Document:

INTERCREDITOR
      AGREEMENT

    

    THIS
      INTERCREDITOR AGREEMENT (this “Agreement”), dated as of January 30, 2008, by and
      among Karat Platinum, LLC, a New York limited liability company, with an address
      at 15 Hoover Street, Inwood, New York 11096 (the “Company”), Sentra Consulting
      Corp., a Nevada corporation, with an address at 15 Hoover Street, Inwood, New
      York 11096 (“Sentra”), and Continental Capital, LLC, a New York limited
      liability company, with an address at 1439 E. 21st
      Street,
      Brooklyn, New York 11230 (“Continental”).

    

    WITNESSETH:

    

    WHEREAS,
      in connection with the issuance of a series of Secured
      Promissory Notes
      by the
      Company to Sentra (the “Sentra Notes”), the Company previously granted and
      delivered to Sentra a continuing lien on, and first priority security interest
      in and to, all of the Company's right, title and interest with respect to all
      of
      the personal property of the Company on the terms and conditions set forth
      in
      the General Security Agreement between the Company and Sentra, dated July 11,
      2007, as amended on August 22, 2007 (the “Sentra Security
      Agreement”);

    

    WHEREAS,
      in connection with the issuance of a Secured Promissory Note by the Company
      to
      Continental (the “Continental Note”), the Company will be granting and
      delivering to Continental a continuing lien on and first priority security
      interest in and to the inventory of the Company (the “Inventory”) in accordance
      with the terms and conditions of the Security Agreement, dated as of the date
      hereof, between the Company and Continental (the “Continental Security
      Agreement”);

    

    WHEREAS,
      the Sentra Notes and the Continental Note are sometimes hereinafter referred
      together as the “Secured Promissory Notes”;

    

    WHEREAS,
      Sentra and Continental (collectively, the “Secured Creditors”) desire to enter
      into this Agreement in order to set forth their agreement and understanding
      with
      respect to the enforcement of their respective rights pertaining to their
      respective promissory notes and their respective security interests in the
      Inventory (the “Security Interests”).

    

      NOW,
      THEREFORE, in consideration of the foregoing recitals and the mutual promises,
      representations, warranties, and covenants hereinafter set forth and for other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereby agree as follows:

    

    1. Ownership
      Interest in the Inventory. Sentra
      agrees to subordinate its first priority security interest in and to the
      Inventory for the benefit of Continental. Notwithstanding anything contained
      herein to the contrary, the Investors expressly agree and acknowledge that
      Sentra shall retain its current perfected continuing lien and first priority
      security interest in all of the other assets and personal property of the
      Company, in accordance with and pursuant to the Sentra Security Agreement.
      

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2.
       Action
      for Foreclosure. Continental
      agrees and acknowledges that the initiation, or threat of initiation, of any
      notification, claim, action or proceeding regarding an Event of Default (as
      such
      term is defined in the Continental Note) or with respect to the foreclosure
      of
      its Security Interest shall require 10 days’ prior written notice to Sentra.
  

    

    3.  No
      Representation or Warranty Relating to the Secured Promissory
      Notes.
      Neither
      of the Secured Creditors has made any warranty or representation to the other,
      expressed or implied, with respect to the Secured Promissory Notes, the adequacy
      of security for such Secured Promissory Notes, the existing or future solvency
      or financial worth of the Company, or the ability of the Company to repay the
      Secured Promissory Notes. The Secured Creditors do not assume any liability
      to
      each other.  

    

    4.  Distribution
      of Sale or Refinance Proceeds.

    

    4.1.
      If
      there is an Event of Default (as defined in any of the Secured Promissory Notes)
      and as a result thereof in accordance with the terms and provisions of their
      respective security agreements and this Agreement, the Secured Creditors shall
      be entitled to the proceeds of a sale of the Inventory, the net proceeds shall
      be distributed in the following order of priority among the
      Investors:

    

    (a)
      First, repayment to Continental of all outstanding principal and accrued
      interest due in accordance with the Continental Note until such promissory
      note
      has been repaid in full; and

    

    (b)
       Second,
      the balance if any, to Sentra of all outstanding principal and accrued interest
      thereon, due in accordance with the Sentra Notes.

    

    4.2.
      The
      priorities of allocation set forth in Section 4.1 shall apply in all
      circumstances, including with respect to any distribution made in any case
      or
      proceeding under Title 11 of United States Code or any other proceeding relating
      to the Company under any bankruptcy, reorganization, arrangement, insolvency,
      readjustment of debt, dissolution or liquidation.

    

    4.3.
      If
      any Secured Creditor (an "Excess Party") shall obtain any payment or other
      recovery (whether voluntary, involuntary, by application of setoff, or
      otherwise) as a result of the realization, sale or other remedial disposition
      of, or foreclosure on, the Inventory or any repayment under any of the Secured
      Promissory Notes in excess of the amount it is then entitled to receive under
      the terms of this Agreement or under its respective Secured Promissory Note,
      such Excess Party shall hold such amount in trust for the ratable benefit of
      the
      other Secured Creditors in accordance with the terms of this
      Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.4
      Notwithstanding anything contained herein to the contrary, Continental agrees
      that subsequent to the date hereof the Company can grant third parties
      additional first priority security interests in the Inventory and said parties
      shall share pari passu with Continental in the distributions upon a sale of
      the
      Inventory upon an Event of Default, provided, that (i) each new secured creditor
      shall agree to be bound by this Agreement, in writing, in form and substance
      satisfactory to Continental, (ii) copies of all promissory notes, security
      agreements and other loan agreements are submitted to Continental for its prior
      approval, which approval shall not be unreasonably withheld, and shall be deemed
      automatically granted in the event Continental does not respond within 5
      business days after such submission, and (iii) the sum of all such loans secured
      by the Inventory of the Company shall not exceed $1,600,000, in the
      aggregate.

    

    5.
       Miscellaneous.

    

    5.1.
      Authorization.
      Each of
      the Secured Creditors warrants and represents that it is duly authorized to
      execute this Agreement and comply with its obligations hereunder.

    

    5.2.
      Survival.
      The
      representations, warranties, covenants and agreements made herein shall survive
      the execution of this Agreement.

    

    5.3.
      Assignment.
      This
      Agreement and the rights and obligations hereunder shall not be assignable
      or
      transferable by a Secured Creditor without the prior written consent of the
      other parties. Any instrument purporting to make an assignment in violation
      of
      this Section 5.3 shall be void.

    

    5.4.
      Benefits
      of Agreement.
      This
      Agreement and all obligations hereunder shall be binding upon the respective
      successors and permissible assigns of the parties hereto.

    

    5.5.
      Entire
      Agreement.
      This
      Agreement, the Sentra Notes, the Sentra Security Agreement, the Continental
      Note
      and the Continental Security Agreement together constitute the full and entire
      understanding and agreement between the parties with regard to the subjects
      hereof and no party shall be liable or bound to any other in any manner by
      any
      representations, warranties, covenants and agreements except as specifically
      set
      forth herein and therein. 

    

    5.6.
      Severability.
      In case
      any provision of the Agreement shall be invalid, illegal or unenforceable,
      the
      validity, legality and enforceability of the remaining provisions shall not
      in
      any way be affected or impaired thereby.

    

    5.7.
      Further
      Assurances.
      Each
      party agrees to execute such other documents, instruments, agreements and
      consents, and take such other actions as may be reasonably requested by the
      other parties hereto to effectuate the purposes of this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    5.8.
      Amendment
      and Waiver.
      This
      Agreement may be amended, modified or waived only with the prior written consent
      of each of the parties.

    

    5.9.
      Delays
      or Omissions.
      It is
      agreed that no delay or omission to exercise any right, power or remedy accruing
      to any party, upon any breach, default or noncompliance by another party under
      this Agreement, shall impair any such right, power or remedy, nor shall it
      be
      construed to be a waiver of any such breach, default or noncompliance, or any
      acquiescence therein, or of or in any similar breach, default or noncompliance
      thereafter occurring. It is further agreed that any waiver, permit, consent
      or
      approval of any kind or character of any breach, default or noncompliance under
      this Agreement, or any waiver on such party's part of any provisions or
      conditions therein and must be in writing and shall be effective only to the
      extent specifically set forth in such writing. All remedies shall be cumulative
      and not alternative.

    

    5.10.
      Notices.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (a) upon personal delivery to the party to be notified,
      (b)
      when sent by confirmed facsimile if sent during normal business hours of the
      recipient, if not, then on the next business day, (c) three (3) business days
      after having been sent by registered or certified mail, return receipt
      requested, postage prepaid, or (d) one (1) business day after deposit with
      a
      nationally recognized overnight courier, specifying next day delivery, with
      written verification of receipt. Any notice herein required or permitted to
      be
      given shall be given by depositing the same in the United States first class
      mail, postage prepaid, or hand delivered or transmitted by facsimile, in any
      case with a copy sent by overnight courier service, and addressed to the parties
      at the respective address set forth on the signature page hereto, or, to such
      other place or places as any of the parties shall designate by written notice
      to
      the other parties.

    

    5.11.
      Titles
      and Pronouns.
      The
      titles of the sections and subsections of the Agreement are for convenience
      of
      reference only and are not to be considered in construing this Agreement. All
      pronouns contained herein, and any variations thereof, shall be deemed to refer
      to the masculine, feminine or neutral, singular or plural, as the identity
      of
      the parties hereto may require.

    

    5.12.
      Counterparts.
      This
      Agreement may be executed in any number of counterparts (facsimile or
      otherwise), each of which shall be an original, but all of which together shall
      constitute one instrument.

    

    5.13.
      Governing
      Law.
      This
      Agreement shall be construed in accordance with, and governed by, the laws
      of
      the State of New York (without giving effect to conflict of laws
      principles).

     

    5.14.
      Construction
      and Joint Preparation.
      This
      Agreement shall be construed to effectuate the mutual intent of the parties.
      The
      parties and their counsel have cooperated in the drafting and preparation of
      this Agreement, and this Agreement therefore shall not be construed against
      any
      party by virtue of its role as the drafter thereof. No drafts of this Agreement
      shall be offered by any party, nor shall any draft be admissible in any
      proceeding, to explain or construe this Agreement. The headings contained in
      this Agreement are intended for convenience of reference only and are not
      intended to be a part of or to affect the meaning or interpretation of this
      Agreement.  

       
      

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.15 Consent
      to Jurisdiction and Service of Process.
      Each of
      the parties hereby irrevocably and unconditionally submits to the jurisdiction
      of the courts of the State of New York and of the Federal courts sitting in
      the
      State of New York in any action or proceeding directly or indirectly arising
      out
      of or relating to this Agreement or the transactions contemplated hereby
      (whether based in contract, tort, equity or any other theory). Each of the
      parties agrees that all actions or proceedings arising out of or relating to
      this agreement must be litigated exclusively in any such State or, to the extent
      permitted by law, Federal court that sits in the County of New York, and
      accordingly, each party irrevocably waives any objection which it may now or
      hereafter have to the laying of the venue of any such action or proceeding
      in
      any such court. Each party further irrevocably consents to service of process
      in
      the manner provided for notices in Section 5.10. Nothing in this Agreement
      will
      affect the right of any party to this Agreement to serve process in any other
      manner permitted by law. Each party waives any right it may have to a trial
      by
      jury in any action or proceeding directly or indirectly arising out of or
      relating to this Agreement or the transactions contemplated hereby (whether
      based on contract, tort, equity or any other theory). 

    

    [Remainder
      of this page intentionally left blank; signature pages to
      follow]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the undersigned have executed this Intercreditor Agreement
      on
      the date first set forth above.

    
      	 	 	 
	 	
              SENTRA
                CONSULTING CORP.

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Gary
              M. Jacobs
	 	
              
Name:
              Gary M. Jacobs
	 	Title:
               Chief
              Financial Officer

      	 	 	 
	 	CONTINENTAL CAPITAL, LLC
	 
 	 
 	 
 
	
            	By:  	/s/
              Jacob Davidowitz
	 	
              
Name:
              Jacob Davidowitz
	 	Title:
               Managing
              Member

    
      	 	 	 
	 	KARAT PLATINUM, LLC
	 
 	 
 	 
 
	
            	By:  	/s/
              Gary
              M. Jacobs
	 	
              
Name:
 Gary
              M. Jacobs
	 	Title:
               Chief
              Financial OfficerEXHIBIT
        10.69

    

    AMENDMENT
      NO. 1 TO WARRANT

    

    This
      AMENDMENT NO. 1 TO WARRANT (this “Amendment”),
      dated
      as of January 23, 2008, is by and between Tekoil & Gas Corporation, a
      Delaware corporation (the “Company”),
      and
      RAB Special Situations (Master) Fund Limited (“RAB”).
      Capitalized terms used but not defined herein shall have the meanings ascribed
      to such terms in the Warrant (as defined below). 

    

    Recitals

    

    WHEREAS,
      on December 10, 2007, the Company issued a Warrant to Purchase Common Stock
      (the
“Warrant”)
      to RAB
      for the purchase of 3,571,429 shares of common stock of the Company.

    

    WHEREAS,
      pursuant to Section 14 of the Warrant, the Warrant may be amended by written
      consent of the Company and RAB. 

    

    WHEREAS,
      the Company and RAB desire to amend the Warrant as set forth herein.

    

    Agreement

    

    NOW
      THEREFORE, the parties hereto agree as follows:

     

    1. New
      Section 18.
      Effective as of December 10, 2007, the Warrant shall be amended by adding new
      Section 18 as follows:

     

    “18. Restrictions
      on Exercise.
      Notwithstanding anything contained herein to the contrary, the Warrant shall
      not
      be exercisable by the Holder, in whole or in part, and the Company shall not
      give effect to any such exercise of this Warrant, if, after giving effect to
      such exercise, the Holder, together with any affiliate of the Holder (including
      any person or company acting jointly or in concert with the Holder) would in
      the
      aggregate beneficially own, or exercise control or direction over that number
      of
      voting securities of the Company which is 9.99% or greater of the total issued
      and outstanding voting securities of the Company immediately after giving effect
      to such exercise; provided,
      however,
      that
      upon the Holder providing the Company with sixty-one (61) days notice (the
      “Waiver Notice”) that the Holder would like to waive this Section 18 with regard
      to any or all shares of common stock issuable upon exercise of this Warrant,
      this Section 18 will be of no force or effect with regard to all or a portion
      of
      this Warrant referenced in the Waiver Notice. For purposes of this Section
      18,
      beneficial ownership shall be determined in accordance with Section 13(d) of
      the
      Securities Exchange Act of 1934, as amended.” 

     

    2. Effect
      of Amendment.
      Except
      as expressly amended, modified or supplemented hereby, the Warrant is hereby
      reaffirmed and remains in full force and effect. On and after the date hereof,
      each reference in the Warrant to “this Warrant,” “hereunder,” “hereof,”
“herein,” or words of similar import referring to the Warrant, will mean, and
      will be a reference to, the Warrant as amended by this Amendment. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Amendment.
      This
      Amendment may not be amended, modified or supplemented except upon the execution
      and delivery of a written agreement executed by the parties hereto and
      specifically referencing this Amendment. 

     

    4. Counterparts.
      This
      Amendment may be executed in one or more counterparts, each of which will be
      deemed an original and all of which together will constitute one and the same
      agreement. 

     

    5. Governing
      Law.
      This
      Amendment shall be construed, and the rights and liabilities determined, in
      accordance with the laws of the State of Delaware, without regard to the
      conflict of laws rules of such jurisdiction. 

     

    6. Entire
      Agreement.
      This
      Amendment and all other agreements and documents referred herein constitutes
      the
      entire agreement between the Company and RAB. No other agreements, covenants,
      representations or warranties, express or implied, oral or written, have been
      made by any party hereto to any other party concerning the subject matter
      hereof. All prior and contemporaneous conversations, negotiations, possible
      and
      alleged agreements, representations, covenants and warranties concerning the
      subject matter hereof are merged herein. 

     

    

     

    [Signatures
      on Following Page]

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each of the Company and RAB has caused this Amendment to be
      executed as of the date first set forth above. 

     

    
      	 	 	
              TEKOIL
                & GAS CORPORATION

               

              By: 
                /s/
                Mark Western  

              
                

              

              Name: Mark
                Western

              Title: President
                & CEO

               

               

              RAB
                Special Situations (Master) Fund Limited by

               

              /s/
                Simon Gwyther

              
                

              

              (Signature)

               

              Simon
                Gwyther

              
                

              

              (Name)

               

              /s/
                Fraser McGee

              
                

              

              (Signature)

               

              Fraser
                McGee

              
                

              

              (Name)

               

              Authorised
                signatories for RAB Capital plc for and on behalf of RAB Special
                Situations (Master) Fund Limited

            

    

    

    
      
        
        

      

      
        3

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