Acknowledgment Letter Regarding Promissory Note and Revolving Loan Agreement between Fresh Choice, Inc. and Mid-Peninsula Bank
This letter from Mid-Peninsula Bank to Fresh Choice, Inc. acknowledges receipt and acceptance of a Promissory Note and related borrowing resolution. The Promissory Note supports a standby letter of credit for $955,600 and is separate from Fresh Choice’s existing $2,000,000 revolving line of credit, which currently has no outstanding balance. The full revolving credit amount is available to Fresh Choice, subject to the terms of the Promissory Note and the Revolving Loan Agreement.
Exhibit 10.57
MID-PENINSULA BANK
April 25, 2002
David E. Pertl, Senior Vice President & CFO
Fresh Choice, Inc.
485 Cochrane Circle
Morgan Hill, Ca 95037
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 Mr. Pertl,
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,
| // Jonas H Stafford |
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| Jonas H. Stafford |
| Senior Vice President |
