EXHIBIT 10.35
Page 1
MODIFICATION OF LOAN AND SECURITY AGREEMENT
WHEREAS, this agreement is in reference to a loan which is evidenced by
an instrument entitled LOAN AND SECURITY AGREEMENT ("AGREEMENT"), dated May
21, 1996, executed by and between XXX PHARMACEUTICALS as "BORROWER" and
PREFERRED BUSINESS CREDIT, INC. ("PBC"), as "LENDER."
NOW THEREFORE, it is agreed by the undersigned parties that the AGREEMENT
shall be amended in the following respect:
In Section 2.1(a) of the AGREEMENT, PBC agrees to make revolving advances
to Borrower in an amount equal to the lesser of (I) Seventy percent (70%) of
the amount of Eligible Accounts; and (II) an amount equal to Borrower's cash
collections for the immediately preceding forty-five (45) day period.
Except as noted above, all the terms, conditions and provisions of said
AGREEMENT shall remain unchanged and in full force and effect.
DATE: September 10, 1997
PREFERRED BUSINESS CREDIT, INC. AGREED AND ACCEPTED:
XXX PHARMACEUTICALS
BY:
Xxxxxx Xxxxx
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Xxxxxx Xxxxx, President
BY: Xxxxxx X. Xxx
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Xxxxxx X. Xxx, President
