Document:

Exhibit 10.3  REVENUE Commitment Letter (Virurl to Revenue.com)

EXHIBIT 10.3

April 12, 2014

VIRURL INC.

137 Bay Street, Suite 7

Santa Monica, CA 90405

Dear Sirs:

Commitment Letter

Revenue.com Corporation (the “Lender”) has agreed to loan Virurl Inc. (the “Borrower”) USD$928,000 upon and subject to the terms and conditions contained in this commitment letter (“Commitment”).

1.

Definitions and Interpretation:

(a)

Unless there is something in the subject matter or context necessarily inconsistent therewith, capitalized words and terms used in this Commitment, in Schedule A hereto and in any amendment or supplement hereto will have the meanings ascribed to them herein or in Schedule A hereto, as the case may be.

(b)

The provisions of Schedule A attached hereto are incorporated into this Commitment and form a part hereof.

2.

Amount of Loan:

Subject to the terms and conditions of this Commitment, the Lender will make a secured loan available to the Borrower in a principal amount (the “Principal”) of USD$877,500 (the “Loan”).

3.

Purpose:

For working capital and the payment of business expenses, except that no funds from the Loan may be used for a payment to a Non-Arm’s Length Party.

4.

Interest Rate and Term:

The balance outstanding under the Loan will bear interest at a rate equal to 12% per annum.  Interest shall be calculated on the basis of a 360-day year and shall accrue daily commencing on April 30, 2014 until payment in full of the Principal, all accrued interest and any other amounts which become due hereunder. Interest shall be payable on the Maturity Date.

5.

Term and Repayment:

The Loan, including Principal, interest, and any fees (including the Loan Fee, if applicable) owing with respect thereto (collectively, the “Indebtedness”) shall come due and be repaid on the date (the “Maturity Date”) that is one year after the Loan is funded, unless and until an Event of Default occurs, whereupon all of the Indebtedness outstanding shall, at the option of the Lender, immediately become due and payable, subject to any applicable cure period.

6.

Prepayment:

The Borrower will be entitled to prepay at any time, without penalty, the whole or any portion of the Principal balance outstanding under the Loan plus all accrued interest thereon, provided that the Lender shall be provided with not less than 30 days written notice of the Borrower’s intent to pre-pay and provided further that such prepayment will not discharge any security in favour of the Lender while any Principal, interest or any other fee or amount is owed pursuant to this Commitment.

7.

Security:

As security for repayment of the Loan, the Borrower will provide or cause to be provided to and in favour of the Lender, in form and terms satisfactory to the Lender’s solicitors, the agreements as set out below, and executed prior to advancing any proceeds of the Loan. The security documentation to be provided will contain, among other things, all terms and conditions, including the covenants, warranties, and representations of the Borrower, in the Lender’s usual forms of security and supporting documents including the following:

(a)

Security Agreement (the “Security Agreement”) granting to the Lender by the Borrower a first security interest in all presently owned and after acquired personal property and a floating charge over all of its other property, assets and undertaking;

(b)

USD$877,500 Debenture made by the Borrower in favour of the Lender; and

(c)

all such supporting certificates, resolutions and solicitor opinions as the Lender may reasonably require

(collectively, the “Security Documents”).

8.

Events of Default:

(a)

At the option of the Lender, all Indebtedness will immediately become payable and the Security Documents will become enforceable upon the happening of any Event of Default.

(b)

Nothing contained herein will be construed or interpreted as imposing an express or implied limitation upon or to prejudice the Lender’s right to demand payment of the Loan in full at any time.

9.

Negative Covenants:

At all times during the term of the Loan, the Borrower will not, without the prior written consent of the Lender:

(a)

make revolving loans to or investments in, or provide guarantees or indemnities or otherwise give financial assistance to, any person, other than in the ordinary course of business;

(b)

grant or allow any lien, charge, lease or any other encumbrance, whether fixed or floating, other than a purchase money security interest, to be registered against the assets of the Borrower, except in favour of the Lender; or

(c)

issue, grant, permit or incur any debt except in favour of the Lender, other than in the ordinary course of business, or unless such debt is approved in writing by the Lender.

10.

Financial Statements and Reports:

The Borrower will provide the following management prepared financial information to the Lender prepared in accordance with United States GAAP (applied on a consistent basis with respect to prior periods):

(a)

annual financial statements for the Borrower’s most recently completed financial year;

(b)

applicable interim financial statements for any completed quarterly period subsequent to the year-end set out in Section 10(a); and

(c)

applicable month-end financial statements for any completed monthly period subsequent to the quarterly period set out in Section 10(b).

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11.

Fees and Costs:

(a)

Subject to waiver of the loan fee by the Lender upon the closing of the Acquisition as described below, the Borrower will pay to the Lender a non-refundable loan fee of USD$263,250 (the “Loan Fee”).  The Borrower acknowledges and agrees that the Loan Fee is payable to the Lender as consideration for the time, effort and expenses of the Lender and its employees and agents to:

(i)

review and/or study documents pertaining to the transaction(s) contemplated hereby (including but not limited to any credit reports and financial statements);

(ii)

reserve funds in contemplation of the Loan; and

(iii)

forego any opportunities to use the funds elsewhere.

(b)

The Borrower agrees that the actual determination of the costs and expenses so incurred by the Lender is not feasible and the Loan Fee represents a reasonable estimate thereof and is payable to the Lender in the manner set out below without set-off, abatement or deduction.

The Borrower further agrees that the Loan Fee will be earned by the Lender on the issuance of this Commitment to the Borrower and payable to the Lender on the earlier of:

(i)

the occurrence of an Event of Default, subject to any applicable cure period; or

(ii)

on the date that the Formal Agreement is terminated in accordance with its terms, if the Formal Agreement is not entered into by the date specified in the Letter of Intent, or the Borrower and the Lender decide not to proceed with the Acquisition in accordance with the terms of the Letter of Intent (a “Termination Event”), unless extended by the Lender in writing in its sole discretion.

Notwithstanding the above, upon the closing of the Acquisition, the Lender will waive the Loan Fee in its entirety.  In the event of a Termination Event and provided such event is not the result of any breach of any term of the Formal Agreement by the Borrower, and is not the result of the Borrower being unable or unwilling to close the Acquisition or proceed with the Letter of Intent, as applicable (the “No-Fault Event”), then the Loan Fee shall be reduced to USD$10,000.

In that regard, the Borrower acknowledges and agrees that the Loan Fee represents a genuine pre-estimate of such liquidated damages and is not a penalty and that the consequences of a breach of the provisions of this Commitment are such as to make precise pre-estimation of such damages very difficult.

It is also understood and agreed that the Lender will have the right to enforce payment of any outstanding balance of the Loan Fee and, except as explicitly set out herein, nothing herein contained shall release the Borrower from liability to pay the balance of the Loan Fee, provided that no directors, officers or shareholders of the Borrower will be personally liable for the Loan Fee.

The foregoing is without prejudice to the rights of the Lender to obtain from the Borrower by legal action, specific performance of the Borrower’s covenants and obligations hereunder, or any other remedies available at law or in equity to the Lender.

(c)

The Borrower will pay, whether or not funds are disbursed under the Loan, all legal costs, registration fees and other costs incurred by the Lender in investigating title and perfecting the Security Documents.

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12.

Non-Merger:

It is understood and agreed that the execution and delivery of the Security Documents, the registration of the Security Documents and the disbursement of funds under the Loan will in no way merge or extinguish this Commitment or the terms and conditions hereof, which will continue in full force and effect.  In the event of any inconsistency or conflict between any of the provisions of this Commitment and any provision or provisions of the Security Documents, the provisions of this Commitment will prevail.

13.

Taxes:

All payments to be made by the Borrower pursuant to this Commitment are to be made without set-off, compensation or counterclaim, free and clear of and without deduction for or on account of any Tax, including but not limited to withholding taxes, except for Taxes on the overall net income of the Lender.

14.

Maximum Interest Rate:

The Borrower agrees that, notwithstanding any provision in this Commitment to the contrary, no interest on the credit advanced under this Commitment will be payable in excess of that permitted by applicable law.  If the effective annual rate of interest, calculated in accordance with generally accepted actuarial practices and principles, would exceed the amount permitted by applicable law on the Loan advanced, then:

(a)

any excess that has been paid will be credited towards prepayment of any portion of the Indebtedness; and

(b)

any overpayment that may remain after such crediting will be returned forthwith to the Borrower upon demand.

15.

Assignment:

This Commitment and any benefits hereunder may not be transferred, assigned or otherwise disposed of by the Borrower to any other party without the prior written consent of the Lender.

16.

Further Assurances:

The Borrower shall at all times, do, execute, acknowledge and deliver or cause to be done, executed, acknowledged or delivered all such further acts, deeds, transfers, assignments, security agreements and assurances as the Lender may require in order to give effect to the provisions hereof and for the better granting, transferring, assigning, charging, setting over, assuring, confirming or perfecting the security interests hereby created and the priority accorded to them by law or under this Commitment, including but not limited to the registration of the charges created by the Security Documents in all jurisdictions requested by the Lender.

17.

Currency:

All monetary amounts set out herein are stated in United States dollars.

18.

Public Statements:

Except as required by applicable law, the Borrower shall not make or cause to make any public announcement or statement with respect to the Acquisition, this Commitment or the Security Documents without the approval of the Lender, such approval not to be unreasonably withheld or delayed.  The Borrower acknowledges that, promptly after the entering into of this Commitment, the Lender is required to issue a press release announcing the entering into of this Commitment and the Acquisition.

19.

Enurement:

This Commitment will enure to the benefit of and be binding upon the parties and their respective heirs, executors, administrators, successors, and permitted assigns, as applicable.

20.

Counterparts

This Commitment may be executed in counterparts and delivered by fax or other electronic means capable of producing a printed copy and shall be deemed effective for all purposes.

4

This Commitment and the Loan offered will expire if the Borrower has not accepted the terms and conditions hereof by signing and returning the enclosed copy of this letter on or before April 12, 2014.

Yours truly,

REVENUE.COM CORPORATION

Per:

/s/ Paul Dillman

Authorized Signatory

Name: Paul Dillman

Title: President and Director

5

ACCEPTANCE

The Borrower hereby accepts the offer of REVENUE.COM CORPORATION to provide financing as set forth above and agrees to borrow the monies representing the Loan upon and subject to the terms of this Commitment.

For good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the Borrower hereby promises and agrees to pay the Indebtedness (including the Loan Fee and all other costs and charges and expenses required to be paid to the Lender) and to keep, observe and perform (or to cause to be kept, observed and performed) all of their other covenants and agreements set forth herein and in the Security Documents to which it is a party, in the manner respectively contemplated hereby and thereby.

The Borrower authorizes the Lender to instruct its solicitors to prepare the Security Documents and to register a UCC Financing Statement with respect thereto at the registries in the applicable jurisdictions in which the Borrower holds its assets and conducts its business as determined by the Lender.

Accepted and agreed to this  day of April, 2014.

VIRURL INC.

Per:

________________________

Authorized Signatory

Name: __________________

Title: ___________________

6

SCHEDULE A

DEFINITIONS AND INTERPRETATION

FORMING PART OF THAT CERTAIN COMMITMENT LETTER

BETWEEN REVENUE.COM CORPORATION

AND VIRURL INC.

1.

DEFINITIONS

1.1

“Acquisition” has the meaning set out in the Letter of Intent.

1.2

“Affiliate” when used to indicate a relationship with a person, an entity is an “Affiliate” of another entity if one of them is a subsidiary of the other or each of them is controlled by the same person.

1.3

“Associate” when used to indicate a relationship with a person, means:

(a)

an entity of which the person beneficially owns or controls, directly or indirectly, voting securities entitling the person to more than 10% of the voting rights attached to all outstanding voting securities of the entity; or

(b)

in the case of a person who is an individual, that person’s spouse or child or any relative of that person or of his or her spouse who has the same residence as that person.

1.4

“Commitment” means this commitment letter dated April 12, 2014 and every schedule thereto.

1.5

Events of Default” means any of the events referred to in Section 6 of the Security Agreement and “Event of Default” means any one of them.

1.6

“Formal Agreement” has the meaning set out in the Letter of Intent.

1.7

“Indebtedness” means all present and future indebtedness and liability, direct or indirect, of the Borrower to the Lender arising under and pursuant to this Commitment and the Security Documents (including, without limitation, the amount outstanding under the Loan and all accrued interest thereon and all fees and costs payable in connection therewith).

1.8

“Insider” means:

(a)

a director, officer or manager of the Borrower, as applicable;

(b)

a director, officer or manager of a company that is an Insider or subsidiary of the Borrower, as applicable; or

(c)

a person that beneficially owns or controls, directly or indirectly, voting Shares or membership interests carrying more than 10% of the voting rights attached to all outstanding voting Shares or membership interests of the Borrower.

1.9

“Letter of Intent” means the letter of intent dated April 12, 2014 between the Lender and the Borrower.

1.10

“Non-Arm’s Length Party” means, in relation to the Borrower:

(a)

a promoter, director, officer, manager or Insider of the Borrower and any Associates or Affiliates of any such person; or

(b)

another entity or an Affiliate of that entity, if that entity or its Affiliate have the same promoter, director, officer, manager, Insider as the Borrower.

1.11

“Security Documents” means the security documents set out in Section 7 of the Commitment, and “Security Document” means any one of them.

1.12

“Shares” means the issued and outstanding common shares in the capital of the Borrower.

1.13

“Taxes” means all taxes, levies, imposts, stamp taxes, duties, deductions, withholdings and similar impositions payable, levied, collected, withheld or assessed as of the date of this Commitment or at any time in the future under the applicable laws or any political subdivision thereof, and “Tax” shall have a corresponding meaning.

1.14

“USD$” and “$” means lawful currency of the United States.

2.

INTERPRETATION

2.1

“Herein”, “hereunder”, and similar terms refer to the Commitment as a whole and not to any specific Clause or provision thereof.

2.2

The word “person” includes in its meaning any firm or corporation.

2.3

When the context makes it possible, the singular includes the plural and vice versa, and all references to any person, whether a party to this Commitment or not, will be read with such changes in number or gender as the party or reference requires.

2.4

If any provision, covenant, or agreement contained in this Commitment is invalid or unenforceable in whole or in part, then such invalid or unenforceable provision, covenant, or agreement or part thereof will be severed from and will not affect the validity or enforceability of the remainder of this Commitment.

2.5

Any reference in this Commitment to a statute will include any amendment or successor statute and any regulations thereunder in force from time to time.

2.6

The headings appearing in this Commitment have been inserted for convenience of reference only and in no way define, limit, or enlarge the scope or meaning of the provisions of this Commitment.

2.7

This Commitment will enure to the benefit of the Lender and be binding upon the Borrower and its successors, permitted assigns, executors and administrators, as applicable.Exhibit 10.4 REVENUE.COM - General Security Agreement

EXHIBIT10.4

SECURITY AGREEMENT

THIS SECURITY AGREEMENT is dated April 30, 2014, by and between VIRURL INC., a Delaware corporation (the “Debtor”) and REVENUE.COM CORPORATION, a Nevada corporation (the “Secured Party”).

WHEREAS:

A.

The Debtor has executed a debenture in favor of the Secured Party in the principal amount of USD$877,500 (the “Debenture”) pursuant to a Commitment Letter dated April 12, 2014 between the Debtor and the Secured Party (the “Commitment”).

B.

The Debtor has agreed to enter into this Security Agreement in order to secure its obligations to the Secured Party under the Debenture.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.

The Security Interests.

1.1

In order (i) to secure the due and punctual payment of the Debenture; (ii) to secure the due and punctual payment and performance of all obligations of the Debtor contained herein; (iii) to secure the due and punctual payment and performance of all indebtedness, obligations and liabilities of the Debtor in all other agreements executed or delivered by the Debtor in connection with the Debenture; and (iv) to secure the payment and performance of all other indebtedness, liabilities and obligations of the Debtor to the Secured Party of every kind and description, whether direct, indirect or contingent, whether now existing or hereafter arising or incurred, due or to become due, whether otherwise secured or unsecured and howsoever evidenced, incurred or arising, including all future advances to the Debtor (all of the foregoing indebtedness, obligations and liabilities described in this paragraph are hereinafter collectively called the “Obligations”), the Debtor hereby grants to the Secured Party, and its respective successors and assigns, a continuing security interest in, and hereby collaterally assigns to the Secured Party, the following described fixtures, personal property and intangible property, including without limitation, the assets set forth on Schedule A hereto (hereinafter collectively called the “Collateral”) whether now owned or hereafter acquired, whether existing or hereafter arising and wherever located:

(a)

all deposits and accounts receivable acquired by the Debtor in the operation of the Debtor’s business;

(b)

all rights of the Debtor under all contracts, agreements and reservations acquired in connection with the operation of the Debtor’s business;

(c)

all inventory, chattel, paper, accounts, equipment, and general intangibles;

(d)

all shares of stock and any other ownership interests in any business entity;

(e)

all assets, tangible or intangible, owned by the Debtor, including but not limited to cash, investments, accounts receivable, inventory of raw materials, work in progress or finished goods, equipment, trade names, and goodwill;

(f)

all accessions, attachments, accessories, tools, parts, supplies, replacements, and additions to any of the collateral described herein, whether added now or later;

(g)

all products and produce of any of the property described in this Section 1;

(h)

all accounts, general intangibles, instruments, rents, monies, payments, and all other rights, arising out of a sale, lease, or other disposition of any of the property described in this Section 1;

(i)

all proceeds (including insurance proceeds) from the sale, destruction, loss, or other disposition of any of the property described in this Section 1, and sums due from a third party who has damaged or destroyed the Collateral or from that party’s insurer, whether due to judgment, settlement, or other process; and

(j)

all records and data relating to any of the property described in this Section 1, whether in the form of a writing, photograph, microfilm, microfiche, or electronic media, together with all of the Debtor’s right, title, and interest in and to all computer software required to utilize, create, maintain, and process any such records or data on electronic media.

1.2

The security interests granted pursuant to this Section 1 (the “Security Interests”) are granted as security only and shall not subject the Secured Party, to, or transfer to the Secured Party, or in any way affect or modify, any obligation or liability of the Debtor under any of the Collateral or any transaction which gave rise thereto.

1.3

In addition to the Debenture, this Agreement secures all obligations, debts and liabilities, plus interest thereon of the Debtor to the Secured Party, or any one or more of them, as well as all claims by the Secured Party against the Debtor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Debenture, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated whether the Debtor may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable.

2.

Filing; Further Assurances.

2.1

The Debtor authorizes the Secured Party to file and record, any financing statements, any carbon, photographic or other reproduction of a financing statement or this Security Agreement (which the parties hereto agree shall be sufficient as a financing statement hereunder), any specific assignments or other paper that may be reasonably necessary or desirable, or that the Secured Party may request, in order to create, confirm, preserve, perfect or validate any Security Interest or to enable the Secured Party to exercise and enforce its rights and remedies hereunder or under applicable law with respect to any of the Collateral.

3.

Representations and Warranties of the DEBTOR.

3.1

The Debtor hereby represents and warrants to the Secured Party as follows:

(a)

the Debtor is, or to the extent that certain Collateral is to be acquired after the date hereof, will be, the owner of the Collateral free from any adverse lien, security interest or encumbrance;

(b)

no financing statement covering the Collateral is on file in any public office; and

(c)

the Collateral is used solely for commercial purposes and is not used or bought for personal, family or household purposes.

4.

Covenants of the debtor.

4.1

The Debtor hereby covenants and agrees as follows:

(a)

the Debtor will use all commercially reasonable efforts to defend the Collateral against all claims and demands of all persons at any time claiming any interest therein;

(b)

the Debtor will provide the Secured Party, at least fifteen (15) business days prior to occurrence, with written notice of (i) any change in the registered office of the Debtor or the office where the Debtor maintains its books and records pertaining to the Collateral, or (ii) the movement or location of Collateral to or at any address other than its current location;

(c)

the Debtor will promptly pay any and all taxes, assessments and governmental charges upon the Collateral prior to the date penalties are attached thereto, except to the extent that such taxes, assessments and charges shall be contested in good faith by the Debtor and adequate reserves have been set aside therefor;

(d)

the Debtor will immediately notify the Secured Party of any event causing a substantial loss or diminution in the value of all or any material part of the Collateral and the amount or an estimate of the amount of such loss or diminution;

(e)

except for the sale of Collateral as inventory in the normal course of business, the Debtor will not sell or offer to sell or otherwise assign, transfer or dispose of the Collateral or any interest therein, without the prior written consent of the Secured Party;

(f)

the Debtor will keep the Collateral free from any adverse lien or security interest;

(g)

the Debtor will not knowingly use the Collateral in violation of any statute or ordinance;

(h)

the Debtor will not change its name, identity or structure, without the prior written consent of the Secured Party, which consent shall not be unreasonably withheld; and

(i)

the Debtor will keep its records concerning the Collateral, at the Debtor’s executive office or at such other place or places of business as the Secured Party may approve in writing. The Debtor will hold and preserve such records and will permit representatives of the Secured Party at any time during normal business hours to examine and inspect the Collateral and to make abstracts from such records, and will furnish to the Secured Party such information and reports regarding the Collateral as the Secured Party may from time to time reasonably request.

5.

General Authority.

5.1

The Debtor hereby appoints the Secured Party the Debtor’s true and lawful attorney, with full power of substitution, in the name of the Debtor, the Secured Party or otherwise, for the sole use and benefit of the Secured Party, but at the Debtor’s expense, to the extent permitted by law to exercise, at any time and from time to time after any Event of Default has occurred, all or any of the following powers with respect to all or any of the Collateral (which power shall be in addition and supplemental to any powers, rights and remedies of the Secured Party described herein or otherwise available to the Secured Party under applicable law):

(a)

to demand, sue for, collect, receive and give acquaintance for any and all moneys due or to become due upon or by virtue thereof;

(b)

to receive, take, endorse, assign and deliver any and all checks, notes, drafts, documents and other negotiable and non-negotiable instruments and chattel paper taken or received by the Secured Party in connection therewith;

(c)

to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto;

(d)

to discharge any taxes, liens, security interests or other encumbrances at any time placed thereon; and

(e)

to execute such documents and instruments on behalf of the Debtor as may be necessary to assign any Collateral as described herein. Such appointment as attorney is irrevocable until the repayment and performance in full of the Obligations and coupled with an interest.

5.2

The Secured Party agrees to notify the Debtor within 3 days of exercising any of the powers granted to it under this Section 5.

6.

Events of Default.

6.1

The Debtor shall be in default under this Security Agreement upon the occurrence of any one or more of the following events (each such event is herein referred to as an “Event of Default”):

(a)

default shall be made in the payment of any installment of principal or interest on the Debenture, the Obligations or any other sum secured hereby when due and the failure to cure such default within ten (10) days after written notice of default to the Debtor; or

(b)

the Debtor transfers, assigns, alienates, mortgages, encumbers, pledges, hypothecates or grants an interest in Collateral without the Secured Party’s prior written consent, unless otherwise allowed by the terms of this Security Agreement; or

(c)

material default by the Debtor in the observance or performance of any non-monetary covenant or agreement contained herein, in the Debenture, in the Commitment or any other agreements related to the Debenture or the Commitment and the failure to cure such default within thirty (30) days after written notice of default to the Debtor (or within such other time period as may be therein specifically provided); or

(d)

breach by the Debtor of any representation or warranty contained herein or in the Debenture; or

(e)

the Debtor shall file a voluntary petition in bankruptcy or shall be adjudicated bankrupt or insolvent, or shall file any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors; or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Debtor or of all or any part of the Collateral, or of any or all of the royalties, revenues, rents, issues or profits thereof, or shall make any general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; or

(f)

a court of competent jurisdiction shall enter an order, judgment or decree approving a petition filed against the Debtor seeking any reorganization, dissolution or similar relief under any present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such order, judgment or decree shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive) from the first date of entry thereof; or any trustee, receiver or liquidator of the Debtor or of all or any part of the Collateral, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or acquiescence of the Debtor and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive); or

(g)

a writ of execution or attachment or any similar process shall be issued or levied against all or any part of or interest in the Collateral, or any judgment involving monetary damages shall be entered against the Debtor which shall become a lien on the Collateral or any portion thereof or interest therein and such execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; or

(h)

the Debtor ceases or threaten to cease to carry on its business; or

(i)

if, in the opinion of the Secured Party, effective control of the Debtor changes; or

(j)

if, without the prior consent of the Secured Party, the Debtor transfers a material portion of its property or assets to any person other than in the ordinary course of business; or

(k)

in the event of a Termination Event (as such term is defined in the Commitment); or

(l)

if, without the prior written consent of the Secured Party, the Debtor further mortgages, charges, or otherwise encumbers a material portion of its property to any person other than the Secured Party.

7.

Remedies Upon Event of Default.

7.1

If an Event of Default shall have occurred and be continuing, the Secured Party may take any of the following actions:

(a)

The Secured Party may exercise all the rights and remedies of a the Secured Party under Revised Article 9 of the Uniform Commercial Code (“UCC”) (whether or not the UCC is in effect in the jurisdiction where such rights and remedies are exercised) and, in addition, the Secured Party may, without being required to give any notice, except as herein provided or as may be required by mandatory provisions of law, including provisions that require a the Secured Party to act in a commercially reasonable manner, (i) apply the cash, if any, then held by it as Collateral hereunder, for the purposes and in the manner specified in Section 9 hereof, and (ii) if there shall be no such cash or if such cash shall be insufficient to pay all the Obligations in full, sell the Collateral, or any part or component thereof, at one or more public or private sales for cash, upon credit or for future delivery, and at such price or prices as the Secured Party may deem satisfactory.

(b)

The Secured Party may require the Debtor to assemble all or any part of the Collateral and make it available to the Secured Party at a place to be designated by the Secured Party, which is reasonably convenient. Any holder of an Obligation may be the purchaser of any or all of the Collateral so sold at any public sale (and, if the Collateral is of a type customarily sold in a recognized market at any private sale) and thereafter hold the same absolutely, free from any right or claim of whatsoever kind. Upon any such sale, the Secured Party shall have the right to deliver, assign and transfer to the purchaser thereof the Collateral so sold. Each purchaser at any such sale shall hold the Collateral so sold absolutely, free from any claim or right of whatsoever kind, including any equity or right of redemption of the Debtor.

(c)

The Secured Party shall give the Debtor at least ten (10) business days’ prior written notice of its intention to make any such public or private sale. The Secured Party and the Debtor agree that such notice constitutes “reasonable notification” within the meaning of Section 9-611 of the UCC. Such notice in the case of a public sale shall state the time and place fixed for such sale. Such notice in the case of a private sale or disposition shall state the time after which any private sale or other intended disposition is to be made.

(d)

Any such public sale shall be held at such time or times within ordinary business hours and at public or private place or places as the Secured Party may fix in the notice of such sale. At any public or private sale, the Collateral may be sold in one lot as an entirety or in separate parcels, as the Secured Party may determine. The Secured Party shall not be obligated to make such sale pursuant to any such notice. The Secured Party may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and placed fixed for the sale, and such sale may be made at any time or place to which the same may be adjourned. In case of any sale of all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained by the Secured Party until the selling price is paid by the purchaser thereof, but the Secured Party shall not incur any liability in case of the failure of such purchaser to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may again be sold upon like notice.

(e)

The Secured Party, instead of exercising the power of sale herein conferred upon them, may proceed by a suit or suits at law or in equity to foreclose the Security Interests and sell the Collateral, or any portion thereof, under a judgment or decree of a court or courts of competent jurisdiction.

(f)

All rights and remedies contained herein shall be separate and cumulative and in addition to all other rights and remedies available to a the Secured Party under applicable law, and the exercise of one shall not in any way limit or prejudice the exercise of any other such rights or remedies.

(g)

The Secured Party as attorney-in-fact pursuant to Section 5 hereof may, in the name and stead of the Debtor, make and execute all conveyances, assignments and transfers of any Collateral sold in accordance with this Agreement. The Debtor shall, if so reasonably requested by the Secured Party, ratify and confirm any sale or sales by executing and delivering to the Secured Party or to such purchaser or purchasers, all such instruments as may, in the reasonable judgment of the Secured Party, be advisable for such purpose.

(h)

The receipt by the Secured Party of the purchase money paid at any such sale made by it shall be a sufficient discharge therefor to any purchaser (other than the Secured Party) of the Collateral, or any portion thereof, sold as aforesaid; and no such purchaser (or his or its representatives or assigns) (other than the Secured Party), after paying such purchase money and receiving such receipt, shall be bound to see to the application of such purchase money or any part thereof or in any manner whatsoever be answerable for any loss, misapplication or nonapplication of any such purchase money, or any part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.

8.

Right of Secured Party to Use and Operate Collateral, Etc.

8.1

Upon the occurrence and during the continuance of an Event of Default, to the extent permitted by law, the Secured Party shall have the right and power to take possession of all or any part of the Collateral, and to exclude the Debtor and all persons claiming under the Debtor wholly or partly therefrom, and thereafter to hold, store, and/or use, operate, manage and control the same. Upon any such taking of possession, the Secured Party may, from time to time, at the expense of the Debtor, make all such repairs, replacements, alterations, additions and improvements to and of the Collateral as the Secured Party may deem proper. In such case, the Secured Party shall have the right to manage and control the Collateral and to carry on the business and to exercise all rights and powers of the Debtor in respect thereto as the Secured Party shall deem best, including the right to enter into any and all such agreements with respect to the leasing and/or operation of the Collateral or any part thereof as the Secured Party may deem fit; and the Secured Party shall be entitled to collect and receive all rents, issues, profits, fees, revenues and other income of the same and every part thereof. Such rents, issues, profits, fees, revenues and other income shall be applied to pay the expenses of holding and operating the Collateral and of conducting the business thereof, and of all maintenance, repairs, replacements, alterations, additions and improvements, and to make all payments which the Secured Party may be required or may elect to make, if any, for taxes, assessments, insurance and other charges upon the Collateral or any part thereof, and all other payments which the Secured Party may be required or authorized to make under any provision of this Security Agreement (including legal costs and attorney’s fees). The remainder of such rents, issues, profits, fees, revenues and other income shall be applied to the payment of the Obligations in such order or priority as the Secured Party shall determine (subject to the provisions of Section 9 hereof) and, unless otherwise provided by law or by a court of competent jurisdiction, any surplus shall be paid over to the Debtor.

9.

Application of Collateral and Proceeds.

9.1

The proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied in the following order of priorities:

(a)

first, to pay the expenses of such sale or other realization, including reasonable commission to the Secured Party’s agent, and all expenses, liabilities and advances incurred or made by the Secured Party in connection therewith, and any other unreimbursed expenses for which the Secured Party is to be reimbursed pursuant to Section 10;

(b)

second, to the payment of the Obligations in such order and manner as the Secured Party in its sole discretion, shall determine; and

(c)

finally, unless applicable law otherwise provides, to pay to the Debtor, or its successors or assigns, or as a court of competent jurisdiction may direct, any surplus then remaining from such proceeds.

10.

Expenses; Secured Party’s Lien.

10.1

The Debtor will forthwith upon demand pay to the Secured Party:

(a)

the amount of any taxes which the Secured Party may at any time be required to pay by reason of the Security Interests (including any applicable transfer taxes) or to free any of the Collateral from any lien thereon, and

(b)

the amount of any and all reasonable out-of-pocket expenses, including the reasonable fees and disbursements of its counsel and of any agents not regularly in its employ, which the Secured Party may incur in connection with (i) the preparation and administration of this Security Agreement, (ii) the collection, sale or other disposition of any of the Collateral, (iii) the exercise by the Secured Party of any of the powers, rights or remedies conferred upon it or them hereunder, or (iv) any default on the Debtor’s part hereunder.

11.

Termination of Security Interests; Release of Collateral.

11.1

Upon the repayment and performance in full of all the Obligations, the Security Interests and the General Authority and powers granted in Section 5 shall terminate and all rights to the Collateral shall revert to the Debtor. Upon any such termination of the Security Interests or release of Collateral, the Secured Party will, at the Debtor’s expense to the extent permitted by law, execute and deliver to the Debtor such documents as the Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

12.

Notices.

12.1

All notices, requests, demands and other communications provided for hereunder shall be in writing and either mailed, sent by nationally recognized overnight courier service, or delivered in person to the applicable party.

13.

Waivers; Nonexclusive Remedies.

13.1

No failure on the part of the Secured Party to exercise, and no delay in exercising, and no course of dealing with respect to, any right, power or remedy under this Security Agreement shall operate as a waiver thereof; nor shall any single or partial exercise by the Secured Party of any right, power or remedy under this Security Agreement preclude any other right, power or remedy. The remedies in this Security Agreement are cumulative and are not exclusive of any other remedies provided by law. The Debtor, to the extent it may lawfully do so, hereby consents to the jurisdiction of the courts of British Columbia having jurisdiction in Idaho for the purpose of any suit or proceeding brought in connection with or with respect to this Security Agreement.

14.

Waiver of Jury Trial.

14.1

THE DEBTOR EXPRESSLY WAIVES TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS SECURITY AGREEMENT OR ANY OTHER AGREEMENTS EXECUTED IN CONNECTION HEREWITH. NEITHER THE DEBTOR NOR ANY ASSIGNEE OF OR SUCCESSOR TO THE DEBTOR, SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION OR PROCEDURE BASED UPON, OR ARISING OUT OF, THIS SECURITY AGREEMENT OR ANY OF THE OTHER DOCUMENTS, INSTRUMENTS AND AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE DEALINGS OR THE RELATIONSHIP BETWEEN OR AMONG THE PARTIES HERETO, OR ANY OF THEM.

15.

Changes in Writing.

15.1

Neither this Security Agreement nor any provision hereof may be changed, waived, discharged or terminated orally but only by a statement in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought.

16.

Law; Meaning of Terms.

16.1

THIS SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEVADA AND APPLICABLE FEDERAL LAWS THEREOF, except to the extent that remedies provided by the laws of any state other than Nevada are governed by the laws of said state. Unless otherwise defined herein, or unless the context otherwise requires, all terms used herein which are defined in the Nevada Uniform Commercial Code have the meanings therein stated.

17.

Separability.

17.1

If any provision hereof is invalid or unenforceable in any jurisdiction, the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Secured Party.

18.

Successors and Assigns.

18.1

This Security Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, including, without limitation, any subsequent holders of the Debenture or any of the Obligations, each of whom shall, without further act, become a party hereto by becoming a holder of a Debenture or such Obligations.

19.

Headings.

19.1

The headings in this Security Agreement are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof.

20.

Counterparts.

20.1

This Security Agreement may be executed by the parties hereto in several counterparts hereof and by different parties hereto on separate counterparts hereof, each of which shall be an original and all of which counterparts shall together constitute one and the same agreement. Delivery of an executed signature page of this Security Agreement by facsimile transmission shall be effective as an in-hand delivery of an original executed counterpart thereof.

IN WITNESS WHEREOF, this Security Agreement has been executed by the parties hereto all as of the day and year first above written.

DEBTOR:

VIRURL INC.

By:

/s/ Francisco Diaz-Mitoma

Francisco Diaz-Mitoma

SECURED PARTY:

REVENUE.COM CORPORATION

By:

/s/ Paul Dillman

Paul Dillman

SCHEDULE A

LIST OF ASSETS

[SCHEDULE INTENTIONALLY REMOVED]

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