Document:

ex10-1.htm

    Exhibit
10.1

    

    Waiver
of Application of Provisions Under Secured Convertible Debenture

    

    This
Waiver of Application of
Provisions Under Secured Convertible Debenture is made by and between and
IR Biosciences Holdings, Inc. (the “Company”) and YA Global
Investments, L.P. (“YA
Global”).  (YA Global and the Company are sometimes referred to
as the “Parties”).  All
capitalized terms not otherwise defined herein shall have the meanings as set
forth in the Securities Purchase Agreement dated January 3, 2008 between the
Parties, the Secured Convertible Debentures dated January 3, 2008 issued by the
Company to YA Global, the Secured Convertible Debentures dated June 12, 2008 and
documents related to the transactions contemplated thereby.

    

    Recitals

    

    A.  The
Company closed a financing transaction with YA Global on or about January 3,
2008 through which the Company issued to YA Global a Secured Convertible
Debenture dated January 3, 2008 and subsequently a Secured Convertible Debenture
dated June 12, 2008 (collectively, the “Debenture”).

    

    B.  The
Company desires to amend its Certificate of Incorporation, as amended, to (i)
effect a one-for-ten reverse stock split of the Company’s shares of Common Stock
(the “Reverse Stock
Split”) and (ii) reduce the number of authorized shares of Common Stock
from 450,000,000 to 100,000,000 (the “Amendment”).

    

    C.  By
virtue of the Reverse Stock Split, any stockholders who would otherwise be
entitled to fractional shares of Common Stock will receive whole shares in lieu
of such fractional shares (the “Fractional
Shares”).

    

    D.  Section
8 of the Debenture prohibits the Company from amending its Certificate of
Incorporation or Bylaws or other charter documents so as to adversely affect any
rights of YA Global.

    

    E.  Section
5(a) of the Debenture provides, in part, that if the Company issues or sells, or
is deemed to have issued or sold, any shares of Common Stock, with certain
exceptions, at a price less than the Conversion Price then in effect for the
Debenture, then the Conversion Price is reduced as set forth in Section
5(a).

    

    F.  The
Parties desire to waive (i) the application of Section 8 of the Debenture with
regard to the Amendment and (ii) the application of Section 5(a) of the
Debenture with regard to the Fractional Shares.

    

    Agreement

    

    NOW
THEREFORE, in consideration of the mutual covenants and other valuable
consideration, the receipt of which is hereby acknowledged, the Company and YA
Global agree as follows:

    

    1.  YA
Global hereby forever waives and releases application of the provisions of
Section 8 of the Debenture solely with respect to the Amendment.

    

    2.  YA
Global agrees and consents to the Company taking all required action to make the
Amendment effective including but not limited to the execution of the Amendment
by the Company’s officers and the filing of the Amendment with the Delaware
Secretary of State.

    

    3.  YA
Global hereby forever waives and releases application of Section 5(a) solely
with respect to the Fractional Shares.

    

    4.  YA
Global agrees and consents to the issuance by the Company of whole shares of
Common Stock to stockholders who are entitled to Fractional Shares following the
Reverse Stock Split.

    

    5. The
Company agrees to reduce the Conversion Price of the Debenture from $0.20 to
$0.17 (prior to the effectiveness of the Reverse Stock Split) and execute the
Debenture amendments attached hereto as Exhibit A documenting the
foregoing.

    

    6.  The
Company agrees to increase the Share Reserve to one hundred million shares
(100,000,000) prior to the effectiveness of the Reverse Stock
Split.

    

    7.  All
other provisions of the Debenture remain in full force and effect as
written.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    IN
WITNESS WHEREOF, this Waiver of Application of Provisions Under Secured
Convertible Debenture is agreed to and accepted by the Parties this 23rd day of
July, 2008:

    

    Company

    

    IR
BioSciences Holdings, Inc.

     

    By:        /s/ Michael K.
Wilhelm                                                                                         

    Name:   Michael
K. Wilhelm

    Title:     President
and Chief Executive Officer

    

    YA
Global

    

    YA Global
Investments, L.P.

    By:       Yorkville
Advisors, LLC

    Its:        Investment
Advisor

    

    By:      /s/ Gerald
Eicke                                                                                         

    

    Name:
Gerald
Eicke                                                        

    

    Title:   Managing
Member                                          
 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
A

     

    Debenture
Amendment

     

     

    AMENDMENT
NO. 1

     

    to

     

    SECURED
CONVERTIBLE DEBENTURES

     

     

     

    THIS
AMENDMENT SHOULD BE ATTACHED TO THE

     

    ORIGINAL
SECURED CONVERTIBLE DEBENTURE CERTIFICATES

     

     

    This
Amendment No. 1 to the Secured Convertible Debenture (this "Amendment") dated
July 18, 2008 is issued in connection with those Secured Convertible Debenture
(No. IRBO-1-1 and IRBO-1-2) (collectively, the "Debenture")
originally issued on January 3, 2008 and June 12, 2008 respectively, by IR
Biosciences Holdings, Inc. (the "Company") to YA
Global Investments, L.P. (the "Holder").  Capitalized
terms used but not defined herein have the meaning given thereto in the
Debenture.

     

    THIS CERTIFIES THAT, the
following amendments are hereby made to the Debenture:

     

    
      	
              ·  

            	
              The
      term "Conversion Price" set forth in Section 4(a)(ii) shall be deleted and
      replaced with the following:

            

    

     

    "Conversion Price"
means, as of any Conversion Date (as defined below) before the occurrence of any
Triggering Event, $0.17, subject to adjustment as provided herein (the "Fixed Conversion
Price"), and as of any Conversion Date following the occurrence of any
Triggering Event, the lower of (a) the Fixed Conversion Price or (b) eighty
percent (80%) of the lowest daily Volume Weighted Average Price during the
five (5) Trading Days immediately preceding the Conversion Date (the "Market Conversion
Price").

     

    IN WITNESS WHEREOF, the
Company has caused this Amendment to be signed by its duly authorized
officer.

     

     

    IR
BIOSCIENCES HOLDINGS , INC.

    

    

    By:        /s/ Michael K.
Wilhelm                          

    Name:   Michael
K. Wilhelm

    Title:     President
and Chief Executive OfficerCOMMITMENT INCREASE AGREEMENT

 Exhibit 10.1 
 EXECUTION COPY 
 COMMITMENT INCREASE AGREEMENT AND ASSIGNMENT 

 This Commitment Increase Agreement and Assignment (this “Agreement”) is made as of the 21st day of July, 2008. Reference
is made to that certain Fifth Amended and Restated Revolving Credit Agreement, dated as of August 3, 2006, among Boston Properties Limited Partnership, a Delaware limited partnership (the “Borrower”), JPMorgan Chase Bank, N.A.
(“JPChase”), Bank of America, N.A. (“BOA”) and the other lending institutions listed on Schedule 1 thereto (the “Banks”), BOA, as Administrative Agent (the “Administrative
Agent”), JPChase, as Syndication Agent, Eurohypo AG, New York Branch, KeyBank National Association and Wells Fargo Bank, National Association, as Co-Documentation Agents, and The Bank of New York, Citicorp North America, Inc., RBS Citizens,
National Association, successor by merger to Citizens Bank of Massachusetts, Deutsche Bank Trust Company Americas and PNC Bank, National Association, as Co-Managing Agents (as amended, the “Credit Agreement”). 
 WHEREAS, Section 2.10 of the Credit Agreement provides that the Borrower may request that the Total Commitment be increased to a Total
Commitment of up to $1,000,000,000; 
 WHEREAS, the Borrower has requested that the Total Commitment be increased by $76,700,000 (the
“Increase”) to $1,000,000,000; 
 WHEREAS, TD Bank, N.A. and The Bank of Nova Scotia (the “New
Lenders”) have each agreed to provide new Commitments to the Borrower in connection with the Increase and to become parties to the Credit Agreement on the terms set forth herein (the Assigning Lenders, the New Lenders, the Increase Lender
and each other financial institution which is a party to the Credit Agreement immediately prior to the effectiveness hereof are referred to collectively herein as the “Banks”); 
 WHEREAS, Union Bank of California, N.A. (the “Increase Lender”) has agreed to provide an additional Commitment in connection with
the Increase, a portion of which will be a new Commitment under the Increase and a portion of which will be effected by way of assignment from BOA and JPChase, as more fully described below; 
 WHEREAS, BOA and JPChase (the “Assigning Lenders”) have each agreed to assign $1,650,000 of its Commitment (each, an
“Assigned Portion” and collectively, the “Assigned Portions”) to the Increase Lender (collectively, the “Assignments”); 
 WHEREAS, the Commitments and the Commitment Percentages of the Banks, after giving effect to the Increase and the Assignments, will be adjusted as reflected on Annex 1 attached hereto, such that, after
giving effect to the Increase and the Assignments, the Total Commitment will be $1,000,000,000; and 
  

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 WHEREAS, the Administrative Agent is willing to give effect to the Increase and the Assignments
provided that the Borrower, the Administrative Agent, the Assigning Lenders, the Increase Lender and the New Lenders enter into this Agreement; 
 NOW THEREFORE, the parties hereto hereby agree as follows: 
 All capitalized terms used herein without definition shall have
the meanings given such terms in the Credit Agreement. 
 1. Funding of Commitment Increase. Pursuant to Section 2.10 of
the Credit Agreement, the Increase Lender and the New Lenders hereby agree to fund the Increase (which such Increase is not required to be in an increment of $50,000,000) and the Increase Lender agrees to purchase the Assigned Portions, with each
Bank having the resulting Commitment and Commitment Percentage set forth on Annex 1 attached hereto. 
 2. Amendment of Schedule
1. Schedule 1 to the Credit Agreement is hereby amended to reflect the Banks’ adjusted Commitments and Commitment Percentages and the increase in the Total Commitment, as set forth on Annex 1 attached hereto. The
Administrative Agent shall make such arrangements with the Banks as shall be necessary to provide that each Bank shall hold its Commitment Percentage of the outstanding Revolving Credit Loans after giving effect to this Agreement, with all
Eurodollar Breakage Costs and other amounts payable under Section 5.8 of the Credit Agreement, if any, to be borne by the Borrower. 
 3. Affirmation and Acknowledgment. The Borrower hereby ratifies and confirms all of its Obligations to the Banks, including, without limitation, the Loans, the Notes, the other Loan Documents, and the Borrower hereby affirms
its absolute and unconditional promise to pay to the Banks all Obligations under (and as defined in) and upon the terms and conditions set forth in the Credit Agreement. 
 4. Assignment Provisions. For an agreed consideration, each Assigning Lender hereby irrevocably sells and assigns to the Increase Lender, and the Increase Lender hereby irrevocably purchases and assumes
from such Assigning Lender, its respective Assigned Portion, subject to and in accordance with the terms hereof and of the Credit Agreement, as of the Effective Date, including (i) all of such Assigning Lender’s rights and obligations as a
Bank under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to its Assigned Portion and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of
action and any other right of such Assigning Lender (in its capacity as a Bank) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or
the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above, in each case to the extent relating to its Assigned Portion. Such sale and assignment is without recourse to such Assigning Lender and, except as expressly provided in
this Agreement, without representation or warranty by such Assigning Lender. 
  

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 5. Assigning Lender; Increase Lender and New Lender Provisions. (a) Solely with
respect to its Assigned Portion, each Assigning Lender (i) represents and warrants that (A) it is the legal and beneficial owner of its respective Assigned Portion, (B) its respective Assigned Portion is free and clear of any lien,
encumbrance or other adverse claim created by such Assigning Lender and (C) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby; and
(ii) assumes no responsibility with respect to (A) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (B) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (C) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or
(D) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 (b) Subject to the terms and conditions of this Agreement, the Increase Lender and each New Lender hereby agree to lend, without recourse to the Banks or
the Administrative Agent, on and after the Effective Date, that portion of the Total Commitment, as the case may be, equal to the amount set forth on Annex 1 attached hereto opposite its name, in accordance with the terms and conditions set
forth herein and in the Credit Agreement, and acknowledge, without limitation, that the Borrower may from time to time borrow, repay and reborrow such amounts from each such Bank as provided in the Credit Agreement. Each New Lender hereby agrees to
be bound by, and shall be entitled to the benefits of and, to the extent of its Commitment, shall be bound by the obligations of, the terms and conditions of the Credit Agreement as if such New Lender had been one of the lending institutions
originally executing the Credit Agreement as a “Bank”; provided that nothing herein shall be construed as making any of the New Lenders liable to the Borrower or the other Banks in respect of any acts or omissions of any party to
the Credit Agreement or in respect of any other event occurring prior to the Effective Date. 
 (c) Each New Lender (i) represents and
warrants that it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement; (ii) confirms that
it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 8.4 of the Credit Agreement and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Agreement; (iii) agrees that it will, independently and without reliance upon the Banks or the Administrative Agent and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iv) represents and warrants that it is an Eligible Assignee; (v) appoints and authorizes the Administrative Agent to take
such action as Administrative Agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably
incidental thereto; and (vi) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Bank. 
  

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 5. Representations and Warranties. The Borrower hereby represents and warrants to the Banks
as follows: 
 (a) The execution and delivery by the Borrower of this Agreement, and the performance by the Borrower of its obligations and
agreements under this Agreement and the Credit Agreement, are within the authority of the Borrower, have been duly authorized by all necessary proceedings on behalf of the Borrower and do not and will not materially contravene any provision of law,
statute, rule or regulation to which the Borrower is subject or the Borrower’s agreement of limited partnership or its certificate of limited partnership or of any agreement or other instrument binding upon the Borrower (except for any such
failure to comply under any such agreement or other instrument as would not materially and adversely affect the condition (financial or otherwise), properties, business or results of operations of the Borrower). 
 (b) This Agreement and the Credit Agreement constitute legal, valid and binding obligations of the Borrower, enforceable in accordance with their
respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought. 
 (c) Other
than approvals or consents which have been obtained or those which would not have a material adverse effect on the Borrower, no approval or consent of any governmental agency or authority is required to make valid and legally binding the execution,
delivery or performance by the Borrower of this Agreement; and no filing with any governmental agency or authority is required in connection with the execution, delivery or performance by the Borrower of this Agreement, other than filings which will
be made with the SEC when and as required by law or deemed appropriate by the Borrower. 
 (d) The representations and warranties contained
in Section 7 of the Credit Agreement and in the other Loan Documents are true and correct on and as of the Effective Date (except (i) to the extent of changes resulting from transactions contemplated or not prohibited by this Agreement or
the other Loan Documents and changes occurring in the ordinary course of business and (ii) to the extent that such representations and warranties relate expressly to an earlier date). 
 (e) No Default or Event of Default has occurred and is continuing (both before and after giving effect to the Increase). 
 6. Conditions Precedent. This Agreement shall be deemed to be effective as of the date first written above (the “Effective
Date”), subject to the execution and delivery of the following documents, each in form and substance satisfactory to the Administrative Agent, and the payment of certain fees and expenses noted below on or before such date: 
 (a) this Agreement executed by the Borrower, each Assigning Lender, each New Lender, the Increase Lender and the Administrative Agent; 
  

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 (b) an Allonge amending each of the Revolving Credit Notes, duly executed, authorized and delivered by
the Borrower in favor of the Increase Lender and each Assigning Lender; 
 (c) a Revolving Credit Note issued in favor of each New Lender in
the original principal amount of such New Lender’s Commitment, duly executed, authorized and delivered by the Borrower; 
 (d) a
certificate dated as of the date hereof signed by a Responsible Officer of the Borrower (i) certifying that the Increase is duly authorized by the Borrower and attaching the resolutions evidencing such authorization, and (ii) certifying
that the Increase Conditions have been satisfied and setting forth the applicable conditions; and 
 (e) payment by the Borrower in
immediately available funds of the fees agreed to in the fee letter entered into in connection with the Increase. 
 7. Payments to New
Lenders. From and after the Effective Date, the Borrower shall make all payments in respect of any New Lender’s Commitment, including payments of principal, interest, fees and other amounts payable under the Credit Agreement, to the
Administrative Agent for the account of such New Lender in accordance with the terms of the Credit Agreement. 
 8. Miscellaneous
Provisions. 
 (a) This Agreement is intended to take effect as an agreement under seal and shall be construed according to and
governed by the laws of the Commonwealth of Massachusetts. 
 (b) This Agreement may be executed in any number of counterparts, but all such
counterparts shall together constitute but one instrument. In making proof of this Agreement it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile shall be as effective as delivery of an original executed counterpart of this Agreement. 
 (c) The Borrower hereby agrees to pay to the Administrative Agent, on demand by the Administrative Agent, all reasonable out-of-pocket costs and expenses
incurred or sustained by the Administrative Agent in connection with the preparation of this Agreement (including reasonable legal fees). 
  

 -5- 

 IN WITNESS WHEREOF, the Borrower, the Assigning Lenders, the New Lenders, the Increase Lender and
the Administrative Agent have duly executed this Agreement as of the date first above written. 
  

									
		 		 		 	BOSTON PROPERTIES LIMITED PARTNERSHIP
					
		 		 		 	By:	 	Boston Properties, Inc., its sole general partner
					
		 		 		 	By:	 	 /s/ Michael E. LaBelle (SEAL)

		 		 		 	Name:	 	Michael E. LaBelle
		 		 		 	Title:	 	Chief Financial Officer
				
	ACKNOWLEDGED AND AGREED:	 		 		 	
				
	BOSTON PROPERTIES, INC.	 		 		 	
					
	By:	 	 /s/ Michael E. LaBelle (SEAL)
	 		 		 	
	Name:	 	Michael E. LaBelle	 		 		 	
	Title:	 	Chief Financial Officer	 		 		 	

 Signature Page to July 2008 Commitment Increase Agreement and Assignment 

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Kathleen M. Carry

	Name:	 	Kathleen M. Carry
	Title:	 	Vice President

  

 Signature Page to July 2008 Commitment Increase Agreement and Assignment 

			
	BANK OF AMERICA, N.A., as an Assigning Lender
		
	By:	 	 /s/ James P. Johnson

	Name:	 	James P. Johnson
	Title:	 	Senior Vice President

  

 Signature Page to July 2008 Commitment Increase Agreement and Assignment 

			
	JPMORGAN CHASE BANK, N.A., as an Assigning Lender
		
	By:	 	 /s/ Marc E. Constantino

	Name:	 	Marc E. Constantino
	Title:	 	Executive Director

  

 Signature Page to July 2008 Commitment Increase Agreement and Assignment 

			
	UNION BANK OF CALIFORNIA, N.A., as Increase Lender
		
	By:	 	 /s/ Jack Kissane

	Name:	 	Jack Kissane
	Title:	 	Vice President

  

 Signature Page to July 2008 Commitment Increase Agreement and Assignment 

			
	TD BANK, N.A., as a New Lender
		
	By:	 	 /s/ Brian S. Welch

	Name:	 	Brian S. Welch
	Title:	 	Vice President

  

 Signature Page to July 2008 Commitment Increase Agreement and Assignment 

			
	THE BANK OF NOVA SCOTIA, as a New Lender
		
	By:	 	 /s/ George Sherman

	Name:	 	George Sherman
	Title:	 	Director

  

 Signature Page to July 2008 Commitment Increase Agreement and Assignment

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