Exhibit 10.65

November 19, 2003

David E. Pertl, Senior Vice President & Chief Financial Officer
Fresh Choice, Inc.
485 Cochrane Circle
Morgan Hill, Ca 95037

Dear David,

In response to your recent request, Mid-Peninsula Bank, subject to your
acceptance and acknowledgement, hereby agrees to amend our Commercial Deed Of
Trust, Financing Statement, Security Agreement and Fixture Filing (with
Assignment Of Rents and Leases) dated August 13, 2001 (as amended August 13,
2003), as follows:

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Section 10.3

Minimum Ratio.

 

Trustor shall maintain a ratio, as of the end of each fiscal year of Trustor, of
(x) the amount of Trustor’s annual Net Income adjusted to exclude any non-cash
income and to exclude expenses for interest, taxes, depreciation, amortization,
asset impairment, and restaurant opening costs; less the amount of dividends and
distributions paid to shareholders of Trustor, to (y) the amount of the current
portion of long-term obligations plus the amount of the annual interest expense
for the fiscal year, that is equal to or greater than 1.50 to 1.  Except as
provided above, all computations made to determine compliance with the
requirements contained in this paragraph shall be based on Trustor’s most recent
annual financial statements, and shall be made in accordance with generally
accepted accounting principles, applied on a consistent basis, and certified by
Trustor as being true and correct.

 

 

•

Section 10.6

Tangible Net Worth.

 

The first sentence of Section 10.6 shall now read as follows:

 

Trustor shall maintain at all times a “Tangible Net Worth” in excess of
$15,000,000.00.

Please sign and return the acknowledgement copy to this letter to me to confirm
your acceptance of the above modifications on behalf of Fresh Choice, Inc.  In

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addition, your acknowledgement will confirm to Mid-Peninsula Bank that, except
as expressly changed by this agreement, the terms of the original obligations of
Fresh Choice, Inc. to Mid-Peninsula Bank, including all agreements evidencing or
securing the obligations, remain unchanged and in full force and effect.

Sincerely,

 

 

 

 

 

/s/ Joe Stafford

 

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Joe Stafford
Senior Vice President

 

 

 

Acknowledged and Accepted by:
Fresh Choice, Inc.
By:

 

 

/s/David E. Pertl  

 

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David E. Pertl, Senior Vice President & Chief Financial Officer

 

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