  We measure the effect of a magnetic Feshbach resonance (FR) on the rate and
light-induced frequency shift of a photoassociation resonance in ultracold
$^7$Li. The photoassociation-induced loss rate coefficient, $K_p$, depends
strongly on magnetic field, varying by more than a factor of 10$^4$ for fields
near the FR. At sufficiently high laser intensities, $K_p$ for a thermal gas
decreases with increasing intensity, while saturation is observed for the first
time in a Bose-Einstein condensate. The frequency shift is also strongly
field-dependent and exhibits an anomalous blue-shift for fields just below the
FR.
