STOCK PLEDGE AGREEMENTStock Pledge Agreement • July 11th, 2003 • Infotech Usa Inc • Services-computer integrated systems design • New Jersey
THIS STOCK PLEDGE AGREEMENT (this "Agreement") is entered into on June 27, 2003 between Applied Digital Solutions, Inc. ("Pledgor"), and InfoTech USA, Inc. ("Pledgee").
COMMERCIAL LOAN AGREEMENTCommercial Loan Agreement • July 11th, 2003 • Infotech Usa Inc • Services-computer integrated systems design • New Jersey
THIS COMMERCIAL LOAN AGREEMENT (the “Agreement”) is made as of the date set forth above, between the above-named Borrower (the “Borrower”) and InfoTech USA, Inc. (f/k/a SysComm International Corporation), a Delaware corporation, with offices located at 7 Kingsbridge Road in Fairfield, New Jersey 07004 (the “Lender”). The Lender has agreed to extend to Borrower, at the Borrower’s request, the loan(s) described above and may, in its sole discretion and with no obligation, express or implied, to do so, from time to time hereafter, extend other loans to Borrower (individually a “Loan” and collectively the “Loans”). All of the Loans are, together with all other debts, liabilities and obligations of Borrower to the Lender, direct or indirect, absolute or contingent, now existing or hereafter arising, hereinafter sometimes referred to as the “Obligations”. Each Loan is or shall be evidenced by a commercial promissory note (individually a “Note” and collectively the “Notes”) and each Loan and
TERM NOTEInfotech Usa Inc • July 11th, 2003 • Services-computer integrated systems design
FOR VALUE RECEIVED, Applied Digital Solutions, Inc., a corporation organized under the laws of the State of Missouri with a principal place of business at 400 Royal Palm Way, Suite 410, Palm Beach, Florida 33480 (the “Borrower”), promises to pay to the order of InfoTech USA, Inc. (f/k/a SysComm International Corporation) (the “Lender”), a corporation organized under the laws of the State of Delaware with a principal place of business at 7 Kingsbridge Road, Fairfield, New Jersey 07004, at the principal place of business of the Lender or such other place as the holder hereof shall designate in writing from time to time hereafter, the principal sum of One Million Dollars ($1,000,000.00) together with interest on unpaid balances as provided for herein below, in immediately available funds and lawful money of the United States of America.
