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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"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
DC 20549</B></FONT></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"></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"><FONT STYLE="font-size: 14pt"><B>FORM 8-K</B></FONT></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"></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">&nbsp;<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>&nbsp;</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<BR>
the Securities Exchange Act of 1934</B></P>

<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">Date of report (Date of earliest event reported):
October 3, 2012</P>

<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"><FONT STYLE="font-size: 14pt"><B><U>InsPro
Technologies Corporation</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</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: 38%; font-weight: bold; text-decoration: underline; text-align: center">Delaware</TD>
    <TD STYLE="width: 26%; font-weight: bold; text-decoration: underline; text-align: center">333-123081</TD>
    <TD STYLE="width: 36%; font-weight: bold; text-decoration: underline; text-align: center">98-0438502</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="text-align: center">(Commission<BR> 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>150 N. Radnor-Chester Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite B-101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;Radnor, Pennsylvania 19087</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<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"><FONT STYLE="font-size: 10pt"><B>(484) 654-2200<BR>
</B>(Registrant's telephone number, including area code)</FONT></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">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 (<I>see</I> General Instruction
A.2 below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 3, 2012, InsPro Technologies
Corporation, a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and certain of the Company&rsquo;s subsidiaries (collectively,
the &ldquo;<U>Borrowers</U>&rdquo;) entered into a Loan and Security Agreement (the &ldquo;<U>Loan Agreement</U>&rdquo;) with Silicon
Valley Bank (&ldquo;<U>SVB</U>&rdquo;).</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">The Loan Agreement established a revolving
credit facility for the Borrowers in the principal amount of up to $2,000,000 (the &ldquo;<U>Revolving Facility</U>&rdquo;). Availability
under the Revolving Facility is tied to a borrowing base formula that is based on 80% of the Borrowers&rsquo; eligible accounts
receivable, plus 20% of the aggregate unrestricted cash balanced held at SVB. Advances under the Revolving Facility may be repaid
and reborrowed in accordance with the Loan Agreement. No advances were made at closing. Pursuant to the Loan Agreement, the Borrowers
agreed to pay to SVB the outstanding principal amount of all advances (the &ldquo;<U>Advances</U>&rdquo;), the unpaid interest
thereon, and all other obligations incurred with respect to the Loan Agreement on October 3, 2014. Interest will accrue on the
unpaid principal balance of the Advances at a floating per annum rate equal to 1% above the prime rate. During an event of default
the rate of interest will increase 5% above the otherwise applicable rate, until such event of default is cured or waived. All
accrued and unpaid interest is payable monthly on the first day of each month.</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">Subject to certain exceptions, the Loan
Agreement contains covenants prohibiting the Borrowers from, among other things: (a) conveying, selling, leasing, transferring
or otherwise disposing of their properties or assets; (b) liquidating or dissolving; (c) engaging in any business other than the
business currently engaged in or reasonably related thereto; (d) entering into any merger or consolidation, or acquiring all or
substantially all of the capital stock or property of another entity; (e) becoming liable for any indebtedness; (f) allowing any
lien or encumbrance on any of their property; (g) paying any dividends; and (h) making payment on subordinated debt. Further, the
Borrowers must maintain a minimum &ldquo;adjusted quick ratio,&rdquo; tested as of the last day of each month, of at least 1.75:1.00.
The adjusted quick ratio is the ratio of (x) the Borrowers&rsquo; consolidated, unrestricted cash maintained with SVB (and, for
90 days after the closing date, maintained with PNC Bank) plus net unbilled accounts receivable to (y) the Borrowers&rsquo; liabilities
to SVB plus, without duplication, the aggregate amount of the Borrowers&rsquo; liabilities that mature within 1 year (excluding
subordinated debt), minus the current portion of deferred revenue.</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">The Loan is secured by a first priority
perfected security interest in substantially all of the assets of the Borrowers, excluding the intellectual property of the Borrowers.
The Loan Agreement contains a negative covenant prohibiting the Borrowers from granting a security interest in their intellectual
property to any party.</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">The foregoing is only a summary of the Loan
Agreement and does not purport to be complete. This summary is qualified in its entirety by reference to the full text of the Loan
Agreement, which is attached hereto as Exhibit 99.1, and is incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of the Registrant.</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">The description of the terms and conditions
of the Loan Agreement in &ldquo;Item 1.01. Entry into a Material Definitive Agreement&rdquo; of this Report is incorporated into
this Item 2.03 by reference.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits.</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">&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%; border-bottom: Black 1pt solid">Exhibit Number</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 80%; border-bottom: Black 1pt solid">Description of Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Loan and Security Agreement, dated as of October 3, 2012, by and among InsPro Technologies Corporation, InsPro Technologies, LLC, Atiam Technologies L.P. and Silicon Valley Bank</TD></TR>
</TABLE>
<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">&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: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></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="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">INSPRO TECHNOLOGIES CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date:</P></TD>
    <TD STYLE="width: 38%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">October 10, 2012</P></TD>
    <TD STYLE="width: 3%">
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    <TD STYLE="width: 6%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 46%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">/s/
        Anthony R. Verdi</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
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    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthony R. Verdi</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
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    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Executive Officer,
        Chief<BR>
        Financial Officer and Chief Operating<BR>
        Officer</P></TD></TR>
</TABLE>


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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit Index</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">&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%; border-bottom: Black 1pt solid">Exhibit Number</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 80%; border-bottom: Black 1pt solid">Description of Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Loan and Security Agreement, dated as of October 3, 2012, by and among InsPro Technologies Corporation, InsPro Technologies, LLC, Atiam Technologies L.P. and Silicon Valley Bank</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">&nbsp;</P>



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{"company-data": {"conformed-name": "InsPro Technologies Corp", "cik": "0001309442", "assigned-sic": "7372", "irs-number": "980438502", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51701", "film-number": "121137349"}, "business-address": {"street1": "150 N. RADNOR CHESTER RD.", "street2": "SUITE B-101", "city": "RADNOR", "state": "PA", "zip": "19087", "phone": "484-654-2206"}, "mail-address": {"street1": "150 N. RADNOR CHESTER RD.", "street2": "SUITE B-101", "city": "RADNOR", "state": "PA", "zip": "19087"}, "former-company": [{"former-conformed-name": "HEALTH BENEFITS DIRECT CORP", "date-changed": "20051201"}, {"former-conformed-name": "DARWIN RESOURCES CORP.", "date-changed": "20041123"}]}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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):
October 3, 2012
InsPro
Technologies Corporation
(Exact name of registrant as specified in
charter)
Delaware
333-123081
98-0438502
(State or other jurisdiction of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
150 N. Radnor-Chester Road
Suite B-101
Radnor, Pennsylvania 19087
(Address of principal executive offices)
(484) 654-2200
(Registrant's telephone number, including area code)
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 October 3, 2012, InsPro Technologies
Corporation, a Delaware corporation (the "
Company
"), and certain of the Company's subsidiaries (collectively,
the "
Borrowers
") entered into a Loan and Security Agreement (the "
Loan Agreement
") with Silicon
Valley Bank ("
SVB
").
The Loan Agreement established a revolving
credit facility for the Borrowers in the principal amount of up to $2,000,000 (the "
Revolving Facility
"). Availability
under the Revolving Facility is tied to a borrowing base formula that is based on 80% of the Borrowers' eligible accounts
receivable, plus 20% of the aggregate unrestricted cash balanced held at SVB. Advances under the Revolving Facility may be repaid
and reborrowed in accordance with the Loan Agreement. No advances were made at closing. Pursuant to the Loan Agreement, the Borrowers
agreed to pay to SVB the outstanding principal amount of all advances (the "
Advances
"), the unpaid interest
thereon, and all other obligations incurred with respect to the Loan Agreement on October 3, 2014. Interest will accrue on the
unpaid principal balance of the Advances at a floating per annum rate equal to 1% above the prime rate. During an event of default
the rate of interest will increase 5% above the otherwise applicable rate, until such event of default is cured or waived. All
accrued and unpaid interest is payable monthly on the first day of each month.
Subject to certain exceptions, the Loan
Agreement contains covenants prohibiting the Borrowers from, among other things: (a) conveying, selling, leasing, transferring
or otherwise disposing of their properties or assets; (b) liquidating or dissolving; (c) engaging in any business other than the
business currently engaged in or reasonably related thereto; (d) entering into any merger or consolidation, or acquiring all or
substantially all of the capital stock or property of another entity; (e) becoming liable for any indebtedness; (f) allowing any
lien or encumbrance on any of their property; (g) paying any dividends; and (h) making payment on subordinated debt. Further, the
Borrowers must maintain a minimum "adjusted quick ratio," tested as of the last day of each month, of at least 1.75:1.00.
The adjusted quick ratio is the ratio of (x) the Borrowers' consolidated, unrestricted cash maintained with SVB (and, for
90 days after the closing date, maintained with PNC Bank) plus net unbilled accounts receivable to (y) the Borrowers' liabilities
to SVB plus, without duplication, the aggregate amount of the Borrowers' liabilities that mature within 1 year (excluding
subordinated debt), minus the current portion of deferred revenue.
The Loan is secured by a first priority
perfected security interest in substantially all of the assets of the Borrowers, excluding the intellectual property of the Borrowers.
The Loan Agreement contains a negative covenant prohibiting the Borrowers from granting a security interest in their intellectual
property to any party.
The foregoing is only a summary of the Loan
Agreement and does not purport to be complete. This summary is qualified in its entirety by reference to the full text of the Loan
Agreement, which is attached hereto as Exhibit 99.1, and is incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of the Registrant.
The description of the terms and conditions
of the Loan Agreement in "Item 1.01. Entry into a Material Definitive Agreement" of this Report is incorporated into
this Item 2.03 by reference.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit Number
Description of Exhibit
99.1
Loan and Security Agreement, dated as of October 3, 2012, by and among InsPro Technologies Corporation, InsPro Technologies, LLC, Atiam Technologies L.P. and Silicon Valley 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.
INSPRO TECHNOLOGIES CORPORATION
Date:
October 10, 2012
By:
/s/
        Anthony R. Verdi
Name:
Anthony R. Verdi
Title:
Principal Executive Officer,
        Chief
Financial Officer and Chief Operating
Officer
Exhibit Index
Exhibit Number
Description of Exhibit
99.1
Loan and Security Agreement, dated as of October 3, 2012, by and among InsPro Technologies Corporation, InsPro Technologies, LLC, Atiam Technologies L.P. and Silicon Valley Bank