Document:

exv10w3

 

Exhibit 10.3

AMENDMENT NO. 4 TO CREDIT AGREEMENT

     This
AMENDMENT NO. 4 TO CREDIT AGREEMENT (this “Amendment No. 4 ”) is made as of October 26,
2006 among (a) FelCor Lodging Trust Incorporated and FelCor Lodging Limited Partnership
(collectively, the “Borrowers”), (b) the Lenders party hereto, and (c) JPMorgan Chase Bank, N.A. as
Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders.

     WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to a Credit
Agreement, dated as of December 12, 2005, as amended by Amendment No. 1 to Credit Agreement, dated
as of January 12, 2006, Amendment No. 2 to Credit Agreement, dated as of January 25, 2005, and
Amendment No. 3 to Credit Agreement dated as of March 31, 2006 (as so amended, the “Credit
Agreement”), pursuant to which the Lenders have agreed to make loans to the Borrowers on the terms
and conditions set forth therein; and

     WHEREAS, the Borrowers have requested that the Lenders amend certain provisions of the Credit
Agreement, and the Lenders party hereto are willing to so amend certain provisions of the Credit
Agreement on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and fully intending to
be legally bound by this Amendment No. 4, the parties hereto agree as follows:

     1. Definitions. Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Credit Agreement.

     2. Amendment to the Credit Agreement. As of the Effective Date (as defined in Section
4 hereof), the Credit Agreement is hereby amended as follows:

     2.1. The definition of “Loan Documents” set forth in Section 1.1 of the Credit
Agreement is amended by inserting the words “, including without limitation the Collateral
Documents (as defined in SECTION 6.2(f))” at the end of such definition immediately after
the word “thereto”.

     2.2. The definition of “Secured Indebtedness” set forth in Section 1.1 of the Credit
Agreement is restated in its entirety to read as follows:

     ”‘Secured Indebtedness’ means Indebtedness of a Borrower or any
Subsidiary secured by a Lien, other than the Liens described in SECTION 6.2(f).”

     2.3. The definition of “Unencumbered Assets” set forth in Section 1.1 of the Credit
Agreement is amended by restating clause (3) thereof in its entirety to read as follows:
“(3) free of (and if owned by a Subsidiary or a Joint Venture, the Equity

 

 

Interests of such Subsidiary or Joint Venture are free of) all Liens and negative
pledges (other than those permitted by clauses (a) through (f) of SECTION 6.2)”.

     2.4. Section 3.3 of the Credit Agreement is amended by (a) inserting the words “and
except for filings or recordings that may be necessary to perfect, or maintain the
perfection of the security interests created by the Collateral Documents (as defined in
SECTION 6.2(f))” at the end of subclause (a) of such Section 3.3 immediately after the word
“effect” on the third line, and (b) inserting the words “except for those Liens created by
the Collateral Documents” at the end of subclause (d) of such Section 3.3 immediately after
the word “Subsidiaries” on the tenth line.

     2.5. Section 3.13 of the Credit Agreement is amended by deleting the words “clauses (a)
through (e) of SECTION 6.2” on the eleventh line thereof and substituting the words “clauses
(a) through (f) of SECTION 6.2” in place thereof.

     2.6. Section 5.3 of the Credit Agreement is amended by deleting the words “SECTION
6.2(a)” in the fifth line thereof and substituting the words “SECTION 6.3(a)” in place
thereof.

     2.7. Section 6.2 of the Credit Agreement is amended by:

     (a) deleting the word “or” at the end of clause (e) thereof, and

     (b) replacing clause (f) thereof in its entirety with the following new clauses
(f) and (g):

     ”(f) Liens consisting of (i) the pledge by FelCor Trust or its
Subsidiary of its limited partner interest in FelCor Partnership, (ii) a
negative pledge on FelCor Trust’s general partner interest in FelCor
Partnership and on the Borrowers’ Equity Interests in the Subsidiaries, and
(iii) an option to purchase FelCor Trust’s general partner interest in
FelCor Partnership if the pledge on the limited partner interests in FelCor
Partnership is foreclosed or enforced (and not any real property or other
tangible personal property of the Borrowers or any Subsidiary); all of which
shall secure the Obligations, any or all of the Senior Unsecured Notes, and
the Senior Floating Rate Notes due 2011 to be issued on or about October 31,
2006 (the “New Floating Rate Notes”) on an equal and ratable basis pursuant
to the indenture governing the New Floating Rate Notes, and in accordance
with pledge agreements, option agreements and intercreditor arrangements
(collectively, the “Collateral Documents”) in form and substance
satisfactory to the Administrative Agent; provided that such pledge,
negative pledges and option shall no longer be required if the New Floating
Rate Notes are repaid in full or if the pledge of such collateral shall not
be required under the indenture governing the New Floating Rate Notes for
any other reason, and the Liens on such collateral securing the Obligations
shall be automatically released so long as all

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other creditors with Liens on such collateral have released or are
simultaneously releasing their respective Liens; or

     (g) Liens on assets securing Secured Indebtedness, so long as (i) the
incurrence of such Secured Indebtedness is not prohibited by Article VI and
(ii) if such Lien is on an Unencumbered Property (other than a Lien
permitted by SECTION 6.2(f)), the Borrowers comply with SECTION 5.9 and no
Default or Event of Default exists or would exist after giving effect
thereto.”

     2.8. Section 6.7 of the Credit is amended by restating clause (i) thereof in its
entirety to read as follows: “(i) containing any provision prohibiting or restricting the
creation or assumption of any Lien upon its properties (other than (a) mechanics Liens or
judgment liens more than 30 days past due, (b) with respect to prohibitions on Liens set
forth in a mortgage on a particular property and (c) restrictions on Liens set forth in the
indenture and/or related documents for the New Floating Rate Notes (as defined in SECTION
6.2(f)) which require that any collateral granted for the Obligations (other than
Obligations not in excess of $100,000,000) must equally and ratably secure the New Floating
Rate Notes and which prohibit Liens on the general partner interest in FelCor Partnership or
the Equity Interests of the Subsidiary Guarantors unless the New Floating Rate Notes are
equally and ratably secured by such Liens), revenues, or assets, whether now owned or
hereafter acquired”.

     3. Provisions of General Application.

     3.1. Representations and Warranties. The Borrowers hereby represent and warrant
as of the date hereof that (a) each of the representations and warranties of the Borrowers
contained in the Credit Agreement, the other Loan Documents or in any document or instrument
delivered pursuant to or in connection with the Credit Agreement or this Amendment No. 4 are
true as of the date as of which they were made and are true at and as of the date of this
Amendment No. 4 (except to the extent that such representations and warranties expressly
speak as of a different date), (b) no Default or Event of Default exists on the date hereof,
(c) the organizational documents of each of the Borrowers attached to the Secretary’s
Certificate dated as of January 27, 2006 remain in full force and effect and, except for
such certified copies of amendments or modifications to organizational documents provided to
the Administrative Agent and counsel thereto, such organizational documents have not been
amended, modified, annulled, rescinded or revoked since January 27, 2006, (d) the
organizational documents of each of the Subsidiary Guarantors attached to the Assistant
Secretary’s Certificates, each dated as of January 27, 2006, remain in full force and effect
and, except for such certified copies of amendments or modifications to organizational
documents provided to the Administrative Agent and counsel thereto, such organizational
documents have not been amended, modified, annulled, rescinded or revoked since January 27,
2006, and (e) this Amendment No. 4 has been duly authorized, executed and delivered by each
of the Borrowers and is in full force and effect as of the Effective Date, and the
agreements and obligations of each of the Borrowers contained herein constitute the legal,
valid and binding obligations of each of

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the Borrowers, enforceable against it in accordance with their respective terms, except
to the extent that the enforcement thereof or the availability of equitable remedies may be
limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent
transfer, fraudulent conveyance or similar laws now or hereafter in effect relating to or
affecting creditors, rights generally or by general principles of equity, or by the
discretion of any court in awarding equitable remedies, regardless of whether such
enforcement is considered in a preceding in equity or at law.

     3.2. No Other Changes. Except as otherwise expressly provided or contemplated
by this Amendment No. 4, all of the terms, conditions and provisions of the Credit Agreement
remain unaltered and in full force and effect. The Credit Agreement and this Amendment No.
4 shall be read and construed as one agreement.

     3.3. Governing Law. THIS AMENDMENT NO. 4 SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

     3.4. Assignment. This Amendment No. 4 shall be binding upon and inure to
the benefit of each of the parties hereto and their respective permitted successors and
assigns.

     3.5. Counterparts. This Amendment No. 4 may be executed in any number of
counterparts, but all such counterparts shall together constitute but one and the same
agreement. In making proof of this Amendment No. 4, it shall not be necessary to produce or
account for more than one counterpart thereof signed by each of the parties hereto.

     3.6 Loan Documents. This Amendment No. 4 shall be deemed to be a Loan Document
under the Credit Agreement.

     3.7 Credit Agreement References. On and after to the Effective Date, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of
like import, and each reference to the Credit Agreement by the words “thereunder”, “thereof”
or words of like import in any Loan Document or other document executed in connection with
the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended to
by this Amendment No. 4 and any other amendments effective prior to the date hereof.

     4. Effectiveness of this Amendment No. 4. This Amendment No. 4 shall become effective
on the date on which the following conditions precedent are satisfied (the “Effective Date”)

     (a) execution and delivery to the Administrative Agent by each of the Required Lenders, the
Borrowers, and the Administrative Agent of this Amendment No. 4;

     (b) execution and delivery to the Administrative Agent by each of the Subsidiary Guarantors of
a reaffirmation of guaranty in form and substance satisfactory to the Administrative Agent; and

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     (c) delivery by the Borrowers to the Administrative Agent of an incumbency certificate of the
Borrowers and the Subsidiary Guarantors.

[Remainder of page left blank intentionally]

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     IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment No. 4 as
of the date first set forth above.

	 	 	 	 	 	 	 	 	 	 
	BORROWERS:	 	FELCOR LODGING TRUST INCORPORATED	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Michael Hughes	 
	 	 	 	 	 	 
	 	 	 	 	Name:	 	Michael Hughes	 
	 	 	 	 	Title:	 	Vice President, Finance	 
	 
	 	 	 	 	 	 	 	 	 
	 	 	FELCOR LODGING LIMITED PARTNERSHIP	 
	 
	 	 	 	 	 	 	 	 	 
	 	 	By:	 	FelCor Lodging Trust Incorporated,

its General Partner	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By	 	/s/ Michael Hughes	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	Michael Hughes	 
	 

	 	 	 	 	 	Title:
	 	Vice President, Finance	 

 

 

	 	 	 	 	 
	LENDERS: 	 JPMORGAN CHASE BANK, N.A.,

individually and as Swingline Lender, Issuing

Bank and Administrative Agent,

 	 
	 	By:  	
/s/ Donald Shokrian	 
	 	 	Name:  	Donald Shokrian	 
	 	 	Title:  	Managing Director	 
	 
	 	CITICORP NORTH AMERICA, INC.

 	 
	 	By:  	/s/
Ricardo James	 
	 	 	Name:  	Ricardo James	 
	 	 	Title:  	Director	 
	 

	 	 	 	 	 
	 	MERRILL LYNCH CAPITAL CORPORATION

 	 
	 	By:  	/s/
John C. Rowland	 
	 	 	Name:  	John C. Rowland	 
	 	 	Title:  	Vice President	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/
Roger C. Davis	 
	 	 	Name:  	Roger C. Davis	 
	 	 	Title:  	Senior Vice President	 
	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	/s/
Brenda Casey	 
	 	 	Name:  	Brenda Casey	 
	 	 	Title:  	Director	 
	 
	 	 	 
	 	By:  	
/s/ Joanna Soliman	 
	 	 	Name:  	Joanna Soliman	 
	 	 	Title:  	Assistant Vice President	 
	 

 

 

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:<PAGE>

                                                                    EXHIBIT 10.1

                      AMENDED AND RESTATED PROMISSORY NOTE

$4.0 MILLION                                                    OCTOBER 26, 2006

         WHEREAS, Boston Life Sciences, Inc., a Delaware corporation (the
"MAKER"), and Robert Gipson (the "LENDER"), are parties to that certain
Promissory Note, dated August 8, 2006 and made by the Maker in favor of the
Lender for the principal sum $3,000,000.00 (the "ORIGINAL NOTE");

         WHEREAS, in accordance with the terms of the Original Note, Lender has
made those Advances (as defined in Section 1 below) set forth on the schedule
attached hereto; and

         WHEREAS, the Lender and the Maker desire to amend and restate the
Original Note as set forth herein.

         NOW THEREFORE, in consideration of the premises and mutual promises and
covenants contained herein, and on the terms herein set forth, the parties
hereto, intending to be legally bound, hereby agree to amend and restate the
Original Note in its entirety to read as follows:

         FOR VALUE RECEIVED, Maker, hereby unconditionally promises to pay to
the order of Lender, in lawful money of the United States of America and in
immediately available funds, the principal sum of Four Million Dollars
($4,000,000), or, if less, the aggregate unpaid principal amount of all Advances
(the "LOAN"), together with accrued and unpaid interest thereon, each due and
payable on the dates and in the manner set forth below.

         1.       ADVANCES. From time to time prior to the Maturity Date
(defined in Section 2 below), and so long as no Event of Default exists, the
Lender shall make advances (the "ADVANCES") to the Maker, and the Maker may
borrow funds from the Lender hereunder, provided that the aggregate principal
amount of all Advances shall in no event exceed $4,000,000. Each request for an
Advance shall be made by the Maker in writing, delivered to the Lender at least
seven (7) business days prior the requested date of such Advance and shall
specify the date of such Advance, and the amount of such Advance. Each Advance
shall be in the minimum amount of $1,000,000. The Lender shall, and is hereby
authorized to, record on the schedule attached hereto, or to otherwise record in
accordance with its usual practice, the date and amount of each Advance and the
date and amount of each principal payment hereunder, provided, however, that any
failure to so record any Advance or Payment shall not in any manner affect the
obligation of the Maker to repay any Advance in accordance with the terms
hereof.

         2.       PRINCIPAL REPAYMENT. The outstanding principal amount of the
Loan shall be due and payable on the earliest to occur of (i) June 30, 2007,
(ii) the date on which the Maker consummates an equity financing in which the
aggregate gross proceeds to the Maker total at least $10,000,000 and (iii) the
date on which the Lender declares an Event of Default (as defined in Section 8
below) to have occurred (the first of the events set forth in Section 2(i),
2(ii) and 2(iii) to occur being referred to herein as the "MATURITY DATE"). This
Amended and Restated Note may be prepaid in whole or in part at any time without
premium or penalty.

         3.       INTEREST RATE AND PAYMENTS. Interest shall accrue on each
Advance from the date of such Advance and all unpaid interest shall be due and
payable on the Maturity Date. The Maker

                                                                 Promissory Note

<PAGE>

promises to pay interest on the outstanding principal amount of each Advance
until payment in full of such Advance at a per annum interest rate equal to (i)
nine percent (9%) from the date of each Advance to the Maturity Date, (ii) from
and after the Maturity Date, or during the continuance of an Event of Default
(as defined below), at the rate set forth in clause (i) plus two percent (2%),
or (iii) if less than the rates applicable under both clauses (i) and (ii), the
maximum rate permissible by law. Interest shall be calculated on the basis of a
360-day year for the actual number of days elapsed.

         4.       PLACE OF PAYMENT. All amounts payable hereunder shall be
payable in immediately available funds at the office of the Lender, c/o Ingalls
& Snyder, 61 Broadway, New York, NY, unless another place of payment shall be
specified in writing by the Lender.

         5.       APPLICATION OF PAYMENTS. Payment on this Amended and Restated
Note shall be applied first to costs and expenses due hereunder, if any, then to
accrued interest, and thereafter to the outstanding principal balance hereof.
Any principal repayment or interest payment hereunder not paid when due, whether
at stated maturity, by acceleration or otherwise, shall bear interest at the
rate set forth in clause (ii) of Section 2 hereof (or, if such rate exceeds the
maximum rate permitted by law, then at such maximum rate permitted by law) until
paid in full.

         6.       REPRESENTATIONS AND WARRANTIES. The Maker represents and
warrants to the Lender that:

                  (a)      the Maker is duly organized, validly existing, and in
                           good standing under the laws of its jurisdiction of
                           incorporation and is duly qualified and in good
                           standing in every other jurisdiction where the nature
                           of its business or the location or ownership of its
                           properties requires such qualification and where the
                           failure to be so qualified would reasonably be
                           expected to have a material adverse effect on the
                           Maker's business, operations, properties, assets or
                           condition (financial or otherwise);

                  (b)      the Maker has the full corporate power and authority
                           to execute and deliver this Amended and Restated Note
                           and to perform all of the obligations hereunder, and
                           all necessary corporate action has been taken to
                           execute and deliver this Amended and Restated Note
                           and to make the borrowings hereunder;

                  (c)      this Amended and Restated Note constitutes the legal,
                           valid, and binding obligations of the Maker,
                           enforceable against the Maker in accordance with its
                           terms, subject to applicable bankruptcy, insolvency,
                           reorganization or similar laws generally affecting
                           the enforcement of the rights of creditors; and

                  (d)      the execution, delivery and performance by the Maker
                           of this Amended and Restated Note does not (i)
                           violate any provisions of the Maker's Certificate of
                           Incorporation, as amended, bylaws, as amended, or any
                           contract, agreement, law, regulation, order, decree
                           or writ to which the Maker or any

                                                                 Promissory Note

                                      -2-
<PAGE>

                           of its properties are subject or (ii) require the
                           consent or approval of any person, entity or
                           authority, including, without limitation, any
                           regulatory authority or governmental body of the
                           United States of America or any state thereof or any
                           political subdivision of any of the foregoing.

         7.       NEGATIVE COVENANTS. So long as any principal and interest
remains outstanding under this Amended and Restated Note, the Maker shall not:

                  (a)      create, incur, assume, guaranty, become liable with
                           respect to (contingently or otherwise), or permit to
                           be outstanding any indebtedness for money borrowed
                           (including, without limitation, any indebtedness
                           evidenced by any notes, instruments or agreements or
                           in connection with any capitalized lease), except for
                           the obligations under this Amended and Restated Note
                           or a promissory note of even date herewith pursuant
                           to which the Maker shall be permitted to borrow up to
                           an additional principal sum of $4,000,000 together
                           with interest thereon;

                  (b)      (i) declare or pay any cash dividend, or make a
                           distribution on, repurchase, or redeem, any class of
                           stock of the Maker, other than pursuant to repurchase
                           obligations under existing employee stock purchase or
                           option plans or (ii) sell, lease, transfer or
                           otherwise dispose of any material assets or property
                           of the Maker; or

                  (c)      dissolve or liquidate.

         8.       DEFAULT. Each of the following events shall be an "EVENT OF
DEFAULT" hereunder:

                  (a)      the Maker fails to pay any of the principal, interest
                           or any other amounts payable under this Amended and
                           Restated Note when and as the same becomes due and
                           payable;

                  (b)      the Maker files any petition or action for relief
                           under any bankruptcy, reorganization, insolvency or
                           moratorium law or any other law for the relief of, or
                           relating to, Maker, now or hereafter in effect, or
                           seeks the appointment of a custodian, receiver,
                           trustee (or other similar official) of the Maker or
                           all or any substantial portion of the Maker's assets,
                           or makes any assignment for the benefit of creditors
                           or takes any action in furtherance of any of the
                           foregoing, or fails to generally pay its debts as
                           they become due;

                  (c)      an involuntary petition is filed, or any proceeding
                           or case is commenced, against the Maker (unless such
                           proceeding or case is dismissed or discharged within
                           ninety (90) days of the filing or commencement
                           thereof) under any bankruptcy, reorganization,
                           arrangement, insolvency, adjustment of debt,
                           liquidation or moratorium statute now or hereafter in
                           effect, or a custodian, receiver, trustee, assignee
                           for the benefit of creditors (or other similar
                           official) is applied for, appointed for the Maker or
                           to take

                                                                 Promissory Note

                                      -3-
<PAGE>

                           possession, custody or control of any property of the
                           Maker, or an order for relief is entered against the
                           Maker in any of the foregoing; or

                  (d)      any representation or warranty made or deemed made by
                           the Maker under this Amended and Restated Note shall
                           have been false or misleading in any material respect
                           when made or deemed made.

         9.       REMEDIES. Upon the occurrence and during the continuance of an
Event of Default hereunder:

                  (a)      all unpaid principal, accrued interest and other
                           amounts owing hereunder shall, at the option of the
                           Lender, and, in the case of an Event of Default
                           pursuant to Section 8(b) or (c) above, automatically,
                           be immediately due, payable and collectible by the
                           Lender pursuant to applicable law;

                  (b)      any and all unpaid principal, interest or other
                           amounts due under this Amended and Restated Note
                           shall thereafter bear interest at the maximum rate
                           set forth in Section 3 hereof;

                  (c)      any and all of the Lender's obligations to make any
                           additional loans or advances hereunder shall
                           automatically terminate and expire; and

                  (d)      the Lender may exercise any and all rights and
                           remedies it may have under this Amended and Restated
                           Note or under applicable law.

         All rights and remedies shall be cumulative and not exclusive. The
failure of the holder hereof to exercise all or any of its rights, remedies,
powers or privileges hereunder or applicable law, in any instance shall not
constitute a waiver thereof in that or any other instance.

         10.      EXPENSES. The Maker agrees to and shall pay to the Lender on
demand, any and all expenses, including, without limitation, reasonable
attorney's fees and disbursements, incurred or paid by the Lender in connection
herewith, including, without limitation, such fees, costs and expenses incurred
for collection or enforcement of amounts outstanding hereunder, for protecting,
preserving or enforcing the Lender's rights or remedies (including fees, costs
and expenses relating to any proceedings with respect to the bankruptcy,
reorganization, insolvency, readjustment of debt, dissolution or liquidation of
the Maker).

         11.      WAIVER. The Maker, for itself and its legal representatives,
successors and assigns, hereby expressly waives demand, protest, presentment,
notice of dishonor, notice of acceptance, and notice of protest, and all other
demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Amended and Restated Note and agrees that any
extension, renewal or postponement of the time of payment or any other
indulgence to, or release of any person now or hereafter obligated for the
payment of this Amended and Restated Note shall not affect the Maker's liability
hereunder.

         12.      NO RELIANCE. Lender hereby acknowledges (i) that Wilmer Cutler
Pickering Hale

                                                                 Promissory Note

                                      -4-
<PAGE>

and Dorr LLP has served as counsel solely to the Maker in connection with
entering into this Amended and Restated Note, the Loan and the transactions
contemplated hereby, and (ii) that Lender (a) has sought the advice of his own
legal counsel and has not relied upon Wilmer Cutler Pickering Hale and Dorr LLP,
(b) has had an opportunity to fully discuss and review the terms of this Amended
and Restated Note with Lender's counsel, (c) understands the contents herein and
freely and voluntarily assents to all of the terms and conditions hereof and the
transactions contemplated hereby

         13.      GOVERNING LAW; CONSENT TO JURISDICTION. THIS AMENDED AND
RESTATED NOTE IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS (AND NOT THE LAWS OF
CONFLICT) OF THE COMMONWEALTH OF MASSACHUSETTS. THE MAKER HEREBY IRREVOCABLY
SUBMITS TO THE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS
AND THE UNITED STATES DISTRICT COURT FOR THE COMMONWEALTH OF MASSACHUSETTS FOR
THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR RELATING
TO THIS AMENDED AND RESTATED NOTE AND THE MAKER HEREBY IRREVOCABLY AGREES THAT
ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER
HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT
THE RIGHT OF THE LENDER TO BRING PROCEEDINGS AGAINST THE MAKER IN THE COURTS OF
ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE MAKER AGAINST THE LENDER
OR ANY AFFILIATE OF THE LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDED AND RESTATED
NOTE SHALL BE BROUGHT ONLY IN A COURT IN THE COMMONWEALTH OF MASSACHUSETTS.

         14.      SUCCESSORS AND ASSIGNS. This Amended and Restated Note and all
obligations of the Maker hereunder shall be binding upon the successors and
assigns of the Maker, and shall, together with the rights and remedies of the
Lender hereunder, inure to the benefit of the Lender, any future holder of this
Amended and Restated Note and their respective successors and assigns, provided,
however, the Maker may not transfer or assign its rights or obligations
hereunder without the express written consent of the Lender, and any purported
transfer or assignment by the Maker without the Lender's written consent shall
be null and void. The Lender may assign, transfer, participate or endorse its
rights under this Amended and Restated Note without the consent or approval of
the Maker, and all such rights shall inure to the Lender's successors and
assigns. No sales of participations, other sales, assignments, transfers,
endorsements or other dispositions of any rights hereunder or any portion
thereof or interest therein shall in any manner affect the obligations of the
Maker under this Amended and Restated Note. Upon request, the Maker shall, at
its own expense, execute and deliver to the assignee of this Amended and
Restated Note, a replacement Note of equal and like tenor in an amount assigned
to and assumed by such assignee.

                                                                 Promissory Note

                                      -5-
<PAGE>

         15.      WAIVER OF JURY TRIAL AND CERTAIN DAMAGES. THE MAKER AND THE
LENDER EACH WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM
ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AMENDED AND RESTATED NOTE,
ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS OR
OBLIGATIONS. Except as prohibited by law, the Maker waives any right which it
may have to claim or recover in any litigation referred to in the preceding
sentence any special, exemplary, punitive or consequential damages or any
damages other than, or in addition to, actual damages. The Maker (i) certifies
that neither the Lender nor any representative, agent or attorney of the Lender
has represented, expressly or otherwise, that the Lender would not, in the event
of litigation, seek to enforce the foregoing waivers and (ii) acknowledges that,
in entering into the Amended and Restated Note, the Lender is relying upon,
among other things, the foregoing waivers and certifications.

         16.      ENTIRE AGREEMENT; AMENDMENTS; INVALIDITY. This Amended and
Restated Note constitutes the entire agreement and understanding of the parties,
and supercedes and replaces in their entirety any prior discussions, agreements,
etc., all of which are merged herein and therein, including the Original Note.
None of the terms of this Amended and Restated Note may be amended or otherwise
modified except by an instrument executed by each of the Maker and the Lender.
If any term of this Amended and Restated Note shall be held to be invalid,
illegal or unenforceable, the validity of all other terms hereof shall in no way
be affected thereby, and this Amended and Restated Note shall be construed and
be enforceable as if such invalid, illegal or unenforceable term had not been
included herein. The Original Note is hereby terminated and of no further force
or effect.

                                     *****

                                                                 Promissory Note

                                      -6-
<PAGE>

         IN WITNESS WHEREOF, this Amended and Restated Note has been duly
executed as an instrument under seal as of the date first set forth above.

LENDER:                                 BOSTON LIFE SCIENCES, INC.

                                        By: /s/ Kenneth L. Rice
                                            ------------------------------------

                                        Printed Name: Kenneth L. Rice, Jr.
                                                      --------------------------

                                        Title: EVP & CFO
                                               ---------------------------------

                                        Address:

                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

ATTEST:

By: /s/ Robert Gipson
   -----------------------------------

Title:
       -------------------------------

                                                                 Promissory Note

                                      -7-
<PAGE>

                                                                    EXHIBIT 10.1

                   SCHEDULE OF LOAN AND PAYMENTS OF PRINCIPAL
                     TO AMENDED AND RESTATED PROMISSORY NOTE
                             OF BOSTON LIFE SCIENCES

<Table>
<Caption>
--------------------------------------------------------------------------------
Principal                               Principal
Amount of            Date               Amount               Unpaid
Advance                                 Paid                 Balance
--------------------------------------------------------------------------------
<S>                  <C>                <C>                  <C>

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
</Table>

                                                                 Promissory Note

                                      -8-

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