MEMBERSHIP INTEREST PLEDGE AGREEMENT LUSTRE OIL COMPANY, LLCMembership Interest Pledge Agreement • October 28th, 2022 • Laredo Oil, Inc. • Crude petroleum & natural gas
In consideration of Bradley E. Sparks, an individual (“Lender”), acquiring from Laredo Oil, Inc., a Delaware corporation (“Pledgor”), that certain Promissory Note, dated October 26, 2022, in the original principal amount of $150,000 (the “Note”), and to secure the obligations of Pledgor to the Lender under the Note, Pledgor, as collateral security for the payment of the indebtedness and the performance of all other obligations relating to the First Lien Note, and all amendments and replacements thereof (collectively hereinafter called the “Obligations”), hereby deposits with the First Lien Lender and pledges, collaterally assigns, delivers, and grants a security interest in the following property:
