Blueprint





  Exhibit 10.2








TERM LOAN NOTE

 


	
$5,813,500.00

	
February 26,
2019






                                                                                                             
 


FOR
VALUE RECEIVED and intending to be legally bound, the undersigned,
LIGHTPATH TECHNOLOGIES,
INC., a Delaware corporation (“Borrower”), jointly and severally,
promise to pay, in lawful money of the United States of America, to
the order of BANKUNITED,
N.A., a national banking association (“Lender”), at the address set forth
in Section 2.5(a) of the Loan Agreement, the maximum aggregate
principal sum of up to Five Million Eight Hundred Thirteen Thousand
Five Hundred and No/100 Dollars ($5,813,500.00) or such lesser sum
which represents the principal balance outstanding under the Term
Loan Facility established pursuant to the provisions of that
certain Loan Agreement dated of even date herewith, between
Borrower and Lender (as it may be supplemented, restated,
superseded, amended or replaced from time to time,
“Loan
Agreement”). The outstanding principal balance
hereunder shall be payable in accordance with the terms of the Loan
Agreement. The outstanding principal balance of this Note, plus all
accrued but unpaid interest, shall be due and payable on the Term
Loan Maturity Date. The actual amount due and owing from time to
time hereunder shall be evidenced by Lender's records of receipts
and disbursements with respect to the Term Loan Facility, which
shall, in the absence of manifest error, be conclusive evidence of
the amount. All capitalized terms used herein without further
definition shall have the respective meanings ascribed thereto in
the Loan Agreement.


 


Borrower further
agrees to pay interest on the outstanding principal balance
hereunder from time to time at the per annum rates set forth in the
Loan Agreement. Interest shall be calculated on the basis of a year
of 360 days but charged for the actual number of days elapsed, and
shall be due and payable as set forth in the Loan
Agreement.


 


This
Term Loan Note is that certain Term Loan Note referred to in the
Loan Agreement.


 


If an
Event of Default occurs and is continuing under the Loan Agreement,
the unpaid principal balance of this Term Loan Note along with all
accrued and unpaid interest and unpaid Expenses shall become, or
may be declared, immediately due and payable as provided in the
Loan Agreement. The obligations evidenced by this Term Loan Note
are secured by the Collateral.


 


This
Term Loan Note may be prepaid only in accordance with the terms and
conditions of the Loan Agreement.


 


Borrower hereby
waives protest, demand, notice of nonpayment and all other notices
in connection with the delivery, acceptance, performance or
enforcement of this Term Loan Note.


 


This
Term Loan Note shall be governed by and construed in accordance
with the substantive laws of the State of Florida (without giving
effect to principles of conflicts of law). The provisions of this
Term Loan Note are to be deemed severable and the invalidity or
unenforceability of any provision shall not affect or impair the
remaining provisions of this Term Loan Note which shall continue in
full force and effect. No modification hereof shall be binding or
enforceable against Lender unless approved in writing by
Lender.


 


BORROWER (AND
LENDER BY ITS ACCEPTANCE HEREOF) HEREBY WAIVES ANY AND ALL RIGHTS
IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION,
PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR
WITH RESPECT TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS,
NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED
RENEWAL, EXTENSION, AMENDMENT, MODIFICATION, RESTRUCTURE,
FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS
CONTEMPLATED HEREUNDER OR UNDER THE LOAN DOCUMENTS.


 


 



[EXECUTION PAGES FOLLOW]














 







[SIGNATURE PAGE OF TERM LOAN NOTE]


 


 


IN
WITNESS WHEREOF, and intending to be legally bound hereby, Borrower
has executed these presents the day and year first above
written.


 


LIGHTPATH
TECHNOLOGIES, INC.


a
Delaware corporation


 


 


By:

/s/ J. James Gaynor


J.
James Gaynor, President