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LOAN REVISION/EXTENSION AGREEMENT

Extension Agreement

LOAN REVISION/EXTENSION AGREEMENT | Document Parties: DTS, Inc | COMERICA BANK You are currently viewing:
This Extension Agreement involves

DTS, Inc | COMERICA BANK

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Title: LOAN REVISION/EXTENSION AGREEMENT
Date: 3/16/2007
Industry: Audio and Video Equipment     Sector: Consumer Cyclical

LOAN REVISION/EXTENSION AGREEMENT, Parties: dts  inc , comerica bank
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Exhibit 10.42.2

 

 

BORROWER

 

 

 

 

DTS, Inc.

 

 

 

 

 

 

LOAN

 

 

 

 

REVISION/EXTENSION

Comerica Bank

 

 

 

AGREEMENT

 

 

3171 Clareton Drive

 

 

 

 

Agoura Hills, California 91301

 

 

  • (Herein called "Bank")

 

 

 

 

 

 

(Herein called "Borrower")

 

 

 

 

ORIGINAL NOTE
INFORMATION

 

 

 

INTEREST RATE

 

AMOUNT

 

NOTE DATE

 

MATURITY DATE

 

OBLIGOR #

 

NOTE*

 

  •  

 

 

 

 

 

 

 

 

 

 

 

 

 

  •  

 

8-0.500

%

$

10,000,000.00

 

05/31/04

 

06/30/05

 

2259153021

 

18/26

 

                                 

 

This Agreement is effective as of: June 12, 2006

ORIGINAL OBLIGATION:

This Loan Revision Agreement refers to the loan evidenced by the above Note dated May 31, 2004 in favor of Bank executed by DTS, Inc. in the amounts of $ 10,000,000.00 payable in full on June 30, 2005. o Said Note is secured by 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:

This unpaid principal balance of said Note as of June 12, 2006 is $ 0.00 on which interest is paid to May 31, 2004, with a maturity of June 30, 2006. o As modified by previous Loan Revision/Extension Agreement dated July 07, 2005.

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 June 30, 2006 to June 30, 2007.

The interest rate of the Note remains unchanged at Bank’s Base rate from time to time in effect minus one half of one percent (0.500%) per annum.
*or LIBOR + 2.00%

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 by 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 of 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 affect.

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

    • a. That where in this Agreement the word "Borrower" appear, if shall read "each Borrower";


 
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