Document:

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EXHIBIT 10.2
------------

                          SECURED TERM PROMISSORY NOTE
                          ----------------------------

$____________                                        Millersville, Maryland
                                                     April 29, 2003

     FOR VALUE RECEIVED, International Dispensing Corporation, a Delaware
corporation with its principal office at 1111 Benfield Boulevard, Suite 230,
Millersville, Maryland 21108 (hereinafter referred to as "Maker"), promises to
pay to the order of ____________ (the "Holder"), the principal sum of
________________________________________, together with interest, in arrears,
from the date hereof on the unpaid principal balance from time to time
outstanding and on all unpaid installments of interest, under this Note, at the
rate per annum equal to ten percent (10%). All principal and interest shall be
payable in full as set forth in the "Loan Agreement" as defined below.

     All interest payable hereunder shall be computed on the basis of the actual
number of days elapsed using a three hundred sixty (360) day year. All sums
payable hereunder are payable in lawful money of the United States of America
and in immediately available funds at such place or places as the Holder may
designate in writing. This Note may be prepaid at any time, in whole or in part,
without penalty. All sums paid under this Note shall be applied first to any
interest, fees, expenses and other charges then due and unpaid, in such order as
the Holder shall determine, with the remaining principal amount, if any, to be
applied to unpaid principal.

     This Note is one of the Notes described in that certain Loan Agreement of
even date herewith between the Holder and the Maker (the "Loan Agreement"). This
Note is secured by (i) a Security Agreement of even date herewith which grants
Holder a security interest in all assets of Maker and (ii) a Collateral
Assignment of Patents and Trademarks and Security Agreement of even date
assigning certain intellectual property to the Holder (collectively referred to
as the "Security Instruments"). Any failure to pay any amounts due hereunder
when due or any breach of the Maker's representations, warranties and agreements
hereunder or in any of the Security Instruments or the Loan Agreement shall
constitute an event of default hereunder. Upon the occurrence of any event of
default, this Note, at the option of the Holder, shall become immediately due
and payable without presentment, demand, protest or notice of any kind, all of
which are hereby expressly waived by Maker and by every guarantor. The Holder's
failure to exercise such option shall not constitute a waiver of the right to
exercise it at any other time.

     The Holder may assign, transfer or negotiate this Note and any security for
the performance of Maker's obligations hereunder, and in such event all
provisions of this Note and the Security Instruments shall inure to the benefit
of and may be exercised by or on behalf of the successor Holder, and all
payments of principal and of interest due and to become due under this Note
shall not thereafter be subject to any defense, counterclaim or set-off which
Maker may have against any prior Holder.

     All payments of any kind provided for herein, or any portion thereof, not
paid when due, if permitted by law, shall bear interest from such due date at
the rate of sixteen percent (16%) per annum.

     No renewal or extension granted, or any indulgence shown to, or any release
of, or any dealings between the Holder and any other person, corporation, or
entity now or hereafter interested in this Note or in the property securing this
Note, shall discharge, extend or in any way affect the obligations of Maker
hereunder.

     Maker will pay the legal and other fees and expenses of the Holder
reasonably incurred in connection with or incidental to (i) the preparation and
negotiation of this Note and the Security Instruments, (ii) the closing and
administration of the loan evidenced by this Note, and (iii) the enforcement of
any of the obligations of Maker or rights of the Holder under this Note or the
Security Instruments or any other agreement, document or instrument now or
hereafter executed in connection herewith, by litigation, foreclosure, or
otherwise; and all such fees and expenses shall be indebtedness under this Note
and shall be secured by the Security Instruments.

     MAKER HEREBY FURTHER WAIVES ITS RIGHT TO TRIAL BY JURY ON ANY ACTION
BROUGHT IN CONNECTION WITH THIS NOTE OR THE SECURITY INSTRUMENTS.

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     This Note may not be modified or terminated orally. This Note for all
purposes shall be enforced and construed in accordance with the substantive law
of the State of New York, without resort to that state's conflict of laws rules.
The Maker hereby consents to the non-exclusive jurisdiction and venue of the
state and federal courts located in New York City with respect to any matters
arising from enforcement of this Note.

     IN WITNESS WHEREOF, the undersigned has executed this Note under seal as of
the date first above written.

Attest:                                International Dispensing Corporation

/s/ Edwin S. Tharp                       By: /s/ Gary Allanson
--------------------                         -----------------
Edwin S. Tharp                           Title: President
                                         Gary Allanson

                                       29<PAGE>

EXHIBIT 10.3

                 COLLATERAL ASSIGNMENT OF PATENTS AND TRADEMARKS
                 -----------------------------------------------
                             AND SECURITY AGREEMENT
                             ----------------------

     This Assignment is made this 29th day of April, 2003, by and between
International Dispensing Corporation, a Delaware corporation with its principal
place of business at 1111 Benfield Boulevard, Suite 230, Millersville, Maryland
21108 ("Assignor") and the lenders identified on the attached Exhibit A
(collectively referred to herein as the "Secured Party").

                                   BACKGROUND

     The Secured Party shall lend to the Debtor the aggregate principal amount
of Six Hundred Fifty Thousand Dollars and 00/100 Dollars ($650,000) (the
"Loan"), pursuant to the terms of that certain Loan Agreement which Loan shall
be evidenced by a Secured Term Promissory Note(s) (collectively, the "Note"). In
order to induce Lender make the loan to be evidenced by the Note, the Debtor has
agreed to deliver this Collateral Assignment of Patents and Trademarks and
Security Agreement and enter into a certain Security Agreement granting the
Lender a security interest in all of the Assignor's assets.

     NOW, THEREFORE, in consideration of the premises and mutual covenants and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

     1.   To secure the complete and timely satisfaction of all Obligations
(such term, as used herein, shall have the same meaning as provided in the Note
and the Security Agreement) of the Assignor to the Lender, Assignor hereby
assigns, pledges and grants to the Lender a continuing security interest in and
to the Assignor's right, title and interest in and to the patent applications,
patents, trademarks and trademark applications listed in Exhibit B hereto,
including without limitation all proceeds thereof (such as, by way of example,
license royalties and proceeds of infringement suits), the right to sue for
past, present and future infringements, all rights corresponding thereto
throughout the world and all re-issues, divisions, continuations, renewals,
extensions and continuations-in-part thereof (collectively, the "Patents and
Trademarks").

     2.   Assignor covenants and warrants that:

          (a)  The Patents and Trademarks are subsisting and have not been
adjudged invalid or unenforceable, in whole or in part;

          (b)  Each of the Patents and Trademarks is valid and enforceable and
Assignor has notified Lender in writing of all prior art (including public uses
and sales) of which it is aware;

          (c)  Assignor is the sole and exclusive owner of the entire and
unencumbered right, title and interest in and to each of the Patents and
Trademarks, free and clear of any liens, charges and encumbrances, including
without limitation licenses, shop rights and covenants by Assignor not to sue
third persons;

          (d)  Assignor has the unqualified right to enter into this Assignment
and perform its terms and has entered and will enter into written agreements
with each of its present and future employees, agents and consultants which will
enable it to comply with the covenants herein contained; and

          (e)  EXHIBIT B sets forth each Patent and Trademark owned by the
Assignor.

     3.   Assignor agrees that, until all of the Obligations shall have been
satisfied in full, it will not enter into any agreement (for example, a license
agreement) which is inconsistent with Assignor's obligations under this
Assignment, without Lender's prior written consent.

     4.   If, before the Obligations shall have been satisfied in full, Assignor
shall obtain rights to any new patentable inventions, or become entitled to the
benefit of any patent application, patent, trademark or trademark applications
for any reissue, division, continuation, renewal, extension or
continuation-in-part of any Patent and Trademark or any improvement on any
Patent

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and Trademark, the provisions of paragraph 1 shall automatically apply thereto
and Assignor shall give to Lender prompt notice thereof in writing.

     5.   Assignor authorizes Lender to modify this Assignment by amending
Exhibit B to include any future patents and patent applications, trademarks and
trademark applications which are Patents and Trademarks under paragraph 1 or
paragraph 4 hereof.

     6.   Unless and until there shall have occurred and be continuing an Event
of Default (as such term is used in the Note and/or the Security Agreement),
Lender hereby grants to Assignor the exclusive, non-transferable right and
license to make, have made, use and sell the inventions disclosed and claimed in
the Patents and Trademarks for Assignor's own benefit and account and for none
other. Assignor agrees not to sell or assign its interest in, or grant any
sublicense under, the license granted to Assignor in this paragraph 6, without
the prior written consent of Lender.

     7.   If any Event of Default shall have occurred and be continuing,
Assignor's license under the Patents and Trademarks as set forth in paragraph 6,
shall terminate forthwith, and Lender shall have, in addition to all other
rights and remedies given it by this Assignment, those allowed by law and the
rights and remedies of a secured party under the Uniform Commercial Code as
enacted in any jurisdiction in which the Patents and Trademarks may be located
and, without limiting the generality of the foregoing, Lender may immediately,
without demand of performance and without other notice (except as set forth
below) or demand whatsoever to Assignor, all of which are hereby expressly
waived, and without advertisement, sell at public or private sale or otherwise
realize upon, the whole or from time to time any part of the Patents and
Trademarks, or any interest which Assignor may have therein, and after deducting
from the proceeds of sale or other disposition of the Patents and Trademarks all
expenses (including all reasonable expenses for brokers' fees and legal
services), shall apply the residue of such proceeds toward the payment of the
Obligations. Any remainder of the proceeds after payment in full of the
Obligations shall be paid over to Assignor. Notice of any sale or other
disposition of the Patents and Trademarks shall be given to Assignor at least
five (5) days before the time of any intended public or private sale or other
disposition of the Patents and Trademarks is to be made, which Assignor hereby
agrees shall be reasonable notice of such sale or other disposition. At any such
sale or other disposition, any holder of any of the Note or Lender may, to the
extent permissible under applicable law, purchase the whole or any part of the
Patents and Trademarks sold, free from any right of redemption on the part of
Assignor, which right is hereby waived and released.

     8.   At such time as Assignor shall completely satisfy all of the
Obligations, Lender shall execute and deliver to Assignor all deeds, assignments
and other instruments as may be necessary or proper to re-vest in Assignor full
title to the Patents and Trademarks, subject to any disposition thereof which
may have been made by Lender pursuant hereto.

     9.   Any and all fees, costs and expenses, of whatever kind or nature,
including reasonable attorneys' fees and legal expenses, incurred by Lender in
connection with the preparation of this Assignment and all other documents
relating hereto and the consummation of this transaction, the filing or
recording of any documents (including all taxes in connection therewith) in
public offices, the payment or discharge of any taxes, counsel fees, maintenance
fees, encumbrances or otherwise protecting, maintaining, preserving the Patents
and Trademarks, or in defending or prosecuting any actions or proceedings
arising out of or related to the Patents and Trademarks, shall be borne and paid
by Assignor on demand by Lender and until so paid shall be added to the
principal amount of the Obligations and shall bear interest at the rate
prescribed in the Note.

     10.  Assignor shall have the duty, through counsel acceptable to Lender, to
prosecute diligently any patent application of the Patents and Trademarks
pending as of the date of this Assignment or thereafter until the Obligations
shall have been paid in full, to make application on unpatented but patentable
inventions and to preserve and maintain all rights in patent applications and
patents of the Patents and Trademarks. Any expenses incurred in connection with
such an application shall be borne by Assignor. Assignor shall not abandon any
right to file a patent application, or any pending patent application or patent
without the consent of Lender, which consent shall not be unreasonably withheld.

     11.  Lender shall have the right but shall in no way be obligated to bring
suit in its own name to enforce the Patents and Trademarks and any license
thereunder, in which event Assignor shall at the request of Lender do any and
all lawful acts and execute any and all proper documents required by Lender in
aid of such enforcement and Assignor shall promptly, upon demand, reimburse and
indemnify Lender for all costs and expenses incurred by Lender in the exercise
of its rights under this paragraph 11.

     12.  No course of dealing between Assignor and Lender, nor any failure to
exercise, nor any delay in exercising, on the part of Lender, any right, power
or privilege hereunder or under the Loan Documents shall operate as a waiver
thereof; nor

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shall any single or partial exercise of any right, power or privilege hereunder
or thereunder preclude any other or further exercise thereof or the exercise of
any other right, power or privilege.

     13.  All of Lender's rights and remedies with respect to the Patents and
Trademarks, whether established hereby or by the any of Loan Documents, or by
any other agreements or by law shall be cumulative and may be exercised
singularly or concurrently.

     14.  The provisions of this Assignment are severable, and if any clause or
provision shall be held invalid and unenforceable in whole or in part in any
jurisdiction, then such invalidity or unenforceability shall affect only such
clause or provision, or part thereof, in such jurisdiction, and shall not in any
manner affect such clause or provision in any other jurisdiction, or any other
clause or provision of this Assignment in any jurisdiction.

     15.  This Assignment is subject to modification only by a writing signed by
the parties, except as provided in paragraph 5.

     16.  The benefits and burdens of this Assignment shall inure to the benefit
of and be binding upon the respective successors and permitted assigns of the
parties.

     17.  The validity and interpretation of this Assignment and the rights and
obligations of the parties shall be governed by the laws of the State of New
York.

     IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be
executed under seal as of the date first-above written.

                                         INTERNATIONAL DISPENSING CORPORATION

/s/ Edwin S. Tharp                           By: /s/ Gary Allanson
--------------------------                      -----------------------
Witness                                         Title: President
Edwin S. Tharp

                                         SECURED PARTY
                                         By their Authorized Agent

/s/ Carol Inamdar                            /s/ Gregory Abbott
--------------------------                   -----------------------
Witness                                      Gregory Abbott
Carol Inamdar

                                       32
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In Millersville, on this 29th day of April, 2003, personally appeared before me
Gary Allanson, the President of International Dispensing Corporation, known to
me and known by me to be the party executing the foregoing instrument, and he
acknowledged said instrument by him subscribed to be his free act and deed and
the free act and deed of International Dispensing Corporation.

                                        /s/Constance A. Reynolds
                                        Notary Public
                                        My Commission Expires: August 1, 2003

STATE OF      Maryland

COUNTY OF     Anne Arundel

In New York City , on this 29th day of April, 2003, personally appeared before
me Gregory Abbott, known to me and known by me to be the party executing the
foregoing instrument, and he acknowledged said instrument by him subscribed to
be his free act.

                                        /s/  Carol A. Inamdar
                                        Notary Public
                                        My Commission Expires: May 18, 2006

STATE OF      New York

COUNTY OF     Queens County

                                       33
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EXHIBIT A
---------

Gregory Abbott                      $250,000
George Abbott Marital Trust         $125,000
Juliet Shield                       $ 25,000
Michael Azeez                       $125,000
Simpson Community Trust             $125,000

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                                    EXHIBIT B
                                    ---------

TRADEMARK                                 SERIAL NO./REGISTRATION NO.
---------------------------------------------------------------------

FAST CLICK                                         76362841

PATENT                                     APPLICATION NO./REGISTRATION NO.
---------------------------------------------------------------------------

STORAGE AND DISPENSING CARAFE              D469,018

DISPOSABLE STORAGE AND
DISPENSING CARAFE                          6,375,040

DISPENSING VALVE FOR FLUIDS                6,491,189

                                       35

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