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Quotes & Info
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| AXR > SEC Filings for AXR > Form 8-K on 3-Jan-2013 | All Recent SEC Filings |
3-Jan-2013
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
On December 31, 2012, the parties entered into the Second Amendment and Joinder (the "Second Amendment") to the Revolving Credit and Security Agreement dated as of May 13, 2010 between the Company's Media Services companies and the lender (the "Credit Facility").
The Second Amendment joins a newly organized, wholly-owned, indirect subsidiary of the Company (the "New Borrower") as a borrower party to the Credit Facility. The New Borrower was organized for the purpose of purchasing certain assets (the "Acquisition") of FulCircle, Inc., a Denver, Colorado-based, privately-held company engaged in the marketing strategy, call center service, product distribution and operational solutions businesses. The Acquisition closed on December 31, 2012.
The Second Amendment contains the lender's consent to the Acquisition along with a number of additional terms to the Credit Facility, including terms specifying an interim ceiling on the collateral value of the New Borrower's accounts receivable and the treatment for borrowing availability and Fixed Charge Coverage Ratio calculation purposes of a contingent additional purchase price payment for the Acquisition.
The foregoing description of the Second Amendment is qualified by reference to the complete Second Amendment, a copy of which is included as Exhibit 10.1 to this Current Report.
Exhibit No. Description
10.1 Second Amendment and Joinder dated as of December 31,
2012 to the Revolving Credit and Security Agreement
dated as of May 13, 2010, among Kable Media Services,
Inc., et al and PNC Bank, National Association, as
Agent and Lender.
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