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ELTP > SEC Filings for ELTP > Form 8-K on 16-Oct-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Financial Statements a

Item 1.01 Entry into a Material Definitive Agreement.

Bridge Loan Agreement

On October 15, 2013 (the "Effective Date"), Elite Pharmaceuticals, Inc. (the "Company") entered into a bridge loan agreement (the "Loan Agreement") with Nasrat Hakim, the Company's President and CEO. Under the terms of the Loan Agreement, the Company has the right, in its sole discretion, to a line of credit ("Credit Line") in the maximum principal amount of up to $1,000,000 at any one time. Mr. Hakim provided the Credit Line for the purpose of supporting the acceleration of the Company's product development activities. The outstanding amount will be evidenced by a promissory note which shall mature on June 30, 2015, at which time the entire unpaid principal balance plus accrued interest thereon shall be due and payable in full. The Company may prepay any amounts owed without penalty. Any such prepayments shall first be attributable to interest due and owing and then to principal. Interest only shall be payable quarterly on January 1, April 1, July 1 and October 1 of each year. Priorto maturity or the occurrence of an Event of Default as defined in the Loan Agreement, the Company may borrow, repay, and reborrow under the Credit Line through maturity. Amounts borrowed under the Credit Line will bear interest at the rate of ten percent (10%) per annum.

On October 16, 2013, the Company issued a press release announcing that it had entered into the Loan Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits

d) Exhibits

Exhibit No. Exhibit Description

99.1 Press Release dated October 16, 2013

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