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HIPCRICKET, INC. FILES (8-K) Disclosing Termination of a Material Definitive Agreement

June 19, 2014

Item 1.02 Termination of a Material Definitive Agreement

On June 18, 2014, Hipcricket, Inc. (the "Company") repaid in full all outstanding amounts due and owing under the Amended and Restated Loan and Security Agreement dated as of November 25, 2013, between Silicon Valley Bank and the Company ("Loan Agreement"), and all commitments under the Loan Agreement were terminated.

The Loan Agreement provided for a $5.0 million asset-based revolving loan facility, expiring on May 3, 2015. No penalties were due in connection with the repayment, which was made with funds received under the Company's new accounts receivable credit facility with Fast Pay Partners LLC (described in the Company's Form 8-K filed on June 5, 2014).


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Source: Edgar Glimpses

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