Document:

Exhibit 10.2

    

     

    

     
      

      

      
        PROMISSORY NOTE References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or Item. An Item above containing "***" has
            been omitted due to text len th limitations. Borrower: Galaxy Gaming, Inc. 6480 Cameron St Ste 305 Las Vegas, NV 89118 Prlnclpal Amount: $4,000,000.00 Lender: Zions Bancorporation, N.A. dba Nevada State Bank
            Corporate Lending Department 750 E. Warm Springs Road Las Vegas, NV 89119 Date of Note: October 26, 2020 PROMISE TO PAY. Galaxy Gaming, Inc. ("Borrower") promises to pay to Zions Bancorporation, N.A. dba Nevada State Bank ("Lender"),
            or order, In lawful money of the U nited States of America, the prlnclpal amount of Four MUiien & 00/100 Dollars ($4,000,000.00), together with Interest on the unpaid principal balance from October 26, 2020, until paid In full. PAYMENT.
            Subject to any payment changes resulting from changes In the Index, Borrower will pay this loan In accordance with the following payment schedule: Borrower shall not be required to make any interest payments under this Note during the one (1)
            year Immediately following the date of this Note; provided however, that Interest shall begin to accrue as of the date of the advance of Loan funds evidenced by this Note, and which accrued and unpaid Interest for such period shall be
            capitalized and added to the principal balance of the Note on October 26, 2021 ; provided further, that if this Note Is prepaid, In whole or In part, during such period, then all accrued and unpaid Interest on such prepaid amount shall be due
            and payable on the date of such prepayment. Thereafter, Borrower will pay to Lender monthly payments of accrued, unpaid Interest due as of each payment date, beginning on November 26, 2021 with all subsequent payments to be due on the same day
            of each month after that until the Note Is paid in full provided however, that any Interest that accrues pursuant to the "INTEREST AFTER DEFAULT'' paragraph below (i) prior to October 26, 2021 shall be payable on such date, and (II) at any time on or
            after October 26, 2021 shall be payable on demand. Borrower shall not be required to make any principal payments under this Note during the two (2) years Immediately followlng the date of this Note. Thereafter, Borrower shall pay the principal
            balance of this Note as follows: Principal Payment 1. Borrower will pay to Lender a principal payment on October 26, 2023 which shall be equal to fifteen percent (15%) of the original principal balance of the Note. For purposes of this Note,
            "original principal balance of this Note" shall mean the principal balance of the Note as Increased by any capitalized Interest hereunder. For the avoidance of doubt, all capitalized Interest hereunder shall accrue Interest and be payable as
            described in this paragraph as though it were part of the original principal balance of the Note. Principal Payment 2. Borrower will pay to Lender a principal payment on October 26, 2024 which shall be equal to fifteen percent (15%) of the
            original principal balance of the Note. Principal Payment 3. Borrower will pay to Lender a principal payment on October 26, 2025 ("Maturity Oaten) which shall be equal to seventy percent (70%) of the original principal balance of the
            Note. Unless otherwise agreed or required by applicable law, payments will be applied to accrued unpaid interest; then to unpaid principal; then to late charges and other charges. Borrower will pay Lender at Lender's address shown above or at
            such other place as Lender may designate In writing. VARIABLE INTEREST RATE. The Interest rate on this Note is subject to change from time to time based on changes in an independent index which is the 3 Month LIBOR rate. Lender's LIBOR rate is
            to be strictly Interpreted and is not intended to serve any purpose other than providing an index to determine the Interest rate used herein. Lender's LIBOR rate may not necessarily be the same as the quoted offered side in the Eurodollar time
            deposit market by any particular Institution or service applicable to any Interest period. As used herein, Lender's LIBOR rate shall mean the rates per annum quoted by Lender as Lender's 3 Month LIBOR rate based upon quotes from the London
            Interbank Offered Rate from the ICE Benchmark Administration Interest Settlement Rates, as quoted for U.S. Dollars by Bloomberg, or other comparable services selected by the Lender (the "Index"). The Index is not necessarily the lowest rate
            charged by Lender on its loans. Lender will tell Borrower the current Index rate upon Borrower's request. The Interest rate change will not occur more often than each three months. Borrower understands that Lender may make loans based on other
            rates as well. The Index currently Is 0.215% per annum. Interest on the unpaid principal balance of this Note will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate of 3.000 percentage points over the Index
            (the "Margin"), resulting in an initial rate of 3.215% per annum based on a year of 360 days. If the Interest Rate is calculated with any LIBOR or LIBOR/Swap rate index, if Lender determines, in its sole discretion, that the LIBOR base rate
            ("LIBOR Index") (i) has been or Imminently will be discontinued, (ii) is no longer an industry-accepted reference rate for loans of a similar type to the Loan and/or has been superseded by an alternative reference rate, or (iii) is no longer
            representative or may not be used pursuant to a public statement by the administrator of the LIBOR Index or other regulatory authority (e.g., the Federal Reserve), in each case with respect to any type of loan or transaction, then Lender may
            select an alternative reference rate, which may reflect adjustments to the related spread or margin (collectively, the "Substitute Index Rate"), to be used in lieu of the LIBOR-based Interest rate set forth in the Note and/or this Agreement
            (the "Pre-Substitute Rate0). Lender and Borrower acknowledge that the discontinuation of the
            LIBOR Index is a future event over which neither Lender nor Borrower has influence but which will necessarily affect the Pre-Substitute Rate. Accordingly, Lender shall use reasonable efforts to select a Substitute Index Rate that Lender in good
            faith believes is a practical means of preserving the parties' intent relative to the economics of the Pre-Substitute Rate. Notwithstanding the foregoing, the parties acknowledge that, initially and/or over time, the Substitute Index Rate will
            differ from the Pre-Substitute Rate. In selecting the Substitute Index Rate, Lender shall consider to what extent and the manner in which industry-accepted substitutes for the LIBOR Index have been established, and the parties acknowledge that
            different Substitute Index Rates may be selected for different types of loans and transactions. Borrower agrees that Lender shall not be liable in any manner for its selection of a Substitute Index Rate, provided that Lender makes such
            selection in good faith. The Substitute Index Rate shall be used in lieu of the Pre-Substitute Rate, and all references in this Note to the Pre-Substitute Rate shall be deemed to refer to the Substitute Index Rate, effective as of the date
            specified by Lender in a written notice given by Lender to Borrower. To the extent practicable, such notice shall be given at least 30 days prior to the effective date. The Substitute Index Rate shall remain in effect from the effective date
            set forth in such notice until the Maturity Date, as such may be extended, unless such an instance occurs where the Substitute Index Rate is no longer available, in which case the provisions of this section will again apply for purposes of
            replacing the Substitute Index Rate. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. Whenever increases occur in the Interest rate, Lender, at its option, may do one or
            more of the following: (A) increase Borrower's payments to ensure Borrower's loan will pay off by its original final maturity date, (B) increase

         

          

        
          
            

        

         
          

          

          

          

          

          

          
            CL Transaction No: NSB-3261606 PROMISSORY NOTE (Continued) Page 2 Borrower's payments to cover accruing interest, (C) increase the number of Borrower's payments, and (D) continue
                Borrower's payments at the same amount and increase Borrower's final payment. INTEREST CALCULATION METHOD. Interest on this Note Is
                computed on a 365/360 basis; that Is, by applying the ratio of the Interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All
                Interest payable under this Note Is computed using this method. This calculation method results In a higher effective Interest rate than the numeric Interest rate stated In this Note. PREPAYMENT. Borrower agrees that all loan fees and other
                prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except for the foregoing, Borrower
                may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment
                schedule. Rather, early payments will reduce the principal balance due and may result in Borrower's making fewer payments. Borrower agrees not to send Lender payments marked "paid in full", "without recourse", or similar language. If
                Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including
              any check or other payment instrument that indicates that the payment constitutes "payment In full" of the amount owed or that Is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or
                delivered to: Zions Bancorporation, N.A. dba Nevada State Bank, Enterprise Loan Operations, UT-RDWG-1970, PO Box 27181 Salt Lake City, UT 84127-0181. MAIN STREET LOAN PREPAYMENT. Notwithstanding anything to the contrary in the
                PREPAYMENT paragraph or in this Note, any amount(s) prepaid by Borrower shall be applied to the succeeding principal payment(s) due under this Note. INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by adding an additional 3.000 percentage point margin ("Default Rate Margin"). The
                Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no default. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law. DEFAULT. Each of the following shall constitute an event of default ("Event of Default") under this Note: Payment Default. Borrower fails to make any payment when due under this Note. Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term,
                obligation, covenant or condition contained in any other agreement between Lender and Borrower. Default In Favor of Third Parties.
                Borrower or any Granter defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or
                Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any of the related documents. False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's
                behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. Insolvency. The dissolution or
                termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the
                commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. Creditor or Forfeiture Proceedings.
                Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This
                includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim
                which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in
                an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. Events Affecting
                Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or
                revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. Change In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower. Adverse Change. A material
                adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired. Cure Provisions. If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be cured if
                Borrower, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the default within ten (10) days; or (2) if the cure requires more than ten (10) days, immediately initiates steps which Lender deems in
                Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower
                will pay that amount. ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under
                applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit. including attorneys' fees, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or
                injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law. GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Nevada without regard to its conflicts of law provisions. This Note
                has been accepted by Lender In the State of Nevada. CHOICE OF VENUE. If there ijl laporrower agrees upon Lender's request to submit to the jurisdiction of the courts
                of Clark County, State of Nevada. (Initial Here) DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $20.00 if Borrower makes a payment on Borrower's loan and the check or preauthorized charge with which Borrower pays is later dishonored.

             

              

            
              
                

            

             
              
                CL Transaction No: NSB-3261606 PROMISSORY NOTE (Continued) Page 3 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of
                    setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does
                    not include any IRA or Keogh accounts, any trust accounts for which setoff would be prohibited by law, or monies benefits, siunp apnleym aecnctoaul nstes ctuhraitty w iencreo mreec ebiveende fpitusr saunadn td tios atbhieli tfye
                    dinesraulr aSnocceia lb Seenecufirtisty. ABcot,r rionwcleurd ianugt,h woritizheosu tL leimnditeart,i otno, rtehteir eemxteenntt apnedr msuitrtveivdo rbsy' applicable law, to charge or setoff all sums owing on the indebtedness against
                    any and all such accounts, and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and setoff rights provided in this paragraph. EXCLUSION OF TAXES AND INSURANCE. Please note that the above-referenced payment amount does not include any amount attributable to the payment of taxes or insurance. Any and all payments for taxes and insurance shall remain your separate obligation to be paid
                    directly by you to the proper parties, and such payment amounts have not been calculated into the above-referenced payment amount. REPORTING NEGATIVE INFORMATION. We {Lender) may report information about your
                    {Borrower's) accouwred Late payments, missed payments, or other defaults on your account may be reflected in your credit report. (Initial Here -,,---=..--\) . DISPUTE RESOLUTION PROVISION. This Dispute Resolution Provision contains a jury waiver, a
                    class action waiver, and an arbitration clause {or judicial reference agreement, as applicable), set out In four Sections. READ IT CAREFULLY. SECTION 1. GENERAL PROVISIONS GOVERNING ALL DISPUTES. 1.1 PRIOR DISPUTE
                    RESOLUTION AGREEMENTS SUPERSEDED. This Dispute Resolution Provision shall supersede and replace any prior "Jury Waiver," "Judicial Reference," "Class Action Waiver," "Arbitration," "Dispute Resolution," or similar alternative dispute
                    agreement or provision between or among the parties. r1e.l2a ted "DISPUTE" defined. As used herein, the word
                    "Dispute" includes, without limitation, any claim by either party against the other party to this Agreement, any Related Document, and the Loan evidenced hereby. In addition, "Dispute" also Includes any claim by either party against the
                    other party regarding any other agreement or business rela)ionship between any of them whether or not related to the Loan or other subject matter of this Agreement. "Dispute" includes, but is not limited to, matters arising from or
                    relating to a deposit account, an application foobrl iogar tdioennsia la o pf acrrteyd hite, rwetaor ramnatyie sh aavned troe parensoethnetar tipoanrst ym, acdoem bpylia an cpea rtwyi,t hth aep apdliecqaubalec yla owf sa apnadr/tyo'rs
                    rdeigsucllaotsiourness, , peenrffoorrcmeamnecnet oorf saenryv iacneds aplrlo ovfi dtehde under any agreement by a party, including without limitation disputes based on or arising from any alleged tort or matters involving the employees,
                    officers, agents, affiliates, or assigns of a party hereto. If a third party is a party to a Dispute {such
                    as a credit reporting agency, merchant accepting a credit card, junior lienholder or title company), ethaacth p paartryty. hereto agrees to consent to including that third party in any arbitration or judicial reference proceeding for
                    resolving the Dispute with 1.3 Jury Trial Waiver. Each party waives their respective rights to a trial
                    before a jury In connectjon with any Dispute. and all .P.i.Sl2wes. shall be resolyed by a judge silling without a jury. If a court determines that this jury trial waiver is not enforceable for any reason, then at any time prior to trial
                    of the Dispute, but not later than 30 days after entry of the order determining this provision is unenforceable, any party shall be entitled to move the court for an order, as applicable: {A) compelling arbitration and staying or
                    dismissing such litigation pending arbitration (" Arbitration Order'') under Section 2 hereof, or (B) staying such litigation and compelling judicial reference under Section 3 hereof. 1.4 CLASS ACTION WAIVER. If permitted by applicable law, each party waives the right to litigate In court or an arbitra)ion proceeding any Dispute as a cJass action. either as a member of a class or as a representative. or to act as a private attorney
                    general, 1.5 SURVIVAL. This Dispute Resolution Provision shall survive any termination, amendment or
                    expiration of this Agreement, or any other relationship between the parties. SECTION 2. Arbitration IF JURY WAIVER UNENFORCEABLE (EXCEPT CALIFORNIA). If (but only if) a state or federal court located outside the
                    sDtiastpeu toef, Cthaelifno ranniay dpeatretrym hineerse tfoo rm aanyy rreeqausioren tthhaatt tshaeid j uDryis ptruiatel wbaei vreers oinlv tehdis bDy isbpinudtein gR easrobluittriaotnio Pn ropvuirssiuoan nits tnoo tt heinsf
                    oSrceecatibolne 2w ibthe foreresp aec st intog lae arbitrator. An arbitrator shall have no authority to determine matters (i) regarding the validity, enforceability, meaning, or scope of this Dispute Resolution Provision, or (ii) class
                    action claims brought by either party as a class representative on behalf of others and claims by a class representative on either party's behalf as a class member, which matters may be determined only by a court without a jury. By
                    agreeing to arbitrate a Dispute. each party gives up any right that party may have to a jury trial. as well as other rights that party would have In court that are not available or are more liroited In arbitration such as the rights to
                    discovery and to appeal Arbitration shall be commenced by filing a petition with, and in accordance with the
                    applicable arbitration rules of, National Arbitration Forum ("NAF") or Judicial Arbitration and Mediation Service, Inc. ("JAMS") ("Administrator") as selected by the initiating party. However, if the parties agree, arbitration may be
                    commenced by appointment of a licensed attorney who is selected by the parties and who agrees to conduct the arbitration without an Administrator. If NAF and JAMS both decline to administer arbitration of the Dispute, and if the parties
                    are unable to mutually agree upon a licensed attorney to act as arbitrator with an Administrator, then either party may file a lawsuit (in a court of appropriate venue outside the state of California) and move for an Arbitration Order.
                    The arbitrator, howsoever appointed, shall have expertise in the subject matter of the Dispute. Venue for the arbitration proceeding shall be at a location determined by mutual agreement of the parties or, if no agreement, in the city
                    and state where Lender or Bank is headquartered. The arbitrator shall apply the law of the state specified in the agreement giving rise to the Dispute. After entry of an Arbitration Order, the non-moving party shall commence arbitration. The moving party shall, at its discretion, also be entitled to commence arbitration but is under no
                    obligation to do so, and the moving party shall not in any way be adversely prejudiced by electing not to commence arbitration. The arbitrator: (i) will hear and rule on appropriate dispositive motions for judgment on the pleadings, for
                    failure to state a claim, or for full or partial summary judgment; (ii) will render a decision and any award applying applicable law; (iii) will give effect to any limitations period in determining any Dispute or defense; (iv) shall
                    enforce the doctrines of compulsory counterclaim, res judicata, and collateral aepstpolyp pel, if applicable; {v) with regard to motions and the arbitration hearing, shall apply rules of evidence governing civil cases; and (vi) will the
                    law of the state specified in the agreement giving rise to the Dispute. Filing of a petition for arbitration shall not prevent any party finrocmlud {ini)g sebuetk inngo t alnimdi teodb tatoin iningju nfrcotmive ar ecloieufr, t porof
                    pceormtyp perteesnet rvjuartisiodnic otiordne r(sn, oftowreithclsotsaunrdei,n ge voicntgioonin, ga tatarbchitrmateionnt,) rperpolevvisiino, ngaal ronri sahnmceilnlatr, ya nredm/oerd tihees appointment of a receiver, (ii) pursuing
                    non-judicial foreclosure, or (iii) availing itself of any self-help remedies such as setoff and repossession. The exercise of such rights shall not constitute a waiver of the right to submit any Dispute to arbitration. Jaundyg ment upon an arbitration award may be entered in any court having jurisdiction except that, if the arbitration
                    award exceeds $4,000,000, party shall be entitled to a de novo appeal of the award before a panel of three arbitrators. To allow for such appeal, if the award (including Administrator, arbitrator, and attorney's fees and costs) exceeds
                    $4,000,000, the arbitrator will issue a written, reasoned decision supporting the award, including a statement of authority and its application to the Dispute. A request for de novo appeal must be filed with the arbitrator within 30
                    days following the date of the arbitration award; if such a request is not made within that time period, the arbitration decision shall

                 

                  

                
                  
                    

                

                 
                  
                    CL Transaction No: NSB-3261 606 PROMISSORY NOTE (Continued) Page 4 become final and binding. On appeal, the arbitrators shall review the award
                        de novo, meaning that they shall reach their own findings of fact and conclusions of law rather than deferring in any manner to the original arbitrator. Appeal of an arbitration award shall be pursuant to the rules of the
                        Administrator or, if the Administrator has no such rules, then the JAMS arbitration appellate rules shall apply. Arbitration under this provision concerns a transaction involving interstate commerce and shall be governed by the
                        Federal Arbitration Act, 9 U.S.C. § 1 et seq. If the terms of this Section 2 vary from the Administrator's rules, this Section 2 shall control. SECTION 3. JUDICIAL REFERENCE IF J U RY WAIVER UNENFORCEABLE (CALIFORNIA ONLY). If (but
                        only if) a Dispute is filed in a state or federal court located within the state of California, and said court determines for any reason that the jury trial waiver in this Dispute Resolution Provision is not enforceable with respect
                        to that Dispute, then any party hereto may require that Dispute be resolved by judicial reference in accordance with California Code of Civil Procedure, Sections 638, . including without limitation whether the Dispute is subject to a judicial reference proceeding. By agreeing to resolve Plspytes by Judicial reference each party 1s
                        giving up any right that party may have to a jury trial The referee shall be a retired judge, agreed upon by the parties, from either the American Arbitration Association (AAA) or Judicial Arbitration and Mediation Service, Inc.
                        (JAMS). If the parties cannot agree on the referee, the party who initially selected the reference procedure shall request a panel of ten retired judges from either AAA or JAMS, and the court shall select the referee from that
                        panel. (If AAA and JAMS are unavailable to provide this service, the court may select a referee by such other procedures as are used by that court.) The referee shall be appointed to sit with all of the powers provided by law,
                        including the power to hear and determine any or all of the issues in the proceeding, whether of fact or of law, and to report a statement of decision. The parties agree that time is of the essence in conducting the judicial
                        reference proceeding set forth herein. The costs of the judicial reference proceeding, including the fee for the court reporter, shall be borne equally by the parties as the costs are incurred, unless otherwise awarded by the
                        referee. The referee shall hear all pre-trial and post-trial matters (including without limitation requests for equitable relief), prepare a statement of decision with written findings of fact and conclusions of law, and apportion
                        costs as appropriate. The referee shall be empowered to enter equitable relief as well as legal relief, provide all temporary or provisional remedies, enter equitable orders that are binding on the parties and rule on any motion
                        that would be authorized in a trial, including without limitation motions for summary adjudication. Only for this Section 3, "Dispute" includes matters regarding the validity, enforceability, meaning, or scope of this Section, and
                        (ii) dass action dajms brought by ejther party as a ciass representative on behalf of others and claims by a dass representatjve on ejther party's behalf as a ciass member. Judgment upon the award shall be entered in the court in
                        which such proceeding was commenced and all parties shall have full rights of appeal. This provision will not be deemed to limit or constrain Bank or Lender's right of offset, to obtain provisional or ancillary remedies, to
                        lnterplead funds in the event of a dispute, to exercise any security Interest or lien Bank or Lender may hold in property or to comply with legal process involving accounts or other property held by Bank or Lender. Nothing herein
                        shall preclude a party from moving (prior to the court ordering judicial reference) to dismiss, stay or transfer the suit to a forum outside California on grounds that California is an improper, inconvenient or less suitable venue.
                        If such motion is granted, this Section 3 shall not apply to any proceedings in the new forum. This Section 3 may be invoked only with regard to Disputes filed in state or federal courts located in the State of California. In no
                        event shall the provisions in this Section 3 diminish the force or effect of any venue selection or jurisdiction provision in this Agreement or any Related Document. SECTION 4. Reliance. Each party (i) certifies that no one has
                        represented to such party that the other party would not seek to enforce a jury waiver, class action waiver, arbitration provision or judicial reference provision in the event of suit, and (ii) acknowledges that it and the other
                        party have been induced to enter into this Agreement by, among other things, material reliance upon the mutual waivers, agreements, and certifications in the four Sections of this DISPUTE RESOLUTION PROVISION. ON-LINE BANKING - LOAN
                        PAYMENTS. From time to time, Lender may (but shall not be required to) permit loan payments to be made through its online banking website. Lender may impose and change limitations on making online loan payments, such as minimum or
                        maximum payment amounts, the types of accounts from which loan payments may be made, and the types of payments that may be made onllne (I.e. , ordinary Installment payments, principal-only payments, or other types of payments).
                        Whether online payments are permitted, and Lender's applicable terms and restrictions If such payments are permitted, will be reflected in the features available online when a user logs into the online banking website. WAIVER OF
                        DEFENSES AND RELEASE OF CLAIMS. The undersigned hereby (i) represents that neither the undersigned nor any affiliate or principal of the undersigned has any defenses to or setoffs against any Indebtedness or other
                        obligations owing by the undersigned, or by the undersigned's affiliates or principals, to Lender or Lender's affiliates (the "Obligations"), nor any claims against Lender or Lender's afflllates for any matter whatsoever, related or
                        unrelated to the Obligations, and (II) releases Lender and Lender's affiliates, officers, directors, employees and agents from all claims, causes of action, and costs, In law or equity, known or unknown, whether or not matured or
                        contingent, existing as of the date hereof that the undersigned has or may have by reason of any matter of any conceivable kind or character whatsoever, related or unrelated to the Obligations, including the subject matter of this
                        Agreement. The foregoing release does not apply, however, to claims for future performance of express contractual obligations that mature after the date hereof that are owing to the undersigned by Lender or Lender's affiliates. As
                        used in this paragraph, the word "undersigned" does not include Lender or any individual signing on behalf of Lender. The undersigned acknowledges that Lender has been induced to enter into or continue the Obligations by, among
                        other things, the waivers and releases in this paragraph. DOCUMENT IMAGING. Lender shall be entitled, in its sole discretion, to image or make copies of all or any selection of the agreements, Instruments, documents, and Items and
                        records governing, arising from or relating to any of Borrower's loans, including, without limitation, this document and the Related Documents, and Lender may destroy or archive the paper originals. The parties hereto (i) waive any
                        right to Insist or require that Lender produce paper originals, (Ii) agree that such images shall be accorded the same force and effect as the paper originals, (iii) agree that Lender is entitled to use such images in lieu of
                        destroyed or archived originals for any purpose, including as admissible evidence in any demand, presentment or other proceedings, and (iv) further agree that any executed facsimile (faxed), scanned, or other imaged copy of this
                        document or any Related Document shall be deemed to be of the same force and effect as the original manually executed document. SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs,
                        personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. MANDATORY PREPAYMENT. If, on any date (such date, a "Trigger Date"), the Board of Governors of the Federal
                        Reserve System or a designee thereof has, after consultation with Lender, notified Lender in writing that the Borrower has materially breached, made a material misrepresentation with respect to or otherwise failed to comply with
                        certifications in Section 2 (CARES Act Borrower Eligibility Certifications and Covenants) or Section 3 (FAA and Regulation A Borrower Eligibility Certifications) of the Borrower Certifications and Covenants executed by Borrower in
                        connection with the Loan in any material respect or that any such certification has failed to be true and correct in any material respect, then Lender shall promptly so notify the Borrower and the Borrower shall, no later than two
                        (2) business days after such Trigger Date, prepay the Note in full, along with any accrued and unpaid interest thereon. GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note.
                        Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment,
                        demand for payment, and notice of dishonor. Upon any change in the terms of this

                     

                      

                    
                      
                        

                    

                     
                      

                      

                      
                        CL Transaction No: NSB-3261606 PROMISSORY NOTE (Continued) Page 5 Note, and endorser, suhnallel sbse
                            ortehleerawseisde feroxmpr elisasblyil itsyt.a teAdll insu wchr itpinagrt, ienso apgarertey twhahto Lseignndse rt hmisa yN oretene, ww hoert heexrte ansd m(raekpeera, tegdulayr aanntdo rf,o ar cacnoym lmenogdtaht ioofn tmimaek)e
                            trh oisr loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take tahnisy lootahne rw aicthtioount dtheeem ceodn sneencte osfs aorry
                            n boyti cLee ntode ar nwyoitnheo uott htheer tchoanns tehnet opaf rotry nwoittihc ew thoo man ythoene m. oAdilfli csautcioh np iasr tmieasd ael.s oT ahger eoeb litghaatti oLnesn duenrd emra tyh ims oNdoitfey are joint and
                            several. PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE,
                            INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE. BORROWER
                            ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. BORROWER: lasefPro, Ver. 20. 2.20003 cocr. Anastra USA COrporallon 1 997. 2020. Al R,gtlls RHlfVed • NV C;'CO'-"ML'CFN.PL. FC TR-31541 7 PR-401Exhibit 10.3

          

        

          
          EXECUTION VERSION

           

          

        

        SIXTH AMENDMENT TO CREDIT AGREEMENT

        

        

        This SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of October 26, 2020, is made between GALAXY GAMING, INC., a Nevada corporation (the “Borrower”), and ZIONS BANCORPORATION, N.A. dba
          NEVADA STATE BANK, a Nevada state banking corporation (the “Lender”).

         

        RECITALS

         

        A.          The Lender and the Borrower entered into a Credit Agreement, dated as of April 24, 2018, as amended by the First Amendment to Credit Agreement, dated as of April 22, 2019, as further amended by the Waiver
          and Second Amendment to Credit Agreement, dated as of May 6, 2019, as further amended by the Third Amendment to Credit Agreement, dated as of August 16, 2019, as further amended by the Fourth Amendment to Credit Agreement, dated as of October 14,
          2019, and as further amended by the Forbearance and Fifth Amendment to Credit Agreement, dated as of August 14, 2020 (as further amended, restated, or otherwise modified, the “Credit Agreement”), pursuant to which the Lender agreed to
          extend credit to the Borrower.

         

        B.          The parties desire to amend certain provisions of the Credit Agreement, subject to the terms of this Amendment.

         

        AGREEMENT

        

        

        NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
            the parties agree as follows.

         

        Section 1.          Capitalized Terms. Capitalized terms not defined shall have the meanings assigned to them in the Credit Agreement, unless the context shall otherwise require.

         

        Section 2.          Amendments to Credit Agreement.

         

        2.1           Definitions. Article I of the Credit
            Agreement is amended by adding the following definitions in the appropriate alphabetical order.

         

        “Main Street Debt”: That certain Business Loan Agreement, dated as of October 26, 2020, between the Borrower and the Lender, in the original principal amount of $4,000,000, which is
          a Main Street Priority Loan Facility, authorized under Section 13(3) of the Federal Reserve Act in connection with Section 4027 of the CARES Act.

         

        “Sixth Amendment”: Sixth Amendment to Credit Agreement, dated as of the Sixth Amendment Date.

         

        “Sixth Amendment Date”: October 26, 2020.

         

        2.2           Indebtedness. Section 6.12(g) of the
            Credit Agreement is amended and restated in its entirety to read as follows.

         

        
          
            

        

        
        “(g)          CARES Debt and Main Street Debt; and”

         

        2.3           Liquidity Covenant. The Credit
            Agreement is amended to add a new Section 6.22 to read as follows.

         

        “Liquidity. Commencing on the Sixth Amendment Date, the Borrower will not permit its total cash and Cash Equivalents to be less than (a) on or before June 30,
          2021, $1,500,000 or (b) thereafter, $2,500,000.

         

        2.4          Exhibit D. For periods ending after the
            Sixth Amendment Date, a new Section 6 of the “Attachment to Compliance Certificate” following Exhibit D is added to read as follows.

         

        Liquidity (Section 6.22)

         

          

        	 	
                Cash and Cash Equivalents

              	
                $

              	 

        

        

        Section 3.          Credit Agreement Pari Passu with Main Street Debt.  The Borrower and the Lender (a) acknowledge that certain
          Business Loan Agreement, dated as of October 26, 2020 (the “Main Street Debt”), between the Borrower and the Lender, in the original principal amount of $4,000,000, which is a Main Street Priority Loan Facility, authorized under Section
          13(3) of the Federal Reserve Act in connection with Section 4027 of the CARES Act, (b) intend that the Collateral under the Credit Agreement and the “Collateral” (as defined in the Main Street Debt) are coterminous and shared on a pari passu basis, without regard to the date of the underlying security instrument or Uniform Commercial Code financial statement filing or any provision of the Loan Documents associated with the Credit
          Agreement or the Loan Documents (as defined in the Main Street Debt) to the contrary, and (c) intend that Liens granted in favor of the Lender (i) in connection with the Main Street Debt be permitted under the Credit Agreement and (ii) in
          connection with the Credit Agreement be permitted under the Main Street Debt.

         

        Section 4.          Effectiveness of Amendments. This Amendment shall become effective upon delivery by the Borrower of, and
          compliance by the Borrower with, the following:

         

        4.1           Documents. The Lender shall have received this Amendment executed by a duly authorized officer of the Borrower.

         

        4.2           Fees and Expenses. The Lender shall have received all fees and other amounts due and payable by the Borrower on or prior to the date hereof, including the reasonable fees and expenses of counsel to the Lender payable pursuant
            to Section 8.2 of the Credit Agreement.

         

        4.3           Other Matters. All corporate and legal proceedings relating to the Borrower and all instruments and agreements in connection with the transactions contemplated by this Amendment shall be satisfactory in scope, form and substance to the
            Lender and its counsel, and the Lender shall have received all information and copies of all documents including records of corporate proceedings, as the Lender or its counsel may reasonably have requested in connection therewith, such
            documents where appropriate to be certified by proper corporate or governmental authorities.

         

        
          2

          
            

        

        Section 5.           Representations, Warranties, Authority.

         

        5.1           Reassertion of Representations and Warranties, No
                Default. The Borrower hereby represents that on and as of the date hereof and after giving effect to this Amendment all of the representations and warranties contained in the Credit
            Agreement and the other Loan Documents are true, correct and complete in all material respects as of the date hereof as though made on and as of such date, except (i) for changes permitted by the terms of the Credit Agreement as amended by this
            Amendment and (ii) to the extent such representation or warranty relates to an earlier specified date, in which case such representation or warranty is reaffirmed as true and correct in all material respects as to such date and there will exist
            no Default or Event of Default under the Credit Agreement as amended by this Amendment on such date which has not been cured or waived by the Lender.

         

        5.2           Authority, No Conflict, No Consent Required,
                Enforceability. The Borrower represents and warrants that the Borrower has the power and legal right and authority to enter into this Amendment and has duly authorized as appropriate the
            execution and delivery of the Amendment by proper corporate action, and neither the Amendment nor the agreements contained herein or therein contravenes or constitutes a default under any agreement, instrument or indenture to which the Borrower
            is a party or a signatory or a provision of the Borrower’s Articles of Incorporation, Bylaws or any other agreement or requirement of law, or results in the imposition of any lien on any of its property under any agreement binding on or
            applicable to the Borrower or any of its property except, if any, in favor of the Lender. The Borrower represents and warrants that no consent, approval or authorization of or registration or declaration with any Person, including but not
            limited to any governmental authority, is required in connection with the execution and delivery by the Borrower of the Amendment or other agreements and documents executed and delivered by the Borrower in connection therewith or the
            performance of obligations of the Borrower therein described, except (a) for those which the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents evidencing each such action to the Lender
            and (b) for those which the Borrower will make, obtain or provide upon the consummation of this Amendment and as to which the Borrower will promptly deliver certified copies of documents evidencing each such action to the Lender. The Borrower
            represents and warrants that the Amendment constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to limitations as to enforceability which might result
            from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’ rights generally and subject to limitations on the availability of equitable remedies.

         

        5.3           No Adverse Claim. The Borrower
            warrants, acknowledges and agrees that no events have taken place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Lender with respect to the
            obligations.

         

        
          3

          
            

        

        Section 6.          Affirmation of Credit
              Agreement, Further References, Affirmation of Security Interest. The Lender and the Borrower each acknowledge and affirm that the Credit Agreement,
          as amended hereby, is hereby ratified and confirmed in all respects and all terms, conditions and provisions of the Credit Agreement and the other Loan Documents, except as amended by this Amendment,
          shall remain unmodified and in full force and effect. All references in any document or instrument to the Credit Agreement are hereby amended and shall refer to the Credit

            Agreement as amended hereby. The Borrower confirms to the Lender that the Obligations are and continue to be secured by the security interest granted by the Borrower in favor of the Lender under the Security Agreement and all of the
          terms, conditions, provisions, agreements, requirements, promises, obligations, duties, covenants and representations of the Borrower under such document and any and all other documents and agreements entered into with respect to the obligations
          under the Credit Agreement are incorporated herein by reference and are hereby ratified and affirmed in all respects by the Borrower.

         

        Section 7.          Merger and Integration, Superseding Effect. This Amendment, from and after the date
          hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that
          this Amendment shall control with respect to the specific subjects hereof and thereof.

         

        Section 8.          Severability. Whenever possible, each provision of this Amendment and any other
          statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of
          this Amendment or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under the applicable law, such provision shall be ineffective
          in such jurisdiction only to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment or any other statement,
          instrument or transaction contemplated hereby or thereby or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction.

         

        Section 9.          Successors. This Amendment shall be binding
          upon the Borrower, the Lender and their respective successors and assigns, and shall inure to the benefit of the Borrower, and the Lender and their successors and assigns.

         

        Section 10.        Legal Expenses. As provided in Section 8.2 of the Credit

            Agreement, the Borrower agrees to reimburse the Lender upon demand for all reasonable out-of-pocket expenses (including filing and recording costs and fees, charges and disbursements of outside counsel to the Lender) incurred in
          connection with the negotiation, preparation, enforcement and collection of this Amendment and all other documents negotiated and prepared in connection with this Amendment.

         

        Section 11.        Headings. The headings of various sections of this Amendment have been inserted for
          reference only and shall not be deemed to be a part of this Amendment.

         

        Section 12.        Counterparts. This Amendment may be executed in several counterparts as deemed necessary
          or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and any party to this Amendment may execute any such agreement by executing a
          counterpart of such agreement.

         

        
          4

          
            

        

        Section 13.        Governing Law. THE AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE
            STATE OF NEVADA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF.

         

        Section 14.        Acknowledgement and Release. IN ORDER TO INDUCE THE LENDER TO ENTER INTO THIS AMENDMENT, THE BORROWER: (A)
          REPRESENTS AND WARRANTS TO THE LENDER THAT NO EVENTS HAVE TAKEN PLACE AND NO CIRCUMSTANCES EXIST AT THE DATE HEREOF WHICH WOULD GIVE THE BORROWER THE RIGHT TO ASSERT A DEFENSE, OFFSET OR COUNTERCLAIM TO ANY CLAIM BY THE LENDER FOR PAYMENT OF THE
          OBLIGATIONS; AND (B) HEREBY RELEASES AND FOREVER DISCHARGES THE LENDER AND ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES AND PARTICIPANTS FROM ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, PROCEEDINGS, DEBTS, SUMS OF MONEY,
          COVENANTS, CONTRACTS, CONTROVERSIES, CLAIMS AND DEMANDS, AT LAW OR IN EQUITY, WHICH THE BORROWER EVER HAD OR NOW HAS AGAINST THE LENDER OR ANY OF ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR PARTICIPANTS BY VIRTUE OF THEIR
          RELATIONSHIP TO THE BORROWER IN CONNECTION WITH THIS AMENDMENT, THE CREDIT AGREEMENT, THE LOAN DOCUMENTS AND TRANSACTIONS RELATED THERETO.

         

        ***

         

        

        
          5

          
            

        

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
            date and year first above written.

        

        

        	 	
                BORROWER:

              
	 	 
	 	
                GALAXY GAMING, INC.

              

        

        

        	 	
                By:

                

              	

              	 

        	 	
                Name: 

                

              	Harry Hagerty
	 	
                Title: 

                

              	Chief Financial Officer

        
           

          

          Sixth Amendment to Credit Agreement

        

        
          
            

        

        	 	
                LENDER:

              
	 	 	 
	 	
                ZIONS BANCORPORATION, N.A. DBA NEVADA STATE BANK

              

        

        

        	 	
                By:

              	 	 

        
          	
                   

                	Name:	Jamie Gazza
	
                   

                	Title:	Senior Gaming Director

        

         

        

         

        

        
          Sixth Amendment to Credit Agreement

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