FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT
THIS FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “ Amendment ”) is made and
entered into as of September 20, 2008, by and between HENNESSY ADVISORS, INC. , a California corporation (“ Borrower ”),
and U.S. BANK NATIONAL ASSOCIATION , a national banking association (“ Lender ”), and has reference to the following
facts and circumstances (the “ Recitals ”):
A. Borrower and Lender entered into the Amended and Restated Loan Agreement dated as of July 1, 2005, as amended by
the First Amendment to Amended and Restated Loan Agreement dated as of February 1, 2007, the Second Amendment to
Amended and Restated Loan Agreement dated as of February 1, 2008 and the Third Amendment to Amended and Restated
Loan Agreement dated as of Juen 25, 2008 (as amended, the “ Agreement ”; all capitalized terms used and not otherwise defined
in this Amendment shall have the respective meanings ascribed to them in the Agreement as amended by this Amendment).
B. Borrower that the Agreement be further amended as described below, and Lender has agreed to further amend the
Agreement in the manner hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Borrower and Lender hereby agree as follows:
1. Recitals . The Recitals are true and correct, and, together with the defined terms set forth therein, are incorporated
herein by this reference.
2. Amendment to Agreement . Section 5.01(o)(ii) of the Agreement is deleted and replaced with the following:
“(ii) Minimum Consolidated Fixed Charge Coverage Ratio . Borrower will have a Consolidated Fixed Charge Coverage
Ratio of at least 1.25 to 1.00, measured as of the last day of each fiscal quarter, for the four (4) consecutive fiscal quarter
period ending on such day.”
3. Costs and Expenses . Borrower hereby agrees to reimburse Lender upon demand for all out-of-p