EXHIBIT 10.2


 


	
  [Comerica
  Logo]

  	
  BORROWER

  	
   

  
	
   

  	
  Overland
  Storage, Inc.

  	
  LOAN

  REVISION/EXTENSION

  AGREEMENT

  
	
   

  	
   

  
	
   

  	
   

  
	
  Comerica Bank — California

  	
  4820
  Overland Avenue

  San
  Diego, CA 92123-1599

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Herein called “Bank”)

  	
  (Herein called “Borrower”)

  	
   

  



 


 


	
   

  ORIGINAL NOTE

  INFORMATION

  	
  INTEREST
  RATE

  	
  AMOUNT

  	
  NOTE
  DATE

  	
  MATURITY
  DATE

  	
  OBLIGATOR
  #

  	
  NOTE
  #

  
	
  B-0.25
  OR *%

  	
  $10,000,000.00

  	
  11/28/01

  	
  11/30/03

  	
  5820359795

  	
  26

  



 


This Agreement is
effective as of: September 10, 2003


 


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 September 10, 2003 is $0.00 on which interest is
paid to August 31, 2003, with a maturity of November 30, 2003. {X}
As modified by previous Loan Modification dated August 30, 2002.


 


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, 2003 to November 30, 2004.


 


*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 10th day of September, 2003.

  	
  Overland
  Storage, Inc.

  
	
   

  	
   

  



The foregoing agreement is accepted this 10th
day of September, 2003.


 


	
  By:

  	
   

  	
   

  
	
   

  	
  Richmond C. Boyce

  	
   

  
	
   

  	
  Vice
  President-Western Division

  	
   

  



 


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