SEC Contract Filing

Filing Date: 2024-05-07

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>e5649_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><B>EXHIBIT 10.2</B></P>

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

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 <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000,000.00</FONT></TD>
 <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 1,
 2024</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">FOR VALUE RECEIVED, DIA Leasing, LLC, (&ldquo;Borrower&rdquo;) promises to
pay to the order of XXXXXXXXXX (&ldquo;Lender&rdquo;), the principal sum of Two Million Dollars and 00/100 ($2,000,000.00), or so much
thereof as may be disbursed to, or for the benefit of the Borrower.by Lender in Lender&rsquo;s sole and absolute discretion. It is the
intent of the Borrower and Lender hereunder to create a line of credit agreement between Borrower and Lender whereby Borrower may borrow
up to $2,000,000.00 from Lender for the purpose of purchase new motor vehicles for use in Borrower&rsquo;s business; provided, however,
that Lender has no obligation to lend Borrower any amounts hereunder and the decision to lend such money lies in the sole and complete
discretion of the Lender. The Lender may refuse to make any requested advance if an event of default has occurred and is continuing hereunder
either at the time the request is given or the date the disbursementis to be made, or if an event has occurred or condition exists which,
with the giving of notice or passing of time or both, would constitute an event of default hereunder as of such dates. This Note is to
be read in conjunction with the Line of Credit Agreement, Security Agreement, and all other documents of even date herewith related to
this loan transaction, all of which shall collectively be referred to as the &ldquo;Loan Documents&rdquo;.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">INTEREST &amp; PRINCIPAL: The unpaid principal of this
line of credit shall bear simple interest at the rate of Fifteen percent (15%) per annum. Interest shall be calculated based on the principal
balance as may be adjusted from time to time to reflect additional advances made hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">DRAWS: Each advance of principal shall be called a
&ldquo;Draw&rdquo;. Each Draw shall be in an amount no greater than Two Hundred Fifty Thousand Dollars and 00/100 ($250,000.00). The Payment
terms below shall be applicable to each Draw. The eight Draws may be taken at any time over the 180 days following execution of this Note
and Loan Documents. After the 180<SUP>th</SUP> day following execution of this Note and Loan Documents, any funds not disbursed to Borrower,
will no longer be available. This line of credit is not revolving. Once disbursed, funds will not be made available again even if repaid
in full prior to the end of the Term. Lender will have up to seven (7) business days to fund each Draw from the time that Lender receives
a completed schedule of the motor vehicles being purchased as required in the Security Agreement of even date herewith.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">PAYMENTS: Each
Draw will be paid over a period of eighteen (18) months from the date that the funds for each Draw are disbursed to Borrower. During the
first three (3) months after disbursement, Borrower shall make payments of interest only on the funds disbursed. From month four (4) through
month seventeen (17), Borrower shall make payments of principal and interest based on an amortization of forty-eight (48) months. On month
eighteen (18) all outstanding principal and unpaid interest shall be paid in full. This shall be known as the Maturity Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">All payments are due on first day of the month following disbursement.
If disbursement is made on any day other than the first day of the month, then at the time of disbursement, Lender shall withhold per
diem interest from the amount disbursed, based on the per diem interest due on the disbursement multiplied by the number of days between
disbursement and the first day of the next month.</P>

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