Document:

Exhibit 10.5

 

APPLIED OPTOELECTRONICS, INC.

 

REVOLVING CREDIT NOTE

 

	 	Sugar Land, TX
	$12,000,000	June 30, 2015

 

 

FOR VALUE RECEIVED, APPLIED OPTOELECTRONICS,
INC., a Delaware corporation (the “Borrower”), promises to pay to the order of EAST WEST BANK (the “Lender”)
the principal amount of TWELVE MILLION DOLLARS ($12,000,000) or, if less, the aggregate amount of Facility A Revolving Loans (as
defined in the Credit Agreement referred to below) made by the Lender to the Borrower pursuant to the Credit Agreement referred
to below outstanding on the Expiration Date (as defined in such Credit Agreement) or in such amounts on such earlier dates as may
be provided in such Credit Agreement.

 

The Borrower also promises
to pay interest on the unpaid principal amount hereof from the date hereof until paid at the rates and at the times determined
in accordance with the provisions of the Credit Agreement.

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the office
of the Lender described in the Credit Agreement.

 

This Note is a Revolving
Note referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of June 30, 2015 (as amended, modified
or supplemented, the “Credit Agreement”) between the Borrower, the Agent and the Lenders, which among other
things provides for the acceleration of the maturity hereof upon the occurrence of certain events and for repayments in certain
circumstances and upon certain terms and conditions. Terms defined in the Credit Agreement have the same meanings herein.

 

This Note is secured by the Security Documents.

 

The Borrower hereby expressly
waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Agreement, and an action for amounts due hereunder or thereunder shall immediately
accrue.

 

The Lender and the Borrower
intend to conform to all applicable laws limiting the maximum rate of interest that may be charged or collected by the Lender from
the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be required to make any payment to
or for the account of the Lender, and the Lender shall refund any payment made by the Borrower, to the extent that such requirement
or such failure to refund would violate or conflict with mandatory and nonwaivable provisions of applicable law limiting the maximum
amount of interest which may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in
any action, suit or proceeding pertaining to this Note, the burden of proof, by clear and convincing evidence, shall be on the
Borrower to demonstrate that this Paragraph applies to limit any obligation of the Borrower under this Note or to require the Lender
to make any refund, or claiming that this Note conflicts with any applicable law limiting the maximum rate of interest that may
be charged or collected by the Lender from the Borrower, as to each element of such claim.

    	1

    	 

    

 

This Note shall be governed
by, and construed in accordance with, the laws of the State of New York without giving effect to its choice of law principles.

 

IN WITNESS WHEREOF, the Borrower has caused
this Note to be executed and delivered by its duly authorized officer, as of the date and the place first above written.

 

	 	APPLIED OPTOELECTRONICS, INC.
	 	 
	 	By: /s/ Stefan J. Murry
	 	Name: Stefan J. Murry
	 	Title: CFO and Chief Strategy Officer

 

 

 

 

 

 

 

 

 

 

 

 

    	2

    	 

    

APPLIED OPTOELECTRONICS, INC.

 

REVOLVING CREDIT NOTE

 

	 	Sugar Land, TX
	$3,000,000	June 30, 2015
	 	 

 

 

FOR VALUE RECEIVED, APPLIED OPTOELECTRONICS,
INC., a Delaware corporation (the “Borrower”), promises to pay to the order of EAST WEST BANK (the “Lender”)
the principal amount of THREE MILLION DOLLARS ($3,000,000) or, if less, the aggregate amount of Facility B Revolving Loans (as
defined in the Credit Agreement referred to below) made by the Lender to the Borrower pursuant to the Credit Agreement referred
to below outstanding on the Expiration Date (as defined in such Credit Agreement) or in such amounts on such earlier dates as may
be provided in such Credit Agreement.

 

The Borrower also promises
to pay interest on the unpaid principal amount hereof from the date hereof until paid at the rates and at the times determined
in accordance with the provisions of the Credit Agreement.

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the office
of the Lender described in the Credit Agreement.

 

This Note is a Revolving
Note referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of June 30, 2015 (as amended, modified
or supplemented, the “Credit Agreement”) between the Borrower, the Agent and the Lenders, which among other
things provides for the acceleration of the maturity hereof upon the occurrence of certain events and for repayments in certain
circumstances and upon certain terms and conditions. Terms defined in the Credit Agreement have the same meanings herein.

 

This Note is secured by the Security Documents.

 

The Borrower hereby expressly
waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Agreement, and an action for amounts due hereunder or thereunder shall immediately
accrue.

 

The Lender and the Borrower
intend to conform to all applicable laws limiting the maximum rate of interest that may be charged or collected by the Lender from
the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be required to make any payment to
or for the account of the Lender, and the Lender shall refund any payment made by the Borrower, to the extent that such requirement
or such failure to refund would violate or conflict with mandatory and nonwaivable provisions of applicable law limiting the maximum
amount of interest which may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in
any action, suit or proceeding pertaining to this Note, the burden of proof, by clear and convincing evidence, shall be on the
Borrower to demonstrate that this Paragraph applies to limit any obligation of the Borrower under this Note or to require the Lender
to make any refund, or claiming that this Note conflicts with any applicable law limiting the maximum rate of interest that may
be charged or collected by the Lender from the Borrower, as to each element of such claim.

    	3

    	 

    

 

This Note shall be governed
by, and construed in accordance with, the laws of the State of New York without giving effect to its choice of law principles.

 

IN WITNESS WHEREOF, the Borrower has caused
this Note to be executed and delivered by its duly authorized officer, as of the date and the place first above written.

 

	 	 
	 	
        APPLIED OPTOELECTRONICS,
        INC.

         

	 	By: /s/ Stefan J. Murry
	 	Name: Stefan J. Murry
	 	Title: CFO and Chief Strategy Officer

 

 

 

 

 

 

 

 

 

 

 

 

    	4

    	 

    

APPLIED OPTOELECTRONICS, INC.

 

TERM NOTE

 

	 	 
	 	Sugar Land, TX
	$6,000,000	June 30, 2015

 

 

FOR VALUE RECEIVED, APPLIED OPTOELECTRONICS,
INC., a Delaware corporation (the “Borrower”), promises to pay to the order of EAST WEST BANK (the “Lender”)
the principal amount of SIX MILLION DOLLARS ($6,000,000), or, if less, the aggregate amount of Term Loans (as defined in the Credit
Agreement referred to below) made by the Lender to the Borrower pursuant to the Credit Agreement referred to below outstanding
on the Term Loan Maturity Date (as defined in the Credit Agreement) or in such amounts on such earlier dates as are provided for
in the Credit Agreement.

 

The Borrower also promises
to pay interest on the unpaid principal amount hereof from the date hereof until paid at the rates and at the times determined
in accordance with the provisions of the Credit Agreement.

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the office
of the Lender described in the Credit Agreement.

 

This Note is a Term Note
referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of June 30, 2015 (as amended, modified or supplemented,
the “Credit Agreement”) between the Borrower, the Agent and the Lenders, which among other things provides for
the acceleration of the maturity hereof upon the occurrence of certain events and for repayments in certain circumstances and upon
certain terms and conditions. Terms defined in the Credit Agreement have the same meanings herein.

 

This Note is secured by
the Security Documents.

 

The Borrower hereby expressly
waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Agreement, and an action for amounts due hereunder or thereunder shall immediately
accrue.

 

The Lender and the Borrower
intend to conform to all applicable laws limiting the maximum rate of interest that may be charged or collected by the Lender from
the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be required to make any payment to
or for the account of the Lender, and the Lender shall refund any payment made by the Borrower, to the extent that such requirement
or such failure to refund would violate or conflict with mandatory and nonwaivable provisions of applicable law limiting the maximum
amount of interest which may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in
any action, suit or proceeding pertaining to this Note, the burden of proof, by clear and convincing evidence, shall be on the
Borrower to demonstrate that this Paragraph applies to limit any obligation of the Borrower under this Note or to require the Lender
to make any refund, or claiming that this Note conflicts with any applicable law limiting the maximum rate of interest that may
be charged or collected by the Lender from the Borrower, as to each element of such claim.

    	5

    	 

    

 

This Note shall be governed
by, and construed in accordance with, the laws of the State of New York without giving effect to its choice of law principles.

 

IN WITNESS WHEREOF, the Borrower has caused
this Note to be executed and delivered by its duly authorized officer, as of the date and the place first above written.

 

	 	APPLIED OPTOELECTRONICS, INC.
	 	 
	 	By:  /s/ Stefan J. Murry
	 	Name: Stefan J. Murry
	 	Title: CFO and Chief Strategy Officer

 

 

 

 

 

 

 

    	6Exhibit 10.6

 

APPLIED OPTOELECTRONICS, INC.

 

REVOLVING CREDIT NOTE

 

	 	Sugar Land, TX
	$8,000,000	June 30, 2015

 

 

FOR VALUE RECEIVED, APPLIED OPTOELECTRONICS,
INC., a Delaware corporation (the “Borrower”), promises to pay to the order of COMERICA BANK (the “Lender”)
the principal amount of EIGHT DOLLARS ($8,000,000) or, if less, the aggregate amount of Facility A Revolving Loans (as defined
in the Credit Agreement referred to below) made by the Lender to the Borrower pursuant to the Credit Agreement referred to below
outstanding on the Expiration Date (as defined in such Credit Agreement) or in such amounts on such earlier dates as may be provided
in such Credit Agreement.

 

The Borrower also promises
to pay interest on the unpaid principal amount hereof from the date hereof until paid at the rates and at the times determined
in accordance with the provisions of the Credit Agreement.

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the office
of the Lender described in the Credit Agreement.

 

This Note is a Revolving
Note referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of June 30, 2015 (as amended, modified
or supplemented, the “Credit Agreement”) between the Borrower, the Agent and the Lenders, which among other
things provides for the acceleration of the maturity hereof upon the occurrence of certain events and for repayments in certain
circumstances and upon certain terms and conditions. Terms defined in the Credit Agreement have the same meanings herein.

 

This Note is secured by the
Security Documents.

 

The Borrower hereby expressly
waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Agreement, and an action for amounts due hereunder or thereunder shall immediately
accrue.

 

The Lender and the Borrower
intend to conform to all applicable laws limiting the maximum rate of interest that may be charged or collected by the Lender from
the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be required to make any payment to
or for the account of the Lender, and the Lender shall refund any payment made by the Borrower, to the extent that such requirement
or such failure to refund would violate or conflict with mandatory and nonwaivable provisions of applicable law limiting the maximum
amount of interest which may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in
any action, suit or proceeding pertaining to this Note, the burden of proof, by clear and convincing evidence, shall be on the
Borrower to demonstrate that this Paragraph applies to limit any obligation of the Borrower under this Note or to require the Lender
to make any refund, or claiming that this Note conflicts with any applicable law limiting the maximum rate of interest that may
be charged or collected by the Lender from the Borrower, as to each element of such claim.

    	1

    	 

    

 

This Note shall be governed
by, and construed in accordance with, the laws of the State of New York without giving effect to its choice of law principles.

 

IN WITNESS WHEREOF, the Borrower
has caused this Note to be executed and delivered by its duly authorized officer, as of the date and the place first above written.

 

	 	APPLIED OPTOELECTRONICS, INC.
	 	 
	 	By:   /s/ Stefan J. Murry
	 	Name: Stefan J. Murry
	 	Title: CFO and Chief Strategy Officer

 

 

 

 

 

 

 

 

 

 

 

 

    	2

    	 

    

APPLIED OPTOELECTRONICS, INC.

 

REVOLVING CREDIT NOTE

 

	 	Sugar Land, TX
	$2,000,000	June 30, 2015
	 	 

 

FOR VALUE RECEIVED, APPLIED OPTOELECTRONICS,
INC., a Delaware corporation (the “Borrower”), promises to pay to the order of COMERICA BANK (the “Lender”)
the principal amount of TWO MILLION DOLLARS ($2,000,000) or, if less, the aggregate amount of Facility B Revolving Loans (as defined
in the Credit Agreement referred to below) made by the Lender to the Borrower pursuant to the Credit Agreement referred to below
outstanding on the Expiration Date (as defined in such Credit Agreement) or in such amounts on such earlier dates as may be provided
in such Credit Agreement.

 

The Borrower also promises
to pay interest on the unpaid principal amount hereof from the date hereof until paid at the rates and at the times determined
in accordance with the provisions of the Credit Agreement.

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the office
of the Lender described in the Credit Agreement.

 

This Note is a Revolving
Note referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of June 30, 2015 (as amended, modified
or supplemented, the “Credit Agreement”) between the Borrower, the Agent and the Lenders, which among other
things provides for the acceleration of the maturity hereof upon the occurrence of certain events and for repayments in certain
circumstances and upon certain terms and conditions. Terms defined in the Credit Agreement have the same meanings herein.

 

This Note is secured by the
Security Documents.

 

The Borrower hereby expressly
waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Agreement, and an action for amounts due hereunder or thereunder shall immediately
accrue.

 

The Lender and the Borrower
intend to conform to all applicable laws limiting the maximum rate of interest that may be charged or collected by the Lender from
the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be required to make any payment to
or for the account of the Lender, and the Lender shall refund any payment made by the Borrower, to the extent that such requirement
or such failure to refund would violate or conflict with mandatory and nonwaivable provisions of applicable law limiting the maximum
amount of interest which may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in
any action, suit or proceeding pertaining to this Note, the burden of proof, by clear and convincing evidence, shall be on the
Borrower to demonstrate that this Paragraph applies to limit any obligation of the Borrower under this Note or to require the Lender
to make any refund, or claiming that this Note conflicts with any applicable law limiting the maximum rate of interest that may
be charged or collected by the Lender from the Borrower, as to each element of such claim.

 

 

This Note shall be governed
by, and construed in accordance with, the laws of the State of New York without giving effect to its choice of law principles.

 

IN WITNESS WHEREOF, the Borrower
has caused this Note to be executed and delivered by its duly authorized officer, as of the date and the place first above written.

 

	 	APPLIED OPTOELECTRONICS, INC.
	 	 
	 	By: /s/ Stefan J. Murry
	 	Name: Stefan J. Murry
	 	Title: CFO and Chief Strategy Officer

 

 

    	3

    	 

    

APPLIED OPTOELECTRONICS, INC.

 

TERM NOTE

 

	 	Sugar Land, TX
	$4,000,000	June 0, 2015

 

FOR VALUE RECEIVED, APPLIED OPTOELECTRONICS,
INC., a Delaware corporation (the “Borrower”), promises to pay to the order of COMERICA BANK (the “Lender”)
the principal amount of FOUR MILLION DOLLARS ($4,000,000), or, if less, the aggregate amount of Term Loans (as defined in the Credit
Agreement referred to below) made by the Lender to the Borrower pursuant to the Credit Agreement referred to below outstanding
on the Term Loan Maturity Date (as defined in the Credit Agreement) or in such amounts on such earlier dates as are provided for
in the Credit Agreement.

 

The Borrower also promises
to pay interest on the unpaid principal amount hereof from the date hereof until paid at the rates and at the times determined
in accordance with the provisions of the Credit Agreement.

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the office
of the Lender described in the Credit Agreement.

 

This Note is a Term Note
referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of June 30, 2015 (as amended, modified or supplemented,
the “Credit Agreement”) between the Borrower, the Agent and the Lenders, which among other things provides for the
acceleration of the maturity hereof upon the occurrence of certain events and for repayments in certain circumstances and upon
certain terms and conditions. Terms defined in the Credit Agreement have the same meanings herein.

 

This Note is secured by
the Security Documents.

 

The Borrower hereby expressly
waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note and the Agreement, and an action for amounts due hereunder or thereunder shall immediately
accrue.

 

The Lender and the Borrower
intend to conform to all applicable laws limiting the maximum rate of interest that may be charged or collected by the Lender from
the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be required to make any payment to
or for the account of the Lender, and the Lender shall refund any payment made by the Borrower, to the extent that such requirement
or such failure to refund would violate or conflict with mandatory and nonwaivable provisions of applicable law limiting the maximum
amount of interest which may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in
any action, suit or proceeding pertaining to this Note, the burden of proof, by clear and convincing evidence, shall be on the
Borrower to demonstrate that this Paragraph applies to limit any obligation of the Borrower under this Note or to require the Lender
to make any refund, or claiming that this Note conflicts with any applicable law limiting the maximum rate of interest that may
be charged or collected by the Lender from the Borrower, as to each element of such claim.

 

    	4

    	 

    

 

This Note shall be governed
by, and construed in accordance with, the laws of the State of New York without giving effect to its choice of law principles.

 

IN WITNESS WHEREOF, the Borrower has caused
this Note to be executed and delivered by its duly authorized officer, as of the date and the place first above written.

 

	 	APPLIED OPTOELECTRONICS, INC.
	 	 
	 	By: /s/ Stefan J. Murry
	 	Name: Stefan J. Murry
	 	Title: CFO and Chief Strategy Officer

 

 

 

 

 

 

 

 

 

 

 

    	5

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