Document:

WWW.EXFILE.COM, INC. -- 13497 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.1 TO FORM 10-Q

EXHIBIT
10.1

 

 

FIFTH
AMENDMENT TO LOAN AGREEMENT

 

FIFTH
AMENDMENT (this
“Amendment”)
entered into as of May 5, 2005 between MEDIS TECHNOLOGIES LTD., a Delaware
corporation (the “Borrower”) and
FLEET NATIONAL BANK, a Bank of America company (the “Bank”).

 

WHEREAS,
the Borrower and the Bank are parties to a Loan Agreement dated as of December
29, 2000, as amended by a First Amendment to Loan Agreement dated as of October
24, 2002, a Second Amendment to Loan Agreement dated as of February 20, 2003, a
Third Amendment to Loan Agreement dated as of September 30, 2003 and Fourth
Amendment to Loan Agreement dated as of October 18, 2004 (the “Agreement”; all
capitalized terms used herein, unless otherwise defined herein, have the same
meanings provided therefor in the Agreement); 

 

WHEREAS,
the Borrower has requested, and the Bank has agreed, to extend the Termination
Date (as defined in the Agreement) and to increase the amount of the Commitment
(as defined in the Agreement), on the terms and conditions set forth in this
Amendment. 

 

NOW,
THEREFORE, for valuable and legally sufficient consideration, the receipt of
which is hereby acknowledged by the parties, the parties hereto hereby agree as
follows:

 

Article
1.   Article
1. Amendments to the Agreement.

 

1.1  The
definition of “Termination Date” appearing in Section 1.1 of the Agreement is
amended and restated to read in its entirety as follows:

 

“Termination
Date” shall
mean April 1, 2007 or, if such date is not a Business Day, the Business Day next
succeeding such date.

1.2  Section
2.1 of the Agreement is amended by replacing the amount “$5,000,000” in the
fourth line therein with the amount “$7,000,000”.

 

1.3  Exhibit A
of the Agreement is amended and restated in its entirety to read as set forth in
Exhibit A hereto.

 

Article
2.   Acknowledgments
and Confirmations

 

2.1  The
Agreement and all other Loan Documents shall each be deemed amended hereby to
the extent necessary, if any, to give effect to the provisions of this
Amendment.

 

2.2  All
Collateral is and shall continue to be collateral security for the Obligations,
as amended hereby. Without limiting the generality of the foregoing, the
Borrower hereby absolutely and unconditionally confirms that the Agreement (as
amended hereby), the Note (as amended and restated pursuant hereto), and all
other Loan Documents (to the extent amended hereby), to which it is a party, and
any other documents delivered by it in connection therewith, 

 

 

continue
in full force and effect, are ratified and confirmed in all respects and are and
shall continue to be fully effective.

 

2.3  Whenever
the Agreement is referred to in the Agreement or in any of the other Loan
Documents or other documents delivered in connection therewith, it shall be
deemed to mean the Agreement as amended by this Amendment. 

 

2.4  Whenever
the Note is referred to in the Agreement or in any of the other Loan Documents
or other documents delivered in connection therewith, it shall be deemed to mean
the Amended and Restated Revolving Credit Note in the form of Exhibit A hereto,
delivered in connection herewith pursuant to Section 4.2 hereof (the
“New
Note”).

 

Article
3.   Representations
and Warranties.

 

The
Borrower hereby represents and warrants to the Bank that:

3.1  The
Borrower has the power to execute, deliver and perform this Amendment, the New
Note and the Loan Documents (to which it is a party), as amended hereby, and has
taken all necessary action, corporate or otherwise, to authorize the execution,
delivery and performance thereof. No consent or approval of any Person, no
waiver of any Lien or right of distraint or other similar right and no consent,
license, approval, authorization or declaration of any governmental authority,
bureau or agency, or any other third party, is or will be required in connection
with the execution, delivery or performance by the Borrower of this Amendment,
the New Note or any of such Loan Documents, as amended hereby.

 

3.2  The
execution and delivery by the Borrower of this Amendment and the New Note, and
the performance by it hereof and of the New Note, and of the Loan Documents as
amended hereby, will not violate any provision of law and will not conflict with
or result in a breach of any order, writ, injunction, ordinance, resolution,
decree, or other similar document or instrument of any court or governmental
authority, bureau or agency, domestic or foreign, or the organizational
documents of the Borrower, or create (with or without the giving of notice or
lapse of time, or both) a default under or breach of any agreement, bond, note
or indenture to which the Borrower is a party.

 

3.3  This
Amendment and the New Note has been duly executed and delivered by the Borrower,
and constitutes its valid and legally binding obligation, enforceable in
accordance with its terms, except as such enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, of other similar
laws, now or hereafter in effect, relating to or affecting the enforcement of
creditor's rights generally.

 

3.4  The
representations and warranties of the Borrower set forth in the Agreement, the
other Loan Documents and/in the documents executed pursuant thereto or in
connection therewith, are true as of the date hereof, with the same effect as
though made on the date hereof, except to the extent necessarily rendered
inaccurate by the passage of time.

 

3.5  After
giving effect to this Amendment, no Default or Event of Default
exists.

 

-2-

 

3.6  The
Borrower’s assets exceed its own (i.e. unconsolidated) liabilities, and the
Borrower is solvent. After giving effect to this Amendment, the Borrower will be
able to pay its debts as they mature, will own property with fair saleable value
greater than the amount required to pay its debts and will have capital
sufficient to carry on its business as then constituted.

 

3.7  Upon the
effectiveness of this Amendment, the Borrower remains liable to the Bank with
respect to all Obligations, without offset, defense or counterclaim (any such
offset, defense or counterclaim as may exist being hereby irrevocably waived by
the Borrower). As of the date hereof, there are no Loans outstanding.

 

3.8  There has
been no material adverse change in the financial condition of the Borrower since
the delivery of the annual audited financial statements required to be delivered
by the Borrower in accordance with Section 5.2(a) of the Agreement for the
fiscal year ended December 31, 2004. 

 

3.9  As of the
date hereof, the Borrower has not been required to deliver to the Bank any
Pledge Agreement in connection with the Loan Agreement.

 

Article
4.   Effectiveness
Conditions.

 

This
Amendment shall be effective upon completion of the following conditions
precedent (all documents to be in form and substance satisfactory to the Bank
and the Bank’s counsel):

 

4.1  Receipt
by the Bank of executed counterparts of this Amendment duly signed by the
Borrower and the Bank, and joined in by the Guarantors.

 

4.2  Receipt
by the Bank of the New Note, duly signed by the Borrower.

 

4.3  Receipt
by the Bank of (i) a certificate of resolutions, incumbency and corporate
documents of the Borrower, approving the making of this Amendment and the New
Note, and (ii) the consent of the Partnership Guarantor to its joinder in this
Amendment, all in form and substance satisfactory to the Bank.

 

4.4  Receipt
by the Bank’s counsel of all fees and expenses in connection with the
preparation, execution and delivery, administration, interpretation and
enforcement hereof and all other documents contemplated hereby.

 

4.5  Receipt
by the Bank of a $5,000 amendment fee with respect to this
Amendment.

 

4.6  Delivery
of such other documents, instruments and agreements as the Bank or its counsel
shall reasonably request.

 

Article
5.   Miscellaneous.

 

5.1  As
specifically amended herein, the Agreement and the other Loan Documents, shall
remain in full force and effect in accordance with their respective terms. This
Amendment 

 

-3-

 

is
limited as written and shall not be deemed (a) to be an amendment of or a
consent under or waiver of any other term or condition of the Agreement or any
other Loan Document, or (b) to prejudice any right which the Bank now has or may
have in the future under or in connection with the Agreement or the other Loan
Documents, as new or hereafter amended. 

 

5.2  This
Amendment shall be governed and construed in accordance with the laws of the
State of New York.

 

5.3  This
Amendment may be signed in any number of counterparts with the same effect as if
the signature thereto and hereto were upon the same instrument.

 

[Signatures
Appear on the Following Page.]

 

-4-

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective duly authorized officers as of the
date first above written.

 

	 	 	 
	 	MEDIS TECHNOLOGIES
      LTD.
	 
 	 
 	 
 
		By:  	/s/ Howard
  Weingrow
	 	
      

      Name: Howard Weingrow
	 	Title:  
      President 

 

	 	 	 
	 	
      FLEET
      NATIONAL BANK, 

      a Bank of America company

	 
 	 
 	 
 
		By:  	/s/ Tanitha
  Boonyam
	 	
      

      Name:  Tanitha Boonyam
	 	Title:  Vice
      President

 

 

-5-

 

JOINDER
BY GUARANTORS

 

 

Each of
the Guarantors indicated below hereby consents to this Fifth Amendment and
reaffirms its continuing liability under its respective Guarantee in respect of
the Agreement, as amended hereby, and all the documents, instruments and
agreements executed pursuant thereto or in connection therewith, without offset,
defense or counterclaim (any such offset, defense or counterclaim as may exist
being hereby irrevocably waived by such Guarantors).

	 	 	 
	 	PLAZA HOTEL MANAGEMENT
      COMPANY
	 
 	 
 	 
 
		By:  	/s/ Howard
  Weingrow
	 	
      

      Name: Howard Weingrow
	 	
      Title:
      Partner

 

	 	 	 
	 	
	 
 	 
 	 
 
		By:  	/s/ Howard
  Weingrow
	 	
      

      Howard
      Weingrow, Individually

	 	

 

 

	 	 	 
	 	
	 
 	 
 	 
 
		By:  	/s/ Robert Lifton
	 	
      

      Robert
      Lifton, Individually

	 	

 

 

-6-

Exhibit
A

Form
of New Note

AMENDED
AND RESTATED

REVOLVING
CREDIT NOTE

 

 

	$7,000,000.00 	
      As of May 5,
2005 

   

 

MEDIS
TECHNOLOGIES LTD., a Delaware corporation (the “Borrower”), for
value received, hereby promises to pay to the order of FLEET NATIONAL BANK, a
Bank of America company (the “Bank”), on
the Termination Date (as defined in the Loan Agreement dated as of December 29,
2000 as amended by a First Amendment to Loan Agreement dated as of October __,
2002, a Second Amendment to Loan Agreement dated as of February 20, 2003, a
Third Amendment to Loan Agreement dated as of September 30, 2003, a Fourth
Amendment to Loan Agreement dated as of October 18, 2004, and a Fifth Amendment
to Loan Agreement dated as of the date hereof, among the Borrower and the Bank,
as may be further amended from time to time, as so amended the “Agreement”; terms
defined in the Agreement shall have their defined meanings therefrom when used
in this Note), at the office of the Bank specified in Section 10.1 of the
Agreement, in lawful money of the United States of America and in immediately
available funds the principal amount of SEVEN MILLION and 00/100 DOLLARS
($7,000,000.00) or, if less than such principal amount, the aggregate unpaid
principal amount of all Loans made by the Bank to the Borrower pursuant to
Section 2.1 of the Agreement. The Borrower further promises to pay interest in
like money on the unpaid principal balance of this Note from time to time
outstanding at an annual rate as selected by the Borrower pursuant to the terms
of Article 2 of the Agreement. Interest shall be computed on the basis of a
360-day year for actual days elapsed and shall be payable as provided in the
Agreement. All Loans made by the Bank pursuant to Section 2.1 of the Agreement
and all payments of the principal thereon may be endorsed by the holder of this
Note on the schedule annexed hereto, to which the holder may add additional
pages, or on a similar record maintained elsewhere by the Bank. The aggregate
net unpaid amount of Revolving Credit Loans set forth in such schedule or other
record shall be presumed to be the principal balance hereof. This Note shall
bear interest at the Post Default Rate as and when provided for in the
Agreement, but in no event in excess of the maximum rate of interest permitted
under applicable law.

 

This Note
is the “Note” referred to in the Agreement (and the “New Note” referred to in
the said Fifth Amendment to Loan Agreement), and is subject thereto in all
respects. This Note may be prepaid, and is required to be prepaid, in whole or
in part (subject to the terms and conditions therefor provided in the Agreement)
as provided therein.

 

Upon the
occurrence of any one or more of the Events of Default specified in the
Agreement, all amounts then remaining unpaid on this Note may be declared to be
immediately

 

-7-

 

 due
and payable (or, where so provided, shall be automatically due and payable) as
provided in the Agreement. This Note is secured by the collateral described in
each Security Document.

 

This Note
shall be construed in accordance with and governed by the laws of the State of
New York.

 

This Note
shall replace and supersede the Revolving Credit Note made by the Borrower to
the order of the Bank dated
December 29, 2000 (the “Prior
Note”);
provided, however, that the execution and delivery of this Note shall not in any
circumstance be deemed to have terminated, extinguished or discharged the
Borrower’s liabilities under such Prior Note, all of which liabilities shall
continue under and be governed by this Note and the other Loan Documents. This
Note is a replacement, amendment and restatement of the Prior Note and IS NOT A
NOVATION. The Borrower shall also pay, and this Note shall also evidence, any
and all unpaid interest on all Loans made by the Bank to the Borrower pursuant
to Prior Note, and at the interest rate specified therein, for which this Note
has been issued as replacement therefor.

 

	 	 	 
	 	MEDIS TECHNOLOGIES
      LTD.
	 
 	 
 	 
 
		By:  	/s/ 
	 	
      

      Name: 
	 	Title:

 

 

 

 

 

 

 

 

-8-

SCHEDULE
OF LOANS AND PAYMENTS OF PRINCIPAL TO 

AMENDED
AND RESTATED REVOLVING CREDIT NOTE DATED AS OF MAY 5, 2005

	
       

       

       

      Date
	
      Amount
      of

      Loan
	
       

       

      Interest

      Period
	
       

      Last
      Day

      of
      Interest

      Period
	
       

       

      Principal

      Paid
	
       

      Balance

      Remaining

       Unpaid
	
       

       

      Notation

      Made
      By

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

-9-WWW.EXFILE.COM, INC. -- 13497 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.2 TO FORM 10-Q

PROMISSORY
NOTE

 

Dated:
April 25, 2005

 

$140,000.00

 

FOR VALUE
RECEIVED, the undersigned (the “Borrower”) hereby
promises to pay to the order of Medis Technologies Ltd. (“Medis”), a
Delaware corporation, or its assigns (Medis and any subsequent holder of this
Note being hereinafter sometimes referred to as the “Holder”), One
Hundred Forty Thousand Dollars ($140,000.00), in lawful money of the United
States of America, on September 30, 2005 (the “Maturity
Date”). The
Borrower further promises to pay interest on the unpaid principal balance of
this Note from time to time outstanding at a rate equal to 3.35% per annum,
until the entire principal amount hereof has been paid in full. Interest on this
Note shall be due and payable monthly. All accrued and unpaid interest shall be
paid in full on the Maturity Date. To avoid any possible confusion the Borrower
acknowledges that amounts due under this Note are in addition to principal and
interest amounts due under the Borrower’s note in favor of Medis dated January
18, 2005 and such note remains in force pursuant to its provisions
notwithstanding the execution and performance of this Note.

 

This Note
is subject to the following further terms and conditions:

 

1.
  All
payments of principal and of interest on this Note shall be made at the
principal offices of Medis or at such other location either within or outside of
the United States of America as may be designated from time to time in writing
by notice given by the Holder to the Borrower.

 

2.
  Monthly
interest payments shall be deducted from the monthly consulting fee that the
Borrower receives from the Holder.

 

3.    (a)    The
Borrower may, at the Borrower’s option, prepay this Note in whole or in part at
any time or from time to time without penalty or premium.

 

           (b)    The
Borrower is the beneficial owner of certain warrants to purchase common stock of
Medis, issued to the Borrower in connection with the Borrower’s consulting
agreement with Medis (the “Warrants”). Upon the sale of any shares issued
pursuant to the exercise of the Warrants, the Borrower shall immediately apply
the proceeds from such sale, less the exercise price of the Warrants, to prepay
this Note. Such prepayment would be in addition to any prepayment required
pursuant to the Borrower’s note in favor of the Company dated January 18,
2005. 

 

4.
  Notwithstanding
any other provision of this Note, the entire principal amount outstanding, and
any accrued interest, shall be due and payable on the earliest of (a) the
Maturity Date, or (b) three months following the termination of the Borrower
providing consulting services to the Holder or any of its
affiliates.

 

 

5.
  Any
repayments made under this Note shall be first applied to the payment of any
unpaid and accrued interest and then to the payment of the principal amount
outstanding hereunder.

 

6.    (a)    Upon the
failure of the Borrower to pay the principal and/or interest on the Note when
and as the same becomes due and payable, whether at maturity thereof, upon the
occurrence of an event requiring mandatory prepayment under Section 3(b) hereof,
or upon the Borrower’s termination of providing consulting requiring payment in
full under Section 4 hereof, and such failure to pay principal and/or interest
continues for ten (10) days; or (b) if the Borrower shall file a petition in
bankruptcy or for an arrangement or any similar relief pursuant to Title 11 of
the United States Code or under any similar present or future federal law or the
law of any other jurisdiction or shall be adjudicated a bankrupt or insolvent,
or consent to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of all or
any substantial part of the Borrower’s property, or shall make a general
assignment for the benefit of creditors, or shall admit the Borrower’s inability
to pay the Borrower’s debts generally as they become due, or shall take any
action in furtherance of any of the foregoing and such event is not cured within
60 days (each of the events described in clauses (a) and (b) being referred to
herein as an “Event of Default”), then, and in any such event, the Holder may
declare, by written notice of the Event of Default given to the Borrower, the
entire principal amount of this Note to be forthwith due and payable, whereupon
the entire principal amount of this Note outstanding and any accrued and unpaid
interest hereunder shall become due and payable without presentment, demand,
protest, notice of dishonor and all other demands and notices of any kind, all
of which are hereby expressly waived.

 

7.    (a)    The
validity, performance and enforcement of this Note shall be governed by the laws
of the State of New York, without giving effect to the principles of the
conflicts of law thereof.

 

           (b)    Any
litigation based hereon, or arising out of, under, or in connection with, this
Note shall be brought and maintained exclusively in the courts of the State of
New York or in the United States District Court for the Southern District of New
York. The Borrower hereby expressly and irrevocably submits to the personal
jurisdiction of the courts of the State of New York and of the United States
District Court for the Southern District of New York for the purpose of any such
litigation as set forth above and irrevocably agrees to be bound by any judgment
rendered thereby in connection with such litigation, subject to such Borrower’s
right to contest such judgment by motion or appeal on any grounds not expressly
waived in this Section 7(b). The Borrower hereby irrevocably consents to
the service of process by registered mail, postage prepaid, or by personal
service within or without the State of New York. The Borrower hereby expressly
and irrevocably waives, to the fullest extent permitted by law, any objection
which it may have or hereafter may have to the laying of venue of any such
litigation brought in any such court referred to above and any claim that any
such litigation has been brought in an inconvenient forum. To the extent that
the Borrower has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment
prior to judgment, attachment in aid of execution or otherwise) with respect to
the Borrower or the Borrower’s property, the Borrower hereby irrevocably waives
such 

 

-2-

 

immunity
in respect of its obligations under this Note. The Borrower hereby expressly
waives the right to a trial by jury for the purpose of any such litigation as
set forth above. 

 

            (c)    If the
date set for payment of principal or interest hereunder is a Saturday, Sunday or
legal holiday, then such payment shall be due on the next succeeding business
day.

 

            (d)    The
Borrower hereby waives presentment, demand, protest, notice of dishonor,
diligence and all other notices, any release or discharge arising from any
extension of time, discharge of a prior party, release of any or all of any
security given from time to time for this Note, or other cause of release or
discharge other than actual payment in full hereof.

 

            (e)    The
Borrower shall not be deemed, by any act or omission, to have waived any of its
rights or remedies hereunder unless such waiver is in writing and signed by the
Holder and then only to the extent specifically set forth in such writing. A
waiver with reference to one event shall not be construed as continuing or as a
bar to or waiver of any right or remedy as to a subsequent event. No delay or
omission of the Holder to exercise any right, whether before or after a default
hereunder, shall impair any such right or shall be construed to be a waiver of
any right or default, and the acceptance at any time by the Holder of any
past-due amount shall not be deemed to be a waiver of the right to require
prompt payment when due of any other amounts then or thereafter due and
payable.

 

            (f)    To the
extent permitted by law, the remedies of the Holder as provided herein, or any
one or more of them, or in law or in equity, shall be cumulative and concurrent,
and may be pursued singularly, successively or together at the Holder’s sole
discretion, and may be exercised as often as occasion therefor shall
occur.

 

             (g)    If any
provisions of this Note would require the Borrower to pay interest hereon at a
rate exceeding the highest rate allowed by applicable law, the Borrower shall
instead pay interest under this Note at the highest rate permitted by applicable
law.

 

	
      /s/

	
      
      

      
      

	
      MICHELLE RUSH

	
       

 

-3-

AMENDMENT

 

TO

 

PROMISSORY
NOTE

 

AMENDMENT,
dated as of May 9, 2005, between Michelle Rush (“Borrower"), and
Medis Technologies Ltd., a Delaware corporation ("Lender").

 

WHEREAS,
Borrower has heretofore delivered to Lender a Promissory Note, dated as of April
25, 2005 (the "Note");
and

 

WHEREAS,
Borrower and Lender desire to amend the Note as hereinafter set
forth.

 

NOW,
THEREFORE, the
parties agree as follows:

 

1.    The Note
is hereby amended by deleting in its entirety section 6 and replacing same with
the following:

 

6. (a)
Holder may, by written notice to Borrower, at any time and at its option,
declare the outstanding principal amount of this Note plus all accrued but
unpaid interest due and payable upon the occurrence of any of the following
events ("Events
of Default"): (i)
The failure of the Borrower to pay the principal and/or interest on the Note
when and as the same becomes due and payable, and such failure to pay principal
and/or interest continues for ten (10) days; or (ii) If the Borrower shall file
a petition in bankruptcy or for an arrangement or any similar relief pursuant to
Title 11 of the United States Code or under any similar present or future
federal law or the law of any other jurisdiction or shall be adjudicated a
bankrupt or insolvent, or consent to the appointment of or taking possession by
a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of all or any substantial part of the Borrower’s property, or
shall make a general assignment for the benefit of creditors, or shall admit the
Borrower’s inability to pay the Borrower’s debts generally as they become due,
or shall take any action in furtherance of any of the foregoing and such event
is not cured within 60 days.

 

(b)
Borrower hereby pledges and grants to Holder a security interest in the
Collateral (as defined below) and all of the proceeds thereof to secure the
performance of all obligations of Borrower under this Note. As used in this
Note, the term "Collateral" shall
mean all of Borrower’s right, title and interest in and to the Borrower’s assets
and all consideration therefor or replacements thereof, including but not
limited to the Warrants. Maker agrees to execute and deliver to Holder any and
all documents or instruments reasonably requested by Holder to perfect the
security interest granted hereby, including, without 

 

 

limitation,
a UCC-1 financing statement and authorizes the Holder to do the foregoing in the
Borrower’s name. Without limitation to any other right or remedy under this Note
or at law or in equity, upon the occurrence of an Event of Default, Holder shall
have and may exercise all of the rights and remedies of a secured party under
the Uniform Commercial Code as enacted in any state governing the exercise of
remedies with respect to the Collateral.

 

(c) This
Note represents a full recourse obligation of the Borrower, and the Holder shall
have all rights and remedies available to it at law or in equity with respect
hereto upon the occurrence of an Event of Default.

 

3. Except as
expressly amended hereby, the Note shall remain in full force and
effect.

 

IN
WITNESS WHEREOF, Borrower
and Lender have executed this Amendment as of the date hereinabove set
forth.

 

 

	 	 	 
	 	
      MICHELLE
      RUSH, Borrower

	 
 	 
 	 
 
		By:  	/s/ MICHELLE RUSH
	 	
      

    
	 	

 

 

	 	 	 
	 	
      MEDIS
      TECHNOLOGIES LTD., Lender

	 
 	 
 	 
 
		By:  	/s/ Michael S. Resnick
	 	
      

    
	 	

-2-

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