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Exhibit 10.6    
    

 
 

AMENDED AND RESTATED
  PROMISSORY NOTE    
    

	$266,667	 	New York, New York
	June 22, 2006	 	 

        TC
Acquisition Corp., formerly known as Treehouse Partners Corporation (the "Maker") promises to pay to the order of MGS Partners, LLC
(the "Payee") the principal sum of Two Hundred Sixty-Six Thousand Six Hundred Sixty-Seven Dollars and 00/100 ($266,667) in lawful money of
the United States, together with interest thereon calculated from the date hereof and payable in accordance with the provisions of this promissory note (this
"Note"). This Note hereby amends, restates and integrates in its entirety the $266,667 Promissory Note, dated as of June 27, 2005, made by the
Maker in favor of the Payee (the "Prior Note"). 

        1.     Principal. The principal balance of this Note shall be repayable on the earlier of (i) June 26, 2007 or
(ii) the date on which Maker consummates an initial public offering of its securities. 

        2.     Interest. Interest shall accrue at the rate of 4% annually (non-compounded) on the unpaid principal balance of
this Note, commencing on the date of the Prior Note. 

        3.     Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of
any sum due under this Note, including (without limitation) reasonable attorney's fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of
this Note. 

        4.     Events of Default. The following shall constitute Events of Default: 

        (a)   Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due. 

        (b)   Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other
applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the
failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing. 

        (c)   Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under
the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

        5.     Remedies.

        (a)   Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon
the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

        (b)   Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with regard to, this Note
shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

        6.     Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits
that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon
pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 

        7.     Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner
by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be
granted by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or
affecting their liability hereunder. 

        8.     Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return
receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery or (iv) sent by
telefacsimile or (v) to the following addresses or to such other address as either party may designate by notice in accordance with this Section: 

If
to Maker: 

TC
Acquisition Corp.

1618 Fifth Street

Berkeley, CA 94710

Attn.: Robert J. Majteles

Fax: (510) 654-6474

If to Payee: 

MGS
Partners, LLC

153 East 53rd Street, 55th Floor

New York, NY 10022

Attn: Austin W. Marxe

Fax: (631) 725-7608 

        Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the
date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service. 

        9.     Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE DOMESTIC, INTERNAL LAW, BUT NOT THE LAW OF
CONFLICT OF LAWS, OF THE STATE OF NEW YORK. 

2

 

        10.   Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by its President the day and year first above written. 

	 	 	TC ACQUISITION CORP.
	

 	
 	

By	
 	

 
 Name: Robert J. Majteles

Title: President

3

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Exhibit 10.6

AMENDED AND RESTATED PROMISSORY NOTEExhibit 10.1

    
      

    

    Exhibit
      10.1

     

     

    Third
      Amendment To Loan Documents

     

    THIS
      THIRD AMENDMENT TO LOAN DOCUMENTS (the “Amendment”) is dated as of June 23, 2006
      by and between APPLIED DIGITAL SOLUTIONS, INC., a Missouri corporation having
      an
      address of 1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445
      (the “Borrower”), and INFOTECH USA, INC., a Delaware corporation having an
      address of 7 Kingsbridge Road, Fairfield, New Jersey 07004 (the
“Lender”).

     

    Recitals

     

    A. On
      or
      about June 27, 2003, the Lender made a loan to the Borrower in the original
      principal amount of $1,000,000 (the “Loan”).

     

    B. The
      Loan
      is evidenced and secured by, among other things, the following loan documents,
      all of which are dated June 27, 2003 and all of which were amended by that
      certain First Amendment to Loan Documents, dated June 29, 2004, and further
      amended by that certain Second Amendment to the Loan Documents, dated June
      28,
      2005, between the Borrower and the Lender (collectively, the “Loan
      Documents”):

     

    
      	 	
              (i)

            	
              Commercial
                Loan Agreement between the Borrower and the
                Lender.

            

    

     

    
      	 	
              (ii)

            	
              Term
                Note from the Borrower to the Lender (the
                “Note”).

            

    

     

    
      	 	
              (iii)

            	
              Stock
                Pledge Agreement from the Borrower to the Lender.
                

            

    

     

    C. The
      Borrower and the Lender have agreed to amend the Loan and the Loan Documents,
      all on the terms and conditions set forth in this Amendment.

     

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

     

    Agreement

     

    1. Defined
      Terms.
      Capitalized terms used in this Amendment and not otherwise defined shall have
      the meanings given to such terms in the Loan Documents. 

     

    2. Extension
      of Maturity Date.
      The
      Loan Documents are hereby amended to provide that the Maturity Date of the
      Loan
      is extended for one (1) year from June 30, 2006 to June 30, 2007. Without
      limiting the generality of the foregoing, the definition of the term “Maturity
      Date” set forth in the Note is hereby changed from “June 30, 2006” to “June 30,
      2007.” 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. No
      Defenses.
      The
      Borrower acknowledges that, as of the date hereof, the outstanding principal
      balance of the Loan is $1,000,000. The Borrower acknowledges and agrees that,
      as
      of the date hereof, it has no offsets, counterclaims or defenses of any nature
      whatsoever to its obligations to the Lender under the Loan Documents.

     

    4. Representations
      and Warranties.
      In
      order to induce the Lender to enter into this Amendment and to amend the Loan
      Documents as provided herein, the Borrower hereby represents and warrants to
      the
      Lender that: 

     

    (a) All
      of
      the representations and warranties of the Borrower set forth in the Loan
      Documents are true, complete and correct in all material respects on and as
      of
      the date hereof with the same force and effect as if made on and as of the
      date
      hereof and as if set forth at length herein.

     

    (b) No
      Event
      of Default exists and is continuing on and as of the date hereof.

     

    (c) The
      Borrower has full power and authority to execute, deliver and perform any action
      or step which may be necessary to carry out the terms of this Amendment, and
      this Amendment has been duly executed and delivered by the Borrower and is
      the
      legal, valid and binding obligation of the Borrower enforceable in accordance
      with its terms, subject to any applicable bankruptcy, insolvency, general equity
      principles or other similar laws affecting the enforcement of creditors’ rights
      generally.

     

    (d) The
      execution, delivery and performance of this Amendment will not (i) violate
      any
      provision of any existing law, statute, rule, regulation or ordinance, (ii)
      conflict with, result in a breach of, or constitute a default under (A) the
      certificate of incorporation or by-laws of the Borrower, (B) any order,
      judgment, award or decree of any court, governmental authority, bureau or agency
      applicable to the Borrower or any of it property or assets, or (C) any mortgage,
      indenture, lease, contract or other material agreement or undertaking to which
      the Borrower is a party or by which the Borrower or any of its properties or
      assets may be bound, or (iii) result in the creation or imposition of any lien
      or other encumbrance upon or with respect to any property or asset now owned
      or
      hereafter acquired by the Borrower, other than liens in favor of the
      Lender.

     

    (e) No
      consent, license, permit, approval or authorization of, exemption by, notice
      to,
      report to, or registration, filing or declaration with any person is required
      in
      connection with the execution, delivery and performance by the Borrower of
      this
      Amendment or the validity hereof or the transactions contemplated hereby.

     

    5. Counterparts.
      This
      Amendment may be signed in several counterparts, each of which shall be an
      original and all of which shall constitute one and the same
      instrument.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6. No
      Change.
      Except
      as expressly amended by this Amendment, all of the terms and provisions of
      the
      Loan Documents shall continue unmodified in full force and effect, and the
      same
      are hereby ratified and reaffirmed in their entirety.

     

    7. Governing
      Law.
      This
      Amendment shall be governed by and construed in accordance with the laws of
      the
      State of New Jersey.

     

    8. Wells
      Fargo Contingency.
      Notwithstanding anything to the contrary contained in this Amendment, it is
      understood and agreed that this Amendment and the amendments to the Loan and
      the
      Loan Documents effected hereby are expressly conditioned and contingent upon
      the
      prior written consent of Wells Fargo Business Credit, Inc.

     

    IN
      WITNESS WHEREOF, the undersigned have caused their duly authorized
      representatives to execute and deliver this Amendment as of the date set forth
      on the first page hereof.

     

    

     

     

    Applied
      Digital Solutions, Inc.

     

    By:
      /s/ Evan
      C. McKeown

    Name:
      Evan C. McKeown

    Title:
      Senior V.P., Chief Financial Officer

     

    InfoTech
      USA, Inc.

     

    By:
      /s/ J.
      Robert Patterson 

    Name:
      J.
      Robert Patterson

    Title:
      Vice President, Chief Financial Officer, Treasurer and Secretary

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