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SPIR > SEC Filings for SPIR > Form 8-K on 18-Jun-2013All Recent SEC Filings

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Form 8-K for SPIRE CORP


18-Jun-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On June 12, 2013, Spire Corporation (the "Company") and Silicon Valley Bank (the "Bank") entered into (i) the Fifth Loan Modification Agreement amending certain terms of the Second Amended and Restated Loan and Security Agreement dated as of November 16, 2009 (as amended, the "Revolving Credit Facility") and (ii) the Fifth Loan Modification Agreement amending certain terms of the Amended and Restated Export-Import Bank Loan and Security Agreement dated as of November 16, 2009 (as amended, the "Ex-Im Facility"). Pursuant to the terms of the Fifth Loan Modification Agreements, the Company and the Bank agreed to (i) extend the maturity date of the Revolving Credit Facility and the Ex-Im Facility to August 30, 2013 and (ii) effective June 1, 2013, amend the definition of the Financial Covenant by deleting the minimum cash covenant and replacing it with a newly defined covenant whereby the Company shall maintain liquidity of at least $1.25 million at all times based on cash on hand and availability under the credit facility.


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