Document:

WWW.EXFILE.COM, INC. -- 14319 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.5 TO FORM 8-K

     

    EXHIBIT
      10.5

     

    
      	 	April 26,
              2006 

    

     

    Mr.
      Robert K. Lifton

    Medis
      Technologies Ltd.

    805
      Third
      Avenue

    New
      York,
      New York 10022

     

    Dear
      Mr.
      Lifton:

     

    Reference
      is hereby made to that letter agreement (as amended hereby, the “Agreement”)
      dated April 21, 2006 between Radcliffe SPC, Ltd., for and on behalf of the
      Class
      A Convertible Crossover Segregated Portfolio, and Medis Technologies Ltd.
      (“Medis”), pursuant to which we have agreed to exchange (the “Exchange”) an
      aggregate of $800,000 face value amount of Medis’ 6% senior convertible notes
      due July 15, 2010 (the “Notes”) for an aggregate of 50,643 shares of Medis
      common stock (the “Shares”). Of such Shares, an aggregate of (i) 46,243 Shares
      shall be freely tradable (and of which 534 Shares shall be delivered upon
      issuance to McMahan Securities Co. L.P.) and (ii) 4,400 Shares shall be
      restricted, which Medis agrees to register as soon as possible.

     

    The
      Notes
      were issued under that Indenture dated as of July 26, 2005 by and between Medis
      and Wachovia Bank, National Association (the “Indenture”).

     

    We
      represent and warrant to you that (i) we are the record and beneficial holder
      of
      the Notes, (ii) we have full authority and capacity to execute, deliver and
      perform the Agreement, and to bind and obligate the Funds hereunder, (iii)
      we
      have received all consents or approvals of or have given proper notice to any
      person or authority required in order for us to execute, deliver and perform
      the
      Agreement, (iv) the Agreement is a legal, valid and binding agreement of ours,
      enforceable against us in accordance with its terms, (v) we own the Notes free
      and clear of all liens, charges and encumbrances, and upon the consummation
      of
      the Exchange, Medis will own the Notes free and clear of all liens, charges
      and
      encumbrances and (vi) we are acquiring the Shares for our own account for
      investment purposes only and not with a present view to the resale or
      distribution of the Shares.

     

    Additionally,
      we hereby (i) waive any and all terms, conditions and covenants under the
      Indenture insofar as any of them may prohibit entering into or consummating
      the
      Exchange, (ii) waive any cause of action we may have against Wachovia Bank,
      National Association, as Trustee under the Indenture governing the Notes (the
      “Trustee”) in connection with the Exchange and (iii) authorize and direct the
      Trustee to consummate the Exchange.

     

    

     

    [Remainder
      of Page Intentionally Left Blank; Signature Page Follows in
      Counterparts]

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	 	 
	 	Sincerely yours, 
	 	 
	 	
              Radcliffe
                SPC, Ltd., for and on behalf of the

              Class
                A Convertible Crossover Segregated

              Portfolio

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Name:
	 	Title: 

    

     

    Agreed
      to
      and Accepted

    As
      of the
      Date Hereof:

     

    Medis
      Technologies Ltd.

     

     

    By: 
      /s/

      
        

      

    

    Name:
      Robert K. Lifton

    Title:
      Chairman and CEOWWW.EXFILE.COM, INC. -- 14319 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.6 TO FORM 8-K

     

    EXHIBIT
      10.6

       

      
        	 	April 26,
                2006 

      

       

      Mr.
        Robert K. Lifton

      Medis
        Technologies Ltd.

      805
        Third
        Avenue

      New
        York,
        New York 10022

       

      Dear
        Mr.
        Lifton:

       

      Reference
        is hereby made to that letter agreement (as amended hereby, the “Agreement”)
        dated April 21, 2006 between Whitebox Advisors and Medis Technologies Ltd.
        (“Medis”), pursuant to which we have agreed to exchange (the “Exchange”) an
        aggregate of $2,276,000 face value amount of Medis’ 6% senior convertible notes
        due July 15, 2010 (the “Notes”) for an aggregate of 144,079 shares of Medis
        common stock (the “Shares”). Of such Shares, an aggregate of (i) 131,561 Shares
        shall be freely tradable (and of which 1,208 Shares shall be delivered upon
        issuance to McMahan Securities Co. L.P.) and (ii) 12,518 Shares shall be
        restricted, which Medis agrees to register as soon as possible.

       

      The
        Notes
        were issued under that Indenture dated as of July 26, 2005 by and between
        Medis
        and Wachovia Bank, National Association (the “Indenture”).

       

      We
        represent and warrant to you that (i) Pandora Select Partners, LP (“Pandora”) is
        the record and beneficial holder of the Notes, (ii) we have full authority
        and
        capacity to execute, deliver and perform the Agreement, and to bind and obligate
        Pandora hereunder, (iii) we and/or Pandora have received all consents or
        approvals of or have given proper notice to any person or authority required
        in
        order for us to execute, deliver and perform the Agreement, (iv) the Agreement
        is a legal, valid and binding agreement of ours, enforceable against us in
        accordance with its terms, (v) Pandora owns the Notes free and clear of all
        liens, charges and encumbrances, and upon the consummation of the Exchange,
        Medis will own the Notes free and clear of all liens, charges and encumbrances
        and (vi) Pandora is acquiring the Shares for its own account for investment
        purposes only and not with a present view to the resale or distribution of
        the
        Shares. 

       

      Additionally,
        we and Pandora hereby (i) waive any and all terms, conditions and covenants
        under the Indenture insofar as any of them may prohibit entering into or
        consummating the Exchange, (ii) waive any cause of action we or Pandora may
        have
        against Wachovia Bank, National Association, as Trustee under the Indenture
        governing the Notes (the “Trustee”) in connection with the Exchange, (iii) agree
        to indemnify the Trustee for any loss, liability, claim or damage it may
        incur
        in connection with the Exchange and (iv) authorize and direct the Trustee
        to
        consummate the Exchange. 

       

      [Remainder
        of Page Intentionally Left Blank; Signature Page Follows in
        Counterparts]

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	 	 
	 	Sincerely yours, 
	 	 
	 	
              Whitebox
                Advisors

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Name:
	 	Title: 

    

     

    Agreed
      to
      and Accepted

    As
      of the
      Date Hereof:

     

    Medis
      Technologies Ltd.

     

     

    By: 
      /s/

      
        

      

    

    Name:
      Robert K. Lifton

    Title:
      Chairman and CEOWWW.EXFILE.COM, INC. -- 14319 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.7 TO FORM 8-K

     

    

      EXHIBIT
        10.7

      
        	 	April 26,
                2006 

      

       

      Mr.
        Robert K. Lifton

      Medis
        Technologies Ltd.

      805
        Third
        Avenue

      New
        York,
        New York 10022

       

      Dear
        Mr.
        Lifton:

       

      Reference
        is hereby made to that letter agreement (as amended hereby, the “Agreement”)
        dated April 21, 2006 between Whitebox Advisors and Medis Technologies Ltd.
        (“Medis”), pursuant to which we have agreed to exchange (the “Exchange”) an
        aggregate of $550,000 face value amount of Medis’ 6% senior convertible notes
        due July 15, 2010 (the “Notes”) for an aggregate of 34,817 shares of Medis
        common stock (the “Shares”). Of such Shares, an aggregate of (i) 31,792 Shares
        shall be freely tradable (and of which 292 Shares shall be delivered upon
        issuance to McMahan Securities Co. L.P.) and (ii) 3,025 Shares shall be
        restricted, which Medis agrees to register as soon as possible.

       

      The
        Notes
        were issued under that Indenture dated as of July 26, 2005 by and between
        Medis
        and Wachovia Bank, National Association (the “Indenture”).

       

      We
        represent and warrant to you that (i) Whitebox Diversified Convertible Arbitrage
        Partners, LP (“Whitebox”) is the record and beneficial holder of the Notes, (ii)
        we have full authority and capacity to execute, deliver and perform the
        Agreement, and to bind and obligate Whitebox hereunder, (iii) we and/or Whitebox
        have received all consents or approvals of or have given proper notice to
        any
        person or authority required in order for us to execute, deliver and perform
        the
        Agreement, (iv) the Agreement is a legal, valid and binding agreement of
        ours,
        enforceable against us in accordance with its terms, (v) Whitebox owns the
        Notes
        free and clear of all liens, charges and encumbrances, and upon the consummation
        of the Exchange, Medis will own the Notes free and clear of all liens, charges
        and encumbrances and (vi) Whitebox is acquiring the Shares for its own account
        for investment purposes only and not with a present view to the resale or
        distribution of the Shares.

       

      Additionally,
        we and Whitebox hereby (i) waive any and all terms, conditions and covenants
        under the Indenture insofar as any of them may prohibit entering into or
        consummating the Exchange, (ii) waive any cause of action we or Whitebox
        may
        have against Wachovia Bank, National Association, as Trustee under the Indenture
        governing the Notes (the “Trustee”) in connection with the Exchange, (iii) agree
        to indemnify the Trustee for any loss, liability, claim or damage it may
        incur
        in connection with the Exchange and (iv) authorize and direct the Trustee
        to
        consummate the Exchange.

       

      

       

      [Remainder
        of Page Intentionally Left Blank; Signature Page Follows in
        Counterparts]

       

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	 	 	 
	 	Sincerely yours, 
	 	 
	 	
                Whitebox
                  Advisors

              
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                
Name:
	 	Title: 

      

       

      Agreed
        to
        and Accepted

      As
        of the
        Date Hereof:

       

      Medis
        Technologies Ltd.

       

       

      By: 
        /s/

        
          

        

      

      Name:
        Robert K. Lifton

      Title:
        Chairman and CEO

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