SECURITY AGREEMENTSecurity Agreement • April 3rd, 2014 • Us Fuel Corp • Petroleum refining • New Jersey
THIS SECURITY AGREEMENT (the “Agreement”), is entered into and made effective as of DECEMBER 13, 2013, by and among US FUEL CORPORATION, a Nevada corporation (“Company”), and Company’s undersigned subsidiaries (the “Subsidiaries” and, collectively with the Company, the “Grantors”), in favor of 112359 FACTOR FUND, LLC (“the “Secured Party”).
US FUEL CORPORATION Secured Convertible DebentureEntire Agreement • April 3rd, 2014 • Us Fuel Corp • Petroleum refining • New Jersey
FOR VALUE RECEIVED, US FUEL CORPORATION (hereinafter called the “Obligor” or the “Company”), hereby promises to pay to 112359 FACTOR FUND, LLC (the “Holder”) or its successors and assigns the principal sum of ONE HUNDRED THOUSAND DOLLARS ($100,000.00) in the form of cash or Obligor common stock on the terms and conditions hereof on or before December 31, 2015 (the “Maturity Date”). Company has received $50,000 in cash from Holder on the Original Issuance Date as consideration for this Debenture.
