Document:

Exhibit 10.2

 

 

FOURTH MODIFICATION TO BUSINESS
LOAN AGREEMENT

 

This Fourth Modification to Business Loan
Agreement  (this “Modification”) is
entered into by and between OVERLAND STORAGE, INC.  (“Borrower”) and COMERICA BANK (“Bank”) as of
this 8th day of November, 2005, at San Jose, California.

 

RECITALS

 

This
Modification is entered into upon the basis of the following facts and
understandings of the parties, which facts and understandings are acknowledged
by the parties to be true and accurate:

 

Bank and Borrower previously entered into a Business
Loan Agreement dated November 28, 2001, which was subsequently modified
pursuant to those certain modification agreements dated
August 13, 2002, September 10, 2003 and October 25, 2004.  The Business Loan Agreement as so modified,
and as such may be otherwise modified, amended, restated, supplemented, revised
or replaced from time to time prior to the date hereof shall collectively be
referred to herein as the “Agreement.”

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as set forth below.

 

AGREEMENT

 

1.                                       Incorporation
by Reference. The Recitals and the documents referred to therein are
incorporated herein by this reference. 
Except as otherwise noted, the terms not defined herein shall have the
meaning set forth in the Agreement.

 

2.                                       Modification
to the Agreement. Subject to the satisfaction of the conditions precedent
as set forth in Section 3 hereof, the Agreement is hereby modified as set forth
below.

 

A.                                   Section
2(a) of Addendum A to the Agreement is hereby deleted in its entirety and
replaced with the following:

 

“(a)                            A
ratio of Quick Assets to Current Liabilities of not less than 2.00:1.00.”

 

B.                                     Section
2(d) of Addendum A to the Agreement is hereby deleted in its entirety and
replaced with the following:

 

                                                “(d)                           Intentionally
Omitted”

 

3.                                       Legal
Effect.

 

a.                                       Except as
specifically set forth in this Modification, all of the terms and conditions of
the Agreement remain in full force and effect. 
Except as expressly set forth herein, the execution, delivery, and
performance of this Modification shall not operate as a waiver of, or as an
amendment of, any right, power, or remedy of Bank under the Agreement, as in
effect prior to the date hereof. 
Borrower ratifies and reaffirms the continuing effectiveness of all
promissory notes, guaranties, security agreements, mortgages, deeds of trust,
environmental agreements, and all other instruments, documents and agreements
entered into in connection with the Agreement.

 

b.                                      Borrower
represents and warrants that each of the representations and warranties
contained in the Agreement are true and correct as of the date of this
Modification, and that no Event of Default has occurred and is continuing.

 

c.                                       The
effectiveness of this Modification and each of the documents, instruments and
agreements entered into in connection with this Modification is conditioned
upon receipt by Bank of this Modification and any other documents which Bank
may require to carry out the terms hereof.

 

4.                                       Miscellaneous
Provisions.

 

a.                                       This is an
integrated Modification and supersedes all prior negotiations and agreements
regarding the subject matter hereof.  All
amendments hereto must be in writing and signed by the parties.

 

b.                                      This
Modification may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one
instrument.

 

1

 

IN
WITNESS WHEREOF, the parties have agreed as of the date first set forth above.

 

	
  OVERLAND STORAGE, INC.

  	
   

  	
  COMERICA BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ V.A. LoForti

  	
   

  	
  By:

  	
   /s/ R Boyce

  
	
   

  	
   

  	
   

  	
   

  	
  Richmond C. Boyce

  
	
  Title:

  	
  VP & CFO

  	
   

  	
  Title:

  	
  Vice President-Western Division

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  
									

 

2Exhibit 10.3

 

October 06, 2005

 

Overland Storage

Attn: 
Mr. Bob Lidberg

Subject: 
Amendment 3 to SOW # 4902RL1340 between IBM and Overland Storage

 

Dear Bob,

The parties wish to amend the subject
Agreement as follows:

 

1. 
Extend to November 1, 2006.

 

If the foregoing is in accordance with your
understanding, please have an authorized person indicate your concurrence by
signing, dating and returning one (1) copy of this Amendment to Shanna
Schroeder; Bldg 060, Room M113; 3039 Cornwallis Rd;  Research Triangle Park, 27709.  Retain the other copy for your files.

 

	
  ACCEPTED AND AGREED TO:

  	
  ACCEPTED AND AGREED TO:

  
	
   

  	
   

  
	
  INTERNATIONAL
  BUSINESS

  	
  OVERLAND
  CORP.

  
	
  MACHINES
  CORPORATION

  	
   

  
	
  /s/ Phillip D. Haskins

  	
   

  	
  11/2/2005

  	
   

  	
  /s/V.A. LoForti

  	
   

  	
  10/10/05

  	
   

  
	
  (Authorized Signature)

  	
   

  	
  (Date)

  	
   

  	
  (Authorized Signature)

  	
   

  	
  (Date)  

  	
   

  
	
  Phillip D. Haskins

  	
  Vernon A. LoForti

  
	
  Manager,
  Procurement/Business Operations

  	
  (Printed
  Name)

  	
   

  
	
  Tape Storage Procurement

  	
   

  
	
   

  	
  VP & CFO

  
	
   

  	
  (Title)Exhibit 10.1

 

SECOND NOTE MODIFICATION
AGREEMENT

 

This Second Note Modification Agreement (this “Agreement”),
dated as of January 31, 2006, is by and between Waste Systems, Inc.,
a Delaware corporation (“Lender”), and 3CI Complete Compliance
Corporation, a Delaware corporation (“Borrower”).  Terms not otherwise defined herein shall have
the same meanings as set forth in the Note (as defined below).

 

RECITALS:

 

WHEREAS, Borrower and Lender have entered into that
certain Second Amended and Restated Secured Promissory Note, dated September 30,
2004, in the original principal amount of $1,302,826.48 (as amended, modified,
or restated from time to time, the “Note”); and

 

WHEREAS, pursuant to the terms and conditions of the
Note, the outstanding principal of the Note and any accrued but unpaid interest
is due and payable on April 3, 2006; and

 

WHEREAS, Borrower has requested that Lender extend
the maturity date of the Note until the earlier of June 30, 2006, or the
final effective date of the settlement agreement in cause no. 467704-A, Robb et al. v. Stericycle, Inc. et al. (the “Louisiana
Suit”) in the First Judicial District Court, Caddo Parish, Louisiana (the “Court”),
as set forth herein; and

 

WHEREAS, Borrower and Lender desire to modify payment
terms of the Note as herein set forth;

 

NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.                                       Note
Modification.  The outstanding principal of the
Note and any accrued but unpaid interest is due and payable on the earlier of (i) June 30,
2006, or (ii) the day the Final Order and Judgment entered by the Court
dismissing the Louisiana Suit with prejudice and approving the terms and
conditions of the settlement agreement entered into by the parties to the
Louisiana Suit becomes final.  For
purposes of this Agreement, the Final Order and Judgment shall be deemed final
on the later of (a) the day following the date on which the Final Order
and Judgment is no longer subject to review by appeal or (b) the day
following the date on which any appeal from the Final Order and Judgment is
finally resolved, either because a petition for certiorari is denied or by
reason of affirmance by a court of last resort or by lapse of time following
affirmance or dismissal of the appeal by an intermediate appellate court or
otherwise, provided that the Final Order and Judgment are not reversed or
materially modified by the Court or any reviewing court.

 

2.                                       Effect
of Modification.  Except as
expressly modified and superseded by this Agreement, the Note shall continue in
full force and effect in accordance with its terms.

 

3.                                       Multiple
Counterparts.  This Agreement may be executed in
a number of identical separate counterparts, each of which for all purposes is
to be deemed an original, but both of which shall constitute, collectively, one
agreement.

 

4.                                       Reference
to Agreement.  The Note and any and all other
agreements, documents or instruments now or hereafter executed and delivered
pursuant to the terms hereof containing a

 

 

reference
to the Note shall mean and refer to the Note, as modified hereby.  All capitalized words that are not defined in
this Agreement shall have the same definitions as established in the Note.

 

5.                                       Headings.  The headings, captions and arrangements used
in this Agreement are for convenience only and shall not affect the
interpretation of this Agreement.

 

6.                                       Governing
Law; Venue.  The parties hereto acknowledge
and agree that this Agreement and the obligations and undertakings of the
parties hereunder shall be performable in Dallas, Dallas County, Texas.   This Note shall be governed by, and
construed in accordance with, the laws of the State of Texas, without giving
effect to such State’s principles of conflict of laws.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement effective as of the date first set forth above.

 

	
  BORROWER:

  	
  LENDER:

  
	
   

  	
   

  	
   

  
	
  3CI COMPLETE COMPLIANCE CORPORATION

  	
  WASTE SYSTEMS, INC.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Matthew D. Peiffer

  	
   

  	
  By:

  	
  /s/ Elizabeth L. Brandel

  	
   

  
	
   

  	
  Matthew D. Peiffer

  	
  Name:

  	
    Elizabeth L. Brandel

  	
   

  
	
   

  	
  Chief Financial Officer

  	
  Title:

  	
    VP Finance

  	
   

  
									

 

2

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