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| UDW > SEC Filings for UDW > Form 8-K on 27-May-2009 | All Recent SEC Filings |
27-May-2009
Entry into a Material Definitive Agreement, Creation of a Direct Financial Oblig
(a) On May 20, 2009, US Dataworks, Inc. (the "Company") entered into Note Modification Agreements with the holders of an aggregate of $3,703,500 Senior Secured Notes due August 13, 2009, as amended by those certain Note Modification Agreements dated February 19, 2009 (the "Refinance Notes"). Effective as of May 20, 2009, the Note Modification Agreements amended the Refinance Notes as follows: (1) the Other Note (defined below) was included in the definition of "Permitted Indebtedness" and (2) the Company was allowed to make voluntary interest payments on the Other Note notwithstanding the fact that the Refinance Notes are otherwise senior to the Other Note. The foregoing description of the Note Modification Agreements is qualified in its entirety by reference to the Note Modification Agreements, copies of which are attached to this Current Report as exhibits and incorporated herein by reference.
In addition, on May 20, 2009, the Company entered into a Note Modification
Agreement with the holder of that certain 8.75% Promissory Note dated September
25, 2007 executed by the Company and payable to the order of the holder thereof
in the original principal amount of $500,000 (the "Other Note"). Effective as of
May 20, 2009, the Note Modification Agreement amended the Other Note as follows:
(1) it was clarified that the Other Note was a demand note for which full
payment can be required at any time on or after the maturity date; (2) the
maturity date of the Other Note was extended to December 31, 2009; and (3) the
Company was allowed to make voluntary prepayments under the Other Note without
penalty.
The information provided under Item 1.01 is incorporated herein by reference.
(a) Exhibits
10. 1 Note Modification Agreement by and between US Dataworks, Inc. and John L. Nicholson, M.D. dated May 20, 2009 (Refinance Note).
10. 2 Note Modification Agreement by and between US Dataworks, Inc. and Charles E. Ramey dated May 20, 2009 (Refinance Note).
10.3 Note Modification Agreement by and between US Dataworks, Inc. and Charles E. Ramey dated May 20, 2009 (Other Note).
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