Exhibit 10.10
Agreement of Debt Forgiveness
I, Xxxx X. Xxxxx, an individual am the holder of three
Promissiory Notes, dated December 26, 1996, February 21, 1997 and June 30, 1996
respectively in the amounts of $900,000, $400,000, and $3,000,000. As of the
date of this Agreement, said Notes are in default. Without any consideration, I
do hereby resolve to forgive the sum total of $2,693,506 in accrued interest and
principal with respect to the aforementioned Notes payable from U.S. Electricar,
Inc.
Said amount shall be forgiven as follows:
Note dated December 26, 1996 -- Accrued Interest of $ 266,150
Note dated February 21, 1997 -- Accrued Interest of $ 110,689
Note dated June 30, 1996 -- Accrued Interest of $ 1,016,667
Note dated June 30, 1996 -- Principal of $ 1,300,000
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Total $ 2,693,506
All other terms of said Notes shall remain in full force without any
modifications to maturity, default status, collaterization, rate or any other
terms and conditions as stated in the original loan agreements. Said rate shall
remain at the default rate of twelve percent per annum.
Signed this 30th day of July 1999 at Torrance, California.
/s/Xxxx X. Xxxxx
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Xxxx X. Xxxxx
