SEC Contract Filing

Filing Date: 2015-08-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v418802_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>AMENDED AND RESTATED DEMAND SECURED PROMISSORY
NOTE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Amended and Restated Demand Secured Promissory
Note amends and restates that certain Demand Secured Promissory Note dated October 9, 2014, (as at any time amended, the &quot;<U>Note</U>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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 <TD STYLE="width: 52%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$10,000,000.00</B></FONT></TD>
 <TD STYLE="width: 48%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AUGUST 18, 2015</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Alpharetta, Georgia</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED, the
undersigned (&ldquo;<U>Borrower</U>&rdquo;) promises to pay, on demand, to the order of <B>Presidential Financial Corporation</B>
(the &ldquo;<U>Lender</U>&rdquo;), at the Lender's main office in Alpharetta, Georgia, or at such other place as Lender may designate,
the principal sum of TEN MILLION AND NO/100 DOLLARS ($10,000,000.00) or so much thereof as may from time to time be outstanding
under that certain Loan and Security Agreement dated as of the date hereof between Borrower and Lender (as at any time amended,
restated, modified or supplemented, the &quot;<U>Loan Agreement</U>&quot;), together with interest thereon as hereinafter set forth.
Capitalized terms used herein, unless otherwise defined herein, shall have the meanings ascribed to them in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;Interest shall accrue
on the unpaid principal balance of this Amended and Restated Demand Secured Promissory Note (this &quot;<U>Note</U>&quot;) at a
variable rate per annum equal to three point two-five percent (3.25%) (the &ldquo;<U>Percentage Rate</U>&rdquo;) above the greater
of (a) the prime rate of interest quoted in <U>The Wall Street Journal</U> from time to time (the &ldquo;<U>Wall Street Journal
Prime</U>&rdquo;) or (b) three point two-five percent (3.25%) (the &ldquo;<U>Prime Rate Floor</U>&rdquo;). If the Wall Street Journal
Prime becomes unavailable during the term of this Note, Lender may designate a substitute index. The rate of interest under this
Note on the date hereof, expressed in simple interest terms, is six point five percent (6.50%) per annum. Notwithstanding the interest
payable, Borrower will pay to the Lender interest based on a minimum assumed outstanding principal balance of One Million Five
Hundred Thousand and No/100 Dollars ($1,500,000.00) (whichever rate is applicable from time to time shall be referred to herein
as the &ldquo;Interest Rate&rdquo;). The Interest Rate hereunder shall adjust on the published effective date of any change in
Wall Street Journal Prime (or any substitute index) to the extent that the Wall Street Journal Prime (or any substitute index)
is greater than the Prime Rate Floor on such date. Interest on this Note shall accrue daily and shall be due and payable monthly,
in arrears, on the last day of each month. Borrower shall be deemed to have requested and Advance under the Loan Agreement on each
date that any interest is due under this Note and Lender may make such Advance for the account of Borrower, charging Borrower for
its share of interest accrued on Advances made to or for the account of Borrower, all as provided in the Loan Agreement. Upon and
after the occurrence of any Event of Default and during the continuance thereof interest shall accrue and be payable at a per annum
rate equal to four percent (4%) over the otherwise applicable rate of interest (the &quot;<U>Default Interest Rate</U>&quot;).
Interest shall be calculated on the basis of actual days elapsed in a year of 360 days. All payments received in respect of this
Note may be applied by Lender first to accrued interest and other charges due and owing to Lender and any remaining amount may
be applied to the principal balance hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Amended and Restated
Note is the Demand Secured Promissory Note referred to in the Loan Agreement, evidences the unpaid balance of Advances from time
to time under the Loan Agreement, is secured by the Collateral, and is entitled to the benefits of the Loan Agreement. Lender,
from time to time may make Advances as may be requested by Borrower and accept payments in accordance with and subject to the provisions
of this Note and the Loan Agreement, and therefore the amount outstanding under this Note may vary from time to time by increases.</P>

<P STYLE="font: 10pt Times New Roman, Times,