Document:

Exhibit 10.16
[GRAPHIC OMITTED]

This day, the sixth of August, two thousand and one, appeared before me, mr.
Marcel van der Plank, civil-law notary practicing in Curacao:

1.       Mr. drs. WILFRIEDUS FILOMENO DEONISIA, residing in Curacao at Kaya
         Kokolishi 140, born in Curacao on the seventeenth of December, nineteen
         hundred and forty-seven, according to his statement acting for the
         purpose of this document:

         A.    1. as Managing Director of the corporation: "ADVANCE
                  BIOFACTURES OF CURACAO N.V.", established in Curacao at the
                  address Industriepark Brievengat, lot 1-5;

               2. as the person holding a written power of attorney of Mr.
                  EDWIN HENRY WEGMAN, residing at 135 Piermont Avenue, 11557
                  Hewlet Bay Park, New York, New York, United States of America,
                  born in Brooklyn, New York, United States of America on the
                  second of December, nineteen hundred and nineteen, who
                  provided the power of attorney in his capacity as Managing
                  Director of the above-mentioned corporation;

               the person appearing under 1, acting in the aforementioned
               capacity, duly representing said corporation in this matter,
               pursuant to the provision in the articles of incorporation of
               aforementioned corporation;

         B.       in his capacity as the person holding a written power of
                  attorney of the legal person: "BIOSPECIFICS TECHNOLOGIES
                  CORP.", incorporated and existing under the laws of the State
                  of Delaware, United States of America, having its registered
                  office at 35 Wilbur Street, Lynbrook, New York 11563, United
                  States of America;

         C.       in his capacity as the person holding a written power of
                  attorney of the legal person: "ADVANCE BIOFACTURES CORP.",
                  incorporated and existing under the laws of the State of New
                  York, United States of America, having its registered office
                  at 35 Wilbur Street, Lynbrook, New York 11563, United States
                  of America.

         The above-mentioned powers of attorney become manifest from a deed
         executed in a single copy before me, civil-law notary, on the
         seventeenth of July, two thousand and one, which powers of attorney
         have been satisfactorily proved to me, civil-law notary.

2.       Mr. drs. RUDOLF HYACINTHUS DE ROOY, residing in Curacao, with office
         address, the address of the foundation referred to hereinafter, born in
         Curacao on the seventeenth of August, nineteen hundred and forty-two,
         according to his statement acting for the purpose of this document as
         verbal authorized representative of the foundation: "STICHTING
         KORPORASHON PA DESAROYO DI KORSOU (KORPODEKO)", established in Curacao
         and having its registered office at Breedestraat 39-C (Punda), and as
         such representing the foundation in this matter; the person appearing
         under 2, acting as aforementioned, or his aforementioned principal,
         hereinafter also to be referred to as: "lender". The power of attorney
         provided to the person appearing under 2 has been satisfactorily proved
         to me, civil-law notary.

Credit facility
---------------

The persons appearing, acting as aforementioned, stated that, in the framework
of a credit facility, lender made a sum amounting to EIGHT HUNDRED AND NINETEEN
THOUSAND GUILDERS. ANTILLEAN CURRENCY (NAF. 819.000.00) available to Advance
Biofactures of Curacao N.V., mentioned above, hereinafter to be referred to as
"borrower", under the conditions mentioned in lender's credit offer, dated the
fifteenth of May, two thousand and one, number RDR/rjj/055.Ol, as amended by
letter of the seventeenth of May, two thousand and one, number RdR/rg/072.O1,
the contents of which are sufficiently known to lender, borrower and
BIOSPECIFICS TECHNOLOGIES CORP. and ADVANCE BIOFACTURES CORP., both mentioned
above, hereinafter to be referred to both jointly and separately as:
"mortgager", unless explicitly mentioned otherwise.

The persons appearing stated that lender and borrower have agreed that in favor
of lender, among other things, the securities to be mentioned hereinafter will
be provided for the repayment of the above-mentioned credit.

                                       1
<PAGE>

A. Credit conditions
   -----------------

The person  appearing  under 1, acting as mentioned  under A, agreed to the
following conditions stipulated by lender:

1.       All that borrower will owe lender at any time, whether or not by virtue
         of any credit agreement and whether or not in current account, shall be
         forthwith callable, without any further notice of default being
         necessary:

         a.       if the security to be mentioned hereinafter should be wholly
                  or partially alienated or encumbered with restricted rights
                  without lender's written permission, other than in borrower's
                  and/or mortgager's normal business operations;

         b.       in the event of borrower's and/or mortgager's goods being
                  seized wholly or partially;

         c.       in the event of damage caused to the encumbered goods, wholly
                  or partially, as mentioned hereinafter;

         d.       in the event of borrower's or mortgager's dissolution or loss
                  of legal personality, when borrower's or mortgager's goods are
                  put under administration, pursuant to any statutory or
                  government regulation, and also in the event of bankruptcy of,
                  or petition to obtain suspension of payment by borrower or
                  mortgager;

         e.       in the event of discontinuation of borrower's business
                  activities;

         f.       in the event of failure to pay the stipulated interests, or
                  interests to be stipulated, promptly on the date of maturity;

         g.       in the event of failure to comply with one or more of the
                  obligations assumed in respect of lender, or borrower and/or
                  mortgager acting in violation of the law.

2.       The credit may only be used for the financing of the capital
         expenditures in connection with the renovation and expansion of
         borrower's production facilities.

3.       Semi-annually, borrower's operational figures (profit and loss account)
         shall be submitted to lender and annually his annual financial
         statements audited by a certified public accountant in Curacao
         acceptable to lender.

4.       Contracting new loans, making distribution of dividends, expansion of
         the activities or commencing new commercial activities by borrower and
         standing surety by borrower may only take place after prior written
         approval by lender.

5.       Lender reserves the right to revise the credit facility referred to in
         this deed on the basis of regular periodical evaluations, and based
         also on the profit and loss accounts to be submitted by borrower to
         lender, and, furthermore, to require on the basis thereof additional,
         that is to say accelerated redemptions, if in lender's opinion
         borrower's liquidity position allows such.

6.       Any change in borrower's stockholding requires lender's prior written
         approval. This approval shall not be denied on unreasonable grounds.

                                       2
<PAGE>

7.       All necessary permits for the implementation of the project must be
         granted; satisfactory proof hereof shall be submitted to lender.

8.       Lender is entitled to inspect the project at any time.

9.       The articles of incorporation shall be and shall remain to lender's
         satisfaction.

10.      All payments due by virtue of this deed will have to take place at
         lender's office, without any settlement whatsoever.

11.      In respect of the amount and the cause of the amount due on demand, the
         borrower and also mortgager shall agree to -and behave in accordance
         with lender's entries, and that with the balance of the account with
         interests and expenses drawn up by lender and signed in conformity with
         his books. Lender determines both in the event of foreclosure and
         release/expiration of the securities mentioned in this deed in what
         manner and to which of borrower's debts the net proceeds, respectively
         the received funds are awarded in connection with release/expiration.

12.      All costs and rights to which this agreement and other agreements to be
         mentioned hereinafter should give rise now or later, and also the costs
         of cancellation, of revendication in and out of court and the costs
         incurred by lender to exercise and preserve his rights or for the
         annulment of the agreements contracted by borrower in violation of this
         agreement, shall be at borrower's expense.

B.  Fiduciary transfer of business assets
    -------------------------------------

As an additional security for the repayment of all that lender may have to claim
by virtue of the above-mentioned credit facility, granted loans and/or loans to
be granted, credits granted or to be granted in current account, present and/or
future security deposits, or for whatever other reason by borrower ("the
credits"), the interests due and costs to be incurred by lender, the person
appearing under 1 hereby transfers the ownership to lender, for and on behalf of
whom the person appearing under 2, acting as mentioned above, takes possession
of: with respect to borrower:

a.       the business assets and the inventory belonging to all businesses
         carried on by borrower;

b.       all business assets to be acquired in the future and corresponding
         items, insofar as they can be considered to be used in the execution of
         aforementioned activities.

with respect to Advance Biofactures Corp.:

the existing and future stocks of finished products of its company in New York.
The delivery of the items now available takes place, because lender hereby
leaves them indissoluble by way of loan for use under borrower or the
above-mentioned mortgager, hereinafter "Advance", for and on behalf of whom the
person appearing under 1 stated that he will keep the items referred to under
that title for lender. In respect of the items to be acquired in the future by
borrower or Advance, the supply and the transfer of ownership to lender shall
take place at the moment of the acquisition thereof by borrower or Advance, as
the person appearing mentioned under 2 hereby stated on behalf of lender that he
will then leave those items, too, indissoluble by way of loan for use under
borrower or Advance.

The person appearing under I stated on behalf of borrower or Advance now for
then that he will irrevocably keep those items under that title for lender,
without a specified declaration of intention being necessary for all this. The
persons appearing, acting as aforementioned, stated that this fiduciary transfer
took place under the resolutive condition that the credits, the interests and
costs shall be fully paid, in such a manner that lender has nothing more to
claim on borrower in that matter.

By satisfying this resolutive condition, borrower or Advance will once again, by
operation of law, become owner of the items transferred to lender by them as
security (hereinafter to be referred to as "the items").

In respect of the prescribed transfer of security and loan for use, the persons
appearing stated, acting as aforementioned, furthermore to have agreed as
follows:

                                       3
<PAGE>
Article 1
---------

Lender is entitled at any time to inspect the bookkeeping of borrower or
Advance, the business correspondence and all documents belonging to the
businesses mentioned above in order to be able to check the provisions in the
following articles. Borrower or Advance will be obliged to provide all
information requested.

Article 2
---------

Borrower may only replace the items transferred by him, if there is any
necessity for such due to wear and tear or otherwise. Borrower will have to
maintain those items in good repair at his expense and have all possible
necessary repairs executed at his expense.

Without prior written permission by lender, borrower may not transport the items
or have them transported in a manner other than the procedures in his companies
require such, nor may he cede the items without the permission referred to to
third parties on lease, on loan, in custody or under any title whatsoever.

Article 3
---------

The replacement referred to in the first paragraph of the previous article will
have to take place as soon as the items have become useless for the purpose for
which they are destined.

Borrower will be obliged to inform lender of such in writing within a week after
each replacement, with specific description of the replaced items and the
replacing items. Pursuant to the provisions in this deed, the replacing items
will immediately, on acquisition by borrower, become the property of lender as
security, as mentioned above, and be on loan with borrower in a manner as
determined above.

Article 4
---------

The risk of the items shall be wholly borne by borrower or Advance, as the case
may be. They are obliged to insure, at their expense, the costs of the items,
until the fulfillment of the prescribed resolutive condition at an insurance
company for the full value under all-risk conditions in lender's name. The
insurance policy will have to be placed in lender's custody. The premiums shall
be paid regularly on the dates of maturity by borrower or Advance, as the case
may be. They will be obliged to hand over the premium receipts to lender at his
first demand or send them to lender within 8 days after the date of maturity of
the premium. If borrower or Advance does not comply with the obligation to
insure, as expressed in this article, lender will be authorized to take out the
insurance himself on borrower's account and in lender's name.

Indemnification, if any, to be received by lender from the insurance company
will be deducted from the amount due by borrower, starting with the oldest
interest period due and thus subsequently, then the costs and finally the total
balance of the credits, unless lender makes the amount received available to
borrower or Advance in order thus to replace or repair the items lost or damaged
or for any other purpose approved by lender.

Article 5
---------

The  above-mentioned  loan for use will only end,  in the event the credits
granted to borrower or possible  balances thereof becoming due and payable,
and also in the  event of  fulfillment  of the  above-mentioned  resolutive
condition.

Article 6
---------

If the loan for use ends owing to the  credits  granted to  borrower or the
balances  thereof  becoming  due and  payable,  borrower or Advance will be
obliged  to place  the items  immediately,  at any rate at  lender's  first
demand, at lender's free disposal,  if borrower does not comply immediately
with all that he owes lender in respect of the credits.  The costs involved
shall be at borrower's expense.

Lender  will be  authorized,  if  necessary  with  the  help  of the  first
authenticated  copy of this  deed,  to have the  items  under  borrower  or
Advance taken away. To that end, and also to check the obligation expressed
in article 2 to maintain and repair, and the constant presence of the items
on the spot where they are,  of course,  supposed  to be, the right of free
access on any working day on any spot where the items are,  are supposed to
be or can  reasonably be  considered to be, is granted to lender.  For each
refusal of access,  borrower will forfeit in favor of lender an immediately
payable  penalty  often  thousand   guilders,   Antillean   currency  (Naf.
10,000.00).

                                       4
<PAGE>

Article 7
---------

In the case referred to in article 6, first paragraph, lender will be obliged to
sell the items at a public auction in accordance with local custom or in such a
manner and at such a place that is usual for the items in question or at such a
place and in such a manner that lender will approve, in the latter case as
profitably as possible, such within a month after the items have been put at his
disposal or have been taken away by him or in his name, subject to the
obligation to render a specified account to borrower or Advance, in accordance
with the provision in the last paragraph of this article.

The net proceeds will be deducted from the loans granted and/or to be granted,
credits given and/or to be given in current account, present and/or future
security deposits by borrower to lender in respect of the credit facility in
question, or due for whatever other reason, starting with the oldest interest
period due and thus subsequently, after that the costs and finally the balance
of the credits.

The amount by which the proceeds might exceed the total amount of what borrower
owes lender will have to be submitted by lender to borrower or Advance with a
specified statement of the proceeds and what lender withheld from that, being
what borrower owes him; all this within a month after the date of payment of the
most recently held sale and by delivery to the domicile to be chosen hereinafter
by borrower or Advance.

C. ASSIGNMENT OF DEBTS
   ------------------

Subsequently, the person appearing under 1, as additional security for the
repayment of all that lender by virtue of the credits may have as a claim,
stated on behalf of borrower and BIOSPECIFICS TECHNOLOGIES CORP., mentioned
above, hereinafter to be referred to as:

"BIOSPECIFICS", to hereby assign to lender, for whom and on behalf of whom the
person appearing under 2 accepted:

all rights of action which borrower or Biospecifics now has and may acquire in
the future on any debtor whatsoever.

With respect to the existing rights of action, the person appearing under 1
stated the following for and on behalf of Biospecifics:

a.       the debts are transferable;

b.       the debtor in question is not in arrears in complying with his
         obligations in connection with the debts;

c.       the debts are free from attachments, pledges and other restricted
         rights and not wholly or partially transferred to third parties, nor is
         there any obligation to that end;

d.       no transfer and/or pledging of future debts has taken place in
         connection with the debts, nor have they been disposed of in any other
         manner;

e.       there is no third party that can enforce any rights in connection with
         the debts;

f.       the debtor in question does not have any claimable debts that can be
         settled with the debts.

The persons appearing,  acting as  aforementioned,  stated furthermore that
this assignment was concluded under the following additional conditions.

1.       Borrower and Biospecifics hereby authorize lender, insofar as
         necessary, to have the assignment in question served on the debtor of
         the assigned debts.

2.       All costs of the services referred to under 1 and those of collection
         of the assigned debts, both in and out of court, or which in connection
         with that have to be incurred in the opinion of lender, shall be at
         borrower's expense.

                                       5
<PAGE>

3.       Should the debts assigned in this deed be collected by lender or
         converted into cash by him in another manner, the funds received for
         that reason by lender shall be deducted from the debts, starting with
         the oldest interest installments due and thus subsequently, after that
         the costs and finally the balance of the credits. Should borrower, at
         the moment of collection or other conversion into cash by lender, not
         owe anything to lender by virtue of the credits, lender will keep the
         proceeds at borrower's or Biospecifics' disposal, as the case may be.

4.       If and insofar as the assigned debts have not been served on debtor,
         and borrower or Biospecifics should receive payments on those debts,
         borrower or Biospecifics will be obliged to place these funds
         immediately at lender's disposal in order to credit the balance of the
         credits, if such is desired by lender.

Finally, the person appearing under 1 stated that borrower and Biospecifics
recognize that lender derives the authority by operation of law to collect the
assigned debts in and out of court and to give a receipt and, if he thinks fit,
to reach a compromise, come to an agreement with the debtor of the debts and
exercise all other rights of borrower or Biospecifics, as the case may be, with
respect to this, without borrower or Biospecifics being able to invoke omission
against him in this matter. Lender will, at any rate, not need to account for
any more than he will have received net.

D. SUBORDINATION OF DEBTS
   ----------------------

Subsequently, the person appearing under 1 hereby stated, as additional security
for the repayment of all that lender might claim by virtue of the credits, on
behalf of mortgagers:

to subordinate all the claims that mortgagers have on borrower or might get at
any time to lender's claim on borrower by virtue of the credits, such under the
following provisions:

1.       As long as lender has a claim against borrower, however small the
         amount may be, mortgagers shall not reclaim their subordinated claims
         on borrower wholly or partially, nor enforce them or dispose of them in
         any other manner without lender's written permission.

2.       If mortgagers should receive any amount, on account of which the
         above-mentioned subordinated claim is reduced, from whoever this amount
         is received, or the reduction of the claim takes place by means of a
         settlement, they shall immediately inform lender hereof and they shall
         hand over that amount received, insofar as lender desires such, without
         being able to lay claim to subrogation. Lender shall deduct the amount
         thus received by him from his claim on borrower.

3.       In the event of bankruptcy, suspension of payment, dissolution or loss
         of legal personality by borrower, mortgagers shall pay lender an amount
         equal to the distribution that will be made on their subordinated
         claim, as soon as and each time any distribution has been determined.

4.       As security for the compliance with all their obligations resulting
         from or mentioned in this agreement, mortgagers grant a pledge on their
         subordinated debts to lender. Borrower states that he has recognized
         this pledge. In the event of bankruptcy, suspension of payment or
         dissolution of mortgagers, lender will be irrevocably authorized to
         submit the claim given to him in pledge, exercise his voting right for
         such and receive distributions. The rights referred to in the previous
         sentence form an integral part of this agreement and cannot be taken
         away from lender.

5.       As soon as mortgagers have complied fully with their obligations, as
         mentioned above, lender will no longer make use of his pledge in
         respect of the established distribution and grant authorization for
         direct distribution to mortgagers.

6.       Borrower shall undertake, as long as lender still has a claim on him,
         not to make any payment to mortgagers without the written permission of
         lender, on account of which the subordinated debt is reduced.

                                       6
<PAGE>

7.       In respect of the establishment and the cause of the amount owed at any
         time by borrower to lender, lender's statements will always be decisive
         in such a manner that evidence to the contrary may be provided,
         without, however, any action by lender being postponed on account of
         this.

STATEMENT OF AWARENESS
----------------------

Borrower and mortgagers stated to have been shown by lender and to be aware of
the risks attached to the security provisions in question and to realize that
non-fulfillment by borrower of his obligations with respect to lender can result
in lender making use of his rights ensuing from this deed.

STATEMENT OF INTEREST
---------------------

The person appearing under 1 stated furthermore that Biospecifics is borrower's
mother company, that Advance is borrower's sister company, and that as
mortgagers they have an interest in providing the securities in question, as
they (indirectly) benefit from it, and that the articles of incorporation of
mortgagers do not prohibit the provision of the securities in question.

CHOICE OF LAW AND FORUM
-----------------------

1        THE LAWS OF THE NETHERLANDS ANTILLES are applicable to the agreements
         mentioned in this deed.

2        Any dispute in connection with the agreements mentioned in this deed
         can only be submitted to the designated judicial authorities in the
         Netherlands Antilles.

The persons appearing are known to me, civil-law notary.

Whereof deed in a single copy executed in Curacao on the date at the beginning
of this deed.

After the substance of this deed had been communicated to the persons appearing,
they stated unanimously that they had taken cognizance of its contents and did
not require the deed to be read out in full. Immediately following its limited
reading, this deed was signed by the persons appearing and by me, civil-law
notary.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This  is a  cerdfied  true  translation  of  the  Dutch  version.  Curacao,
Netherlands Antilles, September 13, 2001.

[GRAPHIC OMITTED]                             Curacao Development Corporation
                                              Breedestraat 39C(P)
                                              P.O. Box 656
                                              Curacao, Netherlands Antilles
                                              Phone: (599-9) 461-6699
                                              Fax  : (599-9) 461-3013

KORPODEKO
Korporashon pa Desaroyo di Korsou

                                To the Management of
                                Advance Biofactures of Curacao N.V.
                                Industrial Park Brievengat
                                Lot I through 5
                                Local
                                -----

                                c/o Mr. drs. W.F. Deonisia

Subject:   Letter of intent Our number RdR/rjj/O5S.01 Willemstad, May 15, 2001

Dear Mr. Deonisia,

On behalf of the Board of the foundation "Korporashon pa Desaroyo di Korsou,
(Korpodeko) (Curacao Development Corporation), I have the pleasure of informing
you that Korpodeko is prepared to grant Biofactures of Cura9ao N.y. (hereinafter
to be referred to as "the corporation") a loan up to a maximum of NAf.
819,000.00 (eight hundred and nineteen thousand guilders, Netherlands Antilles
currency) in order to help you in the event of any possible capital expenditure
in connection with the renovation and expansion of the production facilities of
the corporation at Industrial Park Brievengat, lot 1 through 5 (hereinafter to
be referred to as "the project").

                                       7
<PAGE>

Stipulations of our credit:

-        Commitment fee: 1% annually from the date of your signing this credit
         offer until the day on which the credit is drawn, which corresponds
         with NAf. 682.50 per month, and has to be paid when drawing this
         credit.

-        Interest: 6.5%.

-        Repayment: during 24 (twenty-four) equal consecutive monthly terms,
         only the period interest, amounting to NAF. 4,440.00 (four thousand
         four hundred and forty guilders, N.A. currency) will be paid and at the
         end of month 24 the principal sum amounting to NAF. 819.000.00 will be
         redeemed by means of a balloon payment. The first period-interest
         payment shall take place within 30 days after extending our credit by
         means of an automatic transfer to our account, number 872.275-07 at
         Maduro & Curiel's Bank N.V.

-        The total duration of our credit is 2 (two) years.

There shall be no penalties for advanced or accelerated repayments.

SECURITIES FOR THE CREDIT IN QUESTION:

A.       Fiduciary transfer of ownership as security for the existing and future
         plant, machinery and equipment of the corporation to Korpodeko until
         our credit has been completely redeemed. In this connection, we request
         you to submit to Korpodeko the list(s) containing the existing plant,
         machinery and equipment inventory of the corporation.

B.       Fiduciary transfer of ownership as security for the existing and future
         machinery and equipment inventory of Advance Biofactures Corporation in
         New York to Korpodeko until our credit has been completely redeemed. In
         this connection, we request you to submit to Korpodeko the list(s)
         containing the existing machinery and equipment inventory of Advance
         Biofactures Corporation.

C.       The parent company of your corporation, in this case Biospecifics
         Technologies Corporation, shall guarantee the repayment of the loan
         extended to the corporation amounting to NAf. 819,000.00, plus 40% for
         interests and costs.

D.       Assignment of debtors of the corporation. Assignment of debtors of
         Biospecifics Technologies Corporation.

E.       Subordination of all claims of Biospecifics Technologies Corporation
         and Advance Biofactures of Curacao N.V. to our loan.

OTHER TERMS AND PROVISIONS:

The  operating  assets  referred  to under A.  and B.  shall be and  remain
insured against fire and hurricane damage,  malice, riots, strikes,  theft,
etc. (package cover) for the term of this loan agreement,  until our credit
has been completely redeemed.

Korpodeko  shall be  recorded  as the first  beneficiary  in the  policy in
question.

1.       Change(s) in the stockholding of the corporation require(s) our prior
         written approval. This approval shall not be withheld on unreasonable
         grounds.

2.       Twice yearly, the operating figures (income statement) of the
         corporation shall be submitted to Korpodeko and annually the annual
         financial statements drawn up by a certified public accountant
         acceptable to Korpodeko and established locally.

                                       8
<PAGE>

3.       All licenses necessary for the implementation of the project must have
         been granted; adequate proof hereof shall be submitted to Korpodeko.

4.       Our credit facility is re-adjustable on the basis of the income
         statements to be submitted to Korpodeko by the corporation. Korpodeko
         retains the right to require additional, that is to say accelerated
         redemptions, if, in the opinion of Korpodeko, the liquidity position of
         the corporation allows such.

5.       All costs by virtue of this loan agreement -in whatever form and
         whatever the name- shall be borne by the corporation.

6.       Korpodeko is authorized make the amount of the credit facility
         withdrawn fully or partially forthwith due and payable or to demand it,
         as the case may be, if the corporation fails to comply with any
         obligation with respect to Korpodeko, if any change is made in the
         composition of the partners in its entirety or in the event of a merger
         of the corporation with a third party, or in the event of a complete or
         partial take-over of the corporation by a third party, and, furthermore
         in general, if the corporation performs or omits such acts, or if such
         facts or circumstances occur with respect to the corporation or the
         securities in favor of Korpodeko, that as a consequence thereof, in the
         opinion of Korpodeko, reasonable fear can arise for irretrievability of
         our claims against the corporation, or the interest of Korpodeko
         involves taking measures immediately to collect the credit facility.
         Facts or circumstances, as referred to in the previous sentence,
         include, among other things, attachment of part of or the whole capital
         of the corporation, bankruptcy or filing a petition for that purpose,
         putting under administration or making a petition for or acquiring
         suspension of payments and dissolution or winding up of the
         corporation.

7.       Korpodeko is entitled to inspect the project at any time.

8.       The articles of incorporation of the corporation shall be and remain to
         the satisfaction of Korpodeko.

9.       The amount due is forthwith due and payable with accrued interest and
         costs, without any further notice of default being necessary, if: -

         -        part of or the complete movable or immovable property of the
                  corporation is attached;

         -        the corporation is declared bankrupt or if a suspension of
                  payments is filed for;

         -        the corporation fails in any manner to meet one or more of the
                  obligations, with respect to Korpodeko, ensuing from this
                  loan, or acts contrary to the provisions of the law.

         Furthermore, the corporation shall not stand surety for third parties
         without prior written permission from Korpodeko.

                                       9
<PAGE>

10.      No withdrawal from our credit is allowed before all the relevant
         conditions set in this letter have been met in a manner that is
         satisfactory to Korpodeko.

11.      Contracting new loans, distribution of dividends, expansion of
         activities of the corporation, or commencing new commercial activities
         by the corporation, may only take place after prior written approval by
         Korpodeko.

If desired, we are willing to give a more detailed oral explanation of our
offer.

If you can agree to our credit offer, we request you to return the enclosed copy
of this letter to us, signed for approval in a legally valid manner on behalf of
the corporation.

Our credit offer is valid for the duration of 1 (one) month after the date of
our letter.

<TABLE>
<CAPTION>

<S>                                               <C>
                                                                Yours sincerely,
                                                  On behalf of the Board of the Foundation
                                                  KORPORASHON PA DESAROYO Dl KORSOU
                                                                [signature]
                                                           C. Gomes Casseres
                                                           Managing Director

For approval:                                     For approval:
[SIGNATURE]                                       [SIGNATURE]
-------------------------------------------       -------------------------------------------
Management Advance Biofactures of Curacao N.V.    Wilfriedus F. Deonisia, Managing Director
Date: July 17,2001                                date: July 17, 2001

For approval:                                     For approval:

[SIGNATURE]
-------------------------------------------       -------------------------------------------
Edwin H. Wegman, Managing Director                Thomas L. Wegman, Managing Director
Date: July 17, 2001                               date:

</TABLE>

                                       10

<PAGE>

[GRAPHIC OMITTED]                             Curacao Development Corporation
                                              Breedestraat 39C(P)
                                              P.O. Box 656
                                              Curacao Netherlands Antilles
                                              Phone: (599-9) 461-6699
                                              Fax  : (599-9) 461-3013

KORPODEKO
Korporashon pa Desaroyo di Korsou

                                To the Management of
                                Advance Biofactures of Curacao N.V.
                                Industrial Park Brievengat
                                Lot 1 through 5
                                Local
                                -----

                                c/o Mr. drs. W.F. Deonisia
<TABLE>
<CAPTION>

<S>                            <C>                             <C>
Subject: Modification appendix
         Letter of intent       Our number RdR/rg/072.01        Willemstad, May 17, 2001
         Extension of credit
</TABLE>

                           MODIFICATION APPENDIX
  in connection with point B under "SECURITIES FOR THE CREDIT IN QUESTION"
                of our letter of intent extension of credit
                   dated May 15, 2001 no. RdR/rjj/055.01

B.   Fiduciary transfer of ownership as security for the existing and
     future stocks of finished products of Advance Biofactures Corporation
     in New York to Korpodeko until our credit has been completely
     redeemed. In this connection, we request you to state to Korpodeko the
     sale value of the stocks of finished products (collagenase powder) for
     the purpose of signing our letter of intent, and also the changes
     herein after intervals of three months each time, until our credit has
     been completely redeemed.

<TABLE>
<CAPTION>

<S>                                               <C>
                                                On behalf of the Board of the Foundation
                                                KORPORASHON PA DESAROYO Dl KORSOU
                                                               [SIGNATURE]
                                                           C.Gomes Casseres
                                                             Managing Director

For approval:                                        For approval:
[SIGNATURE]                                          [SIGNATURE]
------------------------------------------           ----------------------------------------
Management Advance Biofactures of Curacao N.V.       Wilfriedus F. Deonisia, Managing Director
Date: July 17,2001                                   date:  July 17, 2001

For approval:                                        For approval:
[SIGNATURE]
------------------------------------------           ----------------------------------------
Edwin H. Wegman, Managing Director                   Thomas L. Wegman, Managing Director
Date: July 17, 2001                                  date:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

</TABLE>

THIS IS A CERTIFIED TRUE TRANSLATION OF THE DUTCH VERSION AND CONSISTS
OF FIVE PAGES. CURACAO, NETHERLANDS ANTILLES, SEPTEMBER 19, 2001.

                                       11<PAGE>

                  ASSIGNMENT No. 21 OF RECEIVABLES IN ADDITIONAL ACCOUNTS, (this
"Assignment") dated as of May 1, 2002, by and between CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION, a national banking corporation organized and existing
under the laws of the United States of America ("Chase USA"), and THE BANK OF
NEW YORK, a banking corporation organized and existing under the laws of the
State of New York (the "Trustee") pursuant to the Pooling and Servicing
Agreement referred to below.

                              W I T N E S S E T H:
                               -------------------

                  WHEREAS, Chase USA, as Transferor on and after June 1, 1996,
JPMorgan Chase Bank (formerly, The Chase Manhattan Bank), as Transferor prior to
June 1, 1996 and as Servicer, and the Trustee are parties to the Third Amended
and Restated Pooling and Servicing Agreement, dated as of November 15, 1999, as
amended by the First Amendment thereto dated as of March 31, 2001 and the Second
Amendment thereto dated as of March 1, 2002 (hereinafter as such agreement may
have been, or may from time to time be, amended, supplemented or otherwise
modified, the "Pooling and Servicing Agreement");

                  WHEREAS, pursuant to the Pooling and Servicing Agreement,
Chase USA wishes to designate Additional Accounts of Chase USA to be included as
Accounts and to convey the Receivables of such Additional Accounts, whether now
existing or hereafter created, to the Trust as part of the corpus of the Trust
(as each such term is defined in the Pooling and Servicing Agreement); and

                  WHEREAS, the Trustee is willing to accept such designation and
conveyance subject to the terms and conditions hereof;

                  NOW, THEREFORE, Chase USA and the Trustee hereby agree as
follows:

                                    1. Defined Terms. All terms defined in the
                  Pooling and Servicing Agreement and used herein shall have
                  such defined meanings when used herein, unless otherwise
                  defined herein.

<PAGE>

                                    "Addition Date" shall mean, with respect to
                  the Additional Accounts designated hereby, May 1, 2002.

                                    "Notice Date" shall mean, with respect to
                  the Additional Accounts designated hereby, April 15, 2002.

                                    2. Designation of Additional Accounts. Chase
                  USA shall deliver to the Trustee not later than five Business
                  Days after the Addition Date, a computer file or microfiche
                  list containing a true and complete list of each MasterCard
                  and VISA account which as of the Addition Date shall be deemed
                  to be an Additional Account, such accounts being identified by
                  account number and by the amount of Receivables in such
                  accounts as of the close of business on the Addition Date.
                  Such list shall be delivered five Business Days after the date
                  of this Assignment and shall be marked as Schedule 1 to this
                  Assignment and, as of the Addition Date, shall be incorporated
                  into and made a part of this Assignment.

                           3.       Conveyance of Receivables.
                                    -------------------------

                                    A) Chase USA does hereby transfer, assign,
                  set-over and otherwise convey to the Trustee on behalf of the
                  Trust for the benefit of the Certificateholders, without
                  recourse on and after the Addition Date, all right, title and
                  interest of Chase USA in and to the Receivables now existing
                  and hereafter created in the Additional Accounts designated
                  hereby, all monies due or to become due with respect thereto
                  (including all Finance Charge Receivables) and all proceeds of
                  such Receivables, Recoveries, Interchange, Insurance Proceeds
                  relating to such Receivables and the proceeds of any of the
                  foregoing.

                                    B) In connection with such transfer, Chase
                  USA agrees to record and file, at its own expense, a financing
                  statement with respect to the Receivables now existing and
                  hereafter created in the Additional Accounts designated hereby
                  (which may be a single financing statement with respect to all
                  such Receivables) for the transfer of accounts as defined in
                  Section 9-102 of the UCC as in effect in the State of New York
                  meeting the requirements of applicable state law in such
                  manner and such jurisdictions as are necessary to perfect the
                  assignment of such Receivables to the Trustee on behalf of the
                  Trust for the benefit of the Certificateholders (the "Secured
                  Party"), and to deliver a file-stamped copy of such financing
                  statement or other evidence of such filing (which may, for
                  purposes of this Section 3, consist of telephone confirmation
                  of such filing) to the Trustee on or prior to the date of this
                  Assignment.

                                       2
<PAGE>

                                    C) It is the intention of the parties hereto
                  that all transfers of Receivables to the Trust pursuant to
                  this Assignment be subject to, and be treated in accordance
                  with, the Delaware Act and each of the parties hereto agrees
                  that this Assignment has been entered into by the parties
                  hereto in express reliance upon the Delaware Act. For purposes
                  of complying with the requirements of the Delaware Act, each
                  of the parties hereto hereby agrees that any property, assets
                  or rights purported to be transferred, in whole or in part, by
                  Chase USA pursuant to this Assignment shall be deemed to no
                  longer be the property, assets or rights of Chase USA. The
                  parties hereto acknowledge and agree that each such transfer
                  is occurring in connection with a " securitization
                  transaction" within the meaning of the Delaware Act.

                                    D) In connection with such transfer, Chase
                  USA further agrees, at its own expense, on or prior to the
                  date of this Assignment to indicate in its computer files that
                  Receivables created in connection with the Additional Accounts
                  designated hereby have been transferred to the Trust pursuant
                  to this Assignment for the benefit of the Certificateholders.

                                    E) Chase USA hereby grants to the Secured
                  Party a security interest in all of Chase USA's right, title
                  and interest in, to and under the Receivables now existing and
                  hereafter created in the Additional Accounts designated
                  hereby, all monies due or to become due with respect to such
                  Receivables, Insurance Proceeds relating to such Receivables,
                  Recoveries, Interchange and the proceeds to any of the
                  foregoing to secure a loan in an amount equal to the unpaid
                  principal amount of the Investor Certificates issued or to be
                  issued pursuant to the Pooling and Servicing Agreement and the
                  interests accrued at the related Certificate Rates, and this
                  Assignment shall constitute a security agreement under
                  applicable law. Chase USA shall execute continuation
                  statements and provide other further assurances to maintain
                  the perfection and priority of such security interest of the
                  Secured Party.

                                    4. Acceptance by Trustee. The Trustee hereby
                  acknowledges its acceptance on behalf of the Trust for the
                  benefit of the Certificateholders of all right, title and
                  interest previously held by Chase USA in and to the
                  Receivables now existing and hereafter created, and declares
                  that it shall maintain such right, title and interest, upon
                  the Trust herein set forth, for the benefit of all
                  Certificateholders.

                                       3
<PAGE>

                                    5. Representations and Warranties of Chase
                  USA. Chase USA hereby represents and warrants to the Secured
                  Party as of the Addition Date:

                                    A) Legal, Valid and Binding Obligation. This
                        Assignment constitutes a legal, valid and binding
                        obligation of Chase USA enforceable against Chase USA in
                        accordance with its terms, except as such enforceability
                        may be limited by applicable bankruptcy, insolvency,
                        reorganization, moratorium or other similar laws now or
                        hereafter in effect affecting the enforcement of
                        creditors' rights in general and the rights of creditors
                        of banking associations and except as such
                        enforceability may be limited by general principles of
                        equity (whether considered in a suit at law or in
                        equity).

                                    B) Eligibility of Accounts and Receivables.
                        Each Additional Account designated hereby is an Eligible
                        Account and each Receivable in such Additional Account
                        is an Eligible Receivable.

                                    C) Selection Procedures. No selection
                        procedures believed by Chase USA to be materially
                        adverse to the interests of the Investor
                        Certificateholders were utilized in selecting the
                        Additional Accounts designated hereby from the available
                        Eligible Accounts in the Bank Portfolio.

                                    D) Insolvency. Chase USA is not insolvent
                        and, after giving effect to the conveyance set forth in
                        Section 3 of this Assignment, will not be insolvent.

                                       4
<PAGE>

                                    E) Transfer. This Assignment constitutes
                        either: (i) a valid transfer and assignment to the Trust
                        of all right, title and interest of Chase USA in and to
                        Receivables now existing and hereafter created in the
                        Additional Accounts designated hereby, and all proceeds
                        (as defined in the UCC) of such Receivables and
                        Insurance Proceeds relating thereto, and such
                        Receivables and any proceeds thereof and Insurance
                        Proceeds relating thereto will be held by the Secured
                        Party free and clear of any Lien of any Person claiming
                        through or under Chase USA or any of its Affiliates
                        except for (x) Liens permitted under subsection 2.5(b)
                        of the Pooling and Servicing Agreement, (y) the interest
                        of the holder of the Transferor Certificate and (z)
                        Chase USA's right to receive interest accruing on, and
                        investment earnings in respect of, the Finance Charge
                        Account and the Principal Account as provided in the
                        Pooling and Servicing Agreement; or (ii) a valid and
                        continuing security interest (as defined in the UCC) in
                        the Receivables now existing or hereafter created in the
                        Additional Accounts in favor of the Secured Party, the
                        proceeds (as defined in the UCC) thereof and Insurance
                        Proceeds relating thereto, upon the conveyance of such
                        Receivables to the Trust, which security interest is
                        prior to all other Liens, and is enforceable against
                        creditors of and purchasers from Chase USA, and which
                        will be enforceable with respect to the Receivables
                        thereafter created in respect of Additional Accounts
                        designated hereby, the proceeds (as defined in the UCC)
                        thereof and Insurance Proceeds relating thereto, upon
                        such creation; and (iii) if this Assignment constitutes
                        the grant of a security interest to the Secured Party in
                        such property, upon the filing of a financing statement
                        described in Section 3 of this Assignment with respect
                        to the Additional Accounts designated hereby and in the
                        case of the Receivables of such Additional Accounts
                        thereafter created and the proceeds (as defined in the
                        UCC) thereof, and Insurance Proceeds relating to such
                        Receivables, upon such creation, the Secured Party shall
                        have a first priority perfected security interest in
                        such property (subject to Section 9-315 the UCC as in
                        effect in the State of Delaware), except for Liens
                        permitted under subsection 2.5(b) of the Pooling and
                        Servicing Agreement. Chase USA has caused or will have
                        caused, within ten days, the filing of all appropriate
                        financing statements in the proper filing office in the
                        appropriate jurisdictions under applicable law in order
                        to perfect the security interest in the Receivables
                        granted to the Secured Party hereunder. The Receivables
                        constitute "accounts" within the meaning of the
                        applicable UCC.

                                    F) Other Liens. Other than the security
                        interest granted to the Secured Party pursuant to this
                        Assignment, Chase USA has not pledged, assigned, sold,
                        granted a security interest in, or otherwise conveyed
                        any of the Receivables. Chase USA has not authorized the
                        filing of and is not aware of any financing statements
                        against Chase USA that include a description of
                        collateral covering the Receivables other than any
                        financing statement (i) relating to the security
                        interest granted to the Secured Party hereunder, (ii)
                        that has been terminated, or (iii) that names The Bank
                        of New York as secured party. Chase USA is not aware of
                        any judgment or tax lien filings against Chase USA.
                        Chase USA owns and has good and marketable title to the
                        Receivables free and clear of any Lien, claim or
                        encumbrance of any Person.

                                       5
<PAGE>

                                    G) Breach of Representations and Warranties.
                        The provision set forth in Section 2.4(d) of the Pooling
                        and Servicing Agreement shall be applicable to any
                        breach of the representations and warranties of this
                        Section 5 with respect to any Receivable.

                                    6. Conditions Precedent. The acceptance by
                  the Trustee set forth in Section 4 and the amendment of the
                  Pooling and Servicing Agreement set forth in Section 7 are
                  subject to the satisfaction, on or prior to the Addition Date,
                  of the following conditions precedent:

                                    A) Officer's Certificate. Chase USA shall
                        have delivered to the Trustee a certificate of a Vice
                        President or more senior officer substantially in the
                        form of Schedule 2 hereto, certifying that (i) all
                        requirements set forth in Section 2.6 of the Pooling and
                        Servicing Agreement for designating Additional Accounts
                        and conveying the Principal Receivables of such Account,
                        whether now existing or hereafter created, have been
                        satisfied and (ii) each of the representations and
                        warranties made by Chase USA in Section 5 is true and
                        correct as of the Addition Date. The Trustee may
                        conclusively rely on such Officer's Certificate, shall
                        have no duty to make inquiries with regard to the
                        matters set forth therein, and shall incur no liability
                        in so relying.

                                    B) Opinion of Counsel. Chase USA shall have
                        delivered to the Trustee an Opinion of Counsel with
                        respect to the Additional Accounts designated hereby
                        substantially in the form of Exhibit E to the Pooling
                        and Servicing Agreement.

                                       6
<PAGE>

                                    7. Amendment of the Pooling and Servicing
                  Agreement. The Pooling and Servicing Agreement is hereby
                  amended to provide that all references therein to the "Pooling
                  and Servicing Agreement," to "this Agreement" and "herein"
                  shall be deemed from and after the Addition Date to be a dual
                  reference to the Pooling and Servicing Agreement as
                  supplemented by this Assignment and by Assignment No. 1 of
                  Receivables in Additional Accounts, dated as of July 1, 1996,
                  Assignment No. 2 of Receivables in Additional Accounts, dated
                  as of September 1, 1996, Assignment No.3 of Receivables in
                  Additional Accounts, dated as of December 1, 1997, Assignment
                  No. 4 of Receivables in Additional Accounts, dated as of
                  February 1, 1998, Assignment No. 5 of Receivables in
                  Additional Accounts, dated as of April 1, 1998, Assignment No.
                  6 of Receivables in Additional Accounts, dated as of August 1,
                  1998, Assignment No. 7 of Receivables in Additional Accounts,
                  dated as of November 1, 1998, Assignment No. 8 of Receivables
                  in Additional Accounts, dated as of February 1, 1999,
                  Assignment No. 9 of Receivables in Additional Accounts, dated
                  as of April 1, 1999, Assignment No. 10 of Receivables in
                  Additional Accounts, dated as of July 1, 1999, Assignment No.
                  11 of Receivables in Additional Accounts, dated as of October
                  1, 1999, Assignment No. 12 of Receivables in Additional
                  Accounts, dated as of February 1, 2000, Assignment No. 13 of
                  Receivables in Additional Accounts, dated as of April 1, 2000,
                  Assignment No. 14 of Receivables in Additional Accounts, dated
                  as of May 1, 2000, Assignment No. 15 of Receivables in
                  Additional Accounts, dated as of August 1, 2000, Assignment
                  No. 16 of Receivables in Additional Accounts, dated as of July
                  1, 2001, Assignment No. 17 dated as of September 1, 2001,
                  Assignment No. 18 of Receivables in Additional Accounts, dated
                  as of November 1, 2001, Assignment No. 19 of Receivables in
                  Additional Accounts, dated as of March 6, 2002, Assignment No.
                  20 of Receivables in Additional Accounts, dated as of April 1,
                  2002, Reassignment No. 1 of Receivables in Removed Accounts,
                  dated as of September 30, 1997 and Reassignment No. 2 of
                  Receivables in Removed Accounts, dated as of December 1, 1997.
                  Except as expressly amended hereby, all of the
                  representations, warranties, terms, covenants and conditions
                  to the Pooling and Servicing Agreement shall remain unamended
                  and shall continue to be, and shall remain, in full force and
                  effect in accordance with its terms and except as expressly
                  provided herein shall not constitute or be deemed to
                  constitute a waiver of compliance with or a consent to
                  noncompliance with any term or provisions of the Pooling and
                  Servicing Agreement.

                                    8. Survival. The representations, warranties
                  and covenants of the parties hereto shall survive the
                  assignment of the Receivables pursuant to this Assignment and
                  the termination of this Assignment, and shall inure to the
                  benefit of the Trust. Notwithstanding to the contrary in this
                  Assignment, the representations and warranties of the Chase
                  USA herein shall not survive after the tenth (10th)
                  anniversary of the Addition Date.

                                       7
<PAGE>

                                    9. Waivers and Amendments. This Assignment
                  may be amended, superseded, canceled, renewed or extended and
                  the terms hereof may be waived, only by a written instrument
                  signed by authorized representatives of the parties or, in the
                  case of a waiver, by an authorized representative of the party
                  waiving compliance and, in all cases, subject to confirmation
                  by each Rating Agency then rating any Investor Certificates.
                  No such written instrument shall be effective unless it
                  expressly recites that it is intended to amend, supersede,
                  cancel, renew or extend this Assignment or to waive compliance
                  with one or more of the terms hereof, as the case may be. No
                  delay on the part of any party in exercising any right, power
                  or privilege hereunder shall operate as a waiver thereof, nor
                  shall any waiver on the part of any party of any such right,
                  power or privilege, or any single or partial exercise of any
                  such right, power or privilege, preclude any further exercise
                  thereof or the exercise of any other such right, power or
                  privilege.

                                    10. Counterparts. This Assignment may be
                  executed in two or more counterparts (and by different parties
                  on separate counterparts), each of which shall be an original,
                  but all of which together shall constitute one and the same
                  instrument.

                                    11. GOVERNING LAW. THIS ASSIGNMENT SHALL BE
                  GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
                  LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS
                  CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
                  REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
                  ACCORDANCE WITH SUCH LAWS.

                                    12. Tax Treatment. Nothing in this
                  Assignment shall be deemed to require any securitization
                  transaction involving the Receivables to be treated as a sale
                  for federal or state income tax purposes or to preclude
                  treatment of any such securitization transaction as debt for
                  federal or state income tax purposes.

                                       8
<PAGE>

                  IN WITNESS WHEREOF, the undersigned have caused this
Assignment of Receivables in Additional Accounts to be duly executed and
delivered by their respective duly authorized officers on the day and year first
above written.

                                                  CHASE MANHATTAN BANK USA,
                                                  NATIONAL ASSOCIATION

                                                  By: /s/ Patricia Garvey
                                                      ----------------------
                                                     Name: Patricia Garvey
                                                     Title: Vice President

                                                  THE BANK OF NEW YORK,
                                                    as Trustee

                                                  By: /s/ Dan Rothman
                                                      ----------------------
                                                     Name: Dan Rothman
                                                     Title: Assistant Treasurer

<PAGE>

                                                                 Schedule 1
                                                              to Assignment of
                                                               Receivables in
                                                             Additional Accounts

                               ADDITIONAL ACCOUNTS
                               -------------------

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