Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
WYY > SEC Filings for WYY > Form 8-K on 28-Dec-2012All Recent SEC Filings

Show all filings for WIDEPOINT CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for WIDEPOINT CORP


28-Dec-2012

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligat


Item 1.01 Entry into a Material Definitive Agreement.

The information set forth under Item 2.03, "Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant," is incorporated herein by reference.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On December 21, 2012, WidePoint Corporation and its subsidiaries (the "Company") entered into a First Modification to Debt Agreement (the "Modification") and a First Allonge to Promissory Note (Commercial - Revolving Draw) (the "Allonge," and, together with the Modification, the "Agreements") with Cardinal Bank. The Agreements set forth the agreement of the parties to amend the Commercial Loan Agreement with Cardinal Bank (and promissory note accompanying such agreement), which Commercial Loan Agreement provides for a $8,000,000 revolving credit facility from Cardinal Bank to the Company.

The Agreements (i) extend the repayment date of the revolving credit facility from June 30, 2013 to June 30, 2014; (ii) modify a covenant in the Commercial Loan Agreement by providing that the Company shall maintain a target net worth of $4 million as of December 31, 2012 and a target net worth of $4.5 million as of December 31, 2013 (representing a reduction from the prior-existing $5.5 million target); and (iii) eliminate the Funded Debt to EBITDA covenant.

The description of the Agreements set forth above is qualified by reference to the Modification filed herewith as Exhibit 10.1 and Allonge filed herewith as Exhibit 10.2, which Exhibits are incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 First Modification to Debt Agreement between WidePoint Corporation and its subsidiaries and Cardinal Bank.
10.2 First Allonge to Promissory Note (Commercial - Revolving Draw) between WidePoint Corporation and its subsidiaries and Cardinal Bank.

  Add WYY to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for WYY - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2013 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.