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HRZN > SEC Filings for HRZN > Form 8-K on 7-Dec-2012All Recent SEC Filings




Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement

On December 6, 2012, Horizon Credit I LLC ("HCI"), a wholly-owned subsidiary of Horizon Technology Finance Corporation (the "Company"), repaid all of its outstanding obligations to Portigon AG, successor in interest to WestLB AG, New York Branch ("WestLB"), pursuant to a certain Credit and Security Agreement, dated as of March 4, 2008, by and among HCI, as borrower, WestLB, as lender and agent and U.S. National Bank, as custodian and paying agent (as subsequently amended from time to time, the "WestLB Credit Agreement") and terminated the WestLB Credit Agreement. The WestLB Credit Agreement had a facility limit of $125 million and a three year initial revolving term which expired on March 3, 2011. The revolving loans extended pursuant to the WestLB Credit Agreement were collateralized by all loans and warrants held by HCI. At September 30, 2012 and December 31, 2011, the Company had actual borrowings outstanding of approximately $9.6 million and $46.7 million, respectively, under the WestLB Credit Agreement. In connection with the termination of the WestLB Credit Agreement, the Company also terminated a certain Sale and Contribution Agreement, dated as of March 4, 2008, by and between Compass Horizon Funding Company, as seller, and HCI, as purchaser (the "Sale and Contribution Agreement"). The Sale and Contribution Agreement provided for the purchase by HCI of certain loans and warrants which were pledged as collateral under the WestLB Credit Agreement.

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