SEC Contract Filing

Filing Date: 2023-06-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2317645d2_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">$2,200,000.00</TD><TD STYLE="text-align: right; width: 50%">May 31, 2023</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>FOR VALUE RECEIVED,</B>
Loop Media, Inc., a Nevada corporation (&quot;<B>Borrower</B>&quot;), promises to pay to the <B><U>Excel Family Partners, LLLP,</U></B>
a Florida limited liability limited partnership with a principal place of business at <B><U>[*]</U></B> (the &quot;<B>Lender</B>&quot;),
the aggregate of such amounts Lender has disbursed to Borrower during the period from the date first set forth above to the Maturity Date
(defined below), up to TWO MILLION TWO HUNDRED THOUSAND AND 00/100 DOLLARS ($2,200,000.00), in lawful money of the United States of America
(the &quot;<B>Loan</B>&quot; or the &quot;<B>Advances</B>&quot;), together with all accrued interest on the principal amount of all Advances
made hereunder from the date such Advance was made, including any Advances made prior to the date first set above, at a rate specified
in that certain Secured Non-Revolving Line of Credit Loan Agreement between the Lender and Borrower dated the same date as this Note (&ldquo;<B>Loan
Agreement</B>&rdquo;). Capitalized terms used in this Secured Non-Revolving Line of Credit Promissory Note (this &quot;<B>Note</B>&quot;)
that are not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note evidences the Loan
incurred under the Loan Agreement to which reference is made for a statement of the terms and provisions thereof, including those under
which such indebtedness may be declared to be immediately due and payable. This Note is entitled to the benefits of, <U>inter alia</U>,
the Loan Agreement and the other Loan Documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Maturity Date, the
then outstanding principal balance of the Loan, all accrued and unpaid interest, and any other amounts owed by Borrower to Lender pursuant
to the Loan Agreement and other Loan Documents shall be due and payable in full. All payments made under this Note to Lender (collectively,
a &quot;<B>Payment</B>&quot;) shall be made payable to Lender by wire transfer or corporate check at the address provided next to its
signature below. Payments to Lenders shall be made payable to each Lender according to the Payment instructions set forth in <B>Scheduled
A </B>attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Note,
the maturity date shall be ninety (90) days from the date of this Note (the &ldquo;<B>Maturity Date</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the Maturity Date or
due date on this Note (whether at the stated maturity, by acceleration, or otherwise), interest shall be charged on the respective principal
amount remaining unpaid at a rate specified in the Loan Agreement, until paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
however, in no event shall the interest charged exceed the maximum rate of interest allowed by applicable law, as amended from time to
time. Lender does not intend to charge any amount of interest, monthly renewal fee or other fees or charges in the nature of interest
that exceeds the maximum rate allowed by applicable law. If any payment of interest or in the nature of interest hereunder would cause
the foregoing interest rate limitation to be exceeded, then such excess payment shall be credited as a payment of principal.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
 <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
 <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: