Exhibit 10.11
Agreement of Terms
This agreement is entered into by and between U.S. Electricar, Inc. a
California Corporation (the "Company"), and Xxxx X. Xxxxx, an individual, for
the purpose of restating the original terms of certain Note Agreements between
Itochu and U.S. Electricar, Inc.
In March, 1999 Xxxx X. Xxxxx purchased from Itochu, 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 plus
accrued interest wherein U.S. Electricar, Inc. was the debtor.
The parties to this Agreement do hereby conform that these Notes may be
satisfied by either payment of assets of the Company or conversion into
equity in the Company.
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, Chief Executive Officer
U.S. Electricar, Inc.
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx, an individual
