SEC Contract Filing

Filing Date: 2020-05-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.02
<SEQUENCE>3
<FILENAME>ex_186318.htm
<DESCRIPTION>EXHIBIT 10.02
<TEXT>
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<p style="margin-bottom: 0px; margin-top: 0px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.02</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<div style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div>

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 <p style="font-family: Times New Roman; font-size: 18pt; margin: 0pt; text-align: center;"><b>Promissory Note</b></p>
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 <td style="vertical-align: top; width: 28%;">&nbsp;</td>
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 <td colspan="2" style="vertical-align: top; width: 14%;">&nbsp;</td>
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 <p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: left;"><b>Date</b></p>
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 <p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: left;"><b>Loan Amount</b></p>
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 <p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: center;"><b>Interest Rate after Deferment Period</b></p>
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 <p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: left;"><b>Deferment Period</b></p>
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 <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">April 30, 2020</p>
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 <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">$772,022.50</p>
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 <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">1.00% fixed per annum</p>
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 <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">6 months</p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">This Promissory Note (&#8220;Note&#8221;) sets forth and confirms the terms and conditions of a term loan to Orbital Gas Systems, North America, Inc. (whether one or more than one, &#8220;Borrower&#8221;) from Bank of America, NA, a national banking association having an address of P.O. Box 15220, Wilmington, DE 19886-5220 (together with its agents, affiliates, successors and assigns, the &#8220;Bank&#8221;) for the Loan Amount and at the Interest Rate stated above (the &#8220;Loan&#8221;). The Loan is made pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;). The funding of the Loan is conditioned upon approval of Borrower&#8217;s application for the Loan and Bank&#8217;s receiving confirmation from the SBA that Bank may proceed with the Loan. The date on which the funding of the Loan takes place is referred to as the &#8220;Funding Date&#8221;. If the Funding Date is later than the date of this Note, the Deferment Period commences on the Funding Date and ends six months from the Funding Date. After sixty (60) days from the date the Loan is funded, but not more than ninety (90) days from the date the Loan is funded, Borrower shall apply to Bank for loan forgiveness. If the SBA confirms full and complete forgiveness of the unpaid balance of the Loan, and reimburses Bank for the total outstanding balance, principal and interest, Borrower&#8217;s obligations under the Loan will be deemed fully satisfied and paid in full. If the SBA does not confirm forgiveness of the Loan, or only partly confirms forgiveness of the Loan, or Borrower fails to apply for loan forgiveness, Borrower will be obligated to repay to the Bank the total outstanding balance remaining due under the Loan, including principal and interest (the &#8220;Loan Balance&#8221;), and in such case, Bank will establish the terms for repayment of the Loan Balance in a separate letter to be provided to Borrower, which letter will set forth the Loan Balance, the amount of each monthly payment, the interest rate (not in excess of a fixed rate of one per cent (1.00%) per annum), the term of the Loan, and the maturity date of two (2) years from the funding date of the