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EXHIBIT 10.36
AMENDMENT TO THE SENIOR LINE OF CREDIT AGREEMENT AND NOTES
This is an Amendment to the Senior Line of Credit Agreement between
Aries Domestic Fund, the Aries Fund, a Cayman Islands Trust (the "Funds"), and
Xenometrix, Inc. (the "Company"), dated September 25, 1997 (the "Agreement").
Whereas, Xenometrix is engaged in discussions with several companies
relating to licensing its patents, exclusively or non-exclusively and;
Whereas, the Company is engaged in discussions that may lead to the
sale of the Company or all or some of the assets of the Company, and;
Whereas, the existing line of credit, due to be retired on March 25,
1998, represents a potential impediment to the effective implementation of
these transactions;
Now therefore, the Parties agree to amend the Agreement as follows:
The Funds agree to extend the Maturity Date of all of the Notes issued
under the Agreement to May 25, 1998. A thirty (30) day extension beyond May
25th will not be unreasonably withheld provided the Company can demonstrate
evidence of pending agreements in the area of patent licensing and/or
acquisition by [ * ] or such other parties as agreed upon by the Funds. Any
extensions beyond the first thirty (30) day extension, must be agreed to by the
Funds, "Evidence" is defined as a signed letter of intent with specific terms
which include a provision for the repayment of the Notes. The Company agrees to
pay the default interest rate of eighteen percent (18%) starting on March 25th
and continuing until the payment of the Notes. All other terms and conditions
of the Agreement as amended will continue to be in full force during the
extension period.
In witness whereof, the Parties hereto have caused this Amendment to
be executed by their respective duly authorized representative as of the day
and year written below.
XENOMETRIX, INC. THE ARIES FUND, A CAYMAN
ISLAND TRUST
By: /s/ Xxxxxxx X. Xxxxxxxx By: its Investment Manager,
Name: Xxxxxxx X. Xxxxxxxx PARAMOUNT CAPITAL ASSET
Title: President and CEO MANAGEMENT, INC.
By: /s/ Xxxxxxx X. Xxxxxxxxx, M.D.
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Name: Xxxxxxx X. Xxxxxxxxx, M.D.
Title: President
THE ARIES DOMESTIC FUND, L.P.,
By: its General Partner, PARAMOUNT
CAPITAL ASSET MANAGEMENT, INC.
By: /s/ XXXXXXX X. XXXXXXXXX, M. D.
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Name: Xxxxxxx X. Xxxxxxxxx, M.D.
Title: President
* CERTAIN CONFIDENTIAL MATERIAL CONTAINED IN THIS DOCUMENT HAS BEEN OMITTED
AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 24B-2 OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934, AS AMENDED.