Fourth Amendment to Credit Agreement between Imperial Bank and Monterey Pasta Company

Summary

This amendment, dated November 28, 2000, is between Imperial Bank and Monterey Pasta Company. It modifies their existing credit agreement by increasing the credit limit from $3,250,000 to $4,250,000. All other terms of the original agreement remain unchanged and in effect. Monterey Pasta Company confirms that all its previous representations and warranties are still true and that it is not in default. The amendment becomes effective once signed by both parties and delivered to the bank.

EX-10.36 3 a2036049zex-10_36.txt EXHIBIT 10.36 EXHIBIT 10.36 FOURTH AMENDMENT TO CREDIT AGREEMENT This Third Amendment to Credit Agreement is entered into as of November 28, 2000 (this "Amendment"), by and between IMPERIAL BANK, a California banking corporation ("Bank") and MONTEREY PASTA , a Delaware corporation ("Borrower"). RECITALS WHEREAS, Borrower and Bank are parties to that certain Credit Agreement dated as of August 2, 1999, (as amended, restated, modified, supplemented or revised from time to time, the "Agreement"); and WHEREAS, each of the parties to this Amendment desire to amend the Agreement in accordance herewith. AGREEMENT NOW, THEREFORE, the parties agree as follows: A. AMENDMENTS TO THE AGREEMENT. --------------------------- The dollar figure "$3,250,000.00" in Section 5.06 of the Agreement is hereby amended to read as "$4,250,000.00" B. EFFECT OF AMENDMENT, REPRESENTATIONS AND WARRANTIES. --------------------------------------------------- 1. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all promissory notes, guaranties, security agreements, mortgages, deeds of trust, environmental agreements, and all other instruments, documents and agreements entered into in connection with the Agreement. 2. Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing. C. CONDITIONS PRECEDENT TO THE EFFECTIVENESS OF THIS AMENDMENT ----------------------------------------------------------- 1. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: (a.) this Amendment, duly executed by Borrower D. MISCELLANEOUS PROVISIONS. ------------------------ 1. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. 2. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 1 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written. Monterey Pasta Company, a Delaware corporation By: /s/ Stephen L. Brinkman ----------------------------------- Stephen L. Brinkman Title: Chief Financial Officer ----------------------- IMPERIAL BANK, A California banking corporation By: /s/ Dennis Johnson ----------------------------------- Dennis Johnson Title: Vice President -------------- 2