LOAN AGREEMENT
Between:
Xxxxx Xxxxxxx (herein under referred to as "Xxxxxxx")
and
Go Cash Inc. (herein under referred to as "GO"}
Xxxxx Xxxxxxx hereby agrees to loan Go Cash Inc. a sum of TWO HUNDRED
THOUSAND DOLLARS ($200,000) US.
Repayment Terms:
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Go reserves the right to repay the loan in full at any point. The loan will be
non-interest bearing for a period of THREE MONTHS from date of signing. If the
loan is not repaid within the THREE MONTH period, Go agrees to pay Xxxxxxx FOUR
MONTHLY payments of SIXTY THOUSAND DOLLARS ($60,000) US each. These payments
consist of FIFTY THOUSAND DOLLARS ($50000) US principal and TEN THOUSAND DOLLARS
($10,000) US interest. These payments will commence no later than JANUARY 1,
2000.
Additional Terms:
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To secure the payment of this note and of each and every other obligation,
whether direct or indirect, due or to become due which Go may now or at any time
hereafter owe to Xxxxxxx, Go hereby grants Xxxxxxx a security interest in Go's
deposit accounts and other rights Go may have to the payment of money from
Xxxxxxx.
If Xxxxxxx does not receive any payment required herein on or before the date
due, or if Xxxxxxx, at any time and in good faith, has reason to believe that
the prospect of receiving any payment required under this agreement is impaired,
then he may, at his option, declare all sums then owing herein to be immediately
due and payable, without demand or notice, both of which Go hereby waive.
Xxxxxxx agrees to give Go notice of such action as soon thereafter as is
reasonably practical. Xxxxxxx may, at his option, exercise the remedies
available to him under the law.
Go agrees to pay all costs, including reasonable attorney's fees, which Xxxxxxx
may incur in enforcing this agreement, and Go waives diligence, demand, protest,
presentment, notice of protest, and notice on non-payment.
Both parties may assign any rights herein.
Xxxxxxx may change any of the terms and provisions hereof, including the payment
schedule, by giving such notice to Go as may be required by Law.
May 15, 1999 /s/ Xxxxx Xxxxxxx
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Date XXXXX XXXXXXX
May 15, 1999 /s/ signature
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Date GO CASH INC.
