Sevcon: Entry Into A Material Definitive Agreement

The following excerpt is from the company's SEC filing.

Sevcon USA, Inc. (“Sevcon USA”), a wholly owned subsidiary of Sevcon, Inc. (the “Company”), entered into a Second Amendment to Loan and Security Agreement dated as of September 30, 2013, with RBS Citizens, National Association (“RBS”), which amended the Loan and Security Agreement dated as of June 15, 2011, as previously amended, to extend the maturity date of the revolving credit facility thereunder from June 14, 2014 to June 14, 2017. The other material terms of the Loan and Security Agreement remain the same.

The obligations under the revolving credit facility are guaranteed by the Company pursuant to an Unlimited Guaranty and are secured by (i) all of the assets of Sevcon USA and (ii) a pledge of all of the capital stock of Sevcon USA.

The material terms of the revolving credit facility are described in the Company’s Form 8-K filed on June 21, 2011, which description is qualified by reference to the Loan and Security Agreement between the parties filed as Exhibit 10.1 to that Form 8-K. Both such description and the Loan and Security Agreement are incorporated herein by reference.

The discussion in Item 1.01, the description of the Loan and Security Agreement contained in the June 21, 2011 Form 8-K, and the Loan and Security Agreement are incorporated herein by reference.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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