EXHIBIT 10.54
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CITIZENS BANK OF MASSACHUSETTS                             REVOLVING CREDIT NOTE
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$20,000,000.00                                                     March 2, 2004

            For value received, Able Laboratories, Inc., a corporation duly
organized and existing under the laws of The State of Delaware and having a
principal place of business at 6 Hollywood Court, South Plainfield, NJ 07080
(the "Borrower") hereby promises to pay to the order of Citizens Bank of
Massachusetts, a Massachusetts banking corporation (the "Lender"), at the office
of the Lender located at 28 State Street, Boston, Massachusetts 02109 or at such
other address as the holder hereof may designate, the principal sum of TWENTY
MILLION DOLLARS ($20,000,000.00 ), or the aggregate unpaid principal amount of
all advances made by the Bank to the Borrower pursuant to the terms of the
Credit Agreement of even date by and between the Borrower, Citizens Bank of
Massachusetts, as Administrative Agent (the "Agent") and the Lenders thereto,
whichever is less, in lawful money of the United States of America in
immediately available funds. Capitalized terms used herein that are not defined
shall have the same meanings assigned to such terms in the Credit Agreement. The
Bank is entitled to the benefit and security of the Credit Agreement and all of
the Related Agreements referred to therein. Reference is hereby made to the
Credit Agreement, the terms of which are incorporated herein by reference, for a
statement of all of the terms and conditions under which Advances under the
Revolving Credit Facility evidenced by, among other things, this Note, are made
and are to be repaid. If any advances are made during the period from the date
hereof until the Commitment Termination Date (as such date may be extended, in
writing, from time to time, in the Bank's sole and absolute discretion), unless
an Event of Default, occurs, the Borrower may borrow, repay and reborrow as
provided in the Credit Agreement, provided that all outstanding principal plus
accrued and unpaid interest shall be paid in full on the Commitment Termination
Date. This Revolving Credit Note evidences the Commitment of the Lender under
the Credit Agreement.

            The outstanding principal of all Advances shall accrue interest at
the variable rate selected by the Borrower from the interest rate options set
forth in the Credit Agreement as either a Prime Rate Loan or a LIBOR Rate Loan
in accordance with the terms and conditions of the Credit Agreement. The
Borrower shall make periodic payments of interest on the unpaid principal
balance hereof on each Interest Payment Date in accordance with the Credit
Agreement.

            Interest shall be computed on the basis of a three hundred sixty
(360) day year and actual days elapsed. Upon the occurrence of an Event of
Default, or after maturity, or after judgment has been rendered on this
Revolving Credit Note, at the option of the Agent, the Borrower's right to
select pricing options shall cease and the unpaid balance of the Revolving
Credit Note shall accrue interest at a rate equal to the Default Rate as set
forth in the Credit Agreement. Time is of the essence hereof. If the entire
amount of any required principal and/or interest is not paid in full within ten
(10) days after the same is due, the Borrower shall pay to the Agent a late fee
equal to five percent (5%) of the required payment, with a minimum late charge
of $35.00. The date and amount of each Advance under the Revolving Credit
Facility made by the Agent to the Borrower, the rates of interest applicable
thereto and each payment made on account of the principal thereof shall be
recorded by the Agent on its books.

            The Borrower may prepay this Note, or portions thereof, subject to
the prepayment provisions as provided in the Credit Agreement. The Credit
Agreement also sets forth terms and conditions governing the Borrower's right to
elect to convert or to renew the principal of this Note into another type of
Loan.

            If, at any time, the aggregate principal amount of all Advances
outstanding under this Note shall exceed the Maximum Amount, the Borrower shall
immediately prepay so much of the outstanding

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principal balance, together with accrued interest on the portion of principal so
prepaid, as shall be necessary in order that the unpaid principal balance, after
giving effect to such prepayments, shall not be in excess of the Maximum Amount.

            All payments, including any prepayments as set forth above, shall,
at the option of the Agent, be applied first to the payment of all costs and
expenses incurred by the Agent arising out of the loan transaction evidenced by
this Note for which the Borrower is responsible pursuant to the Credit Agreement
and which have not been paid or reimbursed to the Agent, then to accrued
interest on the unpaid principal due under this Note, and the balance on account
of the principal due under this Note. All payments shall be in lawful money of
the United States of America in immediately available funds.

            Upon the happening of any Event of Default, as defined in the Credit
Agreement, other than an Event of Default described in Sections 9.1(g) or 9.1(h)
of the Agreement, the Agent may (i) declare the then outstanding principal of
this Note and all interest accrued thereon and all applicable late and other
charges and all other liabilities and obligations of the Borrower to the Agent
to be immediately due and payable, whereupon the same shall become immediately
due and payable, and/or (ii) terminate any obligation of the Agent and Lender to
make Advances under the Credit Agreement, all of the foregoing without
presentment or demand for payment, notice of non-payment, protest or any other
demand or notice of any kind, all of which are expressly waived by the Borrower.
Failure to exercise either or both such options shall not constitute a waiver of
the right to exercise the same in the event of any subsequent default.
Notwithstanding the foregoing, upon the occurrence of an Event of Default
described in Section 9.1(g) or Section 9.1(h) of the Credit Agreement, (A) any
obligation of the Agent or Lenders to advance pursuant to the Revolving Credit
Facility shall automatically terminate, and (B) the outstanding principal
balance of this Note and all interest accrued thereon and all applicable late
and other charges and all other liabilities and obligations of the Borrower to
the Agent shall become automatically due and payable without presentment or
demand for payment, notice of non-payment, protest or any other demand or notice
of any kind, all of which are expressly waived by the Borrower.

            The Borrower agrees to pay all reasonable costs, including
reasonable attorneys' fees, costs relating the collection, or enforcement of
this Note or any guaranty of this Note or in any litigation arising out of the
transactions of which this Note or any guaranty of this Note is a part.

            Upon the occurrence of an Event of Default, the Borrower hereby
grants to the Agent and Lender a lien, security interest, and right of set off
as security for all of the Borrower's liabilities and obligations to the Bank,
whether now existing or hereafter arising, upon and against all the deposits,
credits, collateral and property of the Borrower now or hereafter in the
possession, custody, or control of Citizens Financial Group, Inc., the Agent,
the Lender or any entity under the control of it or in transit to any of them.
At any time after the occurrence of an Event of Default, without demand or
notice, the Lender may set off the same or any part thereof and apply the same
to any liability or obligation of the Borrower even though unmatured and
regardless of the adequacy of any other collateral securing the loan evidenced
hereby. TO THE EXTENT PERMITTED BY LAW, ANY AND ALL RIGHTS TO REQUIRE THE LENDER
TO EXERCISE ITS REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE
LIABILITIES PRIOR TO EXERCISING ITS RIGHT OF SET OFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY VOLUNTARILY,
INTENTIONALLY, AND IRREVOCABLY WAIVED.

            THE LENDER AND THE BORROWER MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY,
INTENTIONALLY AND IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF
ANY CLAIM ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE, ANY DOCUMENT,
INSTRUMENT OR AGREEMENT EVIDENCING, GOVERNING OR SECURING THIS NOTE, INCLUDING
THE AFORESAID CREDIT

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AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTION OF ANY PARTY. THIS WAIVER CONSTITUTES A MATERIAL
INDUCEMENT FOR THE LENDER TO ACCEPT THIS NOTE AND ENTER INTO THE LOAN
TRANSACTION EVIDENCED BY THIS NOTE.

            THE BORROWER (1) ACKNOWLEDGES THAT THE ADVANCES EVIDENCED BY THIS
NOTE ARE PART OF A COMMERCIAL TRANSACTION AND (2) TO THE EXTENT PERMITTED BY ANY
STATE OR FEDERAL LAW, THE BORROWER WAIVES ANY RIGHT IT MAY HAVE TO PRIOR NOTICE
OF AND A HEARING ON THE RIGHT OF ANY HOLDER OF THIS NOTE TO ANY REMEDY OR
COMBINATION OF REMEDIES THAT ENABLES SAID HOLDER, BY WAY OF ATTACHMENT, FOREIGN
ATTACHMENT, GARNISHMENT OR REPLEVIN, TO DEPRIVE BORROWER OF ANY OF ITS PROPERTY,
AT ANY TIME PRIOR TO FINAL JUDGMENT IN ANY LITIGATION INSTITUTED IN CONNECTION
WITH THIS NOTE.

            All agreements between the Borrower and the Agent and/or Lender are
hereby expressly limited so that in no contingency or event whatsoever, whether
by reason of acceleration of maturity of the indebtedness evidenced hereby or
otherwise, shall the amount paid or agreed to be paid to the Bank for the use or
the forbearance of the indebtedness evidenced hereby exceed the maximum
permissible under applicable law. As used herein, the term "applicable law"
shall mean the law in effect as of the date hereof; provided, however, that in
the event there is a change in the law which results in a higher permissible
rate of interest, then this Note shall be governed by such new law as of its
effective date. In this regard, it is expressly agreed that it is the intent of
the Borrower and the Lender in the execution, delivery and acceptance of this
Note to contract in strict compliance with the laws of The Commonwealth of
Massachusetts from time to time in effect. If, under or from any circumstances
whatsoever, fulfillment of any provision hereof at the time of performance of
such provision shall be due, shall involve transcending the limit of such
validity prescribed by applicable law, then the obligation to be fulfilled shall
automatically be reduced to the limits of such validity, and if under or from
circumstances whatsoever the Lender should ever receive as interest an amount
which would exceed the highest lawful rate, such amount which would be excessive
interest shall be applied to the reduction of the principal balance evidenced
hereby and not to the payment of interest. This provision shall control every
other provision of all agreements between the Borrower and the Agent and/or
Lender. If any provision of this Note shall, to any extent, be held invalid or
unenforceable, then only such provision shall be deemed ineffective and the
remainder of this Note shall not be affected.

            The Lender may at any time pledge all or any portion of its rights
under the loan documents including any portion of this Note to any of the twelve
(12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act,
12 U.S.C. Section 341. No such pledge or enforcement thereof shall release the
Lender from its obligations under the Credit Agreement or any of the related
agreements.

            The Lender shall have the right at any time and from time to time,
and without the consent of or notice to the Borrower, to grant to one or more
banks or other financial institutions (each, a "Participant") participating
interests in the Lender's obligation to lend hereunder and/or any or all of the
loans held by the Bank hereunder in accordance with the terms of the Credit
Agreement. In the event of any such grant by the Lender of a participating
interest to a Participant whether or not upon notice to the Borrower, the Lender
shall remain responsible for the performance of its obligations hereunder, and
the Borrower shall continue to deal solely and directly with the Agent in
connection with the Lender's rights and obligations hereunder. The Lender may
furnish any information concerning the Borrower in its possession from time to
time to prospective Participants, provided that the Lender shall endeavor to
require any such prospective Participant to agree in writing to maintain the
confidentiality of such information.

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            The Borrower waives diligence, demand, presentment for payment,
notice of nonpayment, protest and notice of protest, and notice of any renewals
or extensions of this Note, and all rights under any statute of limitations, and
agrees that the time for payment of this Note may be extended at the Agent's
sole discretion as provided in the Credit Agreement, without impairing the
Borrower's liability hereon, and the Borrower further consents to the release of
all or any part of the security for the payment hereof at the discretion of the
Agent as provided in the Credit Agreement, or the release of any party liable
for this obligation without affecting the liability of the other parties hereto.
Any delay on the part of the Agent in exercising any right hereunder shall not
operate as a waiver of any such right, and any waiver granted for one occasion
shall not operate as a waiver in the event of any subsequent default.


            This Note shall bind the successors and assigns of the Borrower and
shall inure to the benefit of the Lender, its successors and assigns.

            [The remainder of this page intentionally left blank with signature
of Borrower to follow.]


















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            This Note is executed as a sealed instrument and shall be governed
by and construed in accordance with the laws of The Commonwealth of
Massachusetts.


WITNESS:                                 ABLE LABORATORIES, INC.



/s/ Gerard P. O'Connor                   By: /s/ Dhananjay G. Wadaker
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                                         Print Name: Dhananjay G. Wadaker
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                                         Title: President and CEO
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