Amendment to Financing Agreement between Rosenthal & Rosenthal, Inc. and EDGAR Online, Inc.
This amendment updates the original financing agreement between Rosenthal & Rosenthal, Inc. and EDGAR Online, Inc. The changes include revising the financial covenants in Schedule 6.9, extending the maturity date to March 30, 2011, and updating the renewal date to March 31, 2011. EDGAR Online, Inc. agrees to pay a $10,000 amendment fee. All other terms of the original agreement remain unchanged unless specifically modified by this amendment.
Exhibit 10.2
March 13, 2009
EDGAR ONLINE, INC.
50 Washington St.,
Norwalk, CT 06854
Ladies and Gentlemen:
Reference is made to the financing agreement entered into between us dated April 5, 2007 as amended or supplemented (the “Financing Agreement”) is amended effective December 31, 2008 as follows:
| 1. | The “Schedule 6.9” in Section 6.9 of the Financing Agreement is hereby amended to read as attached herewith. |
| 2. | Section 1.24 is hereby deleted and the following is hereby inserted and stead: |
“1.24 “Maturity Date” shall mean March 30, 2011, unless otherwise extended, prepaid or accelerated hereunder.”
| 3. | The Renewal date set forth in Section 9.1 is hereby amended to read: March 31, 2011. |
In consideration of our agreement to amend the Financing Agreement as set forth above, you hereby agree to pay us, and we may charge your account with us, concurrently with your execution of this agreement, a fee of $ 10,000 shall be fully earned of the date hereof.
Except as expressly provided herein, the execution and delivery of this letter shall not: (a) constitute an extension, modification (except as specifically set forth herein), or waiver of any aspect of the Financing Agreement (which except as modified hereby continues) or give rise to any obligation on our part to agree to such; (b) give rise to any defenses or counterclaims to our right to compel payment of the Obligations (as defined in the Financing Agreement) at any time, declare a default for any reason other than with respect to the Waiver, or otherwise enforce our rights and remedies under the Financing Agreement; or (c) establish a custom or course of dealing between you and us.
| Very truly yours, | ||
| ROSENTHAL & ROSENTHAL, INC. | ||
| BY: | /s/ Ian Brown | |
| Ian Brown | ||
| Vice President | ||
| AGREED: | ||
| EDGAR ONLINE, INC. | ||
| BY: | /s/ John C. Ferrara | |
| John C. Ferrara Chief Financial Officer | ||
ROSENTHAL BUSINESS CREDIT
1370 BROADWAY NEW YORK, NEW YORK 10018 TEL. 212 ###-###-#### ROSENTHALINC.COM
Schedule 6.9 to
Financing Agreement between
Rosenthal & Rosenthal, Inc., as Lender
And
EDGAR ONLINE, INC as Borrower
| Date | Working Capital | Tangible Net Worth | |||||
| December 31, 2008 | $ | 100,000 | $ | 1,500,000 | |||
| March 31, 2009 | $ | (1,500,000 | ) | $ | 750,000 | ||
| June 30, 2009 | $ | (2,600,000 | ) | $ | 1,500,000 | ||
| September 30, 2009 | $ | (2,000,000 | ) | $ | 1,500,000 | ||
| December 31, 2009 and thereafter | $ | (2,000,000 | ) | $ | 1,500,000 | ||
