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Exhibit 10.2

PROMISSORY NOTE – REVOLVING LOAN

$3,000,000.00
September 22, 2008

FOR VALUE RECEIVED, the undersigned, Zynex Inc., and Zynex Medical, Inc.,
f/d/b/a Stroke Recovery Systems, (collectively, “Borrower”) jointly and
severally promise to pay to the order of Marquette Business Credit, Inc. d/b/a
Marquette Healthcare Finance, with an office in Portland, Multnomah County,
Oregon (“Lender”), the principal amount of THREE MILLION AND NO/100 DOLLARS
($3,000,000.00), or such lesser amount as may from time to time be advanced and
remain unpaid and outstanding hereunder, together with accrued interest at the
rate prescribed in that certain Loan and Security Agreement dated as of even
date herewith executed by Borrower and Lender (as amended, modified, or restated
from time to time, the “Loan Agreement”).

This Promissory Note – Revolving Loan (the “Note”) is executed and delivered by
Borrower pursuant to the Loan Agreement.  This Note evidences all advances made
by Lender to Borrower under the Loan Agreement and this Note is subject to the
terms and provisions of the Loan Agreement.  All capitalized terms used herein,
unless otherwise defined herein, shall have the same definitions herein as are
assigned to such terms in the Loan Agreement.  Lender’s records shall be
conclusive proof of loans, payments, and interest accruals hereunder, absent
proof of error by Borrower.

The principal of, and accrued and unpaid interest on, this Note shall be due and
payable as provided in the Loan Agreement.

Upon the occurrence of an Event of Default under the Loan Agreement (or any
other agreement between Borrower and Lender) and Lender’s notice to Borrower of
acceleration of the amounts due under this Note, or upon the termination of the
Loan Agreement (whether terminated by Borrower or Lender), (i) the principal of,
and all interest then accrued on, this Note will be due and payable without
presentment, demand, or protest, all of which Borrower hereby expressly waives,
(ii) the commitment of Lender to make Loans under the Loan Agreement will
immediately terminate, and (iii) Lender may exercise any other right provided in
the Loan Documents, or at law or in equity.

From and after the occurrence of an Event of Default, any principal and, to the
extent permitted by law, accrued interest thereon, shall bear interest, payable
on demand, for each day from and including the date of the Event of Default, but
excluding, the date of actual payment, at a rate per annum equal to the lesser
of (i) the Default Rate and (ii) the Maximum Rate, until the principal and
accrued interest has been paid in full or, if earlier, until such Event of
Default is cured or waived in writing by Lender.  Lender may, at its option, add
the amount of any interest payment due and unpaid on this Note to the unpaid
principal outstanding hereunder, in which event such amount shall thereafter be
treated as an advance under the Loan evidenced by this Note.

 
Exhibit 10.2 - Page 1 of 4

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No delay by Lender in the exercise of any power or right hereunder shall operate
as a waiver of, or impair, Lender’s rights and remedies under this Note or the
Loan Agreement.  Borrower and each other party ever liable hereunder severally
and expressly waive presentment, demand, notice of intention to demand, notice
of intention to accelerate, notice of acceleration, protest, notice of protest
and non-payment and any other notice of any kind, and agrees that its liability
hereunder shall not be affected by any renewals, extensions or modifications,
from time to time, of the time or manner of payment hereof, or by any release or
modification of any security for the obligations and indebtedness evidenced
hereby.

Borrower hereby promises to pay to Lender all reasonable costs and expenses of
enforcement and collection of any amounts due under this Note, including without
limitation, reasonable attorneys’ fees (including, without limitation, fees
incurred pursuant to or in connection with a proceeding brought pursuant to 11
U.S.C., the Federal Bankruptcy Code).

Each Borrower is jointly and severally liable under this Note and neither is an
accommodation party.

Notwithstanding anything contained herein, it is not intended by Lender to
contract for, charge, receive, collect or apply interest calculated at a rate in
excess of the Maximum Rate.  Further, Lender shall never be deemed to have
contracted for or be entitled to charge, receive, collect or apply as interest
on the Loan, any amount in excess of the amount permitted and calculated at the
Maximum Rate, and, in the event Lender ever contracts for, charges, receives,
collects or applies as interest any amount in excess of the amount permitted and
calculated at the Maximum Rate, such amount which would be excessive interest
shall be applied to the reduction of the unpaid principal balance of the Loan,
and, if the principal balance of the Loans has been paid in full, any remaining
excess shall forthwith be paid to Borrower.  In determining whether or not the
interest paid or payable under any specific contingency exceeds the Maximum
Rate, Borrower and Lender shall, to the maximum extent permitted under
applicable law, (i) characterize any non-principal payment (other than payments
which are expressly designated as interest payments hereunder) as an expense,
fee or premium, rather than as interest, (ii) exclude voluntary prepayments and
the effect thereof, and (iii) spread the total amount of interest throughout the
entire contemplated term of the Loan.

This Note shall be governed by and construed according to the laws of the State
of Oregon, except as to provisions relating to the rate of interest to be
charged on the unpaid principal hereof, in which case, to the extent federal law
(including, without limitation, 12 U.S.C. Section 85, as now enacted or
hereafter amended) permits Lender to contract for, charge or receive a higher
rate of interest or permits Lender to contract for, charge or receive interest
at a higher rate permitted by the laws of another jurisdiction, such federal law
(and, if appropriate, the law of such other jurisdiction) will be applicable in
determining the Maximum Rate, instead of the laws of the State of Oregon.

 
Exhibit 10.2 - Page 2 of 4

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Statutory Disclosure.  UNDER OREGON LAW, MOST AGREEMENTS, PROMISES, AND
COMMITMENTS MADE BY A LENDER AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER
CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES OR
SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS
CONSIDERATION, AND BE SIGNED BY A LENDER TO BE ENFORCEABLE. (ORS 41.580)
 
[Signature page to follow]

 
Exhibit 10.2 - Page 3 of 4

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THIS NOTE AND ALL OTHER WRITTEN AGREEMENTS EXECUTED IN CONNECTION HEREWITH
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 
BORROWER:

 
Zynex, Inc.
   

 
 

 
By: /s/ Thomas Sandgaard
Name:  Thomas Sandgaard
Title:  Chief Executive Officer and President
   

 

 
BORROWER:

 
Zynex Medical, Inc.

 
f/d/b/a Stroke Recovery Systems

 
 

 
By: /s/ Thomas Sandgaard
Name:  Thomas Sandgaard
Title:  President
 
   

 

Exhibit 10.2 - Page 4 of 4
 
 

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