|
||||||||||||||||||||||||||
| SEC Info℠ | | | Home | | | Search | | | My Interests | | | Help | | | Sign In | | | Please Sign In | |||||||
|
||||||||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/11/20 Asure Software Inc 10-Q 3/31/20 66:4.5M Federal Filings, LLC/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 407K
2: EX-10.1 Material Contract HTML 50K
3: EX-10.2 Material Contract HTML 71K
4: EX-31.1 Certification -- §302 - SOA'02 HTML 24K
5: EX-31.2 Certification -- §302 - SOA'02 HTML 24K
6: EX-32.1 Certification -- §906 - SOA'02 HTML 20K
7: EX-32.2 Certification -- §906 - SOA'02 HTML 21K
24: R1 Document And Entity Information HTML 49K
41: R2 Condensed Consolidated Balance Sheets HTML 147K
64: R3 Condensed Consolidated Balance Sheets HTML 43K
(Parentheticals)
28: R4 Condensed Consolidated Statements of Comprehensive HTML 152K
Loss
25: R5 Condensed Consolidated Statements of Changes in HTML 71K
Stockholders' Equity
43: R6 Condensed Consolidated Statements of Cash Flows HTML 135K
66: R7 The Company and Basis of Presentation HTML 26K
30: R8 Significant Accounting Policies HTML 31K
22: R9 Investments and Fair Value Measurements HTML 135K
36: R10 Goodwill and Other Intangible Assets HTML 77K
17: R11 Notes Payable HTML 80K
50: R12 Stockholders' Equity HTML 25K
55: R13 Contracts With Customers and Revenue Concentration HTML 29K
35: R14 Leases HTML 52K
16: R15 Share-Based Compensation HTML 25K
49: R16 Discontinued Operations HTML 35K
54: R17 Net Loss Per Share HTML 45K
34: R18 Subsequent Events HTML 25K
18: R19 Accounting Policies, by Policy (Policies) HTML 42K
39: R20 Investments and Fair Value Measurements (Tables) HTML 135K
61: R21 Goodwill and Other Intangible Assets (Tables) HTML 78K
27: R22 Notes Payable (Tables) HTML 81K
20: R23 Leases (Tables) HTML 57K
38: R24 Discontinued Operations (Tables) HTML 39K
60: R25 Net Loss Per Share (Tables) HTML 43K
26: R26 The Company and Basis of Presentation (Details) HTML 25K
19: R27 Investments and Fair Value Measurements (Details) HTML 28K
40: R28 Investments and Fair Value Measurements (Details) HTML 51K
- Debt Securities, Available-for-sale
59: R29 Investments and Fair Value Measurements (Details) HTML 36K
- Investments Classified by Contractual Maturity
Date
56: R30 Investments and Fair Value Measurements (Details) HTML 51K
- Schedule of Fair Value, Assets and Liabilities
Measured on Recurring Basis
52: R31 Goodwill and Other Intangible Assets (Details) HTML 35K
14: R32 Goodwill and Other Intangible Assets (Details) - HTML 46K
Schedule of Intangible Assets
32: R33 Goodwill and Other Intangible Assets (Details) - HTML 36K
Schedule of Expected Amortization Expense
57: R34 Notes Payable (Details) HTML 58K
53: R35 Notes Payable (Details) - Schedule of Debt HTML 41K
15: R36 Notes Payable (Details) - Schedule of Debt and HTML 44K
Debt Issuance Costs
33: R37 Notes Payable (Details) - Schedule of Maturities HTML 38K
of Long-term Debt
58: R38 Notes Payable (Details) - Schedule of Appicable HTML 31K
Margin Rates
51: R39 Stockholders' Equity (Details) HTML 24K
62: R40 Contracts With Customers and Revenue Concentration HTML 41K
(Details)
44: R41 Leases (Details) HTML 31K
21: R42 Leases (Details) - Rent Expense Components HTML 27K
29: R43 Leases (Details) - Lessee, Operating Lease, HTML 26K
Disclosure
63: R44 Leases (Details) - Lessee, Operating Lease, HTML 39K
Liability, Maturity
46: R45 Share-Based Compensation (Details) HTML 64K
23: R46 Discontinued Operations (Details) HTML 27K
31: R47 Discontinued Operations (Details) - Disposal HTML 50K
Groups, Including Discontinued Operations
65: R48 Net Loss Per Share (Details) HTML 23K
42: R49 Net Loss Per Share (Details) - Components of HTML 50K
Earnings Per Share, Basic and Diluted
48: R50 Subsequent Events (Details) HTML 37K
37: XML IDEA XML File -- Filing Summary XML 114K
47: EXCEL IDEA Workbook of Financial Reports XLSX 56K
8: EX-101.INS XBRL Instance -- asur-20200331 XML 1.10M
10: EX-101.CAL XBRL Calculations -- asur-20200331_cal XML 147K
11: EX-101.DEF XBRL Definitions -- asur-20200331_def XML 619K
12: EX-101.LAB XBRL Labels -- asur-20200331_lab XML 1.06M
13: EX-101.PRE XBRL Presentations -- asur-20200331_pre XML 590K
9: EX-101.SCH XBRL Schema -- asur-20200331 XSD 142K
45: ZIP XBRL Zipped Folder -- 0001185185-20-000585-xbrl Zip 130K
Exhibit 10.1
AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDMENT No. 1 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), dated February 21, 2020, is made and entered into by and among ASURE SOFTWARE, INC., a Delaware corporation ("Borrower"), the Guarantors party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, "Agent") and the Lenders party hereto.
RECITALS
WHEREAS, Borrower, the lenders party thereto as "Lenders" and Agent have entered into that certain Third Amended and Restated Credit Agreement dated as of December 31, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement;
WHEREAS, Borrower has informed Agent and Required Lenders that Borrower desires to request the issuance of a Letter of Credit, upon which, without the amendments set forth herein, the Letter of Credit Usage would exceed the allowable amount set forth in the Credit Agreement;
WHEREAS, Borrower has requested that Agent and Required Lenders agree to certain amendments to the Credit Agreement as more fully set forth herein; and
WHEREAS, Agent and the Required Lenders are willing to agree to certain amendments to the Credit Agreement, subject to the terms and conditions set forth herein;
NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:
ARTICLE I
AMENDMENTS TO THE CREDIT AGREEMENT
Notwithstanding anything to the contrary in the Credit Agreement or elsewhere in the Loan Documents, subject to the satisfaction of the conditions set forth herein, and in reliance on the representations and warranties set forth herein, effective as of the Effective Date (as defined below), Section 2.11(b)(i) of the Credit Agreement is hereby amended by amending and restating the amount "$250,000" therein as "$1,000,000".
ARTICLE II
NO WAIVER
This Amendment is a limited consent and amendment and other than as set forth above in Article I hereof, nothing contained in this Amendment shall be construed as a consent or amendment to or waiver by Agent or any Lender of any covenant or provision of the Credit Agreement, the other Loan Documents, this Amendment, or of any other contract or instrument between any Loan Party and Agent or any Lender, and the failure of Agent or any Lender at any time or times hereafter to require strict performance by the Loan Parties of any provision thereof shall not waive, affect or diminish any right of Agent to thereafter demand strict compliance therewith. Agent and each Lender hereby reserves all rights granted under the Credit Agreement, the other Loan Documents, this Amendment and any other contract or instrument between any Loan Party and Agent or any Lender.
ARTICLE III
CONDITIONS PRECEDENT AND SUBSEQUENT
This Amendment shall become effective only upon the satisfaction in full, in a manner satisfactory to Agent and Required Lenders, of the following conditions precedent (the first date upon which all such conditions have been satisfied being herein called the "Effective Date"):
(a) Agent and each Lender party hereto shall have received a copy of this Amendment executed and delivered by Agent, Required Lenders and Borrower;
(b) All corporate and other proceedings, and all documents instruments and other legal matters in connection with the transactions contemplated by each of this Amendment shall be satisfactory in form and substance to Agent and its counsel.
(c) After giving effect to this Amendment, the representations and warranties made by Borrower contained herein and by each Loan Party in the Credit Agreement and the other Loan Documents, shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date hereof, as if those representations and warranties were made for the first time on such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date);
(d) After giving effect to this Amendment, each Loan Party is in compliance with all applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents; and
(e) After giving effect to this Amendment, no Default or Event of Default shall exist under any of the Loan Documents, and no Default or Event of Default will result under any of the Loan Documents from the execution, delivery or performance of this Amendment.
ARTICLE IV
RATIFICATIONS, REPRESENTATIONS AND WARRANTIES
4.01 Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Borrower and the other Loan Parties hereby agree that all liens and security interest securing payment of the Obligations under the Credit Agreement are hereby collectively renewed, ratified and brought forward as security for the payment and performance of the Obligations. Borrower and the other Loan Parties, and Agent, on behalf of itself and the Lenders, agree that the Credit Agreement and the other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their respective terms, and that this Amendment shall not constitute a novation.
4.02 Representations and Warranties. Borrower and each Guarantor each hereby represents and warrants, jointly and severally, to Agent and the Lender Group as of the date hereof as follows: (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this Amendment, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith are within its powers, have been duly authorized, and do not contravene (i) its Governing Documents or (ii) any applicable law; (c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental body or other Person, is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment, the Credit Agreement or any of the other Loan Documents executed and/or delivered in connection herewith by or against it, except for those consents, approvals or authorizations which (i) will have been duly obtained, made or compiled prior to the Effective Date and which are in full force and effect or (ii) the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect; (d) this Amendment, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith have been duly executed and delivered by it; (e) this Amendment, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith constitute its legal, valid and binding obligation enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally or by general principles of equity; (f) no Default or Event of Default exists, has occurred and is continuing or would result by the execution, delivery or performance of this Amendment; (g) each Loan Party is in compliance with all applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents, as consented to, amended or expressly waived herein; and (h) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified in the text thereof) on and as of the date hereof as though made on and as of each such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and complete on and as of such earlier date).
ARTICLE V
MISCELLANEOUS PROVISIONS
5.01 Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement or the other Loan Documents, including, without limitation, any document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Agent shall affect the representations and warranties or the right of Agent to rely upon them.
5.02 Expenses of Agent and the Lender Group. The Borrower agrees to pay on demand all Lender Group Expenses incurred by Agent and any Lender in connection with this Amendment any and all amendments, modifications, and supplements to the other Loan Documents, including, without limitation, the reasonable costs and fees of legal counsel, and all costs and expenses incurred by Agent in connection with the enforcement or preservation of any rights under the Credit Agreement or any other Loan Documents, including, without, limitation, the costs and fees of Agent's and Required Lenders' legal counsel.
5.03 Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.
5.04 Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Agent and each Loan Party and their respective successors and assigns, except that no Loan Party may assign or transfer any of its respective rights or obligations hereunder without the prior written consent of Agent and each Lender.
5.05 Counterparts. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Receipt by telecopy or electronic mail of any executed signature page to this Amendment shall constitute effective delivery of such signature page. This Amendment to the extent signed and delivered by means of a facsimile machine or other electronic transmission including email transmission of a PDF image), shall be treated in all manner and respects and for all purposes as an original agreement or amendment and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto shall raise the use of a facsimile machine or other electronic transmission to deliver a signature or the fact that any signature or agreement or amendment was transmitted or communicated through the use of a facsimile machine or other electronic transmission as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.
5.06 Effect of Amendment. No consent or amendment, express or implied, by Agent to or for any breach of or deviation from any covenant or condition by any Loan Party shall be deemed a consent to or waiver or amendment of any other breach of the same or any other covenant, condition or duty.
5.07 Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
5.08 Applicable Law. THE VALIDITY OF THIS AMENDMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.
5.09 Final Agreement. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, EACH AS MODIFIED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS MODIFIED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AGREEMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE BORROWER AND AGENT.
5.10 Release. AS A MATERIAL PART OF THE CONSIDERATION FOR AGENT AND LENDERS ENTERING INTO THIS AMENDMENT, ON THE DATE HEREOF EACH LOAN PARTY, ON BEHALF OF ITSELF AND ITS SUCCESSORS (INCLUDING, WITHOUT LIMITATION, ANY TRUSTEES ACTING ON BEHALF OF SUCH LOAN PARTY AND ANY DEBTOR-IN-POSSESSION WITH RESPECT TO SUCH LOAN PARTY), ASSIGNS, SUBSIDIARIES AND AFFILIATES HEREBY RELEASES AND FOREVER DISCHARGES AGENT AND EACH LENDER AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS, AFFILIATES, SUBSIDIARIES, PARENTS, SUCCESSORS AND ASSIGNS FROM ANY AND ALL LIABILITIES, OBLIGATIONS, ACTIONS, CONTRACTS, CLAIMS, CAUSES OF ACTION, DAMAGES, DEMANDS, COSTS AND EXPENSES WHATSOEVER, OF EVERY KIND AND NATURE, HOWEVER EVIDENCED OR CREATED, WHETHER KNOWN OR UNKNOWN, ARISING PRIOR TO THE EFFECTIVE DATE INVOLVING THE EXTENSION OF CREDIT UNDER OR ADMINISTRATION OF THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENTS OR COLLATERAL, THE OBLIGATIONS INCURRED BY BORROWERS OR ANY OTHER TRANSACTIONS EVIDENCED BY THE CREDIT AGREEMENT OR THE LOAN DOCUMENTS.
5.11 Consent of Guarantors. The Borrower and each Guarantor, hereby (a) consent to the transactions contemplated by this Amendment and (b) agree that the Credit Agreement and the other Loan Documents (as amended, restated, supplemented or otherwise modified from time to time) are and shall remain in full force and effect. Although each Guarantor has been informed of the matters set forth herein and has acknowledged and agreed to the same, each understands that neither the Agent nor any Lender has any obligation to inform it of such matters in the future or to
seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty. Borrower and each Guarantor, acknowledges that its Guaranty is in full force and effect and ratifies the same, acknowledges that the undersigned has no defense, counterclaim, set-off or any other claim to diminish the undersigned's liability under such document.
[Remainder of page intentionally left blank; signature pages follow]
IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first above written.
|
ASURE SOFTWARE, INC.,
|
|
MANGROVE EMPLOYER SERVICES, INC.,
|
|
ASURE PAYROLL SERVICES, INC., f/k/a MANGROVE PAYROLL SERVICES, INC.,
|
|
MANGROVE SOFTWARE, INC., |
|
ASURE CONSULTING, INC. f/k/a PERSONNEL MANAGEMENT SYSTEMS, INC.,
|
|
COMPASS HRM, INC.,
|
|
ISYSTEMS INTERMEDIATE HOLDCO, INC.,
|
|
ISYSTEMS LLC,
|
|
EVOLUTION PAYROLL PROCESSING LLC, |
|
ASSOCIATED DATA SERVICES, INC.,
|
|
TELEPAYROLL, INC.,
|
|
SAVERS ADMINISTRATIVE SERVICES, INC.,
|
|
USA PAYROLLS INC., |
|
PAYROLL MAXX LLC,
PAY SYSTEMS OF AMERICA, INC.,
|
|
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent and as a Lender |
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed as of: | 5/11/20 | |||
| Filed on: | 5/8/20 | |||
| For Period end: | 3/31/20 | 8-K | ||
| 2/21/20 | ||||
| 12/31/19 | 10-K, 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/11/21 Asure Software Inc. 10-K 12/31/20 99:9.7M Workiva Inc Wde… FA01/FA 12/18/20 Asure Software Inc. 424B5 1:573K Toppan Merrill/FA 12/17/20 Asure Software Inc. 424B5 1:571K Toppan Merrill/FA 11/09/20 Asure Software Inc. S-8 11/09/20 3:103K Federal Filings, LLC/FA 8/10/20 Asure Software Inc. 10-Q 6/30/20 66:5.8M Federal Filings, LLC/FA |