Exhibit 10.1
CONSENT TO AMENDMENT OF ACCOUNTS RECEIVABLE PURCHASE, INVENTORY, PURCHASE
-------------------------------------------------------------------------
ORDER AND GENERAL SECURITY AGREEMENT
------------------------------------
MONARCH PETROLEUM, INC., a Michigan Corporation, located at 000 Xxxxx Xxxxxx
Xxxxxx, Xxxxxxx, Xxxxxxxx 00000 and VOYAGER PETROLEUM, INC., a Nevada
Corporation, located at 000 Xxxx Xxxxx Xxxxxx-Xxxxx 000X, Xxxxxxxx, XX 00000
(hereinafter collectively referred to as "VPI") and BLN CAPITAL FUNDING, LLC, an
Illinois LLC located at 000 Xxxx Xxxxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxxxxx, 00000
(hereinafter referred to as "BLN"), and pursuant to paragraph 6.9 of the
Accounts Receivable Purchase, Inventory, Purchase Order and General Security
Agreement (the "Agreement") executed on June 5, 2008 by VPI and BLN, hereby
agree to amend paragraph 3.1 to exclude investment property, real property, and
the patents and related film technology of Silicon Film Technologies, Inc., a
subsidiary of Voyager Petroleum, Inc., as collateral under the Agreement and
replace Section 3.1 as follows:
"3.1 In order to secure the prompt payment and performance of Client's
Obligations hereunder, Client hereby, upon the terms hereof and for
value received, grants to BLN a security interest in and a right of
setoff with respect to the following assets of Client: all accounts,
accounts receivable, chattel paper (whether tangible or electronic),
contracts and contract rights (including, without limitation, all
Customer's rights in purchase orders in the assets sold and assigned),
documents (including, without limitation, all Customer's bills of
lading and proof of delivery), instruments (including without
limitation, promissory notes), inventory, equipment, letter of credit
rights, letters of credit, and all general intangibles (except patents
and related film technology of Silicon Film Technologies, Inc., a
subsidiary of Voyager Petroleum, Inc., but including payment
intangibles and software), all Reserves in which Client has any
interest or which are to become due and payable to Client, and all
books and records of Client (whether tangible or electronic) relating
to the assets set forth herein, whenever acquired and whether now or
hereafter existing, wherever located (all of which are hereinafter
collectively called "Collateral") and all proceeds of Collateral. All
terms not defined in this subsection shall have the meaning set forth
in Revised Article 9 of the Uniform Commercial Code as adopted in the
State of Illinois."
This Amendment shall be effective June 5, 2008 regardless of when it is
signed.
AMENDMENT AGREED TO:
VOYAGER PETROLEUM, INC. BLN CAPITAL FUNDING, LLC
By:/s/ Xxxxxxxxx X. XxXxxx By:/s/ Xxxxxx Xxxxxxxxxx
----------------------- ----------------------
Name: Xxxxxxxxx X. XxXxxx Name: Xxxxxx Xxxxxxxxxx
Title: CEO/President Title: Manager
DATE: 7/10/08
MONARCH PETROLEUM, INC.
By:/s/ Xxxxxxxxx X. XxXxxx
---------------------
Name: Xxxxxxxxx X. XxXxxx
Title: CEO/President
Date: 7/10/08
