SEC Contract Filing

Filing Date: 2017-08-08

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THIS
SECURED PROMISSORY NOTE (this &ldquo;<U>Note</U>&rdquo;) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND SUCH LAWS.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURED
PROMISSORY NOTE</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,500,000.00</FONT></TD><TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 31,
2017</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FOR
VALUE RECEIVED, the undersigned, Royal Energy Resources, Inc., a Delaware corporation (the &ldquo;<U>Maker</U>&rdquo;), hereby
promises to pay to the order of Cedarview Opportunities Master Fund, L.P., a Delaware limited partnership (the &ldquo;<U>Payee</U>&rdquo;),
the principal sum of TWO MILLION FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS ($2,500,000.00), on the terms set forth herein.
The Maker shall also pay interest at the Interest Rate (defined below) (a) from the date hereof until paid in full, on the unpaid
principal balance hereof, and (b) from the date due until paid in full, on the accrued interest hereon and all other amounts owing
hereunder. &ldquo;<U>Interest Rate</U>&rdquo; means a rate of fourteen percent (14.00%) per annum, based on a 365/366-day year
and actual days elapsed; provided, however, that if any amount on this Note is not paid when due, the Interest Rate shall increase
by three percent (3.00%) per annum (to a total of seventeen percent (17.00%) per annum) until such amount is paid (&ldquo;Default
Interest Rate&rdquo;). Principal and interest on this Note shall be due and payable as follows:</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
 accrued interest on this Note shall be payable in arrears on August 31, November 30,
 February 28 and May 31 of each year prior to the maturity date of this Note;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
 Note shall mature on May 31, 2019, on which date all principal and accrued interest on
 this Note shall be due and payable in full.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
payments shall be credited <U>first</U>, to amounts due hereunder other than principal and interest, <U>second</U>, to acc