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| MIPS > SEC Filings for MIPS > Form 8-K on 25-Sep-2009 | All Recent SEC Filings |
25-Sep-2009
Entry into a Material Definitive Agreement, Creation of a Direct Financial
On July 3, 2008, MIPS Technologies, Inc. ("MIPS") entered into a Loan and Security Agreement ("Loan and Security Agreement") with Silicon Valley Bank ("SVB"), providing for a term loan and a revolving credit facility. The Loan and Security Agreement contains customary affirmative and negative covenants for agreements of this type (including financial covenants), and events of default. The Loan and Security Agreement was previously amended on December 18, 2008 to increase the amount that MIPS may invest in its subsidiaries, and on May 7, 2009 to adjust certain provisions of the Loan and Security Agreement in light of the sale of MIPS' Analog Business Group to Synopsys, Inc.
On September 21, 2009, MIPS and SVB entered into a third amendment of the Loan and Security Agreement ("Amendment No. 3"), pursuant to which certain definitions and exhibits to the Loan and Security Agreement were revised. The effect of these changes is to revise MIPS' calculation of EBITDA for purposes of the financial covenants in the Loan and Security Agreement and to extend the maturity date for the revolving line of credit from July 2, 2009 to September 20, 2010. Other than these changes, the Loan and Security Agreement continues in full force in accordance with its terms.
The foregoing description of Amendment No. 3 in this Current Report on Form 8-K is qualified in its entirety by reference to the full text of such amendment referenced as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated by reference herein.
The disclosure set forth in Item 1.01 above is hereby incorporated by reference.
(d) Exhibits
10.1 Amendment No. 3 to Loan and Security Agreement, dated September 21, 2009, between MIPS Technologies, Inc. and Silicon Valley Bank
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