Demand Note - EarthShell Container Corp. and McDonald's Corp.
CANCELLED
DEMAND NOTE
$2,000,000.00 OAK BROOK, ILLINOIS
DECEMBER 21, 1994
FOR VALUE RECEIVED, the undersigned EarthShell Container Corporation, 800
Miramonte Drive, Santa Barbara, California 93109 ("Payor"), promises to pay to
the order of McDonald's Corporation, One McDonald's Plaza, Oak Brook, Illinois
60521 ("Holder"), on demand, at Oak Brook, Illinois the principal amount of Two
Million Dollars ($2,000,000.00) together with interest on the unpaid principal
amount from December 21, 1994, at the rate of eight percent (8%) per annum.
Interest shall be computed on the basis of a year of 365 days and actual days
elapsed and shall be payable on the first day of each month beginning February
1, 1995 and on demand.
If default is made in the payment when due of any principal or interest, then
the whole sum of principal and interest shall become immediately due and payable
at the option of the Holder, without notice.
In the event the Holder shall institute any action for the enforcement of any
amount due on this Note, Payor agrees to pay all costs and expenses of
collection and enforcement, including reasonable attorneys' fees.
All payments of principal, interest or other amounts payable on or in respect of
this Note shall be made in lawful currency of the United States of America in
immediately available funds, to the Holder at the address set forth above,
unless otherwise directed in writing by Holder.
This Note may be prepaid at any time in whole or in part without premium or
penalty; provided that the amount of any prepayment shall be applied first to
unpaid and accrued interest and second to principal.
Any waiver of any payment due hereunder or the acceptance by the Holder of
partial payments hereunder shall not, at any other time, be taken to be a waiver
of the terms of this Note or any other agreement between the Payor and the
Holder.
The Payor authorizes, irrevocably, any attorney of any court of record to appear
for the Payor in such court if any payment under this Note is not paid when due,
and at any time thereafter, while principal of or interest on this Note shall
remain unpaid, to confess judgment without process in favor of the Holder of
this Note for such amount as may appear to be due and unpaid hereon, together
with reasonable costs of collection, including reasonable attorney's fees, and
to waive and release all errors which may intervene in any such proceedings, and
consent to immediate execution upon such judgment, and does ratify and confirm
all that that attorney may do by virtue thereof.
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This Note shall be governed by and interpreted in accordance with the internal
laws of the State of Illinois.
IN WITNESS WHEREOF, the undersigned have executed this Note as of the date first
written above.
EARTHSHELL CONTAINER CORPORATION
By: /s/ Richard K. Hulme
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Its: PRESIDENT
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CANCELLED
ATTEST
By: /s/ Scott Houston
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Its: CEO
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