Document:

<PAGE>

                                                                   Exhibit 10.47

                                 PROMISSORY NOTE

$5,832,094.27                                            LOS ANGELES, CALIFORNIA
                                                                   JUNE 18, 2001

    FOR VALUE RECEIVED, the undersigned, WAREFORCE INCORPORATED, a California
    corporation, located at 2281 Rosecrans Ave., Suite 155, El Segundo,
    California 90245 ("Wareforce" or "Maker") promises to pay to the order of
    MICROSOFT CORPORATION ("Microsoft" or "Payee") the sum of FIVE MILLION,
    EIGHT HUNDRED THIRTY TWO THOUSAND, NINETY FOUR DOLLARS AND TWENTY-SEVEN
    CENTS (U.S. $5,832,094.27) with interest, from the date of this Note, on the
    unpaid principal hereof, until paid in full at the rate of six and a half
    percent (6.5%) per annum payable as follows:

                      -  Within forty five (45) calendar days after the end of
                         every financial quarter, a sum representing the lesser
                         of twenty-five percent (25%) of Wareforce's quarterly
                         Earnings Before Interest, Taxes, Depreciation, and
                         Amortization (EBITDA) or sixty-five percent (65%) of
                         Wareforce's quarterly Earnings Before Taxes,
                         Depreciation, and Amortization (EBTDA).

        1. PREPAYMENT. This Note may be prepaid in whole or in part at any time
or from time to time without premium or penalty. All prepayments shall be
applied first to interest, then to principal payments in the order of their
maturity. Provided, however, if Wareforce pays the entire principal amount due
on or before June 30, 2002, (or December 31, 2002 if the Maturity Date is
extended as provided for under Paragraph 3 below) then all interest paid shall
be deemed to be a reduction of principal, and Microsoft shall not be entitled to
any interest on account of this Note.

        2. APPLICATION OF PAYMENTS. All payments herein shall be applied first
to fees and costs, if any, then to accrued interest, then to principal amounts
owed in the order of their maturity.

        3. MATURITY DATE. Unless sooner paid by the Maker, the entire unpaid
principal balance of this Note, plus accrued but unpaid interest, and all other
amounts owing hereunder, less any payments made by Wareforce, shall become due
and payable on June 30, 2002 ("Maturity Date"). The Maturity Date shall be
extended by an additional twelve-month (12) period until June 30, 2003 ("First
Extension Period") if the Maker complies with all the provisions of this Note
and the Settlement Agreement signed by the Maker and the Payee concurrently
herewith ("Settlement Agreement"), incorporated herein by reference, and the
Maker reduces the principal amount owed under this Note by a sum of not less
than Five Hundred Thousand Dollars (U.S. $500,000) prior to the Maturity Date.
On or before the expiration of the First Extension Period, the Maturity Date
shall be further extended by additional twelve-month (12) terms until the
principal amount of the Note and all accrued interest is paid in full, if the
Maker complies with all the provisions of this Note and the Settlement
Agreement, and the Maker reduces the principal

<PAGE>

amount owed under this Note by a sum of not less than Five Hundred Thousand
Dollars (U.S. $500,000), or such lesser amount equal to the outstanding
principal balance if the principal balance is less than Five Hundred Thousand
Dollars (U.S. $500,000), during each additional extension period.

        4. EVENTS OF DEFAULT. Any of the following events shall be deemed an
event of default of this Note:

               (a)  Failure to make payment of any amount payable under the
                    terms of this Note, and if such default is not cured within
                    twenty (20) days after the date of default; or

               (b)  If at any time Wareforce is in default under its lending
                    agreements with its primary lender (i.e., the lending
                    institution or institutions providing Wareforce with its
                    primary accounts receivable and inventory financing) and
                    such default remains uncured past any cure period allowed
                    for in such lending agreements; or

               (c)  If Wareforce loses its financing with its primary lender
                    without prior commitment from another lender to assume the
                    financing obligations; or

               (d)  If Maker defaults under the Settlement Agreement, including
                    failure to provide and disclose any and all financial
                    information necessary for Microsoft to monitor and ensure
                    compliance with this Note.

        5. DEFAULT REMEDIES. If an event of default as defined above occurs,
then, the entire indebtedness evidenced herein, less any payments made by Maker
as of the date of the default, shall become immediately due and payable and all
such amounts shall thereafter bear interest at the rate of twelve percent (12%)
per annum until paid in full. Failure to exercise this option shall not waive
the right to exercise the same in the event of any subsequent default. Nothing
in this Note precludes the Payee from exercising its default remedies provided
for under the Settlement Agreement, executed concurrently herewith, between
Payee and Maker.

        6. ALLOWED CLAIM. If Maker files or is forced into filing a petition for
relief under State and/or Federal insolvency laws (including any proceeding
under Title 11 of the United States Code), or should the enforcement of this
Note be stayed for any reason pursuant to such laws, then Microsoft shall be
allowed an unsecured claim against Wareforce in an amount equal to the entire
unpaid principal balance of this Note, as may be amended pursuant to Paragraph 7
below, plus accrued but unpaid interest, and all other amounts owing hereunder,
less any payments made by Wareforce, without any objection or dispute by
Wareforce or its successors, if any.

        7. POTENTIAL TO INCREASE PRINCIPAL AMOUNT. This Note may be amended at
any time, in writing, to increase the principal amount of this Note by up to Two
Hundred Thousand Dollars (U.S. $200,000.00) if evidence is presented

<PAGE>

by Microsoft to Wareforce that certain unpaid invoices that should have been
included in the principal amount were erroneously or unintentionally omitted or
otherwise excluded from the principal amount.

        8. ATTORNEYS' FEES. If suit, action, or proceeding of any nature
whatsoever (including any proceeding under Title 11 of the United States Code)
is instituted in connection with any controversy arising out of this Note, or to
collect any of the principal or interest of this Note, the Maker promises to pay
attorneys' fees and all costs associated with such action or suit, including,
without limitation, attorneys' fees, court costs, expenses provided by statute
or otherwise, and such sums as the court may award as attorneys' fees in such
proceeding and on any appeals from any judgment or decree entered therein.

        9. JURISDICTION, VENUE, AND GOVERNING LAW. The parties to this Note
irrevocably agree that sole and exclusive jurisdiction for collection
proceedings or litigation under this Note shall be in the courts of the State of
Washington, County of King. This Note shall be construed and enforced according
to the law of the State of Washington.

        The Maker of this Note executes the same as a principal not as surety.

        ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO
FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE UNENFORCEABLE UNDER WASHINGTON
LAW.

DATED this 18th day of June, 2001.

MAKER:                                  WAREFORCE INCORPORATED

                                        BY: /s/ Don Hughes
                                            -----------------------------
                                        NAME: Don Hughes
                                        ITS:  CFO

STATE OF CALIFORNIA        }
                           }  SS
County of Los Angeles      }

I certify that I know or have satisfactory evidence that Don Hughes is the
person who appeared before me, and said person acknowledged that (he/she) signed
this instrument, on oath stated that (he/she) is authorized to execute the
instrument and acknowledged it as the Chief Financial Officer of Wareforce
Incorporated to be the free and voluntary act of such party for the uses and
purposes mentioned in this instrument.

Dated June 18, 2001                     /s/ Jane Schiesl

<PAGE>

                                        Notary Public in and for the State of
                                        California
                                        residing at

                                        ________________________________________

                                        My appointment expires

                                        _______________________________________

________________________________
    Print Name Jane Schiesl<PAGE>

                                                                   Exhibit 10.48

                              SETTLEMENT AGREEMENT

        THIS AGREEMENT is made and entered into as of the 18th day of June,
2001, by and between MICROSOFT CORPORATION ("Microsoft"), a Washington
Corporation, located at One Microsoft Way, Redmond, Washington 98052, and
WAREFORCE INCORPORATED, a California corporation, located at 2281 Rosecrans
Ave., Suite 155, El Segundo, California 90245 ("Wareforce").

                                    RECITALS

        WHEREAS, Microsoft, through its wholly owned subsidiary, MSLI, LLC, and
Wareforce entered into a Microsoft Large Account Reseller Agreement ("LAR
Agreement"), dated January 1, 2000, a copy of which is hereto attached as
Exhibit "A," for the purpose of appointing Wareforce as a non-exclusive Large
Account Reseller with the ability to collect orders for License Confirmations
and related payments for Select Software Products from Volume Licensing
Customers that designated Wareforce in their Enrollment Agreement as their Large
Account Reseller;

        WHEREAS, in March 2000, Wareforce became delinquent in its payment to
Microsoft for Select and Enterprise Agreement licenses;

        WHEREAS, in June 2000, Microsoft terminated the LAR Agreement with
Wareforce after efforts to reach a mutually agreeable solution failed;

        WHEREAS, there is a balance owed to Microsoft from Wareforce in the sum
of $5,832,094.27 as of the date of this Agreement (See Exhibit "B" for Summary
of Outstanding Invoices);

        WHEREAS, Microsoft fulfilled its obligation as provided for under the
LAR Agreement; and

        WHEREAS, the Parties wish to resolve their differences amicably;

        NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein, the parties agree as follows:

                                    AGREEMENT

        1.  Wareforce shall pay Microsoft the sum of $5,832,094.27, plus
            interest as set forth in the Promissory Note signed concurrently
            herewith and incorporated fully herein ("Promissory Note").

        2.  Concurrently with this Agreement, Wareforce shall execute a
            Promissory Note in favor of Microsoft.

        3.  Wareforce shall provide and disclose to Microsoft on quarterly basis
            any and all written financial information necessary for Microsoft to
            monitor and ensure compliance with this Agreement,

<PAGE>

            including but not limited to income statements, balance sheets,
            statements of cash flow, and cash flow projections.

        4.  Upon full and complete performance of all of Wareforce's obligations
            under this Agreement and the Promissory Note, Microsoft shall hereby
            forever and fully relieve, release, discharge, and withdraw with
            prejudice all other claims, debts, liabilities, demands,
            obligations, promises, acts, agreements, costs, and expenses of
            whatever kind or nature, whether legal or equitable, known or
            unknown, suspected or unsuspected, contingent or fixed, based upon,
            arising out of, pertaining to, or in connection with any matter
            related to the LAR Agreement, of any kind or type, that it holds or
            may hold against Wareforce, its successors, assigns, past and
            present attorneys, accountants, representatives, affiliates,
            divisions, parents, partners, officers, directors, employees, and
            stockholders, jointly and severally, from the beginning of time to
            and including the date of this Agreement.

        5.  Wareforce shall and does, as of the date of this Agreement, hereby
            forever and fully relieve, release, discharge, and withdraw with
            prejudice all claims, debts, liabilities, demands, obligations,
            promises, acts, agreements, costs, and expenses of whatever kind or
            nature, whether legal or equitable, known or unknown, suspected or
            unsuspected, contingent or fixed, based upon, arising out of,
            pertaining to, or in connection with any matter of any kind or type,
            that it holds or may hold against Microsoft, its successors,
            assigns, past and present attorneys, accountants, representatives,
            affiliates, divisions, subsidiaries, partners, officers, directors,
            employees, and stockholders, jointly and severally, from the
            beginning of time to and including the date of this Agreement.

        6.  The Parties hereto, and each of them, represent, warrant, and agree
            that in executing this Agreement they do so with full knowledge of
            any and all rights which they have reason of the matters set forth
            herein, and that they have received independent legal advice from
            their respective attorneys with regard to the facts involved in the
            controversies herein compromised.

        7.  The Parties hereto, and each of them, represent and warrant that
            there has been no assignment or any transfer of any interest in any
            claim which the parties hereto, or any of them, have or claim to
            have against the other parties hereto.

        8.  This Agreement and the Promissory Note contain the entire
            understanding between the parties. There are no representations or
            promises other than those expressly set forth therein. The parties
            acknowledge they are relying fully upon the contents of this
            Agreement and the Promissory Note, and not relying upon any other
            promises, representations, or warranties, expressed or implied,
            concerning the subject matter hereof to induce them to execute this
            Agreement

<PAGE>

        9.  Every provision of this Agreement is intended to be severable. If
            any term or provision hereof is illegal, invalid, or legally
            unenforceable for any reason, such illegality, invalidity, and/or
            issue of enforceability shall not affect the validity, legality, or
            enforceability of the remaining terms and provisions of this
            Agreement.

        10. No modification or amendment to this Agreement shall be valid or
            binding unless such modification and/or amendment is set forth in
            writing and signed by all of the parties to this Agreement. The
            parties agree to execute all such further and additional documents
            consistent with this Agreement as shall be reasonably necessary to
            carry out the provisions of this Agreement.

        11. Each person who executes this Agreement represents and warrants that
            he or she has the authority of said entity to do so, and agrees to
            indemnify and hold harmless each party from any claim that such
            authority did not exist.

        12. This Agreement shall be binding on and inure to the benefit of the
            successors and assigns of each of the parties hereto.

        13. This Agreement may be executed in any number of counterparts, each
            of which shall be an original, but all of which shall constitute one
            and the same instrument.

        14. This Agreement between the parties shall be governed by the law of
            the State of Washington, and Wareforce consents to the exclusive
            jurisdiction of the courts in the State of Washington, County of
            King.

        15. Failure of Microsoft to invoke its remedy as provided for under this
            Agreement shall not be deemed or construed as a waiver of its right
            to exercise the same in the event of any subsequent default.

        DATED this 18th day of June, 2001.

MICROSOFT CORPORATION                   WAREFORCE INCORPORATED

By: ___________________________         By: /s/ Don Hughes
                                            ___________________________________

NAME: _________________________         NAME: Don Hughes
                                              _________________________________

Its ___________________________         Its: CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}]]