SECURITY AGREEMENTSecurity Agreement • June 7th, 2005 • Timeline Inc • Services-prepackaged software • North Carolina
THIS SECURITY AGREEMENT (this “Agreement”) is entered into to be effective by June 1, 2005, by and among Global Software Inc., a North Carolina corporation (“Buyer”), and Timeline, Inc., a Washington corporation (“Seller”).
G l o b a l S o f t w a r e , I n c .Timeline Inc • June 7th, 2005 • Services-prepackaged software
This letter sets forth the terms and conditions upon which: (i) Global Software, Inc., through a subsidiary or subsidiaries (the “Buyer”), is prepared to acquire certain assets of Timeline, Inc. and subsidiaries (the “Seller”) in an asset purchase and license transaction (the “Acquisition”) and (ii) the Buyer is willing to provide a loan of up to $250,000 to cover operating expenses of the Seller while the parties negotiate and close the Acquisition (the “Bridge Loan”).
