Royal Energy Resources, Inc. (OTCPK:ROYE) announced that it has entered into a secured promissory note agreement with Cedarview Opportunities Master Fund, L.P., a fund managed by Cedarview Capital Management, L.P. for gross proceeds of $2,500,000 on May 31, 2017. The note bears a fixed interest of 14% per annum. If any amount on this note is not paid when due, the interest rate shall increase by 3% per annum until such amount is paid. 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. This note shall mature on May 31, 2019. The company will pay 5,000,000 common units of Rhino Resource Partners, LP as collateral for the loan. In consideration for the agreement, the company transferred 25,000 common units of Rhino Resource Partners, LP to the lender as a fee. On December 31, 2020, The company announced that it has extends the maturity date to May 31, 2021, and increases the interest rate on the note to 15% for the period from March 1, 2020 to the maturity date. The second amendment also pledged as additional collateral a royalty interest owned by the company, and requires that the company pay investor 75% of all proceeds from the royalty agreement in excess of $175,000 in any calendar year as a prepayment of the note.