EXHIBIT 10.11
LOAN AGREEMENT
This Loan Agreement, dated this 31st day of December, 2003, is between NightHawk
Systems, Inc., a Nevada Corporation, with its address at 0000 Xxxx Xxxxxxx
Xxxxx, Xxxxxx Xxxxxxxx, (the "Borrower") and H. Xxxxxxx Xxxxxxxx of 00000
Xxxxxxxx, Xxx Xxxxxxx, Xxxxx 00000 (the "Lender").
In consideration of the premises, representations and warranties contained
herein, and for other good and valuable consideration, the Borrower and Lender
agree as follows:
1. LOAN TERMS
Borrower hereby promises to pay to the order of Lender the principal sum of NINE
THOUSAND AND NO/100 DOLLARS ($9,000.00) at San Antonio, Texas, or such other
place as the holder hereof may designate from time to time in writing, in lawful
money of the United States of America and in immediately available funds,
together with interest on the unpaid principal balance hereof at the rate
provided herein from the date of this Note until payment in full of the
indebtedness evidenced by this Note. This Note shall be due and payable in one
lump sum on or before JANUARY 31, 2004 ("Maturity Date").
2. INTEREST AMOUNT
The Interest for the Loan Amount shall be one and one half percent (1.5%)
monthly interest rate unless the principal is paid in full by January 31, 2004.
If the principal amount of the Note is paid in full by January 31, 2004 no
interest shall be charged to Borrower.
3. AGREEMENT TO REPAY
Borrower agrees to repay the Lender his Loan Amount and Interest upon receipt of
the payments for the invoices identified in Paragraph 4, below, but no later
than January 31, 2004.
4. SECURITY INTEREST
In order to secure the payment and performance of all the obligations of
Borrower to Lender, Borrower hereby grants to Lender a security interest in and
lien upon all of Borrower's right title and interest in the following Accounts
Receivable:
Day Wireless Invoice # 1535300 in the amount of: $6,213.00
Mercury OnLine Solutions Xxxxxxx # 0000000 xx the amount of: $4,345.99
Mercury OnLine Solutions Xxxxxxx # 0000000 xx the amount of: $6,547.02
5. TERM
This Agreement shall become effective on the date hereof and shall continue in
full force and effect for a period of two (2) months from the date hereof and
will be automatically renewed for a like period unless previously terminated by
Borrower's payment to Lender of the Loan Amount and Interest.
AGREED TO BY:
/s/ Xxx Xxxxxxxx
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Xxx Xxxxxxxx
Chairman of the Board of Directors, NightHawk Systems, Inc.
