Lucas Uses in Conditions to Lucas' Obligations Clause

Conditions to Lucas' Obligations from Funding Agreement

This Pre-Merger Loan and Funding Agreement (hereinafter the "Agreement") is entered into and shall become effective as of February 26, 2015, by and between VICTORY ENERGY CORPORATION, a Nevada corporation ("Victory"), and LUCAS ENERGY, INC., a Nevada corporation ("Lucas"). Victory and Lucas are referred to individually as a "Party" and, collectively, as the "Parties."

Conditions to Lucas' Obligations. The obligations of Lucas to issue the Note to Victory are subject to the satisfaction, on or before the Closing Date, of each of the following conditions; provided, however, that these conditions are for Lucas' benefit and may be waived in writing by Lucas at any time in their sole discretion: