Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 111

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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bligations

Promissory
Notes - Related Party

On
May 17, 2022, we issued a non-interest bearing unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an aggregate
principal amount of $300,000 (the “Note”). On January 20, 2023, the maximum amount available under the Note was further increased
to $400,000. As of March 31, 2023, both we and the Sponsor mutually agreed to extend the maturity date of the original Note. On November
21, 2023, the Note was further amended to permit us to pay certain expenses of the Sponsor which would reduce the principal balance of
the Note by the same amount. On March 27, 2024, the maximum amount available under the Note was further amended and increased to $1,090,000.
On June 25, 2024, the maximum amount available under the Note was further amended and increased to $1,780,000. On September 16, 2024,
the maximum amount available under the Note was further amended and increased to $1,980,000. On September 30, 2024, the maximum amount
available under the Note was further amended and increased to $2,280,000. On November 29, 2024, the maximum amount available under the
Note was further amended and increased to $2,780,000. On February 21, 2025, the maximum amount available under the Note was further amended
and increased to $3,530,000.

On
March 24, 2025, the Note was amended and restated in its entirety, in order to provide, among other things, (1) that the maturity date
of the Note is May 31, 2025; provided, however, that if Trailblazer completes an initial business combination, the Note shall be extended
for an additional eighteen (18) months from the closing of the initial business combination, (2) for certain post-business combination
transaction participation rights for the Sponsor as well as most favored nation rights for the Sponsor with respect to certain post business
combination transactions and (3) for equal monthly payments of $125,000 due commencing on the first business day of the calendar month
following the month in which Trailblazer closes its initial business combination. As of March 31, 2025 and December 31, 2024, there