Document:

xedar8kex101_8192008.htm

    
      

      

    

    Exhibit 10.1

    
 

    THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), AND IS NOT A "REGISTERED SECURITY" AS THAT TERM IS DEFINED IN RULE 144
UNDER THE ACT.  THIS NOTE MAY NOT BE OFFERED FOR SALE, SOLD OR
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF
WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE MAKER.

    

    THIRD
AMENDED AND RESTATED

    SECURED
SUBORDINATED PROMISSORY NOTE

    

    XEDAR
CORPORATION

    

    

    
      	
              Original
      Principal Balance: $2,350,000.00

              so
      much thereof as actually advanced

            	
              Issue
      Date: March 3, 2008, as amended

              and
      restated April 24, 2008, 

              as
      subsequently amended and

              restated
      June 30, 2008, and

              as
      subsequently amended and

              restated
      August 20, 2008

            
	
              Interest
      Rate: 6.00%

               

            	
              Due
      Date: 12/31/2008

            

    

    

    FOR VALUE RECEIVED, XEDAR
CORPORATION, a Colorado corporation ("Maker"), whose address is 8310
South Valley Highway, Suite 220, Englewood, CO 80112, hereby unconditionally
promises to pay to the order of Hugh H. Williamson, III
(together with any authorized subsequent holder, are hereinafter referred to as
"Holder") whose address is 3773 Cherry Creek North Drive, Suite 995, Denver,
Colorado 80209, the principal sum of Two Million Three Hundred Fifty Thousand
Dollars and No Cents ($2,350,000.00), or so much thereof as is actually advanced
from time to time, pursuant to the terms hereof and in accordance with that
certain Pledge and Security Agreement, dated as of the issue date hereof
("Pledge") and all other documents executed in connection with the loan
evidenced by this Third Amended and Restated Secured Subordinated Promissory
Note ("Note") (this Note, the Pledge, and all other documents executed in
connection herewith are collectively referred to as the "Loan Documents"),
together with interest thereon, from and after the date hereof, at an annual
rate determined in accordance with the terms set forth herein, on all unpaid
balances until paid in full.

    

    All payments required hereunder shall
be made in lawful currency of the United States of America and shall be paid by
Maker to Holder as specified herein, or to such other person or entity, or at
such other place, as Holder hereof may designate from time to time in
writing.

     

    Interest shall accrue on all principal
amounts advanced to Maker hereunder at the rate of six percent (6%) per annum
from and after the date of each advance made pursuant
hereto.  Interest will be calculated on the basis of a 365-day
year.

     

    Maker shall pay all unpaid,
outstanding, and accrued interest, on all amounts advanced hereunder, in regular
monthly installments, commencing on the last day of each month beginning
March  31, 2008.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Unless prepaid by Maker, the entire
unpaid principal balance, together with all accrued and unpaid interest, and all
other amounts due and owing under the terms of this Note and the Loan Documents
shall be due and payable, and shall be paid, in full, on the earlier of the
receipt of at least $10 million in new funding or on December 31, 2008
("Maturity Date").

    

    Maker may prepay the entire debt
evidenced by this Note, or any portion thereof, at any time and from time to
time, without penalty or premium. All prepayments of principal or interest shall
be applied to the latest interest or principal payments to be paid under this
Note and shall not reduce or delay subsequent installment payments to be made
hereunder.

    

    In the event of failure to make any
payment when due hereunder, or in the event the entire balance hereunder is
accelerated as the result of a breach of, or the event of a default under the
terms of this Note or any of the other Loan Documents (which default is not
cured within the permitted cure periods), or an advance is made under the Loan
Documents to preserve and protect any collateral securing this Note, or to
enforce the provisions of this Note or the other Loan Documents, interest shall
be paid upon the entire outstanding principal balance and all other advances
made pursuant to this provision, at the rate of fifteen percent (15%) per annum,
until all amounts due and owing under this Note and the Loan Documents are paid
in full.  In each event that any payment due hereunder shall be made
by check or other negotiable instrument, and such check or negotiable instrument
is dishonored or refused by Maker or the payor institution, the Maker agrees to
pay, in addition to the all other sums due hereunder, a charge of One Hundred
Fifty Dollars and No Cents ($150.00) per check or negotiable instrument so
dishonored or refused.  At Holder’s option, all sums due hereunder
must be paid in the form of bank cashier’s check or wire transfers.

     

    All payments made hereunder shall first
be applied to the payment of any interest, including interest at the default
rate due and owing, and then to the payment of other sums (other than principal)
due and owing under the Loan Documents, then to the payment of the principal
balance due and owing hereunder.

     

    This Note is secured by various Loan
Documents, including, without limitation, the Pledge, and such other agreements
and assignments as required by Holder and executed and delivered by Maker in
connection with the loan evidenced by this Note and the Loan
Documents.

     

    In the event Maker shall default in any
of the payments due hereunder, Holder shall give Maker notice of such default
and thereafter, if such payment is not made within ten (10) days after such
notice is given, or in the event Maker breaches or defaults in the performance
of any covenant, obligation, condition, representation or warranty contained in
any of the other Loan Documents, which breach or default is not cured within the
applicable cure periods as provided in the Loan Documents, the full amount
remaining unpaid hereunder, together with accrued and unpaid interest, and fees
and any subsequent advances, including, without limitation, advances made by
Holder for payment of reasonable attorneys’ fees or in connection with the
preservation or protection of any collateral pledged to secure payment hereof,
at the option of Holder, shall be accelerated and shall become immediately due
and payable, in full, without further notice.  It is agreed that
notice of the exercise of such acceleration option is hereby expressly
waived.  Failure by Holder at any time, or from time to time, to
exercise such acceleration option shall not constitute a waiver of the right to
exercise the same at any other time.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    This Note may not be transferred by
Maker or assumed by any third party, except as permitted by Holder in
writing.

     

    This Note is subject to the express
condition that at no time shall Maker be obligated or required to pay interest
on the principal balance due under the Note at a rate which could subject Holder
of the Note to either civil or criminal liability as a result of being in excess
of the maximum interest rate which Maker is permitted by law to contract or
agree to pay.  In the event maturity of this Note is accelerated by
reason of an election by Holder thereof resulting from a breach or default
hereunder or under the Pledge, or under the terms of any of the other Loan
Documents, or by voluntary prepayment by Maker, or otherwise, then earned
interest may never include more than the maximum rate of interest permitted by
applicable law.  If from any circumstance any Holder of this Note
shall ever receive interest or other charges constituting interest, or
adjudicated as constituting interest, the amount of which, if any, would exceed
the maximum rate of interest permitted by applicable law, said excess amount
shall be reclassified as a principal payment and shall be applied to the
reduction of the principal amount then owing on this Note or on account of any
other principal indebtedness of Maker to Holder and not to the payment of
interest; or if such excessive interest exceeds the unpaid balance of principal
of this Note and any such other indebtedness, the amount of such excessive
interest that exceeds the unpaid principal balance of this Note or such other
indebtedness shall be refunded to Maker.  All sums paid or agreed to
be paid to Holder for the use, forbearance or detention of the indebtedness of
Maker to Holder shall be prorated, allocated and spread throughout the full term
of such indebtedness until payment in full for the purpose of determining the
actual rate of interest on such indebtedness so that the actual rate of interest
on such indebtedness is uniform throughout the term, and, in conjunction
therewith, if the loan evidenced by this Note should ever be deemed to consist
of two or more loans, then any sum paid or agreed to be paid to Holder for the
use, forbearance or detention of the indebtedness of Maker to Holder which is
deemed to be excessive interest with respect to one or more of such loans shall
be allocated to the loan or loans for which a maximum lawful rate of interest
has not been contracted for, charged or received or for which no maximum rate of
interest exists.

    

    Except as otherwise provided for
herein, Maker, endorsers or other persons liable hereunder, waive diligence or
delinquency in collection, demand for payment, presentment for payment, protest,
notice, notice of protest, notice of dishonor and all duty or obligation of
Holder to effect, protect, perfect, retain or enforce any security for payment
of this Note or to proceed against any collateral.  This Note shall be
the joint and several obligation of Maker, endorsers or other persons liable
hereunder and shall be binding upon them, their personal representatives, heirs,
successors and assigns.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Maker, endorsers or other persons
liable hereunder, jointly and severally, unconditionally guarantee prompt
satisfaction when due, whether by acceleration or otherwise, of the entire
outstanding principal balance and all accrued and unpaid interest, and amounts
of any additional advancements, and further agree to immediately pay to Holder
upon demand, all losses, costs, expenses (including reasonable attorneys’ fees
as provided herein) incurred by Holder from collection and/or enforcement of
this Note in the event of default.  If this Note is placed in the
hands of an attorney in the event of default for collection or to enforce
payment hereunder or to enforce any other obligation as so provided in any other
Purchase Document, whether suit or other legal action is filed or foreclosure
proceedings are in fact commenced, Maker agrees to pay, in addition to all other
sums due hereunder, reasonable attorneys’ fees incurred in connection with the
enforcement of payment or the enforcement of the other obligations of Maker
under the other Loan Documents, and the collection of said sums, including
reasonable attorneys’ fees incurred in preparation for and proceedings in
foreclosure, probate, bankruptcy, receivership, or other legal proceedings in
connection with the enforcement of payment or other obligations and collection
of all sums evidenced by this Note.

    

    No extension, postponement,
forbearance, delay or failure on the part of the Holder of this Note in the
exercise of any power, right or remedy hereunder, under the Pledge or under the
other Loan Documents, or at law or in equity, shall operate as a waiver thereof,
nor shall a single or partial exercise of any power or right preclude other or
further exercise thereof or the exercise of any other power, right or
remedy.  All rights, powers and remedies of the Holder shall be
cumulative and may be exercised simultaneously or from time to time in such
order and manner as the Holder in its sole discretion may elect.

     

    In the event any one or more of the
provisions of this Note for any reason shall be held to be invalid, illegal or
unenforceable, in whole or in part or in any respect, or in the event that any
one or more of the provisions of this Note operates or would operate
prospectively to invalidate this Note, then and in either of those events, such
provision or provisions only shall be deemed null and void and shall not affect
any other provision of this Note, and the remaining provisions of this Note
shall remain operative and in full force and effect and shall in no way be
affected, prejudiced or disturbed thereby.

     

    This Note may not be amended, modified,
or changed, nor shall any waiver by Holder hereof of any provision of this Note
be effective, except by written instrument signed by the party against whom
enforcement of such amendment, modification, or waiver is sought.

     

    Time is of the essence with respect to
all payment provisions set forth in this Note.

    

    Holder may, in the exercise of its
discretion, foreclose its security interests and liens in any property securing
payment of this Note simultaneously or severally, in any order selected by
Holder.  Maker waives any right to require Holder to marshal assets in
enforcing Holder's remedies.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Maker, and all endorsers or other
persons liable hereunder, agree to promptly pay any and all deficiencies which
may arise if Holder exercises its rights under the Pledge or any other agreement
comprising the Loan Documents, it being the intention of Maker and Holder that
Holder shall have full recourse against each undersigned Maker, all endorsers or
other persons liable hereunder and that they shall remain fully liable for the
all amounts which are due and owing hereunder, regardless of the value of the
collateral securing this Note and regardless of whether or not the Holder elects
to exercise any of its remedies against the collateral.

    

    Each individual executing this Note
represents and warrants that he or she is duly authorized to execute and deliver
this Note on behalf of the person or entity for which he or she is so executing
and that this Note is binding upon the undersigned Maker in accordance with its
terms, except to the extent that enforcement of remedies is limited by
applicable bankruptcy, insolvency and other laws affecting the enforcement of
creditors’ rights generally, and that the proceeds of the loan to the
undersigned Maker, which is the basis for the indebtedness evidenced by this
Note, shall be used for business and commercial purposes, and not individually
for any personal, family or household purposes.

    

    This Note shall be interpreted and
enforced in accordance with the substantive and procedural laws and rules of the
State of Colorado.  The parties hereto also agree that jurisdiction
and venue for all proceedings under this Note shall be in city and county of
Denver, Colorado.  The prevailing party in any such proceeding shall
be entitled to recover its reasonable attorney’s fees and costs incurred, in
addition to any other damages.

    

    IN WITNESS WHEREOF, the
undersigned has executed this Note as of the day and year first above
written.

     

    
      
        	 	
                MAKER:

                 

                 

                XEDAR
      CORPORATION,

                a
      Colorado corporation

              	 
	 	 	 	 
	
                 

              	
                By:    
      

              	/s/ Steven M. Bragg	 
	 	
                 

              	Steven M. Bragg, CFOxedar8kex102_8192008.htm

     

    
      

      

    

     

    Exhibit 10.2

      PLEDGE
AND SECURITY AGREEMENT

      

      

      THIS PLEDGE AND SECURITY AGREEMENT is
made as of March 3, 2008, as amended and supplemented April 24, 2008, as
subsequently amended and supplemented June 30, 2008, and as subsequently amended
and supplemented August 20, 2008, by and between Xedar Corporation, a Colorado corporation
(hereinafter "Pledgor"), and Hugh H. Williamson, III (hereinafter
"Pledgee").

      

      1.           Background. As of
this date, Pledgee has loaned Pledgor up to Two Million Three Hundred Fifty
Thousand Dollars and No Cents ($2,350,000.00) pursuant to the terms of a Second
Amended and Restated Secured Subordinated Promissory Note (the “Note”) issued to
Pledgee.  Therefore, the parties enter into this
Agreement.

      

      2.           Pledge. Pledgor
hereby grants a security interest to Pledgee in the following
"Collateral":  All present and future property of Pledgor wherever
located and however described (including, without limitation, any and all
present and future goods, whether constituting inventory, equipment, farm
products or consumer goods (and whether or not constituting a fixture) and any
and all present and future instruments, money, documents, chattel paper,
accounts, contract rights, and general intangibles), together, in each case,
with all proceeds and products thereof.  Pledgee acknowledges and
agrees that the security interest granted hereby is and shall be subordinate in
every respect to the security interest(s) of KeyBank National Association
("KeyBank") in and to the Collateral under those certain Commercial Security
Agreements dated June 7, 2007 and September 28, 2007.

      

      3.           Rights to Collateral.
During the term of this pledge, and for so long as the Pledgor is not in default
in the performance of any of the terms of this Agreement or in the payment of
the Note, the Pledgor shall have the right to possess, use, hypothecate,
transfer and otherwise dispose of the Collateral in the ordinary course of
business. Pledgor will not sell or otherwise dispose of the Collateral or any
interest therein, outside the ordinary course of business, without the prior
written consent of Pledgee except for tangible assets that are obsolete, broken
or no longer required for the operation of the Pledgor's business in the
ordinary course

      

      4.           Payment of Note.  Upon full payment
of the Note, the Pledgee's rights pursuant to this Pledge and Security Agreement
shall immediately terminate and thereafter Pledgor shall own all right, title,
and interest in and to the Collateral free of any encumbrances and without
obtaining the consent of any other person.

      

      5.             Default.  In
the event that the Pledgor defaults in the performance of any of the terms of
this Agreement or in the payment of the Note, then the Pledgee shall have all
the rights and remedies provided in the Uniform Commercial Code in force in the
State of Colorado at the date of this Agreement and any rights which may be
added by subsequent amendment, and, in this connection, the Pledgee may, upon 30
days’ written notice to the Pledgor sent by registered mail, without liability
for any diminution in price which may have occurred, and subject to the rights
of KeyBank, sell all the Collateral in such a manner and for such price as the
Pledgee may determine.  Out of the proceeds of the sale, subject to
the rights of KeyBank, the Pledgee may retain an amount equal to the principal
and interest then due on the Note, plus the amount of the expenses of the sale,
including attorney’s fees, and shall pay any balance of such proceeds to the
Pledgor.  In the event that the proceeds of any sale are insufficient
to cover the principal and interest of the Note plus expenses of the sale, the
Pledgor shall remain liable to the Pledgee for any deficiency.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      6.           Miscellaneous. The
rights of Pledgee shall inure to the benefit of any subsequent holder of an
interest in the Note.  This Agreement shall be governed under the laws
of the State of Colorado.

      

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

      

       

      
      

       

      
        	 	 PLEDGOR:   	   Xedar Corporation, a Colorado
    corporation	 By:   	 /s/ Steven M. Bragg	 
	 	 	 	 	 Steven M. Bragg, CFO	 
	 	 	 	 	 	 
	 	 
      
                PLEDGEE:

              	 	 	/s/ Hugh H. Williamson, III	 
	 	 	 	 	 Hugh H. Williamson, III

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