Excel Corporation (OTCMKTS:EXCC) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Excel Corporation (OTCMKTS:EXCC) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

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Item 2.04 Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement.

On May 5, 2017, Excel Corporation (the Company) received a
written notice from GACP Finance Co. that it was in default under
the terms of the Loan and Security Agreement dated November 2,
2016 (Loan Agreement). The Lender also terminated its commitment
to lend or extend credit under the Loan Agreement. As a result of
the default, the Lender may declare all amounts under the Loan
Agreement due and payable. As of May 10, 2017, the Lender has not
accelerated the remaining principal balance.

As of April 30, 2017, the principal due under Loan Agreement was
$13,783,602. The April 30, 2017 loan balance was in excess of the
borrowing base as calculated under the Loan Agreement and the
Company made a principal payment on May 8, 2017 of $512,583 to
reduce the loan balance to $13,271,019 which was within the
borrowing base. In addition, the Lender increased the cash
interest payable on the loan from 13% per annum to 16% per annum
(the Default Rate).

The Companys Current Report on Form 8-K dated November 2, 2016
includes a more complete description of the Loan Agreement and
the Loan Agreement was an exhibit to the report, which is
incorporated herein by reference.

The Company is currently in discussions with the Agent regarding
a forbearance agreement. There can be no assurances that the
Company will be able to enter into a forbearance agreement with
the lender.

Item 9.01 Exhibits

ExhibitNo.
99.1* Loan and Security Agreement Dated November 2, 2016 Among GACP
Finance Co. LLC., as Agent, the Lenders as time to time party
thereto, as lenders, Excel Corporation, as Borrower, and
certain subsidiaries of Borrower, as Guarantors (filed as
Exhibit 10.1 to the Companys Current Report on Form 8-K dated
November 2, 2016 and incorporated by reference herein)


About Excel Corporation (OTCMKTS:EXCC)

Excel Corporation sells integrated financial and transaction processing services to small and medium sized businesses throughout the United States. The Company provides these services through its subsidiary, eVance Processing Inc. (eVance). Through its eVance subsidiary, the Company provides an integrated suite of third-party merchant payment processing services and related proprietary software enabling products that deliver credit and debit card-based Internet payments processing solutions to small and mid-sized merchants operating in physical brick and mortar business environments, on the Internet and in retail settings requiring both wired and wireless mobile payment solutions. It also operates as a wholesale Independent Sales Organization (ISO), generating individual merchant processing contracts in exchange for future residual payments.

Excel Corporation (OTCMKTS:EXCC) Recent Trading Information

Excel Corporation (OTCMKTS:EXCC) closed its last trading session down -0.003 at 0.120 with shares trading hands.

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