SECURITY AGREEMENTSecurity Agreement • May 1st, 2014 • Us Fuel Corp • Petroleum refining • New Jersey
THIS SECURITY AGREEMENT (the “Agreement”), is entered into and made effective as of APRIL 10, 2014, 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 (“the “Secured Party”).
US FUEL CORPORATION Secured Convertible DebentureSecured Convertible Debenture • May 1st, 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 (the “Holder”) or its successors and assigns the principal sum of FORTY THOUSAND DOLLARS ($40,000.00) 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 $20,000 in cash from Holder on the Original Issuance Date as consideration for this Debenture.
SECURITIES PURCHASE AGREEMENTSecurities Purchase Agreement • May 1st, 2014 • Us Fuel Corp • Petroleum refining • New Jersey
THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”), is made effective as of APRIL 10, 2014 (the “Effective Date”), by and among (“Buyer”) and US FUEL CORPORATION (“Company”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in that certain Security Agreement entered into on even date herewith by and between Company and Buyer.
US FUEL CORPORATION Secured Convertible DebentureSecured Convertible Debenture • May 1st, 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 (the “Holder”) or its successors and assigns the amounts identified as the balance due for each of the eight (8) obligations listed below (each, an “Obligation”), which are in the aggregate equal to the principal sum of EIGHT HUNDRED AND SIXTY THOUSAND DOLLARS ($860,000.00), in the form of cash or Obligor common stock on the terms and conditions hereof if and to the extent that each specific purchase price payment (each, a “Tranche”) has been paid as required under that certain Securities Purchase Agreement dated April 10, 2014 by and between the Obligor and Holder (“SPA”). Obligor’s payments shall be made in each case on or before the third (3rd) anniversary (each, a “Maturity Date”) of each Tranche payment date (each, a “Tranche Payment Date”) according to the following schedule:
