EXHIBIT 10.14
NON-RECOURSE SECURED NOTE II
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$4,900,000.00 Boston, Massachusett
April 30, 1987
FOR VALUE RECEIVED, Environmental Power Corporation, a Delaware corporation
("Maker"), promises to pay WITHOUT RECOURSE and WITHOUT INTEREST to Xxxx X.
Xxxxxxx, Xxxxxxx Xxxx and Xxxxxx X. Xxxx (collectively, "Holder") the sum of
FOUR MILLION NINE HUNDRED THOUSAND and 00/100 DOLLARS ($4,900,000.00), ON DEMAND
After the CONDITION DATE.
The Condition Date shall be the fifth business day following the date that
Condition II, as that term is defined by a certain Purchase and Sale Agreement
dated April 30, 1987 between Maker and Holder, has been satisfied.
Maker (i) waives trial by jury in any action on this Note or any security
for this Note, (ii) waives all reguirements of diligence in collection,
presentment, notice of non-payment, protest, notice of protest, suit and all
other conditions precedent in connection with the collection and enforcement of
this Note or the realization of any security for this Note; (iii) waives the
right to require the Holder to proceed against any other person or to pursue any
other remedy before proceeding against it, and (iv) agrees that, if consented to
by Maker, no renewal or extension of this Note, including a renewal or extension
in which this Note is surrendered, no release, surrender or substitution of
security for this Note or the indebtedness evidenced hereby, no modification or
waiver of the terms of any instrument referred to herein or any other agreement
now or hereafter directly relating to this Note or the indebtedness evidenced
hereby, and, whether or not consented to by Maker, no delay or omission in
exercising any right or power under this Note or any security for this Note or
the indebtedness evidenced hereby, shall affect Maker's liability, and (vi)
agrees that additional makers, endorsers, guarantors, or sureties may become
parties hereto without notice to Maker and without affecting the Maker's
liability hereunder.
Maker agrees to pay all reasonable costs and expenses including reasonable
attorneys' fees incurred by Xxxxxx in any proceeding for collection of the debt
evidenced hereby.
This Note is secured by Pledge Agreement dated April 30, 1987 covering
certain assets of Maker.
This Note shall take effect as a sealed instrument on the date first set
forth above and shall be governed by the laws of the Commonwealth of
Massachusetts.
WITNESS ENVIRONMENTAL POWER
CORPORATION
[SIGNATURE ILLEGIBLE] By: /s/ Xxxxxx X. Xxxxxxxxxx
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Executive Vice President
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