Document:

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                                                                   Exhibit 10.34
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NORWEST BANK IOWA,
NATIONAL ASSOCIATION                                          CREDIT AGREEMENT
===============================================================================

THIS AGREEMENT (the "Agreement") dated as of December 23, 1999 (the "Effective
Date") is between Norwest Bank Iowa, National Association (the "Bank") and
Patient Infosystems, Inc. (the "Borrower").

BACKGROUND

The Borrower has asked the Bank to provide a line of credit to be used for
general business purposes.

The Bank is agreeable to meeting the Borrower's request, provided that the
Borrower agrees to the terms and conditions of this Agreement. The Revolving
Note, this Agreement, and all "Security Documents" described in Exhibit A may
collectively be referred to as the "Documents."

In consideration of the promises contained in this Agreement, the Borrower and
the Bank agree as follows:

1.       LINE OF CREDIT

1.1      LINE OF CREDIT AMOUNT. During the Line Availability Period defined
         below, the Bank agrees to provide a revolving line of credit (the
         "Line") to the Borrower. Outstanding amounts under the Line will not,
         at any one time, exceed ONE MILLION FIVE HUNDRED THOUSAND DOLLARS AND
         00/100 DOLLARS ($1,500,000.00).

1.2      LINE AVAILABILITY PERIOD. The "Line Availability Period" will mean the
         period of time from the Effective Date or the date on which all
         conditions precedent described in this Agreement have been met,
         whichever is earlier, through and including March 31, 2001 (the "Line
         Expiration Date").

1.3      ADVANCES. The Borrower's obligation to repay advances made under the
         Line will be evidenced by a single promissory note (the "Revolving
         Note") dated as of the Effective Date and in form and content
         acceptable to the Bank. Reference is made to the Revolving Note for
         interest rate and repayment terms.

2.       EXPENSES

2.1      ORIGINATION FEE. The Borrower shall pay to the Bank an origination fee
         of $2,500.00, which shall be paid at closing, and which shall be deemed
         to be earned upon payment by the Borrower.

2.2      DOCUMENTATION EXPENSE. The Borrower agrees to reimburse the Bank for
         its reasonable expenses relating to the preparation of the Documents
         and any possible future amendments to the Documents, which
         reimbursement may include, but shall not be limited to, reimbursement
         of reasonable attorneys' fees, including the allocated costs of the
         Bank's in-house counsel. Despite such reimbursement the Borrower
         acknowledges that the Bank's counsel is engaged solely to represent the
         Bank and does not represent the Borrower.

2.3      COLLECTION EXPENSES. In the event the Borrower fails to pay the Bank
         any amounts due under this Agreement or under the Documents, the
         Borrower will pay all costs of collection, including reasonable
         attorneys' fees and legal expenses incurred by the Bank.

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3.       DISBURSEMENTS AND PAYMENTS

3.1      REQUESTS FOR ADVANCES. Any Line advance permitted under this Agreement
         must be requested by telephone or in a writing delivered to the Bank
         (or transmitted via facsimile) by any person reasonably believed by the
         Bank to be an authorized officer of the Borrower. The Bank will not
         consider any such request if there is an event which is, or with notice
         or the lapse of time would be, an event of default under this
         Agreement. Proceeds will be deposited into the Borrower's account at
         the Bank or disbursed in such other manner as the parties agree.

3.2      INTEREST RATE OPTION BASED ON LIBOR. In addition to interest rates
         based on the Base Rate Option defined in the Revolving Note, the
         Borrower may elect to fix a rate of interest for an agreed upon period
         of time and principal amount agreeable to the Bank and Borrower based
         upon the margin stated in the Revolving Note and at an interest rate
         derived from the current LIBOR rate available to the Bank on national
         or international money markets for a similar time period and dollar
         amount.

         In order to elect the LIBOR Rate Option, as defined in the Revolving
         Note, the Borrower must request a quote from the Bank two days prior to
         funding. This request must designate an amount (the "LIBOR Rate
         Portion") and a period (the "LIBOR Interest Period"). The LIBOR Rate
         Portion must be at least $100,000 and the LIBOR Interest Period will be
         for 30, 60 or 90 days or such other period to which the parties may
         agree. The Bank shall not be obligated to provide a LIBOR rate quote if
         it determines that no deposits with an amount and maturity equal to
         those for which a quotation has been requested are available to it in
         the London interbank market. The Borrower must orally accept a quote
         when received or it will be deemed rejected. If accepted, the LIBOR
         Rate Option will remain in effect for the LIBOR Interest Period
         specified in the quote. At the end of each LIBOR Interest Period the
         principal amount subject to the LIBOR Rate Option shall bear interest
         at the Base Rate Option (as defined in the Revolving Note).

3.3      PAYMENTS. All principal, interest and fees due under the Documents
         shall be paid in immediately available funds as contracted in this
         Agreement and no later than the payment due date set forth in the
         statement mailed to the Borrower by the Bank. Should a payment come due
         on a day other than a day on which the Bank is open for substantially
         all of its business (a "Banking Day", except as otherwise provided),
         then the payment shall be made no later than the next Banking Day. For
         amounts bearing interest at the LIBOR Rate (if any) a Banking Day is a
         day on which the Bank is open for substantially all of its business and
         on which dealings in U.S. dollar deposits are carried on in the London
         interbank market.

4.       SECURITY

         All amounts due under this Agreement and the Documents will be secured
         as provided in Exhibit A. The Borrower also hereby grants the Bank a
         security interest (independent of the Bank's right of set-off) in its
         deposit accounts at the Bank and in any other debt obligations of the
         Bank to the Borrower.

5.       CONDITIONS PRECEDENT

         The Borrower must deliver to the Bank the documents described in
         Exhibit A, properly executed and in form and content acceptable to the
         Bank, prior to the Bank's initial advance or disbursement under this
         Agreement.

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6.       REPRESENTATIONS AND WARRANTIES

         To induce the Bank to enter into this Agreement, the Borrower, to the
         best of its knowledge and upon due inquiry, makes the representations
         and warranties contained in Exhibit B. Each request for an advance
         under this Agreement constitutes a reaffirmation of these
         representations and warranties.

7.       COVENANTS

         During the time period that credit is available under this Agreement,
         and thereafter until all amounts due under the Documents are paid in
         full, unless the Bank shall otherwise agree in writing, the Borrower
         agrees to:

7.1      FINANCIAL INFORMATION

(a)      ANNUAL FINANCIAL STATEMENTS. Provide the Bank within 120 days of the
         Borrower's fiscal year end, the Borrower's annual audited financial
         statements.

(b)      NOTICES. Provide the Bank prompt written notice of (1) any event which
         has or might after the passage of time or the giving of notice, or
         both, constitute an event of default under the Documents, or (2) any
         event that would cause the representations and warranties contained in
         this Agreement to be untrue.

(c)      ADDITIONAL INFORMATION. Provide the Bank with such other information as
         it may reasonably request, and permit the Bank to visit and inspect its
         properties and examine its books and records.

7.2      OTHER COVENANTS

(a)      NATURE OF BUSINESS. Refrain from engaging in any line of business
         materially different from that presently engaged in by the Borrower.

(b)      BOOKS AND RECORDS. Maintain adequate books and records and refrain from
         making any material changes in its accounting procedures whether for
         tax purposes or otherwise.

(c)      COMPLIANCE WITH LAWS. Comply in all material respects with all laws
         applicable to its business and the ownership of its property.

(d)      PRESERVATION OF RIGHTS. Maintain and preserve all rights, privileges,
         charters and franchises it now has, excluding sale of assets in the
         ordinary course of business and the loss of a management contract with
         independent physicians.

         These covenants were negotiated by the Bank and Borrower based on
         information provided to the Bank by the Borrower. A breach of a
         covenant is an indication that the risk of the transaction has
         increased. As consideration for any waiver or modification of these
         covenants, the Bank may require: additional collateral, guaranties or
         other credit support; higher fees or interest rates; and possible
         modifications to the Documents and the monitoring of the Agreement. The
         waiver or modification of any covenant that has been violated by the
         Borrower will be made in the sole discretion of the Bank. These options
         do not limit the Bank's right to exercise its rights under Section 8 of
         this Agreement.

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8.       EVENTS OF DEFAULT AND REMEDIES

8.1      DEFAULT

         Upon the occurrence of any one or more of the following events of
         default, or at any time afterward unless the default has been cured,
         the Bank may declare the Line to be terminated and in its discretion
         accelerate and declare the unpaid principal, accrued interest and all
         other amounts payable under the Revolving Note to be immediately due
         and payable:

(a)      Default by the Borrower in the payment when due of any principal or
         interest due under the Revolving Note and continuance for twenty (20)
         days.

(b)      Default by the Borrower in the observance or performance of any
         covenant or agreement contained in this Agreement, and continuance for
         more than twenty (20) days.

(c)      Default by the Borrower in the observance or performance of any
         covenant or agreement contained in the Documents, or any of them,
         excluding this Agreement, after giving effect to any applicable grace
         period.

(d)      Default by the Borrower in an amount exceeding $100,000.00 in any
         agreement with the Bank or any other lender that relates to
         indebtedness or contingent liabilities which would allow the maturity
         of such indebtedness to be accelerated.

(e)      Any representation or warranty made by the Borrower to the Bank in this
         Agreement, or in any financial statement or report submitted to the
         Bank by or on behalf of the Borrower or by or on behalf of the
         Guarantor before or after the Effective Date is untrue or misleading in
         any material respect.

(f)      Any litigation or governmental proceeding against the Borrower seeking
         an amount that would have a material adverse effect on the Borrower or
         the Borrower's operations and which is not insured or subject to
         indemnity by a solvent third party either 1) results in a judgment
         equal to or in excess of that amount against the Borrower or 2) remains
         unresolved on the 270th day following its filing.

(g)      A garnishment, levy or writ of attachment, or any local, state, or
         federal notice of tax lien or levy is served upon the Bank for the
         attachment of property of the Borrower in the Bank's possession or
         indebtedness owed to the Borrower by the Bank.

(h)      The Guarantor dies or becomes insolvent or is the subject of a
         voluntary or involuntary petition under the United States Bankruptcy
         Code, or the Guarantor is in default with respect to any liabilities or
         indebtedness owed to the Bank which would permit the Bank to accelerate
         his indebtedness.

(i)      The issuer of any one of the Standby L/Cs described in Exhibit A is
         placed into receivership by the FDIC or advises the Bank that it
         intends to repudiate its obligations to the Bank under the Standby L/C
         issued by it.

8.2      IMMEDIATE DEFAULT

         If, with or without the Borrower's consent, a custodian, trustee or
         receiver is appointed for any of the Borrower's properties, or if a
         petition is filed by or against the Borrower under the United States
         Bankruptcy Code, then the Line shall immediately terminate and the
         unpaid principal, accrued interest and all other amounts payable under
         the Revolving Note and the Documents will become immediately due and
         payable without notice or demand.

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9.       MISCELLANEOUS

(a)      360 DAY YEAR. All interest and fees due under this Agreement will be
         calculated on the basis of actual days elapsed in a 360 day year.

(b)      GAAP. Except as otherwise stated in this Agreement, all financial
         information provided to the Bank and all calculations for compliance
         with financial covenants will be made using generally accepted
         accounting principles consistently applied ("GAAP").

(c)      NO WAIVER; CUMULATIVE REMEDIES. No failure or delay by the Bank in
         exercising any rights under this Agreement shall be deemed a waiver of
         those rights. The remedies provided for in the Agreement are cumulative
         and not exclusive of any remedies provided by law.

(d)      AMENDMENTS OR MODIFICATIONS. Any amendment or modification of this
         Agreement must be in writing and signed by the Bank and Borrower. Any
         waiver of any provision in this Agreement must be in writing and signed
         by the Bank.

(e)      BINDING EFFECT: ASSIGNMENT. This Agreement and the Documents are
         binding on the successors and assigns of the Borrower and Bank. The
         Borrower may not assign its rights under this Agreement and the
         Documents without the Bank's prior written consent. The Bank may sell
         participations in or assign this Agreement and the Documents and
         exchange financial information about the Borrower with actual or
         potential participants or assignees.

(f)      IOWA LAW. This Agreement and the Documents will be governed by the
         substantive laws of the State of Iowa.

(g)      SEVERABILITY OF PROVISIONS. If any part of this Agreement or the
         Documents are unenforceable, the rest of this Agreement or the
         Documents may still be enforced.

(h)      INTEGRATION. This Agreement and the Documents describe the entire
         understanding and agreement of the parties and supersedes all prior
         agreements between the Bank and the Borrower relating to each credit
         facility subject to this Agreement, whether verbal or in writing.

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ
CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERNS OR
ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED.
YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.
THIS NOTICE ALSO APPLIES TO ANY OTHER CREDIT AGREEMENTS (EXCEPT CONSUMER LOANS
OR OTHER EXEMPT TRANSACTIONS) NOW IN EFFECT BETWEEN YOU AND THIS LENDER. BY
SIGNING BELOW THE BORROWER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED COPIES OF
THIS AGREEMENT AND ALL OTHER DOCUMENTS.

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Address for notices to Bank:              Address for notices to Borrower:

Norwest Bank Iowa,                        Patient Infosystems, Inc.
National Association                      46 Prince Street
666 Walnut Street, P.O. Box 837           Rochester, NY 14607
Des Moines, Iowa 50304-0837               Attention: /s/ Donald A. Carberg
                                                    ----------------------
Attention:   Randall R. Stromley,         With a copy to:
                Vice President
                                          John Pappajohn
                                          c/o Equity Dynamics
                                          2116 Financial Center
                                          666 Walnut Street
                                          Des Moines, Iowa 50309

NORWEST BANK IOWA,                        By: /s/ Donald A. Carberg
NATIONAL ASSOCIATION                         ----------------------------

By: /s/ Randall R. Stromley               Its: President & CEO
    -------------------------------           ---------------------------
    Randall R. Stromley, Vice President

PATIENT INFOSYSTEMS, INC.

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                                   EXHIBIT A
                    CONDITIONS PRECEDENT TO INITIAL ADVANCE

NOTE

The Revolving Note

SECURITY DOCUMENTS

STANDBY LETTERS OF CREDIT. Standby letters of credit (each standby letter of
credit a "Standby L/C") issued by banking institutions acceptable to the Bank
upon the application of each of the following individuals as account party in
the following amount, naming the Bank as beneficiary thereunder: 1) John
Pappajohn, $750,000.00; 2) Derace L. Schaffer, $750,000. Each Standby L/C will
support the obligations of the Borrower under the Revolving Note.

Each Standby L/C shall bear an expiry date of April 30, 2001, and shall permit
the Bank to draw upon it in an amount equal to the amount of the Standby L/C on
the 20th day following a default by the Borrower under the Revolving Note or at
any time on or after March 31, 2001.

PERSONAL GUARANTY OF JOHN PAPPAJOHN. The unconditional personal Guaranty of John
Pappajohn. Pursuant to the Guaranty, the Guarantor guarantees a maximum of
$80,000.00 principal indebtedness, plus accrued interest on the full amount of
the Line, plus collection costs.

SECURITY AGREEMENT OF BORROWER. A Security Agreement signed by the Borrower,
granting the Bank a first lien security interest in the Borrower's accounts,
inventory, equipment and general intangibles described in that Agreement,
together with one or more UCC-1 Financing Statements sufficient to perfect the
security interest granted to the Bank in each jurisdiction where such property
is located.

AUTHORIZATION

CORPORATE CERTIFICATE OF AUTHORITY. A certificate of the Borrower's corporate
secretary as to the incumbency and signatures of the officers of the Borrower
signing the Documents and containing a copy of resolutions of the Borrower's
board of directors authorizing execution of the Documents and performance in
accordance with the terms of the Agreement.

ORGANIZATION

ARTICLES OF INCORPORATION AND BY - LAWS. A certified copy of the Borrower's
Articles of Incorporation and By-Laws and any amendments, if applicable.

CERTIFICATE OF GOOD STANDING. A copy of the Borrower's Certificate of Good
Standing, recently certified by the Delaware Secretary of State.

OTHER

ARBITRATION AGREEMENT. The Bank's standard form of Arbitration Agreement dated
December 23, 1999 signed by the Bank and Borrower, subjecting to binding
arbitration potential controversies between the Bank and Borrower relating to
the Documents and the Agreement, as more fully described in the Arbitration
Agreement.

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                                   EXHIBIT B
                         REPRESENTATIONS AND WARRANTIES

ORGANIZATIONAL STATUS. The Borrower is a corporation duly formed and in good
standing under the laws of the State of Delaware.

AUTHORIZATION. This Agreement, and the execution and delivery of the Documents
required hereunder, is within the Borrower's powers, has been duly authorized
and does not conflict with any of its organizational documents or any other
agreement by which the Borrower is bound, and has been signed by all persons
authorized and required to do so under its organizational documents.

LITIGATION. There is no litigation or governmental proceeding pending or
threatened against the Borrower which could have a material adverse effect on
the Borrower's financial condition or business, except those disclosed in
Exhibit C attached hereto.

TAXES. The Borrower has paid when due all federal, state and local taxes.

NO DEFAULT. Except as otherwise disclosed to the Bank prior to the date hereof,
there is no event which is, or with notice or the lapse of time would be, an
event of default under this Agreement.

ERISA. The Borrower is in compliance in all material respects with ERISA and has
received no notice to the contrary from the PBGC or other governmental entity.

ENVIRONMENTAL MATTERS. (1) The Borrower is in compliance in all material
respects with all health and environmental laws applicable to the Borrower and
its operations and knows of no conditions or circumstances that could interfere
with such compliance in the future; (2) the Borrower has obtained all
environmental permits and approvals required by law for the operation of its
business; and (3) the Borrower has not identified any "recognized environmental
conditions", as that term is defined by the American Society for Testing and
Materials in its standards for environmental due diligence, which could subject
the Borrower to enforcement action if brought to the attention of appropriate
governmental authorities.

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                                                                   Exhibit 10.35

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NORWEST BANK IOWA,
NATIONAL ASSOCIATION                                        SECURITY AGREEMENT
===============================================================================
Norwest Bank Iowa,                                 Patient Infosystems, Inc.
National Association                               46 Prince Street
666 Walnut Street, PO Box 837                      Rochester, NY 14607
Des Moines, Iowa 50304                             (the "Borrower")

(the "Bank")

December 23, 1999

1. SECURITY INTEREST AND COLLATERAL. To secure payment of the Obligations (as
defined below), the Borrower hereby enters into this Security Agreement (the
"Agreement") and grants to the Bank a security interest (the "Security
Interest") in the Collateral (defined below).

"Obligations" means every present and future debt, liability, and obligation
which the Borrower may owe to the Bank, whether direct or indirect, due or
unmatured, absolute or contingent, primary or secondary, or joint, several or
joint and several, and whether it arises with or without documents, such as
deposit account overdrafts and charges, and including all extensions, renewals,
amendments or replacements of such debt, liability, or obligation.

"Collateral" means the following property, excluding consumer goods, in which
the Borrower now has or hereafter acquires an interest:

(a) "INVENTORY". All inventory held for sale or lease or supply under a service
contract, or which constitutes work in process or materials used or consumed in
the Borrower's business.

(b) "EQUIPMENT". All equipment including but not limited to all machinery,
vehicles, furniture, appliances, fixtures, manufacturing and processing
equipment, shop equipment, office and recordkeeping equipment, computer hardware
and software, and parts and tools.

(c) "GENERAL INTANGIBLES". All general intangibles including but not limited to
applications for patents, patents, copyrights, trademarks, trade secrets,
goodwill, trade names, customer lists, permits, franchises, contracts, and the
right to use the Borrower's name, together with all other intangible property
rights such as the right to redeem or accept payment under an annuity contract
or a non-negotiable certificate of deposit issued by a bank.

(d) "ACCOUNTS AND OTHER RIGHTS TO PAYMENT". All rights of the Borrower to the
payment of money, whether arising out of a sale, lease, or other disposition of
goods or other property by the Borrower, out of a rendering of services by or
loan from the Borrower, out of the overpayment of taxes or other liabilities of
the Borrower, or otherwise arising under any contract or agreement, whether
earned by performance or not, together with all other rights and interests
(including all liens and security interests) which the Borrower may at any time
have by law or agreement against the person or property of any account debtor or
obligor, including but not limited to all present and future debt instruments,
chattel papers, accounts, contract rights, loans and other obligation
receivable, unearned insurance premiums, rebates, and negotiable documents.

The Collateral shall also include, as applicable, all (i) products of the
Collateral; (ii) substitutions and replacements for the Collateral; (iii)
proceeds from the sale or disposition of the Collateral, including insurance
proceeds and any rights of subrogation resulting from the damage or destruction
of the Collateral; and (iv) for Collateral that is tangible, all additions,
increases,

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improvements, accessories, attachments, parts, equipment and repairs now or in
the future attached to or used in connection with such Collateral, and any
warehouse receipts, bills of lading or other documents of title now or in the
future evidencing the Borrowers ownership of the Collateral.

2. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. Borrower represents, warrants and
agrees that:

(a) Borrower is a corporation whose chief executive office is located at 46
Prince Street, Rochester, New York, 14607, and that this Agreement has been
authorized by all necessary corporate action.

(b) The Collateral will be primarily used for business purposes.

(c) Borrower has and will have title to each item of Collateral free and clear
of all security interests and other encumbrances, except:

          (i)     the Security Interest;

         (ii)     liens for taxes not delinquent or which the Borrower is
contesting in good faith;

         (iii)    liens securing purchase money indebtedness to the extent
consented to in writing in advance by the Bank;

         (iv)     liens held by those persons described on attached Exhibit A
in the order of priority described therein.

The Borrower will defend the Collateral against the claims of all persons except
the Bank. Borrower will not dispose of any interest in the Collateral without
the prior written consent of the Bank, except that, until the occurrence of an
Event of Default and the revocation by the Bank of Borrower's right to do so,
Borrower may sell Inventory in the ordinary course of business.

(d) Borrower will execute and deliver to the Bank financing statements and any
other documents that the Bank may require to perfect its Security Interest in
the Collateral, and will not permit any tangible Collateral to be located in
any state and/or county in which a financing statement perfecting such
Collateral is required to be but has not been filed. Borrower agrees that the
Bank may alternatively execute financing statements to perfect the Security
Interest in the Collateral where permitted by law.

(e) Each Account and each document is (or will be when arising or issued) the
valid and legally enforceable obligation, subject to no defense, set-off or
counterclaim (other than those arising in the ordinary course of business) of
the obligor shown by the Borrower's records to be obligated to pay such Account.
Borrower will not agree to the material modification or cancellation of any such
right to payment without the Bank's prior written consent, and will not
subordinate any such Account or right to payment to any other claim.

(f)      Borrower will at all times:

         (i)      keep all tangible Collateral in good working order and
condition, normal depreciation excepted;

         (ii)     promptly pay all taxes and other governmental charges
levied or assessed upon Collateral;

         (iii)    permit the Bank to examine or inspect any Collateral, wherever
located, and to examine, inspect and copy Borrower's books and records
pertaining to the Collateral and

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Borrower's business, and to request verifications from account obligors of
amounts owed to Borrower;

         (iv) keep accurate and complete records regarding the Collateral and
Borrower's business and financial condition and provide the Bank such periodic
reports of condition as the Bank may reasonably request;

         (v) promptly notify the Bank of any loss of or material damage to any
Collateral or of any adverse change known to Borrower regarding the prospect of
payment on any Account;

         (vi) upon Bank's request, promptly deliver to the Bank any instrument,
document or chattel paper constituting Collateral, duly endorsed or assigned by
Borrower;

         (vii) keep all tangible Collateral insured against loss and damage,
including risks of fire (including extended coverage), theft, collision (in case
of Collateral consisting of motor vehicles) and such other risks in such amounts
as the Bank may reasonably request, with any loss payable to the Bank to the
extent of its interest and with the commitment of the insurer to notify the Bank
before cancellation;

         (viii) pay when due or reimburse the Bank on demand for all costs of
collection of the Obligations and all other out-of-pocket expenses (including in
each case all reasonable attorney's fees) incurred by the Bank in connection
with this Agreement and the Obligations, including expenses incurred in any
litigation or bankruptcy proceedings;

         (ix) prevent the Collateral from being used or kept in violation of all
applicable law;

         (x) obtain a waiver or consent from the owner and any mortgagee of any
real property where the Collateral may be located that provides that the
Security Interest will at all times be senior to any such interest or lien.

(g) If Borrower breaches any covenant or warranty in this Agreement, and the
breach or failure continues for a period of ten calendar days after the Bank
gives written notice (or, in the case of the agreement contained in clause (vii)
of Section 2(f), immediately upon the occurrence of such failure, without notice
or lapse of time), the Bank may in its discretion perform or observe such
agreements in the Borrower's or the Bank's name, and may take any other actions
which the Bank deems necessary to cure or correct such failure. Borrower shall
reimburse the Bank on demand for all costs and expenses (including reasonable
attorneys' fees) incurred by the Bank in performing or observing such
agreements. If the Borrower fails to reimburse the Bank upon demand, the Bank
may cause such amounts to be advanced or added to any of the Obligations secured
hereunder, which will bear interest at the highest rate provided under the note
designated for this purpose by the Bank at the time of the advance.

(h) Borrower irrevocably appoints the Bank or its delegate as attorney-in-fact
of Borrower with the right (but not the duty) to execute, deliver, endorse or
file, in the name and on behalf of Borrower, any instruments, documents,
financing statements, applications for insurance or other agreements required of
Borrower under Section 2 at any time following an Event of Default.
Following an Event of Default, the Bank may in its discretion enforce any rights
of the Borrower under any contract of insurance, and in the Borrower's or the
Bank's name, execute and deliver proofs of claim, receive payment of proceeds,
endorse checks and other instruments representing payment of such proceeds, and
adjust, litigate, compromise or release any claim against the issuer of any such
policy.

3. EVENTS OF DEFAULT. Each of the following occurrences shall constitute an
event of default under this Agreement (each an "Event of Default"):

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(a) the Borrower fails to make any payment of principal or interest due under
any of the Obligations or the Borrower is otherwise in default with respect to
any of the Obligations, and any applicable grace period stated therein, if any,
has lapsed and the indebtedness has been accelerated and is fully due and
payable; or

(b) the Borrower fails to observe or perform any of the covenants or agreements
contained in this Agreement, after giving effect to any applicable grace period,
if any; or

(c) any representation or warranty by the Borrower set forth in this Agreement
or made to the Bank in any financial statements or reports submitted to the Bank
by or on behalf of Borrower is materially false or misleading.

4. REMEDIES UPON EVENT OF DEFAULT. Upon the occurrence of an Event of Default
and at any time thereafter, the Bank may exercise any one or more of the
following rights and remedies:

(a) declare all unmatured Obligations to be immediately due and payable, without
presentment or other notice or demand;

(b) exercise all rights available upon default to a secured party under the
Uniform Commercial Code. The Bank may require Borrower to make the Collateral
available to the Bank at a place to be designated by the Bank which is
reasonably convenient to both parties, and if notice to Borrower of any intended
disposition of Collateral or any other intended action is required by law in a
particular instance, such notice shall be deemed commercially reasonable if
given in the manner specified in this Agreement at least 10 calendar days prior
to the date of any public sale or disposition or the date after which any
private sale may occur;

(c) exercise any or all other rights available to the Bank by law or agreement
against the Collateral, the Borrower or any other person or property.

The Bank shall not be obligated to preserve any rights Borrower may have against
prior parties, to liquidate or realize on the Collateral at all or in any
particular manner or order, or apply any cash proceeds of Collateral in any
particular order.

5. OTHER PERSONAL PROPERTY. Unless at the time the Bank takes possession of any
tangible Collateral, or at any time within seven days thereafter, the Borrower
gives the Bank written notice of the existence of property belonging to the
Borrower that does not constitute Collateral, but which is located or found upon
or within such Collateral, together with a description of such property, the
Bank shall not be responsible or liable to the Borrower with respect to such
property unless it has actual knowledge of its existence and location upon or in
such Collateral.

6. LOCK BOX, COLLATERAL ACCOUNT. Upon the Bank's request following an Event of
Default, the Borrower will direct each obligor on an account to make payments to
a special lock box under the control of the Bank. Borrower authorizes and
directs the Bank to deposit into a special collateral account to be established
and maintained with the Bank all checks, drafts and cash payments, received in
said lock box. All deposits to this collateral account shall constitute
Collateral and shall not constitute payment of any Obligation. At its option,
the Bank may, at any time, apply collected funds on deposit in the collateral
account to the payment of the Obligations in such order of application as the
Bank may determine, or permit the Borrower to withdraw all or part of the
balance of the collateral account. If a collateral account is established,
Borrower agrees that it will promptly deliver to the Bank for deposit into the
collateral account all payments on Accounts. All such payments shall be
delivered to the Bank in the form received (except for Borrower's endorsement
where necessary). Until deposited, all payments on Accounts received by Borrower
shall be held in trust by the Borrower as the property of the Bank, and shall
not be commingled with any funds or property of the Borrower.

                                       4

<PAGE>   5

7. COLLECTION RIGHTS OF THE BANK. In addition to its rights under Sections 4 and
6, the Bank may, at any time following an Event of Default, notify any account
obligor or any other person obligated to pay any amount due with respect to an
Account to make payment directly to the Bank. Upon the Bank's request, Borrower
will notify such account obligors and other obligors in writing and will state
on all invoices to such account obligors or other obligors that the amount due
is payable directly to the Bank. At any time after the Bank or Borrower gives
such notice to an account obligor or other obligor, the Bank may, in its
discretion, and in its own name or in Borrower's name, demand, sue for, collect
or receive any money or property at any time payable or receivable on account
of, or securing, any such chattel paper, account, or other right to payment, or
grant any extension to, make any compromise or settlement with or otherwise
agree to waive or change the obligations (including collateral obligations) of
any such account obligor or other obligor.

8. AMENDMENTS. This Agreement can be waived, amended or terminated and the
Security Interest released, only in an express writing signed by the Bank. A
waiver signed by the Bank shall be effective only in the specific instance and
for the specific purpose given.

9. NO WAIVER; CUMULATIVE REMEDIES. Delay or failure to act shall not preclude
the exercise or enforcement of any of the Bank's rights or remedies. All rights
of the Bank shall be cumulative and may be exercised singularly or concurrently,
at the Bank's option, and the exercise of any one such right or remedy shall
neither be a condition to nor bar the exercise or enforcement of any other.

10. NOTICES. All notices to be given to Borrower shall be deemed sufficiently
given if delivered or mailed to the Borrower at the above address or at the most
recent address shown on the Bank's records.

11. BINDING EFFECT; ASSIGNMENT. This Agreement shall be binding upon and inure
to the benefit of Borrower and the Bank and their respective heirs,
representatives, successors and assigns and shall take effect when signed by
Borrower and delivered to the Bank. A photographic or other reproduction of this
Agreement or of any financing statement signed by the Borrower shall have the
same force and effect as the original.

12. APPLICABLE LAW; SEVERABILITY. Except to the extent otherwise required by
law, this Agreement shall be governed by the laws of the state in which the
Bank's main office is located. If any provision or application of this Agreement
is unenforceable in any respect, such unenforceability shall not affect other
provisions of this Agreement.

13. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations and
warranties contained in this Agreement shall survive the execution, delivery and
performance of this Agreement and the creation and payment of the Obligations.

14. INTEGRATION. This Agreement represents the entire understanding of the Bank
and Borrower with respect to the Collateral and supersedes all prior oral or
written agreements between the parties relating to the Collateral.

         IN WITNESS WHEREOF, this Agreement was executed the day and
year first above

                                             PATIENT INFOSYSTEMS, INC.

                                             By: /s/ Donald A. Carberg
                                                ------------------------------
                                                Title:  President & CEO
                                                ------------------------------

                                       5

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