INTEREST RATE AMOUNT NOTE DATE MATURITY DATE OBLIGATOR # NOTE #

EXHIBIT 10.2

 

		BORROWER
		Overland Storage, Inc.		LOAN REVISION/EXTENSION AGREEMENT
Comerica Bank — California		▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
(Herein called “Bank”)		(Herein called “Borrower”)

 

INTEREST RATE

AMOUNT

NOTE DATE

MATURITY DATE

OBLIGATOR #

NOTE #

ORIGINAL NOTE INFORMATION

B-0.25 OR *%

$

10,000,000.00

11/28/01

11/30/03

5820359795

26

 

This Agreement is effective as of: October 22, 2004

 

ORIGINAL OBLIGATION:

This Loan Revision Agreement refers to the loan evidenced by the above Note dated November 28, 2001 in favor of Bank executed by Overland Storage, Inc. in the amount of $10,000,000.00 payable in full on November 30, 2003.  {   } Said Note is secured by a Deed of Trust dated N/A (hereinafter referred to as the “Encumbrance”), recorded on N/A as Instrument No. N/A in the Office of County Recorder of N/A County California.

 

CURRENT OBLIGATION:

The unpaid principal balance of said Note as of October 22, 2004 is $0.00 on which interest is paid to October 31, 2004, with a maturity of November 30, 2004.  {X} As modified by previous Loan Revision/Extension Agreement dated September 10, 2003.

 

REVISION:

The undersigned Borrower hereby requests Bank to revise the terms of said Note, and said Bank to accept payment thereof at the time, or times, in the following manner:

 

The maturity date is hereby amended from November 30, 2004 to November 30, 2006.

 

*Libor  +2.25%

 

In consideration of Bank’s acceptance of the revision of said Note, including the time for payment thereof, all as set forth above, the Borrower does hereby acknowledge and admit to such indebtedness, and further does unconditionally agree to pay such indebtedness together with interest thereon within the time and in the manner as revised in accordance with the foregoing, together with any and all attorney’s fees, cost of collection, and any other sums secured by the Encumbrance.

 

Any and all security for said Note including but not limited to the Encumbrance, if any, may be enforced by Bank concurrently or Independently of each other and in such order as Bank may determine; and with reference to any such security in addition to the Encumbrance Bank may, without consent of or notice to Borrower, exchange, substitute or release such security without affecting the liability of the Borrower, and Bank may release any one or more parties hereto or to the above obligation or permit the liability of said party or parties to terminate without affecting the liability of any other party or parties liable thereon.

 

This Agreement is a revision only, and not a novation; and except as herein provided, all of the terms and conditions of said Note, said Encumbrance and all related documents shall remain unchanged and in full force and effect.

 

When one or more Borrowers signs this Agreement, all agree:

 

a. That where in this Agreement the word “Borrower” appears, it shall read “each Borrower”;

b. That breach of any covenant by any Borrower may at the Bank’s option be treated as breach by all Borrowers;

c. That the liability and obligations of each Borrower are joint and several.

 

 

Dated this 22nd day of October, 2004.			Overland Storage, Inc.
			/s/ V.A. LoForti, VP & CFO
The foregoing agreement is accepted this 22nd day of October, 2004.
By:	/s/ ▇▇ ▇▇▇▇▇
	Richmond ▇. ▇▇▇▇▇
	Vice President-Western Division

 

Each of the undersigned agree and consent to the foregoing revisions to this Agreement and the Encumbrance, if any.