APPLIED DIGITAL SOLUTIONS, INC. 1690 South Congress Avenue, Suite 201 Delray Beach, Florida 33445Agreement to Subordinate Loans and Repayment of Loans • March 5th, 2008 • Applied Digital Solutions Inc • Communications equipment, nec • New York
Reference is made to (a) the Commercial Loan Agreement dated as of December 27, 2005 by and between VeriChip Corporation (the “Company”) and Applied Digital Solutions, Inc. (“ADS”) (as amended, restated, modified and/or supplemented from time to time, the “ADS Loan Agreement”); (b) the Third Amended and Restated Revolving Line of Credit Note Working Capital dated as of February 8, 2007 from the Company in favor of ADS in the original principal amount of $14,500,000 (as amended, restated, modified and/or supplemented from time to time, the “ADS Note”); and (c) the Security Agreement dated as of December 27, 2005 by and between the Company and ADS (as amended, restated, modified and/or supplemented from time to time, the “ADS Security Agreement” and collectively with the ADS Loan Agreement, the ADS Note and all other instruments, documents and agreements related to each of the foregoing, the “ADS Loan Documents”). Capitalized terms used herein without definition shall have the meaning as
