AMENDMENT TO THIRD AMENDED AND RESTATED REVOLVING LINE OF CREDIT NOTE
Exhibit 10.7
AMENDMENT TO THIRD AMENDED AND RESTATED
REVOLVING LINE OF CREDIT NOTE
REVOLVING LINE OF CREDIT NOTE
Reference is made to that certain Third Amended and Restated Revolving Line of Credit Note,
dated February 8,2007, made by VeriChip Corporation to the order of Applied Digital Solutions, Inc.
in the principal amount of $ 14,500,000. (the “Note”), to which this instrument is to be attached.
The parties hereto agree that the Note is amended by deleting the following paragraph on page
2 of the Note:
“ The holder may impose upon the undersigned a delinquency charge of $35.00 or five
percent (5.00%) of the amount of the principal and/or interest payment not paid on
or before the thirtieth (30th) day after such installment is due, whichever is
greater. The entire principal balance hereof, together with accrued interest, shall
after maturity, whether by demand, acceleration or otherwise, bear interest at the
contract rate of this Note plus an additional three percent (3.00%) per annum. Upon
default by Borrower under the terms of this Note or any other Loan Documents,
interest shall accrue at a variable rate equal to the contract rate of this Note
plus three percent (3.00%).”
and replacing it with the following paragraph:
“ The holder may impose upon the undersigned a delinquency charge of $35.00 or five
percent (5.00%) of the amount of any regularly-scheduled payment of principal
and/or interest (other than at maturity, whether by acceleration or otherwise) not
paid on or before the fifth (5th) business day after such payment is due, whichever
is greater. The entire principal balance hereof, together with accrued interest,
shall after maturity, whether by demand, acceleration or otherwise, bear interest
at the contract rate of this Note plus an additional three percent (3.00%) per
annum. Upon default by Borrower under the terms of this Note or any other Loan
Documents, interest shall accrue at a variable rate equal to the contract rate of
this Note plus three percent (3.00%).”
This amendment is executed as an instrument under seal as of February 29, 2008.
VERICHIP CORPORATION |
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By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | Chief Financial Officer, President, Treasurer and Secretary | |||
APPLIED DIGITAL SOLUTIONS, INC. |
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By: | /s/ Xxxxxxxx X. Xxxxxx | |||
Name: | Xxxxxxxx X. Xxxxxx | |||
Title: | Acting Chief Financial Officer and Senior Vice President | |||