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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;&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: 50%; padding: 0; text-autospace: none; font-size: 10pt; text-align: justify; text-indent: 0">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">May 31, 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; padding: 0; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">GLOBAL AXCESS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; font-size: 10pt; text-align: center; text-indent: 0">(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%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-weight: bold; text-align: center; text-indent: 0">Nevada</TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-weight: bold; text-align: center; text-indent: 0">000-17874</TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-weight: bold; text-align: center; text-indent: 0">88-0199674</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <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="padding: 0; text-autospace: none; text-align: center; text-indent: 0">(Commission File Number)</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <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 STYLE="padding: 0; text-autospace: none; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-weight: bold; text-align: center; text-indent: 0">7800 Belfort Parkway, Suite 165, Jacksonville, Florida</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-weight: bold; text-align: center; text-indent: 0">32256</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-autospace: none; text-align: center; text-indent: 0">(Address of principal executive offices)</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: center; text-indent: 0">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-autospace: none; text-align: center; text-indent: 0">&nbsp;</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: 50%; padding: 0; text-autospace: none; text-indent: 0"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s
    telephone number, including area code</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-weight: bold; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(904)
    280-3950</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 100%; border-bottom: black 1pt solid; padding: 0; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">N/A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; font-size: 10pt; text-align: center; text-indent: 0">(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>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</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>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</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: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</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: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(A)</B> On May 31, 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 and the third
amendment entered into May 10, 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 the draw loan facilities extended pursuant thereto)
to extend the amortization period for each loan covered by such facilities and extend the maturity dates of such loans to match
the new amortization periods. In consideration therefor, the Company agreed to certain increases in the interest rates applicable
to such loans.</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">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>

<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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(B)</B> On May 31, 2012, the Company,
and certain affiliates of the Company, entered into a modification (the &ldquo;<B>Equipment Lease Amendment</B>&rdquo;) to that
certain Master Equipment Lease Agreement, between the Company, and certain affiliates, and Fifth Third, dated June 18, 2010. The
Equipment Lease Amendment amends the amortization schedule of rental payments due from the Company during certain specified periods,
and provides for smaller payments in the short-term and larger payments at the end of the lease period. In consideration therefor,
the Company agreed to an increase in the applicable interest rate.</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">Except as modified by the Equipment Lease
Amendment, the terms of the Master Equipment Lease Agreement remain in full force and effect.</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">A copy of the Equipment Lease Amendment will be filed
with the Company&rsquo;s next periodic report for the applicable period, in accordance with the regulations of the Securities
and Exchange Commission. The description of the Equipment Lease Amendment contained herein is qualified in its entirety by
reference to that agreement.</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&#9;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"><B>(d)</B></TD><TD STYLE="text-align: justify"><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; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><B>4.1</B></TD><TD STYLE="padding: 0; text-indent: 0">Amendment to Four Certain Global Axcess Loan and Security Agreements, entered May 31, 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">&nbsp;</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-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>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-autospace: none; font-weight: bold; text-align: justify; text-indent: 0">GLOBAL AXCESS CORP.</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0; width: 35%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">Dated:&nbsp; June 6, 2012</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-autospace: none; font-style: italic; text-indent: 0; border-bottom: Black 1pt solid">/s/ Michael J. Loiacono</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">Name:&nbsp; Michael J. Loiacono</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">Title: Chief Financial Officer</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&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">&nbsp;</P>

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

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-autospace: none; font-weight: bold; text-decoration: none; text-indent: 0">Exhibit</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-autospace: none; font-weight: bold; text-decoration: none; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-indent: 0">4.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">Amendment to Four Certain Global Axcess Loan and Security Agreements, entered May 31, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-autospace: none; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

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{"company-data": {"conformed-name": "GLOBAL AXCESS CORP", "cik": "0000852570", "assigned-sic": "7389", "irs-number": "880199674", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17874", "film-number": "12892672"}, "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)
May 31, 2012
GLOBAL AXCESS CORP.
(Exact name of registrant as specified in its charter)
Nevada
000-17874
88-0199674
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
7800 Belfort Parkway, Suite 165, Jacksonville, Florida
32256
(Address of principal executive offices)
(Zip Code)
Registrant's
    telephone number, including area code
(904)
    280-3950
N/A
(Former name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01	Entry into a Material Definitive Agreement.
(A)
On May 31, 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 and the third
amendment entered into May 10, 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 the draw loan facilities extended pursuant thereto)
to extend the amortization period for each loan covered by such facilities and extend the maturity dates of such loans to match
the new amortization periods. In consideration therefor, the Company agreed to certain increases in the interest rates applicable
to such loans.
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
.
(B)
On May 31, 2012, the Company,
and certain affiliates of the Company, entered into a modification (the "
Equipment Lease Amendment
") to that
certain Master Equipment Lease Agreement, between the Company, and certain affiliates, and Fifth Third, dated June 18, 2010. The
Equipment Lease Amendment amends the amortization schedule of rental payments due from the Company during certain specified periods,
and provides for smaller payments in the short-term and larger payments at the end of the lease period. In consideration therefor,
the Company agreed to an increase in the applicable interest rate.
Except as modified by the Equipment Lease
Amendment, the terms of the Master Equipment Lease Agreement remain in full force and effect.
A copy of the Equipment Lease Amendment will be filed
with the Company's next periodic report for the applicable period, in accordance with the regulations of the Securities
and Exchange Commission. The description of the Equipment Lease Amendment contained herein is qualified in its entirety by
reference to that agreement.
Item 9.01	Financial Statements and Exhibits.
(d)
Exhibits.
4.1
Amendment to Four Certain Global Axcess Loan and Security Agreements, entered May 31, 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:  June 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 May 31, 2012, by and between Global Axcess Corp. (and affiliates) and Fifth Third Bank.