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<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 COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">Date of Report (Date of earliest event reported)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">September 28,
    2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="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 COLSPAN="4" STYLE="font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Nevada</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">000-17874</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">88-0199674</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">7800 Belfort
    Parkway, Suite 165, Jacksonville, Florida</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">32256</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">(904) 280-3950</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">N/A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center">(Former name or former address, if changed since last report)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 165px">&nbsp;</TD>
    <TD STYLE="width: 109px">&nbsp;</TD>
    <TD>&nbsp;</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 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> 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; text-indent: 0.25in"><B>Item 1.01&nbsp;&nbsp;&nbsp;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; text-indent: 0.5in">On September 28, 2012,
Global Axcess Corp., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), and certain affiliates of the Company, entered into
an amendment (the &ldquo;<B>Amendment</B>&rdquo;) relating to several existing credit facilities with Fifth Third Bank (&ldquo;<B>Fifth
Third</B>&rdquo;). The 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, the fifth amendment entered into
June 30, 2012 and the sixth amendment entered into August 13, 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 0pt 0.5in; 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>5. </B>That
certain Master Equipment Lease Agreement (the &ldquo;<B>Lease Agreement</B>&rdquo;), dated June 18, 2010, and certain related
specified loans on various equipments schedules extended to the Company thereunder in 2011 and 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 Amendment operates
as an omnibus amendment to certain terms contained in the Loan Agreements and the Lease Agreement, in exchange for certain agreements
and representations made by the Company.</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"><I><U>Loan Agreements</U></I></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">Under the Amendment,
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. This concession by Fifth Third is only operative, however, if the Company
receives not less than $1.5 million in the form of an equity contribution on or before October 31, 2012. In connection with this
required equity infusion, the Company must prepare preliminary offering materials (and a methodology of distribution of such offering
materials) by October 22, 2012&mdash;which will facilitate the generation of interest in the capital raise and/or the exploration
of strategic alternatives of the Company.</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 Amendment also
calls for the Company to deliver, between October 31, 2012 and November 30, 2012, term sheets and related materials and evidences
of commitments, in form and substance acceptable to Fifth Third, related to a refinancing of all of the specified outstanding
obligations under the Loan Agreements, and to close such a refinancing no later than December 31, 2012. In the event that the
Company fails to comply with any of the specified conditions related to these covenants, Fifth Third may trigger certain sale
covenants (detailed on Exhibit D attached to the Amendment) and compel sales of the Company&rsquo;s assets.</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">With respect to certain
specific draw loans under the Loan Agreements, the interest rates are also adjusted in the Amendment based on specified metrics.
In addition, the Amendment calls for a special additional rate of interest (at a rate of three and one half percent (3.5%) per
annum) to be added to each of the outstanding specified loans, and added to the outstanding principal amount of each loan on the
first day of each calendar month (defined in the Amendment as the &ldquo;<B>PIK Interest</B>&rdquo;). Each of the Loan Agreements
is also amended to state that the default interest rate shall be effective automatically upon the occurrence of any event of default,
without any further action being necessary.</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 Amendment also
requires the Company to comply with certain cash flow and budget forecast covenants. Specifically, the Company must deliver cash
flow forecasts and reconciliations (and explanations of material variances) to Fifth Third on a weekly basis. Pursuant to these
covenants, the Company must also (i) generate cash receipts in an amount equal to at least ninety percent (90%) of the aggregate
amount set forth in the weekly budget projections (with a reference period beginning on September 10, 2012), and (ii) make aggregate
cash disbursements no greater than ten percent (10%) more than the amount set in the weekly budget projections (with a reference
period beginning on September 10, 2012). Furthermore, any proceeds collected by the Company based on enumerated collateral (including
proceeds from the equity raise described above), must only be used for the purposes specified in the Company&rsquo;s provided
budget.</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 following additional
commitments were also made by the Company in connection with the Amendment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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 STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">With
                                                                                                               respect to all
                                                                                                               covered obligations
                                                                                                               of the Company
                                                                                                               to Fifth Third,
                                                                                                               the Company must
                                                                                                               present term sheets
                                                                                                               (with investors
                                                                                                               or other lenders)
                                                                                                               for refinancing
                                                                                                               such obligations
                                                                                                               by October 31,
                                                                                                               2012, binding commitments
                                                                                                               to such refinancing
                                                                                                               by November 30,
                                                                                                               2012 and have closed
                                                                                                               such refinancing
                                                                                                               by December 31,
                                                                                                               2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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 STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">With
                                                                                                               respect to a specified
                                                                                                               draw loan, the
                                                                                                               Company committed
                                                                                                               to pay the outstanding
                                                                                                               principal and interest
                                                                                                               ($68,690.03) and
                                                                                                               the PIK Interest
                                                                                                               on such loan, by
                                                                                                               November 2, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                                                                                               Company&rsquo;s
                                                                                                               subsidiary&mdash;Insta
                                                                                                               Video, Inc., a
                                                                                                               Nevada corporation&mdash;must
                                                                                                               guarantee the obligations
                                                                                                               of the Company
                                                                                                               under the Loan
                                                                                                               Agreements and
                                                                                                               its performance
                                                                                                               under the Agreement,
                                                                                                               and grant a security
                                                                                                               interest in its
                                                                                                               assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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 STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                                                                                               Company must secure
                                                                                                               first priority
                                                                                                               for Fifth Third
                                                                                                               on the titles of
                                                                                                               all certificated
                                                                                                               motor vehicles
                                                                                                               owned by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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 STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                                                                                               Company must deliver
                                                                                                               an executed Trademark
                                                                                                               Security Agreement
                                                                                                               to Fifth Third.</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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 STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                                                                                               Company must deliver
                                                                                                               certain waivers
                                                                                                               of its landlords
                                                                                                               related to its
                                                                                                               leased locations.</TD></TR>                                                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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 STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                                                                                               Company must provide
                                                                                                               requested information
                                                                                                               to Fifth Third
                                                                                                               on a specified
                                                                                                               piece of pending
                                                                                                               litigation involving
                                                                                                               the Company.</TD></TR></TABLE>

<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 Amendment
also requires the Company to retain a consulting firm, who will monitor and report to Fifth Third on several aspects of the
Company&rsquo;s business and financial condition (an extension and reiteration of the requirement put in place by amendment
of the Loan Agreements effective August 13, 2012). In addition, on or before September 28, 2012, the Company was required to
engage an investment banker acceptable to Fifth Third, in connection with such strategic alternatives as the consultant or
the Company may propose which are acceptable to Fifth Third (also an extension and reiteration of the requirement put in
place by the August 13, 2012 amendment). The Company was already engaged in the process of identifying and retaining an
investment banker prior to the requirements contained in the Amendment and the August 13, 2012 amendment, and on September
28, 2012, the Company engaged a mutually satisfactory investment banking firm thus fulfilling this contractual commitment.</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 Company is also
restricted, by the terms of the 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">In consideration of
the foregoing waivers and amendments, the Company will be required to pay an amendment fee of $150,000, on the earlier of the
date that all other amounts of obligations are to be paid in full, or December 31, 2012. In addition, Fifth Third agreesthat it
will extend the deadline for receipt of the $100,000 waiver fee that was due and payable by the Company, in connection with the
amendment of the Loan Agreements dated August 13, 2012, until the earlier of the date that all other amounts of obligations are
to be paid in full, or December 31, 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"><I><U>Lease Agreement</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Amendment also
amends specified draws related to the Lease Agreement. The draws that are impacted are the Master Equipment Lease Agreement and
Equipment Schedule No. 1, and Master Equipment Lease Agreement and Equipment Schedule No. 2 (collectively, the &ldquo;<B>Equipment
Schedules</B>&rdquo;).</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 Amendment amends
the amortization schedules of rental payments on the Equipment Schedules during certain specified periods, and provides for smaller
payments in the short-term and larger payments at the end of the lease periods. Each of the amortization schedules contained in
the Equipment Schedules is amended, in the first instance, as specified on Exhibits A1 and B1 of the Amendment. If, however, the
Company successfully closes the required equity financing described above by October 31, 2012, then the amortization schedules
in each of the Equipment Schedules will be amended as specified in Exhibits A2 and B2 of the Amendment, respectively (which provide
for amortization terms that are more favorable to the Company).</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">As a condition to
Fifth Third&rsquo;s entry into the Agreement, the Company&rsquo;s subsidiary&mdash;EFT Integration, Inc., a Florida corporation&mdash;must
also grant a security interest in its assets for the guarantee of the Company&rsquo;s performance under the Lease Agreement.</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 Amendment, the terms of the Lease Agreement and each of the Equipment Schedules, as amended, remain in full force and effect.</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 Amendment, including all exhibits attached thereto, is qualified in its entirety by reference to the text of the 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>Item 9.01&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></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 STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(d)</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.1</B></TD><TD>Amendment to four Loan and Security Agreements and one
                                                                      Master Equipment Lease Agreement, dated September 28, 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 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">GLOBAL AXCESS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Dated: October 4, 2012</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><I>/s/ Michael J. Loiacono</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:&nbsp;&nbsp;&nbsp;&nbsp;Michael J. Loiacono</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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"><B>EXHIBIT INDEX</B></P>

<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: 15%; font-weight: bold; border-bottom: Black 1pt solid">Exhibit</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 83%; font-weight: bold; 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>&nbsp;</TD>
    <TD STYLE="text-align: justify">Amendment to four Loan and Security Agreements and one Master Equipment Lease Agreement, dated
    September 28, 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"><B>&nbsp;</B></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": "121130160"}, "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)
September 28,
    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.
On September 28, 2012,
Global Axcess Corp., a Nevada corporation (the "
Company
"), and certain affiliates of the Company, entered into
an amendment (the "
Amendment
") relating to several existing credit facilities with Fifth Third Bank ("
Fifth
Third
"). The 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, the fifth amendment entered into
June 30, 2012 and the sixth amendment entered into August 13, 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.
5.
That
certain Master Equipment Lease Agreement (the "
Lease Agreement
"), dated June 18, 2010, and certain related
specified loans on various equipments schedules extended to the Company thereunder in 2011 and 2012.
The Amendment operates
as an omnibus amendment to certain terms contained in the Loan Agreements and the Lease Agreement, in exchange for certain agreements
and representations made by the Company.
Loan Agreements
Under the Amendment,
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. This concession by Fifth Third is only operative, however, if the Company
receives not less than $1.5 million in the form of an equity contribution on or before October 31, 2012. In connection with this
required equity infusion, the Company must prepare preliminary offering materials (and a methodology of distribution of such offering
materials) by October 22, 2012—which will facilitate the generation of interest in the capital raise and/or the exploration
of strategic alternatives of the Company.
The Amendment also
calls for the Company to deliver, between October 31, 2012 and November 30, 2012, term sheets and related materials and evidences
of commitments, in form and substance acceptable to Fifth Third, related to a refinancing of all of the specified outstanding
obligations under the Loan Agreements, and to close such a refinancing no later than December 31, 2012. In the event that the
Company fails to comply with any of the specified conditions related to these covenants, Fifth Third may trigger certain sale
covenants (detailed on Exhibit D attached to the Amendment) and compel sales of the Company's assets.
With respect to certain
specific draw loans under the Loan Agreements, the interest rates are also adjusted in the Amendment based on specified metrics.
In addition, the Amendment calls for a special additional rate of interest (at a rate of three and one half percent (3.5%) per
annum) to be added to each of the outstanding specified loans, and added to the outstanding principal amount of each loan on the
first day of each calendar month (defined in the Amendment as the "
PIK Interest
"). Each of the Loan Agreements
is also amended to state that the default interest rate shall be effective automatically upon the occurrence of any event of default,
without any further action being necessary.
The Amendment also
requires the Company to comply with certain cash flow and budget forecast covenants. Specifically, the Company must deliver cash
flow forecasts and reconciliations (and explanations of material variances) to Fifth Third on a weekly basis. Pursuant to these
covenants, the Company must also (i) generate cash receipts in an amount equal to at least ninety percent (90%) of the aggregate
amount set forth in the weekly budget projections (with a reference period beginning on September 10, 2012), and (ii) make aggregate
cash disbursements no greater than ten percent (10%) more than the amount set in the weekly budget projections (with a reference
period beginning on September 10, 2012). Furthermore, any proceeds collected by the Company based on enumerated collateral (including
proceeds from the equity raise described above), must only be used for the purposes specified in the Company's provided
budget.
The following additional
commitments were also made by the Company in connection with the Amendment:
·
With
                                                                                                               respect to all
                                                                                                               covered obligations
                                                                                                               of the Company
                                                                                                               to Fifth Third,
                                                                                                               the Company must
                                                                                                               present term sheets
                                                                                                               (with investors
                                                                                                               or other lenders)
                                                                                                               for refinancing
                                                                                                               such obligations
                                                                                                               by October 31,
                                                                                                               2012, binding commitments
                                                                                                               to such refinancing
                                                                                                               by November 30,
                                                                                                               2012 and have closed
                                                                                                               such refinancing
                                                                                                               by December 31,
                                                                                                               2012.
·
With
                                                                                                               respect to a specified
                                                                                                               draw loan, the
                                                                                                               Company committed
                                                                                                               to pay the outstanding
                                                                                                               principal and interest
                                                                                                               ($68,690.03) and
                                                                                                               the PIK Interest
                                                                                                               on such loan, by
                                                                                                               November 2, 2012.
·
The
                                                                                                               Company's
                                                                                                               subsidiary—Insta
                                                                                                               Video, Inc., a
                                                                                                               Nevada corporation—must
                                                                                                               guarantee the obligations
                                                                                                               of the Company
                                                                                                               under the Loan
                                                                                                               Agreements and
                                                                                                               its performance
                                                                                                               under the Agreement,
                                                                                                               and grant a security
                                                                                                               interest in its
                                                                                                               assets.
·
The
                                                                                                               Company must secure
                                                                                                               first priority
                                                                                                               for Fifth Third
                                                                                                               on the titles of
                                                                                                               all certificated
                                                                                                               motor vehicles
                                                                                                               owned by the Company.
·
The
                                                                                                               Company must deliver
                                                                                                               an executed Trademark
                                                                                                               Security Agreement
                                                                                                               to Fifth Third.
·
The
                                                                                                               Company must deliver
                                                                                                               certain waivers
                                                                                                               of its landlords
                                                                                                               related to its
                                                                                                               leased locations.
·
The
                                                                                                               Company must provide
                                                                                                               requested information
                                                                                                               to Fifth Third
                                                                                                               on a specified
                                                                                                               piece of pending
                                                                                                               litigation involving
                                                                                                               the Company.
The Amendment
also requires the Company to retain a consulting firm, who will monitor and report to Fifth Third on several aspects of the
Company's business and financial condition (an extension and reiteration of the requirement put in place by amendment
of the Loan Agreements effective August 13, 2012). In addition, on or before September 28, 2012, the Company was required to
engage an investment banker acceptable to Fifth Third, in connection with such strategic alternatives as the consultant or
the Company may propose which are acceptable to Fifth Third (also an extension and reiteration of the requirement put in
place by the August 13, 2012 amendment). The Company was already engaged in the process of identifying and retaining an
investment banker prior to the requirements contained in the Amendment and the August 13, 2012 amendment, and on September
28, 2012, the Company engaged a mutually satisfactory investment banking firm thus fulfilling this contractual commitment.
The Company is also
restricted, by the terms of the Amendment from making or paying certain distributions or dividends, advances, loans, redemptions,
prepayments, management fees, or other specified payments or set-asides.
In consideration of
the foregoing waivers and amendments, the Company will be required to pay an amendment fee of $150,000, on the earlier of the
date that all other amounts of obligations are to be paid in full, or December 31, 2012. In addition, Fifth Third agreesthat it
will extend the deadline for receipt of the $100,000 waiver fee that was due and payable by the Company, in connection with the
amendment of the Loan Agreements dated August 13, 2012, until the earlier of the date that all other amounts of obligations are
to be paid in full, or December 31, 2012.
Lease Agreement
The Amendment also
amends specified draws related to the Lease Agreement. The draws that are impacted are the Master Equipment Lease Agreement and
Equipment Schedule No. 1, and Master Equipment Lease Agreement and Equipment Schedule No. 2 (collectively, the "
Equipment
Schedules
").
The Amendment amends
the amortization schedules of rental payments on the Equipment Schedules during certain specified periods, and provides for smaller
payments in the short-term and larger payments at the end of the lease periods. Each of the amortization schedules contained in
the Equipment Schedules is amended, in the first instance, as specified on Exhibits A1 and B1 of the Amendment. If, however, the
Company successfully closes the required equity financing described above by October 31, 2012, then the amortization schedules
in each of the Equipment Schedules will be amended as specified in Exhibits A2 and B2 of the Amendment, respectively (which provide
for amortization terms that are more favorable to the Company).
As a condition to
Fifth Third's entry into the Agreement, the Company's subsidiary—EFT Integration, Inc., a Florida corporation—must
also grant a security interest in its assets for the guarantee of the Company's performance under the Lease Agreement.
Except as modified
by the Amendment, the terms of the Lease Agreement and each of the Equipment Schedules, as amended, remain in full force and effect.
The foregoing description
of the Amendment, including all exhibits attached thereto, is qualified in its entirety by reference to the text of the Amendment,
a copy of which is filed herewith as
Exhibit 4.1
.
Item 9.01   Financial
Statements and Exhibits.
(d)
Exhibits.
4.1
Amendment to four Loan and Security Agreements and one
                                                                      Master Equipment Lease Agreement, dated September 28, 2012,
                                                                      by and between Global Axcess Corp. (and affiliates) and
                                                                      Fifth Third Bank.
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: October 4, 2012
By:
/s/ Michael J. Loiacono
Name:    Michael J. Loiacono
Title:      Chief Financial Officer
EXHIBIT INDEX
Exhibit
Description
4.1
Amendment to four Loan and Security Agreements and one Master Equipment Lease Agreement, dated
    September 28, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.