EXHIBIT 10.34 Page 1 MODIFICATION TO PROMISSORY NOTE WHEREAS, on July 3, 1995, Lee Pharmaceuticals ("Maker") and Sass DiSalvo ("Holder") entered into an agreement ("Note") whereby Lee Pharmaceuticals was to pay to Sass DiSalvo the sum of Fifty...Promissory Note Modification • December 24th, 1997 • Lee Pharmaceuticals • Perfumes, cosmetics & other toilet preparations
WHEREAS, on July 3, 1995, Lee Pharmaceuticals ("Maker") and Sass DiSalvo ("Holder") entered into an agreement ("Note") whereby Lee Pharmaceuticals was to pay to Sass DiSalvo the sum of Fifty Thousand Dollars; and
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 LEE...Loan and Security Agreement • December 24th, 1997 • Lee Pharmaceuticals • Perfumes, cosmetics & other toilet preparations
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 LEE 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
