MID-PENINSULA BANK
Exhibit 10.57
MID-PENINSULA BANK
April 25, 2002
Xxxxx X. Xxxxx, Senior Vice President & CFO
Fresh Choice, Inc.
000 Xxxxxxxx Xxxxxx
Xxxxxx Xxxx, Xx 00000
Re: Revolving Loan Agreement (and Related Documents) dated October 5, 2001 and Promissory Note (supporting Letter of Credit SBLC 10813) dated March 11, 2002 each between Fresh Choice, Inc. and Mid-Peninsula Bank.
Dear Xx. Xxxxx,
I am writing to acknowledge receipt and Mid-Peninsula Bank’s acceptance of the Promissory Note referenced above along with the related Corporate Resolution to Borrow.
As we have discussed, this Promissory Note will support SBLC 10813 (each in the amount of $955,600) as a commitment by Mid-Peninsula Bank separate from Fresh Choice’s revolving line that is further described in the Revolving Loan Agreement.
Currently the revolving line provides for drawing by Fresh Choice, Inc. of up to $2,000,000. At present no amount is outstanding; and accordingly the full $2,000,000 is now available to Fresh Choice, Inc., as of this date, subject to the terms of the above referenced Promissory Note.
Very truly yours,
// Xxxxx X Xxxxxxxx |
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Xxxxx X. Xxxxxxxx |
Senior Vice President |