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TBUS > SEC Filings for TBUS > Form 8-K on 1-Jul-2009All Recent SEC Filings

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Form 8-K for DRI CORP


1-Jul-2009

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


ITEM 1.01 Entry into Material Definitive Agreement.

On June 25, 2009, our wholly-owned German subsidiary Mobitec GmbH modified its existing EURO Short Term Loan Facility and related credit card accounts (collectively, the "Mobitec Credit Facility") with Svenska Handelsbanken AB, a German bank ("Handelsbanken"), to, among other things, increase the size of the Mobitec Credit Facility to approximately $2.0 million, based on exchange rates as of the date of the modification.
The material terms of the Mobitec Credit Facility, as amended, are described in Item 2.03 - Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant below.
ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

Mobitec Credit Facility
On June 25, 2009, Mobitec GmbH and Handelsbanken entered into amendments to the Mobitec Credit Facility to, among other things, effect the following:
• until April 30, 2010, increase the borrowing capacity under the Mobitec Credit Facility by 500,000 Euros (approximately US$703,000, based on exchange rates as of the date of the modification), from 912,000 Euros (approximately US$1.3 million, based on exchange rates as of the date of the modification) to approximately 1.4 million Euros (approximately US$2.0 million, based on exchange rates as of the date of the modification);

• on April 30, 2010, reduce the borrowing capacity under the Mobitec Credit Facility by 500,000 Euros (approximately US$703,000, based on exchange rates as of the date of the modification), from approximately 1.4 million Euros (approximately US$2.0 million, based on exchange rates as of the date of the modification) to 912,000 Euros (approximately US$1.3 million, based on exchange rates as of the date of the modification); and

• increase the annual interest rate on the Mobitec Credit Facility from Euro OverNight Index Average ("EONIA") plus 1.85% to EONIA plus 3.70%.



ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits
10.1 EURO Short Term Loan Facility by and between Handelsbanken and Mobitec GmbH, dated as of June 25, 2009.

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