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OPEN > SEC Filings for OPEN > Form 8-K on 24-Jun-2009All Recent SEC Filings

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Form 8-K for OPENTABLE INC


24-Jun-2009

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry into a Material Definitive Agreement.

On June 23, 2009, OpenTable, Inc. ("OpenTable" or the "Company") and Comerica Bank ("Comerica") entered into a second amendment (the "Amendment") to the Loan and Security Agreement, dated July 30, 2007, between the parties, as previously amended September 18, 2008 (as previously amended, the "Agreement"). The Agreement provides for a $3.0 million line of credit from Comerica to OpenTable to fund working capital.

Pursuant to the Amendment, the parties agreed to, among other things, extend the expiration date of the line of credit from July 2009 to July 2010, change the interest rate applicable to any advances made under the Agreement to a prime referenced rate plus 0.50% per annum, and replace the minimum revenue requirement under the Agreement with a requirement that the Company maintain a certain financial ratio on a quarterly basis.

The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Agreement, which was filed as Exhibit 10.9 to the Company's Registration Statement on Form S-1 on January 30, 2009 and incorporated herein by reference, and the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                                 Description
   10.1       Second Amendment to Loan and Security Agreement, dated as of June 23,
              2009, by and between Comerica Bank and OpenTable, Inc.


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