SEC Contract Filing

Filing Date: 2017-06-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3.htm
<DESCRIPTION>FORM OF SECURITY AGREEMENT
<TEXT>
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<font style="font-size: 13px"><font style="font-size: 11px"><font style="font-weight: bold"><font style="font-size: 13px">Exhibit
10.3</font></font></font></font><br></div>
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SECURITY AGREEMENT</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
SECURITY AGREEMENT, dated as of June __, 2017 (the
&#x201C;<font style="text-decoration: underline">Agreement</font>&#x201D;) is by and
among Petro River Oil Corp, Inc., a company duly organized and
validly existing under the laws of Delaware (the
&#x201C;<font style="text-decoration: underline">Company</font>&#x201D;)
and Petro Exploration Funding, LLC, a company duly organized and
validly existing under the laws of New York (the
&#x201C;Purchaser&#x201D;).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Company and the Purchaser are parties to a Securities Purchase
Agreement dated as of June 13, 2017 (as modified and supplemented
and in effect from time to time, the &#x201C;<font style="text-decoration: underline">Purchase Agreement</font>&#x201D;),
that provides, subject to the terms and conditions thereof, for the
issuance and sale by the Company to the Purchaser, Notes and
Warrants as more fully described in the Purchase
Agreement.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">To
induce the Purchaser to enter into the Purchase Agreement, and for
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company has agreed to pledge
and grant a security interest in the Collateral (as hereinafter
defined) as security for the Secured Obligations (as hereinafter
defined). Accordingly, the parties hereto agree as
follows:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Section
1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Definitions</font>. Each capitalized
term used herein and not otherwise defined shall have the meaning
assigned to such term in the Purchase Agreement. In addition, as
used herein:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="text-decoration: underline">Accounts</font>&#x201D; shall have the
meaning ascribed thereto in Section 3(d) hereof.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="text-decoration: underline">Business</font>&#x201D; shall mean the
businesses from time to time, now or hereafter, conducted by the
Company and its Subsidiaries.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="text-decoration: underline">Collateral</font>&#x201D; shall have
the meaning ascribed thereto in Section 3 hereof.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="text-decoration: underline">Copyright Collateral</font>&#x201D;
shall mean all Copyrights, whether now owned or hereafter acquired
by the Company, that are associated with the Business.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="text-decoration: underline">Copyrights</font>&#x201D; shall mean
all copyrights, copyright registrations and applications for
copyright registrations, including those shown on <font style="text-decoration: underline">Annex 3</font> hereto, and, without
limitation, all renewals and extensions t