LOAN AND SECURITY AGREEMENT DATED AS OF JUNE 4, 1999Loan and Security Agreement • August 13th, 1999 • Gse Systems Inc • Services-prepackaged software • New York
NOTENote • August 13th, 1999 • Gse Systems Inc • Services-prepackaged software
FOR VALUE RECEIVED, the undersigned, GSE PROCESS SOLUTIONS, INC. ("Process") and GSE POWER SYSTEMS, INC. ("Power"; collectively with Process, the "Borrowers"), hereby unconditionally, jointly and severally promise to pay to the order of DIME COMMERCIAL CORP. (the "Lender") on the Termination Date the principal amount of Six Million Dollars ($6,000,000) or, if less, the aggregate outstanding principal amount of the Loans made by the Lender to Power under the Agreement referred to below, and to pay interest on the unpaid principal amount of each such Loan for the period commencing on the date of such Loan until such Loan shall have been paid in full at the rates per annum and on the dates provided in the Loan and Security Agreement dated the date hereof among the Borrowers, GSE Systems, Inc., MSHI, Inc., GP International Engineering & Simulation, Inc. and the Lender (as it may from time to time be amended, modified, restated or supplemented, the "Agreement") and as calculated therein.
GUARANTEEGuarantee • August 13th, 1999 • Gse Systems Inc • Services-prepackaged software
GUARANTEEGuarantee • August 13th, 1999 • Gse Systems Inc • Services-prepackaged software
RECITALSBorrower Agreement • August 13th, 1999 • Gse Systems Inc • Services-prepackaged software • New York
