TRANSITION SERVICES AGREEMENTTransition Services Agreement • January 3rd, 2006 • Applied Digital Solutions Inc • Communications equipment, nec • Florida
This TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of December 27, 2005 (the “Effective Date”), is entered into between Applied Digital Solutions, Inc., a Missouri corporation (“ADSX”), and Verichip Corporation, a Delaware corporation (“Verichip”; references to Verichip in this Agreement shall include Verichip’s subsidiary companies Verichip Inc. and Instantel Inc.).
SECURITY AGREEMENTSecurity Agreement • January 3rd, 2006 • Applied Digital Solutions Inc • Communications equipment, nec • New Hampshire
SECURITY AGREEMENT (the “Agreement”) made December 27, 2005 by and between VeriChip Corporation, a Delaware corporation with a principal place of business at 1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445 (the “Debtor”), and Applied Digital Solutions, Inc., a Missouri corporation located at 1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445 (the “Secured Party”).
REVOLVING LINE OF CREDIT NOTE WORKING CAPITALRevolving Line of Credit Note • January 3rd, 2006 • Applied Digital Solutions Inc • Communications equipment, nec
FOR VALUE RECEIVED, the undersigned, VeriChip Corporation, a Delaware corporation with a principal place of business at 1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445 (the “Borrower”), hereby promises to pay to the order of Applied Digital Solutions, Inc., a Missouri corporation located at 1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445 (the “Lender”), at such address, or such other place or places as the holder hereof may designate in writing from time to time hereafter, the maximum principal sum of Eight Million Five Hundred Thousand Dollars ($8,500,000.00), or, if less, so much thereof as may be advanced or readvanced by the Lender to the Borrower pursuant to the terms of the Loan Agreement (as hereinafter defined), together with interest as provided for hereinbelow, in lawful money of the United States of America.
COMMERCIAL LOAN AGREEMENTCommercial Loan Agreement • January 3rd, 2006 • Applied Digital Solutions Inc • Communications equipment, nec • New Hampshire
