Exhibit 10.1 ------------ Thermo Electron Corporation 81 Wyman Street Post Office Box 9046 (617) 622-1000 Waltham, MA 02254-9046 Fax: (617) 622-1207 July 31, 1997 ThermoLase Corporation 10455 Pacific Center Court San Diego, CA 92121 Attn: John Hansen...

                                                                 Exhibit 10.1
                                                                 ------------



    Thermo Electron Corporation
    00 Xxxxx Xxxxxx
    Post Office Box 9046                                       (000) 000-0000
    Waltham, MA 02254-9046                                Fax: (000) 000-0000





                                       July 31, 1997



    ThermoLase Corporation
    00000 Xxxxxxx Xxxxxx Xxxxx
    Xxx Xxxxx, XX  00000
    Attn: Xxxx Xxxxxx
          President

    Ladies and Gentlemen:

         Thermo Electron Corporation hereby agrees to loan to ThermoLase
    Corporation up to $25,000,000 as the working capital needs and liquidity
    of ThermoLase require.  Any drawdown of such amount shall be evidenced by
    a promissory note due October 5, 1998 and shall bear interest payable
    quarterly at a rate equal to the 90-day Commercial Paper Composite Rate
    plus 25 basis points, set at the beginning of each quarter.  

         Please evidence your acceptance of the foregoing by signing in the
    space provided below.


                                       THERMO ELECTRON CORPORATION


                                       By: /s/ Xxxx X. Xxxxxxxxxxx
                                           -----------------------
                                       Name:  Xxxx X. Xxxxxxxxxxx
                                       Title: President

    ACCEPTED AND AGREED TO

    THERMOLASE CORPORATION


    By: /s/ Xxxx X. Xxxxxx
        --------------------
    Name:  Xxxx X. Xxxxxx
    Title: President