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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"><FONT STYLE="font-size: 12pt"><B>FORM 8-K
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CURRENT
REPORT</B></FONT></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="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-autospace: none; font-size: 10pt; text-align: justify">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 55%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">June 30, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">GLOBAL AXCESS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; 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="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 37%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">000-17874</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-autospace: none; 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 STYLE="text-autospace: none; 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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">7800 Belfort Parkway, Suite 165, Jacksonville, Florida</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">32256</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-autospace: none; font-size: 10pt">Registrant&rsquo;s telephone number, including area code</TD>
    <TD STYLE="width: 55%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">(904) 280-3950</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">N/A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; 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"><FONT STYLE="font-size: 10pt; color: black">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):</FONT></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> 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-family: 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-family: 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 Wingdings; 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-family: 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&nbsp;&nbsp;&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-indent: 0.5in">On June 30, 2012, Global Axcess Corp., a
Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), and certain affiliates of the Company, entered into a modification (the
&ldquo;<B>Omnibus Modification</B>&rdquo;) of several existing credit facilities with Fifth Third Bank. The Omnibus Modification
relates to facilities entered into in connection with:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>1.</B> That certain Loan and Security
Agreement (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 &ldquo;<B>First Amendment</B>&rdquo;), the second amendment entered into January 4, 2012, the third
amendment entered into May 10, 2012 (the &ldquo;<B>Third Amendment</B>&rdquo;) and the fourth amendment entered into May 31, 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>2. </B> The First Amendment to the Loan
and Security Agreement (which provided an additional $1.65 million credit facility), and several draw loans that were extended
to the Company in 2010 and 2011 pursuant thereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>4.</B> That certain 2011-C Loan and Security
Agreement (the &ldquo;<B>C-Loan</B>&rdquo;), dated as of December 29, 2011 (providing a $3.0 million draw loan facility) and two
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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Omnibus Amendment amends each of the
Loan and Security Agreement, the First Amendment, the B-Loan and the C-Loan (and each of the draw loan facilities extended pursuant
thereto) to adjust the pricing component of each of the draw loans. Each draw loan specified in the Omnibus Amendment is now priced
at LIBOR + 7.5%, provided, however, that upon receipt by Fifth Third of the Company&rsquo;s audited Financial Statements for the
period ending December 31, 2012, and for each quarter thereafter, the interest rate shall decrease as of the beginning of the quarter
next following the quarter for which the financial statements are received, to LIBOR + 5.50%, provided further that (i) the Company&rsquo;s
Debt Service Coverage Ratio is greater than 1.2; (ii) its ratio of Senior Funded Debt to EBITDA is less than 2.0; and (iii) the
Company (and affiliates) collectively maintain an average balance of at least $1,200,000 of unencumbered liquid assets , as measured
quarterly. The periods of applicability of any such decrease to LIBOR + 5.50% (or reverting to LIBOR + 7.5%) shall be measured
quarterly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Omnibus Amendment also amends Section
10.3 of the Loan and Security Agreement (which was added by the Third Amendment), which section requires a minimum amount of Unencumbered
Liquid Assets to be maintained by the Company (and affiliates) over the life of any outstanding loan, as measured quarterly. The
Omnibus Amendment adds a schedule of new quarterly liquidity requirements from June 30, 2012 to March 15, 2015, as set forth in
such agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms used in the foregoing
description have the meanings ascribed to them in the Loan and Security Agreement. Except as modified by the Omnibus Amendment,
the terms of the Loan and Security Agreement, as modified, the First Amendment, the B-Loan and the C-Loan, and related draw loans,
remain in full force and effect.</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; text-indent: 0.5in">The foregoing description of the Omnibus
Amendment is qualified in its entirety by reference to the text of the Omnibus 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">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; font-weight: bold">(d)</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt; font-weight: bold">Exhibits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-autospace: none; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 7%; text-autospace: none; font-size: 10pt; font-weight: bold">4.1</TD>
    <TD STYLE="width: 86%; text-autospace: none; font-size: 10pt">Amendment to Four Certain Global Axcess Loan and Security Agreements, entered June 30, 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-indent: -0.5in">&nbsp;</P>

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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>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-autospace: none; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold; text-align: justify">GLOBAL AXCESS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; text-autospace: none">Dated:&nbsp; July 6, 2012</TD>
    <TD STYLE="width: 6%; text-autospace: none">By:</TD>
    <TD STYLE="width: 41%; border-bottom: windowtext 1pt solid; text-autospace: none; font-style: italic">/s/ Michael J. Loiacono</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Name:</TD>
    <TD STYLE="text-autospace: none">Michael J. Loiacono</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Title:</TD>
    <TD STYLE="text-autospace: none">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>&nbsp;</B></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: 7%; border-bottom: windowtext 1pt solid; text-autospace: none; font-weight: bold">Exhibit</TD>
    <TD STYLE="width: 2%; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: windowtext 1pt solid; text-autospace: none; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">4.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Amendment to Four Certain Global Axcess Loan and Security Agreements, entered June 30, 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-indent: -1in">&nbsp;</P>

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<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": "12949794"}, "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)
June 30, 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 June 30, 2012, Global Axcess Corp., a
Nevada corporation (the "
Company
"), and certain affiliates of the Company, entered into a modification (the
"
Omnibus Modification
") of several existing credit facilities with Fifth Third Bank. The Omnibus Modification
relates to facilities entered into in connection with:
1.
That certain Loan and Security
Agreement (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 "
First Amendment
"), the second amendment entered into January 4, 2012, the third
amendment entered into May 10, 2012 (the "
Third Amendment
") and the fourth amendment entered into May 31, 2012.
2.
The First Amendment to the Loan
and Security Agreement (which provided an additional $1.65 million credit facility), and several draw loans that were extended
to the Company in 2010 and 2011 pursuant thereto.
3.
That certain 2011-B Loan and Security
Agreement (the "
B-Loan
"), dated as of November 23, 2011 (providing a $1.0 million draw loan facility) and a
draw loan that was extended to the Company in 2011 pursuant thereto.
4.
That certain 2011-C Loan and Security
Agreement (the "
C-Loan
"), dated as of December 29, 2011 (providing a $3.0 million draw loan facility) and two
draw loans that were extended to the Company in 2011 pursuant thereto.
The Omnibus Amendment amends each of the
Loan and Security Agreement, the First Amendment, the B-Loan and the C-Loan (and each of the draw loan facilities extended pursuant
thereto) to adjust the pricing component of each of the draw loans. Each draw loan specified in the Omnibus Amendment is now priced
at LIBOR + 7.5%, provided, however, that upon receipt by Fifth Third of the Company's audited Financial Statements for the
period ending December 31, 2012, and for each quarter thereafter, the interest rate shall decrease as of the beginning of the quarter
next following the quarter for which the financial statements are received, to LIBOR + 5.50%, provided further that (i) the Company's
Debt Service Coverage Ratio is greater than 1.2; (ii) its ratio of Senior Funded Debt to EBITDA is less than 2.0; and (iii) the
Company (and affiliates) collectively maintain an average balance of at least $1,200,000 of unencumbered liquid assets , as measured
quarterly. The periods of applicability of any such decrease to LIBOR + 5.50% (or reverting to LIBOR + 7.5%) shall be measured
quarterly.
The Omnibus Amendment also amends Section
10.3 of the Loan and Security Agreement (which was added by the Third Amendment), which section requires a minimum amount of Unencumbered
Liquid Assets to be maintained by the Company (and affiliates) over the life of any outstanding loan, as measured quarterly. The
Omnibus Amendment adds a schedule of new quarterly liquidity requirements from June 30, 2012 to March 15, 2015, as set forth in
such agreement.
All capitalized terms used in the foregoing
description have the meanings ascribed to them in the Loan and Security Agreement. Except as modified by the Omnibus Amendment,
the terms of the Loan and Security Agreement, as modified, the First Amendment, the B-Loan and the C-Loan, and related draw loans,
remain in full force and effect.
The foregoing description of the Omnibus
Amendment is qualified in its entirety by reference to the text of the Omnibus 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 Certain Global Axcess Loan and Security Agreements, entered June 30, 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:  July 6, 2012
By:
/s/ Michael J. Loiacono
Name:
Michael J. Loiacono
Title:
Chief Financial Officer
EXHIBIT INDEX
Exhibit
Description
4.1
Amendment to Four Certain Global Axcess Loan and Security Agreements, entered June 30, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.