EV Transportation, Inc. Watch

from 10-Q 13 pages This Loan and Security Agreement (This “Agreement”) Is Made as of 09/05/2008, by and Between Toyota Motor Credit Corporation (“Lender”) and EV Rental Cars, LLC, a California Corporation (“Borrower”). Borrower Is Desirous of Obtaining a Loan From Lender and Lender Is Willing to Make the Loan to Borrower Upon the Terms and Conditions Set Forth Herein. Capitalized Terms Used Herein Without Definition Shall Have the Meanings Assigned to Them in Schedule a Attached Hereto And, for Purposes of This Agreement and the Other Loan Documents, the Rules of Construction Set Forth in Schedule a Shall Govern. Now, Therefore, in Consideration of the Mutual Covenants Contained Herein, and Other Good and Valuable Consideration, the Receipt and Sufficiency of Which Are Hereby Acknowledged, the Parties Do Hereby Agree as Follows: 1. Advance of Loan. (A) the Loan. on the Terms and Conditions Hereinafter Set Forth, the Parties Agree That Lender Shall Lend to Borrower Certain Sums Not to Exceed $750.000.00 (The “Maximum Amount”) in the Aggregate (The “Loan”). Time Is of the Essence. (B) Promissory Note. the Obligation to Repay the Loan Hereunder Shall Be Evidenced by One or More Promissory Notes Payable by Borrower to the Order of Lender (Hereinafter Collectively Referred to as the “Promissory Note”)