<PAGE>   1
                                                                   Exhibit 10.29

                      BUSINESS LOAN AGREEMENT (ASSET BASED)

<TABLE>
<CAPTION>
<S>                 <C>            <C>           <C>             <C>    <C>           <C>       <C>       <C>
   PRINCIPAL        LOAN DATE       MATURITY        LOAN NO      CALL   COLLATERAL    ACCOUNT   OFFICER    INITIALS
$4,000,000.00       07-07-2000                    9100006714      4A        302                   178

 References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan
              or item. Any item above containing ***** has been omitted due to text length limitations.
</TABLE>

<TABLE>
<S>                                                                   <C>
   BORROWER:   DYNACS INC, A DELAWARE CORPORATION, AUTHORIZED TO      LENDER:  FIRST NATIONAL BANK OF FLORIDA
               DO BUSINESS IN FLORIDA AS DYNACS WORLDWIDE, INC                 MAIN OFFICE
               35111 U S HIGHWAY 19 N #300                                     1150 CLEVELAND STREET
               PALM HARBOR, FL 34684                                           CLEARWATER, FL 33755
                                                                               (727) 441-3447
</TABLE>

===============================================================================

THIS BUSINESS LOAN AGREEMENT (ASSET BASED) DATED JULY 7, 2000, IS MADE AND
EXECUTED BETWEEN DYNACS INC, A DELAWARE CORPORATION, AUTHORIZED TO DO BUSINESS
IN FLORIDA AS DYNACS WORLDWIDE, INC ("BORROWER") AND FIRST NATIONAL BANK OF
FLORIDA ("LENDER") ON THE FOLLOWING TERMS AND CONDITIONS. BORROWER HAS RECEIVED
PRIOR COMMERCIAL LOANS FROM LENDER OR HAS APPLIED TO LENDER FOR A COMMERCIAL
LOAN OR LOANS OR OTHER FINANCIAL ACCOMMODATIONS, INCLUDING THOSE WHICH MAY BE
DESCRIBED ON ANY EXHIBIT OR SCHEDULE ATTACHED TO THIS AGREEMENT ("LOAN").
BORROWER UNDERSTANDS AND AGREES THAT: (A) IN GRANTING, RENEWING, OR EXTENDING
ANY LOAN, LENDER IS RELYING UPON BORROWER'S REPRESENTATIONS, WARRANTIES, AND
AGREEMENTS AS SET FORTH IN THIS AGREEMENT, AND (B) ALL SUCH LOANS SHALL BE AND
REMAIN SUBJECT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT.

TERM. This Agreement shall be effective as of July 7, 2000, and shall continue
in full force and effect until such time as all of Borrower's Loans in favor of
Lender have been paid in full, in principal, interest, costs, expenses,
attorneys' fees, and other fees and charges, or until such time as the parties
may agree in writing to terminate this Agreement.

LINE OF CREDIT. Lender agrees to make Advances to Borrower from time to time
from the date of this Agreement to the Expiration Date, provided the aggregate
amount of such Advances outstanding at any time does not exceed the Borrowing
Base. Within the forgoing limits, Borrower may borrow, partially or wholly
prepay, and reborrow under this Agreement as follows:

        CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make any
        Advance to or for the account of Borrower under this Agreement is
        subject to the following conditions precedent, with all documents,
        instruments, opinions, reports, and other items required under this
        Agreement to be in form and substance satisfactory to Lender:

            (1) Lender shall have received evidence that this Agreement and all
            Related Documents have been duly authorized, executed, and delivered
            by Borrower to Lender.

            (2) Lender shall have received such opinions of counsel,
            supplemental opinions, and documents as Lender may request.

            (3) The security interests in the Collateral shall have been duly
            authorized, created, and perfected with first lien priority and
            shall be in full force and effect.

            (4) All guaranties required by Lender for the credit facility(ies)
            shall have been executed by each Guarantor, delivered to Lender, and
            be in full force and effect.


            (5) Lender, at its option and for its sole benefit, shall have
            conducted an audit of Borrower's Accounts, books, records, and
            operations, and Lender shall be satisfied as to their condition.


            (6) Borrower shall have paid to Lender all fees, costs, and expenses
            specified in this Agreement and the Related Documents as are then
            due and payable.

            (7) There shall not exist at the time of any Advance a condition
            which would constitute an Event of Default under this Agreement, and
            Borrower shall have delivered to Lender the compliance certificate
            called for in the paragraph below titled "Compliance Certificate."

        MAKING LOAN ADVANCES. Advances under this credit facility, as well as
        directions for payment from Borrower's accounts, may be requested orally
        or in writing by authorized persons. Lender may, but need not, require
        that all oral requests be confirmed in writing. Each Advance shall be
        conclusively deemed to have been made at the request of and for the
        benefit of Borrower (1) when credited to any deposit account of Borrower
        maintained with Lender or (2) when advanced in accordance with the
        instructions of an authorized person. Lender, at its option, may set a
        cutoff time, after which all requests for Advances will be treated as
        having been requested on the next succeeding Business Day. Under no
        circumstances shall Lender be required to make any Advance in an amount
        less than $10,000.00.

        MANDATORY LOAN REPAYMENTS. If at any time the aggregate principal amount
        of the outstanding Advances shall exceed the applicable Borrowing Base,
        Borrower, immediately upon written or oral notice from Lender, shall pay
        to Lender an amount equal to the difference between the outstanding
        principal balance of the Advances and the Borrowing Base. On the
        Expiration Date, Borrower shall pay to Lender in full the aggregate
        unpaid principal amount of all Advances then outstanding and all accrued
        unpaid interest, together with all other applicable fees, costs and
        charges, if any, not yet paid.

        LOAN ACCOUNT. Lender shall maintain on its books a record of account in
        which Lender shall make entries for each Advance and such other debits
        and credits as shall be appropriate in connection with the credit
        facility. Lender shall provide Borrower with periodic statements of
        Borrower's account, which statements shall be considered to be correct
        and conclusively binding on Borrower unless Borrower notifies Lender to
        the contrary within thirty (30) days after Borrower's receipt of any
        such statement which Borrower deems to be incorrect.

COLLATERAL. To secure payment of the Primary Credit Facility and performance of
all other Loan, obligations and duties owed by Borrower to Lender, Borrower
(and others, if required) shall grant to Lender Security Interests in such
property and assets as Lender may require. Lender's Security interests in the
Collateral shall be continuing liens and shall include the proceeds and products
of the Collateral, including without limitation the proceeds of any insurance.
With respect to the Collateral, Borrower agrees and represents and warrants to
Lender:

        PERFECTION OF SECURITY INTERESTS. Borrower agrees to execute such
        financing statements and to take whatever other actions are requested by
        Lender to perfect and continue Lender's Security Interests in the
        Collateral. Upon request of Lender, Borrower will deliver to Lender any
        and all of the documents evidencing or constituting the Collateral, and
        Borrower will note Lender's interest upon any and all chattel paper if
        not delivered to Lender for possession by Lender. Contemporaneous with
        the execution of this Agreement, Borrower will execute one or more UCC
        financing statements and any similar statements as may be required by
        applicable law, and will file such financing statements and all such
        similar statements in the appropriate location or locations. Borrower
        hereby appoints Lender as its irrevocable attorney-in-fact for the
        purpose of executing any documents necessary to perfect or to continue
        any Security Interest. Lender may at any time, and without further
        authorization from Borrower, file a carbon, photograph, facsimile, or
        other reproduction of any financing statement for use as a financing
        statement. Borrower will reimburse Lender for all expenses for the
        perfection, termination, and the continuation of the perfection of
        Lender's security interest in the Collateral. Borrower promptly will
        notify Lender of any change in Borrower's name including any change to
        the assumed business names of Borrower. Borrower also promptly will
        notify Lender of any change in Borrower Social Security Number or
        Employer Identification Number. Borrower further agrees to notify Lender
        in writing prior to any change in address or location of Borrower's
        principal governance office or should Borrower merge or consolidate with
        any other entity.

        COLLATERAL RECORDS. Borrower does now, and at all times hereafter shall,
        keep correct and accurate records of the Collateral, all of which
        records shall be available to Lender or Lender's representative upon
        demand for inspection and copying at any reasonable time. With respect
        to the Accounts, Borrower agrees to keep and maintain such records as
        Lender may require, including without limitation information concerning
        Eligible Accounts and Account balances and agings. Records related to
        Accounts (Receivables) are or will be located at 35111 U S Highway 19
        North #300, Palm Harbor, Fl 34684. The above is an accurate and complete
        list of all locations at which Borrower keeps or maintains business
        records concerning Borrower's collateral.

        COLLATERAL SCHEDULES. Concurrently with the execution and delivery of
        this Agreement, Borrower shall execute and deliver to Lender schedules
        of Accounts and schedules of Eligible Accounts in form and substance
        satisfactory to the Lender. Thereafter supplemental schedules shall be
        delivered according to the following schedule:

        REPRESENTATIONS AND WARRANTIES CONCERNING ACCOUNTS. With respect to the
        Accounts, Borrower represents and warrants to Lender: (1) Each Account
        represented by Borrower to be an Eligible Account for purposes of this
        Agreement conforms to the requirements of the definition of an Eligible
        Account; (2) All Account information listed on schedules delivered to
        Lender will be true and correct, subject to immaterial variance; and (3)
        Lender, its assigns, or agents shall have the right at any time and at
        Borrower's expense to inspect, examine, and audit Borrower's records and
        to confirm with Account Debtors the accuracy of such Accounts.

CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial
Advance and each subsequent Advance under this Agreement shall be subject to the
fulfillment to Lender's satisfaction of all of the conditions set forth in this
Agreement and in the Related Documents.

        LOAN DOCUMENTS. Borrower shall provide to Lender the following documents
        for the Loan: (1) the Note; (2) Security Agreements granting to Lender
        security interests in the Collateral; (3) financing statements
        perfecting Lender's Security Interests; (4) evidence of insurance as
        required below; (5) guaranties; (6) together with all such
        related Documents as Lender may require for the Loan; all in form and
        substance satisfactory


<PAGE>   2



                  BUSINESS LOAN AGREEMENT (ASSET BASED)                   PAGE 2
                                   (CONTINUED)
================================================================================

     to Lender and Lender's counsel.

     BORROWER'S AUTHORIZATION. Borrower shall have provided in form and
     substance satisfactory to Lender properly certified resolutions, duly
     authorizing the execution and delivery of this Agreement, the Note and the
     Related Documents. In addition, Borrower shall have provided such other
     resolutions, authorizations, documents and instruments as Lender or its
     counsel, may require.

     Borrower shall have paid to Lender all fees, costs, and expenses specified
     in this Agreement and the Related Documents as are then due and payable.

     REPRESENTATIONS AND WARRANTIES. The representations and warranties set
     forth in this Agreement, in the Related Documents, and in any document or
     certificate delivered to Lender under this Agreement are true and correct.

     NO EVENT OF DEFAULT. There shall not exist at the time of any Advance a
     condition which would constitute an Event of Default under this Agreement
     or under any Related Document.

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as
of the date of this Agreement, as of the date of each disbursement of loan
proceeds, as of the date of any renewal, extension or modification of any Loan,
and at all times any indebtedness exists:

     ORGANIZATION. Borrower is a corporation for profit which is, and at all
     times shall be, duly organized, validly existing, and in good standing
     under and by virtue of the laws of the State of Delaware. Borrower is duly
     authorized to transact business in the State of Florida and all other
     states in which Borrower is doing business, having obtained all necessary
     filings, governmental licenses and approvals for each state in which
     Borrower is doing business. Specifically, Borrower is, and at all times
     shall be, duly qualified as a foreign corporation in all states in which
     the failure to so qualify would have a material adverse effect on its
     business or financial condition. Borrower has the full power and authority
     to own its properties and to transact the business in which it is presently
     engaged or presently proposes to engage. Borrower maintains an office at
     35111 U S Highway 19 N #300, Palm Harbor, FL 34684. Unless Borrower has
     designated otherwise in writing, the principal office is the office at
     which Borrower keeps its books and records including its records concerning
     the Collateral. Borrower will notify Lender of any change in the location
     of Borrower's principal office. Borrower shall do all things necessary to
     preserve and to keep in full force and effect its existence, rights and
     privileges, and shall comply with all regulations, rules, ordinances,
     statutes, orders and decrees of any governmental or quasi-governmental
     authority or court applicable to Borrower and Borrower's business
     activities.

     ASSUMED BUSINESS NAMES. Borrower has filed or recorded all documents or
     filings required by law relating to all assumed business names used by
     Borrower. Excluding the name of Borrower, the following is a complete list
     of all assumed business names under which Borrower does business: DYNACS
     WORLDWIDE, INC.

     AUTHORIZATION. Borrower's execution, delivery, and performance of this
     Agreement and all the Related Documents have been duly authorized by all
     necessary action by Borrower and do not conflict with, result in a
     violation of, or constitute a default under (1) any provision of Borrower's
     articles of incorporation or organization, or bylaws, or any agreement or
     other instrument binding upon Borrower or (2) any law, governmental
     regulation, court decree, or order applicable to Borrower or to Borrower's
     properties.

     FINANCIAL INFORMATION. Each of Borrower's financial statements supplied to
     Lender truly and completely disclosed Borrower's financial condition as of
     the date of the statement, and there has been no material adverse change in
     Borrower's financial condition subsequent to the date of the most recent
     financial statement supplied to Lender. Borrower has no material contingent
     obligations except as disclosed in such financial statements.

     LEGAL EFFECT. This Agreement constitutes, and any instrument or agreement
     Borrower is required to give under this Agreement when delivered will
     constitute, legal, valid, and binding obligations of Borrower enforceable
     against Borrower in accordance with their respective terms.

     HAZARDOUS SUBSTANCES. Except as disclosed to and acknowledged by Lender in
     writing, Borrower represents and warrants that: (1) During the period of
     Borrower's ownership of Borrower's Collateral, there has been no use,
     generation, manufacture, storage, treatment, disposal, release or
     threatened release of any Hazardous Substance by any person on, under,
     about or from any of the Collateral. (2) Borrower has no knowledge of, or
     reason to believe that there has been (a) any breach or violation of any
     Environmental Laws; (b) any use, generation, manufacture, storage,
     treatment, disposal, release or threatened release of any Hazardous
     Substance on, under, about or from the Collateral by any prior owners or
     occupants of any of the Collateral; or (c) any actual or threatened
     litigation or claims of any kind by any person relating to such matters.
     (3) Neither Borrower nor any tenant, contractor, agent or other authorized
     user of any of the Collateral shall use, generate, manufacture, store,
     treat, dispose of or release any Hazardous Substance on, under, about or
     from any of the Collateral; and any such activity shall be conducted in
     compliance with all applicable federal, state, and local laws, regulations,
     and ordinances, including without limitation all Environmental Laws.
     Borrower authorizes Lender and its agents to enter upon the Collateral to
     make such inspections and tests as Lender may deem appropriate to determine
     compliance of the Collateral with this section of the Agreement. Any
     inspections or tests made by Lender shall be at Borrower's expense and for
     Lender's purposes only and shall not be construed to create any
     responsibility or liability on the part of Lender to Borrower or to any
     other person. The representations and warranties contained herein are based
     on Borrower's due diligence in investigating the Collateral for hazardous
     waste and hazardous substances. Borrower hereby (1) releases and waives any
     future claims against Lender for indemnity or contribution in the event
     Borrower becomes liable for cleanup or other costs under any such laws, and
     (2) agrees to indemnify and hold harmless Lender against any and all
     claims, losses, liabilities, damages, penalties, and expenses which Lender
     may directly or indirectly sustain or suffer resulting from a breach of
     this section of the Agreement or as a consequence of any use, generation,
     manufacture, storage, disposal, release or threatened release of a
     hazardous waste or substance on the properties. The provisions of this
     section of the Agreement, including the obligation to indemnify, shall
     survive the payment of the Indebtedness and the termination, expiration or
     satisfaction of this Agreement and shall not be affected by Lender's
     acquisition of any interest in any of the Collateral, whether by
     foreclosure or otherwise.

     LITIGATION AND CLAIMS. No litigation, claim, investigation, administrative
     proceeding or similar action (including those for unpaid taxes) against
     Borrower is pending or threatened, and no other event has occurred which
     may materially adversely affect Borrower's financial condition or
     properties, other than litigation, claims, or other events, if any, that
     have been disclosed to and acknowledged by Lender in writing.


     TAXES. To the best of Borrower's knowledge, all of Borrower's tax returns
     and reports that are or were required to be filed, have been filed, and all
     taxes, assessments and other governmental charges have been paid in full,
     except those presently being or to be contested by Borrower In good faith
     in the ordinary course of business and for which adequate reserves have
     been provided.


     INFORMATION. All information heretofore or contemporaneously herewith
     furnished by Borrower to Lender for the purposes of or in connection with
     this Agreement or any transaction contemplated hereby is, and all
     information hereafter furnished by or on behalf of Borrower to Lender will
     be, true and accurate in every material respect on the date as of which
     such information is dated or certified; and none of such information is or
     will be incomplete by omitting to state any material fact necessary to make
     such information not misleading.

     LIEN PRIORITY. Unless otherwise previously disclosed to Lender in writing,
     Borrower has not entered into or granted any Security Agreements, or
     permitted the filing or attachment of any Security Interests on or
     affecting any of the Collateral directly or indirectly securing repayment
     of Borrower's Loan and Note, that would be prior or that may in any way be
     superior to Lender's Security Interests and rights in and to such
     Collateral.

     BINDING EFFECT. This Agreement, the Note, all Security Agreements (if any),
     and all Related Documents are binding upon the signers thereof, as well as
     upon their successors, representatives and assigns, and are legally
     enforceable in accordance with their respective terms.

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long
as this Agreement remains in effect, Borrower will:

     NOTICES OF CLAIMS AND LITIGATION. Promptly inform Lender in writing of (1)
     all material adverse changes in Borrower's financial condition, and (2) all
     existing and all threatened litigation, claims, investigations,
     administrative proceedings or similar actions affecting Borrower or any
     Guarantor which could materially affect the financial condition of Borrower
     or the financial condition of any Guarantor.

     FINANCIAL RECORDS. Maintain its books and records in accordance with GAAP,
     applied on a consistent basis, and permit Lender to examine and audit
     Borrower's books and records at all reasonable times.

     FINANCIAL STATEMENTS. Furnish Lender with the following:

         (1) ANNUAL STATEMENTS. As soon as available, but in no event later than
         ninety (90) days after the end of each fiscal year, Borrower's balance
         sheet and income statement for the year ended, reviewed by a certified
         public accountant satisfactory to Lender.

         (2) INTERIM STATEMENTS. As soon as available, but in no event later
         than thirty (30) days after the end of each fiscal quater, Borrower's
         balance sheet and profit and loss statement for the period ended,
         prepared by Borrower.

         (3) TAX RETURNS. As soon as available, but in no event later than sixty
         (60) days after the applicable filing date for the tax reporting period
         ended, Federal and other governmental tax returns, prepared by a
         certified public accountant satisfactory to Lender.

     All financial reports required to be provided under this Agreement shall be
     prepared in accordance with GAAP, applied on a consistent basis, and
     certified by Borrower as being true and correct.

     ADDITIONAL INFORMATION. Furnish such additional information and statements,
     as Lender may request from time to time.

     INSURANCE. Maintain fire and other risk insurance, public liability
     insurance, and such other insurance as Lender may require with respect to

<PAGE>   3


                     BUSINESS LOAN AGREEMENT (ASSET BASED)                PAGE 3
                                   (CONTINUED)

     Borrower's properties and operations, in form, amounts, coverages and with
     insurance companies acceptable to Lender. Borrower, upon request of Lender,
     will deliver to Lender from time to time the policies or certificates of
     insurance in form satisfactory to Lender, including stipulations that
     coverages will not be cancelled or diminished without at least ten (10)
     days prior written notice to Lender. Each insurance policy also shall
     include an endorsement providing that coverage in favor of Lender will not
     be impaired in any way by any act, omission or default of Borrower or any
     other person. In connection with all policies covering assets in which
     Lender holds or is offered a security interest for the Loans, Borrower will
     provide Lender with such lender's loss payable or other endorsements as
     Lender may require.

     INSURANCE REPORTS. Furnish to Lender, upon request of Lender, reports on
     each existing insurance policy showing such information as Lender may
     reasonably request, including without limitation the following: (1) the
     name of the insurer; (2) the risks insured; (3) the amount of the policy;
     (4) the properties Insured; (5) the then current property values on the
     basis of which insurance has been obtained, and the manner of determining
     those values; and (6) the expiration date of the policy. In addition, upon
     request of Lender (however not more often than annually), Borrower will
     have an independent appraiser satisfactory to Lender determine, as
     applicable, the actual cash value or replacement cost of any Collateral.
     The cost of such appraisal shall be paid by Borrower.

     OTHER AGREEMENTS. Comply with all terms and conditions of all other
     agreements, whether now or hereafter existing, between Borrower and any
     other party and notify Lender immediately in writing of any default in
     connection with any other such agreements.

     LOAN PROCEEDS. Use all Loan proceeds solely for Borrower's business
     operations, unless specifically consented to the contrary by Lender in
     writing.

     TAXES, CHARGES AND LIENS. Pay and discharge when due all of its
     indebtedness and obligations, including without limitation all assessments,
     taxes, governmental charges, levies and liens, of every kind and nature,
     imposed upon Borrower or its properties, income, or profits, prior to the
     date on which penalties would attach, and all lawful claims that, if
     unpaid, might become a lien or charge upon any of Borrower's properties,
     income, or profits.

     PERFORMANCE. Perform and comply, in a timely manner, with all terms,
     conditions, and provisions set forth in this Agreement, in the Related
     Documents, and in all other instruments and agreements between Borrower and
     Lender. Borrower shall notify Lender immediately in writing of any default
     in connection with any agreement

     OPERATIONS. Maintain executive and management personnel with substantially
     the same qualifications and experience as the present executive and
     management personnel; provide written notice to Lender of any change in
     executive and management personnel; conduct its business affairs in a
     reasonable and prudent manner.

     COMPLIANCE WITH GOVERNMENTAL REQUIREMENTS. Comply with all laws,
     ordinances, and regulations, now or hereafter in effect, of all
     governmental authorities applicable to the conduct of Borrower's
     properties, businesses and operations, and to the use or occupancy of the
     Collateral, including without limitation, the Americans With Disabilities
     Act. Borrower may contest in good faith any such law, ordinance, or
     regulation and withhold compliance during any proceeding, including
     appropriate appeals, so long as Borrower has notified Lender in writing
     prior to doing so and so long as, in Lender's sole opinion, Lender's
     interests in the Collateral are not jeopardized. Lender may require
     Borrower to post adequate security or a surety bond, reasonably
     satisfactory to Lender, to protect Lender's interest.

     INSPECTION. Permit employees or agents of Lender at any reasonable time to
     inspect any and all Collateral for the Loan or Loans and Borrower's other
     properties and to examine or audit Borrower's books, accounts, and records
     and to make copies and memoranda of Borrower's books, accounts, and
     records. If Borrower now or at any time hereafter maintains any records
     (including without limitation computer generated records and computer
     software programs for the generation of such records) in the possession of
     a third party, Borrower, upon request of Lender, shall notify such party to
     permit Lender free access to such records at all reasonable times and to
     provide Lender with copies of any records it may request, all at Borrower's
     expense.

     COMPLIANCE CERTIFICATES. Unless waived in writing by Lender, provide Lender
     within thirty (30) days after the end of each month and at the time of each
     disbursement of Loan proceeds, with a certificate executed by Borrower's
     chief financial officer, or other officer or person acceptable to Lender,
     certifying that the representations and warranties set forth in this
     Agreement are true and correct as of the date of the certificate and
     further certifying that, as of the date of the certificate, no Event of
     Default exists under this Agreement

     ENVIRONMENTAL COMPLIANCE AND REPORTS. Borrower shall comply in all respects
     with any and all Environmental Laws; not cause or permit to exist, as a
     result of an intentional or unintentional action or omission on Borrower's
     part or on the part of any third party, on property owned and/or occupied
     by Borrower, any environmental activity where damage may result to the
     environment, unless such environmental activity is pursuant to and in
     compliance with the conditions of a permit issued by the appropriate
     federal, state or local governmental authorities; shall furnish to Borrower
     promptly and in any event within thirty (30) days after receipt thereof a
     copy of any notice, summons, lien, citation, directive, letter or other
     communication from any governmental agency or instrumentality conceding any
     intentional or unintentional action or omission on Borrower's part in
     connection with any environmental activity whether or not there is damage
     to the environment and/or other natural resources.

     ADDITIONAL ASSURANCES. Make, execute and deliver to Lender such promissory
     notes, mortgages, deeds of trust, security agreements, assignments,
     financing statements, instruments, documents and other agreements as Lender
     or its attorneys may reasonably request to evidence and secure the Loans
     and to perfect all Security Interests.

LENDER'S EXPENDITURES. If any action or proceeding is commenced that would
materially affect Lender's interest in the Collateral or if Borrower fails to
comply with any provision of this Agreement or any Related Documents, including
but not limited to Borrower's failure to discharge or pay when due any amounts
Borrower is required to discharge or pay under this Agreement or any Related
Documents, Lender on Borrower's behalf may (but shall not be obligated to) take
any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and
other claims, at any time levied or placed on any Collateral and paying all
costs for insuring, maintaining and preserving any Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear
interest at the rate charged under the Note from the date incurred or paid by
Lender to the date of repayment by Borrower. All such expenses will become a
part of the indebtedness and, at Lender's option, will (A) be payable on demand;
(B) be added to the balance of the Note and be apportioned among and be payable
with any installment payments to become due during either (1) the term of any
applicable insurance policy; or (2) the remaining term of the Note; or (C) be
treated as a balloon payment which will be due and payable at the Note's
maturity. Any Collateral also will secure payment of these amounts. Such right
shall be in addition to all other rights and remedies to which Lender may be
entitled upon Default

NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this
Agreement is in effect, Borrower shall not, without the prior written consent of
Lender:

     INDEBTEDNESS AND LIENS. (1) Except for trade debt incurred in the normal
     course of business and indebtedness to Lender contemplated by this
     Agreement, create, incur or assume additional indebtedness for borrowed
     money, including capital leases in excess of the aggregate amount of
     $100,000.00, (2) sell, transfer, mortgage, assign, pledge, lease, grant a
     security interest in, or encumber any of Borrower's assets (except as
     allowed as Permitted Liens), or (3) sell with recourse any of Borrower's
     accounts, except to Lender.

     TRANSFER AND LIENS. Fail to continue to own all of Borrower's assets,
     except for routine transfers, use or depletion in the ordinary course of
     Borrower's business. Borrower agrees not to create or grant to any person,
     except Lender, any lien, security interest, encumbrance, cloud on title,
     mortgage, pledge or similar interest in any of Borrower's property, even in
     the ordinary course of Borrower's business. Borrower agrees not to sell,
     convey, grant, lease, give, contribute, assign, or otherwise transfer any
     of Borrower's assets, except for sales of inventory or leases of goods in
     the ordinary course of Borrower's business.

     CONTINUITY OF OPERATIONS. (1) Engage in any business activities
     substantially different than those in which Borrower is presently engaged,
     (2) cease operations, liquidate, merge, transfer, acquire or consolidate
     with any other entity, change its name, dissolve or transfer or sell
     Collateral out of the ordinary course of business, or (3) pay any dividends
     on Borrower's stock (other than dividends payable in its stock), provided,
     however that notwithstanding the foregoing, but only so long as no Event of
     Default has occurred and is continuing or would result from the payment of
     dividends, if Borrower is a "Subchapter S Corporation" (as defined in the
     Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends
     on its stock to its shareholders from time to time in amounts necessary to
     enable the shareholders to pay income taxes and make estimated income tax
     payments to satisfy their liabilities under federal and state law which
     arise solely from their status as Shareholders of a Subchapter S
     Corporation because of their ownership of shares of Borrower's stock, or
     purchase or retire any of Borrower's outstanding shares or alter or amend
     Borrower's capital structure.

     LOANS, ACQUISITIONS AND GUARANTIES. (1) Loan, invest in or advance money or
     assets, (2) purchase, create or acquire any interest in any other
     enterprise or entity, or (3) incur any obligation as surety or guarantor
     other than in the ordinary course of business.

     CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan
     to Borrower, whether under this Agreement or under any other agreement,
     Lender shall have no obligation to make Loan Advances or to disburse Loan
     proceeds if: (1) Borrower or any Guarantor is in default under the terms of
     this Agreement or any of the Related Documents or any other agreement that
     Borrower or any Guarantor has with Lender; (2) Borrower or any Guarantor
     dies, becomes incompetent or becomes insolvent, files a petition in
     bankruptcy or similar proceedings, or is adjudged a bankrupt; (3) there
     occurs a material adverse change in Borrower's financial condition, in the
     financial condition of any Guarantor, or in the value of any Collateral
     securing any Loan; of (4) any Guarantor seeks, claims or otherwise attempts
     to limit, modify or revoke such Guarantor's guaranty of the Loan or any
     other loan with Lender; or (5) Lender in good faith deems itself insecure,
     even though no Event of Default shall have occurred.


<PAGE>   4
                  BUSINESS LOAN AGREEMENT (ASSET BASED)                  PAGE 4
                                   (CONTINUED)

================================================================================
RIGHT OF SETOFF. Borrower grants to Lender a contractual security interest in
all Borrower's accounts with Lender (whether checking, savings, or some other
account). This includes all accounts Borrower holds jointly with someone else
and all accounts Borrower may open in the future. However, this does not include
any IRA or Keogh accounts, or any trust accounts for which the grant of a
security interest would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
indebtedness against any and all such accounts.

DEFAULT. Each of the following shall constitute an Event of Default under this
Agreement:

     PAYMENT DEFAULT. Borrower fails to make any payment when due under the
     Loan.

     OTHER DEFAULTS. Borrower fails to comply with or to perform any other term,
     obligation, covenant or condition contained in this Agreement or in any of
     the Related Documents or to comply with or to perform any term, obligation,
     covenant or condition contained in any other agreement between Lender and
     Borrower.

     DEFAULT IN FAVOR OF THIRD PARTIES. Borrower or any Grantor defaults under
     any loan, extension of credit, security agreement, purchase or sales
     agreement, or any other agreement, in favor of any other creditor or person
     that may materially affect any of Borrower's property or Borrower's or any
     Grantor's ability to repay the Loans or perform their respective
     obligations under this Agreement or any of the Related Documents.

     FALSE STATEMENTS. Any warranty, representation or statement made or
     furnished to Lender by Borrower or on Borrower's behalf under this
     Agreement, the Note, or the Related Documents is false or misleading in any
     material respect, either now or at the time made or furnished or becomes
     false or misleading at any time thereafter.

     INSOLVENCY. The dissolution or termination of Borrower's existence as a
     going business, the insolvency of Borrower, the appointment of a receiver
     for any part of Borrower's property, any assignment for the benefit of
     creditors, any type of creditor workout, or the commencement of any
     proceeding under any bankruptcy or insolvency laws by or against Borrower.

     DEFECTIVE COLLATERALIZATION. This Agreement or any of the Related Documents
     ceases to be in full force and effect (including failure of any collateral
     document to create a valid and perfected security interest or lien) at any
     time and for any reason.

     CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or
     forfeiture proceedings, whether by judicial proceeding, self-help,
     repossession or any other method, by any creditor of Borrower or by any
     governmental agency against any collateral securing the Loan. This includes
     a gamishment of any of Borrower's accounts, including deposit accounts,
     with Lender. However, this Event of Default shall not apply if there is a
     good faith dispute by Borrower as to the validity or reasonableness of the
     claim which is the basis of the creditor or forfeiture proceeding and if
     Borrower gives Lender written notice of the creditor or forfeiture
     proceeding and deposits with Lender monies or a surety bond for the
     creditor or forfeiture proceeding, in an amount determined by Lender, in
     its sole discretion, as being an adequate reserve or bond for the dispute.

     EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with
     respect to any Guarantor of any of the Indebtedness or any Guarantor dies
     or becomes incompetent, or revokes or disputes the validity of, or
     liability under, any Guaranty of the Indebtedness.

     ADVERSE CHANGE. A material adverse change occurs in Borrower's financial
     condition, or Lender believes the prospect of payment or performance of the
     Loan is impaired.

     INSECURITY. Lender in good faith believes itself insecure.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where
otherwise provided in this Agreement or the Related Documents, all commitments
and obligations of Lender under this Agreement or the Related Documents or any
other agreement immediately will terminate (including any obligation to make
further Loan Advances or disbursements), and, at Lender's option, all
Indebtedness immediately will become due and payable, all without notice of any
kind to Borrower, except that in the case of an Event of Default of the type
described in the "Insolvency" subsection above, such acceleration shall be
automatic and not optional. In addition, Borrower shall have all the rights and
remedies provided in the Related Documents or available at law, in equity, or
otherwise. Except as may be prohibited by applicable law, all of Lender's rights
and remedies shall be cumulative and may be exercised singularly or
concurrently. Election by Lender to pursue any remedy shall not exclude pursuit
of any other remedy, and an election to make expenditures or to take action to
perform an obligation of Borrower or of any Grantor shall not affect Lender's
right to declare a default and to exercise its rights and remedies.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of
this Agreement:

     AMENDMENTS. This Agreement, together with any Related Documents,
     constitutes the entire understanding and agreement of the parties as to
     the matters set forth in this Agreement. No alteration of or amendment to
     this Agreement shall be effective unless given in writing and signed by the
     party or parties sought to be charged or bound by the alteration or
     amendment.

     ATTORNEYS' FEES; EXPENSES. Borrower agrees to pay upon demand all of
     Lender's costs and expenses, including Lender's reasonable attorneys' fees
     and Lender's legal expenses, incurred in connection with the enforcement of
     this Agreement. Costs and expenses include Lender's reasonable attorneys'
     fees and legal expenses whether or not there is a lawsuit, including
     reasonable attorneys' fees and legal expenses for bankruptcy proceedings
     (including efforts to modify or vacate any automatic stay or injunction),
     appeals, and any anticipated post-judgment collection services. Borrower
     also shall pay all court costs and such additional fees as may be directed
     by the court.

     CAPTION HEADINGS. Caption headings in this Agreement are for convenience
     purposes only and are not to be used to interpret or define the provisions
     of this Agreement.

     CONSENT TO LOAN PARTICIPATION. Borrower agrees and consents to Lender's
     sale or transfer, whether now or later, of one or more participation
     interests in the Loan to one or more purchasers, whether related or
     unrelated to Lender. Lender may provide, without any limitation
     whatsoever, to any one or more purchasers, or potential purchasers, any
     information or knowledge Lender may have about Borrower or about any
     other matter relating to the Loan, and Borrower hereby waives any rights
     to privacy Borrower may have with respect to such matters. Borrower
     additionally waives any and all notices of sale of participation
     interests, as well as all notices of any repurchase of such participation
     interests. Borrower also agrees that the purchasers of any such
     participation interests will be considered as the absolute owners of such
     interests in the Loan and will have all the rights granted under the
     participation agreement or agreements governing the sale of such
     participation interests. Borrower further waives all rights of offset or
     counterclaim that it may have now or later against Lender or against any
     purchaser of such a participation interest and unconditionally agrees
     that either Lender or such purchaser may enforce Borrower's obligation
     under the Loan irrespective of the failure or insolvency of any holder of
     any interest in the Loan. Borrower further agrees that the purchaser of
     any such participation interests may enforce its interests irrespective
     of any personal claims or defenses that Borrower may have against Lender.

     GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY, CONSTRUED AND ENFORCED
     IN ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF FLORIDA. THIS
     AGREEMENT HAS BEEN ACCEPTED BY LENDER IN THE STATE OF FLORIDA.

     CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's
     request to submit to the jurisdiction of the courts of Pinellas County,
     State of Florida.

     NO WAIVER BY LENDER. Lender shall not be deemed to have waived any rights
     under this Agreement unless such waiver is given in writing and signed by
     Lender. No delay or omission on the part of Lender in exercising any right
     shall operate as a waiver of such right or any other right. A waiver by
     Lender of a provision of this Agreement shall not prejudice or constitute a
     waiver of Lender's right otherwise to demand strict compliance with that
     provision or any other provision of this Agreement. No prior waiver by
     Lender, nor any course of dealing between Lender and Borrower, or between
     Lender and any Grantor, shall constitute a waiver of any of Lender's rights
     or of any of Borrower's or any Grantor's, obligations as to any future
     transactions. Whenever the consent of Lender is required under this
     Agreement, the granting of such consent by Lender in any instance shall not
     constitute continuing consent to subsequent instances where such consent is
     required and in all cases such consent may be granted or withheld in the
     sole discretion of Lender.

     NOTICES. Any notice required to be given under this Agreement shall be
     given in writing, and shall be effective when actually delivered, when
     actually received by telefacsimile (unless otherwise required by law),
     when deposited with a nationally recognized overnight courier, or, if
     mailed, when deposited in the United States mail, as first class,
     certified or registered mail postage prepaid, directed to the addresses
     shown near the beginning of this Agreement. Any party may change its
     address for notices under this Agreement by giving written notice to the
     other parties, specifying that the purpose of the notice is to change the
     party's address. For notice purposes, Borrower agrees to keep Lender
     informed at all times of Borrower's current address. Unless otherwise
     provided or required by law, if there is more than one borrower, any
     notice given by Lender to any Borrower is deemed to be notice given to
     all Borrowers.


     SEVERABILITY. If a court of competent jurisdiction finds any provision of
     this Agreement to be illegal, invalid, or unenforceable as to any
     circumstance, that finding shall not make the offending provision
     illegal, invalid, or unenforceable as to any other circumstance. If
     feasible, the offending provision shall be considered modified so that it
     becomes legal, valid and enforceable. If the offending provision cannot
     be so modified, it shall be considered deleted from this Agreement.
     Unless otherwise required by law, the illegality, invalidity, or
     unenforceability of any provision of this Agreement shall not affect the
     legality, validity or enforceability of any other provision of this
     Agreement.


     SUBSIDIARIES AND AFFILIATES OF BORROWER. To the extent the context of any
     provisions of this Agreement makes it appropriate, including without
     limitation any representation, warranty or covenant, the word "Borrower" as
     used in this Agreement shall include all of Borrower's subsidiaries and

<PAGE>   5


                  BUSINESS LOAN AGREEMENT (ASSET BASED)                  PAGE 5
                                   (CONTINUED)

================================================================================
     affiliates. Notwithstanding the foregoing however, under no circumstances
     shall this Agreement be construed to require Lender to make any Loan or
     other financial accommodation to any of Borrower's subsidiaries or
     affiliates.

     SUCCESSORS AND ASSIGNS. All covenants and agreements contained by or on
     behalf of Borrower shall bind Borrower's successors and assigns and shall
     inure to the benefit of Lender, its successors and assigns. Borrower shall
     not, however, have the right to assign Borrower's rights under this
     Agreement or any interest therein, without the prior written consent of
     Lender.

     SURVIVAL OF REPRESENTATIONS AND WARRANTIES. Borrower understands and agrees
     that in extending Loan Advances, Lender is relying on all representations,
     warranties, and covenants made by Borrower in this Agreement or in any
     certificate or other instrument delivered by Borrower to Lender under this
     Agreement or the Related Documents. Borrower further agrees that regardless
     of any investigation made by Lender, all such representations, warranties
     and covenants will survive the extension of Loan Advances and delivery to
     Lender of the Related Documents, shall be continuing in nature, shall be
     deemed made and redated by Borrower at the time each Loan Advance is made,
     and shall remain in full force and effect until such time as Borrower's
     Indebtedness shall be paid in full, or until this Agreement shall be
     terminated in the manner provided above, whichever is the last to occur.

     TIME IS OF THE ESSENCE. Time is of the essence in the performance of this
     Agreement.

     WAIVE JURY. All parties to this Agreement hereby waive the right to any
     jury trial in any action, proceeding, or counterclaim brought by any party
     against any other party.

DEFINITIONS. The following capitalized words and terms shall have the following
meanings when used in this Agreement. Unless specifically stated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of
the United States of America. Words and terms used in the singular shall include
the plural, and the plural shall include the singular, as the context may
require. Words and terms not otherwise defined in this Agreement shall have the
meanings attributed to such terms in the Uniform Commercial Code. Accounting
words and terms not otherwise defined in this Agreement shall have the meanings
assigned to them in accordance with generally accepted accounting principles as
in effect on the date of this Agreement:

     ACCOUNT. The word "Account" means a trade account, account receivable,
     other receivable, or other right to payment for goods sold or services
     rendered owing to Borrower (or to a third party grantor acceptable to
     Lender).

     ADVANCE. The word "Advance" means a disbursement of Loan funds made, or to
     be made, to Borrower or on Borrower's behalf under the terms and conditions
     of this Agreement.

     AGREEMENT. The word "Agreement" means this Business Loan Agreement (Asset
     Based), as this Business Loan Agreement (Asset Based) may be amended or
     modified from time to time, together with all exhibits and schedules
     attached to this Business Loan Agreement (Asset Based) from time to time.

     BORROWER. The word "Borrower" means Dynacs Inc, a Delaware Corporation,
     authorized to do business in Florida as Dynacs Worldwide, Inc, and all
     other persons and entities signing the Note in whatever capacity.

     BORROWING BASE. The words "Borrowing Base" mean, as determined by Lender
     from time to time, the lesser of (1) $4,000,000.00 or (2) 80.000% of the
     aggregate amount of Eligible Accounts (not to exceed in corresponding Loan
     amount based on Eligible Accounts $4,000,000.00).

     COLLATERAL. The word "Collateral" means all property and assets granted as
     collateral security for a Loan, whether real or personal property, whether
     granted directly or indirectly, whether granted now or in the future, and
     whether granted in the form of a security interest, mortgage, collateral
     mortgage, deed of trust, assignment, pledge, chattel mortgage, crop pledge,
     chattel mortgage, collateral chattel mortgage, chattel trust, factor's
     lien, equipment trust, conditional sale, trust receipt, lien, charge,
     lien or title retention contract, lease or consignment intended as a
     security device, or any other security or lien interest whatsoever,
     whether created by law, contract, or otherwise. The word Collateral also
     includes without limitation all collateral described in the Collateral
     section of this Agreement.

     DEFAULT. The word "Default" means the Default set forth in this Agreement
     in the section titled "Default".

     ELIGIBLE ACCOUNTS. The words "Eligible Accounts" mean at any time, all of
     Borrower's Accounts which contain selling terms and conditions acceptable
     to Lender. The net amount of any Eligible Account against which Borrower
     may borrow shall exclude all returns, discounts, credits, and offsets of
     any nature. Unless otherwise agreed to by Lender in writing, Eligible
     Accounts do not include:

       (1)    Accounts with respect to which the Account Debtor is employee or
              agent of Borrower.

       (2)    Accounts with respect to which the Account Debtor is a subsidiary
              of, or affiliated with Borrowor or its shareholders, officers, or
              directors.

       (3)    Accounts with respect to which goods are placed on consignment,
              guaranteed sale, or other terms by reason of which the payment by
              the Account Debtor may be conditional.

       (4)    Accounts with respect to which Borrower is or may become liable to
              the Account Debtor for goods sold or services rendered by the
              Account Debtor to Borrower.

       (5)    Accounts which are subject to dispute, counterclaim, or setoff.

       (6)    Accounts with respect to which the goods have not been shipped or
              delivered, or the services have not been rendered, to the Account
              Debtor.

       (7)    Accounts with respect to which Lender, in its sole discretion,
              deems the creditworthiness or financial condition of the Account
              Debtor to be unsatisfactory.

       (8)    Accounts of any Account Debtor who has filed or has had filed
              against it a petition in bankruptcy or an application for relief
              under any provision of any state or federal bankruptcy,
              insolvency, or debtor-in-relief acts; or who has had appointed a
              trustee, custodian, or receiver for the assets of such Account
              Debtor; or who has made an assignment for the benefit of creditors
              or has become insolvent or fails generally to pay its debts
              (including its payrolls) as such debts become due.

       (9)    Accounts which have not been paid in full within 90 DAYS from the
              invoice date.

     ENVIRONMENTAL LAWS. The words "Environmental Laws" mean any and all state,
     federal and local statutes, regulations and ordinances relating to the
     protection of human health or the environment, including without limitation
     the Comprehensive Environmental Response, Compensation, and Liability Act
     of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the
     Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499
     ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section
     1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
     Section 6901, et seq., or other applicable state or federal laws, rules, or
     regulations adopted pursuant thereto.

     EVENT OF DEFAULT. The words "Event of Default" mean any of the Events of
     Default set forth in this Agreement in the Default section of this
     Agreement.

     EXPIRATION DATE. The words "Expiration Date" mean the date of termination
     of Lender's commitment to lend under this Agreement.


     GAAP. The word "GAAP" means generally accepted accounting principles.


     GRANTOR. The word "Grantor" means each and all of the persons or entitles
     granting a Security Interest in any Collateral for the Loan, including
     without limitation all Borrowers granting such a Security Interest.

     GUARANTOR. The word "Guarantor" means any guarantor, surety, or
     accommodation party of any or all of the Loan.

     GUARANTY. The word "Guaranty" means the guaranty from Guarantor to Lender,
     including without limitation a guaranty of all or part of the Note.

     INDEBTEDNESS. The word "Indebtedness" means the indebtedness evidenced by
     the Note or Related Documents, including all principal and interest
     together with all other indebtedness and costs and expenses for which
     Borrower is responsible under this Agreement or under any of the Related
     Documents. IN ADDITION, AND WITHOUT LIMITATION, THE TERM "INDEBTEDNESS"
     INCLUDES ALL AMOUNTS IDENTIFIED IN THE REVOLVING LINE OF CREDIT AND FUTURE
     ADVANCES PARAGRAPHS AS CONTAINED IN ONE OR MORE OF THE RELATED DOCUMENTS.

     LENDER. The word "Lender" means First National Bank of Florida, its
     successors and assigns.

     LOAN. The word "Loan" means any and all loans and financial accommodations
     from lender to Borrower whether now or hereafter existing, and however
     evidenced, including without limitation those loans and financial
     accommodations described herein or described on any exhibit or schedule
     attached to this Agreement from time to time.

     NOTE. The word "Note" means the Note executed by Borrower in the principal
     amount of $4,000,000.00 dated July 7, 2000, together with all renewals of,
     extensions of, modifications of, refinancings of, consolidations of, and
     substitutions for the note or credit agreement.

     PERMITTED LIENS. The words "Permitted Liens" mean (1) liens and security
     interests securing Indebtedness owed by Borrower to lender; (2) liens for
     taxes, assessments, or similar charges either not yet due or being
     contested in good faith; (3) liens of materialmen, mechanics,
     warehousemen, or carriers, or other like liens arising in the ordinary
     course of business and securing obligations which are not yet delinquent;
     (4) purchase money liens or purchase money security interests upon or in
     any property acquired or held by Borrower in the ordinary course of
<PAGE>   6
                  BUSINESS LOAN AGREEMENT (ASSET BASED)                  PAGE 6
                                   (CONTINUED)
================================================================================

     business to secure indebtedness outstanding on the date of this Agreement
     or permitted to be incurred under the paragraph of this Agreement titled
     "Indebtedness and Liens"; (5) liens and security interests which, as of the
     date of this Agreement, have been disclosed to and approved by the Lender
     in writing; and (6) those liens and security interests which in the
     aggregate constitute an immaterial and insignificant monetary amount with
     respect to the net value of Borrower's assets.

     PRIMARY CREDIT FACILITY. The words "Primary Credit Facility" mean the
     credit facility described in the Line of Credit section of this Agreement.

     RELATED DOCUMENTS. The words "Related Documents" mean all promissory notes,
     credit agreements, loan agreements, environmental agreements, guaranties,
     security agreements, mortgages, deeds of trust, security deeds, collateral
     mortgages, and all other instruments, agreements and documents, whether now
     or hereafter existing, executed in connection with the Loan.

     SECURITY AGREEMENT. The words "Security Agreement" mean and include without
     limitation any agreements, promises, covenants, arrangements,
     understandings or other agreements, whether created by law, contract, or
     otherwise, evidencing, governing, representing, or creating a Security
     Interest.

     SECURITY INTEREST. The words "Security Interest" mean, without limitation,
     any and all types of collateral security, present and future, whether in
     the form of a lien, charge, encumbrance, mortgage, deed of trust, security
     deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel
     mortgage, chattel trust, factor's lien, equipment trust, conditional sale,
     trust receipt, lien or title retention contract, lease or consignment
     intended as a security device, or any other security or lien interest
     whatsoever whether created by law, contract, or otherwise.

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN
AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN
AGREEMENT (ASSET BASED) IS DATED JULY 7, 2000.

BORROWER:

DYNACS INC, A DELAWARE CORPORATION, AUTHORIZED TO DO BUSINESS IN FLORIDA AS
DYNACS WORLDWIDE, INC

BY: /S/ RAMENDRA P SINGH
   ---------------------
   RAMENDRA P SINGH, PRESIDENT OF DYNACS INC, A
   DELAWARE CORPORATION, AUTHORIZED TO DO BUSINESS IN
   FLORIDA AS DYNACS WORLDWIDE, INC

LENDER:

FIRST NATIONAL BANK OF FLORIDA


 /s/ Trish Johnston
 -----------------------
AUTHORIZED SIGNER


================================================================================
(LASER PRO Lending, Reg. U.S. Pat & T.M. OFF., Ver 5.11.00 06 ( c ) 1997,2000
CFI ProServices, Inc. All Rights Reserved - FL L:\APPS\LPWIN\CFI\LPL\C40.FC
TR-3446 PR-42)


<PAGE>   7


STATE OF GEORGIA
COUNTY OF CLAYTON

     Before me, the undersigned, a Notary Public in and for the State aforesaid,
personally appeared Trish Johnston, Assistant Vice President of First National
Bank of Florida ("Bank") and Ramendra P. Singh as President of Dynacs Inc., a
Delaware Corporation ("Borrower"), who, being by me first duly sworn, stated:

     I. On the date hereof, the Borrower executed the foregoing attached
Business Loan Agreement (the "Business Loan Agreement") in favor of Bank at
Hartsfield International Airport in Clayton County, Georgia.

     II. The Borrower personally delivered the Business Loan Agreement to Bank
and Bank accepted the Promissory Note on the date hereof at Hartsfield
International Airport in Clayton County, Georgia.

          DATED this 7th day of July, 2000.

                                 DYNACS INC., a Delaware Corporation


                                 By: /s/ RAMENDRA P. SINGH
                                    ---------------------------
                                 Ramendra P. Singh, President


                                 FIRST NATIONAL BANK OF FLORIDA


                                 By: /s/ TRISH JOHNSTON
                                    ---------------------------
                                 Trish Johnston, Assistant Vice President


Sworn to and subscribed before
me on this 7th day of July, 2000.


/s/ HOWARD E. TURNIPSEED
------------------------
Notary Public
Print Name: Howard E. Turnipseed
State and County Aforesaid
My Commission Expires:        Notary Public, Clayton County, Georgia
bank/1stnat/dynacs/noteack        My Commission Expires March 8, 2003