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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: justify">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 60%; border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">August 13, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">GLOBAL AXCESS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 37%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">000-17874</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">88-0199674</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction<BR> of incorporation)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">7800 Belfort Parkway, Suite 165, Jacksonville, Florida</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">32256</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Registrant&rsquo;s telephone number, including area code</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">(904) 280-3950</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center">N/A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">(Former name or former address, if changed since last report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Wingdings; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&#9;Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#9;On August 13, 2012, Global
Axcess Corp., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), and certain affiliates of the Company, entered into a waiver
and amendment (the &ldquo;<B>Waiver and Amendment</B>&rdquo;) relating to several existing credit facilities with Fifth Third Bank
(&ldquo;<B>Fifth Third</B>&rdquo;). The Waiver and Amendment relates to facilities entered into in connection with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>1. </B>That
certain Loan and Security Agreement, as amended (the &ldquo;<B>Loan and Security Agreement</B>&rdquo;) and corresponding $5.0 million
term note and $2.0 million inventory draw note that were entered into and issued by the Company to Fifth Third on June 18, 2010,
and several draw loans that were extended to the Company in 2011 pursuant thereto. The Loan and Security Agreement was previously
amended by the first amendment, entered into December 17, 2010, the second amendment entered into January 4, 2012, the third amendment
entered into May 10, 2012, the fourth amendment entered into May 31, 2012 and the fifth amendment entered into June 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>2.</B>
That certain 2011-A Loan and Security Agreement, as amended (the &ldquo;<B>A-Loan</B>&rdquo;), dated as of September 28, 2011 (providing
a $960,000 draw loan facility) and related draw loans that were extended to the Company in 2011 pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>3.</B>
That certain 2011-B Loan and Security Agreement, as amended, (the &ldquo;<B>B-Loan</B>&rdquo;), dated as of November 23, 2011 (providing
a $1.0 million draw loan facility) and related draw loans that were extended to the Company in 2011 pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>4. </B>That
certain 2011-C Loan and Security Agreement, as amended (the &ldquo;<B>C-Loan</B>&rdquo;, and, collectively with the Loan and Security
Agreement, the A-Loan and the B-Loan, the &ldquo;<B>Loan Agreements</B>&rdquo;), dated as of December 29, 2011 (providing a $3.0
million draw loan facility) and related draw loans that were extended to the Company in 2011 pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Waiver and
Amendment operates as a waiver by Fifth Third relating to certain existing covenant defaults under the Loan and Security
Agreement, in exchange for certain agreements and representations made by the Company. The Waiver and Amendment also operates
to amend each of the Loan Agreements in certain aspects. Specifically, certain specified draw loans are amended to forego
principal payments until maturity or acceleration, or such other date that all other amounts of obligations are to be paid in
full. Other provisions related to confidentiality of information and notices are also amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of
the foregoing waivers and amendments, the Company will be required to pay a waiver and amendment fee of $100,000, on the earlier
date that all other amounts of obligations are to be paid in full, or December 1, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Waiver and Amendment
also requires the Company to retain a consultant who will monitor and report to Fifth Third on several aspects of the Company&rsquo;s
business and financial condition. In addition, on or before August 31, 2012, the Company must identify three investment bankers
that the Company would be agreeable to engaging in connection with such strategic alternatives as the consultant or the Company
may propose which are acceptable to Fifth Third.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is also
restricted, by the terms of the Waiver and Amendment from making or paying certain distributions or dividends, advances, loans,
redemptions, prepayments, management fees, or other specified payments or set-asides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Waiver and Amendment
also contains a form of &ldquo;Collateral Questionnaire&rdquo; that is required to be completed by the Company and returned to
Fifth Third.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Waiver and Amendment, including all exhibits attached thereto, is qualified in its entirety by reference to the text of
the Waiver and Amendment, a copy of which is filed herewith as <U>Exhibit 4.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#9;On
August 13, 2012, the Company, and certain affiliates of the Company, entered into a modification (the &ldquo;<B>Equipment
Lease Amendment No. 2</B>&rdquo;) to that certain Master Equipment Lease Agreement, between the Company, and certain
affiliates, and Fifth Third, dated June 18, 2010, as first amended on June 6, 2012. The Equipment Lease Amendment amends the
amortization schedule of rental payments on two separate Equipment Lease Schedules due from the Company during certain
specified periods, and provides for smaller payments in the short-term and larger payments at the end of the lease periods.
As part of the Equipment Lease Amendment No. 2, Fifth Third also agreed to waive certain covenant defaults of the Company
related to its debt service coverage ratio and senior funded indebtedness to EBITDA ratio, for the period ended June 30,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration thereof,
the Company agreed to an increase in the applicable interest rate on all non-hedged facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as modified
by the Equipment Lease Amendment No. 2, the terms of the Master Equipment Lease Agreement, as amended, remain in full force and
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Equipment Lease Amendment No. 2, including all exhibits attached thereto, is qualified in its entirety by reference to the
text of the Equipment Lease Amendment No. 2, a copy of which is filed herewith as <U>Exhibit 4.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01&#9;Financial Statements and
Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD><B>(d)&#9;</B>&nbsp;</TD><TD COLSPAN="2"><B>Exhibits.</B>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.1</B></TD><TD STYLE="text-align: justify">Waiver and Amendment to Four Certain Global Axcess Loan and Security Agreements, entered August
13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.2</B></TD><TD STYLE="text-align: justify">Amendment to Master Equipment Lease Agreement and Equipment Schedule &ndash; No.002, entered August
13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Equipment Finance Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">GLOBAL AXCESS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated:&nbsp; August 17, 2012</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-style: italic">/s/ Michael J. Loiacono</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="padding-left: 0.17in">Michael J. Loiacono</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-left: 0.17in">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold">Exhibit</TD>
    <TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 90%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">4.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Waiver and Amendment to Four Certain Global Axcess Loan and Security Agreements, entered August 13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">4.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Amendment to Master Equipment Lease Agreement and Equipment Schedule &ndash; No.002, entered August 13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Equipment Finance Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>



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{"company-data": {"conformed-name": "GLOBAL AXCESS CORP", "cik": "0000852570", "assigned-sic": "7389", "irs-number": "880199674", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17874", "film-number": "121043319"}, "business-address": {"street1": "7800 BELFORT PARKWAY", "street2": "SUITE 165", "city": "JACKSONVILLE", "state": "FL", "zip": "32256", "phone": "9042803950"}, "mail-address": {"street1": "7800 BELFORT PARKWAY", "street2": "SUITE 165", "city": "JACKSONVILLE", "state": "FL", "zip": "32256"}, "former-company": [{"former-conformed-name": "NETHOLDINGS COM INC", "date-changed": "20001113"}, {"former-conformed-name": "XPLORER S A", "date-changed": "19960903"}, {"former-conformed-name": "GERANT INDUSTRIES INC", "date-changed": "19930513"}]}
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 13, 2012
GLOBAL AXCESS CORP.
(Exact name of registrant as specified in its charter)
Nevada
000-17874
88-0199674
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
7800 Belfort Parkway, Suite 165, Jacksonville, Florida
32256
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(904) 280-3950
N/A
(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 (see General Instruction
A.2. below):
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
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.
(A)
On August 13, 2012, Global
Axcess Corp., a Nevada corporation (the "
Company
"), and certain affiliates of the Company, entered into a waiver
and amendment (the "
Waiver and Amendment
") relating to several existing credit facilities with Fifth Third Bank
("
Fifth Third
"). The Waiver and Amendment relates to facilities entered into in connection with:
1.
That
certain Loan and Security Agreement, as amended (the "
Loan and Security Agreement
") and corresponding $5.0 million
term note and $2.0 million inventory draw note that were entered into and issued by the Company to Fifth Third on June 18, 2010,
and several draw loans that were extended to the Company in 2011 pursuant thereto. The Loan and Security Agreement was previously
amended by the first amendment, entered into December 17, 2010, the second amendment entered into January 4, 2012, the third amendment
entered into May 10, 2012, the fourth amendment entered into May 31, 2012 and the fifth amendment entered into June 30, 2012.
2.
That certain 2011-A Loan and Security Agreement, as amended (the "
A-Loan
"), dated as of September 28, 2011 (providing
a $960,000 draw loan facility) and related draw loans that were extended to the Company in 2011 pursuant thereto.
3.
That certain 2011-B Loan and Security Agreement, as amended, (the "
B-Loan
"), dated as of November 23, 2011 (providing
a $1.0 million draw loan facility) and related draw loans that were extended to the Company in 2011 pursuant thereto.
4.
That
certain 2011-C Loan and Security Agreement, as amended (the "
C-Loan
", and, collectively with the Loan and Security
Agreement, the A-Loan and the B-Loan, the "
Loan Agreements
"), dated as of December 29, 2011 (providing a $3.0
million draw loan facility) and related draw loans that were extended to the Company in 2011 pursuant thereto.
The Waiver and
Amendment operates as a waiver by Fifth Third relating to certain existing covenant defaults under the Loan and Security
Agreement, in exchange for certain agreements and representations made by the Company. The Waiver and Amendment also operates
to amend each of the Loan Agreements in certain aspects. Specifically, certain specified draw loans are amended to forego
principal payments until maturity or acceleration, or such other date that all other amounts of obligations are to be paid in
full. Other provisions related to confidentiality of information and notices are also amended.
In consideration of
the foregoing waivers and amendments, the Company will be required to pay a waiver and amendment fee of $100,000, on the earlier
date that all other amounts of obligations are to be paid in full, or December 1, 2012.
The Waiver and Amendment
also requires the Company to retain a consultant who will monitor and report to Fifth Third on several aspects of the Company's
business and financial condition. In addition, on or before August 31, 2012, the Company must identify three investment bankers
that the Company would be agreeable to engaging in connection with such strategic alternatives as the consultant or the Company
may propose which are acceptable to Fifth Third.
The Company is also
restricted, by the terms of the Waiver and Amendment from making or paying certain distributions or dividends, advances, loans,
redemptions, prepayments, management fees, or other specified payments or set-asides.
The Waiver and Amendment
also contains a form of "Collateral Questionnaire" that is required to be completed by the Company and returned to
Fifth Third.
The foregoing description
of the Waiver and Amendment, including all exhibits attached thereto, is qualified in its entirety by reference to the text of
the Waiver and Amendment, a copy of which is filed herewith as
Exhibit 4.1
.
(B)
On
August 13, 2012, the Company, and certain affiliates of the Company, entered into a modification (the "
Equipment
Lease Amendment No. 2
") to that certain Master Equipment Lease Agreement, between the Company, and certain
affiliates, and Fifth Third, dated June 18, 2010, as first amended on June 6, 2012. The Equipment Lease Amendment amends the
amortization schedule of rental payments on two separate Equipment Lease Schedules due from the Company during certain
specified periods, and provides for smaller payments in the short-term and larger payments at the end of the lease periods.
As part of the Equipment Lease Amendment No. 2, Fifth Third also agreed to waive certain covenant defaults of the Company
related to its debt service coverage ratio and senior funded indebtedness to EBITDA ratio, for the period ended June 30,
2012.
In consideration thereof,
the Company agreed to an increase in the applicable interest rate on all non-hedged facilities.
Except as modified
by the Equipment Lease Amendment No. 2, the terms of the Master Equipment Lease Agreement, as amended, remain in full force and
effect.
The foregoing description
of the Equipment Lease Amendment No. 2, including all exhibits attached thereto, is qualified in its entirety by reference to the
text of the Equipment Lease Amendment No. 2, a copy of which is filed herewith as
Exhibit 4.2
.
Item 9.01	Financial Statements and
Exhibits.
(d)
Exhibits.
4.1
Waiver and Amendment to Four Certain Global Axcess Loan and Security Agreements, entered August
13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.
4.2
Amendment to Master Equipment Lease Agreement and Equipment Schedule – No.002, entered August
13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Equipment Finance Company.
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.
GLOBAL AXCESS CORP.
Dated:  August 17, 2012
By:
/s/ Michael J. Loiacono
Name:
Michael J. Loiacono
Title:
Chief Financial Officer
EXHIBIT INDEX
Exhibit
Description
4.1
Waiver and Amendment to Four Certain Global Axcess Loan and Security Agreements, entered August 13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.
4.2
Amendment to Master Equipment Lease Agreement and Equipment Schedule – No.002, entered August 13, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Equipment Finance Company.