Document:

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                                                                   EXHIBIT 10.49

                          WARRANT ISSUANCE AGREEMENT

          THIS WARRANT ISSUANCE AGREEMENT (this "Agreement") is made on the 1st
day of August, 2000, by and between Stamps.com Inc., a Delaware corporation (the
"Company") and Cydcor Limited, an Ontario, Canada company ("Cydcor").

          WHEREAS, the Company and Cydcor desire to extend their strategic
relationship by amending that certain Market Agreement dated May 15, 2000 (the
"Market Agreement");

          WHEREAS, as an incentive to extend this strategic relationship, the
Company desires to issue to Cydcor warrants to purchase shares of the Company's
Common Stock in accordance with the terms and conditions set forth herein; and

          NOW, THEREFORE, the parties hereby agree as follows:

1.  Issuance of Warrants.
    --------------------

    1.1  Issuance of Warrants. Beginning August 1, 2000 and subject to the
         --------------------
terms and conditions of this Agreement and the Market Agreement, the Company
agrees to issue to Cydcor as of the Calculation Date a warrant in the form
attached hereto as Exhibit A. Each warrant shall remain exercisable for a period
                   ---------
of two (2) years from the Calculation Date. For purposes of this Agreement,
"Calculation Date" shall mean the last business day of the month following a
month in which warrants are earned by Cydcor under this Agreement (i.e., for the
period August 1, 2000 through August 31, 2000, the Calculation Date shall be
September 29, 2000).

    1.2  Number of Shares.  Each warrant issued by the Company under this
         ----------------
Agreement shall entitle Cydcor to purchase a number of shares of the Company's
Common Stock equal to the Number of New Customers as of a Calculation Date. The
total number of shares of Common Stock authorized for issuance upon exercise of
warrants issued under this Agreement shall not exceed 500,000 (the "Share
Limit"). For purposes of this Agreement, "Number of New Customers" shall mean
the actual number of New Customers (as defined in the Market Agreement) added
during a calendar month that have an active account on the applicable
Calculation Date for that calendar month; provided, however, that the
calculation of the Number of New Customers shall be subject to Section 1.5
below.

    1.3  Exercise Price of Warrants.  The exercise price for each warrant
         --------------------------
issued hereunder shall be equal to the closing price of the Company's Common
Stock on the Nasdaq National Market on the Calculation Date.

    1.4  Termination.  This Agreement shall terminate on the earlier of (i) one
         -----------
calendar month following the termination of the Market Agreement; or (ii) the
issuance by the Company of an aggregate number of warrants that allow Cydcor to
purchase a number of shares up to the Share Limit.

    1.5  Power Plan Churn.  At each Calculation Date, the Company will
         ----------------
determine how many new customers out of the total Number of New Customers
initially

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registered under the Company's Power Plan (or such other successor pricing plan
as Company may designate from time to time) (the "Power Plan Users"). If on such
Calculation Date more than 7.5% of these Power Plan Users have switched to the
Company's Simple Plan (or other lesser priced service offered by the Company,
together with the Simple Plan), Cydcor shall have until the next Calculation
Date to reduce the percentage to 7.5% or below. If the total percentage exceeds
7.5% on that subsequent Calculation Date, the total number of Power Plan Users
who have downgraded their service on or prior to that Calculation Date will be
subtracted from the Number of New Customers for the applicable month. This
adjustment will continue in effect for each subsequent month until the total
percentage for a month is 7.5% or less, at which time the cure provisions in the
preceding two sentences shall again become applicable. In the event the Company
at some time in the future offers only a single pricing plan, this Section 1.5
shall be inapplicable with regard to customers added in the month prior to the
pricing plan revision.

    1.6  Example.  Assume 100 New Customers sign up during August 2000 and that
         -------
95 of those New Customers have active accounts on September 29, 2000, the
applicable Calculation Date for August 2000. Cydcor will receive a warrant to
purchase 95 shares of Common Stock with an exercise price equal to the closing
price of Stamps.com on Nasdaq on September 29, 2000.  The warrants will remain
exercisable until September 29, 2002.  If on September 29, 2000 the Company
determines that more than 7.5% of the Power Plan Users who signed up during
August 2000 have switched to a lesser-priced plan, Cydcor will have until the
next Calculation Date (here, October 31, 2000) to reduce the percentage to 7.5%
or below.  If October 31, 2000, more than 7.5% of the Power Plan Users who
signed up in September 2000 have switched to a lesser-priced plan, that number
of switched customers will be subtracted from the number of New Customers for
September 2000.

2.  Representations and Warranties of the Company. The Company hereby
    ---------------------------------------------
represents and warrants to Cydcor that:

     2.1  Organization, Good Standing and Qualification.  The Company is a
          ---------------------------------------------
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware and has all requisite corporate power and authority to
carry on its business as now conducted and as proposed to be conducted. The
Company is duly qualified to transact business and is in good standing in each
jurisdiction in which the failure to so qualify would have a material adverse
effect on its business or properties.

     2.2  Authorization.  All corporate action on the part of the Company, its
          -------------
officers, directors and stockholders necessary for the authorization, execution
and delivery of this Agreement, the performance of all obligations of the
Company hereunder, and the authorization, issuance, sale and delivery of the
Common Stock and the warrants being offered hereunder has been taken. This
Agreement constitutes a valid and legally binding obligation of the Company,
enforceable in accordance with their respective terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors' rights generally, and
(ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

     2.3  Valid Issuance of Common Stock.  The Common Stock issuable upon
          ------------------------------
exercise of any warrant, when issued, sold and delivered in accordance with the
terms of the

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warrants for the consideration set forth therein, will be duly and validly
issued, fully paid and nonassessable and will be free of restrictions on
transfer, other than restrictions on transfer under the Warrant and under
applicable state and federal securities laws.

3.  Representations and Warranties of Cydcor.  Cydcor hereby represents and
    ----------------------------------------
warrants that:

    3.1  Authorization.  Cydcor has full power and authority to enter into this
         -------------
Agreement and such agreement constitutes its valid and legally binding
obligation, enforceable in accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors' rights generally and,
(ii) as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies.

    3.2  Purchase Entirely for Own Account.  This Agreement is made with Cydcor
         ---------------------------------
in reliance upon Cydcor's representation to the Company, which by Cydcor's
execution of this Agreement Cydcor hereby confirms, that the Common Stock and
the warrants to be received by Cydcor will be acquired for investment for
Cydcor's own account, not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof, and that Cydcor has no present
intention of selling, granting any participation in or otherwise distributing
the same. By executing this Agreement, Cydcor further represents that Cydcor
does not have any contract, undertaking, agreement or arrangement with any
person to sell, transfer or grant participations to the person or to any third
person, with respect to any of the Common Stock.

    3.3  Investment Experience.  Cydcor acknowledges that it is able to fend
         ---------------------
for itself, can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable of evaluating
the merits and risks of the investment in the Common Stock. Cydcor also
represents it has not been organized for the purpose of acquiring the Common
Stock or the Warrant.

    3.4  Accredited Investor.  Cydcor is an "accredited investor" within the
         -------------------
meaning of Securities and Exchange Commission ("SEC") Rule 501 of Regulation D,
as presently in effect.

    3.5  Restricted Securities.  Cydcor understands that the Common Stock and
         ---------------------
the warrants it is receiving are characterized as "restricted securities" under
the federal securities laws inasmuch as they are being acquired from the Company
in a transaction not involving a public offering and that under such laws and
applicable regulations such Common Stock or Warrant may be resold without
registration under the Securities Act of 1933, as amended (the "Act") only in
certain limited circumstances. In the absence of an effective registration
statement covering the Common Stock or warrants or an available exemption from
registration under the Act, the Common Stock and the warrants must be held
indefinitely. In this regard, Cydcor represents that it is familiar with SEC
Rule 144, as presently in effect, and understands the resale limitations imposed
thereby and by the Act.

    3.6  Further Limitations on Disposition.  Without in any way limiting the
         ----------------------------------
representations set forth above, Cydcor further agrees not to make any
disposition of all or any of

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the warrants or all or any portion of the Common Stock issuable upon exercise of
the warrants unless:

     (a)  There is then in effect a registration statement under the Act
covering such proposed disposition and such disposition is made in accordance
with such registration statement; or

     (b)  Cydcor shall have notified the Company of the proposed disposition and
shall have furnished the Company with a detailed statement of the circumstances
surrounding the proposed disposition, and if requested by the Company, Cydcor
shall have furnished the Company with an opinion of counsel, reasonably
satisfactory to the Company that such disposition will not require registration
of such shares under the Act. It is agreed that the Company will not require
opinions of counsel for transactions made pursuant to Rule 144 except in unusual
circumstances.

    3.7  Legends.  It is understood that the certificates evidencing the shares
         -------
of Common Stock or the Warrant may bear the following legends:

    (a)  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, (THE "ACT"), OR QUALIFIED UNDER THE
SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE
SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE
EFFECT THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNLESS SOLD
PURSUANT TO RULE 144 UNDER THE ACT.

    (b)  Any legend required under applicable state securities laws.

4.  California Commissioner of Corporations.
    ---------------------------------------

    4.1  Corporate Securities Law.  THE SALE OF THE SECURITIES THAT ARE THE
         ------------------------
SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF
CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR
THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES
PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT
FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA
CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO
EXEMPT.

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5.  Conditions of the Company's Obligations.  The obligations of the
    ---------------------------------------
Company to Cydcor under this Agreement are subject to the fulfillment on or
before the issuance of any warrants hereunder of each of the following
conditions:

    5.1  Representations and Warranties.  The representations and warranties of
         ------------------------------
Cydcor contained in Section 3 shall be true on and as of each warrant issuance
date with the same effect as though such representations and warranties had been
made on and as of such date.

    5.2  Qualifications.  All authorizations, approvals or permits, if any, of
         --------------
any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the
warrants upon pursuant to this Agreement or the Common Stock issuable upon
exercise of such warrants shall be duly obtained and effective as of the
Closing.

    5.3  Market Agreement.  The Market Agreement shall be in full force
         ----------------
and effect on and as of each warrant issuance date and there shall not at such
time exist any breach or alleged or threatened breach of any representation or
covenant of the Market Agreement by Cydcor.  In addition, no notice of
termination of the Market Agreement shall have been delivered by Cydcor on or
prior to a warrant issuance date.

6.  Miscellaneous.
    -------------

    6.1  Survival.  The warranties, representations and covenants of the
         --------
Company and Cydcor contained in or made pursuant to this Agreement shall survive
the execution and delivery of this Agreement and shall in no way be affected by
any investigation of the subject matter thereof made by or on behalf of Cydcor
or the Company.

    6.2  Successors and Assigns.  Except as otherwise provided herein, the
         ----------------------
terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties (including
transferees of any of the Common Stock). Nothing in this Agreement, express or
implied, is intended to confer upon any party, other than the parties hereto or
their respective successors and assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

    6.3  Governing Law.  This Agreement shall be governed by and construed
         -------------
under the laws of the State of California as applied to agreements among
California residents entered into and to be performed entirely within
California.

    6.4  Titles and Subtitles.  The titles and subtitles used in this Agreement
         --------------------
are used for convenience only and are not to be considered in construing or
interpreting this Agreement.

    6.5  Notices.  All notices required or permitted hereunder shall be in
         -------
writing and shall be deemed effectively given: (i) upon personal delivery to the
party to be notified; (ii) when sent by confirmed telex or facsimile if sent
during normal business hours of the recipient, if not, then on the next business
day; (iii) five days after having been sent by registered or certified mail,
return receipt requested, postage prepaid; or (iv) one day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with
written verification of

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<PAGE>

receipt. All communications shall be sent to the address as set forth on the
signature page hereof or at such other address as such party may designate by
written notice to the other party.

    6.6  Expenses.  Each party to this Agreement shall bear and pay all costs
         --------
and expenses that it incurs with respect to the negotiation, execution, delivery
and performance of this Agreement. If any action at law or in equity is
necessary to enforce or interpret the terms of this Agreement, the prevailing
party shall be entitled to reasonable attorneys' fees, costs and necessary
disbursements in addition to any other relief to which such party may be
entitled.

    6.7  Amendments and Waivers.  Any term of this Agreement may be amended and
         ----------------------
the observance of any term of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with
the written consent of the Company and Cydcor.

    6.8  Severability.  If one or more provisions of this Agreement are held to
         ------------
be unenforceable under applicable law, such provision shall be excluded from
this Agreement and the balance of the Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its
terms.

    6.9  Entire Agreement.  This Agreement and the documents referred to herein
         ----------------
constitute the entire agreement among the parties and no party shall be liable
or bound to any other party in any manner by any warranties, representations or
covenants except as specifically set forth herein or therein.

    6.10 Counterparts.  This Agreement may be executed in any number of
         ------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Execution and delivery of
this Agreement by exchange of facsimile copies bearing the facsimile signature
of a party hereto shall constitute a valid and binding execution and delivery of
this Agreement by such party.

                            [SIGNATURE PAGE FOLLOWS]

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<PAGE>

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

                                   STAMPS.COM INC.

                                   By:  /s/ Douglas Walner
                                        -----------------------------
                                        Name:  Douglas Walner
                                        Title:  Senior Vice President

                               Address: 3240 Ocean Park Blvd., Suite 1040
                                        Santa Monica, CA 90405
                                        Attention:  Chief Financial Officer
                                        Facsimile No.:  (310) 581-7500

                                   CYDCOR LIMITED

                                   By:  /s/ Avie Roth
                                        -----------------------------
                                        Name:  Avie Roth
                                        Title:  Vice President

                               Address: 250 Granton Drive
                                        Richmond Hill, ON L4B 1H7 Canada
                                        Attention:  ____________
                                        Facsimile No.:  (905) 764-1570

                                       i
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                                   EXHIBIT A

                                    WARRANT

                                      iiExhibit 10.1
                               AMENDMENT NO. 6 TO
                           LOAN AND SECURITY AGREEMENT

                                            September 29, 2000

All American Semiconductor, Inc.
16115 Northwest 52nd Avenue
Miami, Florida  33014
Attention:  Chief Financial Officer

Ladies and Gentlemen:

                  Reference is made to the Loan and Security Agreement dated as
of May 3, 1996 among Harris Trust and Savings Bank, as a Lender and as
Administrative Agent for the Lenders, American National Bank and Trust Company
of Chicago, as a Lender and as Collateral Agent for the Lenders, the other
Lenders party thereto and All American Semiconductor, Inc., as amended to date
(the "Loan Agreement"). Unless defined herein, capitalized terms used herein
shall have the meanings provided for such terms in the Loan Agreement.

                  Borrower has requested that Lenders agree to amend the Loan
Agreement in certain respects. Lenders have agreed to the foregoing on the terms
and pursuant to the conditions provided herein.

                  Therefore, the parties hereto hereby agree as follows:

                  1.    AMENDMENTS TO LOAN AGREEMENT. The Loan Agreement is
hereby amended, as follows:

                  (a)   The first "WHEREAS" clause in the Loan Agreement is
hereby amended by deleting therefrom the amount "One Hundred Million Dollars
($100,000,000)" and inserting in its place the amount "One Hundred Fifty Million
Dollars ($150,000,000)".

                  (b)   The definition of the term "Applicable Domestic Margin"
contained in Section 1.1 of the Loan Agreement is hereby deleted in its
entirety.

                  (c)   The definition of the term "Applicable LIBOR Margin"
contained in Section 1.1 of the Loan Agreement is hereby deleted in its
entirety.

                  (d)   A new defined term "Applicable Margin" is hereby
inserted into Section 1.1 of the Loan Agreement, as follows:

                  "APPLICABLE MARGIN - from September 29, 2000 to, but not
         including, the first Adjustment Date (as hereinafter defined) the
         percentages set forth below with respect to the Domestic Rate Portions
         and the LIBOR Portions:
<PAGE>

         Domestic Rate Portions                    .25%
         LIBOR Portions                           2.25%

                  The percentages set forth above will be adjusted ten (10)
         Business Days after delivery by the Borrower to the Administrative
         Agent of the financial statements required to be delivered pursuant to
         SECTION 7.1(b) of this Agreement for each March, June, and September,
         commencing with the month ending March 31, 2001, and ten (10) Business
         Days after delivery by the Borrower to the Administrative Agent of the
         financial statements required to be delivered pursuant to SECTION
         7.1(c) of this Agreement for each fiscal year of the Borrower beginning
         with the fiscal year ending December 31, 2000 (each such date falling
         ten (10) Business Days after delivery of the applicable financial
         statements described above is referred to as an "Adjustment Date"),
         effective prospectively (PROVIDED, that, notwithstanding the delivery
         of any such financial statements, the rate applicable to any existing
         LIBOR Portion shall remain unchanged during the Interest Period in
         effect for such LIBOR Portion), by reference to (i) the Debt Service
         Coverage Ratio for the twelve (12) month period ending on the last day
         of the calendar quarter immediately preceding the relevant Adjustment
         Date and (ii) Excess Loan Availability for the three (3) month period
         ending on the last day of the calendar quarter immediately preceding
         the relevant Adjustment Date, determined on an average basis for such
         period, in accordance with the following:

                  (i)   if or on the Adjustment Date, the Debt Service Coverage
         Ratio is greater than 2.0:1.0, Excess Loan Availability is greater than
         or equal to Eighteen Million Dollars ($18,000,000) and no Default or
         Event of Default is in existence, the Applicable Margin for Domestic
         Rate Portions shall be equal to zero (0%) and the Applicable Margin for
         LIBOR Portions shall be equal to two percent (2.00%);

                  (ii)  if or on the Adjustment Date, the Debt Service Coverage
         Ratio is less than or equal to 1.5:1.0 and Excess Loan Availability is
         less than Ten Million Dollars ($10,000,000), the Applicable Margin for
         Domestic Rate Portions shall be equal to one-half of one percent
         (0.50%) and the Applicable Margin for LIBOR Portion shall be equal to
         two and one-half percent (2.50%); and

                  (iii) at all other times, the Applicable Margin for Domestic
         Rate Portions shall be equal to one-quarter of one percent (0.25%) and
         the Applicable Margin for LIBOR Portion shall be equal to two and
         one-quarter percent (2.25%);

         PROVIDED that, if Borrower fails to deliver the applicable financial
         statements required to be delivered pursuant to SECTION 7.1(b) OR (c)
         of this Agreement on or before the due date thereof, the Applicable
         Margin shall automatically adjust to the highest Applicable Margin set
         forth above, effective prospectively from such due date until the next
         Adjustment Date."

                  (e)   The definition of the term "Commercial Letter of Credit
Limit" contained in Section 1.1 of the Loan Agreement is hereby amended and
restated in its entirety, as follows:

                                      -2-
<PAGE>

                  " 'COMMERCIAL LETTER OF CREDIT LIMIT' shall mean Thirty
         Million Dollars ($30,000,000)."

                  (f)   Clauses (d), (l) and (o) of the definition of the term
"Default" contained in Section 1.1 of the Loan Agreement are each hereby amended
by deleting therefrom the amount "Five Hundred Thousand Dollars ($500,000)" in
each place that it appears and inserting in its place the amount "One Million
Dollars ($1,000,000)".

                  (g)   The definition of the term "Floating Inventory Cap"
contained in Section 1.1 of the Loan Agreement is hereby amended by deleting
therefrom the amount "two and three quarters (2.75)" and inserting in its place
the amount "three (3.00)".

                  (h)   The definition of the term "Letter of Credit Limit"
contained in Section 1.1 of the Loan Agreement is hereby amended and restated in
its entirety, as follows:

                  " 'LETTER OF CREDIT LIMIT' shall mean Thirty Million Dollars
         ($30,000,000)."

                  (i)   The definition of the term "Maximum Facility" contained
in Section 1.1 of the Loan Agreement is hereby amended and restated in its
entirety, as follows:

                  " 'MAXIMUM FACILITY' shall mean One Hundred Fifty Million
         Dollars ($150,000,000)."

                  (j)   A new definition of the term "OS Franchise Inventory" is
hereby inserted into Section 1.1 of the Loan Agreement, in appropriate
alphabetical order, as follows:

                  " 'OS FRANCHISE INVENTORY' shall mean Franchise Inventory
         purchased by the Borrower from On Semiconductor Corporation."

                  (k)   The definition of the term "Rate Decrease Event"
contained in Section 1.1 of the Loan Agreement is hereby deleted in its
entirety.

                  (l)   The definition of the term "Rate Increase Event"
contained in Section 1.1 of the Loan Agreement is hereby deleted in its
entirety.

                  (m)   The definition of the term "Special Rate Decrease Event"
contained in Section 1.1 of the Loan Agreement is hereby deleted in its
entirety.

                  (n)   The definition of the term "Standby Letter of Credit
Limit" contained in Section 1.1 of the Loan Agreement is hereby amended and
restated in its entirety, as follows:

                  " 'STANDBY LETTER OF CREDIT LIMIT' shall mean Twenty Million
         Dollars ($20,000,000)."

                  (o)   The definition of the term "Loan Availability" contained
in Section 2.1(a) of the Loan Agreement is hereby amended and restated in its
entirety, as follows:

                                      -3-
<PAGE>

                  "(i)  eighty-five percent (85%) of the face amount (less
         maximum discounts, credits and allowances which may be taken by or
         granted to Account Debtors in connection therewith) then outstanding
         under existing Eligible Accounts at such time; PLUS

                  (ii)  the lesser of (a) the sum of (x) fifty percent (50%) of
         the value of Eligible Inventory consisting of Franchise Inventory other
         than OS Franchise Inventory, (y) sixty-five percent (65%), reducing to
         fifty percent (50%) on July 1, 2001, of the value of Eligible Inventory
         consisting of OS Franchise Inventory and (z) the lesser of (I) twenty
         percent (20%) of the value of Eligible Inventory consisting of
         Non-Franchise Inventory and (II) Three Million Fifty Thousand Dollars
         ($3,050,000), and (b) the applicable Floating Inventory Cap; provided,
         that notwithstanding the foregoing, the advance rate applicable to
         Eligible Inventory consisting of OS Franchise Inventory shall be equal
         to fifty percent (50%) during any month if Excess Loan Availability for
         the one (1) month period ending on the last day of the prior month,
         determined on an average basis for such period, is less than Ten
         Million Dollars ($10,000,000). For purposes of this clause (ii),
         Inventory will be valued at the lower of average cost or market value."

                  (p)   Section 2.6(a)(i) of the Loan Agreement is hereby
amended by deleting therefrom the phrase "Applicable Domestic Margin" and
inserting in its place the phrase "Applicable Margin then in effect for the
applicable Loan".

                  (q)   Section 2.6(a)(ii) of the Loan Agreement is hereby
amended by deleting therefrom the phrase "Applicable LIBOR Margin" and inserting
in its place the phrase "Applicable Margin then in effect for the applicable
Loan".

                  (r)   Section 2.6(b) of the Loan Agreement is hereby amended
by deleting therefrom the phrase "; the foregoing will be in addition to any
increase in the Applicable LIBOR Margin or the Applicable Domestic Margin caused
by the occurrence of such Default".

                  (s)   Section 2.7(a) of the Loan Agreement is hereby amended
and restated in its entirety, as follows:

                  "(a)  The Borrower shall pay to the Administrative Agent, for
         the account of the Lenders, an unused facility fee determined by (i)
         subtracting from the Maximum Facility, the sum of the average daily
         outstanding Revolving Loans during the immediately preceding calendar
         month and the average daily Letter of Credit Exposure during the
         immediately preceding calendar month and (ii) multiplying the result
         thereof by the "Applicable Percentage" (as defined below) per annum.
         The unused facility fees shall be computed on the basis of a year of
         three hundred sixty (360) days for the actual number of days elapsed
         and shall be payable monthly in arrears on the first day of each
         calendar month commencing October 1, 2000. For purposes hereof, the
         term "Applicable Percentage" shall mean (i) one quarter of one percent
         (0.25%) at all times that the Applicable Margin for Domestic Rate
         Portions is equal to 0 percent (0%) and (ii) three-eighths of one
         percent (0.375%) at all other times."

                                      -4-
<PAGE>

                  (t)   Section 2.7(d) of the Loan Agreement is hereby amended
and restated in its entirety, as follows:

                  "(d)  The Borrower shall pay to the Administrative Agent, for
         the account of the Collateral Agent, a collateral agency fee equal to
         Eighty-Five Thousand Dollars ($85,000) per annum, payable quarterly in
         advance in equal installments of Twenty-One Thousand Two Hundred Fifty
         Dollars ($21,250), commencing on October 1, 2000 and continuing in each
         quarterly anniversary thereof."

                  (u)   The first sentence of Section 2.8 of the Loan Agreement
is hereby amended and restated in its entirety, as follows:

                  "This Agreement shall be effective until May 3, 2004 (the
         "Initial Term"), and may be renewed for successive periods ("Terms") of
         one year upon the prior written agreement of the Borrower and each
         Lender, unless terminated as provided in this SECTION 2.8 or following
         prepayment under SECTION 2.9."

                  (v)   Section 3.5 of the Loan Agreement is hereby amended by
deleting therefrom the amount "Two Hundred Thousand Dollars ($200,000)" each
place that it appears, and inserting in its place the amount "Five Hundred
Thousand Dollars ($500,000)".

                  (w)   Section 3.10 of the Loan Agreement is hereby amended by
(i) deleting therefrom the amount "One Hundred Thousand Dollars ($100,000)" and
inserting in its place the amount of "Two Hundred Fifty Thousand Dollars
($250,000)" and (ii) amending and restating clause (g) thereof in its entirety,
as follows:

                  "(g)  Inventory which is stored with a consignee, unless the
         Borrower has furnished or caused to be furnished to the Collateral
         Agent such agreements, instruments and documents as the Collateral
         Agent has specified with respect to such consigned inventory, including
         without limitation UCC financing statements showing the consignee as
         debtor, the Borrower as secured party and the Collateral Agent as
         assignee of secured party and the Borrower has appropriately notified
         (with a copy to the Collateral Agent) each other Person claiming a lien
         on such Inventory of the Borrower's and the Collateral Agent's rights
         with respect thereto;"

                  (x)   Section 3.13 of the Loan Agreement is hereby amended and
restated in its entirety, as follows:

                  "3.13    SAFEKEEPING OF INVENTORY AND INVENTORY COVENANTS.

                  Neither either Agent nor any Lender shall be responsible for:
         (a) the safekeeping of the Inventory of any Designated Company; (b) any
         loss or damage to the Inventory of any Designated Company; (c) any
         diminution in the value of the Inventory of any Designated Company; or
         (d) any act or default of any carrier, warehouseman, bailee, forwarding
         agency or any other Person. All risk of loss, damage, destruction or
         diminution in value of the Inventory of any Designated

                                      -5-
<PAGE>

         Company shall be borne by such Designated Company. No Inventory of any
         Designated Company shall be stored with a bailee, warehouseman,
         processor, assembler or similar third party unless the Borrower first
         (i) obtains the Collateral Agent's written consent, which will not be
         unreasonably withheld, and (ii) furnishes or to causes to be furnished
         to the Collateral Agent such agreements, instruments and documents as
         the Collateral Agent shall reasonably specify with respect to such
         stored Inventory, including without limitation any negotiable warehouse
         receipts or other documents of title and warehouseman's, processor's or
         similar agreements; provided, that notwithstanding the foregoing, the
         Designated Companies may keep up to an aggregate amount of Five Hundred
         Thousand Dollars ($500,000) of Inventory located at such third party
         locations without being required to comply with such requirements,
         although such Inventory shall not be deemed Eligible Inventory unless
         the requirements of CLAUSE (ii) above have been complied with in
         respect of such locations. No Designated Company shall sell any
         Inventory to any customer on a bill-and-hold basis. The Designated
         Companies may sell Inventory on a consignment basis to their customers,
         although such Inventory shall not be deemed to be Eligible Inventory
         unless the requirements of SECTION 3.10(g) hereof have been complied
         with in respect of any such locations. The Borrower shall notify the
         Collateral Agent if any Designated Company has on its premises for
         processing or otherwise, inventory or other goods owned by other
         Persons and the Borrower agrees to keep or cause to be kept all such
         inventory and goods segregated from the applicable Designated Company's
         own Inventory. The Borrower agrees that if the Borrower has not
         provided the Collateral Agent with a Landlord's Agreement duly executed
         by the owner of each leased premise of a Designated Company at which
         Two Hundred Fifty Thousand Dollars ($250,000) or more of Inventory is
         at any time located, the Inventory located at such locations shall not
         be included in Eligible Inventory."

                  (y)   A new Section 7.17 is hereby added to the Loan
Agreement, as follows:

                  "7.17    POST AMENDMENT FURTHER ASSURANCES.

                  Borrower shall deliver to the Administrative Agent the
         following items within the time frames set forth below, all in form and
         substance satisfactory to the Administrative Agent:

                  (a)   on or before October 15, 2000, the following amended and
         restated Schedules to the Loan Agreement: Schedules 3.14, 6.5, 6.8,
         6.13, 6.15, 6.17, 6.18, 6.19, 8.4, 8.5 and 8.9; and

                  (b)   on or before October 31, 2000, (i) a Secretary's
         Certificate for each Designated Company, with respect to resolutions of
         directors, incumbency of officers, by-laws and certificate or articles
         of incorporation, (ii) a certificate of good standing for each
         Designated Subsidiary in its state of incorporation and (iii) a legal
         opinion of Bilzin Sumberg Dunn Baena Price & Axelrod LLP with respect
         to each Designated Subsidiary, but limited to matters of US federal
         law,

                                      -6-
<PAGE>

         Florida law and the general corporation law of Delaware and covering
         the same matters as set forth in the legal opinion being delivered on
         September 29, 2000."

                  (z)   Clause (d) of Section 8.2 of the Loan Agreement is
hereby amended to delete therefrom the amount "Two Million Five Hundred Thousand
Dollars ($2,500,000)" and inserting in its place the amount "Ten Million Dollars
($10,000,000)".

                  (aa)  Section 8.4 of the Loan Agreement is hereby amended and
restated in its entirety, as follows:

                  "8.4     INVESTMENTS OR LOANS.

                  Except as set forth on SCHEDULE 8.4, no Designated Company
         shall make or permit to exist investments or loans in or to any other
         Person, except (a) investments in its Subsidiaries existing on
         September 29, 2000; (b) investments in short-term direct obligations of
         the United States Government; (c) investments in negotiable
         certificates of deposit issued by any Lender or by any other bank
         satisfactory to the Administrative Agent, payable to the order of such
         Designated Company or to bearer; (d) investments in commercial paper
         rated A1 or P1; (e) loans made by the Borrower to another Designated
         Company; (f) nominal (not to exceed Fifty Thousand Dollars ($50,000)
         each) investments made to initially capitalize new Designated
         Companies; (g) Investments by the Borrower in any New Subsidiary in
         connection with the consummation of any Permitted Acquisition; (h) an
         Investment by Borrower of up to $60,000 in a third party; and (i)
         Investments by the Borrower in AllAmMex Components S. de R.L. de C.V.
         not to exceed (i) Two Million Dollars ($2,000,000) during the period
         prior to and through and including March 31, 2002 or (ii) Three Million
         Dollars ($3,000,000) during the period commencing on April 1, 2002 and
         thereafter. Except as permitted by clause (i) above, after the date
         hereof, no Designated Company shall make any loan to or investment in
         any Company that is not a Designated Company."

                  (bb)  Clauses (a) and (b) of Section 8.8 of the Loan Agreement
are hereby amended and restated in their entirety, as follows:

                  "(a) Two Million Five Hundred Thousand Dollars ($2,500,000)
         during the 2000 fiscal year, (b) Ten Million Dollars ($10,000,000)
         during the 2001 fiscal year or (c) Two Million Five Hundred Thousand
         Dollars ($2,500,000) during each fiscal year thereafter,"

                  (cc)  Section 8.9 of the Loan Agreement is hereby amended by
deleting therefrom the amount "Two Hundred Fifty Thousand Dollars ($250,000)"
the first time that it appears and inserting in its place the amount "Five
Hundred Thousand Dollars ($500,000)".

                  (dd)  Section 8.12 of the Loan Agreement is hereby deleted in
its entirety.

                  (ee)  Section 8.17 of the Loan Agreement is hereby amended and
restated in its entirety, as follows:

                                      -7-
<PAGE>

                  "8.17    MINIMUM TANGIBLE NET WORTH.

                  Tangible Net Worth of the Designated Companies, on a
         consolidated basis, shall not at any time during any period set forth
         below be less than the amount set forth below opposite such period:

                              Period                            Amount
                              ------                            ------
                  September 30, 2000 through and             $30,000,000
                  including December 30, 2000

                  December 31, 2000 through and              $34,000,000
                  including December 30, 2001

                  December 31, 2001 through and              $40,000,000
                  including December 30, 2002

                  December 31, 2002 through and              $45,000,000
                  including December 30, 2003

                  December 31, 2003 and thereafter           $50,000,000

                  (ff)  Section 8.19 of the Loan Agreement is hereby amended and
restated in its entirety, as follows:

                  "8.19    MINIMUM INVENTORY TURNOVER.

                  Inventory Turnover shall not on the last day of any calendar
         quarter ending after June 30, 2000, for the calendar quarter ending on
         such date, be less than 3.0."

                  (gg)  The Pro Rata Share and Maximum Loan Amount of each
Lender is amended and restated as set forth on Annex 1 attached hereto.

                  (hh)  Schedules 2.1, 3.11, 3.16, 6.1, 6.10 and 6.12 attached
to the Loan Agreement are hereby amended and restated in their entirety, as set
forth on the Schedules attached hereto.

                  2.    SCOPE. This Amendment No. 6 to Loan and Security
Agreement (this "Amendment") shall have the effect of amending the Loan
Agreement and the other Financing Agreements as appropriate to express the
agreements contained herein. In all other respects, the Loan Agreement and the
other Financing Agreements shall remain in full force and effect in accordance
with their respective terms.

                                      -8-
<PAGE>

                  3.    CONDITIONS TO EFFECTIVENESS. This Amendment shall be
effective immediately upon the execution hereof by each Lender, the acceptance
hereof by Borrower and each Guarantor, and the delivery hereof to the
Administrative Agent, at 111 West Monroe Street, Chicago, Illinois 60603,
Attention: Mr. William Kane, Vice President, on or before September 29, 2000,
together with the following, all in form and substance satisfactory to each
Agent:

                  (a)   Amended and Restated Revolving Credit Notes executed by
                        the Borrower in the amount of each Lender's Maximum Loan
                        Amount;

                  (b)   Secretary's Certificate of the Borrower with respect to
                        resolutions of directors, incumbency of officers,
                        by-laws and Certificate of Incorporation;

                  (c)   certified copy of Borrower's Certificate of
                        Incorporation from the State of Delaware;

                  (d)   certificates of good standing for the Borrower in the
                        States of Delaware and Florida;

                  (e)   legal opinion of Bilzin Sumberg Dunn Baena Price &
                        Axelrod LLP;

                  (f)   an extension fee of $125,000, payable to each Lender in
                        accordance with its Pro Rata Share immediately prior to
                        the effectiveness of this Amendment; and

                                      -9-
<PAGE>

                  (g)   a closing fee of $250,000, payable to each Lender in
                        accordance with its pro rata portion of the amount by
                        which the aggregate Maximum Loan Amounts of the Lenders
                        have increased by virtue of this Amendment.

                                    Very truly yours,

                                      HARRIS TRUST AND SAVINGS BANK,
                                       as Administrative Agent and a Lender
                                      Pro Rata Share:  20%

                                      By: /s/ WILLIAM J. KANE
                                          --------------------------------------
                                      Its:    Vice President

                                      AMERICAN NATIONAL BANK AND TRUST
                                       COMPANY OF CHICAGO,
                                       as Collateral Agent and a Lender
                                      Pro Rata Share:  20%

                                      By: /s/ M. MARTHA GASKIN
                                          --------------------------------------
                                      Its:    Vice President

                                      FLEET BUSINESS CREDIT CORPORATION,
                                       formerly known as SANWA BUSINESS
                                       CREDIT CORPORATION, as a Lender
                                      Pro Rata Share:  15%

                                      By: /s/ DANIEL MANELLA
                                          --------------------------------------
                                      Its:    Vice President

                                      FIRSTAR BANK N.A.,
                                       formerly known as MERCANTILE BUSINESS
                                       CREDIT, INC., as a Lender
                                      Pro Rata Share:  15%

                                      By: /s/ LISA RILEY
                                          --------------------------------------
                                      Its:    Vice President

                                      -10-
<PAGE>

                                      GMAC COMMERCIAL CREDIT LLC,
                                       formerly known as THE BANK OF NEW YORK
                                       COMMERCIAL CORPORATION, as a Lender
                                      Pro Rata Share:  15%

                                      By: /s/ ANTHONY VIOLA
                                          --------------------------------------
                                      Its:    Vice President

                                      BANK OF AMERICA, N.A.,
                                       formerly known as NATIONSBANK, N.A.
                                       successor by merger to
                                       NATIONSBANK OF TEXAS, N.A., as a Lender
                                      Pro Rata Share:  15%

                                      By: /s/ GAYE L. STATHIS
                                          --------------------------------------
                                      Its:    Vice President

Acknowledged and agreed to as of this 29th day of September, 2000.

ALL AMERICAN
  SEMICONDUCTOR, INC.

By: /s/ HOWARD L. FLANDERS
    ----------------------------------
Its:    EVP & CFO

                                      -11-
<PAGE>

                   ACKNOWLEDGMENT AND ACCEPTANCE OF GUARANTORS

                  Each of the undersigned, in its capacity as a Guarantor of the
Liabilities of Borrowers to Agents and Lenders under the Loan Agreement, hereby
acknowledges receipt of the foregoing Amendment No. 6 to Loan and Security
Agreement, accepts and agrees to be bound by the terms thereof, ratifies and
confirms all of its obligations under the Master Corporate Guaranty executed by
it and agrees that such Master Corporate Guaranty shall continue in full force
and effect as to it, notwithstanding such amendment.

                                      Dated:  September 29, 2000

                                      Each of the Subsidiaries of All American
                                       Semiconductor, Inc. listed on Exhibit A
                                       attached hereto

                                      By: /s/ HOWARD L. FLANDERS
                                          -------------------------------
                                      Its:    EVP & CFO

                                      -12-
<PAGE>

                                    EXHIBIT A

                                  SUBSIDIARIES

           NAME
           ----

All American Semiconductor, Inc.
Access Micro Products, Inc.
All American Added Value, Inc.
All American A.V.E.D., Inc.
All American Semiconductor of Atlanta, Inc.
All American Semiconductor of Canada, Inc.
All American Semiconductor of Chicago, Inc.
All American Semiconductor of Florida, Inc.
All American Semiconductor of Huntsville, Inc.
All American Semiconductor of Massachusetts, Inc.
All American Semiconductor of Michigan, Inc.
All American Semiconductor of Minnesota, Inc.
All American Semiconductor of New York, Inc.
All American Semiconductor of Ohio, Inc.
All American Semiconductor of Philadelphia, Inc.
All American Semiconductor of Phoenix, Inc.
All American Semiconductor of Portland, Inc.
All American Semiconductor of Rockville, Inc.
All American Semiconductor of Salt Lake, Inc.
All American Semiconductor of Texas, Inc.
All American Semiconductor-Northern California, Inc.
All American Semiconductor of Washington, Inc.
All American Semiconductor of Wisconsin, Inc.
All American Technologies, Inc.
All American Transistor of California, Inc.
Aved Industries, Inc.
Palm Electronics Manufacturing Corp.

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