.03 Creation of a Direct
Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of
a Registrant.
The
disclosure contained in Item 1.01 above is hereby incorporated by reference in
response to this Item 2.03.
Item
9.01 Financial Statements and
Exhibits.
(d) Exhibits.
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10.1 |
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First
Amendment to Loan and Security Agreement, dated as of December 17, 2010,
by and among Global Axcess Corp. (and subsidiaries) and Fifth Third
Bank.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| GLOBAL AXCESS CORP | |||
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Dated: December
23, 2010
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By:
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/s/ George McQuain | |
| Name: George McQuain | |||
| Title: Chief Executive Officer | |||