Document:

Exhibit
10.14

SECOND AMENDMENT AND MODIFICATION

TO LOAN AND SECURITY AGREEMENT

THIS SECOND AMENDMENT AND
MODIFICATION TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is
made effective as of the               
day of                 ,
2006, by and among INFO LOGIX INC.,
a Delaware corporation (“Infologix”), OPT ACQUISITION LLC, a Pennsylvania limited liability
company (“Optasia”), EMBEDDED
TECHNOLOGIES, LLC, a Delaware limited liability company (“Embedded” and together with Infologix and Optasia, jointly,
severally and collectively “Borrowers” and
each a “Borrower”) and SOVEREIGN BANK (the “Bank”).

BACKGROUND

A.            Pursuant to that certain Loan and
Security Agreement dated March 16, 2006 by and among Borrowers and Bank (as
amended by that certain First Amendment and Modification to Loan and Security
Agreement dated August 25, 2006 (the “First Amendment”)
and as the same may hereafter be amended, modified, supplemented or restated
from time to time, being referred to herein as the “Loan
Agreement”), Bank agreed, inter
alia, to extend to Borrowers the following credit facilities:  (i) a line of credit in the maximum principal
amount of Eight Million Five Hundred Thousand Dollars ($8,500,000.00), (ii) a
term loan in the original principal amount of One Million Five Hundred Thousand
Dollars ($1,500,000.00) and (iii) a term loan in the original principal amount
of One Million Dollars ($1,000,000.00).

B.            Borrowers have requested and Bank
has agreed to amend the Loan Agreement in accordance with the terms and
conditions contained herein.

C.            All capitalized terms contained
herein and not otherwise defined herein shall have the meanings set forth in
the Loan Agreement.

NOW, THEREFORE, intending to be legally bound hereby, the
parties hereto agree as follows:

1.             Waiver of Covenant Default.

(a)           Bank hereby waives
any Default or Event of Default that exists or may arise under the Loan
Agreement as a result of Borrowers’ failure to comply with the Fixed Charge
Coverage Ratio set forth in Section 8.3
of the Loan Agreement as of Borrowers’ fiscal quarter ended September 30, 2006.

(b)           The foregoing waiver
applies solely with respect to the covenant and period referenced in Section 1(a) above and does not apply
to or constitute a waiver for any other Default or Event of Default that exists
or may exist under the Loan Agreement or any of the other Loan Documents,
including, without limitation, Borrower’s failure to comply with the covenant
set forth in Section 8.3 of
the Loan Agreement as of any other date.

2.             Definitions.  Section 1.1(o)A of the Loan Agreement
is hereby deleted in its entirety and replaced with the following:

“(o)A      “Cut-Off
Date” means November 30, 2006.”

3.             Term Loan B - Principal Payments.  Section
4.3A of the Loan Agreement is hereby deleted in its entirety and
replaced with the following:

“4.3A      Principal
Payments on Term Loan B.  Subject to the next succeeding sentence,
Borrowers will pay the principal of Term Loan B in (a) equal and consecutive
monthly installments of Twenty-Seven Thousand Seven Hundred Seventy-Seven and
78/100 Dollars ($27,777.78) each, on the first day of each calendar month
commencing on December 1, 2006, and (b) one (1) final payment of the remaining
principal balance, plus all accrued and unpaid interest thereon on March 15,
2009.  Notwithstanding the foregoing, if
the Capital Raise Date has not occurred prior to the Cut-Off Date, Borrower
will pay the entire outstanding principal balance of Term Loan B, plus all
accrued and unpaid interest thereon on December 31, 2006.”

4.             Additional Conditions. 
Section 11 of the
First Amendment is hereby deleted and replaced with the following:

“11.         Additional
Conditions.  If the
Capital Raise Date does not occur prior to the Cut-Off Date, on November 30,
2006, at Borrowers’ sole option, (i) Bank shall institute a reserve against
Eligible Receivables or Eligible Inventory in an amount equal to Five Hundred
Thousand Dollars ($500,000.00) or (ii) Borrower shall deposit in a non-interest
bearing cash collateral account maintained at Bank (the “Additional Cash Collateral Account”) an
amount equal to Five Hundred Thousand Dollars ($500,000.00).

Bank will have sole dominion and control over all items and funds in
the Additional Cash Collateral Account and such items and funds may be
withdrawn only by Bank.  Bank will have
the right to apply all or any part of such funds towards payment of any of the
Bank Indebtedness.  Items and funds in
the Additional Cash Collateral Account shall be referred to herein as the “Additional Cash Collateral”.”

5.             Amendment/References.  The
Loan Agreement and the Loan Documents are hereby amended to be consistent with
the terms of this Amendment. All references in the Loan Agreement and the Loan
Documents to (a) the “Loan Agreement”
shall mean the Loan Agreement as amended hereby; and (b) the “Loan Documents” shall include this
Amendment and all other instruments or agreements executed pursuant to or in
connection with the terms hereof.

6.             Cross-Collateralization; Confirmation of Collateral. 
Borrowers hereby confirm, acknowledge and agree that all Bank
Indebtedness is and shall be cross-collateralized and, without limiting the
foregoing, Term Loan B, the other Loans, and all other Bank Indebtedness are
and shall continue to be secured by all liens, security interests, assignments,
suretyship obligations, stock pledges, rights and remedies granted to Bank in
the Loan Documents, which liens, mortgages, security interests, rights and
remedies are hereby reaffirmed and continued as security for the foregoing; and
all of the Loan Documents are hereby amended to reflect the same.  None of the

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Collateral shall be impaired
by anything contained herein and all such Collateral shall continue to secure
all present and future Bank Indebtedness.

7.             Release.  Each
Borrower and each Guarantor acknowledges and agrees that it has no claims,
suits or causes of action against Bank and hereby remises, releases and forever
discharges Bank, their officers, directors, shareholders, employees, agents,
successors and assigns, and any of them, from any claims, suits or causes of
action whatsoever, in law or at equity, which any Borrower or any Guarantor has
or may have arising from any act, omission or otherwise, at any time up to and
including the date of this Amendment.

8.             Additional Documents; Further Assurances.  Each Borrower covenants and agrees to execute
and deliver to Bank, or to cause to be executed and delivered to Bank
contemporaneously herewith, at the sole cost and expense of such Borrower, the
Amendment and any and all documents, agreements, statements, resolutions,
searches, insurance policies, consents, certificates, legal opinions and
information as Bank may require in connection with the execution and delivery
of this Amendment or any documents in connection herewith, or to further
evidence, effect, enforce or protect any of the terms hereof or the rights or
remedies granted or intended to be granted to Bank herein or in any of the Loan
Documents, or to enforce or to protect Bank’s interest in the Collateral.  All such documents, agreements, statements,
etc., shall be in form and content acceptable to Bank in its sole
discretion.  Each Borrower hereby
authorizes Bank to file, at such Borrower’s cost and expense, financing
statements, amendments thereto and other items as Bank may require to evidence
or perfect Bank’s continuing security interest and liens in and against the
Collateral.  Each Borrower agrees to join
with Bank in notifying any third party with possession of any Collateral of
Bank’s security interest therein and in obtaining an acknowledgment from the
third party that it is holding the Collateral for the benefit of Bank.  Each Borrower will cooperate with Bank in
obtaining control with respect to Collateral consisting of deposit accounts,
investment property, letter-of-credit rights and electronic chattel paper.

9.             Further Agreements and Representations.  Each
Borrower does hereby:

(a)           ratify, confirm and
acknowledge that the statements contained in the foregoing Background and in Section 1 hereof are true and complete
and that, as amended hereby, the Loan Agreement and the other Loan Documents
are in full force and effect and are valid, binding and enforceable against
each Borrower and its assets and properties, all in accordance with the terms
thereof, as amended;

(b)           covenant and agree
to perform all of such Borrower’s obligations under the Loan Agreement and the
other Loan Documents, as amended;

(c)           acknowledge and
agree that as of the date hereof, no Borrower has any defense, set-off,
counterclaim or challenge against the payment of any Bank Indebtedness or the
enforcement of any of the terms of the Loan Agreement or of the other Loan
Documents, as amended;

(d)           acknowledge and
agree that all representations and warranties of each Borrower contained in the
Loan Agreement and/or the other Loan Documents, as amended, are true, accurate
and correct on and as of the date hereof as if made on and as of the date
hereof;

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(e)           represent and
warrant that no Default or Event of Default exists, except as provided for in Section
1(a) herein;

(f)            covenant and agree
that such Borrower’s failure to comply with any of the terms of this Amendment
or any other instrument or agreement executed or delivered in connection
herewith, shall constitute an Event of Default under the Loan Agreement and
each of the other Loan Documents; and

(g)           acknowledge and
agree that nothing contained herein, and no actions taken pursuant to the terms
hereof, are intended to constitute a novation of any of the Notes, the Loan
Agreement or of any of the other Loan Documents and does not constitute a
release, termination or waiver of any existing Event of Default or of any of
the liens, security interests, rights or remedies granted to the Bank in any of
the Loan Documents, which liens, security interests, rights and remedies are
hereby expressly ratified, confirmed, extended and continued as security for
all Bank Indebtedness.

Each Borrower acknowledges
and agrees that Bank is relying on the foregoing agreements, confirmations,
representations and warranties of each Borrower and the other agreements,
representations and warranties of each Borrower contained herein in agreeing to
the amendments contained in this Amendment.

10.           Fees,
Cost, Expenses and Expenditures. 
Borrowers will pay all of Bank’s reasonable expenses in connection with
the review, preparation, negotiation, documentation and closing of this
Amendment and the consummation of the transactions contemplated hereunder,
including without limitation, fees, disbursements, expenses and disbursements
of counsel retained by Bank and all fees related to filings, recording of
documents, searches, environmental assessments and appraisal reports, whether
or not the transactions contemplated hereunder are consummated.

11.           No Waiver.  Nothing contained herein constitutes an
agreement or obligation by Bank to grant any further amendments to the Loan
Agreement or any of the other Loan Documents. 
Except as specifically set forth in Section
1 hereof, nothing contained herein constitutes a waiver or
release by Bank of any Event of Default or of any rights or remedies available
to Bank under the Loan Documents or at law or in equity.

12.           Inconsistencies.
To the extent of any inconsistencies between the terms and conditions of this
Amendment and the terms and conditions of the Loan Agreement or the other Loan
Documents, the terms and conditions of this Amendment shall prevail. All terms
and conditions of the Loan Agreement and other Loan Documents not inconsistent
herewith shall remain in full force and effect and are hereby ratified and
confirmed by Borrowers.

13.           Binding
Effect.  This Amendment,
upon due execution hereof, shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.

14.           Governing
Law.  This Amendment shall
be governed and construed in accordance with the laws of the Commonwealth of
Pennsylvania without regard to conflict of law principles.

15.           Severability.  The
provisions of this Amendment and all other Loan Documents are deemed to be
severable, and the invalidity or unenforceability of any provision shall not
affect or impair the remaining provisions which shall continue in full force
and effect.

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16.           Modifications.  No
modification of this Amendment or any of the Loan Documents shall be binding or
enforceable unless in writing and signed by or on behalf of the party against
whom enforcement is sought.

17.           Headings.  The
headings of the Articles, Sections, paragraphs and clauses of this Amendment
are inserted for convenience only and shall not be deemed to constitute a part
of this Amendment.

18.           Counterparts.  This
Amendment may be executed in multiple counterparts, each of which shall
constitute an original and all of which together shall constitute the same
agreement.

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IN WITNESS WHEREOF, the parties hereto, intending to be legally
bound hereby, have caused this Amendment to be executed the day and year first
above written.

	
  

  	
  INFO LOGIX INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  David T. Gulian

  	
   

  
	
   

  	
   

  	
  David Gulian,
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  OPT
  ACQUISITION LLC

  
	
   

  	
  By:

  	
  David T. Gulian

  	
   

  
	
   

  	
   

  	
  David Gulian,
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMBEDDED
  TECHNOLOGIES, LLC

  
	
   

  	
  By:
  INFO LOGIX INC., its sole Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  David T. Gulian

  	
   

  
	
   

  	
   

  	
  David Gulian,
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOVEREIGN
  BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Steven Fahringer

  	
   

  
	
   

  	
   

  	
  Steven
  Fahringer, Vice President

  

 

 

[SIGNATURES CONTINUED ON
FOLLOWING PAGE]

[SIGNATURES CONTINUED FROM PRIOR PAGE]

Each of the
undersigned, intending to be legally bound hereby, consents and agrees to the
foregoing Second Amendment and
Modification to Loan Agreement dated of even date herewith (the “Agreement”), and all terms thereof and
further agrees that (a) such Agreement shall in no way affect or impair the
undersigned’s obligations under those certain Limited Surety Agreements from the undersigned to Bank dated March
16, 2006 (collectively, the “Sureties”),
or under any other documents executed or delivered pursuant thereto or in
connection therewith and (b) the terms of the Sureties are hereby ratified and
confirmed, all as of the date hereof.

	
  

  	
   

  	
  Craig Wilensky

  	
  (SEAL)

  
	
  Witness:

  	
   

  	
  CRAIG WILENSKY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Richard Hodge

  	
  (SEAL)

  
	
  Witness:

  	
   

  	
  RICHARD HODGE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  David T. Gulian

  	
  (SEAL)

  
	
  Witness:

  	
   

  	
  DAVID GULIANExhibit 10.15

 

SECURITIES PLEDGE AGREEMENT

THIS
SECURITIES PLEDGE AGREEMENT (the “Pledge”) is made
this 29th day of November, 2006, by NEW AGE TRANSLATION, INC.,
a Delaware corporation (to be known as InfoLogix, Inc., the “Pledgor”) for benefit of SOVEREIGN BANK (the “Bank”).  Pledgor, intending to be legally bound,
agrees as follows:

1.             DEFINITIONS.  For
purposes of this Pledge,

1.1          “Bank Indebtedness” shall mean all obligations and indebtedness
of Borrower and/or Pledgor to Bank, whether now or hereafter owing or existing,
including, without limitation, all obligations under the Loan Documents, all
obligations of Pledgor to reimburse Bank for payments made by Bank at any time
or from time to time for the preservation and/or protection of the Collateral, all
other obligations or undertakings now or hereafter made by or for the benefit
of Borrower and/or Pledgor to or for the benefit of Bank under any other
agreement, promissory note or undertaking now existing or hereafter entered
into by Borrower and/or Pledgor with Bank, including, without limitation, all
obligations of Borrower and/or Pledgor to Bank under any guaranty or surety
agreement, including, without limitation, the Surety and all obligations of Borrower and/or
Pledgor to immediately pay to Bank the amount of any overdraft on any deposit
account maintained with Bank, together with all interest and other sums payable
in connection with any of the foregoing.

1.2          “Borrower” shall mean, jointly, severally and
collectively, Info Logix Inc. (to be known as InfoLogix Systems Corporation),
Embedded Technologies, LLC and Opt Acquisition, LLC.

1.3          “Code” shall mean the Uniform Commercial Code as
adopted by the Commonwealth of Pennsylvania, as the same may be amended from
time to time.

1.4          “Collateral” shall mean (i) the Stock, and (ii) all
dividends, cash, securities, investment property, financial assets and other
property issued, paid, declared and/or distributed in connection with the
Stock, or any portion thereof, and (iii) all cash, securities, investment
property, financial assets and other property paid, issued and/or distributed
to or for the benefit of Pledgor in exchange, redemption or substitution for
the Stock, or any portion thereof, and (iv) all other cash, securities,
investment property, financial assets and other property paid, issued and/or
distributed to or for the benefit of Pledgor as a consequence of Pledgor’s
ownership of the Stock, or any portion thereof, and (v) all proceeds of the
foregoing.

1.5          “Event of Default” shall mean any and all events described in Section 8 below.

1.6          “financial asset”, “investment
property” “issuer”,
“proceeds” and “security”
shall have the meanings given such terms in the Code.

1.7          “Loan Agreement” means that certain Loan and Security
Agreement dated March 16, 2006 by and between Borrower and Bank (as amended by
that certain First Amendment and Modification to Loan and Security Agreement
dated August 25, 2006, that certain Second Amendment and Modification to Loan
and Security Agreement dated October 31, 2006 and as the same may be further
amended, modified, supplemented or restated from time to time).

1.8          “Loan Documents” shall mean all agreements, documents and/or
instruments evidencing the Bank Indebtedness and all agreements, documents and
instruments collateral thereto, together with all amendments, replacements,
increases, renewals and modifications of any of the foregoing, including
without limitation this Pledge, the Loan Agreement and the Surety, as any of
the foregoing may be amended, restated or replaced from time to time.

1.9          “Stock” shall mean all those securities more
specifically described on Schedule
1.9 attached hereto and
made a part hereof.

1.10        “Surety” shall mean that certain Surety dated of even
date herewith, given by Pledgor to Bank, pursuant to which Pledgor has
guaranteed and agreed to act as surety to Bank for the prompt payment and
performance of all the Bank Indebtedness.

All
capitalized terms not defined herein shall have the meanings given such term in
the Loan Agreement.

2.             SECURITY INTEREST. 
Pledgor hereby pledges and grants to Bank a security interest in and a
lien on the Collateral.

3.             EFFECT OF GRANT.  The
pledge of Collateral granted to Bank by Pledgor hereunder shall not be rendered
void by the fact that no Bank Indebtedness exists as of a particular date, but
shall continue in full force and effect until all Bank Indebtedness have been
paid in full, Bank has no agreement or commitment outstanding pursuant to which
Bank may extend credit to or on behalf of Borrower or Pledgor and Bank has
executed and delivered termination statements and/or releases and has delivered
the Collateral to Pledgor.

4.             OBLIGATIONS SECURED.  The
Collateral and the continuing security interest granted therein shall secure
all Bank Indebtedness.  IT IS THE EXPRESS
INTENTION OF PLEDGOR THAT THE COLLATERAL SHALL SECURE ALL BORROWER’S AND
PLEDGOR’S EXISTING AND FUTURE OBLIGATIONS UNDER THE LOAN DOCUMENTS OR
OTHERWISE.

5.             DELIVERY.  All
original certificates and instruments representing or evidencing the Collateral,
or any portion thereof, shall be delivered to and held by or on behalf of Bank
pursuant hereto and shall be in suitable form for transfer by delivery, or
shall be accompanied by duly executed instruments of transfer or assignments in
blank, all in form and substance satisfactory to Bank and with guaranteed
signature(s).  If a broker or agent is
holding the certificates and/or instruments evidencing the Collateral, Pledgor
shall either (a) cause such broker and/or agent to execute and deliver to Bank
a control agreement acknowledging this Pledge and perfecting Bank’s security
interest in the Collateral, which agreement shall be in form and content
acceptable to Bank in its sole discretion, or (b) authorize such broker or
agent to transfer Pledgor’s account in which such Collateral is held to Bank’s
name, as nominee.

6.             REPRESENTATIONS
AND WARRANTIES.  Pledgor hereby represents and warrants as
follows, which representations and warranties shall be true and correct as of
the date hereof, at the time of the creation of any Bank Indebtedness and until
the Bank Indebtedness has been paid in full:

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6.1          Valid
Organization, Good Standing and Qualification. 
Pledgor is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware, has full power and authority
to execute, deliver and comply with the Loan Documents, and to carry on its
business as it is now being conducted and is duly licensed or qualified as a
foreign corporation in good standing under the laws of each jurisdiction in
which the character or location of the properties owned by it or the business
transacted by it requires such licensing or qualification.

6.2          Title to Collateral.  The Stock
constitutes all issued and outstanding capital stock of Info Logix Inc.  The Collateral is and will be owned by
Pledgor free and clear of all liens and other encumbrances of any kind
(including liens or other encumbrances upon properties acquired or to be
acquired under conditional sales agreements or other title retention devices),
excepting only liens in favor of the Bank. 
Pledgor will defend the Collateral against any claims of all persons or
entities other than the Bank.

6.3          Due Authorization and Issuance;
Restrictions.  The Stock and any other Collateral consisting
of securities have been duly authorized and issued to or for the benefit of
Pledgor by the respective issuer and are outstanding, fully paid and
non-assessable.  The Stock is not subject
to the terms of any shareholder, buy-sell or other agreement which limits or
restricts the transfer, sale or voting rights of any of the Stock.

6.4          Due Authorization; No Legal
Restrictions.  The execution and delivery by Pledgor of this
Agreement, the consummation of the transactions contemplated hereby and the
fulfillment and compliance with the respective terms, conditions and provisions
of this Agreement: (i) will not conflict with or result in a breach of, or
constitute a default (or might, upon the passage of time or the giving of
notice or both, constitute a default) under Pledgor’s Articles of Incorporation or
By-Laws or any of the terms,
conditions or provisions of any applicable statute, law, rule, regulation or
ordinance or any indenture, mortgage, loan or credit agreement or instrument to
which Pledgor is a party or by which Pledgor may be bound or affected, or any
judgment or order of any court or governmental department, commission, board,
bureau, agency or instrumentality, domestic or foreign, and (ii) will not
result in the creation or imposition of any lien, charge or encumbrance of any
nature whatsoever upon any of the property or assets of Pledgor, including the
Collateral, under the terms or provisions of any such agreement or instrument,
except liens in favor of Bank.  Neither
the Pledgor nor the Collateral is subject to the terms of any shareholder,
voting, buy-sell or other agreement affecting the Stock, including, without
limitation, the sale, transfer or voting thereof.

6.5          Governmental Consents.  No
consent, approval or authorization of or designation, declaration or filing
with any governmental authority by Pledgor is required in connection with the
execution, delivery or performance by Pledgor of this Agreement or the
consummation of the transactions contemplated hereby.

6.6          Pending Litigation or Proceedings. 
There are no judgments outstanding or actions, suits or proceedings
pending or, to the best of Pledgor’s knowledge, threatened against or affecting
Pledgor or the Collateral, or any portion thereof, at law or in equity or
before or by any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign.

6.7          Taxes. 
Pledgor has filed all tax returns which Pledgor is required to file and
has paid, or made provision for the payment of, all taxes which have or may
have become due pursuant to such returns or pursuant to any assessment received
by Pledgor except such taxes, if any,

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as
are being contested in good faith and as to which adequate reserves have been
provided.  Such tax returns are complete
and accurate in all respects.  Pledgor
does not know of any proposed additional assessment or basis for any assessment
of additional taxes.

6.8          Accuracy of Representations and
Warranties.  No representation or warranty by Pledgor
contained herein or in any certificate or other document furnished by Pledgor
pursuant hereto or in connection herewith fails to contain any statement of
material fact necessary to make such representation or warranty not misleading
in light of the circumstances under which it was made.  There is no fact which Pledgor knows or
should know and has not disclosed to Bank, which does or may materially and
adversely affect Pledgor, or the Collateral, or any portion thereof.

7.             COVENANTS. 
Pledgor covenants and agrees that until the Bank Indebtedness has been
paid in full, Pledgor shall:

7.1          Payment of Obligations.  Pay,
or cause to be paid, when due all amounts payable by Pledgor to Bank.

7.2          Adherence to Documents.  Not
take any action prohibited by the Loan Agreement.

7.3          Sale of Collateral.  Not
sell, lease, transfer, assign or otherwise dispose of the Collateral, or any
portion thereof, without the prior written consent of Bank.

7.4          Creation of Liens.  Not
create, incur or permit to exist any mortgage, pledge, encumbrance, lien,
security interest or change of any kind on the Collateral, or any portion
thereof, except as contemplated hereby.

7.5          Amendment
to Organizational or Governing Documents.  Not
make any amendment to its organizational or governing documents without
providing Bank with thirty (30) day’s prior notice thereof.  Pledgor will provide Bank with a copy of any
proposed amendments to any such documents prior to adoption.  Pledgor will not cause or permit any
corporate division or similar event with respect to Pledgor.

7.6          Name; Address or State of
Organization Change.  Not change its name except upon thirty (30)
days prior written notice to Bank and delivery to Bank of any items requested
by Bank to maintain perfection and priority of Bank’s security interests.  Pledgor shall not change its state of
organization or take any action which would result in a change in such Pledgor’s
state of organization without Bank’s prior written consent.

7.7          Other Actions. 
Without obtaining Bank’s prior written consent, not take any action
which would or could result in (i) the dissolution, consolidation or merger of
any issuer of the Collateral (an “Issuer”) with or into another entity, or (ii) a
change or amendment to the Articles of Incorporation of By-Laws of an Issuer except
in accordance with the terms and conditions of the Loan Agreement, or (iii) an
Issuer engaging in any other business venture or undertaking other than those
in which such Issuer is currently engaged, or (iv) an Issuer applying for or
consenting to the appointment of a receiver, trustee, or liquidator for itself
or any of its property, or (v) an Issuer admitting in writing its inability to
pay its debts as they mature, or (vi) the general assignment by an Issuer for
the benefit of creditors, or (vii) the adjudication of an Issuer as bankrupt or
insolvent, or

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(viii)
the filing by an Issuer of a voluntary petition in bankruptcy or a petition or
answer seeking reorganization or an arrangement with creditors.

7.8          Taxes; Claims for Labor and
Materials.  Pledgor will pay or cause to be paid when due
all taxes, assessments, governmental charges or levies imposed upon Pledgor or
Pledgor’s income, profits, or any property belonging to Pledgor, including
without limitation all withholding taxes, and all claims for labor, materials
and supplies which, if unpaid, might become a lien or charge upon any of its
properties or assets.

7.9          Additional Documents and Future
Actions.  Pledgor will, at its sole cost, take such
actions and provide Bank from time to time with such agreements, financing
statements and additional instruments, documents or information as the Bank may
in its reasonable discretion deem necessary or advisable to perfect, protect
and maintain the security interests in the Collateral, or any portion thereof,
to permit Bank to protect its interest in the Collateral, or any portion
thereof, or to carry out the terms of the Loan Documents.  Pledgor hereby authorizes and appoints Bank
as its attorney-in-fact, with full power of substitution, to take such actions
as Bank may deem advisable to protect the Collateral and its interests thereon
and its rights hereunder, to execute on Pledgor’s behalf and file at Pledgor’s
expense financing statements, and amendments thereto, in those public offices
deemed necessary or appropriate by Bank to establish, maintain and protect a
continuously perfected security interest in the Collateral, including, without
limitation, to receive, endorse and collect all certificates, instruments and
securities made payable to or issued to Pledgor representing any dividend,
interest, or other distribution in respect of the Collateral, or any portion
thereof, and to execute on Pledgor’s behalf such other documents and notices as
Bank may deem advisable to protect the Collateral and Bank’s interests therein
and Bank’s rights hereunder.  Such power
being coupled with an interest is irrevocable. 
Pledgor irrevocably authorizes the filing of a carbon, photographic or
other copy of this Agreement, or of a financing statement, as a financing statement
and agrees that such filing is sufficient as a financing statement.

7.10        Requested Information.  With
reasonable promptness, deliver to Bank all such other data and information in
respect of the financial condition and affairs of Pledgor and the value of the
Collateral, as Bank may reasonably request from time to time.

8.             EVENTS OF DEFAULT.  The
occurrence of any one or more of the following events shall constitute an Event
of Default hereunder:

8.1          The occurrence of any event of default or
default under any of the Loan Documents after expiration of any applicable
notice and/or grace period permitted in such documents.

8.2          The failure of Pledgor or Borrower to pay any
amount of principal or interest on the Bank Indebtedness on the date on which
such payment is due, whether on demand, at the stated maturity, or due date
thereof, or by reason of any requirement for prepayment thereof, by
acceleration or otherwise.

8.3          The failure of Pledgor to duly perform or
observe any obligation, covenant or agreement on its part contained herein.

8.4          Any representation or warranty of Pledgor
herein is discovered to be untrue in any material respect or any statement,
certificate or data furnished by Pledgor pursuant hereto is

 5
 

discovered
to be untrue in any material respect as of the date as of which the facts
therein set forth are stated or certified.

9.             RIGHTS OF PLEDGOR AND BANK.

9.1          Before Event of Default. 
Prior to the occurrence of an Event of Default:

(a)           Voting. 
Pledgor shall be entitled to exercise any and all voting and other
consensual rights arising under the Collateral, or any portion thereof, for any
purpose not inconsistent with the terms of any of the Loan Documents.

(b)           Dividends; Distributions. 
Unless Bank otherwise requests in writing, Pledgor shall be entitled to
receive and retain any and all dividends, distributions and interest, declared,
distributed or paid, with respect to the Collateral, or any portion thereof,
provided, however, that any and all (i) dividends, distributions and interest
paid or payable other than in cash; (ii) instruments and other property
received, receivable or otherwise distributed with respect to, or in exchange
for, the Collateral, or any portion thereof; (iii) dividends and other
distributions paid or payable in cash with respect to the Collateral, or any
portion thereof, in connection with (1) a partial or total liquidation or
dissolution, or (2) a reduction of capital, capital surplus or paid-in-surplus;
and (iv) cash paid, payable or otherwise distributed in respect of principal,
or redemption of, or in exchange for, the Collateral, or any portion thereof;
shall be forthwith delivered to Bank to hold as Collateral and shall, if
received by Pledgor, be (x) received in trust for the benefit of Bank, (y)
segregated from all other property or funds of Pledgor, and (z) forthwith
delivered to Bank as Collateral in the same form as so received (with any
necessary documents, endorsements or assignments in blank with guaranteed
signature(s)).

9.2          After Event of Default.  Upon
the occurrence and during the continuance of an Event of Default and at all
times thereafter:

(a)           Voting.  All
rights of Pledgor to (i) exercise voting and other consensual rights which
Pledgor would otherwise be entitled to exercise, pursuant to Section 9.1(a), and (ii) receive dividends and interest
payments which Pledgor would otherwise be authorized to receive and retain,
pursuant to Section
9.1(b), shall cease, and
all such rights shall thereupon become absolutely vested in Bank.  Bank shall thereafter have the sole and
absolute right to exercise all voting and other consensual rights, and to
receive and hold as Collateral all such dividends and interest payments,
without any further notice to, or consent of, Pledgor.

(b)           Dividends Held In Trust.  All
dividends and interest payments which are received by Pledgor contrary to the
provisions of Section
9.2(a)(ii) shall be (i)
received in trust for the benefit of Bank, (ii) shall be segregated from other
property or funds of Pledgor and (iii) forthwith delivered to the Bank as
Collateral in the same form as received (with any necessary documents,
endorsements or assignments in blank with guaranteed signatures).

(c)           Sale of Collateral.  Bank
may exercise in respect of the Collateral and in addition to other rights and
remedies provided for herein or otherwise available to it, all the rights and
remedies of a secured party upon default under the Code.  Bank may also, without notice, except as
specified below, sell the Collateral, or any part thereof, in one or more
blocks at public or private sale, at any exchange or otherwise or for future
delivery, and at such price or prices and upon such other terms as Bank may
deem commercially reasonable.  Pledgor
agrees that, to the extent

 6
 

notice
of sale shall be required by law, five (5) days notice to Pledgor of the time
and place of any public sale or private sale is to be made shall constitute
reasonable notification.  Bank shall not
be obligated to make any sale of Collateral regardless of notice of sale having
been given.  Bank may adjourn any public
or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned.

(d)           Application of Proceeds.  Any cash held by Bank as Collateral
and all cash proceeds received by Bank in respect of any sale of, collection
from, or other realization upon the Collateral, or any portion thereof, may, in
the discretion of Bank, be held by Bank as Collateral for, and/or then or at
any time thereafter applied (after payment of any amounts payable to Bank
pursuant to Section
13) in whole or in part
by Bank against all or any part of the Bank Indebtedness, in such order as Bank
shall elect.  Any surplus of such cash or
cash proceeds held by Bank and remaining after payment in full of all Bank
Indebtedness shall be paid to Pledgor or to whomsoever may be lawfully entitled
to receive such surplus.

9.3          Bank’s Rights.  At
any time and from time to time, Bank shall have the right, in its discretion
and without notice to Pledgor, to transfer to or to register in the name of
Bank, or any of Bank’s nominees, the Collateral, or any portion thereof,
provided, however, that Pledgor shall continue to be the beneficial owner of
any Collateral transferred to or registered in the name of Bank, or Bank’s
nominees, prior to the occurrence of an Event of Default.  In addition, Bank shall have the right at any
time to exchange certificates or instruments representing or evidencing the
Collateral, or any portion thereof, for certificates or instruments of smaller
or larger denominations.

10.          REASONABLE CARE. Bank shall be deemed to have exercised
reasonable care in the custody and preservation of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that
which Bank accords its own property.

11.          DELAY OR OMISSION NOT WAIVER. 
Neither the failure nor any delay on the part of Bank to exercise any
right, remedy, power or privilege under this Pledge upon the occurrence of any
Event of Default or otherwise shall operate as a waiver thereof or impair any
such right, remedy, power or privilege. 
No waiver of any Event of Default shall affect any later Event of
Default or shall impair any rights of Bank. 
No single, partial or full exercise of any rights, remedies, powers and
privileges by the Bank shall preclude further or other exercise thereof.  No course of dealing between Bank and Pledgor
shall operate as or be deemed to constitute a waiver of Bank’s rights under this
Pledge or affect the duties or obligations of Pledgor.

12.          REMEDIES CUMULATIVE; CONSENTS.  The
rights, remedies, powers and privileges provided for herein shall not be deemed
exclusive, but shall be cumulative and shall be in addition to all other rights,
remedies, powers and privileges in Bank’s favor at law or in equity.  Whenever the Bank’s consent or approval is
required or permitted, such consent or approval shall be at the sole and
absolute discretion of Bank.

13.          CERTAIN FEES, COSTS, EXPENSES AND
EXPENDITURES.  Pledgor agrees to pay on demand all costs and
expenses of Bank, including without limitation:

13.1        all costs and expenses in connection with the
preparation, review, negotiation, execution, delivery and administration of
this Pledge, and the other documents to be delivered in connection therewith,
or any amendments, extensions and increases to any of the foregoing

 7
 

(including,
without limitation, attorney’s fees and expenses, and the cost of appraisals
and reappraisals of Collateral), and the cost of periodic lien searches and tax
clearance certificates, as Bank deems advisable;

13.2        all losses, costs and expenses in connection
with the enforcement, protection and preservation of the Bank’s rights or
remedies under this Pledge, or any other agreement relating to any Bank
Indebtedness, or in connection with legal advice relating to the rights or
responsibilities of Bank (including without limitation court costs, attorney’s
fees and expenses of accountants and appraisers); and

13.3        any and all stamp and other taxes payable or
determined to be payable in connection with the execution and delivery of this
Pledge, and all liabilities to which Bank may become subject as the result of
delay in paying or omission to pay such taxes.

In the event Pledgor shall
fail to pay taxes, assessments, costs or expenses which it is required to pay
hereunder, or fails to keep the Collateral free from security interests or lien
(except as expressly permitted herein), or otherwise breaches any obligations
under this Pledge, Bank in its discretion, may make expenditures for such
purposes and the amount so expended (including attorney’s fees and expenses,
filing fees and other charges) shall be payable by Pledgor on demand and shall
constitute part of the Bank Indebtedness.

In the event any action at
law or in equity in connection with the Loan Documents, the Bank Indebtedness
or matters collateral thereto is terminated adverse to Pledgor, Pledgor will
pay all attorneys’ fees and legal costs incurred by Bank in connection with
such actions.

With respect to any amount
required to be paid by Pledgor under this Section, in the event Pledgor fails
to pay such amount on demand, Pledgor shall also pay to Bank interest thereon
at a the Default Rate (as defined in the Loan Agreement).  Pledgor’s obligations under this Section
shall survive termination of this Pledge.

14.          TIME IS OF THE ESSENCE.  Time
is of the essence in Pledgor’s performance of Pledgor’s obligations under the
Loan Documents.

15.          COMMUNICATION AND NOTICES.  All
notices, requests and other communications made or given in connection with
this Pledge shall be given in accordance with the Surety Agreement.

16.          LIMITATION ON LIABILITY. 
Pledgor shall be responsible for and Bank is hereby released from any
claim or liability in connection with:

(a)           Safekeeping any
Collateral;

(b)           Any loss or damage
to any Collateral;

(c)           Any diminution in
value of the Collateral; or

(d)           Any act or default
of another person or entity.

Bank shall only be liable
for any act or omission on its part constituting willful misconduct.  In the event that Bank breaches its required
standard of conduct, Pledgor agrees that Bank’s liability

 8
 

shall be only for direct
damages suffered and shall not extend to consequential or incidental
damages.  If Pledgor brings suit against
Bank in connection with the transactions contemplated hereunder and Bank is
found not to be liable, Pledgor will indemnify and hold Bank harmless from all
costs and expenses, including attorney’s fees, incurred by Bank in connection with
such suit.

17.          WAIVERS.  In connection with any
proceedings hereunder or in connection with any of the Bank Indebtedness,
including without limitation any action by Bank in replevin, foreclosure or
other court process or in connection with any other action related to the Bank
Indebtedness or the transactions contemplated hereunder, Pledgor waives:

(a)           all errors, defects
and imperfections in such proceedings;

(b)           all benefits under
any present or future laws exempting any property, real or personal, or any
part of any proceeds thereof from attachment, levy or sale under execution, or
providing for any stay of execution to be issued on any judgment recovered in
connection with the Bank Indebtedness or in any replevin or foreclosure
proceeding, or otherwise providing for any valuation, appraisal or exemption;

(c)           presentment for
payment, demand, notice of demand, notice of non-payment, protest and notice of
protest of any of the Bank Indebtedness;

(d)           any requirement for
bonds, security or sureties required by statute, court rule or otherwise;

(e)           any demand for
possession of Collateral prior to commencement of any suit; and

(f)            all rights to claim or recover
attorney’s fees and costs in the event that Pledgor is successful in any action
to remove, suspend or prevent the enforcement of a judgment entered by
confession.

18.          EXCLUSIVE JURISDICTION. 
Pledgor hereby consents to the exclusive jurisdiction of any state or
federal court located within the Commonwealth of Pennsylvania, and irrevocably
agrees that, subject to the Bank’s election, all actions or proceedings
relating to this Pledge or the transactions contemplated hereunder shall be
litigated in such courts, and Pledgor waives any objection which Pledgor may
have based on improper venue or forum non conveniens to the conduct of
any proceeding in any such court and waives personal service of any and all
process upon Pledgor, and consents that all such service of process be made by
mail or messenger directed to Pledgor at the address set forth in Section 15. 
Nothing contained in this Section
18 shall affect the
right of Bank to serve legal process in any other manner permitted by law or
affect the right of Bank to bring any action or proceeding against Pledgor or
Pledgor’s property in the courts of any other jurisdiction.

19.          MISCELLANEOUS PROVISIONS.

19.1        Severability.  The
provisions of this Pledge and all other Loan Documents are deemed to be
severable, and the invalidity or unenforceability of any provision shall not
affect or impair the remaining provisions which shall continue in full force
and effect.

 9
 

19.2        Headings.  The
headings of the Articles, Sections, paragraphs and clauses of this Pledge are
inserted for convenience only and shall not be deemed to constitute a part of
this Pledge.

19.3        Binding Effect.  This
Pledge and all rights and powers granted hereby will bind and inure to the
benefit of the parties hereto and their respective permitted successors and
assigns.

19.4        Amendment.  No
modification of this Pledge or any of the Loan Documents shall be binding or
enforceable unless in writing and signed by or on behalf of the party against
whom enforcement is sought.

19.5        Governing Law.  This
Pledge has been made, executed and delivered in the Commonwealth of
Pennsylvania and will be construed in accordance with and governed by the laws
of such Commonwealth without regard to conflict of law principles.

19.6        No Third Party Beneficiaries.  The
rights and benefits of this Pledge and the Loan Documents shall not inure to
the benefit of any third party.

19.7        Exhibits and Schedules.  All
exhibits and schedules attached hereto are hereby made a part of this Pledge.

19.8        Counterparts.  This
Pledge may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument, and any of the parties
hereto may execute this Pledge by signing any such counterpart.

19.9        No Joint Venture. 
Nothing contained herein is intended to permit or authorize Pledgor to
make any contract on behalf of Bank, nor shall this Pledge be construed as
creating a partnership, joint venture or making Bank an investor in Pledgor.

20.          WAIVER OF RIGHT TO
TRIAL BY JURY.  PLEDGOR AND BANK, BY
ITS ACCEPTANCE HEREOF, WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS PLEDGE OR ANY OTHER DOCUMENT
OR INSTRUMENT REFERRED TO HEREIN OR DELIVERED IN CONNECTION HEREWITH, OR (b) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF PLEDGOR WITH
RESPECT TO THIS PLEDGE OR ANY OTHER DOCUMENT OR INSTRUMENT REFERRED TO HEREIN
OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR
THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE.  PLEDGOR AND BANK AGREE AND CONSENT THAT ANY
SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY, AND THAT ANY PARTY TO THIS PLEDGE MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF PLEDGOR AND BANK TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

[REMINDER OF PAGE INTENTIONALLY LEFT BLANK]

 10
 

IN
WITNESS WHEREOF, Pledgor has executed this Pledge as of the
day and year first above written.

	
  

  	
  NEW AGE TRANSLATION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  John Fahlberg

  	
   

  
	
   

  	
  Name/Title: John Fahlberg, President

  

 11
 

SCHEDULE 1.9

TO

SECURITIES
PLEDGE AGREEMENT

DESCRIPTION OF PLEDGED SECURITIES

	
  Certificate No.

  	
   

  	
  No. Shares

  	
   

  	
  Issuer

  	
   

  	
  Record Owner

  
	
  

  	
   

  	
   

  	
   

  	
  Info Logix Inc. (to be known as InfoLogix Systems
  Corporation)

  	
   

  	
  New Age Translation, Inc. (to be known as InfoLogix,
  Inc.)

  

 

 12

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