Exhibit 10.46

ENDORSEMENT NO. 1
TO PROMISSORY NOTE

          ENDORSEMENT NO. 1, dated as of February 5, 2008 to the Promissory
Note, dated November 27, 2007 (the “Note”) by LEVCOR INTERNATIONAL, INC., a New
York corporation (the “Borrower”) in favor of JPMORGAN CHASE BANK, a New York
banking corporation (the “Bank”).

          WHEREAS, the Borrower has executed and delivered to the Bank the Note;
and

          WHEREAS, the Borrower and the Bank desire to amend the Note on the
terms and conditions set forth herein to change the maturity date of the Note to
January 5, 2009;

          NOW, THEREFORE, in consideration of the premises contained herein and
for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

 

 

 

 

1.

the date “January 1, 2009” which appears in first line thereof is hereby deleted
and the date “January 5, 2009” is substituted in its place.

 

 

 

 

2.

Except as otherwise expressly provided herein, the terms and conditions of the
Note shall continue in full force and effect.

 

 

 

 

3.

This Endorsement No. 1 shall be governed by and construed in accordance with New
York law.

          IN WITNESS WHEREOF, the parties hereto have caused this Endorsement
No. 1 to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

 

 

 

 

LEVCOR INTERNATIONAL, INC.

JPMORGAN CHASE BANK

 

 

 

 

By:

/s/ Robert A. Levinson

By:

/s/ William M. Cimbol

 

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Title:

 

William M. Cimbol, V.P.

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ACKNOWLEDGMENT AND CONSENT

          The undersigned hereby consents to the execution and delivery by
LEVCOR INTERNATIONAL, INC. (“Levcor”) of Endorsement No. 1, dated February 5,
2008 (the “Endorsement”) to the Promissory Note, dated November 27, 2007 made by
Levcor to JPMORGAN CHASE BANK (the “Bank”) in the principal amount of $3,200,000
(the “Note”) and acknowledges and agrees that the execution and delivery by
Levcor of the Endorsement to the Note shall have no effect upon (a) the
undersigned’s Guaranty, dated April 30, 2002 (the “Guaranty”) of Levcor’s
obligations to the Bank pursuant to the Note, (b) the undersigned’s Pledge
Agreement, dated January 24, 2003 (the “Pledge Agreement”) granting to the Bank
a security interest in a certain collateral securities account maintained at
LEHMAN BROTHERS INC. (“LBI”) and (c) the Pledged Collateral Account Control
Agreement, dated as of April 29, 2002 (the “Control Agreement”), executed by the
undersigned, LBI and the Bank, each of which shall remain in full force and
effect. Undersigned further confirms that no Default or Event of Default has
occurred or is continuing pursuant to the terms of the Note, the Guaranty or the
Control Agreement.

 

 

 

 

/s/ Robert A. Levinson

 

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Robert A. Levinson

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