<PAGE>
                                                                   EXHIBIT 10.19

                                 LOAN AGREEMENT

                 THIS AGREEMENT made this 3rd day of July, 2001,

B E T W E E N

                                            DAVID L. ADAMS

                                            Hereinafter called the Executive

                                                          OF THE FIRST PART;

                    - and -

                                            SR TELECOM INC.

                                            Hereinafter called the Corporation

                                                          OF THE SECOND PART.

               WHEREAS, pursuant to a Circular filed with regulatory authorities
as of the 31st day of May, 2001, the Corporation made an offering of Rights to
subscribe for common shares in the capital stock of the Corporation (the
''SHARES'') at a purchase price of $1.60 per share (the ''SUBSCRIPTION PRICE'');

               AND WHEREAS, the offering expires on the 3rd day of July, 2001;

               AND WHEREAS, the Executive has acquired Rights to purchase 36,250
shares capital stock of the Corporation at the subscription price and has agreed
to exercise such rights as of the date hereof;

               AND WHEREAS, the Directors of the Corporation, at a meeting held
on the 21st day of June, 2001, authorized the provision of financial assistance
for the purchase of such number of shares by the Executive at the subscription
price subject to the receipt by the corporation of appropriate security;

               NOW THEREFORE the parties agree

                    1.    The Corporation will lend to the Executive the sum of
                          $58,000 at an interest rate of 5% per annum.

                    2.    The Executive will purchase 36,250 of the offered
                          shares as of the date hereof.



<PAGE>

          3.   The Executive will repay the principal amount of the loan in full
               on the 3rd day of July, 2006, and will also pay interest
               calculated yearly, not in advance, at the rate of 5% per annum as
               well after as before maturity and both before and after default
               on such portion of the principal as remains from time to time
               unpaid on the 3rd day of July in each year; the first payment of
               interest to be computed from the 3rd day of July, 2001, upon the
               whole amount of principal secured, to become due and payable on
               the 3rd day of July, 2002.

          4.   The Executive will have the privilege of prepaying the whole or
               any part of the principal sum at any time without notice or bonus
               provided, however, that such prepayment shall be made in the
               principal amount of $1,600, or any multiple thereof, only and
               that interest, calculated on the amount prepaid and computed to
               the date of actual prepayment, shall also be paid at the time of
               any prepayment.

          5.   In evidence of the loan herein provided for, the Executive will
               execute a promissory not in the form set out in Annex A hereto
               and, as security for repayment, will enter into a Pledge
               Agreement as set out in Annex B hereto.

     IT IS EXPRESSLY UNDERSTOOD AND AGREED however that, notwithstanding
anything hereinbefore contained, should the Executive leave the employment of
the Corporation prior to the 3rd day of July, 2006, the amount of principal then
outstanding and interest thereon shall, at the option of the Corporation be paid
forthwith upon demand.

     IN WITNESS WHEREOF the parties hereto have executed this Agreement as of
the date first above written.


SIGNED, SEALED AND DELIVERED    )
     in the presence of         )
                                )    /s/ David L. Adams
                                )    __________________________________
                                )              DAVID L. ADAMS
                                )
                                )
                                )    SR TELECOM INC.
                                )
                                )    Per:
                                )        /s/ Pierre St. Arnaud
                                )        _______________________________
                                )

                                                                               2
<PAGE>
                                PLEDGE AGREEMENT

     THIS AGREEMENT made this 3rd day of July, 2001.

B E T W E E N:

                         DAVID L. ADAMS

                         Hereinafter called the PLEDGOR

                                                              OF THE FIRST PART;

     - and -

                         SR TELECOM INC.

                         Hereinafter called the PLEDGEE and
                         sometimes the CORPORATION

                                                              OF THE SECOND PART

     - and -

                         KING YONGE DEPOSITARIES INC.

                         Hereinafter called the ESCROW AGENT

                                                               OF THE THIRD PART

     WHEREAS the Pledgor has this day purchased from the Pledgee Thirty Six
Thousand Two Hundred and Fifty (36,250) common shares in the capital stock of
the Corporation (the PURCHASED SHARES) for a purchase price of Fifty Eight
Thousand ($58,000) (the PURCHASE PRICE) pursuant to the exercise of Rights to
subscribe for common shares acquired by the Pledgor subsequent to the filing
with regulatory authorities of a Circular dated 31st day of May, 2001,

     AND WHEREAS the aggregate Purchase Price of Fifty Eight Thousand Dollars
was advanced to the Pledgor by the Pledgee under a Loan Agreement of even date
herewith pursuant to which the Pledgor delivered a Promissory Note executed in
the form set out in Annex A thereto,

<PAGE>
     AND WHEREAS the Loan Agreement provides that the Note shall be secured by
a pledge of the Purchased Shares (such shares so pledged being hereinafter
referred to as the PLEDGED SHARES), on the terms and conditions hereinafter
appearing;

     AND WHEREAS the Pledgor has agreed to deliver to the Escrow Agent
certificates representing such Pledged Shares duly endorsed in blank for
transfer;

     NOW THEREFORE this Agreement WITNESSETH that in consideration of the
premises and of the respective covenants and conditions hereinafter contained
and other good and valuable consideration (the receipt and sufficiency whereof
is hereby acknowledged by the parties hereto), the parties hereto covenant and
agree each with the other as follows:

1.   The Pledgor and the Pledgee hereby appoint the Escrow, and the Escrow Agent
     hereby agrees to act as escrow agent in accordance with the terms and
     conditions of this Agreement.

2.   Subject as hereinafter provided, certificates representing the Pledged
     Shares shall be retained by the Escrow Agent as security for the payment of
     the principal due and payable under the Note. During the term of this
     Agreement, and while the Pledged Shares represented by such certificates
     have not been released to the Pledgor, the Pledged Shares shall not be
     transferred, hypothecated, or otherwise alienated, by the Pledgor without
     the prior written consent of the Pledgee.

3.   The Pledged Shares shall remain the property of the Pledgor, and the
     Pledgor shall be entitled to exercise all voting rights in respect of the
     Pledged Shares unless and until default as hereinafter defined shall occur.

4.   When the Note is paid, the Escrow Agent shall forthwith deliver to the
     Pledgor a certificate representing the Pledged Shares or the residual
     number held in escrow at the time of full payment, it being understood and
     agreed that the Pledgor may at any time obtain a release from escrow of
     shares in lots of one thousand (1,000) or any multiple thereof on payment
     of the sum of One Thousand Six Hundred Dollars ($1,600) for each one
     thousand (1,000) share lot for which a release is requested.

5.   If default is made by the Pledgor in the payment of principal or interest
     due and payable under the Note, and such default continues for a period of
     thirty (30) days after written notice


<PAGE>
     thereof by the Pledgee to the Pledgor, and the Pledgee gives notice of the
     default of the Pledgor to the Escrow Agent, the Escrow Agent shall
     forthwith give notice to the Pledgor of such default, and if payment of the
     amount owing under the Notes is not made within fifteen (15) days of the
     giving of such notice by the Escrow Agent to the Pledgor, the Escrow Agent
     is hereby authorized and directed, upon the written request of the Pledgee,
     to sell, and he shall sell the Pledged Shares, or any part thereof, as
     hereinafter provided. Such sale of the Pledged Shares may be public or
     private, for cash, or upon credit, or partly for cash and partly for
     credit, for the best price, and upon such terms and conditions as the
     Escrow Agent may be able to obtain. The Pledgee may become a purchaser on
     any such sale. Such sale may be made by the Escrow Agent without any
     covenant or warranty on his part, and without recourse to him, and any such
     sale shall vest in the purchaser good and indefeasible title to the Pledged
     Shares, or any part thereof, free of any right or equity of redemption,
     which right or equity is hereby expressly waived and released by the
     Pledgor. After deducting all expenses of sale, and all sums due to the
     Escrow Agent hereunder, the proceeds of sale of the Pledged Shares shall be
     applied to the payment of principal and interest due under the Notes, or
     any of them, and the surplus, if any, shall be paid to the Pledgor.

     Should the proceeds of sale of the Pledged Shares be less than the
     aggregate of the Note due and payable immediately prior to the time default
     occurred, then the Pledgor shall be liable to pay the Pledgee the amount of
     such deficiency.

6.   If the Pledged Shares, or any of them, are changed, classified, subdivided,
     consolidated or converted into a different number or class of shares or
     otherwise, the shares or other securities resulting from such change,
     classification, reclassification, subdivision or conversion, shall be
     delivered to and held by the Escrow Agent in place of the Pledged Shares,
     and the provisions hereof shall apply thereto.

7.   Until such time as the Escrow Agent is required to deliver the certificates
     representing the Pledged Shares to the Pledgor, the Pledgor shall be
     entitled to receive all cash dividends paid in respect of any of the
     Pledged Shares; provided, however, that any shares or securities which are
     issued by the Corporation to the Pledgor on account of the Pledged Shares
     by way of stock

<PAGE>
     dividend or otherwise, shall be deposited by the Pledgor with the Escrow
     Agent, and shall be deemed to be Pledged Shares, and the provisions hereof
     shall apply thereto.

8.   This Agreement shall be binding upon and shall enure to the benefit of the
     parties hereto and their respective heirs, legal personal representatives,
     successors and assigns.

     IN WITNESS WHEREOF the parties hereto have duly executed this Agreement on
the day and year first above written.

SIGNED, SEALED AND DELIVERED
in the presence of
                                        /s/ David L. Adams
                                        ____________________________
                                                DAVID L. ADAMS


                                        SR TELECOM INC.

                                        Per: /s/ Pierre St. Arnaud
                                            ________________________

                                            ________________________

                                        KING YONGE DEPOSITARIES INC.

                                        Per: /s/ T. F. Byrne
                                            ________________________

                                            ________________________


<PAGE>
                                PROMISSORY NOTE

     On 3 July, 2006, the undersigned DAVID L. ADAMS promises to pay to the
order of SR Telecom Inc., at 8150 Trans-Canada Highway, St. Laurent, Quebec,
the sum of FIFTY EIGHT THOUSAND DOLLARS ($58,000), with interest computed from
July 3, 2001 and calculated and payable annually at the rate of five per cent
(5%) per annum. Interest payable both before and after default. Notwithstanding
anything hereinbefore contained, should, prior to the 3rd day of July 2006,
default occur in payment of any amount due hereunder and continue for a period
of thirty days, or, should, prior to such date, the undersigned cease to be
employed by SR Telecom Inc., then, upon the occurrence of any such event, the
amount of principal outstanding and interest thereon shall, at the option of SR
Telecom Inc., be paid forthwith upon demand, provided however that, in the
event of the undersigned ceasing to be employed by SR Telecom Inc., no demand
shall be made prior to the 90th day following the date of cessation.

VALUE RECEIVED

     DATED this 3rd day of July, 2001.

                                        /s/ David L. Adams
                                        _______________________________
                                                 DAVID L. ADAMS