Document:

Exhibit 10.49

DEBT EXTENSION AGREEMENT

This Debt Extension Agreement (this “Agreement”) is made and entered into as of this 26th day of January 2022, by and between G. S. Beckwith Gilbert, of 35 Vista Drive, Greenwich, CT 06830 (“Lender”), and PASSUR Aerospace, Inc. (formerly MEGADATA CORPORATION), a New York corporation, with a principal place of business at 3452 Lake Lynda Drive, Suite 190, Orlando FL, 32817 (“Borrower” or “PASSUR Aerospace”):

WITNESSETH

WHEREAS, PASSUR Aerospace has issued a promissory note to Lender for value received; and

WHEREAS, Lender and PASSUR Aerospace desire to modify certain terms and conditions of the debt extension agreement that was signed on January 29, 2021 that extended the original note to November 1, 2022 (the “Seventh Replacement Note”), as of the date of this Agreement and issue an eighth replacement promissory note (the “Eighth Replacement Note”) in exchange for the Seventh Replacement Note and other value received upon the terms and conditions set forth herein (the “Exchange”); and 

WHEREAS, the total amount due and owing under the promissory note as of January 26, 2022 is $10,691,625,, under the terms of the Seventh Replacement Note.

NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties hereby agree as follows:

1.MODIFICATION OF PREVIOUS NOTES: 

 

The Seventh Replacement Note shall be exchanged for the Eighth Replacement Note as set forth herein.

 

2.ISSUANCE AND TERMS OF EIGHTH REPLACEMENT NOTE; THE EXCHANGE:

 

For value received, on the date hereof, PASSUR Aerospace shall issue the Eighth Replacement Note to Lender in the amount of $10,691,625, in exchange for the Seventh Replacement Note.  The Eighth Replacement Note will be in the form attached as Exhibit A hereto and will have the following terms:

(a)TERM.  The principal and accrued interest amount of the Eighth Replacement Note, shall be paid in full on or by November 1, 2023. 

 

(b)INTEREST. The Eighth Replacement Note or any New Replacement Note shall bear interest on the unpaid principal amount, from the date of issuance until paid in full at maturity. Interest shall be payable at the annual rate of 93⁄4% from January 26, 2022 to November 1, 2023 payable in cash. Interest payments shall be made annually at October 31 of each year. 

 

(c)PREPAYMENT TERMS. The Eighth Replacement Note or any New Replacement Note plus accrued interest may be prepaid in full at anytime without penalty. 

 

(d)SECURITY INTEREST: The security interest previously conveyed to lender shall continue in full force and effect as an integral part of the Eighth Replacement Note, as described in Section 3 of the Eighth Replacement Note. 

3.MISCELLANEOUS. 

(a)AMENDMENT AND MODIFICATION.  This Agreement may be amended, modified and supplemented only by a written instrument signed by all of the parties hereto expressly stating that such instrument is intended to amend, modify or supplement this Agreement. 

(b)ENTIRE AGREEMENT.  This Agreement and the Eighth Replacement Note contain the entire agreement between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters. 

(c)SEVERABILITY.  If any provision of this Agreement shall be determined to be invalid or unenforceable under law, such determination shall not affect the validity or enforceability of the remaining provisions of this Agreement. 

(d)GOVERNING LAW; JURISDICTION.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law rules of such state. 

(e)COUNTERPARTS.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that both parties need not sign the same counterpart. 

 

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year written above.

 

	 

	PASSUR Aerospace, Inc.

	 

	3452 Lake Lynda Drive, Suite 190

	 

	Orlando, FL 32817

	 

	 

	 

	 

	 

	By:

	/s/ Brian Cook

	 

	Name:  Brian Cook

	 

	Title:  President and Chief Executive Officer

	 

	 

	 

	 

	 

	By:

	/s/ Sean Doherty

	 

	Name: Sean Doherty

	 

	Title:  Executive Vice President Finance and Administration

	 

	 

	 

	 

	 

	 

	 

	LENDER

	 

	G.S. Beckwith Gilbert

	 

	35 Vista Drive

	 

	Greenwich, CT 06830

	 

	 

	 

	By:

	/s/ G.S. Beckwith Gilbert

	 

	Name:  G.S. Beckwith GilbertExhibit 10.50

SECURED PROMISSORY NOTE

 

	$10,691,625

	STAMFORD, CONNECTICUT

	 

	AS OF JANUARY 26, 2022

 

For value received, PASSUR Aerospace, Inc. (formerly MEGADATA CORPORATION), a New York corporation (hereinafter referred to as “Borrower”), hereby unconditionally PROMISES TO PAY to the order of G.S. Beckwith Gilbert (“Lender”), or his permitted assigns, to an account designated by Lender, in lawful money of the United States of America and in immediately available funds, the sum of ten million six hundred ninety-one thousand six hundred and twenty-five dollars ($10,691,625).  Interest shall be payable at the annual rate of 9 3⁄4% from January 27, 2022 to November 1, 2023 payable in cash.  Interest payments shall be made, annually at October 31 of each year.

1.The principal amount evidenced hereby will be repaid in full on November 1, 2023, plus all accrued and unpaid interest hereunder as of November 1, 2023, which shall also be payable on such date. 

2.Notwithstanding the foregoing, the principal amount of the indebtedness evidenced hereby, together with all accrued interest, shall be immediately due and payable upon written notice to Borrower from Lender upon the happening of any of the following Events of Default: 

(a)Any of the assets of Borrower shall be attached, seized, levied upon or subjected to a writ or distress warrant, or come within the possession of any receiver, trustee, custodian or assignee for the benefit of creditors of Borrower and shall remain unstayed or undismissed for thirty (30) consecutive days; any person other than Borrower shall apply for the appointment of a receiver, trustee or custodian for any of the assets of Borrower and shall remain unstayed or undismissed for thirty (30) consecutive days; or Borrower shall have concealed, removed or permitted to be concealed or removed, any part of its property, with the intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property or the incurring of an obligation which may be fraudulent under any bankruptcy, fraudulent conveyance or other similar law; 

(b)A case or proceeding shall have been commenced against Borrower in a court having competent jurisdiction seeking a decree or order in respect of Borrower (i) under title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal, state or foreign bankruptcy or other similar law, (ii) appointing a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) of Borrower or of any substantial part of its properties, or (iii) ordering the winding-up or liquidation of the affairs of Borrower and such case or proceeding shall remain undismissed or unstayed for thirty (30) consecutive days or such court shall enter a decree or order granting the relief sought in such case or proceeding; 

(c)Borrower shall have (i) filed a petition seeking relief under title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal, state or foreign bankruptcy or other similar law, (ii) consented to the institution of proceedings thereunder or to the filing of any such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or sequestrator (or  

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similar official) of Borrower or of any substantial part of its properties, (iii) failed generally to pay its debts as such debts become due, or (iv) taken any corporate action in furtherance of any such action;

(d)Final judgment or judgments (after the expiration of all times to appeal therefrom) for the payment of money in excess of $100,000 in the aggregate shall be rendered against Borrower and the same shall not be vacated, stayed, bonded, paid or discharged for a period of thirty (30) days; or 

(e)Any other event shall have occurred which would have a material adverse effect on Borrower or its assets or financial condition in Lender’s reasonable judgment and such event continues to exist for at least thirty (30) days after Lender has given Borrower a written notice thereof. 

3.As security for any and all liabilities of Borrower to Lender, now existing or hereafter arising hereunder, or otherwise, Lender is hereby given a lien upon and a security interest in any and all moneys or other property (i.e., goods and merchandise, as well as any and all documents relative thereto; also, funds, securities, chooses in action and any and all other forms of property whether real, personal or mixed, and any right, title or interest of Borrower therein or thereto), and/or the proceeds thereof, including (without limitation of the foregoing) that in safekeeping or in which Borrower may have any interest.  In the event any one or more Events of Default has occurred and is continuing, Lender shall have all of the rights and remedies provided to a secured party by the Uniform Commercial Code in effect in New York State at that time and, in addition thereto, Borrower further agrees that (1) in the event that notice is necessary, written notice delivered to Borrower at its principal executive offices ten business days prior to the date of public sale of the property subject to the lien and security interest created herein or prior to the date after which private sale or any other disposition of said property will be made shall constitute reasonable notice, but notice given in any other reasonable manner or at any other reasonable time shall be sufficient, (2) in the event of sale or other disposition of such property, Lender may apply the proceeds of any such sale or disposition to the satisfaction of Lender’s reasonable attorneys’ fees, legal expenses and other costs and expenses incurred in connection with the retaking, holding, preparing for sale, and selling of the property, and (3) without precluding any other methods of sale, the sale of property shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of banks disposing of similar property. 

4.Demand, presentment, protest and notice of nonpayment and protest are hereby waived by Borrower. 

5.This Note has been executed, delivered and accepted in the State of New York and shall be interpreted, governed by, and construed in accordance with, the laws of the State of New York. 

[Signature page follows]

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IN WITNESS WHEREOF, Borrower has caused this Note to be executed as of the date first above written.

 

	 

	PASSUR Aerospace, Inc.

	 

	 

	 

	 

	 

	 

	 

	By: 

	/s/ Brian Cook

	 

	 

	Brian Cook

	 

	 

	Title: Chief Executive Officer

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