exv10w2






Exhibit 10.2




REVOLVING LOAN NOTE




			
	$1,500,000.00
	 	July 17, 2009






     FOR VALUE RECEIVED, ASSURANCEAMERICA CORPORATION, a Nevada corporation (the “Borrower”)
hereby promises to pay to WACHOVIA BANK, NATIONAL ASSOCIATION (the “Lender”), in accordance with
the provisions of the Loan Agreement (as hereinafter defined), the principal amount of ONE MILLION
FIVE HUNDRED THOUSAND AND NO/100 U.S. DOLLARS ($1,500,000.00), or such lesser principal amount
outstanding under the revolving loan (the “Loan”) made by Lender to Borrower under that certain
Loan Agreement, dated as of even date herewith (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Loan Agreement”; the terms defined therein
being used herein as therein defined), between Borrower and Lender.



     1. Borrower promises to pay principal and interest on the unpaid principal amount of the Loan
from the date of such Loan until such principal amount is paid in full, at such interest rates and
at such times as provided in the Loan Agreement. All payments of principal and interest shall be
made to Lender in U.S. Dollars in immediately available funds at Lender’s office as set forth in
the Loan Agreement. If any amount is not paid in full when due hereunder, such unpaid amount shall
bear interest, to be paid upon demand, from the due date thereof until the date of actual payment
(and before as well as after judgment) computed at the per annum rate set forth in the Loan
Agreement.



     2. This Note is the “Note” defined in the Loan Agreement, is entitled to the benefits thereof
and may be prepaid in whole or in part subject to the terms and conditions provided therein. This
Note is also entitled to the collateral security, guarantees and other benefits of the other Loan
Documents. Upon the occurrence and continuation of one or more of the “Events of Default” defined
in the Loan Agreement, all amounts then remaining unpaid on this Note shall become, or may be
declared to be, immediately due and payable all as provided in the Loan Agreement. The Loan made by
Lender may be evidenced by one or more loan accounts or records maintained by Lender in the
ordinary course of business. Lender may also attach schedules to this Note and endorse thereon the
date, amount and maturity of its Loan and payments with respect thereto.



     3. Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note.



     4. No waiver, amendment or modification of any provision of this Note shall be valid unless in
writing and signed by Borrower and an officer of Lender. No waiver by Lender of any Event of
Default shall operate as a waiver of any other Event of Default or of the same Event of Default on
a future occasion. All rights of Lender hereunder are freely assignable, in whole or in part, and
shall inure to the benefit of and be enforceable by Lender, its successors, assigns and affiliates;
provided, however, so long as no Event of Default has occurred and is continuing, Lender may not
assign the Loan and this Note to another party (other than to an affiliate of Lender) without the
Borrower’s prior written consent, which consent shall not be unreasonably withheld or delayed.
Borrower shall not assign its rights and interest hereunder without the prior written consent of
Lender, and any attempt by Borrower to assign without Lender’s prior written consent is null and
void. Any assignment shall not release Borrower from the Obligations. This Note shall be binding
upon Borrower, and the heirs, personal representatives, successors, and assigns of Borrower. This
Note shall be governed by and construed under the laws of the State of Georgia (the “Jurisdiction”)
without regard to that Jurisdiction’s conflict of laws principles. If any provision of this Note
shall be prohibited by or invalid under applicable law, such provision shall be ineffective but
only to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Note. Any notices to Borrower shall be sufficiently



 









 




given, if in writing and mailed or delivered to Borrower in accordance with Section 7.2 of the
Loan Agreement and to Lender, if in writing and mailed or delivered to Lender in accordance with
Section 7.2 of the Loan Agreement. If more than one party has signed this Note, such parties are
jointly and severally obligated hereunder. This Note and the other Loan Documents 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 as to the matters set forth in this Note.




     5. LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES. EACH OF THE PARTIES HERETO, INCLUDING
LENDER BY ACCEPTANCE HEREOF, AGREES THAT IN ANY JUDICIAL, MEDIATION OR ARBITRATION PROCEEDING OR
ANY CLAIM OR CONTROVERSY BETWEEN OR AMONG THEM THAT MAY ARISE OUT OF OR BE IN ANY WAY CONNECTED
WITH THIS NOTE, THE LOAN DOCUMENTS OR ANY OTHER AGREEMENT OR DOCUMENT BETWEEN OR AMONG THEM OR THE
OBLIGATIONS EVIDENCED HEREBY OR RELATED HERETO, IN NO EVENT SHALL ANY PARTY HAVE A REMEDY OF, OR BE
LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR (2) PUNITIVE OR
EXEMPLARY DAMAGES. EACH OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY RIGHT OR CLAIM TO PUNITIVE OR
EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY SUCH
PROCEEDING, CLAIM OR CONTROVERSY, WHETHER THE SAME IS RESOLVED BY ARBITRATION, MEDIATION,
JUDICIALLY OR OTHERWISE.



     6. ARBITRATION. (a) Upon demand of any party hereto, whether made before or after institution
of any judicial proceeding, any claim or controversy arising out of or relating to the Loan
Documents between parties hereto (a “Dispute”) shall be resolved by binding arbitration conducted
under and governed by the Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”)
of the American Arbitration Association (the “AAA”) and the Federal Arbitration Act. Disputes may
include, without limitation, tort claims, counterclaims, a dispute as to whether a matter is
subject to arbitration, claims brought as class actions, or claims arising from documents executed
in the future. A judgment upon the award may be entered in any court having jurisdiction.
Notwithstanding the foregoing, this arbitration provision does not apply to disputes under or
related to swap agreements.



          (b) All arbitration hearings shall be conducted in the city named in the address of Lender
first stated above. A hearing shall begin within 90 days of demand for arbitration and all hearings
shall conclude within 120 days of demand for arbitration. These time limitations may not be
extended unless a party shows cause for extension and then for no more than a total of 60 days. The
expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be applicable to
claims of less than $1,000,000.00. Arbitrators shall be licensed attorneys selected from the
Commercial Financial Dispute Arbitration Panel of the AAA. The parties do not waive applicable
Federal or state substantive law except as provided herein.




          (c) Notwithstanding the preceding binding arbitration provisions, the parties agree to
preserve, without diminution, certain remedies that any party may exercise before or after an
arbitration proceeding is brought. The parties shall have the right to proceed in any court of
proper jurisdiction or by self-help to exercise or prosecute the following remedies, as applicable:
(i) all rights to foreclose against any real or personal property or other security by exercising a
power of sale or under applicable law by judicial foreclosure including a proceeding to confirm the
sale; (ii) all rights of self-help including peaceful occupation of real property and collection of
rents, set-off, and peaceful possession of personal property; (iii) obtaining provisional or
ancillary remedies including injunctive relief, sequestration, garnishment, attachment, appointment
of receiver and filing an involuntary Bankruptcy proceeding; and




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(iv) when applicable, a judgment by confession of judgment. Any claim or controversy with regard to
any party’s entitlement to such remedies is a Dispute.




          (d) THE PARTIES ACKNOWLEDGE THAT BY AGREEING TO BINDING ARBITRATION THEY HAVE IRREVOCABLY
WAIVED ANY RIGHT THEY MAY HAVE TO JURY TRIAL WITH REGARD TO A DISPUTE AS TO WHICH BINDING
ARBITRATION HAS BEEN DEMANDED.




	 	 	 	 	 
	 	ASSURANCEAMERICA CORPORATION,

a Nevada corporation

 	 
	 	By:  	/s/ Mark H. Hain
 	 
	 	 	Name:  	MARK H. HAIN 	 
	 	 	Title:  	EVP

 	 
	[SEAL] 	 




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