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USAT > SEC Filings for USAT > Form 8-K on 26-Jun-2014All Recent SEC Filings

Show all filings for USA TECHNOLOGIES INC

Form 8-K for USA TECHNOLOGIES INC


26-Jun-2014

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement

On June 20, 2014, USA Technologies, Inc. (the "Company") and Avidbank Corporate Finance, a division of Avidbank, entered into a Seventh Amendment (the "Seventh Amendment") to the Loan and Security Agreement dated as of June 21, 2012, as amended by a First Amendment thereto dated as of January 1, 2013, a Second Amendment thereto dated as of April 2, 2013, a Third Amendment thereto dated as of April 11, 2013, a Fourth Amendment thereto dated as of April 29, 2013, a Fifth Amendment thereto dated as of September 26, 2013, and a Sixth Amendment thereto dated as of May 15, 2014 (collectively, the "Loan Agreement").

The Loan Agreement provides for a secured asset-based revolving line of credit facility (the "Line of Credit"). The Seventh Amendment increases the aggregate amount available to the Company under the Line of Credit from up to $5.0 million to up to $7.0 million, and extends the maturity date of the Line of Credit for an additional twelve months, or until June 21, 2015. The Seventh Amendment also provides that the Company must achieve a minimum Adjusted EBITDA (as defined and as specified therein) during each quarter of the Company's fiscal year ending June 30, 2015.

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