Amendment No. 1 to Irrevocable Standby Letter of Credit SB-904507-0101 between Manufacturers and Traders Trust Co. and Avalon Pharmaceuticals, Inc.

Summary

This document is an amendment to an existing irrevocable standby letter of credit issued by Manufacturers and Traders Trust Co. for the benefit of Avalon Pharmaceuticals, Inc. The amendment reduces the total available credit by $1,219,726, setting the new amount at $10,977,534, with $10,800,000 allocated as principal and $177,534 as interest. All other terms of the original letter of credit remain unchanged. The amendment is effective immediately as of April 1, 2004.

EX-10.35B 48 w07623exv10w35b.htm EX-10.35B exv10w35b  

Exhibit 10.35B

AMENDMENT TO IRREVOCABLE LETTER OF CREDIT

               
               
 
ISSUING BANK:
        NUMBER  
 
 MANUFACTURERS AND TRADERS TRUST CO.
     IRREVOCABLE TRANSFERABLE   SB ###-###-####  
 
 25 SOUTH CHARLES STREET
     STANDBY      
 
 15TH FLOOR
     LETTER OF CREDIT   Amendment  
 
 BALTIMORE, MD 21201
        Number 1  
           
  DATE OF ISSUE:     DATE OF THIS AMENDMENT :  
   2003 APRIL 9      2004 APRIL 1  
           
  APPLICANT :     [BENEFICIARY: Before this amendment)  
   AVALON PHARMACEUTICALS, INC.      M AND T BANK, AS TRUSTEE  
   20358 GOLDENROD LANE      CORPORATE TRUST DEPT,  
   GERMANTOWN, MD      25 SOUTH CHARLES STREET  
   20876      BALTIMORE, MD 21201  
           
 
ADVISING BANK: (Ref:)
           
        This amendment is to be considered as part of the above mentioned credit, and must be attached thereto.  
           

Ladies and Gentlemen:

We hereby amend our letter of credit as follows:

(1) The aggregate amount of the credit before any drawing is changed as follows:

The amount is decreased by USDl, 219,726.00

The aggregate amount of the credit before any drawings is now “USD10,977,534.00”.

EFFECTIVE IMMEDIATELY THE STATED AMOUNT OF THE LETTER OF CREDIT IS $10,977,534.00, OF WHICH STATED AMOUNT $10,800,000.00 REPRESENTS THE PRINCIPAL PORTION AND $177,534.00 REPRESENTS THE INTEREST PORTION.

All other terms and conditions remain unchanged.

Should you have any questions, please do not hesitate to contact us at 410 ###-###-####.

Thank you for the opportunity to be of service to you.

     
/s/ [ILLEGIBLE]
   
 
   
Authorized Signature