SEC Contract Filing

Filing Date: 2023-05-10

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2315246d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS PROMISSORY NOTE (&ldquo;NOTE&rdquo;) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;).&nbsp;&nbsp;THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF MAKER REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
 &nbsp;</B></P>

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

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 <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:&nbsp;&nbsp;Up to $500,000</FONT></TD>
 <TD STYLE="width: 50%; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated as of May 10<SUP>th</SUP>, 2023</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Innovative International Acquisition
Corp., a Cayman Islands exempted company (the &ldquo;<B>Maker</B>&rdquo;), promises to pay to the order of Innovative International Sponsor
I LLC, or its registered assigns or successors in interest<FONT STYLE="font-variant: small-caps">&nbsp;</FONT>(the &ldquo;<B>Payee</B>&rdquo;),
or order, the principal sum of up to Five Hundred Thousand Dollars ($500,000), or such lesser amount as shall have been advanced by Payee
to Maker and shall remain unpaid under this Note, in lawful money of the United States of America, on the terms and conditions described
below.&nbsp;&nbsp;All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.&nbsp;Principal.&nbsp;</B></FONT>The
principal balance of Note shall be payable on the date on which Maker consummates its initial business combination (the &ldquo;<B>Maturity
Date</B>&rdquo;).&nbsp;The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not
limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of
the Maker hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.&nbsp;Interest.</B></FONT>&nbsp;No
interest shall accrue on the unpaid principal balance of this Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT>&nbsp;<B>Drawdown
Requests</B>. The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon request from Maker to Payee
(each, a &ldquo;<B>Drawdown Request</B>&rdquo;). Payee shall fund each Drawdown Request within two (2) business days after receipt of
a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Five Hundred Thousand Dollars
($500,000) and such drawn funds may only be used for expenses accrued for working capital purposes. Once an amount is drawn down under
this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to
Payee in connection with, or as a result of, any Drawdown Request by Maker.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.&nbsp;Application
of Payments.</B></FONT>&nbsp;All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorneys&rsquo; fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.&nbsp;Events
of Default.</B></FONT>&nbsp;The following shall constitute an event of default (&ldquo;<B>Event of Default</B>&rdquo;):</P>

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