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Loan Extension Agreement
Loan Extension Agreement (17K)
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LOAN EXTENSION AGREEMENT
This Loan Extension Agreement (the "Agreement") is made and dated as of
this 26th day of June, 2000 between Globalmedia.com, a Nevada Corporation (the
"Borrower") and RealNetworks, Inc., a Washington Corporation, with its principal
place of business at 2601 Elliott Avenue, Seattle, Washington 98121 (the
"Lender").
RECITALS
A. Pursuant to the terms of the RealChannels Agreement dated January
19, 2000, the Livestations Agreement dated November 1, 1999, the Gidget
Sponsorship Advertising Insertion Order, the On-going Advertising Insertion
Order, the Custom Software Upgrades and Support Terms and Conditions Addendum
dated as of January 19, 2000, and a Release and Settlement Agreement stamped
February 16, 2000, all between Borrower and Lender (collectively, the "Subject
Contracts"), Borrower was obligated to to pay Lender the aggregate sum of
$2,000,000.00 on or before June 15, 2000 (the "Sum").
B. The due date for the Sum was no later than June 15, 2000. The
balance due as of June 15, 2000 is as follows:
{TABLE}
{CAPTION}
---------------------------------------------- ----------------------------
ITEM AMOUNT
---------------------------------------------- ----------------------------
{S} {C}
$2,000,000.00
Principal as of June 15, 2000
---------------------------------------------- ----------------------------
---------------------------------------------- ----------------------------
---------------------------------------------- ----------------------------
---------------------------------------------- ----------------------------
{/TABLE}
C. Borrower is in default under the Subject Contracts, and the Sum is
now due and payable in full. Borrower has requested that Lender enter into a
loan extension arrangement for repayment of the Sum. Lender has agreed to enter
into such a loan extension arrangement with Borrower on the terms and subject to
the conditions set forth in this Agreement.
D. This Agreement is intended to resolve all disputes among Lender and
Borrower as of the date hereof, to permit Borrower the Payment Schedule and
Terms set forth below, to reassure Lender that Borrower will pay the Sum in
full, and to give Lender the benefit of the representations and warranties made
by Borrower below.
NOW THEREFORE, in consideration of the above recitals and for
other good and valuable consideration, and in consideration for Lender
accommodating Borrower by extending the due date of the Sum and making
modifications to the Subject Contracts, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:
1. EXTENDED PAYMENT SCHEDULE AND MODIFIED CONTRACT TERMS.
147080
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GlobalMedia.com
As referenced in this Loan Extension Agreement:
Globalmedia.com, – 2
LOAN EXTENSION AGREEMENT
This Loan Extension Agreement (the "Agreement") is made and dated as of
this 26th day of June, 2000 between Globalmedia.com, a Nevada Corporation (the
"Borrower") and RealNetworks, Inc., a Washington Corporation, with its principal
place of business at 2601 Elliott Avenue, Seattle,
_____________
Globalmedia.com
– ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO
FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.
BORROWER:
Globalmedia.com
/s/ Winston Barta
------------------------------------
{/TEXT}
{/DOCUMENT}
_____________
dt 490033
;
RealNetworks
As referenced in this Loan Extension Agreement:
RealNetworks, Inc. – LOAN EXTENSION AGREEMENT
This Loan Extension Agreement (the "Agreement") is made and dated as of
this 26th day of June, 2000 between Globalmedia.com, a Nevada Corporation (the
"Borrower") and RealNetworks, Inc. , a Washington Corporation, with its principal
place of business at 2601 Elliott Avenue, Seattle, Washington 98121 (the
"Lender").
RECITALS
A. Pursuant to the terms of the RealChannels Agreement dated
_____________
RealNetworks, Inc. – first-class registered or certified mail, overnight
courier, or the equivalent, return-receipt requested, postage or charges
prepaid, addressed to such party at the address set forth below.
To Lender: RealNetworks, Inc.
Copy to General Counsel and Chief Operating Officer
To Borrower: 400 Robson Street
Vancouver, British Columbia V6B 2B4
Canada
Attn.: Chief Executive Officer; Chief Financial
Officer
14. ATTORNEYS' FEES;
_____________
RealNetworks, Inc. – and Lender were represented by independent counsel of their
own choice.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first written.
LENDER:
RealNetworks, Inc.
/s/ K. J. MacArthur
------------------------------------
Kelly Jo MacArthur
Sr. VP & General Counsel
TO THE BORROWER: THIS IS A LEGALLY BINDING CONTRACT WHICH OBLIGATES YOU TO DO
CERTAIN THINGS, AND WHICH
_____________
dt 1327367
;
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RealNetworks
As referenced in this Loan Extension Agreement:
RealNetworks, Inc. – LOAN EXTENSION AGREEMENT
This Loan Extension Agreement (the "Agreement") is made and dated as of
this 26th day of June, 2000 between Globalmedia.com, a Nevada Corporation (the
"Borrower") and RealNetworks, Inc. , a Washington Corporation, with its principal
place of business at 2601 Elliott Avenue, Seattle, Washington 98121 (the
"Lender").
RECITALS
A. Pursuant to the terms of the RealChannels Agreement dated
_____________
RealNetworks, Inc. – first-class registered or certified mail, overnight
courier, or the equivalent, return-receipt requested, postage or charges
prepaid, addressed to such party at the address set forth below.
To Lender: RealNetworks, Inc.
Copy to General Counsel and Chief Operating Officer
To Borrower: 400 Robson Street
Vancouver, British Columbia V6B 2B4
Canada
Attn.: Chief Executive Officer; Chief Financial
Officer
14. ATTORNEYS' FEES;
_____________
RealNetworks, Inc. – and Lender were represented by independent counsel of their
own choice.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first written.
LENDER:
RealNetworks, Inc.
/s/ K. J. MacArthur
------------------------------------
Kelly Jo MacArthur
Sr. VP & General Counsel
TO THE BORROWER: THIS IS A LEGALLY BINDING CONTRACT WHICH OBLIGATES YOU TO DO
CERTAIN THINGS, AND WHICH
_____________
dt 1368859
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