SECOND AMENDED AND RESTATED SECURITY AGREEMENTSecurity Agreement • July 1st, 2014 • Sara Creek Gold Corp. • Crude petroleum & natural gas • California
This SECOND AMENDED AND RESTATED SECURITY AGREEMENT, dated as of June 27, 2014 (as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this “Agreement”), made by and among TEG Oil & Gas USA, Inc., a Colorado corporation (the “Debtor”), in favor of Tapia Holdings, LLC, a Delaware limited liability company, (the “Secured Party”).
SECURED SUBORDINATED NOTE DUE DECEMBER 29, 2014Secured Subordinated Note • July 1st, 2014 • Sara Creek Gold Corp. • Crude petroleum & natural gas • Colorado
FOR VALUE RECEIVED, the undersigned, TEG Oil & Gas USA, Inc., a Colorado corporation (“Obligor”), hereby promises to pay to Tapia Holdings, LLC, a Delaware limited liability company (“Holder”), or order, in lawful money of the United States of America, the principal sum of $1,500,000 (the “Commitment Limit”), or so much thereof as may be outstanding from time to time, with interest on the unpaid principal amount hereof at the rate of three percent (3.0%) per annum.
