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CONX > SEC Filings for CONX > Form 8-K on 4-Sep-2013All Recent SEC Filings

Show all filings for CORGENIX MEDICAL CORP/CO



Entry into a Material Definitive Agreement, Termination of a Material De

Item 1.01. Entry into a Material Definitive Agreement.

On August 28, 2013, Corgenix Medical Corporation (the "Company") entered into a Business Loan Agreement (the "Loan Agreement") effective August 15, 2013 between the Company and Bank of the West (the "Bank").

Pursuant to the terms of the Loan Agreement, the Bank is providing a revolving line of credit (the "Line") to the Company not to exceed $1,500,000. Interest accrues at a variable one month LIBOR plus 4.00% per annum. Interest payments are due monthly.

Unless terminated by the Company or accelerated by the Bank in accordance with the terms of the Loan Agreement, the Line will terminate and all loans thereunder must be repaid on November 5, 2014.

The Loan Agreement contains certain representations, warranties, covenants and events of default typical in financings of this type, including, for example, limitations on assuming additional debt, making investments, or the sale of Company assets or other changes in the ownership of the Company.

In addition, pursuant to the terms of the Loan Agreement, the Company will grant to the Bank a security interest in all of the Company's assets to secure the repayment of the loans under the Line and to secure all other obligations of the Company to the Bank.

The Company will use the money it receives under the Loan Agreement for general short term working capital purposes.

The Loan Agreement and the accompanying Promissory Note are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K, and the description of material terms of such documents herein are qualified in their entirety by reference to such exhibits.

The Line will be activated when the notice period to LSQ described below has elapsed and the Bank is able to secure a first lien on the Company's assets.

Item 1.02. Termination of a Material Definitive Agreement.

On August 28, 2013, the Company provided written notice to LSQ Funding Group, L.L.C., a Florida limited liability company ("LSQ"), that the Company desires to terminate the Revolving Credit and Security Agreement (the "LSQ Agreement") dated July 14, 2011 between the Company and LSQ. The LSQ Agreement requires 60 days' notice by the Company to LSQ to terminate, and thus the termination will be effective October 27, 2013. Any ancillary agreements and documents entered into in connection with the LSQ Agreement will terminate in connection with the termination of the LSQ Agreement.

Under the LSQ Agreement, LSQ, the lender, provides a line of credit to the Company under which LSQ agreed to make loans to the Company in the maximum principal amount outstanding at any time of $1,500,000. The proceeds of the loans under the line of credit have been used to repay certain loans and other amounts payable by the Company. The LSQ Agreement was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 20, 2011, and the description of material terms of the LSQ Agreement is qualified in its entirety by reference to that exhibit.

The notice states that the Company is not dissatisfied with its relationship with LSQ but desires to pursue other borrowing opportunities.

The Company does not expect to incur any termination penalties as a result of the termination.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits:

Number                               Description of Exhibit

10.1*          Business Loan Agreement between Corgenix Medical Corporation and
               Bank of the West dated August 15, 2013.

10.2*          Promissory Note dated August 15, 2013 executed by Corgenix Medical
               Corporation as Borrower to Bank of the West as Lender.

*Filed Herewith

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