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LCDX > SEC Filings for LCDX > Form 8-K on 29-May-2013All Recent SEC Filings

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Form 8-K for LUCID INC


29-May-2013

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet A


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

On May 24, 2013, Lucid, Inc. (the "Company") closed the $5.0 million term loan (the "2013 Term Loan") borrowed from Northeast LCD Capital, LLC, an affiliate of the Company, pursuant to an Intercreditor and Participation Agreement (the "Agreement") made under Provision "2.2("Term Loans")(b)" of the Loan and Security Agreement dated July 5, 2012 (the "Loan and Security Agreement").

As previously reported in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on May 20, 2013 (the "Quarterly Report"), the Company reached the Agreement on the 2013 Term Loan on May 20, 2013. The 2013 Term Loan is evidenced by a Subsequent Term Note. The 2013 Term Loan matures on November 20, 2014 and is payable upon maturity. The Company may prepay the 2013 Term Loan at any time. The 2013 Term Loan bears interest at a rate of 7% per annum and is secured by all of the Company's assets. The 2013 Term Loan contains, among other customary events of default, a cross default provision with the existing 2012 Term Loan made under the Loan and Security Agreement.

The foregoing description of the 2013 Term Loan does not purport to be complete and is qualified in its entirety by reference to the full text of the Subsequent Term Note and the Agreement, copies of which are filed as Exhibits 10.1 and 10.2 to the Quarterly Report and incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1 Subsequent Term Note, dated as of May 20, 201 3 , issued by Lucid, Inc. to Northeast LCD Capital, LLC (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed with the SEC on May 20, 2013)

10.2 Intercreditor and Participation Agreement, dated as of May 20, 201 3 , by and between Lucid, Inc. and Northeast LCD Capital, LLC (Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed with the SEC on May 20, 2013)

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