December 20, 2007Loan Agreement • December 21st, 2007 • VeriChip CORP • Communications equipment, nec
This letter confirms an agreement between VeriChip Corporation (“VeriChip”) and Applied Digital Solutions, Inc. (“ADSX”) regarding the possible prepayment by VeriChip of all principal amounts outstanding as of the date of this letter agreement (the “Outstanding Principal Amount”) under that certain (i) Commercial Loan Agreement dated December 27, 2005, as amended, between VeriChip and ADSX, (ii) Security Agreement dated December 27, 2005, as amended, between VeriChip and ADSX, and (iii) Third Amended and Restated Revolving Line of Credit Note dated as of February 8, 2007, from VeriChip in favor of ADSX (collectively, the “VeriChip Loan Documents”). The Outstanding Principal Amount on the date hereof is $12,.873,346.
