PageLoan Agreement • August 30th, 2002 • Digital Recorders Inc • Radio & tv broadcasting & communications equipment • Texas
ContractPledge Agreement • August 30th, 2002 • Digital Recorders Inc • Radio & tv broadcasting & communications equipment • Texas
EXHIBIT 99.4 PLEDGE AGREEMENT This PLEDGE AGREEMENT, dated as of August 26, 2002, between Digital Recorders, Inc., a North Carolina corporation (“Pledgor”) and John D. Higgins (“Secured Party”). RECITALS A. Pledgor and Secured Party entered into a Convertible Loan Agreement of even date herewith (the “Loan Agreement”). Capitalized terms used but not defined herein shall have the meanings set forth in the Loan Agreement. B. Pursuant to the terms of the Loan Agreement, Secured Party will lend to Pledgor the aggregate principal amount of $250,000 to be evidenced by the Pledgor’s 8.00% Convertible Debentures of even date herewith (the “Debentures”). C. Pledgor is the owner of the shares (collectively, the “Shares”) of capital stock hereto issued by each Subsidiary described on Schedule A, and Pledgor has agreed to pledge and assign to Secured Party a security interest in the Shares, together with any additional shares of capital stock of any U.S. subsidiary subsequently acquired by Pledg
ContractSubsidiary Security Agreement • August 30th, 2002 • Digital Recorders Inc • Radio & tv broadcasting & communications equipment
EXHIBIT 99.6 SUBSIDIARY SECURITY AGREEMENT This SECURITY AGREEMENT is made and entered into as of this 26th day of August, 2002, among TwinVision of North America, Inc., a North Carolina corporation and Digital Audio Corporation, a North Carolina corporation (each a “Guarantor” and collectively, the “Guarantors”), and John D. Higgins (referred to as “Lender”). WHEREAS, Lender and Digital Recorders, Inc. (the “Borrower”), have entered into a Convertible Loan Agreement of even date herewith (the “Loan Agreement”), pursuant to which Lender will lend to the Borrower the aggregate principal amount of $250,000 evidenced by the Borrower’s 8.00% Convertible Debentures of even date herewith (the “Debentures”); WHEREAS, as a condition for entering into the Loan Agreement and providing the Loan, Lender required that Guarantors, each a subsidiary of the Borrower, guarantee the Obligations of the Borrower and grant a security interest in the assets of Guarantors as collateral for such Guarantee;
Contract3 Security Agreement • August 30th, 2002 • Digital Recorders Inc • Radio & tv broadcasting & communications equipment • Texas
EXHIBIT 99.3 SECURITY AGREEMENT This SECURITY AGREEMENT (this “Agreement”), dated as of August 26, 2002, is entered into among Digital Recorders, Inc., a North Carolina corporation (“Borrower”), and John D. Higgins (“Lender”). RECITALS A. Lender and Borrower have entered into a Convertible Loan Agreement of even date herewith (the “Loan Agreement”), pursuant to which Lender will lend to Borrower the aggregate principal amount of $250,000 evidenced by Borrower’s 8.00% Convertible Debentures of even date herewith (the “Debentures”). B. As a condition for entering into the Loan Agreement and providing the Loan, Lender required that Borrower grant a security interest in its assets as collateral for such Loan. NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and agreements set forth herein, the parties agree as follows: 1. Grant of Security Interest. In order to secure payment when due of the Obligations now existing or hereafter incurred, Borrower hereb
ContractAssumption Agreement assumption Agreement • August 30th, 2002 • Digital Recorders Inc • Radio & tv broadcasting & communications equipment • Texas
EXHIBIT 99.5 SUBSIDIARY GUARANTY made by Subsidiaries of DIGITAL RECORDERS, INC. in favor of JOHN D. HIGGINS Dated as of August 26, 2002
