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Amended Loan and Security Agreement

Security Agreement

Amended Loan and Security Agreement | Document Parties: GPS INDUSTRIES, INC. | GREAT WHITE SHARK ENTERPRISES LLC You are currently viewing:
This Security Agreement involves

GPS INDUSTRIES, INC. | GREAT WHITE SHARK ENTERPRISES LLC

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Title: Amended Loan and Security Agreement
Governing Law: Florida     Date: 5/8/2008
Industry: Business Services     Sector: Services

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EXHIBIT 10.2
 
May 2, 2008                      
 
PERSONAL AND CONFIDENTIAL
 
Great White Shark Enterprises LLC
501 N. Highway A1A
Jupiter, Florida 33477
 
Attn: Bart Collins

Re:
Facility Fees for up to $3.5 Million Pledge
 
Dear Bart:
 
Reference is made to (i) that certain Term Sheet (the “ Term Sheet ”), by and between GPS Industries, Inc., a Nevada corporation (“ GPSI ”) and Silicon Valley Bank (“ SVB ”), dated as of April 18, 2008, (ii) that certain [Amended Loan and Security Agreement] (the “ Amended Loan and Security Agreement ”), by and between GPSI and SVB, dated as of May 2, 2008, and (iii) that certain Pledge Agreement (the “ Pledge Agreement ”, and collectively with the Amended Loan and Security Agreement and the Pledge Agreement, the “ Agreements ”), by and between Great White Shark Enterprises LLC, a Florida limited liability company (“ GWSE ” or “ you ”) and SVB, pursuant to which you have agreed to pledged up to $3.5 million as security (the " Security ") for advances made by SVB under the Amended Loan and Security Agreement. This letter agreement (the “ Fee Letter ”) is the facility fee agreement referred to in the Term Sheet.
 
In addition to any fees or other amounts payable by GPSI to you under the terms of the A

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