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ULGX > SEC Filings for ULGX > Form 8-K on 4-Feb-2014All Recent SEC Filings

Show all filings for UROLOGIX INC



Entry into a Material Definitive Agreement, Financial Statements and Exhibits


On January 30, 2014, Urologix, Inc. (the "Company") entered into a Third Amendment to Loan and Security Agreement (the "Third Amendment") with Silicon Valley Bank ("SVB"). A copy of the Third Amendment is attached hereto as Exhibit 10.1.

The Third Amendment amends the Loan and Security Agreement dated January 11, 2012 between SVB and the Company, as amended by a First Amendment to Loan and Security Agreement dated November 30, 2012 and as amended by a Second Amendment to Loan and Security Agreement dated January 9, 2014 (the Loan and Security Agreement as amended by the First Amendment and the Second Amendment, collectively, the "Loan Agreement").

The Third Amendment extends the maturity date of the revolving line of credit to June 30, 2014. The Company may terminate the Loan Agreement at any time upon three days notice without payment of a termination fee. Under the Third Amendment, the Company agreed to a financial covenant requiring that it maintain at least four months of "Cash Burn," which is the Company's average monthly net income (as defined in the Third Amendment) for the trailing three month period plus certain expenses and less certain non-cash gains. The Company also agreed to certain non-financial covenants, including providing certifications, reports and notices of certain demands.

The Third Amendment also amends the interest rate applicable to borrowings under the revolving line to a floating per annum rate equal to either the prime rate plus 3.25% or the prime rate plus 4.25%, depending upon a financial ratio of certain assets to certain liabilities. Interest is payable monthly.

Under the Third Amendment, it is an event of default if the Company makes any royalty payment and/or annual license payment to Medtronic, Inc., if Medtronic threatens to take action against the Company to collect any portion of these payments, or if Medtronic commences any action or proceeding against the Company with respect to these payments. The Company may cure this event of default by receipt within 30 days of its occurrence of net proceeds from a new round of equity or subordinated debt financing of at least $715,000. Upon an occurrence of this event of default, advances under the revolving line will not be available to the Company.

The foregoing summary of the Third Amendment does not purport to be complete and is subject to and qualified in its entirety by reference to the Third Amendment attached hereto as an exhibit.


Exhibit No. Description
10.1 Third Amendment to Loan and Security Agreement dated January 30, 2014 by and between Silicon Valley Bank and Urologix, Inc.

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