Document:

EXHIBIT 10.17

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                      SECOND AMENDED AND RESTATED REVOLVING
                          CREDIT AND SECURITY AGREEMENT

                            SFBC INTERNATIONAL, INC.,
                             A DELAWARE CORPORATION
                                   "BORROWER"

                          SOUTH FLORIDA KINETICS, INC.,
                              A FLORIDA CORPORATION

                              SFBC FT. MYERS, INC.,
                              A FLORIDA CORPORATION

                       SFBC ANALYTICAL LABORATORIES, INC.,
                              A FLORIDA CORPORATION

                          SFBC NEW DRUG SERVICES, INC.,
                             A FLORIDA CORPORATION,
                           F/K/A SFBC CHARLOTTE, INC.

                   CLINICAL PHARMACOLOGY INTERNATIONAL, INC.,
                              A FLORIDA CORPORATION

                         (COLLECTIVELY, THE "GUARANTOR")

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                     "BANK"

                               FEBRUARY ___, 2004

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                           SECOND AMENDED AND RESTATED
                     REVOLVING CREDIT AND SECURITY AGREEMENT

     THIS AGREEMENT (the "Agreement"), dated as of February ___, 2004 by and
among SFBC INTERNATIONAL, INC., a Delaware corporation ("Borrower"), WACHOVIA
BANK, NATIONAL ASSOCIATION ("Bank") and SOUTH FLORIDA KINETICS, INC., a Florida
corporation, d/b/a SOUTH FLORIDA BIOAVAILABILITY CLINIC, SFBC FT. MYERS, INC., a
Florida corporation, SFBC ANALYTICAL LABORATORIES, INC., a Florida corporation,
SFBC NEW DRUG SERVICES, INC., a Florida corporation, f/k/a SFBC CHARLOTTE, INC.,
and CLINICAL PHARMACOLOGY INTERNATIONAL, INC., a Florida corporation
(collectively, the "Guarantor");

                              W I T N E S S E T H :

     In consideration of the premises and of the mutual covenants herein
contained and to induce Bank to extend credit to Borrower, the parties agree as
follows:

     1. DEFINITIONS. Capitalized terms that are not otherwise defined herein
shall have the meanings set forth in Exhibit 1 hereto.

     2. THE LOAN.

          2.1. Revolving Credit Facility. Bank agrees, on the terms and
conditions set forth in this Agreement, to make Advances to Borrower from time
to time during the Revolving Credit Period in amounts such that the aggregate
principal amount of Advances at any one time outstanding will not exceed
$25,000,000.00 (the "Loan"). Notwithstanding the foregoing, Advances for
Borrower's working capital purposes shall not exceed $10,000,000.00 (the
"$10,000,000.00 Working Capital Sub-Limit"), which shall include a further
sub-limit of $1,000,000.00 for the issuance of commercial and standby letters of
credit. The remaining $15,000,000.00 of the Loan is available to finance the
acquisition of companies in related industries. Also, the aggregate amount of
the Advances by Bank from time to time shall be subject to any Reserves that
Bank in its sole and absolute discretion may deem proper and/or necessary.
Within the foregoing limit, Borrower may borrow, prepay and reborrow Advances at
any time during the Revolving Credit Period for general corporate purposes. This
is a revolving credit facility for general business purposes, for the one time
only acquisition of certain real estate located in Miami-Dade County, Florida,
and for the financing of the acquisition of companies in related industries.

          2.2. Note. The Loan shall be evidenced by (i) a Revolving Promissory
Note in the face amount of $25,000,000.00 (the "Note") dated of even date
herewith (the "Note") and shall be payable in accordance with the terms of the
Note and this Agreement.

          2.3. Intentionally Deleted.

          2.4. Cash Management Services. If Borrower subscribes to Bank's cash
management services and such services are applicable to the Loan, the terms of
such services, as set forth in the Services Agreement, shall control the manner
in which funds are transferred between the Demand Deposit Account and the Loan
for credit or debit to the Loan.

          2.5. Advances. Under the Loan, Bank, in its discretion, may require
from Borrower a signed written request for an Advance in form satisfactory to
Bank, which request shall be delivered to Bank no later than 12:00 noon (local
time in Miami, Florida) on the date of the requested Advance, specify the date
(which shall be a Business Day) and the amount of the proposed Advance and
provide such other information as Bank may require. Bank's acceptance of such a
request shall be indicated by its making the Advance requested. Such an Advance
shall be made available to Borrower in immediately available funds at Bank's
address referred to in Section 10.4. Notwithstanding the foregoing, Bank may, in
its sole and absolute discretion, make or permit to remain outstanding Advances
under the Loan in

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excess of the original principal amount of the Note, and all such amounts shall
(i) be part of the Indebtedness evidenced by the Note, (ii) bear interest as
provided herein, (iii) be payable upon demand by Bank, and (iv) be entitled to
all rights and security as provided under the Loan Documents.

          2.6. Repayment of Loan.

          (a) Interest on the Loan shall accrue and be payable as set forth in
the Note. The Loan shall mature, and the principal amount thereof and all
accrued and unpaid interest, fees, expenses and other amounts payable under the
Loan Documents shall be due and payable, on the Termination Date.

          (b) Bank may debit the Demand Deposit Account, the Collections Account
and/or make Advances to Borrower (whether or not in excess of the Maximum Loan
Amount) and apply such amounts to the payment of interest, fees, expenses and
other amounts to which Bank may be entitled from time to time and Bank is hereby
irrevocably authorized to do so without the consent of Borrower.

          (c) Borrower shall make each payment of principal of and interest on
the Loan and fees hereunder not later than 12:00 noon (local time Miami,
Florida) on the date when due, without set off, counterclaim or other deduction,
in immediately available funds to Bank at its address referred to in Section
10.4. Whenever any payment of principal of, or interest on, either Loan or of
fees shall be due on a day which is not a Business Day, the date for payment
thereof shall be extended to the next succeeding Business Day. If the date for
any payment of principal is extended by operation of law or otherwise, interest
thereon shall be payable for such extended time.

          (d) To the extent that the aggregate amount of all Advances and the
face amount of all outstanding letters of credit exceeds the Maximum Loan
Amount, the amount of such excess will be paid immediately to Bank upon Bank's
demand.

          2.7. Overdue Amounts. Any payments not made as and when due shall bear
interest from the date due until paid at the Default Rate, in Bank's discretion.

          2.8. Calculation of Interest. All interest under the Note or hereunder
shall be calculated on the basis of the Actual/360 Computation, as defined in
the Note.

          2.9. Sales Tax. Borrower shall notify Bank if any Account includes any
sales or other similar tax and Bank may, but shall not be obligated to, remit
any such taxes directly to the taxing authority and make Advances or charge the
Demand Deposit Account therefor. In no event shall Bank be liable for any such
taxes.

          2.10. Letters of Credit.

          (a) At its discretion Bank may from time to time issue, extend or
renew letters of credit for the account of Borrower or its Subsidiaries from the
$10,000,000.00 Working Capital Sub-Limit up to an aggregate maximum amount of
$1,000,000.00. The availability of Advances under the $10,000,000.00 Working
Capital Sub-Limit shall be reduced by outstanding obligations of Bank under any
letters of credit. All payments made by Bank under any such letters of credit
(whether or not Borrower is the account party or drawer) and all fees,
commissions, discounts and other amounts owed or to be owed to Bank in
connection therewith shall be deemed to be Advances under the Note, shall be
secured by the Collateral, and shall be repaid on demand. Borrower shall
complete and sign such applications and supplemental agreements and provide such
other documentation as Bank may require. The form and substance of all letters
of credit shall be subject to Bank's approval. All letters of credit shall have
a term not to exceed one year, and shall have an expiration date of not later
than 90 days beyond the Termination Date. Bank may charge a customary fee or
commission for issuance, renewal or extension of a letter of credit. Borrower
unconditionally guarantees all obligations of any Subsidiary or any Foreign
Subsidiary with respect to letters of credit issued by Bank for the account of
such Subsidiary or Foreign Subsidiary. Upon a Default, Borrower shall, on
demand, deliver to Bank good funds equal to 105% of Bank's maximum liability
under all outstanding letters of credit, to be held as cash Collateral for
Borrower's reimbursement obligations and other Indebtedness.

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          (b) Any letter of credit issued hereunder shall be governed, as
applicable, by the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce ("ICC") Publication 500 or any subsequent
revision or restatement thereof adopted by the ICC and in use by Bank or the
International Standby Practices, ICC Publication No. 590 or any subsequent
revision or restatement thereof adopted by the ICC and in use by Bank, except to
the extent that the terms of such publication would limit or diminish rights
granted to Bank hereunder or in any other Loan Document.

          2.11. Fees. Borrower shall pay to Bank: (i) a one-time non-refundable
facility fee in the amount of $125,000.00, prior to the closing of the Loan;
(ii) annually during the term of the Note, a non-refundable non-use fee equal to
25 basis points of the average unused portion of the Loan for such previous year
as determined on each fiscal year end of Borrower and on the Termination Date;
and (iii) at such times as Bank shall require, Bank's standard fees in
connection with letters of credit, as in effect from time to time, and with
respect specifically to standby letters of credit, at the time of issuance of
each standby letter of credit, a fee equal to 1.25% per annum on the face amount
of the standby letter of credit for the period of time the standby letter of
credit will be outstanding.

          2.12. Statement of Account. If Bank provides Borrower with a statement
of account on a periodic basis, such statement will be presumed complete and
accurate and will be definitive and binding on Borrower, unless objected to with
specificity by Borrower in writing within forty-five (45) days after receipt.

          2.13. Termination. Upon at least thirty (30) days prior written notice
to Bank, Borrower may, at its option, terminate this Agreement and the Loan
facility. Bank may terminate the Loan facility hereunder at any time, without
notice, upon or after the occurrence of a Default or Event of Default.

     3. CONDITIONS PRECEDENT TO BORROWING. Prior to any Advance, the following
conditions shall have been satisfied, in the sole opinion of Bank and its
counsel:

          3.1. Conditions Precedent to Initial Advance. In addition to any other
requirement set forth in this Agreement, Bank will not make the initial Advance
under either Loan unless and until the following conditions shall have been
satisfied:

                  (a) Loan Documents. Borrower and each other party to any Loan
Document, as applicable, shall have executed and delivered this Agreement, the
Note, and other required Loan Documents, all in form and substance reasonably
satisfactory to Bank.

          (b) Supporting Documents. Borrower shall cause to be delivered to Bank
the following documents:

               (i) A copy of the governing instruments of Borrower and each
          Subsidiary, and a good standing certificate of Borrower and each
          Subsidiary, certified by the appropriate official of its state of
          incorporation and the State of Florida, if different;

               (ii) Incumbency certificate and certified resolutions of the
          board of directors (or other appropriate Persons) of Borrower and each
          other Person executing any Loan Documents, signed by the Secretary or
          another authorized officer of Borrower or such other Person,
          authorizing the execution, delivery and performance of the Loan
          Documents;

               (iii) The legal opinion of Borrower's and any Guarantor's legal
          counsel addressed to Bank regarding such matters as Bank and its
          counsel may request;

               (iv) Satisfactory evidence of payment of all fees due and
          reimbursement of all costs incurred by Bank, and evidence of payment
          to other parties of all fees or costs which Borrower is required under
          this Agreement to pay by the date of the initial Advance;

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               (v) UCC-11 searches and other Lien searches showing no existing
          security interests in or Liens on the Collateral other than Permitted
          Liens;

               (vii) Any lien waivers requested by Bank pursuant to section
          5.13(c) hereof; and

               (viii) A satisfactory Perfection Certificate duly completed by
          Borrower.

          (c) Insurance. Borrower shall have delivered to Bank satisfactory
evidence of insurance meeting the requirements of Section 5.3.

          (d) Perfection of Liens. UCC-1 financing statements and, if
applicable, certificates of title covering the Collateral executed by Borrower
shall duly have been recorded or filed in the manner and places required by law
to establish, preserve, protect and perfect the interests and rights created or
intended to be created by the Security Agreement; and all taxes, fees and other
charges in connection with the execution, delivery and filing of the Security
Agreement and the financing statements shall duly have been paid.

          (e) Subordinations. Bank shall have received subordinations
satisfactory to it from all lessors that might have landlord's Liens on any
Collateral.

          (f) Additional Documents. Borrower shall have delivered to Bank all
additional opinions, documents, certificates and other assurances that Bank or
its counsel may require.

          (g) Payment of Fees. Borrower shall have paid all fees, costs and
expenses as required by the Loan Documents in connection with the Closing.

          3.2. Conditions Precedent to Each Advance. The following conditions,
in addition to any other requirements set forth in this Agreement, shall have
been met or performed by the Advance Date with respect to any Advance Request
and each Advance Request (whether or not a written Advance Request is required)
shall be deemed to be a representation that all such conditions have been
satisfied:

          (a) Advance Request. Borrower shall have delivered to Bank an Advance
Request and other information, as required under Section 2.5(a), unless the
procedures described in Section 2.4 are in effect.

          (b) No Default. No Default shall have occurred and be continuing or
could occur upon the making of the Advance in question and, if Borrower is
required to deliver a written Advance Request, Borrower shall have delivered to
Bank an officer's certificate to such effect, which may be incorporated in the
Advance Request.

          (c) Correctness of Representations. All representations and warranties
made by Borrower and any Guarantor herein or otherwise in writing in connection
herewith shall be true and correct in all material respects with the same effect
as though the representations and warranties had been made on and as of the
proposed Advance Date, and, if Borrower is required to deliver a written Advance
Request, Borrower shall have delivered to Bank an officer's certificate to such
effect, which may be incorporated in the Advance Request.

          (d) No Adverse Change. There shall have been no change on the
condition, financial or otherwise, of Borrower, any Subsidiary, any Foreign
Subsidiary or any Guarantor, which could have a Material Adverse Effect on the
condition, financial or otherwise, of Borrower on a consolidated basis, from
such condition as it existed on the date of the most recent financial statements
of such Person delivered to Bank from time to time.

          (e) Limitations Not Exceeded. As to the Loan, the proposed Advance
shall not cause the outstanding principal balance of the Loan to exceed the
Maximum Loan Amount.

          (f) No Termination. Bank shall (i) have timely received all financial
information from

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all Guarantors as required under the Loan Documents, and (ii) not have received
notice from any Guarantor or any surety terminating or repudiating such Person's
guaranty of the Indebtedness incurred by Borrower.

          (g) New Subsidiary Acquisition Funded by Advances. As to Advances
under the Loan for the purpose of financing the acquisition of companies in a
related industry, Borrower shall have delivered and Bank shall have approved in
its sole and absolute discretion: (i) a purchase contract or letter of intent
for the entity being acquired; (ii) two (2) most recent fiscal year-end
financial statements of the entity being acquired; (iii) a consolidating three
(3) year projection of Borrower, its subsidiaries and the entity being acquired;
and (iv) a covenant compliance certification as of each fiscal year-end for the
three (3) year projection period. At such time as an entity is acquired by use
of an Advance, such entity shall, upon the Advance, provided such entity is
organized under the laws of a state or territory of the United States, become a
guarantor of the Loan. Borrower shall cause the new guarantor to secure its
guaranty by a first lien security interest in all of its assets in favor of
Bank. Borrower shall pay all of Bank's reasonable out of pocket expenses
incurred in connection with securing such guaranty, which fees shall, per
occurrence, not exceed $5,000.00 in the aggregate.

          In the event such entity is not organized under the laws of a state or
territory of the United States, Borrower shall at all times own 100% of the
issued and outstanding stock of such entity, including voting stock. Borrower,
at all times during the term of the Loan, shall not transfer and shall continue
to own 100% of the issued and outstanding stock of such entity, including voting
stock. At such time as such entity is acquired by use of an Advance, upon the
Advance, Borrower shall pledge not less than 65% of such entity's voting stock
to Bank. Borrower shall pay all of Bank's reasonable out of pocket fees in
connection with such pledge, which fees shall, per occurrence, not exceed
$5,000.00 in the aggregate.

          Any and all Advances under this Section shall be in an amount not less
than $5,000,000.00.

          (h) New Subsidiary Acquisition Not Acquired by Advances. As to the
acquisition of a subsidiary not otherwise acquired by an Advance under the Loan,
Borrower shall have delivered to Bank: (i) a purchase contract or letter of
intent for the entity being acquired; (ii) two (2) most recent fiscal year-end
financial statements of the entity being acquired; (iii) a consolidating three
(3) year projection of Borrower, its subsidiaries and the entity being acquired;
and (iv) a covenant compliance certification as of each fiscal year-end for the
three (3) year projection period. At such time as an entity is acquired, such
entity shall, within sixty (60) days of said acquisition, provided such entity
is organized under the laws of a state or territory of the United States, become
a guarantor of the Loan. The new guarantor shall secure its guaranty by a first
lien security interest in all of its assets in favor of Bank. Borrower shall pay
all of Bank's reasonable out of pocket expenses incurred in connection with
securing such guaranty, which fees shall, per occurrence, not exceed $5,000.00
in the aggregate.

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          In the event such entity is not organized under the laws of a state or
territory of the United States, Borrower shall at all times own 100% of the
issued and outstanding stock of such entity, including voting stock. Borrower,
at all times during the term of the Loan, shall not transfer and shall continue
to own 100% of the issued and outstanding stock of such entity, including voting
stock. At such time as such non-United States entity is acquired, not otherwise
funded by Advances under the Loan, within sixty (60) days of said acquisition,
Borrower shall pledge not less than 65% of such entity's voting stock to Bank.
Borrower shall pay all of Bank's reasonable out of pocket fees in connection
with such pledge, which fees shall, per occurrence, not exceed $5,000.00 in the
aggregate.

          (i) New Subsidiary Formation Not Funded by Advances. As to the
formation of a new subsidiary not otherwise funded by Advances under the Loan,
at such time as an entity is formed, such entity shall, within sixty (60) days
of said formation, provided such entity is organized under the laws of a state
or territory of the United States, become a guarantor of the Loan. The new
guarantor shall secure its guaranty by a first lien security interest in all of
its assets in favor of Bank. Borrower shall pay all of Bank's reasonable out of
pocket expenses incurred in connection with securing such guaranty, which fees
shall, per occurrence, not exceed $5,000.00 in the aggregate.

          In the event such entity is not organized under the laws of a state or
territory of the United States, Borrower shall at all times own 100% of the
issued and outstanding stock of such entity, including voting stock. Borrower,
at all times during the term of the Loan, shall not transfer and shall continue
to own 100% of the issued and outstanding stock of such entity, including voting
stock. At such time as such non-United States entity is formed, not otherwise
funded by Advances under the Loan, within sixty (60) days of said formation,
Borrower shall pledge not less than 65% of such entity's voting stock to Bank.
Borrower shall pay all of Bank's reasonable out of pocket fees in connection
with such pledge, which fees shall, per occurrence, not exceed $5,000.00 in the
aggregate.

          (j) Further Assurances. Borrower shall have delivered such further
documentation or assurances as Bank may reasonably require.

     4. REPRESENTATIONS AND WARRANTIES. In order to induce Bank to enter into
this Agreement and to make the Loan provided for herein, Borrower makes the
following representations and warranties, all of which shall survive the
execution and delivery of the Loan Documents. Unless otherwise specified, such
representations and warranties shall be deemed made as of the date hereof and as
of the Advance Date of any Advance by Bank to Borrower:

          4.1. Valid Existence and Power. Each of Borrower and each Subsidiary
is a corporation duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization and is duly qualified or licensed
to transact business in all places where the failure to be so qualified would
have a Material Adverse Effect on it. Each of Borrower and each other Person
which is a party to any Loan Document (other than Bank) has the power to make
and perform the Loan Documents executed by it and all such instruments will
constitute the legal, valid and binding obligations of such Person, enforceable
in accordance with their respective terms, subject only to bankruptcy and
similar laws affecting creditors' rights generally. Borrower is organized under
the laws of Delaware and has not changed the jurisdiction of its organization
within the five years preceding the date hereof except as previously reported to
Bank.

          4.2. Authority. The execution, delivery and performance thereof by
Borrower and each other Person (other than Bank) executing any Loan Document
have been duly authorized by all necessary action of such Person, and do not and
will not violate any provision of law or regulation, or any writ, order or
decree of any court or governmental or regulatory authority or agency or any
provision of the governing instruments of such Person, and do not and will not,
with the passage of time or the giving of notice, result in a breach of, or
constitute a default or require any consent under, or result in the creation of
any Lien upon any property or assets of such Person pursuant to, any law,
regulation, instrument or agreement to which any such Person is a party or by
which any such Person or its respective properties may be subject, bound or
affected.

          4.3. Financial Condition. Other than as disclosed in financial
statements delivered on or prior to the date hereof to Bank, neither Borrower
nor any Subsidiary nor (to the knowledge of Borrower) any Guarantor has any
direct or contingent obligations or liabilities (including any guarantees or
leases) or any material unrealized or anticipated losses from any commitments of
such Person except as described on Exhibit 4.3 (if any). All such financial
statements have been prepared in accordance with GAAP and fairly present the
financial condition of Borrower, Subsidiary, Foreign Subsidiary or Guarantor, as
the case may be, as of the date thereof. Borrower is not aware of any material
adverse fact (other than facts which are generally available to the public and
not particular to Borrower, such as general economic or industry trends)
concerning the conditions or future prospects of Borrower or any Subsidiary or
any Foreign Subsidiary or any Guarantor which has not been fully disclosed to
Bank, including any adverse change in the operations or financial condition of
such Person since the date of the most recent financial statements delivered to
Bank. Borrower is Solvent, and after consummation of the transactions set forth
in this Agreement and the other Loan documents, Borrower will be Solvent.

          4.4. Litigation. Except as disclosed on Exhibit 4.4 (if any), there
are no material suits or proceedings pending, or to the knowledge of Borrower
threatened, before any court or by or before any governmental or regulatory
authority, commission, bureau or agency or public regulatory body against or
affecting Borrower, any Subsidiary, any Foreign Subsidiary or (to Borrower's
knowledge) any Guarantor,

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or their assets, which if adversely determined would have a Material Adverse
Effect on the financial condition or business of Borrower, such Subsidiary, such
Foreign Subsidiary or such Guarantor.

          4.5. Agreements, Etc. Neither Borrower nor any Subsidiary nor any
Foreign Subsidiary is a party to any agreement or instrument or subject to any
court order, governmental decree or any charter or other corporate restriction,
adversely affecting its business, assets, operations or condition (financial or
otherwise), nor is any such Person in default in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in any
agreement or instrument to which it is a party, or any law, regulation, decree,
order or the like.

          4.6. Authorizations. All authorizations, consents, approvals and
licenses required under applicable law or regulation for the ownership or
operation of the property owned or operated by Borrower or any Subsidiary or any
Foreign Subsidiary or for the conduct of any business in which it is engaged
have been duly issued and are in full force and effect, and it is not in
default, nor has any event occurred which with the passage of time or the giving
of notice, or both, would constitute a default, under any of the terms or
provisions of any part thereof, or under any order, decree, ruling, regulation,
closing agreement or other decision or instrument of any governmental
commission, bureau or other administrative agency or public regulatory body
having jurisdiction over such Person, which default would have a Material
Adverse Effect on such Person. Except as noted herein, no approval, consent or
authorization of, or filing or registration with, any governmental commission,
bureau or other regulatory authority or agency is required with respect to the
execution, delivery or performance of any Loan Document.

          4.7. Title. Each of Borrower and each Subsidiary and each Foreign
Subsidiary has good title to all of the assets shown in its financial statements
free and clear of all Liens, except Permitted Liens. Borrower alone has full
ownership rights in all Collateral.

          4.8. Collateral. The security interests granted to Bank herein and
pursuant to any other Security Agreement (a) constitute and, as to subsequently
acquired property included in the Collateral covered by the Security Agreement,
will constitute, security interests under the Code entitled to all of the
rights, benefits and priorities provided by the Code and (b) are, and as to such
subsequently acquired Collateral will be, fully perfected, superior and prior to
the rights of all third persons, now existing or hereafter arising, subject only
to Permitted Liens. All of the Collateral is intended for use solely in
Borrower's business.

          4.9. Location. The chief executive office of Borrower where Borrower's
business records are located, all of Borrower's other places of business and any
other places where any Collateral is kept, are all located at the addresses
indicated on Exhibit 4.9. The Collateral is located and shall at all times be
kept and maintained only at Borrower's location or locations as described on
Exhibit 4.9 herein. No such Collateral is attached or affixed to any real
property so as to be classified as a fixture unless Bank has otherwise agreed in
writing. Borrower has not moved its chief executive office within the five (5)
years preceding the date hereof.

          4.10. Taxes. Borrower and each Subsidiary and each Foreign Subsidiary
have filed all federal and state income and other tax returns which are required
to be filed, and have paid all taxes as shown on said returns and all taxes,
including withholding, FICA and ad valorem taxes, shown on all assessments
received by it to the extent that such taxes have become due. Neither Borrower
nor any Subsidiary nor any Foreign Subsidiary is subject to any federal, state
or local tax Liens nor has such Person received any notice of deficiency or
other official notice to pay any taxes. Borrower, each Subsidiary, and each
Foreign Subsidiary have paid all sales and excise taxes payable by it.

          4.11. Labor Law Matters. No goods or services have been or will be
produced by Borrower, any Subsidiary or any Foreign Subsidiary in violation of
any applicable labor laws or regulations or any collective bargaining agreement
or other labor agreements or in violation of any minimum wage, wage-and-hour or
other similar laws or regulations.

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          4.12. Accounts. Each Account, instrument, Chattel Paper and other
writing constituting any portion of the Collateral (a) is genuine and
enforceable in accordance with its terms except for such limits thereon arising
from bankruptcy and similar laws relating to creditors' rights; (b) is not
subject to any deduction or discount (other than as stated in the invoice and
disclosed to Bank), defense, set off, claim or counterclaim of a material nature
against Borrower except as to which Borrower has notified Bank in writing; (c)
is not subject to any other circumstances that would impair the validity,
enforceability or amount of such Collateral except as to which Borrower has
notified Bank in writing; (d) arises from a bona fide sale of goods or delivery
of services in the ordinary course and in accordance with the terms and
conditions of any applicable purchase order, contract or agreement; (e) is free
of all Liens other than Permitted Liens; and (f) is for a liquidated amount
maturing as stated in the invoice therefor.

          4.13. Judgment Liens. Neither Borrower nor any Subsidiary nor any
Foreign Subsidiary, nor any of their assets, are subject to any unpaid judgments
(whether or not stayed) or any judgment liens in any jurisdiction.

          4.14. Subsidiaries. If Borrower has any Subsidiaries or Foreign
Subsidiaries, they are listed on Exhibit 4.14.

          4.15. Environmental. Except as disclosed on Exhibit 4.15, and except
for ordinary and customary amounts of solvents, cleaners and similar materials
used in the ordinary course of Borrower's business and in strict compliance with
all Environmental Laws, neither Borrower, nor to Borrower's best knowledge any
other previous owner or operator of any real property currently owned or
operated by Borrower, has generated, stored or disposed of any Regulated
Material on any portion of such property, or transferred any Regulated Material
from such property to any other location in violation of any applicable
Environmental Laws. Except as disclosed on Exhibit 4.15 to Borrower's best
knowledge, no Regulated Material has been generated, stored or disposed of on
any portion of the real property currently owned or operated by Borrower by any
other Person, or is now located on such property. Except as disclosed on Exhibit
4.15, to Borrower's best knowledge, Borrower is in full compliance with all
applicable Environmental Laws and Borrower has not been notified of any action,
suit, proceeding or investigation which calls into question compliance by
Borrower with any Environmental Laws or which seeks to suspend, revoke or
terminate any license, permit or approval necessary for the generation,
handling, storage, treatment or disposal of any Regulated Material.

          4.16. ERISA. Borrower has furnished to Bank true and complete copies
of the latest annual report required to be filed pursuant to Section 104 of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), with
respect to each employee benefit plan or other plan maintained for employees of
Borrower or any Subsidiary and covered by Title IV of ERISA (a "Plan"), and no
Termination Event (as hereinafter defined) with respect to any Plan has occurred
and is continuing. For the purposes of this Agreement, a "Termination Event"
shall mean a "reportable event" as defined in Section 4043(b) of ERISA, or the
filing of a notice of intent to terminate under Section 4041 of ERISA. Neither
Borrower nor any Subsidiary has any unfunded liability with respect to any such
Plan.

          4.17. Investment Company Act. Neither Borrower nor any Subsidiary is
an "investment company" as defined in the Investment Company Act of 1940, as
amended.

          4.18. Names. Borrower currently conducts all business only under its
legal name as set forth above in the introductory section of this Agreement.
Except as disclosed on Exhibit 4.18, during the preceding five (5) years
Borrower has not (i) been known as or used any other corporate, fictitious or
trade name, (ii) been the surviving entity of a merger or consolidation or (iii)
acquired all or substantially all of the assets of any Person.

          4.19. Insider. Borrower is not, and no Person having "control" (as
that term is defined in 12 U.S.C. ? 375(b)(5) or in regulations promulgated
pursuant thereto) of Borrower is, an "executive officer," "director," or
"principal shareholder" (as those terms are defined in 12 U.S.C. ? 375(b) or in
regulations promulgated pursuant thereto) of Bank, of a bank holding company of
which Bank is a subsidiary, or of any subsidiary of a bank holding company of
which Bank is a subsidiary.

                                       9
<PAGE>

          4.20. Compliance with Covenants; No Default. Borrower is, and upon
funding of the Loan will be, in compliance with all of the covenants hereof. No
Default has occurred, and the execution, delivery and performance of the Loan
Documents and the funding of the Loan will not cause a Default.

          4.21. Full Disclosure. There is no material fact which is known or
which should be known by Borrower that Borrower has not disclosed to Bank which
could have a Material Adverse Effect. No Loan Document, nor any agreement,
document, certificate or statement delivered by Borrower to Bank, contains any
untrue statement of a material fact or omits to state any material fact which is
known or which should be known by Borrower necessary to keep the other
statements from being misleading.

          4.22. Additional Representations. Any additional representations or
warranties set forth on Exhibit 4.22 (if any) hereto are true and correct in all
material respects.

          4.23. Perfection Certificate. All representations, warranties and
statements made by Borrower in the Perfection Certificate executed and delivered
by Borrower to Bank in connection with the Loan are true and correct as of the
date hereof.

          4.24. SFBC New Drug Services, Inc. SFBC New Drug Services, Inc., a
Florida corporation, merged into SFBC Charlotte, Inc., a Florida corporation, as
evidenced by those certain Articles of Merger of SFBC New Drug Services, Inc., a
Florida corporation, filed with the Secretary of State of the State of Florida
on April 4, 2003. SFBC New Drug Services, Inc. was dissolved and is no longer
conducting any business. On April 4, 2003, the surviving entity, as a result of
the merger, SFBC Charlotte, Inc., a Florida corporation changed its name with
the Secretary of State of the State of Florida from SFBC Charlotte, Inc. to SFBC
New Drug Services, Inc., a Florida corporation.

     5. AFFIRMATIVE COVENANTS OF BORROWER. Borrower covenants and agrees that
from the date hereof and until payment in full of the Indebtedness and the
formal termination of this Agreement, Borrower and each Subsidiary:

          5.1. Use of Loan Proceeds. Shall use the proceeds of the Loan only for
general corporation purposes, for the one time only acquisition of certain real
estate located in Miami-Dade County, Florida, and for the acquisition of new
entitles and shall furnish Bank all evidence that it may reasonably require with
respect to such uses.

          5.2. Maintenance of Business and Properties. Shall at all times
maintain, preserve and protect all Collateral and all the remainder of its
material property used or useful in the conduct of its business, and keep the
same in good repair, working order and condition (subject to ordinary wear and
tear), and from time to time make, or cause to be made, all material needful and
proper repairs, renewals, replacements, betterments and improvements thereto so
that the business carried on in connection therewith may be conducted properly
and in accordance with standards generally accepted in businesses of a similar
type and size at all times, and maintain and keep in full force and effect all
licenses and permits necessary to the proper conduct of its business.

          5.3. Insurance. Shall maintain such liability insurance, workers'
compensation insurance, business interruption insurance and casualty insurance
as may be required by law, customary and usual for prudent businesses in its
industry or as may be reasonably required by Bank and shall insure and keep
insured all Collateral and other properties in good and responsible insurance
companies satisfactory to Bank. All hazard insurance covering Collateral shall
be in amounts and shall contain co-insurance and deductible provisions approved
by Bank, shall name and directly insure Bank as secured party and loss payee
under a long-form New York standard loss payee clause acceptable to Bank, or its
equivalent, and shall not be terminable except upon 30 days' written notice to
Bank. Borrower shall maintain professional liability insurance for Borrower and
all domestic subsidiaries in an amount not less than $5,000,000.00 plus an
umbrella policy in an amount not less than $3,000,000.00. Such professional
liability insurance for all foreign subsidiaries shall be in an amount not less
than $3,000,000.00. Borrower shall furnish to Bank copies of all such policies.

                                       10
<PAGE>

          5.4. Notice of Default. Shall provide to Bank immediate notice of (a)
the occurrence of a Default and what action (if any) Borrower is taking to
correct the same, (b) any material litigation or material changes in existing
material litigation or any judgment against it or its assets, (c) any material
damage or loss to property, (d) any notice from taxing authorities as to claimed
deficiencies or any tax lien or any notice relating to alleged ERISA violations,
(e) any Reportable Event, as defined in ERISA, (f) any rejection, return,
offset, dispute, loss or other circumstance having a Material Adverse Effect on
any Collateral, (g) the cancellation or termination of, or any default under,
any material agreement to which Borrower is a party or by which any of its
properties are bound, or any acceleration of the maturity of any Debt of
Borrower; and (h) any loss or threatened loss of material licenses or permits.

          5.5. Inspections. Shall permit upon not less than three business days'
notice to the Borrower, inspections of the Collateral and the records of such
Person pertaining thereto and verification of the Accounts, at such times during
regular business hours, and in such manner as may be reasonably required by Bank
and shall further permit such inspections, reviews and field examinations of its
other records and its properties (with such reasonable frequency and at such
reasonable times as Bank may desire) by Bank as Bank may reasonably deem
necessary or desirable from time to time, but in no event more often than twice
each year provided an Event of Default shall not have occurred or is continuing.
The cost of such field examinations, reviews, verifications and inspections
shall be borne by Borrower with the aggregate costs and expenses of each such
examination not to exceed $5,000.00.

          5.6. Financial Information. Shall maintain books and records in
accordance with GAAP and shall furnish to Bank the following periodic financial
information:

          (a) No Default Certificates. Within forty-five (45) days of the end of
each quarter and within one hundred twenty 120 days of the end of each fiscal
year, a compliance certificate in form satisfactory to Bank and a certificate of
its president or chief financial officer that no Default then exists or if a
Default exists, the nature and duration thereof and Borrower's intention with
respect thereto, and in addition, shall cause Borrower's independent auditors
(if applicable) to submit to Bank, together with its audit report, a statement
that, in the course of such audit, it discovered no circumstances which it
believes would result in a Default or if it discovered any such circumstances,
the nature and duration thereof;

          (b) 10-K Statements. Deliver to Bank, within one hundred twenty (120)
days of the end of Borrower's fiscal year end, Borrower's Form 10-K Statements.

          (c) 10-Q Statements. Deliver to Bank, quarterly within sixty (60) days
of the end of each such period, Borrower's Form 10-Q Statements.

          (d) Other Information. Such other information reasonably requested by
Bank from time to time concerning the business, properties or financial
condition of Borrower, Guarantor and their respective Subsidiaries.

          5.7. Maintenance of Existence and Rights. Borrower and Guarantor will
preserve and maintain its corporate existence, authorities to transact business,
rights and franchises, trade names, patents, trademarks and permits necessary to
the conduct of its business.

          5.8. Payment of Taxes, Etc. Shall pay before delinquent all of its
debts and taxes, except that Bank shall not unreasonably withhold its consent to
nonpayment of taxes being actively contested in accordance with law (provided
that Bank may require bonding or other assurances).

          5.9. Compliance; Hazardous Materials. Shall strictly comply with all
laws, regulations, ordinances and other legal requirements, specifically
including, without limitation, ERISA, all securities laws and all laws relating
to hazardous materials and the environment. Unless approved in writing by Bank,
neither Borrower nor any Subsidiary nor any Foreign Subsidiary shall engage in
the storage, manufacture, disposition, processing, handling, use or
transportation of any hazardous or toxic materials, whether or not in compliance
with applicable laws and regulations.

                                       11
<PAGE>

          5.11. Compliance with Assignment Laws. Shall if required by Bank
comply with the Federal Assignment of Claims Act and any other applicable law
relating to assignment of government contracts.

          5.12. Further Assurances. Shall take such further action and provide
to Bank such further assurances as may be reasonably requested to ensure
compliance with the intent of this Agreement and the other Loan Documents.

          5.13. Covenants Regarding Collateral. Borrower makes the following
covenants with Bank regarding the Collateral:

          (a) Borrower will use the Collateral only in the ordinary course of
its business and will not permit the Collateral to be used in violation of any
applicable law or policy of insurance;

          (b) Borrower, as agent for Bank, will defend the Collateral against
all claims and demands of all Persons, except for Permitted Liens;

          (c) Borrower will, at Bank's request, obtain and deliver to Bank such
waivers as Bank may require waiving the landlord's, mortgagee's or other
lienholder's enforcement rights against the Collateral and assuring Bank's
reasonable access to the Collateral during normal business hours, in exercise of
its rights hereunder;

          (d) Borrower will promptly deliver to Bank all promissory notes,
drafts, trade acceptances, chattel paper, instruments or documents of title
which are Collateral in tangible form, appropriately endorsed to Bank's order,
and Borrower will not create any electronic chattel paper without taking all
steps deemed necessary to confer control of the electronic chattel paper upon
Bank in accordance with the Code;

          (e) Except for sales of Inventory in the ordinary course of business,
Borrower will not sell, assign, lease, transfer, pledge, hypothecate or
otherwise dispose of or encumber any Collateral or any interest therein with a
book value over $1,000,000.00 without the Bank's prior written consent; and

          (f) Borrower shall promptly notify Bank of any future patents,
trademarks or copyrights owned by Borrower and any license agreements entered
into by Borrower authorizing Borrower to use any patents, trademarks or
copyrights owned by third parties.

     6. NEGATIVE COVENANTS OF BORROWER. Borrower covenants and agrees that from
the date hereof and until payment in full of the Indebtedness and the formal
termination of this Agreement, Borrower, each Subsidiary and each Foreign
Subsidiary:

          6.1. Debt. Shall not create or permit to exist any Debt, including any
guaranties or other contingent obligations, except Permitted Debt.

          6.2. Liens. Shall not create or permit any Liens on any of its
property except Permitted Liens.

          6.3. Dividends. Shall not pay or declare any dividends (other than
stock dividends) or other distribution or purchase, redeem or otherwise acquire
any stock or other equity interests (including payments by Borrower from the
"NDS Earn out" and/or the "Clinical Pharmacology Earn out") pay or acquire any
debt subordinate to the Indebtedness unless, after giving effect thereto, there
shall be no Default hereunder and such payment or acquisition is specifically
permitted by Exhibit 6.3 hereto (if any); provided, however, that any Subsidiary
or Foreign Subsidiary may pay dividends to Borrower or another Subsidiary or
Foreign Subsidiary wholly-owned by Borrower.

          6.4. Loans and Other Investments. Shall not make or permit to exist
any advances or loan to, or guarantee or become contingently liable, directly or
indirectly, in connection with the

                                       12
<PAGE>

obligations, leases, stock or dividends of, or own, purchase or make any
commitment to purchase any stock, bonds, notes, debentures or other securities
of, or any interest in, or make any capital contributions to (all of which are
sometimes collectively referred to herein as "Investments") any Person except
for (a) purchases of direct obligations of the federal government, (b) deposits
in commercial banks, (c) commercial paper of any U.S. corporation having the
highest ratings then given by the Moody's Investors Services, Inc. or Standard &
Poor's Corporation, (d) existing investments in Subsidiaries, (e) endorsement of
negotiable instruments for collection in the ordinary course of business, (f)
existing and future investments in municipal bonds, provided municipal bonds are
state obligations and are at least AAA-rated, and (g) advances to employees for
business travel and other expenses incurred in the ordinary course of business
which do not at any time exceed $25,000.00 in the aggregate.

          6.5. Change in Business. Shall not enter into any business which is
substantially different from the business in which it is presently engaged.
Borrower may enter into any business which provides goods and/or services to
pharmaceutical, biotechnology and drug development services companies.

          6.6. Accounts. (a) Shall not sell, assign or discount any of its
Accounts, Chattel Paper or any promissory notes held by it other than the
discount of such Accounts or notes in the ordinary course of business for
collection; and (b) shall notify Bank promptly in writing of any discount,
offset or other deductions not shown on the face of an Account invoice and any
dispute over an Account, and any information relating to an adverse change in
any Account Debtor's financial condition or ability to pay its obligations.

          6.7. Transactions with Affiliates. Shall not directly or indirectly
purchase, acquire or lease any property from, or sell, transfer or lease any
property to, pay any management fees to or otherwise deal with, in the ordinary
course of business or otherwise, any Affiliate (other than a Subsidiary or
Foreign Subsidiary); provided, however, that any acts or transactions prohibited
by this Section may be performed or engaged in (after written notice to Bank) if
upon terms not less favorable to Borrower or such Subsidiary or such Foreign
Subsidiary than if no such relationship existed.

          6.8. No Change in Name, Offices Jurisdiction of Organization; Removal
of Collateral. Shall not, unless it shall have given 60 days' advance written
notice thereof to Bank, (a) change its name or the location of its chief
executive office or other office where books or records are kept, or change the
jurisdiction in which the Borrower is organized, or (b) permit any Inventory or
other tangible Collateral to be located at any location other than as specified
in Section 4.9 the Perfection Certificate.

          6.9. No Sale, Leaseback. Shall not enter into any sale-and-leaseback
or similar transaction.

          6.10. Margin Stock. Shall not use any proceeds of the Loan to purchase
or carry any margin stock (within the meaning of Regulation U of the Board of
Governors of Federal Reserve System) or extend credit to others for the purpose
of purchasing or carrying any margin stock. Notwithstanding the foregoing, for
so long as Borrower is in compliance with the terms and conditions of this
Agreement and after giving effect thereto, there shall be no Default hereunder,
Borrower may continue its scheduled program to buy back up to 750,000 shares of
its common stock.

          6.11. Tangible Collateral. Shall not, except as otherwise provided
herein, allow any Inventory or other tangible Collateral to be commingled with,
or become an accession to or part of, any property of any other Person so long
as such property is Collateral; nor allow any tangible Collateral to become a
fixture unless Bank shall have given its prior written authorization.

          6.12. Change of Ownership. Except in furtherance of an acquisition of
an entity, as permitted under the Note, Borrower shall not, without the prior
written consent of Bank, permit a "change in control" to occur. Within the
foregoing limit, Borrower, any Subsidiary and any Foreign Subsidiary may issue
stock, options and warrants in compliance with existing employment/pension
plans. In no event shall Borrower cease (on a fully diluted basis) to own and
control less than a majority of the voting equity interests of any of Borrower's
Subsidiaries or Foreign Subsidiaries, without the prior written consent of

                                       13
<PAGE>

Bank. For the purposes of this Paragraph, a "change in control" shall mean (i) a
merger or consolidation with or into an entity other than any wholly owned
subsidiary of Borrower whereby Borrower is not the surviving entity; (ii) the
sale of all or substantially all of the assets of Borrower to another entity; or
(iii) a transaction whereby any entity or person not now an executive officer or
director of Borrower becomes, either individually or as part of a group, a
direct beneficial owner of 50.1% (or more) of the stock of Borrower.

          6.13. Use of Additional Name. Shall give Bank thirty (30) days prior
written notice of any new trade or fictitious name. Borrower's use of any trade
or fictitious name shall be in compliance with all laws regarding the use of
such names.

          6.14. Liquidation, Mergers, Consolidations and Dispositions of
Substantial Assets. Shall not dissolve or liquidate, or become a party to any
merger or consolidation, or sell, transfer, lease or otherwise dispose of all or
more than $1,000,000.00, in the aggregate during the term hereof, of its
property or assets or sell or dispose of any equity ownership interests in any
Subsidiary or Foreign Subsidiary except for (a) any merger, consolidation, sale,
transfer, conveyance, lease or assignment of or by any Subsidiary or Foreign
Subsidiary of Borrower with or to any other Subsidiary or Foreign Subsidiary of
Borrower, any purchase or other acquisition by the Borrower or any Subsidiary or
any Foreign Subsidiary of the assets or stock of any other Subsidiary or Foreign
Subsidiary, and sales and dispositions of assets (including the stock of
Subsidiaries and Foreign Subsidiaries) for at least fair market value (as
determined by the board of directors of Borrower) so long as the net book value
of all assets sold or otherwise disposed of in any fiscal year does not exceed
10% of the Tangible Net Worth as of the last day of the preceding fiscal year.
Borrower shall not acquire by acquisition, merger or otherwise, all or a
substantial part of the assets of any Person unless Borrower is in compliance
with the terms and conditions of this Agreement and after giving effect thereto,
there shall be no Default hereunder.

          6.15. Change of Fiscal Year or Accounting Methods. Shall not change
its fiscal year or its accounting methods.

          6.16. Cross-Default. Shall not default in payment or performance of
any obligation under any other loans, contracts, or agreements of Borrower, any
subsidiary or affiliate of Borrower, any general partner of or the holder(s) of
the majority ownership interests of Borrower, with Bank or its affiliates.

          6.17. Guarantees. Guarantee or otherwise become responsible for
obligations of any other person, corporation or entity other than the
endorsement of checks and drafts for collection in the ordinary course of
business for collection.

          6.18. Management. Replace or otherwise remove Lisa Krinsky, M.D.,
and/or Mr. Arnold Hantman from their respective executive positions with the
Borrower.

          6.19. Pledge. Shall not allow any of the stock or assets of any of its
United States Subsidiaries, SFBC CANADA, INC., a federal corporation (Canada) or
Foreign Subsidiaries owned 100% by Borrower to be pledged, sold, or assigned,
directly or indirectly, to any third party without the prior written consent of
Bank, except in the ordinary course of business of such Subsidiary or Foreign
Subsidiary.

     7. OTHER COVENANTS OF BORROWER. Borrower and each Guarantor covenant and
agree that from the date hereof and until payment in full of the Indebtedness
and the formal termination of this Agreement, Borrower and each Guarantor shall
comply with the following additional covenants:

          7.1 Leverage Ratio. Borrower, each Guarantor and each Foreign
Subsidiary shall, at all times, maintain a consolidated aggregate Leverage Ratio
of not more than .75 to 1.0. "Leverage Ratio" shall be measured as the ratio of
aggregate Total Liabilities of the Borrower, Guarantor and Foreign Subsidiary
divided by aggregate Tangible Net Worth of the Borrower, Guarantor and Foreign
Subsidiary and shall be tested quarterly. "Total Liabilities" shall mean the
aggregate of all liabilities of Borrower, Guarantor and Foreign Subsidiarry,
including capitalized leases and all reserves for deferred taxes, and

                                       14
<PAGE>

other deferred sums appearing on the liabilities side of a balance sheet of
Borrower, Guarantor and Foreign Subsidiary, less debt fully subordinated to Bank
on terms and conditions acceptable to Bank, all in accordance with generally
accepted accounting principles applied on a consistent basis. "Tangible Net
Worth" shall mean the aggregate of Borrower's, Guarantor's and Foreign
Subsidiary's total assets minus Total Liabilities. For purposes of this
computation, the aggregate amount of any intangible assets of Borrower,
Guarantor or Foreign Subsidiary including, without limitation, goodwill,
franchises, licenses, patents, trademarks, trade names, copyrights, service
marks, and brand names, shall be subtracted from total assets.

          7.2 Debt Service Coverage Ratio. Borrower, Guarantor and Foreign
Subsidiary shall maintain a Consolidated Debt Service Coverage Ratio of not less
than 3.0 to 1.0, to be calculated annually at each fiscal year-end.
"Consolidated Debt Service Coverage Ratio" means the ratio of the aggregate net
profit of Borrower, Guarantor and Foreign Subsidiary after tax, plus
depreciation and amortization, less, unfinanced capital expenditures, less,
dividends, divided by the paid current portion of long term debt, including
capitalized leases during each period.

          7.3 Tangible Net Worth. Borrower, Guarantor and Foreign Subsidiary
shall, at all times, maintain a Tangible Net Worth of not less than
$100,000,000.00. "Tangible Net Worth" shall mean total assets minus Total
Liabilities. For purposes of this computation, the aggregate amount of any
intangible assets of Borrower, Guarantor and Foreign Subsidiary including,
without limitation, goodwill, franchises, licenses, patents, trademarks, trade
names, copyrights, service marks, and brand names, shall be subtracted from
total assets. "Total Liabilities" shall mean all liabilities of Borrower,
Guarantor and Foreign Subsidiary including capitalized leases and all reserves
for deferred taxes, and other deferred sums appearing on the liabilities side of
a balance sheet and all obligations as lessee under off-balance sheet synthetic
leases of Borrower, Guarantor and Foreign Subsidiary, less debt fully
subordinated to Bank on terms and conditions acceptable to Bank, all in
accordance with generally accepted accounting principles applied on a consistent
basis.

          7.4 Deposit Relationship. Borrower and Guarantor shall maintain its
primary depository account with Bank.

     8. DEFAULT.

          8.1. Events of Default. Each of the following shall constitute an
Event of Default:

          (a) There shall occur any default by Borrower in the payment, when
due, of any principal of or interest on the Note, any amounts due hereunder or
any other Loan Document, or any other Indebtedness and the continuance thereof
for 10 business days; or

          (b) There shall occur any material default by Borrower or any other
party to any Loan Document (other than Bank) in the performance of any
agreement, covenant or obligation contained in this Agreement or such Loan
Document not provided for elsewhere in this Section 8 which default shall
continue for a period of more than 10 business days; or

          (c) Any representation or warranty made by Borrower or any other party
to any Loan Document (other than Bank) herein or therein or in any certificate
or report furnished in connection herewith or therewith shall prove to have been
untrue or incorrect in any material respect when made; or

          (d) Any other obligation now or hereafter owed by Borrower or any
Subsidiary or Guarantor or any Foreign Subsidiary to Bank shall be in default
and not cured within the grace period, if any, provided therein; or

          (e) Borrower or any Subsidiary or any Foreign Subsidiary or Guarantor
shall (A) voluntarily dissolve, liquidate or terminate operations or apply for
or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of such Person or of all or of a substantial
part of its assets, (B) admit in writing its inability, or be generally unable,
to pay its debts as

                                       15
<PAGE>

the debts become due, (C) make a general assignment for the benefit of its
creditors, (D) commence a voluntary case under the federal Bankruptcy Code (as
now or hereafter in effect), (E) file a petition seeking to take advantage of
any other law relating to bankruptcy, insolvency, reorganization, winding-up, or
composition or adjustment of debts, (F) fail to controvert in a timely and
appropriate manner, or acquiesce in writing to, any petition filed against it in
an involuntary case under Bankruptcy Code, or (G) take any corporate action for
the purpose of effecting any of the foregoing; or

          (f) An involuntary petition or complaint shall be filed against
Borrower or any Subsidiary or any Foreign Subsidiary or any Guarantor seeking
bankruptcy relief or reorganization or the appointment of a receiver, custodian,
trustee, intervenor or liquidator of Borrower or any Subsidiary or any Foreign
Subsidiary or any Guarantor, of all or substantially all of its assets, and such
petition or complaint shall not have been dismissed within ninety (90) days of
the filing thereof; or an order, order for relief, judgment or decree shall be
entered by any court of competent jurisdiction or other competent authority
approving or ordering any of the foregoing actions;

          (g) There shall occur any material loss, theft, damage or destruction
of any of the Collateral, which loss is not insured within commercially
reasonable limits; or

          (h) A judgment in excess of $10,000.00 shall be rendered against the
Borrower or any Subsidiary or any Foreign Subsidiary or Guarantor and shall
remain undischarged, undismissed and unstayed for more than 30 days (except
judgments validly covered by cash or a bond with a deductible of not more than
$100,000.00) after the filing of such judgment or there shall occur any levy
upon, or attachment, garnishment or other seizure of, any material portion of
the Collateral or other assets of Borrower, any Subsidiary, any Foreign
Subsidiary or any Guarantor by reason of the issuance of any tax levy, judicial
attachment or garnishment or levy of execution in an amount in excess of
$100,000.00 which levy, attachment, garnishment or seizure shall remain
undischarged, undismissed, undissolved or unstayed for more than 30 days after
the entry of the same; or

          (i) Borrower, any Subsidiary, any Foreign Subsidiary or any Guarantor
shall fail to pay, on demand, any returned or dishonored draft, check, or other
item which has been deposited to the Collections Account or the Demand Deposit
Account or otherwise presented to Bank and for which Borrower has received
provisional credit; or

          (j) Any Guarantor shall repudiate or revoke any Guaranty Agreement; or

          (k) Loss, theft, damage or destruction of any material portion of the
tangible Collateral for which there is either no insurance coverage or for
which, in the reasonable opinion of Bank, there is insufficient insurance
coverage; or

          (l) There shall occur any change in the condition (financial or
otherwise) of Borrower and/or any Guarantor which, in the reasonable opinion of
Bank, could have a Material Adverse Effect;

          (m) The death of the holder of the majority ownership interests of
Borrower; or

          (n) Borrower or any Subsidiary or any Foreign Subsidiary shall suffer
a material change in ownership or a "change in control" as set forth in Section
6.12; or

          (o) There shall occur any default by Borrower or any Affiliates in the
payment or performance of any Real Estate Loan Document now or hereafter entered
into.

          8.2. Remedies. If any Default shall occur, Bank may, without notice to
Borrower, at its option, withhold further Advances to Borrower. If an Event of
Default shall have occurred and be continuing, Bank may at its option take any
or all of the following actions:

          (a) Bank may declare any or all Indebtedness to be immediately due and
payable (if not earlier demanded), terminate its obligation to make Advances to
Borrower, bring suit against Borrower to collect the Indebtedness, exercise any
remedy available to Bank hereunder or at law and take any action

                                       16
<PAGE>

or exercise any remedy provided herein or in any other Loan Document or under
applicable law. No remedy shall be exclusive of other remedies or impair the
right of Bank to exercise any other remedies.

          (b) Without waiving any of its other rights hereunder or under any
other Loan Document, Bank shall have all rights and remedies of a secured party
under the Code (and the Uniform Commercial Code of any other applicable
jurisdiction) and such other rights and remedies as may be available hereunder,
under other applicable law or pursuant to contract. If requested by Bank,
Borrower will promptly assemble the Collateral and make it available to Bank at
Borrower's or Guarantor's place of business, as the case may be. Borrower agrees
that any notice by Bank of the sale or disposition of the Collateral or any
other intended action hereunder, whether required by the Code or otherwise,
shall constitute reasonable notice to Borrower if the notice is sent to Borrower
by receipted federal express or other overnight courier service, first morning
delivery, at least five days before the action to be taken. Borrower shall be
liable for any deficiencies in the event the proceeds of the disposition of the
Collateral do not satisfy the Indebtedness in full.

          (c) Bank may demand, collect and sue for all amounts owed pursuant to
Accounts, General Intangibles, Chattel Paper or for proceeds of any Collateral
(either in Borrower's name or Bank's name at the latter's option), with the
right to enforce, compromise, settle or discharge any such amounts.

          8.3. Receiver. In addition to any other remedy available to it, Bank
shall have the absolute right, upon the occurrence of an Event of Default (after
the expiration of Borrower's right to cure, if any), to seek and obtain the
appointment of a receiver to take possession of and operate and/or dispose of
the business and assets of Borrower and any costs and expenses incurred by Bank
in connection with such receivership shall bear interest at the Default Rate, at
Bank's option, and shall be secured by all Collateral.

          8.4. Deposits; Insurance. After the occurrence of an Event of Default,
Borrower authorizes Bank to collect and apply against the Indebtedness when due
any cash or deposit accounts in its possession, and any refund of insurance
premiums or any insurance proceeds payable on account of the loss or damage to
any of the Collateral and irrevocably appoints Bank as its attorney-in-fact to
endorse any check or draft or take other action necessary to obtain such funds.

     9. SECURITY AGREEMENT.

          9.1. Security Interest.

          (a) As security for the payment and performance of any and all of the
Indebtedness and the performance of all other obligations and covenants of
Borrower hereunder and under the other Loan Documents, certain or contingent,
now existing or hereafter arising, which are now, or may at any time or times
hereafter be owing by Borrower to Bank, Borrower hereby pledges to Bank and
gives Bank a continuing security interest in and general Lien upon and right of
set-off against, all right, title and interest of Borrower in and to the
Collateral, whether now owned or hereafter acquired by Borrower.

          (b) Except as herein or by applicable law otherwise expressly
provided, Bank shall not be obligated to exercise any degree of care in
connection with any Collateral in its possession, to take any steps necessary to
preserve any rights in any of the Collateral or to preserve any rights therein
against prior parties, and Borrower agrees to take such steps. In any case Bank
shall be deemed to have exercised reasonable care if it shall have taken such
steps for the care and preservation of the Collateral or rights therein whether
Borrower may have reasonably requested Bank to take such actions or not;
however, Bank's omission to take any action requested by Borrower shall not be
deemed a failure to exercise reasonable care. No segregation or specific
allocation by Bank of specified items of Collateral against any liability of
Borrower shall waive or affect any security interest in or Lien against other
items of Collateral or any of Bank's options, powers or rights under this
Agreement or otherwise arising.

          (c) Following the occurrence of an Event of Default (after the
expiration of Borrower's right to cure, if any), Bank may thereafter at any time
and from time to time, with notice to Borrower, (i) transfer into the name of
Bank or the name of Bank's nominee any of the Collateral, (ii) notify any

                                       17
<PAGE>

Account Debtor or other obligor of any Collateral to make payment thereon direct
to Bank of any amounts due or to become due thereon and (iii) receive and after
a Default direct the disposition of any proceeds of any Collateral.

     9.2. Net Cash Position

          (a) Until the earlier of (i) notification by Bank to Borrower or (ii)
the occurrence of a Default, all collected balances held in the Collections
Account shall be considered in calculating the Net Cash Position.

          (b) Upon the earlier of (i) notification by Bank to Borrower or (ii)
the occurrence of a Default, in Bank's sole discretion, all collected balances
held in the Collections Account shall not be considered in calculating the Net
Cash Position.

          9.3. Power of Attorney. Borrower authorizes Bank at Borrower's expense
to file any financing statements relating to the Collateral (without Borrower's
signature thereon) which Bank deems appropriate and Borrower irrevocably
appoints Bank as its attorney-in-fact to execute any such financing statements
and/or control agreements in Borrower's name and to perform all other acts, at
Borrower's expense, which Bank deems appropriate to perfect and to continue
perfection of the security interest of Bank. Borrower hereby appoints Bank as
Borrower's attorney-in-fact to endorse, present and collect on behalf of
Borrower and in Borrower's name any draft, checks or other documents necessary
or desirable to collect any amounts which Borrower may be owed. Following the
occurrence of an Event of Default (after the expiration of Borrower's right to
cure, if any) Bank is hereby granted a license or other right to use, without
charge, Borrower's labels, patents, copyrights, rights of use of any name, trade
secrets, trade names, trademarks and advertising matter, or any Property of a
similar nature, as it pertains to the Collateral, in advertising for sale and
selling any Collateral, and Borrower's rights under all licenses and all
franchise agreements shall inure to Bank's benefit. The proceeds realized from
the sale or other disposition of any Collateral may be applied, after allowing
two (2) Business Days for collection, first to the reasonable costs, expenses
and reasonable attorneys' fees and expenses incurred by Bank for collection and
for acquisition, completion, protection, removal, storage, sale and delivering
of the Collateral; secondly, to interest due upon any of the Indebtedness; and
thirdly, to the principal amount of the Indebtedness. If any deficiency shall
arise, Borrower and each Guarantor shall remain jointly and severally liable to
Bank therefor.

          9.4. Entry. Borrower hereby irrevocably consents to any act by Bank or
its agents in entering upon any premises during normal business hours, upon
reasonable notice, but in no event more often than twice annually provided that
an Event of Default has not occurred or is continuing, for the purposes of
either (i) inspecting the Collateral or (ii) following the occurrence of an
Event of Default (after the expiration of Borrower's right to cure, if any)
taking possession of the Collateral and Borrower hereby waives its right to
assert against Bank or its agents any claim based upon trespass or any similar
cause of action for entering upon any premises where the Collateral may be
located.

          9.5. Other Rights. After an Event of Default has occurred and after
expiration of any cure period, Borrower authorizes Bank without affecting
Borrower's obligations hereunder or under any other Loan Document from time to
time (i) to take from any party and hold additional Collateral or guaranties for
the payment of the Indebtedness or any part thereof, and to exchange, enforce or
release such collateral or guaranty of payment of the Indebtedness or any part
thereof and to release or substitute any endorser or guarantor or any party who
has given any security interest in any collateral as security for the payment of
the Indebtedness or any part thereof or any party in any way obligated to pay
the Indebtedness or any part thereof; and (ii) upon the occurrence of any Event
of Default to direct the manner of the disposition of the Collateral and the
enforcement of any endorsements, guaranties, letters of credit or other security
relating to the Indebtedness or any part thereof as Bank in its sole discretion
may determine.

          9.6. Accounts. Following the occurrence of an Event of Default (after
the expiration of Borrower's right to cure, if any), Bank may notify any Account
Debtor of Bank's security interest and may direct such Account Debtor to make
payment directly to Bank for application against the

                                       18
<PAGE>

Indebtedness. Any such payments received by or on behalf of Borrower at any
time, whether before or after default, shall be the property of Bank, shall be
held in trust for Bank and not commingled with any other assets of any Person
(except to the extent they may be commingled with other assets of Borrower in an
account with Bank) and shall be immediately delivered to Bank in the form
received. Bank shall have the right to apply any proceeds of Collateral to such
of the Indebtedness as it may determine.

          9.7. Waiver of Marshaling. Following the occurrence of an Event of
Default (after the expiration of Borrower's right to cure, if any) Borrower
hereby waives any right it may have to require marshaling of its assets.

          9.8 Control. Borrower will cooperate with Bank in obtaining control
of, or control agreements with respect to, Collateral for which control or a
control agreement is required for perfection of the Bank's security interest
under the Code.

     10. MISCELLANEOUS.

          10.1. No Waiver, Remedies Cumulative. No failure on the part of Bank
to exercise, and no delay in exercising, any right hereunder or under any other
Loan Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative
and are in addition to any other remedies provided by law, any Loan Document or
otherwise.

          10.2. Survival of Representations. All representations and warranties
made herein shall survive the making of the Loan hereunder and the delivery of
the Note, and shall continue in full force and effect so long as any
Indebtedness is outstanding, there exists any commitment by Bank to Borrower,
and until this Agreement expires in accordance with its terms.

          10.3. Indemnity By Borrower; Expenses. In addition to all other
Indebtedness, Borrower agrees to defend, protect, indemnify and hold harmless
Bank and its Affiliates and all of their respective officers, directors,
employees, attorneys, consultants and agents from and against any and all
losses, damages, liabilities, obligations, penalties, fees, costs and expenses
(including, without limitation, reasonable attorneys' and paralegals' fees,
costs and expenses) incurred by such indemnitees, whether prior to or from and
after the date hereof, as a result of or arising from or relating to (i) the due
diligence effort (including, without limitation, public record search, recording
fees, examinations and investigations of the properties of Borrower and
Borrower's operations), negotiation, preparation, execution and/or performance
of any of the Loan Documents or of any document executed in connection with the
transactions contemplated thereby and the perfection of Bank's Liens in the
Collateral, maintenance of the Loan by Bank, and any and all amendments,
modifications, and supplements of any of the Loan Documents or restructuring of
the Indebtedness, (ii) any suit, investigation, action or proceeding by any
Person (other than Borrower), whether threatened or initiated, asserting a claim
for any legal or equitable remedy against any Person under any statute,
regulation or common law principle, arising from or in connection with Bank's
furnishing of funds to Borrower under this Agreement, (iii) Bank's preservation,
administration and enforcement of its rights under the Loan Documents and
applicable law, including the reasonable fees and disbursements of counsel for
Bank in connection therewith, whether suit be brought or not and whether
incurred at trial or on appeal, and all costs of repossession, storage,
disposition, protection and collection of Collateral, (iv) periodic field exams,
audits and appraisals performed by Bank and/or (v) any matter relating to the
financing transactions contemplated by the Loan Documents or by any document
execution in connection with the transactions contemplated thereby, other than
for such loss, damage, liability, obligation, penalty, fee, cost or expense
arising from such indemnitee's gross negligence or willful misconduct. If
Borrower should fail to pay any tax or other amount required by this Agreement
to be paid or which may be reasonably necessary to protect or preserve any
Collateral or Borrower's or Bank's interests therein, Bank may make such payment
and the amount thereof shall be payable on demand, shall bear interest at the
Default Rate from the date of demand until paid and shall be deemed to be
Indebtedness entitled to the benefit and security of the Loan Documents. In
addition, Borrower agrees to pay and save Bank harmless against any liability
for payment of any state documentary stamp taxes, intangible taxes or similar
taxes (including interest or penalties, if any) which may now or hereafter be
determined to be payable in respect to the execution, delivery or recording of

                                       19
<PAGE>

any Loan Document or the making of any Advance, whether originally thought to be
due or not, and regardless of any mistake of fact or law on the part of Bank or
Borrower with respect to the applicability of such tax. Borrower's obligation
for indemnification for all of the foregoing losses, damages, liabilities,
~obligations, penalties, fees, costs and expenses of Bank shall be part of the
Indebtedness, secured by the Collateral, chargeable against Borrower's loan
account, and shall survive termination of this Agreement.

          10.4. Notices. Any notice or other communication hereunder under the
Note to any party hereto or thereto shall be by hand delivery, overnight
delivery, facsimile, telegram, telex or registered or certified mail and unless
otherwise provided herein shall be deemed to have been given or made when
delivered, telegraphed, telexed, faxed or three (3) Business Days after having
been deposited in the mails, postage prepaid, addressed to the party at its
address specified below (or at any other address that the party may hereafter
specify to the other parties in writing):

        Bank:              Commercial Notices
                           Wachovia Bank, National Association
                           Mail Code VA7391
                           P.O. Box 13327
                           Roanoke, Virginia 24001

        With a copy to:    Wachovia Bank, National Association
                           200 S. Biscayne Boulevard, 15th Floor
                           Miami, Florida 33131
                           Attn: Daniel N. Gonzalez

        Borrower:          SFBC International, Inc.
                           11190 Biscayne Boulevard
                           North Miami, Florida 33181
                           Attn: David Natan

          10.5. Governing Law. This Agreement and the Loan Documents shall be
deemed contracts made under the laws of the State of the Jurisdiction and shall
be governed by and construed in accordance with the laws of said state
(excluding its conflict of laws provisions if such provisions would require
application of the laws of another jurisdiction) except insofar as the laws of
another jurisdiction may, by reason of mandatory provisions of law, govern the
perfection, priority and enforcement of security interests in the Collateral.

          10.6. Successors and Assigns. This Agreement shall be binding upon and
shall inure to the benefit of Borrower and Bank, and their respective successors
and assigns; provided, that Borrower may not assign any of its rights hereunder
without the prior written consent of Bank, and any such assignment made without
such consent will be void.

          10.7. Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original and all of
which when taken together shall constitute but one and the same instrument.

          10.8. No Usury. Regardless of any other provision of this Agreement,
the Note or in any other Loan Document, if for any reason the effective interest
should exceed the maximum lawful interest, the effective interest shall be
deemed reduced to, and shall be, such maximum lawful interest, and (i) the
amount which would be excessive interest shall be deemed applied to the
reduction of the principal balance of the Note and not to the payment of
interest, and (ii) if the loan evidenced by the Note has been or is thereby paid
in full, the excess shall be returned to the party paying same, such application
to the principal balance of the Note or the refunding of excess to be a complete
settlement and acquittance thereof.

                                       20
<PAGE>

          10.9. Powers. All powers of attorney granted to Bank are coupled with
an interest and are irrevocable.

          10.10. Approvals. If this Agreement calls for the approval or consent
of Bank, such approval or consent may be given or withheld in the reasonable
discretion of Bank unless otherwise specified herein.

          10.11. LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES. EACH OF
THE PARTIES HERETO, INCLUDING BANK BY ACCEPTANCE HEREOF, AGREES THAT IN ANY
JUDICIAL, MEDIATION OR ARBITRATION PROCEEDING OR ANY CLAIM OR CONTROVERSY
BETWEEN OR AMONG THEM (A "DISPUTE") THAT MAY ARISE OUT OF OR BE IN ANY WAY
CONNECTED WITH THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY OTHER AGREEMENT OR
DOCUMENT BETWEEN OR AMONG THEM OR THE INDEBTEDNESS AND OBLIGATIONS EVIDENCED
HEREBY OR RELATED HERETO, IN NO EVENT SHALL ANY PARTY HAVE A REMEDY OF, OR BE
LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR (2)
PUNITIVE OR EXEMPLARY DAMAGES. EACH OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY
RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE
IN THE FUTURE IN CONNECTION WITH ANY DISPUTE, WHETHER THE DISPUTE IS RESOLVED BY
ARBITRATION, MEDIATION, JUDICIALLY OR OTHERWISE.

          10.12 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW,
EACH OF BORROWER BY EXECUTION HEREOF AND BANK BY ACCEPTANCE HEREOF, KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT EACH MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY AGREEMENT CONTEMPLATED TO BE
EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY WITH
RESPECT HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT TO BANK TO ENTER INTO
AND ACCEPT THIS AGREEMENT. EACH OF THE PARTIES AGREES THAT THE TERMS HEREOF
SHALL SUPERSEDE AND REPLACE ANY PRIOR AGREEMENT RELATED TO ARBITRATION OF
DISPUTES BETWEEN THE PARTIES CONTAINED IN ANY LOAN DOCUMENT OR ANY OTHER
DOCUMENT OR AGREEMENT HERETOFORE EXECUTED IN CONNECTION WITH, RELATED TO OR
BEING REPLACED, SUPPLEMENTED, EXTENDED OR MODIFIED BY, THIS AGREEMENT.

          10.13. Participations. Bank shall have the right to enter into one or
more participation with other lenders with respect to the Indebtedness. Upon
prior notice to Borrower of such participation, Borrower shall thereafter
furnish to such participant any information furnished by Borrower to Bank
pursuant to the terms of the Loan Documents. Nothing in this Agreement or any
other Loan Document shall prohibit Bank from pledging or assigning this
Agreement and Bank's rights under any of the other Loan Documents, including
collateral therefor, to any Federal Reserve Bank in accordance with applicable
law.

          10.14. Dealings with Multiple Borrowers. If more than one Person is
named as Borrower hereunder, all Indebtedness, representations, warranties,
covenants and indemnities set forth in the Loan Documents to which such Person
is a party shall be joint and several. Bank shall have the right to deal with
any individual of any Borrower with regard to all matters concerning the rights
and obligations of Bank hereunder and pursuant to applicable law with regard to
the transactions contemplated under the Loan Documents. All actions or inactions
of the officers, managers, members and/or agents of any Borrower with regard to
the transactions contemplated under the Loan Documents shall be deemed with full
authority and binding upon all Borrowers hereunder. Each Borrower hereby
appoints each other Borrower as its true and lawful attorney-in-fact, with full
right and power, for purposes of exercising all rights of such Person hereunder
and under applicable law with regard to the transactions contemplated under the
Loan Documents. The foregoing is a material inducement to the agreement of Bank
to enter into the terms hereof and to consummate the transactions contemplated
hereby.

                                       21
<PAGE>

          10.15. Waiver of Certain Defenses. To the fullest extent permitted by
applicable law, upon the occurrence of any Event of Default, neither Borrower
nor anyone claiming by or under Borrower will claim or seek to take advantage of
any other law requiring Bank to attempt to realize upon any Collateral or
collateral of any surety or guarantor, or any appraisement, evaluation, stay,
extension, homestead, redemption or exemption laws now or hereafter in force in
order to prevent or hinder the enforcement of this Agreement. Borrower, for
itself and all who may at any time claim through or under Borrower, hereby
expressly waives to the fullest extent permitted by law the benefit of all such
laws. All rights of Bank and all obligations of Borrower hereunder shall be
absolute and unconditional irrespective of (i) any change in the time, manner or
place of payment of, or any other term of, all or any of the Indebtedness, or
any other amendment or waiver of or any consent to any departure from any
provision of the Loan Documents, (ii) any exchange, release or non-perfection of
any other collateral given as security for the Indebtedness, or any release or
amendment or waiver of or consent to departure from any guaranty for all or any
of the Indebtedness, or (iii) any other circumstance which might otherwise
constitute a defense available to, or a discharge of, Borrower or any third
party, other than payment and performance in full of the Indebtedness.

          10.16. Other Provisions. Any other or additional terms and conditions
set forth in Exhibit 10.16 (if any) are hereby incorporated herein.

          10.17. Second Amended and Restated Credit and Security Agreement. This
Second Amended and Restated Credit and Security Agreement amends, restates,
supersedes and replaces in its entirely that certain Amended and Restated Credit
and Security Agreement dated as of July 30, 2003, as amended by that certain
First Amendment to Amended and Restated Credit and Security Agreement dated as
of October 14, 2003 (as amended, the "Amended and Restated Security Agreement"),
which Amended and Restated Security Agreement amended and restated that certain
Credit and Security Agreement dated September 16, 2002 (the "Original Security
Agreement"). Should there by any conflict between any of the terms of this
Second Amended and Restated Credit and Security Agreement, the Amended and
Restated Security Agreement and the Original Security Agreement, the terms of
this Second Amended and Restated Credit and Security Agreement shall control.
The execution and delivery of this Second Amended and Restated Credit and
Security Agreement shall not create a novation of any previous or existing lien.
Borrower acknowledges, represents and confirms to Bank that: (i) the lien
priority of this Second Amended and Restated Security Agreement with respect to
the property secured by the Original Security Agreement shall relate back to the
filing date of that certain UCC-1 Financing Statement filed with the Secretary
of State of Delaware on September 19, 2002, under File No. 22412769, and (ii)
there are no defenses, set-offs, counterclaims, cross-actions or equities in
favor of Borrower to or against the enforcement of the Note, or any other
document heretofore executed in connection with the Loan.

            [EXECUTIONS AND ACKNOWLEDGMENTS APPEAR ON FOLLOWING PAGE]

                                       22
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the day and year first above written.

                           BORROWER:

                           SFBC INTERNATIONAL, INC., a Delaware corporation

                           By: /s/ David Natan
                               -------------------------------------------------
                               David Natan, Vice President and CFO

                           GUARANTOR:

                           SOUTH FLORIDA KINETICS, INC., a Florida corporation,
                           d/b/a SOUTH FLORIDA BIOAVAILABILITY CLINIC

                           By: /s/ David Natan
                               -------------------------------------------------
                               David Natan, Vice President

                           SFBC FT. MYERS, INC., a Florida corporation

                           By: /s/ David Natan
                               -------------------------------------------------
                               David Natan, Vice President

                           SFBC ANALYTICAL LABORATORIES, INC.,
                           a Florida corporation

                           By: /s/ David Natan
                               -------------------------------------------------
                               David Natan, Vice President

                           SFBC NEW DRUG SERVICES, INC., a Florida corporation,
                           f/k/a SFBC CHARLOTTE, INC.

                           By: /s/ David Natan
                               -------------------------------------------------
                               David Natan, Vice President

                           CLINICAL PHARMACOLOGY INTERNATIONAL, INC.,
                           a Florida corporation

                           By: /s/ David Natan
                               -------------------------------------------------
                               David Natan, Vice President

                           BANK:

                           WACHOVIA BANK, NATIONAL ASSOCIATION

                           By: /s/ Bruce Roland                           (SEAL)
                               -------------------------------------------------
                                    Bruce Roland, Senior Vice President

<PAGE>

STATE OF FLORIDA           )
                           )ss:
COUNTY OF BROWARD          )

     The foregoing instrument was acknowledged before me this _____ day of
February, 2004, by David Natan, as (i) the Vice President and CFO of SFBC
INTERNATIONAL, INC., a Delaware corporation; (ii) the Vice President of SOUTH
FLORIDA KINETICS, INC., a Florida corporation, d/b/a SOUTH FLORIDA
BIOAVAILABILITY CLINIC; (iii) the Vice President of SFBC FT. MYERS, INC., a
Florida corporation; (iv) the Vice President of SFBC ANALYTICAL LABORATORIES,
INC., a Florida corporation; (v) the Secretary of SFBC NEW DRUG SERVICES, INC.,
a Florida corporation, f/k/a SFBC CHARLOTTE, INC.; and (vi) the Vice President
of CLINICAL PHARMACOLOGY INTERNATIONAL, INC., a Florida corporation, on behalf
of each corporation. Such individual is personally known to me or produced
_______________ as identification.

                                         Print or Stamp Name:___________________
                                         Notary Public, State of Florida
                                         Commission Number:_____________________
                                         My Commission Expires:_________________

STATE OF FLORIDA           )
                           )ss:
COUNTY OF MIAMI-DADE       )

     The foregoing instrument was acknowledged before me this _____ day of
February, 2004, by Bruce Roland, as Senior Vice President of WACHOVIA BANK,
NATIONAL ASSOCIATION, on behalf of the bank. Such individual is personally known
to me or produced _______________ as identification.

                                         Print or Stamp Name:___________________
                                         Notary Public, State of Florida
                                         Commission Number:_____________________
                                         My Commission Expires:_________________

<PAGE>

                              SCHEDULE OF EXHIBITS

         (If any exhibit is omitted, the information called for therein
                 shall be considered "None" or "Not Applicable")

<TABLE>
<CAPTION>
         Exhibit              Section Reference                              Title
         -------              -----------------                              -----

<S>                           <C>                                          <C>
           1                  1    ("Definitions")                         Definitions
           1.1A               1.1 ("Collateral")                           Additional Collateral
           1.1C               1.1 ("Permitted Debt")                       Permitted Debt
           1.1D               1.1 ("Permitted Liens")                      Permitted Liens
           3.1                3.1(b)(vii) ("Supporting Documents")         Perfection Certificate
           4.3                4.3 ("Financial Condition")                  Contingent Liabilities
           4.4                4.4 ("Litigation")                           Litigation
           4.9                4.9"Location")                               Offices of Borrower
           4.14               4.14 ("Subsidiaries")                        List of Subsidiaries
           4.15               4.15 ("Environmental")                       Environmental Disclosures
           4.18               4.18 ("Names")                               Names; Mergers; Acquisitions
           4.22               4.22 ("Additional Representations")          Additional Representations
           6.3                6.3 ("Dividends")                            Permitted Dividends and
                                                                           Distributions
           10.16              10.16 ("Other Provisions")                   Additional Terms

</TABLE>
                                       25

<PAGE>

                                    EXHIBIT 1

                                   DEFINITIONS

1.1 DEFINED TERMS:

     "Account" has the meaning set forth in the Code, together with any
guaranties, letters of credit, Letter-of-Credit Right, and other security
therefore, including Supporting Obligations.

     "Account Debtor" means a Person who is obligated under any Account, Chattel
Paper, General Intangible or instrument (as instrument is defined in the Code).

     "Advance" means an advance of proceeds of the Loan to Borrower or the
issuance of a letter of credit on behalf of Borrower pursuant to this Agreement.

     "Advance Date" means the date on which an Advance is made.

     "Advance Request" means the written request for an Advance under the Loan
as identified in Subsection 2.5(a) hereof and shall also include presentments
triggering an automatic Advance under the Services Agreement.

     "Affiliate" of a Person means (a) any Person directly or indirectly owning
5% or more of the voting stock or rights of such named Person or of which the
named Person owns 5% or more of such voting stock or rights; (b) any Person
controlling, controlled by or under common control with such named Person; (c)
any officer, director or employee of such named Person or any Affiliate of the
named Person; and (d) any family member of the named Person or any Affiliate of
such named Person.

     "Arbitration Rules" has the meaning set forth in Section 10.11.

     "Business Day" means a weekday on which commercial banks are open for
business in Miami, Florida.

     "Chattel Paper" has the meaning set forth in the Code, including Electronic
Chattel Paper, together with any guaranties, letters of credit, Letter-of-Credit
Right, and other security therefore, including Supporting Obligations.

     "Code" means the Uniform Commercial Code, as presently and hereafter
enacted in the Jurisdiction. Any term used in this Agreement and in any
financing statement filed in connection herewith which is defined in the Code
and not otherwise defined in this Agreement or in any other Loan Document has
the meaning given to the term in the Code. Any such term relating to the
description of Collateral may be defined in one or both of (a) the version of
Article 9 of the Code as enacted and in effect in the Jurisdiction on the date
of this Agreement, or (b) the revised version of Article 9 of the Code
(substantially in the form of Revised Article 9 (2000 Revision) promulgated by
the National Conference of Commissioners on Uniform State Laws and the American
Law Institute) ("Revised Article 9") enacted and in force in the Jurisdiction at
any relevant future time. If terms defining items or classes of Collateral
change or are added as a result of the enactment of Revised Article 9 in the
Jurisdiction, the meaning to be ascribed to any such term with respect to any
particular item or class of Collateral hereunder and to the interpretation
thereof after the date of such enactment shall be (i) if such term is defined in
both versions of Article 9 and such definitions differ, the broader or more
encompassing of the two definitions regardless of duplication, and (ii) if such
term is defined under only one of the versions of Article 9, the definition in
that version. Except for the filing of registrations in Canada to secure that
portion of Borrower's Collateral located in Canada, the term "Code" shall not
mean or refer to any similar law(s) enacted or in force in Canada or any
province or any other governmental subdivision.

                                       26
<PAGE>

     "Collateral" means the following property of Borrower, wherever located and
whether now owned by Borrower or hereafter acquired: (a) all Inventory; (b) all
General Intangibles; (c) all Accounts and Chattel Paper and any other instrument
or intangible representing payment for goods or services; (d) all Equipment; (e)
all investment property (as defined in the Code); (f) any other collateral
described in Exhibit 1.1A hereto (if any) or in which Bank may be hereafter
granted a security interest or Lien; (g) all funds in the Demand Deposit
Account, the Collections Account or otherwise on deposit with or under the
control of Bank or its agents or correspondents; (h) any Stock Pledge; and (i)
all parts, replacements, substitutions, profits, products and cash and non-cash
proceeds and Supporting Obligations of any of the foregoing (including insurance
proceeds payable by reason of loss or damage thereto) in any form and wherever
located. Collateral shall include all written or electronically recorded books
and records relating to any such Collateral and other rights relating thereto.

     "Collections Account" means the controlled disbursement account maintained
at Bank to which collections, deposits and other payments on or with respect to
Collateral are made pursuant to the terms hereof, to which only Bank shall have
access.

     "Debt" means all liabilities of a Person as determined under GAAP and all
obligations which such Person has guaranteed or endorsed or is otherwise
secondarily or jointly liable for, and shall include, without limitation (a) all
obligations for borrowed money or purchased assets, (b) obligations secured by
assets whether or not any personal liability exists, (c) the capitalized amount
of any capital or finance lease obligations, (d) the unfunded portion of pension
or benefit plans or other similar liabilities, (e) obligations as a general
partner, (f) contingent obligations pursuant to guaranties, endorsements,
letters of credit and other secondary liabilities, and (g) obligations for
deposits.

     "Default Rate" means the highest lawful rate of interest per annum
specified in any Note to apply after a default under such Note or, if no such
rate is specified, a rate equal to the lesser of (a) the Libor Market Index Rate
plus three percent (3%) per annum and (b) the highest rate of interest allowed
by law.

     "Demand Deposit Account" means the demand deposit account #2000014656529 or
any other demand deposit account maintained by Borrower with Bank or the DDA
Account as defined in the Services Agreement.

     "Disputes" has the meaning set forth in Section 10.11.

     "Electronic Chattel Paper" has the meaning set forth in the Code.

     "Environmental Laws" means, collectively the following acts and laws, as
amended: the Comprehensive Environmental Response, Compensation and Liability
Act of 1980; the Superfund Amendments and Reauthorization Act of 1986; the
Resource Conservation and Recovery Act; the Toxic Substances Act; the Clean
Water Act; the Clean Air Act; the Oil Pollution and Hazardous Substances Control
Act of 1978; and any other "Superfund" or "Superlien" law or any other federal,
state or local statute, law, ordinance, code, rule, regulation, order or decree
relating to, or imposing liability or standards of conduct concerning, any
hazardous, toxic or dangerous waste, substance or material, as now or at any
time hereafter in effect.

     "Equipment" has the meaning set forth in the Code.

     "Event of Default" means any event specified as such in Section 8.1 hereof
("Events of Default"), provided that there shall have been satisfied any
requirement in connection with such event for the giving of notice or the lapse
of time, or both; "Default" or "default" means any of such events, whether or
not any such requirement for the giving of notice or the lapse of time or the
happening of any further condition, event or act shall have been satisfied.

     "Foreign Subsidiary" means SFBC CANADA, INC., a federal corporation
(Canada), DAEDAL MANAGEMENT & INVESTMENT INC., a provincial corporation
(Ontario), DANAPHARM CLINICAL RESEARCH INC., a provincial corporation (Ontario),
SYNFINE RESEARCH INC., a provincial corporation (Ontario), ANAPHARM, INC., a
provincial corporation (Quebec), SFBC EUROPE BV, a

                                       27
<PAGE>

Netherlands corporation and any other Subsidiary not organized under the laws of
any State or territory of the United States.

     "GAAP" means generally accepted accounting principles as in effect in the
Unites States from time to time, consistently applied.

     "General Intangibles" has the meaning set forth in the Code , together with
any guaranties, letters of credit, Letter-of-Credit Right, and other security
therefore, including Supporting Obligations.

     "Guarantor" means collectively, SOUTH FLORIDA KINETICS, INC., a Florida
corporation, d/b/a SOUTH FLORIDA BIOAVAILABILITY CLINIC, SFBC FT. MYERS, INC., a
Florida corporation, SFBC ANALYTICAL LABORATORIES, INC., a Florida corporation,
SFBC NEW DRUG SERVICES, INC., a Florida corporation, f/k/a SFBC CHARLOTTE, INC.,
CLINICAL PHARMACOLOGY INTERNATIONAL, INC., a Florida corporation, and any Person
now or hereafter guaranteeing, endorsing or otherwise becoming liable for any
Indebtedness.

     "Guaranty Agreement" means any guaranty instrument now or hereafter
executed and delivered by any Guarantor to Bank, as it may be modified.

     "Indebtedness" means all obligations now or hereafter owed to Bank by
Borrower, whether related or unrelated to the Loan, including, without
limitation, amounts owed or to be owed under the terms of the Loan Documents, or
arising out of the transactions described therein, including, without
limitation, the Loan, sums advanced to pay overdrafts on any account maintained
by Borrower with Bank, reimbursement obligations for outstanding letters of
credit or banker's acceptances issued for the account of Borrower or its
Subsidiaries, amounts paid by Bank under letters of credit or drafts accepted by
Bank for the account of Borrower or its Subsidiaries, together with all interest
accruing thereon, all obligations under any swap agreements as defined in 11
U.S.C. ?101 between Bank and Borrower whenever executed, all fees, all costs of
collection, attorneys' fees and expenses of or advances by Bank which Bank pays
or incurs in discharge of obligations of Borrower or to inspect, repossess,
protect, preserve, store or dispose of any Collateral, whether such amounts are
now due or hereafter become due, direct or indirect and whether such amounts due
are from time to time reduced or entirely extinguished and thereafter
re-incurred.

     "Inventory" has the meaning set forth in the Code.

     "Item" means any "item" as defined in Section 4-104 of the Code, and shall
also mean and include checks, drafts, money orders or other media of payment.

     "Jurisdiction" means the State of Florida.

     "Letter-of-Credit Right" has the meaning set forth in the Code.

     "Libor Market Index Rate" shall have the meaning set forth in each
respective Note.

     "Lien" means any mortgage, pledge, statutory lien or other lien arising by
operation of law, security interest, trust arrangement, security deed, financing
lease, collateral assignment or other encumbrance, conditional sale or title
retention agreement, or any other interest in property designed to secure the
repayment of Indebtedness, whether arising by agreement or under any statute or
law or otherwise.

     "Loan" means the revolving loan credit facility identified in Section 2.1
hereof.

     "Loan Documents" means this Agreement, any other Security Agreement, any
Note, any Guaranty Agreement, any Stock Pledge, the Advance Requests, UCC-1
financing statements and all other documents and instruments now or hereafter
evidencing, describing, guaranteeing or securing the Indebtedness contemplated
hereby or delivered in connection herewith, as they may be modified, amended,
extended, renewed or substituted from time to time.

                                       28
<PAGE>

     "Material Adverse Effect" means any (i) material adverse effect upon the
validity, performance or enforceability of any of the Loan Documents or any of
the transactions contemplated hereby or thereby, (ii) material adverse effect
upon the properties, business, prospects or condition (financial or otherwise)
of Borrower and/or any other Person obligated under any of the Loan Documents,
or (iii) material adverse effect upon the ability of Borrower or any other
Person to fulfill any obligation under any of the Loan Documents.

     "Maximum Loan Amount" means $25,000,000.00.

     "Net Cash Position" shall have the meaning set forth in the Services
Agreement.

     "Note" shall have the meaning set forth in Section 2.2 and any other
promissory note now or hereafter evidencing any Indebtedness, and all
modifications, extensions and renewals thereof.

     "Perfection Certificate" means a certificate executed by the chief
executive officer and chief legal officer of Borrower, substantially in the form
of Exhibit 3.1 hereto.

     "Permitted Debt" means (a) the Indebtedness; (b) any other Debt listed on
Exhibit 1.1C hereto (if any) and any extensions, renewals, replacements,
modifications and refundings of any such Debt if, and to the extent, permitted
by Exhibit 1.1C; provided, however, that the principal amount of such Debt may
not be increased from the amount shown as outstanding on such exhibit; (c) the
Debt of any Guarantor arising under any Guaranty Agreement (as defined herein);
(d) the Debt of any Subsidiary or Foreign Subsidiary to Borrower; and (e)
subordinated Debt, which subordinated Debt may be refinanced by Borrower, as
long as the terms and conditions of such refinancing including, but not limited
to, principal amount, interest rate and maturity date, are in form and substance
acceptable to Bank and such refinancing is subject to a subordination agreement
executed by the refinancing lenders in form and substance acceptable to Bank.

     "Permitted Liens" means (a) Liens securing the Indebtedness; (b) Liens not
in excess of $100,000.00 for taxes and other statutory Liens, landlord's Liens
and similar Liens arising out of operation of law so long as the obligations
secured thereby are not past due or are being contested and the proceedings
contesting such obligations have the intended effect of preventing the
forfeiture or sale of the property subject to such Lien; (c) Liens on Equipment
in favor of Citicorp Vendor Finance, Inc., Copelco Capital, Inc., and Royal Bank
of Canada incurred in the ordinary course of business, provided, however, that
no Debt not now secured by such Liens shall become secured by such Liens
hereafter and such Liens shall not encumber any other assets; (d) Liens arising
in the ordinary course of business (such as (i) Liens of carriers, warehousemen,
mechanics and materialmen and other similar Liens imposed by law and (ii) Liens
incurred in connection with worker's compensation, unemployment compensation and
other types of social security (excluding Liens arising under ERISA) or in
connection with surety bonds, bids, performance bonds and similar obligations)
for sums not overdue or being contested in good faith by appropriate proceedings
and not involving any deposits or advances or borrowed money or the deferred
purchase price of property or services and, in each case, for which it maintains
adequate reserves; (e) attachments, appeal bonds, judgments and other liens, for
sums not exceeding $100,000.00 arising in connection with court proceedings,
provided the execution or other enforcement of such Liens is effectively stayed
within 30 days as provided in this Agreement; (f) easements, rights of way,
restrictions, minor defects or irregularities in title and other similar Liens
not interfering in any material respect with the ordinary conduct of the
business of Borrower or any Guarantor; (g) Liens that constitute purchase money
security interests on property securing debt incurred for the purpose of
financing all or any part of the cost of acquiring such property; and (h) the
replacement, extension or renewal of any Permitted Lien upon or in the same
property theretofore subject thereto arising out of the extension, renewal or
replacement of the debt secured thereby (without increase in the amount thereof)

     "Person" means any natural person, corporation, unincorporated
organization, trust, joint-stock company, joint venture, association, company,
limited or general partnership, any government or any agency or political
subdivision of any government, or any other entity or organization.

                                       29
<PAGE>

     "Real Estate Loan Documents" means any promissory note, mortgage, loan
agreement, guaranty agreement, UCC-1 financing statements and all other
documents and instruments to be executed and delivered by Borrower and/or its
Affiliates to Bank for the acquisition of certain real estate located in
Miami-Dade County, Florida, as said documents may be modified, amended,
extended, renewed or substituted from time to time.

     "Regulated Materials" means any hazardous, toxic or dangerous waste,
substance or material, the generation, handling, storage, disposal, treatment or
emission of which is subject to any Environmental Law.

     "Reserves" means such amounts as may be required by Bank, at any time and
from time to time without prior notice to Borrower or Guarantor, which Bank
deems to be adequate to reserve against ~outstanding letters of credit,
outstanding banker's acceptances, Borrower's and/or Guarantor's obligations to
Bank or its affiliates or any guaranties or other contingent debts of Borrower
and/or Guarantor.

     "Revolving Credit Period" means the period from and including the date of
this Agreement to the Termination Date.

     "Security Agreement" means this Agreement as it relates to a security
interest in the Collateral, and any other mortgage, security agreement or
similar instrument now or hereafter executed by Borrower or other Person
granting Bank a security interest in any Collateral to secure the Indebtedness.

     "Services Agreement" means any Sweep Plus Loan & Investment Services
Description between Bank and Borrower, and any modifications thereto.

     "Solvent" means, as to any Person, that such Person has capital sufficient
to carry on its business and transactions in which it is currently engaged and
all business and transactions in which it is about to engage, is able to pay its
debts as they mature, and has assets having a fair valuation greater than its
liabilities, at fair valuation.

     "Stock Pledge" means any Pledge and Security Agreement from Borrower or any
Affiliate to Bank, and any modifications thereto.

         "Subsidiary" means any corporation, partnership or other entity in
which Borrower, directly or indirectly, owns more than fifty percent (50%) of
the stock, capital or income interests, or other beneficial interests, or which
is effectively controlled by Borrower or any Affiliate, without sharing such
control with any other Person.

     "Supporting Obligation" has the meaning set forth in the Code.

     "Termination Date" means the Maturity Date set forth in the Note.

1.2. FINANCIAL TERMS. All financial terms used herein shall have the meanings
assigned to them under GAAP unless another meaning shall be specified.

                                       30

<PAGE>

                                  EXHIBIT 1.1C

                                 PERMITTED DEBT

     The following shall be additional Permitted Debt:

     1.   Debt at any time outstanding for Borrower and all Subsidiaries
          incurred to purchase Equipment, provided that the amount of such debt
          shall not at any time create a Default hereunder.

     2.   Debt payable to suppliers and other trade creditors in the ordinary
          course of business on ordinary and customary trade terms and which is
          not past due.

     3. Debt of any Subsidiary or Foreign Subsidiary to Borrower or another
Subsidiary or another Foreign Subsidiary.

     4. Endorsement of checks for collection in the ordinary course of business.

     5. Debt for equipment owed to Royal Bank of Canada in the ordinary course
of business.

     6. Debt fully surbordinate to Bank on terms and conditions satisfactory to
Bank in its sole and absolute discretion, under no circumstances to exceed
$1,000,000.00 in the aggregate.

     7. Guaranty of Borrower of those certain acquisition costs of Anapharm,
Inc., a provincial corporation (Quebec), in connection with that certain Share
Purchase Agreement dated as of July 7, 2003, as they relate to the acquisition
of Daedal Management & Investment Inc., a provincial corporation (Ontario) and
Danapharm Clinical Research Inc., a provincial corporation (Ontario).

                                       31

<PAGE>

                                   EXHIBIT 3.1

                             PERFECTION CERTIFICATE

     I, David Natan, the vice president of finance and chief financial officer
of SFBC INTERNATIONAL, INC., a Delaware corporation (the "Company"), hereby
certify with reference to that certain Second Amended and Restated Revolving
Credit and Security Agreement dated as of February ___, 2004 among the Company,
SOUTH FLORIDA KINETICS, INC., a Florida corporation, d/b/a SOUTH FLORIDA
BIOAVAILABILITY CLINIC, SFBC FT. MYERS, INC., a Florida corporation, SFBC
ANALYTICAL LABORATORIES, INC., a Florida corporation, and SFBC NEW DRUG
SERVICES, INC., a Florida corporation, f/k/a SFBC CHARLOTTE, INC., CLINICAL
PHARMACOLOGY INTERNATIONAL, INC., a Florida corporation, and WACHOVIA BANK,
NATIONAL ASSOCIATION, (the "Bank") and WACHOVIA BANK, NATIONAL ASSOCIATION, (the
"Bank") (the "Credit Agreement") (terms defined therein being used herein as
therein defined), to Bank as follows:

I.   NAMES.

     A.   The exact corporate names of the Company and each Guarantor as it
          appears in their respective certificates of incorporation are as
          follows:

          SFBC INTERNATIONAL, INC., a Delaware corporation

          SOUTH FLORIDA KINETICS, INC., a Florida corporation, d/b/a SOUTH
          FLORIDA BIOAVAILABILITY CLINIC, formerly known as New South Florida
          Kinetics, Inc. (name change effective 6/7/99)

          SFBC FT. MYERS, INC., a Florida corporation, formerly known as SFBC/Ft
          Meyers, Inc. (name change effective 2/15/01), formerly known as
          SFBC/Lee Coast Acquisition Corp. (name change effective 2/8/01)

          SFBC ANALYTICAL LABORATORIES, INC., a Florida corporation

          SFBC NEW DRUG SERVICES, INC., a Florida corporation, f/k/a SFBC
          CHARLOTTE, INC.

          CLINICAL PHARMACOLOGY INTERNATIONAL, INC., a Florida corporation

     B.   Set forth below is each other corporate name the Company and each
          Guarantor have had since its organization, together with the date of
          the relevant change:

          See I.A. above.

     C.   The following is a list of all other names (including trade names or
          similar appellations) used by the Company, any Guarantor or any of its
          respective divisions or other business units at any time during the
          past five years:

          See  I.A. above.

                                      32
<PAGE>

     D.   Except as set forth in Section I.A. above, neither the Company nor any
          Guarantor has changed its identity or corporate structure or the
          jurisdiction of their organization in any way within the past five
          years.

     E    SFBC INTERNATIONAL, INC., is organized under the laws of Delaware.
          SOUTH FLORIDA KINETICS, INC., is organized under the laws of Florida.
          SFBC FT. MYERS, INC., is organized under the laws of Florida. SFBC
          ANALYTICAL LABORATORIES, INC., is organized under the laws of Florida.
          SFBC NEW DRUG SERVICES, INC. f/k/a SFBC CHARLOTTE, INC., is organized
          under the laws of Florida. CLINICAL PHARMACOLOGY INTERNATIONAL, INC.,
          is organized under the laws of Florida.

II.  CURRENT LOCATIONS.

     A.   The chief executive offices of the Company and each Guarantor are
          located at the following address:

          Street Address                         County                    State

          SFBC International, Inc.
          11190 Biscayne Boulevard, Miami,  Florida  33181

          SFBC New Drug Services, Inc.
          415 McFarland Road, Suite 201
          Kennett Square, Pennsylvania  19348

     B.   The following are all the places of business of the Company and each
          Guarantor not identified above:

          Street Address                         County                    State

          SFBC Analytical Laboratories, Inc.
          401A Industrial Drive
          North Wales, Pennsylvania 19454

          SFBC New Drug Services, Inc.
          8701 Mallard Creek Road
          Charlotte, North Carolina 28262

          7 Sunrise Point Road
          Lake Wylie, South Carolina 29710

          SFBC Ft. Myers, Inc.

          3949 Evans Avenue, Suite 300
          Ft. Myers, Florida  33901

          Clinical Pharmacology International, Inc.
          2060 NW 22nd Avenue
          Miami, Florida 33142

                                       33
<PAGE>

     C.   The following are all the locations where the Company and each
          Guarantor maintain any books or records relating to any Accounts:

          Street Address            County                State

          See response to II.A. and II.B. above.

     D.   The following are all the locations not identified above where the
          Company and any Guarantor maintain any Inventory, Equipment,
          Instruments, documents of title, warehouse receipts or other tangible
          Collateral:

                                                Collateral     Does Collateral
          Street Address     County    State    Description    Include Fixtures?
          --------------     ------    -----    -----------    -----------------
          n/a

     E.   The following are the names and addresses of all Persons other than
          the Company and Guarantor which have possession of any of any
          Company's or Guarantors' Inventory, Equipment, Instruments, documents
          of title, warehouse receipts or other tangible Collateral:

                                                                     Collateral
          Name       Street Address     County     State             Description
          ----       --------------     ------     -----             -----------
          n/a

     F.   The following are all locations where the Company and Guarantor
          maintain any of the following:

          1.   wellheads or mineheads with respect to which the Company or
               Guarantor has an interest in unextracted minerals or the like
               (including oil and gas); n/a

          2.   timber to be cut; or n/a

          3.   equipment used in farming operations, farm products, grain or
               crops growing or to be growing. n/a Collateral Name Street
               Address County State Description

     G.   The following are the names and jurisdictions of incorporation of the
          Company and/or Guarantor with respect to which the Company holds
          uncertificated securities: n/a

                                      34
<PAGE>

     H.   The following are all items of Collateral with respect to which a
          certificate of title has been issued by any jurisdiction or with
          respect to which the Company or any Guarantor has or intends to file
          an application for title, other than the real property located at 2060
          NW 22nd Avenue, Miami, Florida 33142.

          The value of any and all Collateral with respect to which a
          certificate of title has been issued that is held by Company and all
          of the Guarantors does not exceed $75,000.00 in the aggregate.

III. PRIOR LOCATIONS.

     A.   Set forth below is the information required by subparagraphs A., B.
          and C. of paragraph II with respect to each location or place of
          business maintained by the Company or any Guarantor at any time during
          the past five years: n/a

     B.   Set forth below is the information required by subparagraphs D., E.
          and F. of paragraph II with respect to each location or bailee where
          or with whom Collateral has been lodged at any time during the past
          four months: n/a

IV.  UNUSUAL TRANSACTIONS. All Accounts have been originated by the Company
     and/or Guarantor, and all Inventory and Equipment has been acquired by the
     Company and/or Guarantor in the ordinary course of its business from a
     dealer in goods of that type.

V.   EXISTING LIENS. Except as set forth in the Credit Agreement, as of the date
     hereof, there are no (i) UCC financing statements naming the Company or any
     Guarantor as debtor or seller and covering any of the Collateral, (ii)
     notices of the filing of any federal tax lien (filed pursuant to section
     6323 of the Code) or any lien of the PBGC (filed pursuant to Section 4068
     of ERISA) covering any of the Collateral or (iii) judgment liens filed
     against any Company or any Guarantor, except as set forth in Exhibit 1.1D
     to the Security Agreement.

VI.  PATENTS, TRADEMARKS AND COPYRIGHTS. Save and except for SynFine Research
     Inc. which owns U.S. Patent Nos 6,121,454 and 6,437,139, neither the
     Company nor any Guarantor owns any Patents, Trademarks or Copyrights.

                                      35
<PAGE>

          IN WITNESS WHEREOF, the undersigned has hereunto set my hands this
____ day of February, 2004.

                                               SFBC International, Inc.,
                                               a Delaware corporation

                                               By:

                                               ---------------------------------
                                               David Natan, Vice President and
                                               Chief Financial Officer
                                       36

<PAGE>

                                   SCHEDULE 6
                                       To
                             Perfection Certificate

                   LIST OF PATENTS, TRADEMARKS AND COPYRIGHTS

                                  U.S. PATENTS

<TABLE>
<CAPTION>
           Number                    Date                      Issue Title                         Patent Holder
           ------                    ----                      -----------                         -------------

<S>                           <C>                  <C>                                  <C>
         [6,121,454]          [Sept. 19, 2000      [Synthesis of pharmaceutically       [ Pdi Research Laboratories, Inc.
                                                   useful pyridine derivatives          (recording Assignment and Change
                                                                                        of Name for the Benefit of SynFine
                                                                                        Research Inc. in process)
                                                   Synthesis of pharmaceutically        Pdi Research Laboratories, Inc.
         6,437,139            August 2, 2002 ]     useful pyridine derivaties]          (recording Assignment and Change
                                                                                        of Name for the Benefit of SynFine
                                                                                        Research Inc. in process)
                                                                                        ]

</TABLE>

                                 PATENT LICENSES

<TABLE>
<CAPTION>
             Licensor                           Licensee                       Patent Number                   Date
             --------                           --------                       -------------                   ----

<S>                                 <C>                               <C>                               <C>
[                             ]     [                             ]   [                             ]   [                 ]
</TABLE>

                                          TRADEMARK REGISTRATIONS

<TABLE>
<CAPTION>
              Trademark
                                                            Number                              Registration Date
<S>                                        <C>                                      <C>
[                                     ]    [                                     ]  [                                     ]
</TABLE>

                             TRADEMARK APPLICATIONS

<TABLE>
<CAPTION>
                Trademark                                   Number                              Registration Date

<S>                                        <C>                                      <C>
[                                     ]    [                                     ]  [                                     ]
</TABLE>

                               TRADEMARK LICENSES

<TABLE>
<S>                                        <C>                                      <C>
[                                     ]    [                                     ]  [                                     ]
</TABLE>

                                   COPYRIGHTS

<TABLE>
<S>                                      <C>                                      <C>
[                                   ]    [                                     ]  [                                     ]
</TABLE>

                               COPYRIGHT LICENSES

<TABLE>
<S>                                        <C>                                       <C>

[                                     ]    [                                     ]  [                                     ]
</TABLE>

                                       37

<PAGE>

                                  EXHIBIT 4.14

                                  SUBSIDIARIES

SOUTH FLORID A KINETICS, INC., A Florida corporation
SFBC FT. MYERS, INC., a Florida corporation
SFBC ANALYTICAL LABORATORIES, INC., a Florida corporation
SFBC NEW DRUG SERVICES, INC., a Florida corporation
CLINICAL PHARMACOLOGY INTERNATIONAL, INC., a Florida corporation
ANAPHARM, INC., a provincial corporation (Quebec)
SFBC CANADA, INC., a federal corporation (Canada)
DAEDAL MANAGEMENT & INVESTMENT, INC., a provincial corporation (Ontario)
DANAPHARM CLINICAL RESEARCH INC., a provincial corporation (Ontario)
SYNFINE RESEARCH INC., a provincial corporation (Ontario)
SFBC EUROPE B.V., a Netherlands corporation

                                       38

<PAGE>

                                   EXHIBIT 6.3

                      PERMITTED DIVIDENDS AND DISTRIBUTIONS

Any dividend or other distribution or purchase, redemption or acquisition of
stock or other equity interests or payment or acquisition of any debt
subordinate to the Indebtedness, provided, after giving effect thereto, there
shall be no Default hereunder.

                                       39EXHIBIT 10.18

                                    EXHIBIT D
--------------------------------------------------------------------------------

                             Audit Committee Charter
                                       of
                            SFBC International, Inc.

                      As approved by the Board of Directors
                                       of
                            SFBC International, Inc.
                                       on
                                February 19, 2004

1.   Statement of Purpose and Policy

     There shall be a committee of the board of directors of SFBC International,
Inc. (the "Company") to be known as the Audit Committee. The Audit Committee is
appointed by the board to assist the board in monitoring (1) the integrity of
the financial statements of the Company, (2) the independent auditor's
qualifications and independence, (3) the performance of the Company's internal
audit function and independent auditors, and (4) the compliance by the Company
with legal and regulatory requirements.

     The Audit Committee shall fulfill its oversight responsibility to the
stockholders relating to the annual independent audit of the Company's financial
statements, the internal financial reporting practices of the Company, any
special audits, and the quality and integrity of the financial statements of the
Company. In addition, the Audit Committee shall provide assistance with regard
to the systems of internal accounting and financial controls, disclosure
controls, and the legal compliance and ethics programs as established by
management and the board. In so doing, it is the responsibility of the Audit
Committee to maintain free and open means of communication between the
directors, the independent auditors, and the financial management of the
Company. The Audit Committee, as representatives of the stockholders, is charged
with the ultimate authority and responsibility to select, evaluate, and where
appropriate, replace the Company's independent auditors.

2.   Organization

     (a) The Audit Committee shall have at least three members, comprised solely
of Independent Directors (as defined in Section 2(b) below), each of whom is
able to read and understand fundamental financial statements, including the
Company's balance sheet, income statement, and cash flow statement, and at least
one of whom is an Audit Committee Financial Expert (as defined in Section 2(c)
below).

     (b) Independent Directors shall not be officers or employees or affiliated
persons of the Company or its subsidiaries or any other individual having a
relationship, which would

                                       1
<PAGE>

interfere with the exercise of independent judgment in
carrying out the responsibilities of a director. The following persons shall not
be considered independent:

          (i) a director who has been employed by the Company or any of its
     affiliates for the current year or any of the past three completed fiscal
     years;

          (ii) a director who during the current fiscal year has accepted any
     compensation from the Company or any of its affiliates, other than
     compensation for board or committee service, or who during any of the past
     three completed fiscal years has received compensation from the Company or
     any of its affiliates, other than compensation for board or committee
     service, in excess of $60,000;

          (iii) a director who is a member of the immediate family of an
     individual who is, or has been in any of the past three completed fiscal
     years, employed by the Company or any of its affiliates as an executive
     officer. Immediate family includes a person's spouse, parents, children,
     siblings, mother-in-law, father-in-law, brother-in-law, sister-in-law,
     son-in-law, daughter-in-law, and anyone who resides in such person's home;

          (iv) a director who is a partner in, or a controlling shareholder or
     an executive officer of, any for-profit business organization to which the
     Company made, or from which the Company received, payments (other than
     those arising solely from investments in the corporation's securities) that
     exceed 5% of the Company's or business organization's consolidated gross
     revenues for that year, or $200,000, whichever is more, in the current year
     or any of the past three completed fiscal years;

          (v) a director who is employed as an executive of another entity where
     any of the Company's executives serve on that entity's compensation
     committee.

          (vi) a director who was a partner or employed by the Company's
     independent auditor during the current year or any of the past three
     completed fiscal years;

     (c) An Audit Committee Financial Expert shall mean a person who has the
following attributes:

     o    An understanding of generally accepted accounting principles and
          financials statements;

     o    The ability to assess the general application of such principles in
          connection with the accounting for estimates, accruals and reserves;

     o    Experience preparing, auditing, analyzing, or evaluating, financial
          statements that present a breadth and level of complexity of
          accounting issues that are generally comparable to the breadth and
          complexity of issues that can reasonably be expected to be raised by
          the Company's financial statements, or experience actively supervising
          one or more persons engaged in such activities;

     o    An understanding of internal controls and procedures for financial
          reporting; and

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<PAGE>

     o    An understanding of Audit Committee functions. A person shall have
          acquired such attributes through:

     o    Education and experience as a principal financial officer, principal
          accounting officer, controller, public accountant, or auditor, or
          experience in one or more positions that involve the performance of
          similar functions;

     o    Experience actively supervising a principal financial officer,
          principal accounting officer, controller, public accountant, auditor,
          or person performing similar functions;

     o    Experience overseeing or assessing the performance of companies or
          public accountants with respect to the preparation, auditing, or
          evaluation of financial statements; or

     o    Other relevant experience.

3.   Responsibilities

     In carrying out its responsibilities hereunder, the Audit Committee's
policies and procedures should remain flexible, in order to best react to
changing conditions and to ensure to the directors and stockholders that the
corporate accounting and reporting practices of the Company are in accordance
with all current requirements and are of the highest quality. The Audit
Committee shall review and reassess the adequacy of this charter in meeting
these objectives on an annual basis.

     In carrying out these responsibilities, the Audit Committee shall:

     o    As a committee of the board of directors, appoint, rotate lead audit
          partners (to the extent required by law or deemed prudent to ensure
          independence), and determine the compensation of, and oversee the work
          of the independent auditors of the Company;

     o    Approve, in advance, the provision by the independent auditors of any
          and all permissible non-audit services, and require the provision of
          any such non-audit services be disclosed in periodic reports filed by
          the Company with the Securities and Exchange Commission subject to the
          de minimis exceptions for non-audit services described in Section
          10A(i)(1)(B) of the Securities Exchange Act of 1934, as amended;

     o    Meet with the independent auditors and financial management of the
          Company to review the scope of the proposed audit for the current year
          and the audit procedures to be utilized, and at the conclusion thereof
          review such audit, including any comments or recommendations of the
          independent auditors;

     o    Review with the independent auditors and the Company's financial and
          accounting management, the adequacy and effectiveness of the
          accounting and financial controls of

                                       3
<PAGE>

          the Company, and elicit any recommendations for the improvement of
          such internal control procedures or particular areas where new or more
          detailed controls or procedures are desirable. Particular emphasis
          should be given to the adequacy of such internal controls to expose
          any payments, transactions, or procedures that might be deemed illegal
          or otherwise improper;

     o    Have the sole authority to review and approve all related party
          transactions between the Company or any subsidiary and any executive
          officer, director or affiliate of the Company, including persons or
          entities controlled by or under common control with such executive
          officers, directors or affiliates, and such other persons or entities
          described in SEC Regulation S-K, Item 404;

     o    Establish procedures for the receipt, retention, and treatment of
          complaints regarding accounting, internal controls, and Audit
          Committee matters. These procedures shall provide for the confidential
          and anonymous submission of complaints;

     o    Require the independent auditors to report to the Audit Committee the
          critical accounting policies and practices to be used, all alternative
          treatments of financial information within Generally Accepted
          Accounting Principles that have been discussed with management, the
          ramifications of the use of such alternative disclosures and
          treatments, the treatment preferred by the independent auditor, any
          accounting disagreements between the independent auditors and
          management, and all other material written communications between the
          independent auditors and management, such as any management letter or
          schedule of unadjusted differences;

     o    Review the financial statements to be included in the Annual Report on
          Form 10-K, and the disclosures made in management's discussion and
          analysis, with management and the independent auditors to determine
          that the independent auditors are satisfied with the disclosure and
          content of the financial statements, and to recommend to the board
          whether the audited financial statements should be included in the
          Annual Report. Any changes in accounting procedures should be
          explained in the Annual Report;

     o    Review the interim financial statements, management's discussion and
          analysis, and earnings releases with management and the independent
          auditors prior to the filing of the Company's Quarterly Report on Form
          10-Q. The Audit Committee will recommend to the board whether the
          interim financial statements should be included in the Quarterly
          Report. Also, the Audit Committee shall discuss the results of the
          quarterly review and any other matters required to be communicated to
          the Audit Committee by the independent auditors under generally
          accepted auditing standards. The chair of the Audit Committee may
          represent the entire committee for the purposes of this review;

     o    Provide sufficient opportunity for the independent auditors to meet
          with the members of the Audit Committee without members of management
          present. Among the items to be discussed in these meetings are the
          independent auditor's evaluation of the Company's financial and
          accounting personnel, the adequacy of the Company's internal controls,
          and the cooperation that the independent auditors received during the
          course of the audit;

                                       4
<PAGE>

     o    Resolve all disagreements between the Company's management and the
          auditor regarding financial reporting;

     o    Ensure receipt from the independent auditors of a formal written
          statement delineating all relationships between the auditors and the
          Company;

     o    Inquire about the independent auditors' past and continuing compliance
          with auditor independence rules and about their program for enhancing
          safeguards to ensure that conflicts do not arise in the future;

     o    Submit the minutes of all meetings of the Audit Committee to, or
          discuss the matters discussed at each committee meeting with, the
          board of directors; and

     o    Investigate any matter brought to its attention within the scope of
          its duties, with the power to retain outside counsel for this purpose
          if, in its judgment, that is appropriate.

     o    Review the Company's Code of Ethics and the Company's compliance
          therewith.

     o    Review and discuss with management all Section 302 and 906
          certifications that are required.

4.   Meetings

     The Audit Committee shall meet a minimum of four times annually to discuss
with management the annual audited financial statements and quarterly financial
statements.

5.   Resources and Authority

     The Audit Committee shall have the resources and authority appropriate to
discharge its responsibilities, including the exclusive authority to engage
outside auditors for regular and special audits, reviews and other procedures,
and to retain independent legal counsel and other advisors, as it determines
necessary to carry out its duties. In furtherance of this responsibility, the
Company shall provide the funding as required by Section 301 of the
Sarbanes-Oxley Act of 2002 and Section 10A(m)(6) of the Securities Exchange Act
of 1934, as amended.

6.   Limitation of Audit Committee's Role

     While the Audit Committee has the responsibilities and powers set forth in
this Charter, it is not the duty of the Audit Committee to plan or conduct
audits or to determine that the Company's financial statements and disclosures
are complete and accurate and are in accordance with generally accepted
accounting principles and applicable rules and regulations. These are the
responsibilities of management and the independent auditor.

                                       5
<PAGE>

7.   Effective Date

     This Audit Committee Charter shall become effective immediately upon its
approval and adoption by the board of directors of the Company. This Audit
Committee Charter shall be reviewed on an annual basis to assess its adequacy.
This Audit Committee Charter replaces the Charter adopted on March 27, 2003.

                                       6

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