Exhibit 10.1

 

September 18, 2008

 

Barbara R. Mittman

Grushko & Mittman, P.C.

Attorneys at Law

551 Fifth Avenue, Suite 1601

New York, NY 10176

 

Dear Ms. Mittman:

 

Reference is made to the Amended and Restated Collateral Agent Agreement dated
December 5, 2006, by and among Barbara R. Mittman as Collateral Agent, Ceragenix
Pharmaceuticals, Inc. (the “Company”), and the Lenders listed therein (the
“Collateral Agent Agreement”).  All terms used in this letter and not otherwise
defined shall have the meanings given them in the Collateral Agent Agreement.

 

The Company and a Majority in Interest of the Lenders have agreed to amend the
terms of the Notes and the Borrower Documents on the terms agreed to in the
amendment agreements attached hereto as Attachment A and Attachment B (the
“Amendments”).  The terms of the Amendments are substantially similar and are
made with respect to all of the Notes and with the same force and effect with
respect to each of the Lenders.

 

The Lenders listed on the signature page hereto constitute a Majority in
Interest under the Collateral Agent Agreement and represent all of the Lenders
that are signatories to the Amendments.  The Company hereby certifies the
principal amount held by each Lender and the accompanying percentages shown on
Attachment C as being accurate and correct as of the date hereof.

 

Accordingly, you are hereby instructed to amend the terms of the Notes and the
Borrower Documents as provided for in the Amendments by affixing your signature
thereto.

 

Thank you for your assistance.

 

 

Sincerely,

 

[Signature Page Follows]

 

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LENDERS CONSTITUTING A MAJORITY IN INTEREST:

 

 

MIDSUMMER INVESTMENTS, LTD

 

PIERCE DIVERSIFIED STRATEGIES

 

 

MASTER FUND LLC SERIES BUS

 

 

 

By:

 

 

By:

 

Name:

 

 

Name:

 

Title:

 

 

Title:

 

Date:

 

 

Date:

 

 

 

 

 

 

 

BUSHIDO CAPITAL MASTER FUND LP

 

BCMF TRUSTEES LLC

 

 

 

By:

 

 

By:

 

Name:

 

 

Name:

 

Title:

 

 

Title:

 

Date:

 

 

Date:

 

 

 

 

 

 

 

LONGVIEW FUND

 

LONGVIEW EQUITY FUND

 

 

 

 

 

 

By:

 

 

By:

 

Name:

 

 

Name:

 

Title:

 

 

Title:

 

Date:

 

 

Date:

 

 

 

COMPANY:

 

 

CERAGENIX PHARMACEUTICALS, INC.

 

By:

 

 

Name:

 

 

Title:

 

 

Date:

 

 

 

Signature Page to Letter of Instruction

Dated September 18, 2008

 

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

 

 

ATTACHMENT A

 

FOURTH AMENDMENT AGREEMENT

 

See attached.

 

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

 

ATTACHMENT B

 

AUGUST 2008 AMENDMENT AGREEMENT

 

See attached.

 

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

 

ATTACHMENT C

 

PRINCIPAL AMOUNTS

 

Ceragenix Pharmaceuticals, Inc.

August 2008 Debt Amendments

 

 

 

Outstanding

 

% of Total

 

 

 

Balance

 

Debt

 

Holders Approving Amendment

 

 

 

 

 

 

 

 

 

 

 

Longview Fund

 

2,057,189

 

23.91

%

 

 

 

 

 

 

Longview Equity Fund

 

550,000

 

6.39

%

 

 

 

 

 

 

Midsummer

 

3,300,000

 

38.36

%

 

 

 

 

 

 

Bushido Capital Master Fund

 

550,916

 

6.40

%

 

 

 

 

 

 

Pierce Diversified Fund

 

550,000

 

6.39

%

 

 

 

 

 

 

BCFM Trustees

 

895,656

 

10.41

%

 

 

 

 

 

 

 

 

7,903,761

 

91.88

%

 

 

 

 

 

 

Holders Not Approving Amendment

 

 

 

 

 

 

 

 

 

 

 

Alpha Capital

 

495,000

 

5.75

%

 

 

 

 

 

 

ACM SPV

 

179,865

 

2.09

%

 

 

 

 

 

 

Ralph Rabman

 

9,923

 

0.12

%

 

 

 

 

 

 

CFRR Holdings

 

13,640

 

0.16

%

 

 

 

 

 

 

 

 

698,428

 

8.12

%

 

 

 

 

 

 

Totals

 

8,602,189

 

100.00

%

 

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