**Exhibit 10.93**

 

**SECURED PROMISSORY NOTE**

 
| $50,000.00 |   | Pasadena,  California |
|------------|--------|-----------------------|
|       |   | April  23, 2002       |

 

 

**FOR VALUERECEIVED**, the undersigned hereby jointly and severally (ifapplicable) promises to pay to PREFERRED BUSINESS CREDIT, INC., a CaliforniaCorporation, at 300 N. Lake Avenue, Suite 930 Pasadena, California 91101, or atsuch other address as the holder may specify in writing, the principal sum ofFifty Thousand and 00/100 Dollars ($50,000.00) plus interest as provided below.

 

This note shall bear interest at the rate of12.75% per annum, computed on the basis of a 360 day year for actual dayselapsed. This rate is based upon the prime rate of interest of 4.75%, the ratein effect as of this date. The prime rate of interest is the prime rateannounced as being charged by Union Bank of California, N.A., San FranciscoCalifornia, from time to time. In the event the prime rate is from time to timehereafter changed, the rate of interest provided in this note shall becorrespondingly changed. For each month the rate of interest charged under thisnote shall be based upon the average prime rate in effect during such month. Inno event shall the rate of interest chargeable hereunder be less than 1% permonth.

 

Principal shall be payable in twenty fourequal monthly installments of Two Thousand Dollars ($2000.00) commencing June1, 2002 and continue thereafter on the 1st day of each month, plus interestshall be payable monthly commencing May 1, 2002 and continue thereafter on the1st day of each month, and one final installment on May 20, 2004 equal to allprincipal outstanding together with all accrued and unpaid interest.

 

This note is secured by that certain Loan andSecurity Agreement (“Agreement”) dated February 20, 2001 and is subject to allof the terms and conditions thereof. In the event of default under theAgreement, including but not limited to, the failure to pay any installment ofprincipal or interest hereunder when due, the holder of this note may, at itselection and without notice to the undersigned, declare the entire balancehereof immediately due and payable.

 

If any installment of principal or interesthereunder is not paid when due, the holder shall have the following rights inaddition to the rights set forth in the preceding paragraph: (a) the right toadd unpaid interest to principal and to have such amount thereafter bearinterest as provided in this note, and (b) if any installment is more than tendays past due, the right to collect a charge equal to the greater of $15.00 orfive percent of the delinquent payment. This charge is the result of areasonable endeavor by the undersigned and the holder to estimate the holder’sadded costs and damages resulting from the undersigned’s failure to timely makepayments under this note; hence the undersigned agrees that the charge shall bepresumed to be the amount of damage sustained by the holder since it isextremely difficult to determine the actual amount necessary to reimburse theholder of such damages. If this note is not paid when due, the undersignedfurther promises to pay all costs of collection, foreclosure fees andreasonable attorneys’ fees incurred by the holder whether or not suit is filedhereon.

 

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Provided the undersigned is not then in defaulthereunder or under any other agreement with the holder of this note, this notemay be prepaid at any time after one year from the date hereof by paying thebalance of principal owing plus all accrued and unpaid interest and charges,together with a prepayment charge of N/A on the amount prepaid.

 

Presentment for payment, notice of dishonor,protest, and notice of protest are expressly waived. This note cannot bechanged, modified, amended or terminated orally.

 

**Waiver ofTrial by Jury.  **THE UNDERSIGNED,TO THE EXTENT IT MAY LEGALLY DO SO, HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIALBY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISINGUNDER OR WITH RESPECT TO THIS NOTE, OR IN ANY WAY CONNECTED WITH, OR RELATEDTO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THISNOTE OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING ORHEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT OROTHERWISE. THE UNDERSIGNED, TO THE EXTENT IT MAY LEGALLY DO SO, HEREBY AGREESTHAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING SHALL BEDECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT THE HOLDER OF THIS NOTE MAYFILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT ASWRITTEN EVIDENCE OF THE CONSENT OF THE UNDERSIGNED TO THE WAIVER OF ITS RIGHTTO TRIAL BY JURY.

 

**IN WITNESSWHEREOF,**this Note has been executed and delivered on thedate first set forth above.

 

 
|   | LEE PHARMACEUTICALS      |
|--------|--------------------------|
|   | a California corporation |
|   |                     |   |
|   | By:                      | /s/ Ronald G. Lee |
|   | Ronald G. Lee, President |
|   |                     |   |

 

 

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