Letter Agreement for Credit Line Expansion between Oxford Finance Corporation and Icagen, Inc.
Oxford Finance Corporation has approved Icagen, Inc.'s request to expand its credit line, allowing up to $1,000,000 in capital expenditures through December 31, 2005. The expansion is subject to the same terms as the original agreement from December 20, 2001, with updated interest rates based on current treasury-bill rates as of April 11, 2005. Any further increase in the credit line or questions about the expansion should be directed to Oxford Finance Corporation.
Exhibit 10.1
[Oxford Letterhead]
April 15, 2005
Mr. Bob Jakobs
Director of Finance
Icagen, Inc.
4222 Emperor Blvd.
Suite 350
Durham, NC 27703
Dear Bob,
This is to notify you that Oxford Finance Corporation has approved Icagen’s request for a credit line expansion good through April 15, 2005 under the same terms and conditions of the original proposal executed on December 20, 2001. The expansion will be changed to reflect current treasury-bill constant maturity rates as of April 11, 2005. This is to accommodate your anticipated funding of $1,000,000 worth of capital expenditures through December 31, 2005. If you need to increase this amount, or if you have any questions or concerns about this expansion, please do not hesitate to contact me directly.
| Sincerely, |
| /s/ Chad D. Norman |
| Chad D. Norman |
| Business Development Officer |
