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ENCISION INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

May 23, 2014



Item 1.01. Entry into a Material Definitive Agreement.

On May 19, 2014Encision Inc. (the "Company") and Silicon Valley Bank ("Bank") entered into a First Amendment to Amended and Restated Loan and Security Agreement (the "Amendment"), which amends the Amended and Restated Loan and Security Agreement dated as of May 10, 2012 (the "Credit Agreement"). The Amendment extends the maturity date of the Company's revolving line of credit to May 31, 2015. The amendment also revises the Tangible Net Worth covenant contained in the Credit Agreement and waives an existing technical default under such covenant. The Amendment requires the Company to pay an amendment fee of $10,000 to the Bank.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. Exhibit Number Description 10.1 First Amendment to Amended and Restated Loan and Security Agreement, dated May 19, 2014, by and between Encision Inc. and Silicon Valley Bank.


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Source: Edgar Glimpses


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