December 10, 2002 David E. Pertl, Senior Vice President & CFO Fresh Choice, Inc.
Exhibit 10.59
December 10, 2002
Xxxxx X. Xxxxx, Senior Vice President & CFO
Fresh Choice, Inc.
000 Xxxxxxxx Xxxxxx
Morgan Hill, Ca 95037
Dear Xxxx,
In response to your letter of December 6, 2002 Mid-Peninsula Bank hereby agrees to amend our Revolving Loan Agreement dated October 5, 2001 as amended June 3, 2002 as follows:
• Section 4.10 Total Shareholder Equity
“Maintain at all times a Tangible Net Worth in excess of $20,500,000.00 during
the twelve month beginning June 3,
2002; and during the twelve month
beginning June 3, 2003 maintain at all times a Tangible Net Worth in
excess of $22,000,000.00”.
• Section 4.8 Other Ratio
The term “asset
impairment” is inserted in the phase “annual earnings before interest, taxes,
depreciation and amortization expenses” so that it reads “annual earnings
before interest, taxes, depreciation, asset impairment and amortization
expenses”.
Regards,
/s/ Xxx Xxxxxxxx
Xxx Xxxxxxxx
Senior Vice President