Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
MITEK SYSTEMS INC incurred revolving credit of $35,000,000 with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company at variable rate equal to (a) term SOFR plus a specified margin or (b) WSJ prime pl maturing three year anniversary of the Closing Date.
- Instrument
- revolving credit
- Principal
- $35,000,000
- Counterparty
- Silicon Valley Bank, a division of First-Citizens Bank & Trust Company
- Rate
- variable rate equal to (a) term SOFR plus a specified margin or (b) WSJ prime pl
- Maturity
- three year anniversary of the Closing Date
- Event
- incurrence
Exact text from the filing
defined herein shall have the meanings ascribed to them in the Credit Agreement. The Credit Agreement provides for a revolving line of credit whereby Borrower may borrow up to $35,000,000 (the “Revolving Line”) with an additional $15,000,000 to be advanced under the Revolving Line at the sole discretion of the Bank. The Revolving Line is secured on a first priority
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.98
MITEK SYSTEMS INC entered into Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company valued at $35,000,000 (effective 2024-02-13).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Silicon Valley Bank, a division of First-Citizens Bank & Trust Company
- Value
- $35,000,000
- Effective
- 2024-02-13
Exact text from the filing
On February 13, 2024 (the “Closing Date”), Mitek Systems, Inc. (the “Company”), A2iA Corp., and ID R&D, Inc. (jointly and severally, individually and collectively, “Borrower”) entered into a Loan and Security Agreement (the “Credit Agreement”) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Bank”).
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