Tempus Applied Solutions Holdings Inc fka TMPS

[LoserTrying2Win]

https://sec.report/Document/0001437749-18-008053/



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously reported, on April 28, 2017, the Company entered into a 10% Senior Secured Convertible Note due April 28, 2018, in the principal amount of $6,200,000 (the “Convertible Note”) with Santiago Business Co. International Ltd. (the “Note Holder”).

The Company and the Note Holder have agreed to extend the maturity of the Convertible Note to April 28, 2019, and to add the following collateral arrangements:


the Company has agreed to grant the Note Holder a security interest in the six L-1011 aircraft recently acquired by the Company (the “L-1011s”), and in the Company’s membership interest in Tristar Air, LLC, the Company’s wholly owned subsidiary which is the direct owner of the L-1011s;


the Company has agreed to grant the Note Holder the sole option to purchase the Company’s Gulfstream Corporation G-IV Aircraft for an amount of $2,000,000 in the event of default; and


the Company has agreed to grant the Note Holder the sole option to purchase the L-1011s as a group for $2,000,000 in the event of default.


All other terms of the Convertible Note remain unchanged

The 2017 NOTE, and 2018 amendments were approved by the TMPS board and filed with the SEC. This wasn't a mystery regardless of this board ignoring it head in the sand style.