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NMRX > SEC Filings for NMRX > Form 8-K on 13-Nov-2012All Recent SEC Filings

Show all filings for NUMEREX CORP /PA/

Form 8-K for NUMEREX CORP /PA/


13-Nov-2012

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli


Item 1.01. Entry into a Material Definitive Agreement

Numerex Corp. (the "Company") and its subsidiaries are parties to an Amended and Restated Loan and Security Agreement (the "Loan Agreement") with Silicon Valley Bank (the "Bank"). Effective on November 5, 2012, the Company, its subsidiaries, and the Bank further amended the Loan Agreement (the "Amended Loan Agreement") to, among other things, add an "Acquisition Line" of up to $10 million to fund permitted acquisitions.

Under the Amended Loan Agreement the Company now has access to an additional $10 million "Acquisition Line" of credit that is available to fund permitted acquisitions. The agreement requires the Company to maintain compliance with customary covenants, including those relating to maximum senior leverage; minimum fixed charges, and minimum liquidity. As of the date hereof, no amounts are outstanding under the Acquisition Line.

Borrowings are secured by a first priority perfected security interest on all of the Company's and its domestic subsidiaries' assets, including intellectual property.

The foregoing summary of the Amended Loan Agreement is not complete and is qualified in its entirety by reference to the Amended Loan Agreement, which will be attached as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2012.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information required by this Item 2.03 is set forth in Item 1.01 above, which is incorporated herein by reference.

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