- Current report filing (8-K)
August 18 2010 - 3:39PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of
earliest event reported):
August 12, 2010
SRS LABS, INC.
(Exact name of registrant as
specified in charter)
Delaware
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0-21123
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33-0714264
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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2909 Daimler Street
Santa Ana, California
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92705
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrants telephone number, including area code:
(949) 442-1070
Not Applicable
(Former name or former address, if changed
since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item
1.01
Entry
into a Material Definitive Agreement; and
Item 2.03
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
On August 12, 2010, SRS Labs, Inc. (the Company)
entered into a Revolving Credit Agreement (collectively with the Revolving
Credit Note and related documents, the Loan Documents) with U.S. Bank N.A.
(the Bank). The Loan Documents provide
the Company with a $5.0 million revolving line of credit, which is available
until June 30, 2011, to be used for working capital purposes.
Interest on borrowed amounts under the revolving
line of credit is payable monthly, beginning August 1, 2010, at one of the
following rates selected by the Company (and upon notice to the Bank as required
by the Loan Documents): (i) the
prime rate announced by the Bank from time to time minus 1.00% or (ii) 2.00%
plus the 1, 2, 3, 6 or 12 month LIBOR rate quoted by the Bank from Reuters
Screen LIBIOR01Page or any successor thereto. In addition, the Company is obligated to pay
an unused line fee of 0.25% per annum, payable quarterly in arrears, applied to
the unused portion of the revolving line of credit.
In the event of a default, which includes a failure
to make payments required under the Loan Documents, a material
misrepresentation or a material adverse change in the business, properties or
financial condition of the Company, the Bank may, among other things, declare
all obligations immediately due and payable, stop advancing money or extending
credit, and increase the interest rate to a rate of 5% per annum plus the
interest rate otherwise payable under the Loan Documents. The Bank may also place a hold on any
accounts maintained by the Company with the Bank and will have a right of set
off against any depository accounts balances, cash and other property of the
Company held by the Bank.
The foregoing description of the Loan Documents does
not purport to be complete and is qualified in its entirety by reference to the
full text of the Loan Documents, which are filed as an exhibit to this Current
Report on Form 8-K and is incorporated herein by reference.
Item
9.01 Financial Statements
and Exhibits.
(d) Exhibits.
Exhibit No.
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Description of Exhibit
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10.1
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Revolving
Credit Agreement, and related documents and agreements, by and between SRS
Labs, Inc. and U.S. Bank N.A.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SRS
LABS, INC.,
a Delaware corporation
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Dated:
August 18, 2010
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By:
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/S/
ULRICH GOTTSCHLING
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Ulrich
Gottschling
Chief Financial Officer
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2
EXHIBIT INDEX
Exhibit No.
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Description of Exhibit
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10.1
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Revolving
Credit Agreement, and related documents and agreements, by and between SRS
Labs, Inc. and U.S. Bank N.A.
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3
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