Majesco (NYSEAMERICAN: MJCO) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01.
On November 29, 2018, Majesco amended its previously disclosed Receivable Purchase Agreement, dated January 13, 2017 (the “Agreement”) with HSBC Bank USA, National Association (“HSBC”), to increase its limit to $15.0 million until March 29, 2019, and $10.0 million thereafter. Under the Agreement, HSBC may advance funds against certain eligible accounts receivable at an agreed advance rate. The facility bears interest at two (2%) per cent plus the ninety (90) day LIBOR rate. HSBC will receive an arrangement fee of $10,000 in connection with this amendment. Other terms of the Agreement remain unchanged. The amendment will provide additional liquidity to Majesco for mergers and acquisitions and other general corporate purposes. HSBC is also a lender under Majesco’s previously disclosed term loan facility dated March 23, 2016.
The foregoing summary of the amendment to the Agreement does not purport to be complete and is qualified in its entirety by reference to the amendment to the Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.
| ITEM 2.03. | CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT. |
Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 2.03 by reference.
| ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
10.1Amendment to the Receivable Purchase Agreement, dated November 29, 2018, by and between Majesco and HSBC Bank USA, National Association
Majesco ExhibitEX-10.1 2 tv508467_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 AMENDMENT TO THE RECEIVABLES PURCHASE AGREEMENT THIS AMENDMENT TO THE RECEIVABLES PURCHASE AGREEMENT,…To view the full exhibit click here
