Extension Agreement to Promissory Note between Digital Audio Corporation and DRI Corporation

Contract Categories: Business Finance › Modification Agreements
Summary

Digital Audio Corporation and DRI Corporation have agreed to extend the due date for a principal payment of $86,046.12 under a previous promissory note by 90 days, moving the deadline from April 30, 2008, to July 30, 2008. All other terms of the original promissory note remain unchanged. Dolphin Direct Equity Partners, LP, as guarantor, acknowledges this extension. The agreement formalizes the extension and confirms the continued accrual of interest as originally set forth.

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EX-10.1 2 a5677139ex10-1.txt EXHIBIT 10.1 Exhibit 10.1 EXTENSION AGREEMENT THIS EXTENSION AGREEMENT made effective the 30th day of April, 2008 by and between DIGITAL AUDIO CORPORATION ("Company") and DRI CORPORATION (formerly Digital Records, Inc.) ("Holder"). WHEREAS, on April 30, 2007 Company and Holder entered into a $344,184.50 Promissory Note that called for a principal payment of $86,046.12 due April 30, 2008 ("Promissory Note"); WHEREAS, the Company has requested an extension of ninety (90) days in which to pay said principal payment; WHEREAS, the Holder agrees to allow said ninety(90) day extension with interest to continue as set forth in the Promissory Note; and WHEREAS, the parties desire to extend the payment due on April 30, 2008 as set forth herein. NOW, THEREFORE, for the consideration of Ten Dollars and other mutual promises and premises made herein, the parties agree as follows: 1. The first principal payment due under said Promissory Note shall be extended until July 30, 2008. 2. In all other respects, the terms and provisions of the Promissory Note are ratified and confirmed. IN WITNESS WHEREOF, the parties have signed this Extension Agreement the day and year first above written. DIGITAL AUDIO CORPORATION By /s/ DONALD E. TUNSTALL ------------------------------ Donald E. Tunstall DRI CORPORATION By /s/ DAVID L. TURNEY ------------------------------ David L. Turney Page 1 of 2 The undersigned guarantor joins in this Extension Agreement for acknowledgment purposes. DOLPHIN DIRECT EQUITY PARTNERS, LP By: Dolphin Advisors, LLC Its managing general partner By: Dolphin Management INC. Its managing member By: /s/ PETER E. SALAS ---------------------------------- Name: Peter E. Salas Title: President Page 2 of 2