Exhibit 10.2

REVOLVING PROMISSORY NOTE

 

Up to $2,300,000.00

Issuance Date: October 21, 2026

 

FOR VALUE RECEIVED, Azio AI Holdings, Inc., a Delaware corporation (the “Borrower”), promises to pay to the order of Azio Corporation, a California corporation (“Lender”), on or before the Maturity Date (A) the lesser of: (i) Two Million Three Hundred Thousand and No/100 United States Dollars ($2,300,000.00) and (ii) the aggregate principal amount of all Loans outstanding under and pursuant to that certain Revolving Credit Facility Agreement dated as of the Issuance Date as set forth above, by and between Borrower and Lender (as amended, supplemented or modified from time to time, the “Credit Agreement”); together with (B) interest as provided in the Credit Agreement. Capitalized words and phrases not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement. The Lender and the Borrower may be referred to herein individually as a “Party” and collectively as the “Parties”.

 

Article I.    General Terms.

 

Section 1.01    This Revolving Promissory Note (this “Note”) evidences the Loans incurred by Borrower under and pursuant to the Credit Agreement, to which reference is hereby made for a statement of the terms and conditions under which the Maturity Date or any payment hereon may be accelerated or otherwise become due prior to the Maturity Date. The holder of this Note is entitled to all of the benefits provided for in the Credit Agreement and all other Loan Documents. All Indebtedness shall be repaid by Borrower on the Maturity Date, unless paid or payable sooner pursuant to the provisions of the Credit Agreement.

 

Section 1.02    The Indebtedness shall be paid to Lender as set forth in the Credit Agreement, or at such other place as the holder of this Note shall designate in writing to Borrower. Each Loan made by Lender, and all payments on account of the Indebtedness shall be recorded on the books and records of Lender and the principal balance as shown on such books and records, or any copy thereof certified by an officer of Lender, shall be, absent demonstrable error, conclusive and binding evidence of the principal amount owing hereunder.

 

Section 1.03    Except for such notices as may be required under the terms of the Credit Agreement, Borrower waives presentment, demand, notice, protest, and all other demands, or notices, in connection with the delivery, acceptance, performance, default, or enforcement of this Note, and assents to any extension or postponement of the time of payment or any other indulgence.

 

Section 1.04    This Note and the amounts payable hereunder, including principal and accrued interest are and shall be general, unsecured obligations of the Borrower.

 

Article II.    Miscellaneous.

 

Section 2.01    TIME IS OF THE ESSENCE OF THIS NOTE.

 

Section 2.02    It is agreed that the granting to Borrower or any other party of an extension or extensions of time for the payment of any sum or sums due under this Note or under any of the Loan Documents or for the performance of any covenant or stipulation thereof or the taking of other or additional security shall not in any way release or affect the liability of Borrower under this Note or any of the Loan Documents.

 

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Section 2.03    This Note may be amended only in a writing executed by the Borrower and the Lender.

 

Section 2.04    Notwithstanding anything herein to the contrary, the obligations of Borrower under this Note shall be subject to the limitation that payments of interest shall not be required to the extent that receipt of any such payment by Lender would be contrary to provisions of law applicable to Lender limiting the maximum rate of interest which may be charged or collected by Lender. In the event that any charge, interest or late charge is above the maximum rate provided by law, then any excess amount over the lawful rate shall be applied by Lender to reduce the principal sum of the loan made pursuant to this Note or any other amounts due Lender hereunder.

 

Section 2.05    Lender shall have the right to accept and apply to the outstanding balance of this Note any and all payments or partial payments received from Borrower after the due date therefor, whether this Note has been accelerated or not, without waiver of any of Lender’s rights to continue to enforce the terms of this Note and to seek any and all remedies provided for herein or in any instrument securing the same, including, but not limited to, the right to foreclose on such security.

 

Section 2.06    If any clause or provision herein contained operates or would prospectively operate to invalidate this Note in part, then the invalid part of said clause or provision only shall be held for naught, as though not contained herein, and the remainder of this Note shall remain operative and in full force and effect.

 

Section 2.07    Any notices hereunder shall be given in accordance with terms of the Credit Agreement.

 

Section 2.08    Section 6.13 of the Credit Agreement is incorporated herein mutatis mutandis.

 

Section 2.09    This Note and any and all claims, proceedings or causes of action relating to this Note or arising from this Note or the transactions contemplated herein, including, without limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed, governed and enforced under and solely in accordance with the substantive and procedural laws of the State of Delaware, in each case as in effect from time to time and as the same may be amended from time to time, and as applied to agreements performed wholly within the State of Delaware.

 

Section 2.10    EACH PARTY, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES, IRREVOCABLY, THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER GRANTING ANY FINANCIAL ACCOMMODATION TO BORROWER.

 

Section 2.11    Notwithstanding any provision in this Note, the total liability for payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law. In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further Note or notice by, between, or to any Party, be applied to the reduction of the outstanding principal balance of this Note immediately upon receipt of such sums by the Lender, with the same force and effect as though the Borrower had specifically designated such excess sums to be so applied to the reduction of such outstanding principal balance and the Lender had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Lender may elect by notice in writing to the Borrower to waive, reduce, or limit the collection of any sums in excess of those lawfully collectible as interest rather than accept such sums as a prepayment of the outstanding principal balance. It is the intention of the Parties that the Borrower does not intend or expect to pay nor does the Lender intend or expect to charge or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable law.

 

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Section 2.12    This Note may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[Signatures appear on following pages]

 

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IN WITNESS WHEREOF, Borrower and Lender have executed this Note as of the Issuance Date as set forth above.

 

 

 

Azio AI Holdings, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Chris Young

 

 

Name:

Chris Young

 

 

Title:

Chief Executive Officer

 

      

Agreed and accepted:

 

 

Azio Corporation

 

 

 

By:

/s/ Chi Wei David Shiue

Name:

Chi Wei David Shiue

Title:

Chief Executive Officer

     

 

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