Marin Software Incorporated (NASDAQ:MRIN) Files An 8-K Termination of a Material Definitive AgreementItem 1.02 Termination of a Material Definitive Agreement.
On December 27, 2016, Marin Software Incorporated (“Marin Software”), Marin Software Limited, a Marin Software subsidiary and company registered under the laws of England and Wales, and Marin Software Limited, a Marin Software subsidiary and company incorporated in Ireland, terminated that certain Second Amended and Restated Loan and Security Agreement with Silicon Valley Bank dated July 23, 2015, as subsequently amended on February 19, 2016 (the “Loan Agreement”), in accordance with the terms of the Loan Agreement. The Loan Agreement provided for a revolving credit facility of up to the lesser of $20 million or 80% of Marin Software’s eligible accounts receivable. A full description of the Loan Agreement can be found under Item 1.01 of the Current Report on Form 8-K filed by Marin Software with the Securities and Exchange Commission on July 24, 2015 and is incorporated herein by reference.
No amounts were outstanding under the Loan Agreement as of the date of termination. The Loan Agreement was terminated because Marin Software determined the Loan Agreement was no longer necessary.