AMENDMENT TO AGREEMENTS
Exhibit
10.29
AMENDMENT TO
AGREEMENTS
This Amendment to the Commercial
Business Loan Agreement and related Security Agreement and Promissory Note, as
of August 29, 2008, is made by and between Thermo Credit, LLC (hereinafter
referred to as the “Secured Party”) and Onstream Media Corporation (“Debtor”),
who hereby agree as follows:
WHEREAS, Secured Party and
Debtor entered into a Commercial Business Loan Agreement, a Security Agreement
and a Promissory Note (hereinafter the “Agreements”) dated as of December 28,
2007 (all capitalized terms not otherwise defined herein shall have the meaning
set forth in the Agreements);
WHEREAS, the Secured Party and
Debtor desire to amend the Agreements to modify certain terms and dates included
in the original Agreements;
NOW, THEREFORE, for and in
consideration of the foregoing, the mutual covenants and agreements herein
contained and other good and valuable consideration, Debtor and Secured Party
hereby mutually enter into this Amendment to the Agreements as
follows:
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1.
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The
Principal Amount as reflected in the Agreements dated December 28, 2007
are hereby changed from $1,000,000.00 (One million dollars) to
$1,600,000.00 (One million six hundred thousand
dollars).
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2.
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Debtor
hereby certifies that, except as previously waived by Secured
Party:
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a.
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all
of the representations and warranties contained in the Agreements are true
and correct as of the date thereof;
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b.
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the
Debtor is not in default under the
Agreements;
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c.
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no
event of default has occurred and is
continuing;
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d.
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Debtor
has not breached any covenant contained in the Agreements;
and
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e.
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the
Agreements are in full force and effect as of the date
hereof.
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3.
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Except
as set forth above, all of the remaining terms, provisions and conditions
of the Agreements shall remain in full force and
effect.
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4.
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Simultaneous
with Debtor’s execution of this Amendment, Debtor will pay to Secured
Party a $12,000.00 (2% of increased commitment) Commitment Fee on the
increased amount of the Principal commitment, such amount being paid in
two equal installments, the first upon execution of this Amendment, and
the second on the first anniversary of the
Agreement
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IN WITNESS WHEREOF, the
parties have caused this instrument to be duly executed as of the date first
above written.
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SECURED
PARTY:
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THERMO
CREDIT, LLC
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By:
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/s/ Xxxx X. Xxxxxx, Xx.
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Name:
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Xxxx X. Xxxxxx, Xx.
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Title:
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Executive Vice President
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DEBTOR:
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ONSTREAM
MEDIA CORPORATION
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By:
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/s/ Xxxxx Xxxxxx
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Name:
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Xxxxx Xxxxxx
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Title:
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CEO
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