Document:

EXHIBIT 4.13

MODIFYING AGREEMENT TO THE LOAN AGREEMENT ENTERED INTO BY SCOTIABANK INVERLAT,
SOCIEDAD ANONIMA, INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO SCOTIABANK
INVERLAT, HEREINAFTER REFERRED TO AS "THE LENDER," REPRESENTED BY MR. ALVARO
AYALA MARGAIN; AND BY GRUPO RADIO CENTRO, SOCIEDAD ANONIMA DE CAPITAL VARIABLE,
HEREINAFTER REFERRED TO AS "THE BORROWER," REPRESENTED BY JOSE MANUEL AGUIRRE
GOMEZ, CARLOS DE JESUS AGUIRRE GOMEZ, ANA MARIA AGUIRRE GOMEZ AND FRANCISCO DE
JESUS AGUIRRE GOMEZ; WITH THE APPEARANCE OF GRC PUBLICIDAD, SOCIEDAD ANONIMA DE
CAPITAL VARIABLE, GRC MEDIOS, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, AND PROMO
RED, SOCIEDAD ANONIMA DE CAPITAL VARIABLE AS "CO-SIGNERS"; DESARROLLOS
EMPRESARIALES, SOCIEDAD ANONIMA DE CAPITAL VARIABLE AND ENLACES TRONCALES,
SOCIEDAD ANONIMA DE CAPITAL VARIABLE, REPRESENTED BY JOSE MANUEL AGUIRRE GOMEZ,
CARLOS DE JESUS AGUIRRE GOMEZ, ANA MARIA AGUIRRE GOMEZ AND FRANCISCO DE JESUS
AGUIRRE GOMEZ, IN THEIR CAPACITY OF GUARANTORS AND CO-SIGNERS, PURSUANT TO THE
FOLLOWING ANTECEDENTS, DECLARATIONS AND CLAUSES:

                                   ANTECEDENTS

1.   On October 30, 2000, the parties entered into a loan agreement for an
     amount of up to U.S.$35,000,000.00 (Thirty-five million Dollars, legal
     currency of the United States of America). In said contract, Desarrollos
     Empresariales, S.A. de C.V., and Radiodifusion Red, S.A. de C.V. made
     themselves present and granted their collateral guarantee on the shares
     owned by their subsidiaries, which are listed in Exhibit "A" of said
     contract, in order to guarantee compliance with the contractual obligations
     of the Borrower in favor of the Lender. The loan agreement was ratified
     before Licenciada Maria Esther Garcia Alvarez, Notary Public number 4 in
     the Distrito Federal.

     For the purposes of this agreement, the loan agreement referred to in this
     agreement, as well as its modifying agreements referred to in the following
     enumerated antecedents, shall be referred to as the "Loan Agreement."

2.   On February 20, 2001, the parties signed an agreement letter in order to
     modify the Loan Agreement referred to in the preceding paragraph through
     which the Lender authorized the Borrower to contract liabilities with third
     parties for an amount of up to U.S.$3,500,000 (Three million, five hundred
     thousand Dollars, legal currency of the United States of America), in
     addition to the amount originally authorized in the Loan Agreement.

3.   On April 17, 2001, the parties signed an agreement letter in order to
     modify the Loan Agreement, where they agreed that the applicable interest
     rate would be equivalent to the LIBOR Rate plus 3.00 (three) percentage
     points. In the same document, the parties agreed to the rescheduling of the
     credit payments, each one for an amount of U.S.$3,900,000.00 (Tthree
     million, nine hundred thousand Dollars, legal currency of the United States
     of America) with the last payment to be made on October 31, 2005 for an
     amount of U.S.$3,800,000.00 (Three million, eight hundred thousand Dollars,
     legal currency of the United States of America).

4.   On July 13, 2001, the Borrower requested the Lender's authorization to
     contract liabilities with third parties for an amount of up to
     U.S.$2,500,000.00 (Two million, five hundred thousand Dollars, legal
     currency of the United States of America), in addition to the amount
     originally authorized in the Loan Agreement, in order to be able to settle
     on the renewal of the Operation Agreement of one of the Group's radio
     stations.

5.   On November 15, 2001, the Borrower notified the Lender that a corporate
     restructuring process was initiated in order to improve control of the
     Group, to centralize the shareholdings, to make administrative control more
     efficient and to increase the share participation of Grupo Radio Centro,
     S.A de C.V.

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6.   On December 10, 2002, the parties signed a modifying agreement to the Loan
     Agreement that was ratified before Licenciada Maria Esther Garcia Alvarez,
     Notary Public number 4 in the Distrito Federal. In said modifying agreement
     the Borrower acknowledged its debt with the Lender and committed to pay the
     Lender an amount of U.S.$23,300,000.00 (Twenty-three million, three hundred
     thousand Dollars, legal currency of the United States of America), and both
     parties agreed to convert 100% (one hundred percent) of such amount into
     Pesos, national currency; and therefore, the Borrower was obligated to pay
     the Lender the amount of $238,242,500.00 (Two hundred thirty-eight million,
     two hundred forty-two thousand, five hundred Pesos 00/100 national
     currency).

7.   In the modifying agreement referred to in the preceding paragraph, the
     parties also agreed to modify the payment due dates, the amount of the
     corresponding amortization, as well as the method of determining the
     applicable interest on the amount due that had been converted into national
     currency. Financial indicators were modified and affirmative and negative
     covenants, as well as causes for early termination, were added and
     modified. As a result of the corporate restructuring process of the
     Borrower, in said modifying agreement the Borrower, Desarrollos
     Empresariales, S.A. de C.V. and Enlaces Troncales, S.A. de C.V. made
     themselves present in order to establish, in favor of the Lender, a pledge
     of the shares of the subsidiaries owned by them.

8.   On July 22, 2003, the parties signed a modifying agreement to the Loan
     Agreement that was ratified before Licenciada Maria Esther Garcia Alvarez,
     Notary Public number 4 in the Distrito Federal, by means of certificate
     number 44151 with the same date. In said modifying agreement the Borrower
     acknowledged its debt with the Lender and committed to pay the Lender an
     amount of $198,532,500.00 (One hundred ninety-eight million, five hundred
     thirty-two thousand, five hundred Pesos, national currency). In said
     agreement, the Borrower and the Collateral Guarantors ratified and extended
     the Collateral Guarantee established in favor of the Lender.

9.   In the modifying agreement described in the preceding paragraph, the
     parties also agreed to modify the payment due dates, the amount of the
     corresponding amortization, as well as several affirmative and negative
     covenants. In addition, Desarrollos Empresariales, S.A. de C.V. and Enlaces
     Troncales, S.A. de C.V. acknowledged the debt and committed themselves
     along with the Borrower in favor of the Lender.

10.  On December 3, 2003, the parties signed a modifying agreement to the Loan
     Agreement that was ratified before Licenciada Maria Esther Garcia Alvarez,
     Notary Public number 4 in the Distrito Federal, by means of certificate
     number 45473 of the same date. In said modifying agreement, the Borrower
     acknowledged its debt with the Lender and committed to pay the Lender an
     amount of $176,473,333.00 (One hundred seventy-six million, four hundred
     seventy-three thousand, three hundred thirty-three Pesos 00/100 national
     currency). In said agreement, the Borrower and the Collateral Guarantors
     ratified and extended the Collateral Guarantee established in favor of the
     Lender; additionally, the co-signers ratified their obligations in favor of
     the Lender.

11.  In the modifying agreement described in the preceding paragraph, the
     parties agreed to, among other things, modify the payment due dates, the
     amount of the corresponding amortization and the calculation of interests,
     and several affirmative and negative covenants were modified.

12.  On June 29, 2004, the parties signed a modifying agreement to the Loan
     Agreement that was ratified before Licenciada Maria Esther Garcia Alvarez,
     Notary Public, number 4 in the Distrito Federal. In said modifying
     agreement the Borrower acknowledged its debt with the Lender and committed
     to pay the Lender an amount of $198,164,166.37 (One hundred ninety-eight
     million, one hundred sixty-four thousand, one hundred sixty-six Pesos
     37/100 national currency). In said act, the Borrower and the Collateral
     Guarantors ratified and extended the Collateral Guarantee established in
     favor of the Lender; additionally, the co-signers ratified their
     obligations in favor of the Lender.

13.  The parties have agreed to carry out the modification of certain Clauses of
     the Loan Agreement to be amended under the terms of this Agreement.

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                                  DECLARATIONS

I.   The Borrower's representative declares that:

a)   Its represented party is an Affiliated Credit Institution organized under
     the relevant laws and authorized to enter into this agreement.

b)   This agreement was authorized according to the legal and financial
     provisions established for Credit Institutions.

II.  The Borrower's representatives declare that:

a)   Their represented party is a Mexican corporation, governed by its corporate
     by-laws, under the General Corporations Law and other applicable legal
     provisions.

b)   Their represented party owns the assets integrated into the company.

c)   Save for the arbitration proceeding filed by Infored, S.A. de C.V. and Mr.
     Jose Elias Gutierrez Vivo, against the Borrower, brought forth in the
     International Chamber of Commerce, Mexico section, whose award was set
     aside through a Nullity Proceeding brought by the Borrower before the Civil
     Judge 63 in this city, whose ruling was appealed both by the Borrower and
     Infored S.A. de C.V. and Mr. Jose Elias Gutierrez Vivo through an
     Injunction proceeding which is pending and in proceedings before the Sixth
     District Civil Judge in this city; the event of acknowledgement brought by
     Infored, S.A. de C.V. and Mr. Jose Elias Gutierrez Vivo against Grupo Radio
     Centro, S.A. de C.V. in the Seventh, District "B" Civil Court in the
     Distrito Federal and the Injunction proceeding brought by both parties
     against the Resolution issued by the latter, which Injunction proceeding
     was resolved in favor of the Borrower, and therefore, a new resolution is
     pending in the proceeding before the Seventh, District "B" Civil Court; the
     event of acknowledgement and execution brought by Infored, S.A. de C.V. and
     Mr. Jose Elias Gutierrez Vivo before Civil Judge 31 in this city, which is
     suspended until a sentence is executed which voids the award dictated by
     the Civil Judge 63 in this city; the ordinary commercial proceedings filed
     by Desarrollos Empresariales, S.A. de C.V. and four other sole proprietors
     against Jose Elias and Maria Ivonne, both with the last name of Gutierrez
     Vivo; all of which are currently in the Civil Courts in this City, do not
     negatively affect the legal existence of the company nor its payment
     capacity in prejudice of the legality, validity or enforceability of this
     agreement, and they are not aware of any legal proceeding filed against its
     represented party which negatively affect the financial situation,
     operations, assets or legal existence in prejudice of the legality,
     validity or enforceability of this agreement.

d)   The financial and accounting information submitted to the Lender reflects
     exactly and accurately the economic situation of its represented party, and
     the Borrower is familiar with the legal scope and content of article one
     hundred twelve of the Credit Institutions Law, and therefore, its
     transcription is not necessary.

e)   In order to fulfill the general provisions referred to in article one
     hundred fifteen of the Credit Institutions Law, and one hundred twenty-four
     of the Savings and Public Credit Law, published by the Secretary of Finance
     and Public Credit in the Official Journal of the Federation on May 14,
     2004, they have submitted copies of the documents of their represented
     party to the Lender as listed below:

1)   Federal Taxpayers' Registry and Fiscal Identification Registry.
2)   Testimony of the Certificate of Formation of their represented party, and
     amendments thereto, as well as the powers that demonstrate their
     representation capacity.
3)   A proof of address of the represented party.
4)   Official identification of their representatives.

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f)   It is their will to enter into this agreement to modify the Loan Agreement.

g)   Their represented party has requested of the Lender the modification of the
     obligation to maintain certain financial indicators.

h)   The formation of their represented party, legal existence as well as its
     powers and abilities, with which they are present for the execution of this
     agreement, as to this date have not been revoked or modified in any form.

III. The Guarantors and Co-Signers' representative declares that:

a)   Their represented party is a Mexican corporation ruled by its corporate
     by-laws, under the General Corporations Law and other applicable legal
     provisions.

b)   Save for the arbitration proceeding filed by Infored, S.A. de C.V. and Mr.
     Jose Elias Gutierrez Vivo, against Grupo Radio Centro, S.A. de C.V.,
     brought forth in the International Chamber of Commerce, Mexico section,
     whose award was set aside through a Nullity Proceeding brought by the
     Borrower before Civil Judge 63 in this city, whose ruling was appealed both
     by Borrower and Infored S.A. de C.V. and Mr. Jose Elias Gutierrez Vivo,
     through an Injunction proceeding which is pending and in proceedings before
     the Sixth District Civil Judge in this city; the event of acknowledgement
     brought by Infored, S.A. de C.V. and Mr. Jose Elias Gutierrez Vivo against
     Grupo Radio Centro, S.A. de C.V. in the Seventh, District "B" Civil Court
     in the Distrito Federal and the Injunction proceeding brought by both
     parties against the Resolution issued by the latter, which Injunction
     proceeding was resolved in favor of the Borrower, and therefore, a new
     resolution is pending in the proceeding before the Seventh, District "B"
     Civil Court; the event of acknowledgement and execution brought by Infored,
     S.A. de C.V. and Mr. Jose Elias Gutierrez Vivo before Civil Judge 31 in
     this city, which is suspended until a sentence is executed which voids the
     award dictated by the Civil Judge 63 in this city; the ordinary commercial
     proceedings filed by Desarrollos Empresariales, S.A. de C.V. and four other
     sole proprietors, against Jose Elias and Maria Ivonne, both with the last
     name Gutierrez Vivo; all of which are currently in the Civil Courts in this
     City, do not negatively affect the legal existence of the company nor its
     payment capacity in prejudice of the legality, validity or enforceability
     of this agreement, and it is not aware of any legal proceeding filed
     against its represented party which negatively affect the financial
     situation, operations, assets or legal existence in prejudice of the
     legality, validity or enforceability of this agreement.

c)   The financial and accounting information submitted to the Borrower reflects
     exactly and accurately the economic situation of its represented parties,
     and therefore they have not breached article one hundred and twelve of the
     Credit Institutions Law; whose content and legal scope has been explained
     to them; therefore its transcription is deemed unnecessary.

d)   The Guarantors and Co-Signers are full and legitimate owners of the shares
     granted in the pledge and that the amounts have been undersigned and paid
     in full.

e)   In order to fulfill the general provisions referred to in article one
     hundred fifteen of the Credit Institutions Law, and one hundred twenty-four
     of the Savings and Public Credit Law, published by the Secretary of Finance
     and Public Credit, in the Official Journal of the Federation on May 14,
     2004, they have submitted copies of the documents of its represented party
     to the Borrower as listed below:

1)   Federal Taxpayers' Registry and Fiscal Identification Registry.
2)   Testimony of the Certificate of Formation of its represented party, and
     amendments thereof, as well as the powers that demonstrate their
     representation capacity.
3)   Proof of address of the represented party.
4)   Official identification of their representatives.

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<PAGE>

f)   Within the corporate purpose, their represented party is authorized to
     guarantee and assume in whatever form the obligations contracted by third
     parties.

g)   It is their will to appear for the execution of this agreement to modify
     the Loan Agreement.

h)   The formation of their represented party, legal existence as well as its
     powers and abilities, with which they are present for the execution of this
     agreement, as to date have not been revoked or modified in any form.

IV.  Both parties declare through their legal representatives that they
     acknowledge the character and powers with which they appear for the
     execution of this agreement, which have not been revoked, limited or
     modified in any form. Such powers are described in the documents attached
     as Exhibit "1" to this agreement being an integral part thereof.

Pursuant to the above, the parties grant the following:

                                     CLAUSES

FIRST. Debt Acknowledgement. The Borrower acknowledges it owes and obligates
itself to pay in favor of the Lender an amount of $141,545,833.11 (One hundred
forty-one million, five hundred forty-five thousand, eight hundred thirty-three
pesos 11/100, national currency).

SECOND. Modification. The parties agree to modify temporarily the second
paragraph of clause e) of roman numeral I of the Fifteenth Clause of the Loan
Agreement, relative to the Borrower's obligation to comply with the financial
indicator of "Total Debt/EBITDA (Earnings Before Interest, Taxes, Depreciation
and Amortization) for the year 2005, in order to be read as follows:

     "FIFTEENTH. Affirmative and Negative Covenants. The Borrower is obligated
     to the following:

     I. AFFIRMATIVE COVENANTS:

     e) to comply with during the term of this agreement the following financial
     indicators:

     A maximum of Total Debt /EBITDA (Earnings Before Interest, Taxes,
     Depreciation and Amortization) in accordance with the following:

     For the year 2005, maximum of 3.50 (three point fifty).

     Starting from 2006, maximum of 3.00 (three point zero).

     This financial indicator shall be calculated based on the last twelve
     months."

THIRD. Guarantees. The Borrower and Collateral Guarantors ratify the Collateral
Guarantee that was specially and expressly established in favor of the Lender
under the terms of the Loan Agreement, and, therefore, they guarantee all the
obligations agreed to by the Borrower in favor of the Lender, up to the total
liquidation of the amount owed.

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<PAGE>

GRC Publicidad, S.A. de C.V., GRC Medios, S.A. de C.V., Promo Red, S.A. de C.V.,
Desarrollos Empresariales S.A. de C.V. and Enlaces Troncales, state their
expressed consent regarding the debt acknowledgement of this document, and
jointly they are obligated along with the Borrower in favor of the Lender under
the terms of articles one thousand nine hundred eighty-seven and one thousand
nine hundred eighty-eight of the Civil Code in force in the Distrito Federal.

FOURTH. Commission. The Borrower commits itself to pay the Lender upon the
signature of this agreement a commission for modifying the Loan Agreement for an
amount of U.S.$72,000.00 (Seventy-two thousand Dollars, legal currency of the
United States of America), plus the corresponding VAT (Value Added Tax), as
commission.

FIFTH. Non-Novation. This agreement does not imply a novation to the Loan
Agreement; therefore, the terms, conditions, obligations, securities and
guarantees established herein remain in force, as expressly declared by the
Lender.

SIXTH. Expenses. All the rights, professional fees and other expenses incurred
as a result of the execution of this document, as well as the intervention of
the notary public in this agreement, shall be in the charge of the Borrower who
commits to make payment at the time of signing this instrument.

SEVENTH. Statement of Account. Under the terms of article sixty-eight of the
Credit Institutions Law, this agreement, together with the statement of account
certified by the Accountant authorized by the Lender, shall constitute an
enforceable order, without needing acknowledgement signatures or another
requirement.

EIGHTH. Governing Law and Jurisdiction. This agreement shall be governed and
interpreted according to the Mexican Code of Commerce, the Civil Code for the
Distrito Federal and the Credit Institutions Law. For everything related to the
interpretation, compliance or execution of this agreement, both parties agree to
be subject to the jurisdiction of the competent Courts in the Distrito Federal,
expressly waiving the jurisdiction of any other domicile they have or may have
in the future.

Signed on three copies, in Mexico City, Distrito Federal on May 6, 2005:

                                  "THE LENDER"
                     Scotiabank Inverlat, Sociedad Anonima,
                          Institucion de Banca Multiple
                      Grupo Financiero Scotiabank Inverlat
                                 Represented by:

                            /s/ Alvaro Ayala Margain
                            ------------------------
                              Alvaro Ayala Margain

                                 "THE BORROWER"
                        Grupo Radio Centro, S.A. de C.V.
                                 Represented by:

     /s/ Jose Manuel Aguirre Gomez      /s/ Carlos de Jesus Aguirre Gomez
     -----------------------------      ---------------------------------
       Jose Manuel Aguirre Gomez          Carlos de Jesus Aguirre Gomez

                                        6
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     /s/ Ana Maria Aguirre Gomez       /s/ Francisco de Jesus Aguirre Gomez
     ---------------------------       ------------------------------------
       Ana Maria Aguirre Gomez           Francisco de Jesus Aguirre Gomez

                         "THE GUARANTORS AND CO-SIGNERS"
             GRC Publicidad, S.A. de C.V., GRC Medios, S.A. de C.V.,
      Promo Red, S.A. de C.V., Desarrollos Empresariales, S.A. de C.V. and
                         Enlaces Troncales, S.A. de C.V.
                                 Represented by:

     /s/ Jose Manuel Aguirre Gomez      /s/ Carlos de Jesus Aguirre Gomez
     -----------------------------      ---------------------------------
       Jose Manuel Aguirre Gomez          Carlos de Jesus Aguirre Gomez

      /s/ Ana Maria Aguirre Gomez      /s/ Francisco de Jesus Aguirre Gomez
      ---------------------------      ------------------------------------
        Ana Maria Aguirre Gomez          Francisco de Jesus Aguirre Gomez

                                    WITNESSES

    /s/ Juan Carlos Ollivier Moran         /s/ Efrain de Tuya Graciano
    ------------------------------         ----------------------------
      Juan Carlos Ollivier Moran              Efrain de Tuya Graciano

                                        7
<PAGE>

CERTIFICATE NUMBER __________________________________________, In Mexico City,
Distrito Federal, on the ________ day of ___________two thousand five, I, Maria
Esther Garcia Alvarez, Public Notary number four in the Distrito Federal,
certify that:

FIRST. Appeared before me were Licenciado Alvaro Ayala Margain, on behalf of
Scotiabank Inverlat, Sociedad Anonima, Institucion de Banca Multiple, Grupo
Financiero Scotiabank Inverlat, in its capacity as Lender; Jose Manuel Aguirre
Gomez, Carlos de Jesus Aguirre Gomez, Ana Maria Aguirre Gomez and Francisco de
Jesus Aguirre Gomez, on behalf of GRUPO RADIO CENTRO, SOCIEDAD ANONIMA DE
CAPITAL VARIABLE, in its capacity of Borrower; as well as Jose Manuel Aguirre
Gomez, Carlos de Jesus Aguirre Gomez, Ana Maria Aguirre Gomez and Francisco de
Jesus Aguirre Gomez, on behalf of DESARROLLOS EMPRESARIALES, SOCIEDAD ANONIMA DE
CAPITAL VARIABLE, ENLACES TRONCALES, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, GRC
PUBLICIDAD, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, GRC MEDIOS, SOCIEDAD ANONIMA
DE CAPITAL VARIABLE and PROMO RED, SOCIEDAD ANONIMA DE CAPITAL VARIABLE, in
their capacity as Guarantors and Co-Signers, in order to ratify each and every
part of the content of the modifying agreement preceding this instrument.

SECOND. They stated before the undersigned notary that the content of the
agreement is the accurate expression of their will and that the signatures at
the bottom are genuine since they were stamped in their own handwriting, and
they are the same signatures they use for all their acts and business; they
state under oath that no injunction judgment has been or is to be filed against
them that limits or is aimed at limiting their capacities; such statement is
made under oath, and they sign this certificate before me in order to ratify it.

THIRD. The legal representative of Scotiabank Inverlat, Sociedad Anonima,
Institucion de Banca Multiple, Grupo Financiero Scotiabank Inverlat, did not
identify itself before the undersigned, since I know him personally and who in
my opinion has full legal capacity.

FOURTH. The other appearing parties identified themselves with the documents of
which photocopies are attached to this document, which is kept in file under my
supervision and who in my opinion also have legal capacity.

FIFTH. The legal status and general information were duly verified by the
undersigned, being processed as if they were attached herein.

SIXTH. Those who acted on behalf of the parties stated under oath that the
powers they exercise have so far not been revoked, modified or limited in any
form. I CERTIFY. In Mexico City, Distrito Federal on the ___________ day of the
month of ___________two thousand five.

                                 "THE CREDITOR"
                            SCOTIABANK INVERLAT, S.A,
                          INSTITUCION DE BANCA MULTIPLE
                      GRUPO FINANCIERO SCOTIABANK INVERLAT

                            /s/ Alvaro Ayala Margain
                            ------------------------
                              Alvaro Ayala Margain

                                        8
<PAGE>

                                 "THE BORROWER"
                        GRUPO RADIO CENTRO, S.A. DE C.V.

     /s/ Jose Manuel Aguirre Gomez          /s/ Ana Maria Aguirre Gomez
     -----------------------------          ---------------------------
       Jose Manuel Aguirre Gomez              Ana Maria Aguirre Gomez

     /s/ Carlos de Jesus Aguirre Gomez    /s/ Francisco de Jesus Aguirre Gomez
     ---------------------------------    ------------------------------------
       Carlos de Jesus Aguirre Gomez        Francisco de Jesus Aguirre Gomez

                         "THE GUARANTORS AND CO-SIGNERS"
                     DESARROLLOS EMPRESARIALES, S.A. DE C.V.
                         ENLACES TRONCALES, S.A. DE C.V.
                          GRC PUBLICIDAD, S.A. DE C.V.
                          GRC MEDIOS, S.A. DE C.V. AND
                            PROMO RED, S.A. DE C.V.,

       /s/ Jose Manuel Aguirre Gomez          /s/ Ana Maria Aguirre Gomez
       -----------------------------          ---------------------------
         Jose Manuel Aguirre Gomez              Ana Maria Aguirre Gomez

     /s/ Carlos de Jesus Aguirre Gomez    /s/ Francisco de Jesus Aguirre Gomez
     ---------------------------------    ------------------------------------
       Carlos de Jesus Aguirre Gomez        Francisco de Jesus Aguirre Gomez

                                    WITNESSES

     /s/ Juan Carlos Ollivier Moran          /s/ Efrain de Tuya Graciano
     ------------------------------          ---------------------------
       Juan Carlos Ollivier Moran              Efrain de Tuya Graciano

                                        9
<PAGE>

                                   EXHIBIT "1"
                      LEGAL STATUS AND GENERAL INFORMATION

SCOTIABANK INVERLAT CORPORATION, MULTIPLE BANKING INSTITUTION, SCOTIABANK
INVERLAT FINANCIAL GROUP, is an institution formed under Mexican law, as set
down in record no. three hundred and ten dated January thirtieth of the year
nineteen hundred and thirty four, certified by Notary Public number seven of the
City of Chihuahua, Chihuahua, Jose Mena Castillo; the first copy of this deed
was registered on the twenty-fourth of May of the year nineteen hundred and
thirty four under number forty two, in folios two hundred eighty two and
subsequent of book seventeen of the Trade Section of the Public Property
Register of the District of Morelos Chihuahua, with the name of Banco Comercial
Mexicano [Mexican Commercial Bank].

The company has changed a number of times, as shown in deed number three
thousand two hundred and fifty four, dated December second of the year nineteen
hundred and ninety four, certified by Ana Patricia Bandala Tolantino, Notary
number one hundred and ninety five of the Federal District, the first
authenticated copy of which was recorded in the Public Commerce Trade of
Chihuahua, State of Chihuahua under number two thousand two hundred and
twenty-one, folios ninety-one, book number six hundred and sixty-six, on June
first of the year nineteen hundred and ninety-five and in the Public Commerce
Trade Register of the Federal District in mercantile folio number one hundred
and ninety eight thousand eight hundred and sixty seven, on June seventh of the
year nineteen hundred and ninety five, where the minutes of the Extraordinary
General Assembly of Stockholders were put on public record and in which among
other things resolutions were passed to change the name to Banco Inverlat,
Sociedad Anonima, Institucion de Banca Multiple, Grupo Financiero Inverlat and
to change their legal address from the City of Chihuahua in the state of the
same name to Mexico City, Federal District, amending to this end articles one
and five of their bylaws.

In record number twenty three thousand three hundred and ninety five, on January
twelfth of the year two thousand and one, Notary Ana Patricia Bandala Tolentino
certified and registered in the Public Trade Register of the Federal District in
mercantile folio number one hundred and ninety eight thousand eight hundred and
seventy seven dated the thirty first of January of the year two thousand and
one, the minutes of the Ordinary, Extraordinary and Special General Assembly of
Stockholders of Inverlat Bank Corporation, Multiple Banking Institution,
Inverlat Financial Group in which its conversion into a subsidiary company was
resolved and its bylaws were amended to change its name to Scotiabank Inverlat,
Sociedad Anonima, Institucion de Banca Multiple, Grupo Financiero Scotiabank
Inverlat.

ALVARO AYALA MARGAIN, participating in the signing of this agreement as legal
representative of Inverlat Bank, Sociedad Anomina, Multiple Banking Institution,
Inverlat Financial Group (now Scotiabank Inverlat Corporation, Multiple Banking
Institution, Scotiabank Inverlat Financial Group) provided evidence of his
identity and legal powers conferred for this act per record number 128,195 dated
November 3, 2003 (November third two thousand and three), certified by Homero
Diaz Rodriguez and Ricardo Cuevas Miguel registered with the college of Notary
Publics under numbers fifty four and two hundred ten of the Federal District. In
terms of his general information, he states that he is Mexican by birth,
originally from Mexico City Federal District, born on January 21, nineteen
hundred seventy, single, employed and domiciled in Bosque de Ciruelos 120 1st
Floor, Development, Bosques de las Lomas, 11700, Mexico, Federal District,
current on his income tax payments, and likewise the party he represents,
without providing evidence thereof, stating that the power of attorney of which
proof was submitted has not to date been revoked, modified or limited in any
way;

GRUPO RADIOCENTRO Sociedad Anonima de Capital Variable [Variable Capital
Corporation]. In deed number one hundred and five thousand and one dated the
twenty-first of June of the year nineteen hundred and ninety nine, certified by
Ignacio R. Morales Lechuga, Notary Public number one hundred and sixteen of the
Federal District, duly registered in the Public Trade Register in folio 20694,
record was made of the legal power and appointment of the members of the Board
of Operations with the related companies of Grupo Radio Centro, S.A. de C.V.;
this deed certified the incorporation and legal existence of the company and the
following resolutions were made, among others: that powers of attorney would be

                                       10
<PAGE>

granted to Messrs. Francisco Aguirre Gomez, Maria Esther Aguirre Gomez, Ana
Maria Aguirre Gomez, Francisco de Jesus Aguirre Gomez, Carlos Aguirre Gomez,
Rafael Aguirre Gomez and Jose Manuel Aguirre Gomez for the following: acts of
ownership, and drawing, issuing, granting, signing, guaranteeing, accepting,
endorsing and negotiating credit instruments, with the limitation that there
needed to be four of these attorneys-in-fact acting together.

DESARROLLOS EMPRESARIALES, Sociedad Anonima de Capital Variable [Variable
Capital Corporation]. In deed number one hundred and six thousand seven hundred
and twenty nine dated the third of January of the year two thousand, certified
by Ignacio R. Morales Lechuga, Notary Public number one hundred and sixteen of
the Federal District, duly registered in the Public Trade Register in folio
number 135677, the company's resolution to revoke and confer powers of attorney
was put on record. In this same instrument the incorporation and legal existence
of the company was certified and the following agreements were made among
others: that power of attorney would be granted to Messrs. Francisco Aguirre
Gomez, Maria Esther Aguirre Gomez, Ana Maria Aguirre Gomez, Francisco de Jesus
Aguirre Gomez, Carlos Aguirre Gomez, Rafael Aguirre Gomez and Jose Manuel
Aguirre Gomez, for the following: acts of ownership and signing credit
instruments, with the limitation that there must be four of these
attorneys-in-fact acting together.

In deed number one hundred thirteen thousand one hundred and five dated December
11, 2001, certified by Ignacio R. Morales Lechuga, Notary Public number 116 of
the Federal District, duly registered in the Public Trade Register in record
number 134251, 135677 and 175926, the minutes of the Extraordinary General
Assemblies of stockholders of the companies Desarrollos Empresariales, S.A. de
C.V., Industrial Telecentro, S.A. de C.V. and Mensajes Digitales, S.A. de C.V.
dated October first of the year two thousand and one were placed on record, with
the resolution that these companies would subsequently be merged into one, to be
called Desarrollos Empresariales, S.A. de C.V., which would be the merged
company.

ENLACES TRONCALES, Sociedad Anonima de Capital Variable [Variable Capital
Corporation]. In deed number ten thousand five hundred and fifty two dated March
fourth of the year nineteen hundred and ninety two, certified by Sara Cuevas
Villalobos, Notary Public number 197 of the Federal District, the first
authenticated copy of which was incorporated in the Public Trade Register in
mercantile folio number one hundred fifty eight thousand six hundred and eighty
two, Enlaces Troncales SA de C.V. was incorporated with legal address in Mexico
City, Federal District, with a term of 99 years, its company object being to
install, operate, use, import and export all sorts of telecommunications
equipment and services, to offer public telecommunications services, outsourced,
licensed or authorized by the Secretary of Communications and Transport.

In deed number one hundred thirty thousand one hundred and four dated December
11, 2001, certified by Ignacio R. Morales Lechuga, Notary Public number one
hundred sixteen of the Federal District, duly registered in the Public Trade
Register in folios 158682, 261313, 249590, 249589 and 249588, the minutes of the
Extraordinary General Assemblies of stockholders of the companies Palco
Deportivo.Com, SA de C.V., Palco Shop, S.A. de C.V., Palco Deportivo Multimedia,
SA de C.V. and Enlaces Troncales, SA de C.V. were placed on record and it was
resolved that these companies would subsequently merge into one, to be called
Enlaces Troncales, S.A. de C.V., which is the merged company.

GRC MEDIOS Sociedad Anonima de Capital Variable [Variable Capital Corporation].
In deed number 110,540 dated April 2 of the year 2001, certified by Ignacio R.
Morales Lechuga, Notary Public number 116 of the Federal District, the minutes
of the Extraordinary General Assembly of Stockholders dated March 19 of the year
2001 were incorporated, it being resolved among other things that: the company
To2 Mexico S.A. de C.V. would be split, to create GRC Medios S.A. de C.V.

In deed no. 110,541 dated April 2 of the year 2001 certified by Ignacio R.
Morales Lechuga, Notary Public number 116 of the Federal District and registered
in the Public Trade Register with folio number 276685 under section 6433 dated
June 20, 2001, the incorporation of GRC Medios, Variable Capital Corporation,
was incorporated with domicile in Mexico City, Federal District, with a term of
99 years, with company object of conducting domestic and foreign publicity
operations by any means suitable to it, within and

                                       11
<PAGE>

outside of Mexico, and having the ability to make guarantees and serve as
co-debtors for third parties, as well as security for third parties. The Sole
Administrator or Board of Directors has the following legal powers: general
power for legal actions and collections, acts of administration, acts of
ownership, and drawing, issuing, granting, signing, guaranteeing, accepting,
endorsing and negotiating credit instruments, to manage and obtain all sorts of
financing, credit and loans which the company might require, with the ability to
put up guarantees and serve as co-debtors for third parties outside of the
company, as well as put up security for third parties. In this same instrument,
power of attorney was granted to Messrs. Francisco Aguirre Gomez, Maria Esther
Aguirre Gomez, Ana Maria Aguirre Gomez, Maria Adriana Aguirre Gomez, Carlos
Aguirre Gomez, Rafael Aguirre Gomez and Jose Manuel Aguirre Gomez for the
following: general power for acts of ownership, and drawing, issuing, granting,
signing, guaranteeing, accepting, endorsing and negotiating credit instruments,
with the limitation that there must be four of the attorneys-in-fact acting
together. Mr. Carlos Aguirre Gomez was granted power of attorney for the
following: legal actions and collections, acts of administration, granting
general or special powers and revoking any thereof, and conferring, delegating
or substituting for third parties in whole or in part any of the powers cited
above.

GRC PUBLICIDAD Sociedad Anonima de Capital Variable [Variable Capital
Corporation]. In deed number 21,049 dated May 12, of the year 2000, certified by
Ana de Jesus Jimenez Montanez, Notary Public number 46 of the Federal District,
registered in the Public Trade Register in mercantile folio number 260591, the
incorporation of the company called "GRC Publicidad" S.A. de C.V. was placed on
record, with its bylaws, domiciled in Mexico, Federal District, with a term of
99 years, and with the object of: conducting domestic and foreign publicity
operations by any means suitable to it, commercially representing radio and
television stations, contracting for technicians, artists and personnel
specialized in the work necessary to ensure the development and success of the
company's object, granting guarantees and serving as co-debtor for third
parties, as well as granting security for third parties, with a clause excluding
foreigners. The management and administration of the company are the
responsibility of a Sole Administrator or Board of Directors made up of no fewer
than seven members and no more than eleven, in accordance with the resolution of
the ordinary General Assembly of stockholders. Powers of attorney were granted
to Messrs. Francisco Aguirre Gomez, Maria Esther Aguirre Gomez, Ana Maria
Aguirre Gomez, Maria Adriana Aguirre Gomez, Carlos Aguirre Gomez, Rafael Aguirre
Gomez and Jose Manuel Aguirre Gomez for: general power for acts of ownership,
with the understanding that any four of the aforementioned agents parties
together are needed to exercise this power, and power for drawing, issuing,
granting, signing, guaranteeing, accepting, endorsing and negotiating credit
instruments in the name of the represented party, exercising this right
separately or together, as well as the legal power to replace or delegate their
mandate. Mr. Carlos Aguirre Gomez was granted power of attorney for: general
power for legal actions and collections, receiving payments, and acts of
administration.

PROMO RED, Sociedad Anonima de Capital Variable [Variable Capital Corporation].
In deed number 140,784 dated May 22, of the year 1985, certified by Notary
Public no. 122 of the Federal District, Eugenio Ibarrola Santoyo, in the
notarial books of Notary Public no. 31, registered in the Public Trade Register
of the Federal District, on mercantile folio no. 82,945, the incorporation of
the Variable Capital Corporation called Videas was placed on record, with a term
of 99 years, domiciled in the Federal District, with the following company
object, among others: developing, preparing and producing television programs of
any type as well as marketing, importing and exporting them.

In deed number 7082 dated July 13 of the year 1995, certified by Notary Public
no. 202 of the Federal District, Juan Jose del Valle Alvarado, of Public
notary's office no. 5, recorded in the Public Trade Register as above, in
mercantile folio no. 82,945, the minutes of the Extraordinary General Assembly
of Stockholders on June 19, 1995 were placed on record, in which it was resolved
among other things that the name of the company would be changed to Promo Red,
S.A. de C.V. and as a consequence the first clause of the bylaws was amended.

In deed no. 21,030 dated September 18 of the year 1995, certified by Notary
Public no. 184 of the Federal District, Mario Garciadiego Gonzalez Cos, the
minutes of the Extraordinary General Assembly of Stockholders dated July 11,
1995 were placed on record, in which it was resolved among other things to
change the company's object to the following: providing of all sorts of services
involving accounting, legal,

                                       12
<PAGE>

financial, auditing, personnel contracting, appointments, collections, personnel
training, public relations, computing, sales and any other activity requiring
third parties, as well as expert appraisal and consulting in relation to the
activities cited above, and consequently clause four of the company bylaws was
amended.

In deed no. 106,783 dated January 18 of the year 2000, certified by Notary
Public 116 of the Federal District, Ignacio R. Morales Lechuga, registered in
the Public Trade Register on mercantile folio number 82945, dated February 3,
2000, the minutes of the Ordinary General Assembly of Stockholders of Promo Red,
S.A. de C.V., dated May 25, 1995, wherein resolutions were made in relation to
the resignation, appointment and ratification of members of the Board of
Directors, ratification of the commissioner and agreeing to the revocation and
granting of powers of attorney by "Promo Red", Variable Capital Corporation.

Power of attorney was given to Messrs. Francisco Aguirre Gomez, Maria Esther
Aguirre Gomez, Ana Maria Aguirre Gomez, Maria Adriana Aguirre Gomez, Carlos
Aguirre Gomez, Rafael Aguirre Gomez and Jose Manuel Aguirre Gomez for the
following: general power for acts of ownership and for drawing, issuing,
granting, signing, guaranteeing, accepting, endorsing and negotiating credit
instruments in the name of the represented party, with the limitation that there
must be four of the attorneys-in-fact acting together.

Mr. Carlos Aguirre Gomez was granted power of attorney for: general power for
legal actions and collections, with special powers per article 2587 of the Civil
Code of the Federal District, general power for acts of administration, as well
as conferring, delegating or substituting in whole or in part for third parties
any of the powers cited above and to revoke those he has granted, delegated or
substituted, at any time.

In deed number 29,052, dated November 11, 2003, certified by Notary Public
Alberto T. Sanchez Colin, Notary Public no. 83 of the Federal District, an
amendment to the company object and to clause Four of the bylaws of Promo Red
S.A. de C.V. was placed on record, establishing, among other things, the
possibility of granting guarantees and become co-debtors for third parties, as
well as putting up security for third parties.

IN TERMS OF GENERAL INFORMATION, THE COMPANIES' ATTORNEYS-IN-FACT STATE AS
FOLLOWS:

Jose Manuel Aguirre Gomez, Mexican by birth, originally from Mexico City, the
Federal District, where he was born on December ninth, nineteen hundred and
sixty one, single, businessman and domiciled at Av. Constituyentes No. 1154,
Col. Lomas Altas, C.P. 11950, in Mexico City, Federal District.

Carlos de Jesus Aguirre Gomez, by birth, originally from Mexico City, the
Federal District, where he was born on February nineteenth, nineteen hundred and
fifty-five, single, businessman and domiciled at Av. Constituyentes No. 1154,
Col. Lomas Altas, C.P. 11950, in Mexico City, Federal District.

Ana Maria Aguirre Gomez, Mexican by birth, originally from Mexico City, the
Federal District, where she was born on November twentieth, nineteen hundred and
forty-three, married with separation of property, businesswoman and domiciled at
Av. Constituyentes No. 1154, Col. Lomas Altas, C.P. 11950, in Mexico City,
Federal District.

Francisco de Jesus Aguirre Gomez, Mexican by birth, originally from Mexico City,
the Federal District, where he was born on October eighth nineteen hundred and
forty-one, single, businessman and domiciled at Av. Constituyentes No. 1154,
Col. Lomas Altas, C.P. 11950, in Mexico City, Federal District.

For their own general information, the Witnesses state the following:

Efrain de Tuya Graciano, Mexican by birth, originally from Mexico City, Federal
District, born on October 4, nineteen hundred and sixty-nine, married, a bank
official by profession, with domicile at Boulevard Manuel Avila Camacho number
one, floor 8, Colonia Lomas de Chapultepec, Delegacion Miguel Hidalgo, zip code
eleven thousand nine, Federal District.

                                       13
<PAGE>

Marcela Castillo Nogueron, Mexican by birth, originally from Cuernavaca,
Morelos, born on December fifth nineteen hundred and sixty five, married, a
lawyer and bank official by profession, domiciled at Boulevard Manuel Avila
Camacho number one, floor 8, Colonia Lomas de Chapultepec, Delegacion Miguel
Hidalgo, zip code eleven thousand nine. Federal District.

                                       14EX-10.1

G l o b a l            S o f t w a r e , I n c .

June 27, 2005

Mr. Charles Osenbaugh

Timeline, Inc.

3055 112th Avenue N.E., Suite 106

Bellevue, WA 98004

Re: Acquisition of Analyst Financials Limited and Certain Assets of Timeline, Inc.

Charles:

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 Analyst Financials Limited (the
“UK Subsidiary”), a wholly-owned subsidiary of Timeline, Inc. (the “Seller”), as well as certain
other assets of the Seller, in two transactions (together, the “Acquisitions”), and (ii) the Buyer
has provided a loan of up to $250,000 to cover operating expenses of the Seller while the parties
negotiate and close the Acquisitions (the “Bridge Loan”). Based on the terms in this letter, the
parties intend to negotiate and enter into a single definitive purchase agreement for the two
Acquisitions. This letter amends and replaces in its entirety the prior letter agreement dated May
6, 2005 between Buyer and Seller.

1. First Acquisition. Subject to the satisfaction or the Buyer’s waiver of the First
Acquisition Closing Conditions (as defined below), the first of the Acquisitions shall take place
on or before July 15, 2005 (the “First Acquisition”), at which time the following shall occur:

(a) Purchase of UK Subsidiary. At the First Acquisition, the Buyer shall purchase,
and the Seller shall sell, one hundred percent (100%) of the outstanding equity interests of
the UK Subsidiary and the following assets to the extent owned by Seller and not by the UK
Subsidiary (collectively, the “Acquired UK Subsidiary Assets”):

	 	(i)	 	all customer lists, customer contracts, goodwill, contracts and
contract rights with regard to the UK Subsidiary’s customers, whether in the
United States or overseas, and a license to use the name “Analyst Financials”
and “Analyst Suite” and stylized marks derivative thereof; and

(ii) all books and records related to the foregoing.

Notwithstanding anything to the contrary set forth herein, the Acquired UK Subsidiary
Assets shall not include any of the UK Subsidiary’s (a) accounts receivable related to
services rendered prior to the First Acquisition, (b) cash on hand at the closing date of
the First Acquisition, (c) deposits prior to the closing date of the First Acquisition, (d)
prepaid expenses, including without limitation any such prepaid expenses relating to service
or consulting work, incurred prior to the closing date of the First Acquisition or (e)
rights under life insurance policies owned by the UK Subsidiary (collectively, the “Excluded
UK Subsidiary Assets”). At the closing of the First Acquisition, the Buyer and the Seller
shall make adequate provision so as to transfer all right, title and interest in the
Excluded UK Subsidiary Assets to the Seller. All of the Acquired UK Subsidiary Assets shall
be purchased by the Buyer free and clear of liabilities, obligations, mortgages, liens and
encumbrances of any kind, other than the Assumed UK Subsidiary Liabilities (defined below).

(b) Analyst Financials Source Code License. In addition, as of the closing date of
the First Acquisition, the Seller will grant the Buyer a valid, perpetual, fully-paid source
code license to the Analyst Financials product (also known as Analyst Suite) and all rights
therein and thereto with rights to sublicense to OEMs, VARs, resellers, other distributors
and end-users in connection with the sale and distribution of Analyst Financials (also known
as Analyst Suite) and other derivatives and products developed by the Seller or the UK
Subsidiary using, in whole or in part, the technology purchased or licensed from the Seller,
but not including any sales, licenses, or distributions to any of Seller’s customer accounts
as of the First Acquisition, all on terms reasonably satisfactory to the Buyer and Seller
(the “Analyst Financials Source Code License”). Such source code license shall be free and
clear of liabilities, obligations, mortgages, liens and encumbrances of any kind and shall
be freely assignable and transferable by the Buyer without restriction to any party
including, without limitation, an acquirer of all of the outstanding equity interest of the
Buyer or all or substantially all of the Buyer’s assets or any entity of which the Buyer
holds all of the outstanding equity interest, in connection with the sale and distribution
of the Analyst Financials product or any derivatives or products thereof. The Analyst
Financials Source Code License shall include, but not be limited to, a license to the
following patents solely in connection with the sale and distribution of the Analyst
Financials product (the “Analyst Financials Patents”):

	 	 	 
	Patent No.

	 	Title
	 
	 	 
	6,631,382

	 	Data retrieval method and apparatus with multiple source capability
	 
	 	 
	6,625,617

	 	Modularized data retrieval method and apparatus with multiple source capability
	 
	 	 
	6,026,392

	 	Data retrieval method and apparatus with multiple source capability
	 
	 	 
	6,023,694

	 	Data retrieval method and apparatus with multiple source capability
	 
	 	 
	5,802,511

	 	Data retrieval method and apparatus with multiple source capability

Without limiting the generality of the foregoing, the Analyst Financials Source Code
License shall constitute a non-exclusive license to all of Seller’s intellectual property
necessary for the Buyer to market, sell, distribute and license to OEMs, VARs, resellers,
other distributors and end-users the Analyst Financials product (also known as Analyst
Suite) (and for such end-users to use such products as contemplated) in the United Kingdom,
Europe, Africa and the Middle East (the “Covered Areas”) without infringement of the
Seller’s or, to Seller’s knowledge, any other party’s patent or other rights. Also, Buyer
shall have a nonexclusive global right to sell the Analyst Financials (also known as Analyst
Suite) without infringement of the Seller’s or, to Seller’s knowledge, any other party’s
patent or other rights; provided, however, that Buyer shall not sell the Analyst Financials
to any of Seller’s customer accounts as of the First Acquisition.

(c) Infinium Maintenance Base. The Buyer shall acquire all right, title and
interest of the Seller in any and all maintenance and support contracts of the Seller
related to Seller’s Infinium product line (the “Infinium Maintenance Contracts”).

(d) Liabilities Assumed. In addition, the Buyer will only assume the following
liabilities as part of the First Acquisition (the “Assumed UK Subsidiary Liabilities”):

	 	(i)	 	ongoing obligations with respect to all prepaid maintenance
fees paid to the Seller or the UK Subsidiary as of the closing date of the
First Acquisition with respect to the Acquired UK Subsidiary Assets and
Infinium Maintenance Contracts;

	 	(ii)	 	obligations arising after the date of the First Acquisition
under the lease agreement for the UK Subsidiary’s office space in Chiswick,
U.K. (the “UK Lease”); and

	 	(iii)	 	obligations with respect to accrued vacation time as of the
date of the First Acquisition for the First Acquisition Key Employees (as
defined below).

For purposes of clarity, the Buyer and the Seller shall make adequate provision such that as
of the closing date of the First Acquisition, the Seller shall acquire and become obligated
for any and all liabilities of the UK Subsidiary arising prior to the closing other than the
Assumed UK Liabilities.

(e) Employees. In addition, the Buyer will employ up to six (6) employees of the UK
Subsidiary and up to two (2) employees of the Seller, all of whom shall be designated by the
Buyer (the “First Acquisition Key Employees”). The Seller shall make available, and the
Buyer shall be provided with sufficient opportunity to contact and negotiate with, each
First Acquisition Key Employee regarding the terms of such employment.

(f) Consideration. The total consideration paid to the Seller at the First
Acquisition shall be: $1,100,000 in cash consideration, payable as set forth below, and the
Buyer’s assumption of the Assumed UK Subsidiary Liabilities.

The fixed cash consideration shall be payable as follows:

	 	(i)	 	$620,000 (less all principal and interest outstanding under the
Bridge Loan that is paid at closing) shall be payable at the First Acquisition;

	 	(ii)	 	$240,000 shall be payable 18 months after the First Acquisition
(bearing simple interest at a rate of 6% per annum); and

	 	(iii)	 	$240,000 shall be payable 36 months after the First
Acquisition (bearing simple interest at a rate of 6% per annum) (the “Final
First Acquisition Payment”).

The two deferred payments described above (due 18 and 36 months after closing of the First
Acquisition) shall be guaranteed by Global Software, Inc., in form and substance reasonably
acceptable to Seller.

2. First Acquisition Closing Conditions. The First Acquisition is subject to the
following conditions (the “First Acquisition Closing Conditions”):

(a) Due Diligence. The Buyer’s attorneys, accountants, lenders and other
representatives and agents shall have satisfactorily completed their due diligence investigation of
the Seller. Between the date of this letter and the First Acquisition, these representatives shall
be given full access to the accounting books and other business and financial records, reports and
documents of the Seller, including corporate records and tax returns. The officers and management
of the Seller agree to cooperate fully with the Buyer’s representatives and agents and to make
themselves available to the extent necessary to complete the due diligence process and the closing
of the Acquisitions.

(b) Access to Customers and Employees. The Seller shall, at the request of the Buyer,
introduce the Buyer to certain of the UK Subsidiary’s principal customers and employees to
facilitate discussions between such persons and the Buyer in regard to the Buyer’s conduct of the
business following the First Acquisition. Seller shall use best efforts to assign all UK
Subsidiary’s customer contracts to the Buyer prior to the First Acquisition.

(c) Purchase Agreement. A definitive purchase agreement, containing standard
representations, warranties, covenants, indemnification provisions, closing conditions (including
the delivery of opinions of counsel) and other provisions, shall have been executed. Each of
Seller and Buyer agrees to work with the other party expeditiously and in good faith to complete
the purchase and sale agreement, together with all other legal documents required to consummate the
First Acquisition and Second Acquisition.

(d) Real Estate Arrangements. Prior to the First Acquisition, the UK Lease shall be
assigned and assumed on terms reasonably satisfactory to the Buyer and Seller. In addition, the US
Lease (defined below) shall be assigned and assumed on terms reasonably satisfactory to the Buyer
and Seller, to be effective only upon closing of the Second Acquisition.

(e) Absence of Adverse Change. There shall have been no material adverse change in
the business, properties, operations, condition (financial or otherwise), prospects, assets or
liabilities of the Seller or its business since March 31, 2005.

(f) Infinium Maintenance Contracts. The assignment to the Buyer of all Infinium
Maintenance Contracts shall have been approved by the Seller and all third parties from whom such
approval is required.

(g) Government and Third Party Approvals. The First Acquisition shall have been
approved by all government agencies and third parties from whom such approval is required.

(h) Corporate Approvals. The First Acquisition and the Second Acquisition shall have
been approved by the Boards of Directors of the Buyer and the Seller.

(i) Closing Date. The parties anticipate that the First Acquisition shall take place
no later than July 15, 2005. If the First Acquisition has not occurred on or prior to such date,
either party may terminate this Letter of Intent and the definitive purchase agreement.

3. Second Acquisition. Subject to the satisfaction or the Buyer’s waiver of the
Second Acquisition Closing Conditions (as defined below), the second of the Acquisitions shall take
place on or before August 31, 2005 (the “Second Acquisition”), at which time the following shall
occur:

(a) Purchase of Work Wise and remaining software licensing assets of Seller. At the
Second Acquisition, the Buyer shall purchase, and the Seller shall sell, the following
assets (the “Acquired Seller Assets”):

	 	(i)	 	the products known as WorkWise and Analyst Financials (also
known as Analyst Suite), including all source and object code, all prior
versions, versions under development, documentation, including installation,
implementation and help manuals and guides for users and
programmers/developers, and all trademarks, trade names, service marks,
copyrights and goodwill and other intellectual property, whether registered or
not, associated therewith, whether in the United States or overseas other than
the WorkWise Patent (as defined below) and Analyst Financials Patents, which
are to be licensed to the Buyer on the terms provided herein;

	 	(ii)	 	all customer lists, customer contracts, goodwill, contracts and
contract rights with regard to Seller’s software licensing customers, whether
in the United States or overseas, and all of Seller’s right, title and interest
in the name “Timeline” (other than “Timeline, Inc.”), “Analyst Financials,”
“Analyst Suite” and “WorkWise” and stylized marks derivative thereof;

	 	(iii)	 	substantially all of Seller’s equipment, and all of Seller’s
inventory, fixtures and capitalized software; and

(iv) all books and records related to the foregoing.

Notwithstanding anything to the contrary set forth herein, the Acquired Seller Assets
shall not include any of the Seller’s (a) accounts receivable for services rendered with
respect to the Acquired Seller Assets prior to the Second Acquisition, (b) cash on hand at
the closing date of the Second Acquisition, (c) deposits prior to the closing date of the
Second Acquisition, (d) prepaid expenses, including without limitation any such prepaid
expenses relating to service or consulting work, incurred prior to the closing date of the
Second Acquisition, (e) outstanding licenses or royalty agreements with respect to the
Analyst Financials Patents or the Workwise Patent, or (f) rights under life insurance
policies owned by Seller. All of the Acquired Seller Assets shall be purchased by the Buyer
free and clear of liabilities, obligations, mortgages, liens and encumbrances of any kind,
other than the Assumed Seller Liabilities (defined below).

(b) Patent License. In addition, as of the closing date of the Second Acquisition,
(i) the Analyst Financials Source Code License shall be terminated, and (ii) the Seller will
grant the Buyer a valid, perpetual, fully-paid license to the Analyst Financials Patents and
the WorkWise Patent (defined below), with rights to sublicense to OEMs, VARs, resellers,
other distributors and end-users in connection with the sale and distribution of the
WorkWise or Analyst Financials products, and other derivatives and products developed by the
Seller using, in whole or in part, the technology purchased or licensed from the Seller, all
on terms reasonably satisfactory to the Buyer and Seller (the “Patent License”). Such
license shall be free and clear of liabilities, obligations, mortgages, liens and
encumbrances of any kind and shall be freely assignable and transferable by the Buyer
without restriction to any party including, without limitation, an acquirer of all of the
outstanding equity interest of the Buyer or all or substantially all of the Buyer’s assets
or any entity of which the Buyer holds all of the outstanding equity interest, in connection
with the sale and distribution of the WorkWise or Analyst Financials products, and
derivatives and products thereof. The WorkWise Patent consists of the following patent:

	 	 	 
	Patent No.

	 	Title
	 
	 	 
	6,738,757

	 	System for database monitoring and agent implementation

Without limiting the generality of the foregoing, the Patent License will encompass a
non-exclusive license to all patent rights that Seller possesses with respect to the Analyst
Financials Patents and WorkWise Patent, and to Seller’s knowledge, do not infringe any other
party’s patent or other rights.

(c) Liabilities Assumed. In addition, the Buyer will assume the following
additional liabilities as part of the Second Acquisition (the “Assumed Seller Liabilities”):

	 	(i)	 	ongoing obligations with respect to all prepaid maintenance
fees paid to the Seller as of the closing date of the Second Acquisition with
respect to the Acquired Seller Assets;

	 	(ii)	 	obligations arising after the date of the Second Acquisition
under that lease agreement for the Seller’s office space in Bellevue,
Washington (the “US Lease”); and

	 	(iii)	 	obligations with respect to accrued vacation time as of the
date of Second Acquisition for the Second Acquisition Key Employees (as defined
below).

(d) Employees. In addition, the Buyer will enter into satisfactory employment
arrangements with at least six (6) employees of Seller to be reasonably designated by the
Buyer (the “Second Acquisition Key Employees” and together with the First Acquisition Key
Employees, the “Key Employees”); provided, however, that, if the Second Acquisition is not
consummated, the Buyer shall have no obligation to enter into such employment arrangements.

(e) Consideration. The total consideration paid to the Seller at the Second
Acquisition shall be $900,000 in cash consideration and the Buyer’s assumption of the
Assumed Seller Liabilities.

The fixed cash consideration shall be payable as follows:

(i) $380,000 shall be payable at the Second Acquisition;

	 	(ii)	 	$260,000 shall be payable 18 months after the Second
Acquisition (bearing simple interest at a rate of 6% per annum); and

	 	(iii)	 	$260,000 shall be payable 36 months after the Second
Acquisition (bearing simple interest at a rate of 6% per annum).

The two deferred payments described above (due 18 and 36 months after closing of the Second
Acquisition) shall be guaranteed by Global Software, Inc., in form and substance reasonably
acceptable to Seller.

4. Patent Royalties. In addition, at the Second Acquisition the Seller will enter
into a Royalty Agreement with the Buyer. Pursuant to the Royalty Agreement, if Seller requests
that Buyer and/or any of the Key Employees assist Seller with respect to the prosecution of any
infringement claim regarding the Patents or the UK Patents, then Seller and/or the Key Employees
shall render such assistance and the Seller will be obligated to pay to the Buyer three percent
(3%) of all amounts received by Seller as a result of such infringement claim; provided, however,
that in the event that a Key Employee is subpoenaed or otherwise called as a witness in any
litigation, arbitration or proceeding regarding the Patents or the UK Patents, Buyer acknowledges
that Seller shall have no obligation to pay Buyer any amounts hereunder.

5. Second Acquisition Closing Condition. The Second Acquisition is subject to the
following conditions (the “Second Acquisitions Closing Conditions”):

(a) Absence of Adverse Change. There shall have been no material adverse change in
the business, properties, operations, condition (financial or otherwise), prospects, assets or
liabilities of the Seller or its business since the closing date of the First Acquisition.

(b) Employment Arrangements. In connection with the Second Acquisition, the Buyer
shall have entered into satisfactory employment arrangements with at least six (6) Second
Acquisition Key Employees; provided, however, that, if the Second Acquisition is not consummated,
the Buyer shall have no obligation to enter into such employment arrangements.

(c) Government and Third Party Approvals. The Second Acquisition shall have been
approved by all government agencies and third parties from whom such approval is required.

(d) Corporate Approval. The Second Acquisition shall have been approved by the
Seller’s stockholders.

6. Acquisition Covenants. In connection with the Acquisition, Seller agrees to the
following additional covenants:

(a) Access to Customers and Employees. The Seller shall, at the request of the Buyer,
introduce the Buyer to certain of the Seller’s principal customers and employees to facilitate
discussions between such persons and the Buyer in regard to the Buyer’s conduct of the business
following the Second Acquisition. Seller shall use best efforts to assign to the Buyer all
customer contracts prior to the Second Acquisition.

(b) Non-Competition Agreement. At the First Closing, the Seller shall agree not to
compete with the business of the Seller in the Covered Areas with respect to the Analyst Financials
product for the period commencing as of the consummation of the First Acquisition and ending as of
the consummation of the Second Acquisition; provided, however, that this non-competition
prohibition shall not apply to Seller conducting business with any existing customers of Seller.
At the closing of the Second Acquisition, the Seller shall agree not to compete with the business
of the Seller as conducted on the date of the First Acquisition, and not to solicit the customers
of the Seller or employees of the Seller retained by the Buyer, for a period of four (4) years
after the date of the Second Acquisition.

(c) Conduct of the Business. From the date of this letter until the date of the
Second Acquisition: (i) the Seller will continue to operate its businesses as it has in the past
and shall not engage in any transactions outside the ordinary course of business (other than the
consummation of the Bridge Financing (as defined below) and the Acquisitions), including, without
limitation, entering into any source code license with respect to the Analyst Financials product or
the WorkWise product; and (ii) the Seller will continue to make regularly scheduled payments on its
existing debt, and shall not incur any additional indebtedness except in the ordinary course of
business..

(d) Closing Date. The parties anticipate that the Second Acquisition shall take place
no later than August 31, 2005. If the Second Acquisition has not occurred on or prior to such
date, either party may terminate this Letter of Intent and the definitive purchase agreement;
provided, however, that if the only condition to closing that has not been satisfied is the
approval by Seller’s shareholders, then, at Seller’s sole option, (a) such date shall be extended
until September 30, 2005 and (b) the Final First Acquisition Payment shall be reduced to $220,000.

7. Contingent Service and Support. In the event the Second Acquisition is not
approved by the Seller’s shareholders and is terminated, the Seller shall provide: (i) the Buyer
and its employees, agents and representatives with the equivalent of eight (8) man-hour weeks (each
man-hour week consisting of 40 hours) of technical training over a four (4) month period, at no
additional cost to the Buyer, (ii) the Buyer with service packs and releases for a period of at
least eighteen (18) months, at no additional cost to the Buyer, (iii) after such eighteen (18)
month period, the Buyer with service packs and releases at the Seller’s standard maintenance rate
charged to other customers of the Seller and (iv) provide the Buyer with a right of first refusal
to enter into an outsourcing arrangement with the Seller to market, sell or service the Seller’s
customers, prior to accepting any third party offer to effectuate a similar outsourcing
arrangement, provided however that the terms of any outsourcing arrangement shall be on terms
acceptable to Seller, including as to price and quality of service, as determined by Seller in its
reasonable sole discretion. Notwithstanding the foregoing, the Seller’s obligations pursuant to
clauses (ii) and (iii) of the foregoing sentence shall terminate in the event the Seller is
acquired by a third party or sells all or substantially all of its assets.

8. Customer Warranties and Claims. The Seller will be responsible for all goods sold
and services rendered through the date of the Second Acquisition. Any customer claims or customer
warranty claims in respect of such pre-Second Acquisition goods and services are the Seller’s
responsibility regardless of whether such claims occur before or after the date of the Second
Acquisition.

9. Bridge Loan. As of June 1, 2005, the Buyer has made available to the Seller up to
$250,000 to be used for working capital and operating expenses from the date of this Letter
Agreement through the Second Acquisition (the “Bridge Financing”). The amount drawn under such
credit line will be at the sole discretion of the Seller. Such drawn amount shall bear interest at
six percent (6%) and shall be secured by a blanket first priority lien on the assets of the Seller,
or other sufficient collateral reasonably acceptable to the Seller. Subject to the following
sentence, principal and accrued interest under the Bridge Loan shall be payable upon the earlier
of: (i) July 15, 2005, (ii) the closing of the First Acquisition, or (iii) the termination of this
Letter of Intent (such due date being the “Bridge Maturity Date”). Notwithstanding the foregoing,
at Seller’s election, any unpaid principal and interest as of the Bridge Maturity Date may be
repaid in four (4) successive and equal quarterly payments of principal and interest following the
Bridge Maturity Date; provided, however, that following the Bridge Maturity Date any unpaid
principal balance shall bear interest at eight percent (8%).

10. Exclusivity. This letter constitutes the agreement of the Seller to work
exclusively with the Buyer towards the closing of the Acquisitions. From the date of your
signature below until the earlier of (a) July 15, 2005 or (b) the termination by the Buyer of
negotiations for the transaction contemplated herein, neither the Seller shall (i) directly or
indirectly through any other party engage in any negotiations with or provide any information to
any other person, firm or corporation with respect to an acquisition transaction involving the
Seller or its assets, except to the extent legally required for the discharge by the board of
directors of the Seller of its fiduciary duties as advised in writing by counsel, (ii) directly or
indirectly through any other party solicit any proposal relating to the acquisition of, or other
major transaction involving, the Seller or its assets and will notify the Buyer promptly of the
receipt of any unsolicited offer therefor, and (iii) dispose of any assets that would constitute a
part of the assets to be acquired hereunder other than in the ordinary course of business.

In the event of (a) any breach of the provisions of the foregoing paragraph by the Seller, (b)
the failure of either party to diligently proceed in good faith with the consummation of the
transaction contemplated herein (other than a failure to consummate by the Buyer due to an adverse
change as described in paragraph 2(f) or 6(d)) or (c) any termination of this Letter Agreement or
the definitive asset purchase agreement due to a material breach on the part of either party or any
of their respective officers or directors, then (x) if such breach or failure is on the part of the
Seller, the Seller will (1) repay to the Buyer all outstanding and principal amounts under the
Bridge Loan and (2) pay to the Buyer a cancellation fee in an amount equal to $200,000 plus
reasonable attorneys’ fees, accountants’ fees and appraiser’s fees incurred by the Buyer in
connection with the due diligence, negotiation and documentation of the Bridge Financing and
Acquisition and (y) if such breach or failure is on the part of the Buyer, the Buyer will pay to
the Seller a cancellation fee in an amount equal to $200,000 plus reasonable attorneys’ fees,
accountants’ fees and appraiser’s fees incurred by the Seller in connection with the due diligence,
negotiation and documentation of the Acquisition. The parties hereby agree the respective
cancellation fees set forth herein are reasonable consideration for the parties’ agreement to enter
into this Letter of Intent and to incur the time and expense of further investigation and
negotiation of the Acquisition.

11. Broker. The Buyer on one hand, and the Seller, on the other hand, represent and
warrant that they have not retained any finder, broker, investment banker or the like (an
“Intermediary”) with respect to the Acquisition. Each party agrees to indemnify, defend and hold
harmless the other party from any claim from any Intermediary arising on their respective accounts
with respect to the transactions contemplated by this letter agreement.

12. Disclosure. The Buyer and the Seller agree that no disclosure (other than to
either party’s legal or financial advisors with knowledge of the nondisclosure restriction) of the
Acquisition or the proposal therefor contained in this letter shall be made to any third party
without the consent of the other parties hereto, except as may be required by law (in which event
the non-disclosing parties shall be given an opportunity to review in advance the proposed
disclosure).

13. Expenses. Except as otherwise expressly provided herein, all parties will be
responsible for their own costs and expenses, including counsel fees, incurred in connection with
the transactions contemplated by this letter.

14. Expiration. The proposal set forth in this letter will terminate at 12:00pm
Eastern Time on June 28, 2005 unless countersigned in the place indicated below and returned to the
Buyer by such time and date.

15. Letter of Intent. It is not the intention of the parties that this letter, or any
actions of the parties with respect hereto, be, or be deemed to constitute, a legally binding
obligation of the parties hereto, except that the provisions in paragraphs 10 through 14 above and
this paragraph 15 shall be binding and enforceable obligations on the Seller and the Buyer and, in
consideration of the Buyer’s submission of this proposal, the provisions of paragraph 10 above
shall be a binding and enforceable obligation of the Seller. Any other legally binding obligation
with respect to this proposed Acquisition shall exist only upon the execution and delivery of a
definitive asset purchase agreement and all rights and obligations of the parties shall be governed
by such agreement. Accordingly, subject to the provisions of paragraph 10, either party is free to
abandon negotiations regarding the Acquisitions at any time for any reason or for no reason, by
notice to the other in writing, and the decision of either party to so abandon discussions shall
not be subject to legal challenge by the other party.

1

Please acknowledge your intent to proceed with the Acquisition on the basis outlined in this
letter and your agreement to paragraphs 10 through 15 by signing where indicated below and
returning one signed original to me.

Very truly yours,

	 	 	 	 	 	 	 
	
 
	 	 	 	Global Software, Inc.

By:
	 	

/s/ Ron Kupferman
	
 
	 	 	 	 	 	 
	
 
	 	 	 	Its:
	 	Chief Executive Officer
	 
	 	 	 	 	 	 
	cc:

	 	Mr. Craig Perkins
	 	

	 	

Agreed to and Accepted this

27th day of June, 2005.

Timeline, Inc.

By: /s/ Charles R. Osenbaugh

	 	 	 	Charles R. Osenbaugh

Chief Executive Officer

2

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