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TNIX > SEC Filings for TNIX > Form 8-K on 15-Apr-2013All Recent SEC Filings

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

Item 1.01 Entry into a Material Definitive Agreement.

On April 11, 2013, Telanetix, Inc., a Delaware corporation ("Telanetix"), entered into a Second Amendment to Loan and Security Agreement (the "Second Amendment") by and among itself, its direct and indirect subsidiaries (together with Telanetix, the "Borrowers"), and East West Bank ("East West"), which amended that certain Loan and Security Agreement, dated as of December 14, 2012, by and among the Borrowers and East West, as amended by that certain Amendment to Loan and Security Agreement dated as of January 16, 2013 (the "Loan Agreement").

The Second Amendment eliminates the requirement of a Borrowing Base for the $1,000,000 line of credit established by East West to the Borrowers under the Loan Agreement (the "Line of Credit"). Prior to the Second Amendment, the aggregate amount of advances outstanding at any time under the Line of Credit could not exceed the Borrowing Base, which was the lesser of (1) $1,000,000 or
(2) 75% of the aggregate of Eligible Accounts, provided, however, prior to East West's receipt of a satisfactory collateral exam prior to January 31, 2013, the Borrowing Base was limited to the lesser of (1) $300,000 or (2) 75% of the aggregate amount of Eligible Accounts. "Eligible Accounts" was defined as the Borrowers' accounts subject to the exceptions detailed in the Loan Agreement.

In addition, the Second Amendment provides that, beginning on December 1 of each year starting with 2014, the Borrowers will be required to repay all advances to the Borrowers under the Line of Credit and to maintain a balance of zero dollars for 30 consecutive days.

The Borrowers have not borrowed under the Line of Credit as of the date of the Second Amendment.

A copy of the Second Amendment is attached to this current report on Form 8-K as Exhibit 10.1, and it is incorporated by reference as though it were fully set forth herein. The foregoing summary description of the Second Amendment and the transactions contemplated thereby is not intended to be complete, and it is qualified in its entirety by the complete text of the Second Amendment.

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

The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.   Description

10.1            Second Amendment to Loan and Security Agreement,
              dated as of April 11, 2013, by and among Telanetix,
              Inc., a Delaware corporation, Telanetix, Inc., a
              California corporation, AccessLine Holdings, Inc., and
              AccessLine Communications Corporation, and East West
              Bank  (X)


(X) Filed herewith.

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