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Local Corporation Message Board

  • flankenking flankenking Feb 1, 2013 5:21 PM Flag

    Excellent Credit Standing of Local Corp

    Form 8-K for LOCAL CORP

    --------------------------------------------------------------------------------

    1-Feb-2013

    Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation

    Item 1.01 Entry into a Material Definitive Agreement.
    On January 30, 2013, Local Corporation (the "Registrant") and its wholly owned subsidiaries, Krillion, Inc. and Screamin Media Group, Inc. ("Subsidiaries") entered into that certain Fourth Amendment to Loan and Security Agreement (the "Amendment") with Square One Bank, which amends the Loan and Security Agreement by and between the Registrant, the Subsidiaries and Square One Bank dated August 3, 2011 (the "Agreement"). The Amendment modifies the definition of "Non-Formula Revolving Line" by increasing the amount from $3.0 million to $5.0 million for the period of January 30, 2013, to March 1, 2013, while removing for calendar quarters subsequent to the quarter ending March 31, 2013 the quarterly modification of the Non-Formula Revolving Line amount from $3.0 million to $5.0 million for a period of no more than thirty (30) days during each such quarterly period.

    Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
    The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

    Item 9.01 Financial Statements and Exhibits.

    Exhibit 10.1 Fourth Amendment to Loan and Security Agreement dated August 17,
    2012, by and among the Registrant, Krillion, Inc., Screamin Media
    Group, Inc. and Square 1 Bank.

    Sentiment: Strong Buy

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