Document:

Exhibit
10.47

SUPPLEMENT
TO SECURITY AGREEMENT

Supplement
No. 1, dated as of May 30, 2006,
to the Security Agreement, dated as of August 25, 2003 (as amended, restated, supplemented
or otherwise modified from time to time, the “Security Agreement”), among Monitronics
International, Inc., a Texas corporation (the “Borrower”), and Bank of
America, N.A., successor to Fleet National Bank, as Administrative Agent for
the Lenders from time to time party to the credit agreement referred to below
(in such capacity, the “Administrative
Agent”).

A.            Reference is made to the Credit
Agreement, dated August 25, 2003, as amended by the First Amendment to Credit
Agreement dated July 14, 2004, the Second Amendment to Credit Agreement dated
March 28, 2005 and Third Amendment to Credit Agreement dated March 29, 2006 (as
so amended and as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit
Agreement”), by
and among the Borrower, the Lenders from time to time party thereto, and Bank
of America, N.A., as Administrative Agent and as Syndication Agent. Capitalized
terms used herein and not defined herein shall have the meanings assigned to
such terms in the Credit Agreement and the Security Agreement.

B.            The initial Grantor entered into the
Security Agreement in order to induce the Lenders to make Loans and otherwise
extend credit on behalf of the Borrower. Section 21 of the Security Agreement
provides that additional Subsidiaries of the Borrower may become Grantors under
the Security Agreement by execution and delivery of an instrument in the form
of this Supplement. The undersigned subsidiary (the “New Grantor”) is executing
this Supplement in accordance with the requirements of the Credit Agreement to
become a Grantor under the Security Agreement in order to induce the Lenders to
make additional Loans and extensions of credit and as consideration for Loans
and extensions of credit previously made.

Accordingly,
the Administrative Agent and the New Grantor agree as follows:

Section 1.              In
accordance with Section 21 of the Security Agreement, the New Grantor by its
signature below becomes a Grantor under the Security Agreement with the same
force and effect as if originally named therein as a Grantor, and the New
Grantor hereby agrees to all the terms and provisions of the Security Agreement
applicable to it as a Grantor thereunder. In furtherance of the foregoing, the
New Grantor, as security for the payment and performance in full of the
Obligations, does hereby create and grant to the Administrative Agent for the
ratable benefit of the Secured Parties a security interest in and lien on all
of the New Grantor’s right, title and interest in and to the Collateral (as
defined in the Security Agreement) of the New Grantor. Each reference to a “Grantor” in the Security Agreement shall be deemed
to include the New Grantor. The Security Agreement is hereby incorporated
herein by reference.

Section 2.              The
New Grantor represents and warrants to the Administrative Agent that (a) it has
all requisite organizational and other powers and authority to execute, deliver
and perform its obligations under this Supplement and this Supplement has been
duly authorized, executed and delivered by it and constitutes its legal, valid
and binding obligation, enforceable against it in accordance with its terms,
(b) set forth on the Schedule attached hereto is a true and complete schedule
of all of the information that would have been required to have been delivered
by or on behalf of the New Grantor pursuant to the Security Agreement, the
Schedules thereto

 

and the Perfection
Certificate if the New Grantor had been originally named in the Security
Agreement and (c) the representations and warranties made by it as a Grantor
under the Security Agreement, including, without limitation, with respect to
itself, its operations and its assets and properties, are true and correct on
and as of the date hereof based upon the applicable information referred to in
clause (b) of this Section.

Section 3.              This
Supplement may be executed in counterparts, each of which shall constitute an
original, but all of which, when taken together, shall constitute but one
contract. This Supplement shall become effective when the Administrative Agent
shall have received counterparts of this Supplement that, when taken together,
bear the signatures of the New Grantor and the Administrative Agent. Delivery
of an executed counterpart of this Supplement by facsimile transmission shall
be as effective as delivery of a manually executed counterpart of this Supplement.

Section 4.              Except
as expressly supplemented hereby, the Security Agreement shall remain unchanged
and in full force and effect.

Section 5.             THIS SUPPLEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AS OPPOSED TO THE
CONFLICTS OF LAW PROVISIONS, BUT INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE
GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) AND DECISIONS OF THE STATE OF
NEW YORK.

Section 6.             In
case any one or more of the provisions contained in this Supplement should be
held invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein and in the
Security Agreement shall not in any way be affected or impaired thereby (it
being understood that the invalidity of a particular provision hereof or
thereof in a particular jurisdiction shall not in and of itself affect the
validity of such provision in any other jurisdiction). The parties hereto shall
endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

Section 7.             All
communications and notices hereunder shall be in writing and given as provided
in Section 13 of the Security Agreement. All communications and notices
hereunder to the New Grantor shall be given to it at the address set forth in
the Schedule hereto.

Section 8.             The
New Grantor agrees to reimburse the Secured Parties for their reasonable
out-of-pocket expenses in connection with this Supplement, including the
reasonable fees, disbursements and other charges of counsel for the
Administrative Agent.

[Signature page
follows]

 2
 

 

IN
WITNESS WHEREOF, the New Grantor and the Administrative Agent have duly
executed this Supplement to the Security Agreement as of the day and year first
above written.

	
   

  	
  MONITRONICS CANADA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen M.
  Hedrick

  	
   

  
	
   

  	
   

  	
  Name:

  	
  STEPHEN M. HEDRICK

  
	
   

  	
   

  	
  Title:

  	
  VICE PRESIDENT - FINANCE

  
	
   

  
	
   

  
	
  BANK OF
  AMERICA, N.A, as

  
	
  Administrative
  Agent

  
	
   

  
	
   

  
	
  By:

  	
  /s/ John Lynch

  	
   

  
	
   

  	
  Name:

  	
  John Lynch

  
	
   

  	
  Title: 

  	
  Senior Vice President

  
								

 

 3Exhibit 10.48

SUPPLEMENT TO GUARANTEE AGREEMENT

Supplement No.l, dated as of May 30, 2006, to the
Guarantee Agreement, dated as of August 25, 2003, among Monitronics
International, Inc., a Texas corporation (the “Borrower”), and Bank of
America, N.A., successor to Fleet National Bank, as administrative agent under
the Credit Agreement referred to in the next paragraph (as amended, restated,
supplemented or otherwise modified from time to time, the “Guarantee Agreement”).

A.            Reference
is made to the Credit Agreement, dated as of August 25, 2003, as amended by the
First Amendment to Credit Agreement dated July 14, 2004, the Second Amendment
to Credit Agreement dated March 28, 2005 and Third Amendment to Credit Agreement
dated March 29, 2006, among the Borrower, the Lenders from time to time party thereto,
and Bank of America, N.A., as Administrative Agent and Syndication Agent (as so
amended and as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit
Agreement”). Capitalized terms used herein and
not defined herein shall have the meanings assigned to such terms in the Credit
Agreement and the Guarantee Agreement.

B.            Section
20 of the Guarantee Agreement provides that additional Subsidiaries of the
Borrower may become Guarantors under the Guarantee Agreement by execution and
delivery of an instrument in the form of this Supplement. The undersigned
Subsidiary (the “New Guarantor”) is
executing this Supplement in accordance with the requirements of the Credit Agreement
to become a Guarantor under the Guarantee Agreement in order to induce the Lenders
to make additional Loans and as consideration for Loans previously made.

Accordingly, the Administrative Agent and the New
Guarantor agree as follows:

Section 1.                In
accordance with Section 20 of the Guarantee Agreement, the New Guarantor by its
signature below becomes a Guarantor under the Guarantee Agreement with the same
force and effect as if originally named therein as a Guarantor, and the New
Guarantor hereby (a) agrees to all the terms and provisions of the Guarantee
Agreement applicable to it as a Guarantor thereunder and (b) represents and
warrants that the representations and warranties made by it as a Guarantor
thereunder are true and correct on and as of the date hereof, including,
without limitation, with respect to itself, its operations and its assets and
properties. Each reference to a “Guarantor” in the Guarantee Agreement shall be
deemed to include the New Guarantor. The Guarantee Agreement is hereby
incorporated herein by reference.

Section 2.              The New Guarantor represents and warrants to
the Administrative Agent and the other Credit Parties that it has all requisite
organizational and other powers and authority to execute, deliver and perform
its obligations under this Supplement and this Supplement has been duly
authorized, executed and delivered by it and constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms.

Section 3.              This Supplement may be executed in
counterparts, each of which shall constitute an original, but all of which,
when taken together, shall constitute but one contract.

 

This Supplement shall
become effective when the Administrative Agent shall have received counterparts
of this Supplement that, when taken together, bear the signatures of the New
Guarantor and the Administrative Agent. Delivery of an executed counterpart of
this Supplement by facsimile transmission shall be as effective as delivery of
a manually executed counterpart of this Supplement.

Section 4.              Except as expressly supplemented hereby, the Guarantee Agreement shall
remain unchanged in full force and effect.

Section 5.              THIS SUPPLEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS,
BUT INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK) AND DECISIONS OF THE STATE OF NEW YORK.

Section 6.              In
case any one or more of the provisions contained in this Supplement should be
held invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein and in the
Guarantee Agreement shall not in any way be affected or impaired thereby (it
being understood that the invalidity of a particular provision hereof in a
particular jurisdiction shall not in and of itself affect the validity of such
provision in any other jurisdiction). The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

Section 7.              All
communications and notices hereunder shall be in writing and given as
provided in Section 14 of the Guarantee Agreement. All communications and
notices hereunder to the New Guarantor shall be given to it at the address set
forth under its signature below.

Section 8.              The New Guarantor agrees to reimburse
the Administrative Agent for its reasonable out-of-pocket expenses in
connection with this Supplement, including the reasonable fees, disbursements
and other charges of counsel for the Administrative Agent.

[Signature page
follows]

 2
 

 

IN WITNESS WHEREOF, the New Guarantor and the Administrative
Agent have duly executed this Supplement to the Guarantee Agreement as of the
day and year first above written.

	
  

  	
  MONITRONICS CANADA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen M.
  Hedrick

  	
   

  
	
   

  	
  Name:

  	
  STEPHEN M. HEDRICK

  	
   

  
	
   

  	
  Title:

  	
  VICE PRESIDENT-FINANCE

  	
   

  
	
   

  
	
   

  
	
  BANK OF
  AMERICA, N.A, 

  
	
  as Administrative
  Agent

  
	
   

  
	
   

  
	
  By:

  	
  /s/ John Lynch

  	
   

  
	
  Name:

  	
  John Lynch

  	
   

  
	
  Title:

  	
  Senior Vice President

  	
   

  
										

 

 3

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