Document:

EXHIBIT
10.1

     

    FORBEARANCE
AGREEMENT

    

    THIS FORBEARANCE AGREEMENT
("Forbearance Agreement") is entered into effective March 31, 2009 between MH
FINANCIAL ASSOCIATES, LLC ("Lender"), MICROHELIX, INC., and MOORE ELECTRONICS,
INC. (together, "Borrower").

    

    RECITALS:

    

    A.           Pursuant
to a Third Agreement Regarding Amendment of Promissory Note (the "Agreement")
dated June 27, 2008, Borrower and Lender entered into a Third Amended and
Restated Promissory Note dated June 27, 2008 as modified by a Loan
Modification Agreement dated December 31, 2008 (the "Note") whereby Lender
agreed to provide an amended and restated term loan credit facility to
Borrower.

    

    B.           Pursuant
to the terms of the Agreement, Borrower is obligated to provide quarterly
internally prepared financial statements within 30 days after the close of each
quarter, together with compliance certificates executed by borrower's chief
financial officer.  Borrower failed to provide the financial
statements and compliance certificates.

    

    C.           Borrower
obtained a loan from Aequitas Capital Management, Inc. without obtaining
Lender's prior approval, which constitutes a default under the Agreement and the
Note.

    

    D.           Borrower
and Lender desire to enter into this Forbearance Agreement in order to set forth
the terms and conditions under which Lender will forbear from immediately
enforcing all of its available remedies against Borrower.

    

    E.           Capitalized
terms not otherwise defined herein shall have the meanings assigned to them in
the Note.

    

    AGREEMENT:

    

    1.           Acknowledgment and
Reaffirmation of Indebtedness.  Borrower acknowledges,
reaffirms and agrees that it unconditionally owes the Lender the full amount of
the indebtedness under the Note without setoff, defense, counterclaim or claim
of recoupment of any kind whatsoever and that Borrower's prior grant of security
interests in the Collateral to Lender is valid, perfected and enforceable
without defense, counterclaim or claim of recoupment of any kind
whatsoever.

    

    2.           Lender's Conditional
Forbearance.  Subject to the provisions of this Agreement and
the consideration as provided in Section 3 below, Lender will conditionally
forbear from immediately exercising its rights and remedies against Borrower and
the Collateral.  Lender's continued forbearance is and shall remain
subject to Borrower's complete, continuous and timely satisfaction of each of
the following conditions:

    

    2.1           Borrower
shall make all payments under the Note when due.

    

    2.2           Borrower
shall fully and timely perform, within any applicable cure period, all of its
obligations to Lender under the Agreement, the Note and under any other
agreements with Lender to which Borrower is a party (either now or in the
future).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Provided
that Borrower satisfies these conditions, and so long as there is no new Event
of Default, interest shall accrue at the non-default rate specified in the Note
and Lender will waive any late charges accrued to date as specified in the
Note.

    

    3.           Consideration.  In
consideration of Lender's waiver and conditional forbearance, Borrower hereby
releases and discharges Lender and Lender's members, managers, successors,
assigns, employees and attorneys, and each of them, of and from any and all
claims, demands, damages, suits, rights, defenses, offsets, or causes of action
of every kind and nature that Borrower has or may have as of the date it
executes this Forbearance Agreement, whether known or unknown, contingent or
matured, foreseen or unforeseen, asserted or unasserted, including without
limitation all claims for compensatory, general, special, consequential,
incidental, and punitive damages, attorney fees, and equitable relief, other
than Lender's obligations under this Forbearance Agreement and the Agreement (as
modified hereby or as subsequently modified), and documents related thereto,
arising on and after the date hereof.

    

    4.           No
Waiver.  Borrower acknowledges and agrees that, notwithstanding
anything to the contrary contained herein, the terms of this Forbearance
Agreement shall not serve to effect a novation as to the Note or any related
agreement, except as otherwise expressly provided for in this
Agreement.  Borrower further acknowledges and agrees that Lender has
not waived any of its rights or remedies against or with respect to Borrower or
the Collateral, whether with respect to the existing and continuing Events of
Default referred to herein or otherwise, except as otherwise expressly provided
for in this Forbearance Agreement.

    

    5.           Further
Assurances.  Upon Lender's written request, Borrower at its own
expense and at any time, will promptly and duly execute and deliver such further
instruments and documents and take such further actions as Lender may reasonably
request for the purposes of obtaining or preserving the full benefits of this
Forbearance Agreement and of the rights and powers granted to Lender herein and
under the terms of the Note and related agreements.

    

    6.           Expenses.  From
and after the effective date of this Forbearance Agreement, within ten (10)
business days after Lender's request, Borrower agrees to pay or reimburse Lender
for all of Lender's costs and expenses reasonably incurred in connection with
the enforcement or preservation of any rights under the Agreement, the Note,
this Forbearance Agreement, and any of the related agreements including, without
limitation, fees and disbursements of Lender's outside or in-house
counsel.

    

    7.           Non-Impairment.  This
Forbearance Agreement is a revision only (i.e., an amendment and modification of
Borrower's existing payment obligations to Lender under the Note) and not a
novation, and nothing contained herein shall in any way impair the Note or any
of the related agreements or alter, waive, annul, vary or affect any term,
provision, condition, covenant, right, power or remedy contained therein, it
being the intent of Borrower and Lender that the terms, provisions, conditions,
covenants, rights, powers and remedies contained in the Note and the related
agreements shall continue in full force and effect except as expressly modified
by the terms of this Forbearance Agreement.

    

    8.           Binding
Effect.  This Forbearance Agreement shall be binding upon the
successors and permitted assigns of the Borrower and shall inure to the benefit
of Lender and its successors and assigns.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.           Assignment.  Lender
reserves the right to transfer or assign, in its sole and absolute discretion,
and without notice to or consent by or from Borrower any or all of the powers,
rights, title and interests held by Lender under this Forbearance Agreement, the
Agreement, the Note and related agreements, or any other agreements between or
among Lender and Borrower.  This Forbearance Agreement, the Agreement,
the Note and related agreements may not be assigned by Borrower by operation of
law or otherwise, without Lender's prior written consent and any attempted
assignment without consent shall be void and without effect.

    

    10.           Counterparts; Facsimile
Signatures.  This Forbearance Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same
instrument.  Facsimile signatures shall be considered original
signatures for purposes of this Forbearance Agreement.

    

    11.           STATUTORY WRITING
REQUIREMENTS.  UNDER OREGON LAW MOST AGREEMENTS,
PROMISES AND COMMITMENTS MADE BY LENDER CONCERNING LOANS AND OTHER CREDIT
EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED
SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND
BE SIGNED BY LENDER TO BE ENFORCEABLE.

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement, or caused their duly authorized representatives to
execute this Agreement, as of the date first above written.

    

    
      
        
          
            	
                    LENDER:

                  	 
      	
                    BORROWER:

                  
	 
      	 
      	 
      
	
                    MH
      Financial Associates, LLC

                  	 
      	
                    microHelix,
      Inc.

                  
	
                    By:

                  	
                    Aequitas
      Capital Management, Inc.,

                  	 
      	 
      	 
      
	 
      	
                    its
      Manager

                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                    By:

                  	
                    /s/
      Patricia J. Brown

                  	 
      	
                    By:

                  	
                    /s/ James E. Horswill

                  
	 
      	
                    Patricia
      J. Brown, Senior Vice President

                  	 
      	 
      	
                    James
      E. Horswill, President

                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                    Moore
      Electronics, Inc.

                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                    By:

                  	
                    /s/ James E. Horswill

                  
	 
      	 
      	 
      	 
      	
                    James
      E. Horswill,
PresidentUnassociated Document

    
      EXHIBIT
10.1

      

      

      THIRD
AMENDMENT TO

      TERM
CREDIT AGREEMENT

       

      THIS
THIRD AMENDMENT TO TERM CREDIT AGREEMENT (this “Third
Amendment”)
is entered into effective as the Third Amendment Closing Date (as defined below)
between RANCHER ENERGY
CORP., a Nevada corporation (“Borrower”),
and GASROCK CAPITAL LLC,
a Delaware limited liability company (“Lender”).  Capitalized
terms used but not defined in this Third Amendment have the meaning given them
in the Credit Agreement (as defined below).

       

      RECITALS

       

      A. Borrower
and Lender entered into that certain Term Credit Agreement dated as of October
16, 2007 (as amended by that certain First Amendment thereto dated October 22,
2008, that certain Second Amendment thereto dated April 30, 2009, and as
amended, restated or supplemented from time to time, the “Credit
Agreement”).

       

      B. Borrower
and Lender have agreed to amend the Credit Agreement, subject to the terms and
conditions of this Third Amendment.

       

      AGREEMENT

       

      NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged, the undersigned hereby agree as follows:

       

      
        1.  Specific Amendments to
Credit Agreement.

      

       

      Section 1.1, Defined
Terms, of the Credit Agreement is hereby amended by revising the
following definition in its entirety to read as follows:

       

      “Maturity Date” means
the earliest of (a) May 13, 2009, (b) the date on which all Obligations (other
than the obligations under any ORRI Conveyance and indemnity obligations and
similar obligations that expressly survive the termination of the Loan
Documents) have been paid in full and this Agreement has terminated, and (c) the
date on which Lender notifies Borrower of the acceleration of payments of all or
any portion of the Obligations based on the occurrence of an Event of
Default.

       

      Section 1.1, Defined
Terms, of the Credit Agreement is hereby amended by adding the following
definition in its proper alphabetical order thereto:

       

      “Third
Amendment Closing Date” means May 8, 2009.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2. Conditions to Closing Third
Amendment.  Unless specifically waived in writing by Lender,
this Third Amendment shall be effective once Lender shall have received the
following documentation, each in form and substance satisfactory to Lender and
its legal counsel, in their sole discretion:

      

      
        (a)  this
Third Amendment executed by Borrower and Lender; and

      

       

      
        (b)
such
other documents as Lender may reasonably request.

      

       

      3. Representations and
Warranties.  Borrower represents and warrants to Lender that
(a) it possesses all requisite power and authority to execute, deliver and
comply with the terms of this Third Amendment, (b) this Third Amendment has been
duly authorized and approved by all requisite corporate action on the part of
Borrower, (c) no other consent of any Person (other than Lender) is required for
this Third Amendment to be effective and (d) the execution and delivery of this
Third Amendment does not violate its organizational documents.  The
representations and warranties made in this Third Amendment shall survive the
execution and delivery of this Third Amendment.  No investigation by
Lender is required for Lender to rely on the representations and warranties in
this Third Amendment.

      

      4. Scope of Amendment;
Reaffirmation; Release.  All references to the Credit Agreement
shall refer to the Credit Agreement as amended by this Third
Amendment.  Except as affected by this Third Amendment, the Loan
Documents are unchanged and continue in full force and
effect.  However, in the event of any inconsistency between the terms
of the Credit Agreement (as amended by this Third Amendment) and any other Loan
Document, the terms of the Credit Agreement shall control and such other
document shall be deemed to be amended to conform to the terms of the Credit
Agreement.  Borrower hereby reaffirms its obligations under the Loan
Documents to which it is a party and agrees that all Loan Documents to which
they are a party remain in full force and effect and continue to be legal,
valid, and binding obligations enforceable in accordance with their terms (as
the same are affected by this Third Amendment).  Borrower hereby
releases Lender from any liability for actions or omissions (other than any
liability resulting from Lender’s gross negligence or willful misconduct) in
connection with the Credit Agreement and the other Loan Documents prior to the
Third Amendment Closing Date.

      

      
        5. Miscellaneous.

      

      

      (a) No Waiver of
Defaults.  This Third Amendment does not constitute (i) a
waiver of, or a consent to, (A) any provision of the Credit Agreement or any
other Loan Document not expressly referred to in this Third Amendment, or (B)
any present or future violation of, or default under, any provision of the Loan
Documents, or (ii) a waiver of Lender’s right to insist upon future compliance
with each term, covenant, condition and provision of the Loan
Documents.

       

      (b) Form.  Each
agreement, document, instrument or other writing to be furnished Lender under
any provision of this Third Amendment must be in form and substance satisfactory
to Lender and its counsel.

       

      (c) Headings.  The
headings and captions used in this Third Amendment are for convenience only and
will not be deemed to limit, amplify or modify the terms of this Third
Amendment, the Credit Agreement, or the other Loan Documents.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (d) Costs, Expenses and
Attorneys’ Fees.  Borrower agrees to pay or reimburse Lender on
demand for all its reasonable out-of-pocket costs and expenses incurred in
connection with the preparation, negotiation, and execution of this Third
Amendment, including, without limitation, the reasonable fees and disbursements
of Lender’s counsel.

       

      (e) Successors and
Assigns.  This Third Amendment shall be binding upon and inure
to the benefit of each of the undersigned and their respective successors and
permitted assigns.

       

      (f) Multiple
Counterparts.  This Third Amendment may be executed in any
number of counterparts with the same effect as if all signatories had signed the
same document.  All counterparts must be construed together to
constitute one and the same instrument.  This Third Amendment may be
transmitted and signed by facsimile or portable document format
(PDF).  The effectiveness of any such documents and signatures shall,
subject to applicable law, have the same force and effect as manually-signed
originals and shall be binding on Borrower and Lender.  Lender may
also require that any such documents and signatures be confirmed by a
manually-signed original; provided that the failure to
request or deliver the same shall not limit the effectiveness of any facsimile
or PDF document or signature.

       

      (g) Governing
Law.  THIS THIRD AMENDMENT AND THE OTHER LOAN DOCUMENTS MUST BE
CONSTRUED, AND THEIR PERFORMANCE ENFORCED, UNDER TEXAS LAW.

       

      (h) Arbitration.  Upon
the demand of any party to this Third Amendment, any dispute shall be resolved
by binding arbitration as provided for in Section
12.1 of the Credit Agreement.

       

      (i) Entirety.  The
Loan Documents (as amended hereby) Represent the Final Agreement Between
Borrower and Lender and May Not Be Contradicted by Evidence of Prior,
Contemporaneous, or Subsequent Oral Agreements by the Parties.  There
Are No Unwritten Oral Agreements among the Parties.

       

      

      

      [Signatures
appear on the next page.]

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, this Third Amendment is executed as of the Third Amendment
Closing Date.

       

       

      
        
          	 	

                  BORROWER:

                   

                  RANCHER ENERGY
      CORP.,

                  a Nevada
      corporation

                	 
	 	
                   

                	 	 
	
                   

                	
                  By:
      

                	/s/ John Works 	 
	 	 	John
      Works	 
	 	 	President
      & Chief Executive Officer	 
	 	 	 	 

        

         

      

      
        
          
          

        

        
          
            Signature
Page to the Third Amendment to

            Term
Credit Agreement

          

          
            

          

        

        
          
          

        

      

      

      
        
          	 	

                  LENDER:

                  

                  GASROCK CAPITAL
      LLC,

                  a
      Delaware limited liability company

                	 
	
                   

                	 	 	 
	
                   

                	
                  By:
      

                	/s/ Marshall
      Lynn Bass	 
	 	 	Marshall
      Lynn Bass	 
	 	 	Principal	 
	 	 	 	 

        

         

        
          
            
            

          

          
            
              Signature
Page to the Third Amendment to

              Term
Credit Agreement

            

            
              

            

          

          
            
            

          

        

      

      
      

      GUARANTOR’S
CONSENT AND AGREEMENT

      TO

      THIRD
AMENDMENT TO TERM CREDIT AGREEMENT

       

      Guarantor
executes this Third Amendment for purposes of acknowledging and agreeing to the
Credit Agreement, as amended by this Third Amendment, and hereby expressly
ratifies and confirms its liability under its Guaranty dated October 16, 2007
executed in favor of Lender and confirms that such liability continues in full
force and effect with respect to the indebtedness of Borrower covered by the
Credit Agreement, as amended by this Third Amendment, as same may be further
restated, amended, modified, renewed, or rearranged from time to
time.

       

      
        
          	 	

                  RANCHER
      ENERGY WYOMING, LLC

                  a
      Wyoming limited liability company

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	RANCHER ENERGY
      CORP.,	 
	 	 	its
      sole Manager	 
	 	 	 	 
	 	By:
      	/s/
      John Works 	 
	 	 	John
      Works	 
	 	 	President & Chief Executive
      Officer	 
	 	 	 	 

        

      

       

      
        
          
          

        

        
          
            Signature
Page to the Third Amendment to

            Term
Credit Agreement

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