Document:

<PAGE>

                                                                    Exhibit 10.3

                               THIRD AMENDMENT TO
                           SECOND AMENDED AND RESTATED
                          SECURITIES PURCHASE AGREEMENT
                          -----------------------------

         THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED SECURITIES PURCHASE
AGREEMENT is entered into as of October 31, 2003 (this "AMENDMENT"), by and
among OVERHILL FARMS, INC., a Nevada corporation (the "COMPANY"), the entities
from time to time parties thereto as Guarantors and LEVINE LEICHTMAN CAPITAL
PARTNERS II, L.P., a California limited partnership (the "PURCHASER").

                                 R E C I T A L S
                                 ---------------

         A. The Company, the entities from time to time parties thereto as
Guarantors and the Purchaser are parties to that certain Second Amended and
Restated Securities Purchase Agreement dated as of April 16, 2003, as amended by
a First Amendment to Second Amended and Restated Securities Purchase Agreement
dated as of May 16, 2003, and a Second Amendment to Second Amended and Restated
Securities Purchase Agreement dated as of June 19, 2003 (as so amended, the
"SECURITIES PURCHASE AGREEMENT"). Unless otherwise indicated, capitalized terms
used and not otherwise defined herein have the meanings ascribed to them in the
Securities Purchase Agreement.

         B. On or about September 11, 2003, Overhill Ventures was fully and
finally dissolved in accordance with Applicable Laws pursuant to Section 8.30 of
the Securities Purchase Agreement (as subsequently modified). Therefore,
Overhill Ventures is no longer a Guarantor under, or a party to, the Securities
Purchase Agreement.

         C. The Company has requested that the Purchaser provide additional
funds to the Company in the amount of $4,200,000 (the "ADDITIONAL FUNDS") to be
used to finance the Company's accounts receivable, to build up its inventory
levels and for other working capital purposes. In this regard, the Company
desires to amend and restate the November 1999 Note to, among other things,
increase the aggregate principal amount thereof by the amount of the Additional
Funds to be provided to the Company by the Purchaser. The Company has further
requested that the Company extend the maturity date of the November 1999 Note
from October 31, 2004 to October 31, 2006.

         D. The Events of Default described in EXHIBIT A hereto (collectively,
the "SPECIFIED EVENTS OF DEFAULT") have occurred and are continuing. The Company
has requested that the Purchaser waive the Specified Events of Default.

         E. At the Company's request, the Purchaser is willing to provide the
Additional Funds, to amend and restate the November 1999 Note to, among other
things, increase the aggregate principal amount thereof by the amount of the
Additional Funds to be provided to the Company by the Purchaser and to extend
the maturity date of the November 1999 Note to October 31, 2006, but only on the
terms and subject to the conditions set forth herein.

<PAGE>

         F. In addition, Pleasant Street and the Company are entering into
certain amendments to the PSI Senior Credit Agreement and other Senior Credit
Documents as provided for therein. In particular, the Company has requested that
Pleasant Street loan additional funds to the Company, and Pleasant Street is
willing to do so in accordance with such amendments and other documents.

                                A G R E E M E N T
                                -----------------

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants, conditions and provisions contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

         1. LIMITED WAIVER OF SPECIFIED EVENTS OF DEFAULT. Effective on and as
of the Third Amendment Effective Date (as defined below), at the request of the
Company, the Purchaser waives the Specified Events of Default pursuant to
Section 11.5 of the Securities Purchase Agreement. The waiver provided for in
this Section 1 shall be limited solely to the Specified Events of Default and
shall not extend to any other Default or Event of Default, whether past, present
or future, shall not impair any right, power or remedy of the Purchaser which
may arise as a result of such other Default or Event of Default and shall not
give rise to any obligation whatsoever on the part of the Purchaser to grant any
waivers in the future.

         2. AMENDMENT AND RESTATEMENT OF EXISTING AMENDED AND RESTATED NOTE.

                  (a) AUTHORIZATION. The Company has authorized and approved the
amendment and restatement of the Amended and Restated Secured Senior
Subordinated Note Due 2004 in the original principal amount of $28,000,000, as
amended by an Amendment dated April 4, 2003 (as so amended, the "EXISTING
AMENDED AND RESTATED NOTE"), on the terms and subject to the conditions set
forth in a Second Amended and Restated Secured Senior Subordinated Note Due 2006
in the aggregate principal amount of $28,858,000, in substantially the form of
EXHIBIT B attached hereto (the "NOVEMBER 1999 NOTE"). The parties acknowledge
and agree that (i) $24,658,000 of the total principal amount of the November
1999 Note evidences and represents the aggregate principal amount of the
Existing Amended and Restated Note outstanding as of the date hereof and (ii)
$4,200,000 of the total principal amount of the November 1999 Note evidences and
represents the Additional Funds being provided to the Company by the Purchaser
under this Amendment.

                  (b) ISSUANCE OF NOTE. Subject to the terms and conditions
contained herein, and in reliance upon the representations, warranties,
covenants and agreements contained herein, at the Closing, (i) the Company shall
be deemed to have issued the November 1999 Note in exchange for the Existing
Amended and Restated Note and the Additional Funds and (ii) the Purchaser shall
be deemed to have purchased the November 1999 Note in exchange for the Existing
Amended and Restated Note and the Additional Funds.

                                      -2-
<PAGE>

                  (c) CLOSING. The closing of the transactions contemplated by
this Amendment (the "CLOSING") shall take place at the offices of Irell &
Manella LLP, 1800 Avenue of the Stars, Suite 900, Los Angeles, California 90067,
at 10:00 a.m. (Los Angeles time), on the Third Amendment Effective Date. At the
Closing, the Company shall deliver the November 1999 Note to the Purchaser, duly
executed on behalf of the Company, against delivery by the Purchaser of the
Existing Amended and Restated Note and the Additional Funds (net of amounts
permitted to be withheld pursuant to Sections 4(f) and (g)) by wire transfer in
immediately available funds to such bank as the Company may request in writing).

                  (d) USE OF PROCEEDS. The Additional Funds to be received by
the Company hereunder, after payment of all amounts described in Sections 4(f)
and (g), shall be used solely to finance the Company's accounts receivable, to
build up its inventory levels and for other working capital purposes.

         3. AMENDMENTS TO SECURITIES PURCHASE AGREEMENT. Effective on and as of
the Third Amendment Effective Date, pursuant to Section 12.3 of the Securities
Purchase Agreement, the Securities Purchase Agreement shall be amended as
follows:

                  (a) Section 1.1 of the Securities Purchase Agreement shall be
amended by adding the following new definitions to Section 1.1 in alphabetical
order:

                           "'EXCESS CASH FLOW' shall mean, for any Fiscal Year,
                  (i) EBITDA of the Company and its Subsidiaries for such Fiscal
                  Year, MINUS (ii) the sum of (A) Cash Interest Expense; (B)
                  payments of principal on any Indebtedness of the Company and
                  its Subsidiaries; (C) Capital Lease Obligations of the Company
                  or any of its Subsidiaries representing principal; (D) cash
                  Taxes paid by the Company and its Subsidiaries; (E) cash
                  dividends or distributions, if any, paid by the Company; (F)
                  Capital Expenditures; and (G) all Tax Sharing Cash Payments,
                  in each of clauses (A) through (G) for such Fiscal Year."

                           "'INTEREST RATE EVENT' shall have the meaning set
                  forth in the November 1999 Note or any other Note, as
                  applicable."

                           "'LLCP REPRESENTATIVE' shall have the meaning set
                  forth in the Investor Rights Agreement."

                           "'SENIOR CREDIT AGREEMENT' shall mean (i) that
                  certain Second Amended and Restated Loan and Security
                  Agreement dated as of the Effective Date (the "PSI SENIOR
                  CREDIT AGREEMENT"), among the Company, Overhill Ventures and
                  Pleasant Street, as the assignee of UBOC, as amended by a
                  First Amendment dated as of May 16, 2003, a Second Amendment
                  dated as of June 19, 2003, and a Third Amendment dated as of
                  the Third Amendment Effective Date, as further amended from
                  time to time, subject to the terms of the Intercreditor
                  Agreement, or (ii) such other loan or credit agreement entered
                  into by the Company and any other Senior Lender in connection

                                      -3-
<PAGE>

                  with a refinancing of the Senior Indebtedness owing to PSI
                  under the PSI Senior Credit Documents (the "OTHER SENIOR
                  CREDIT AGREEMENT"), subject to SECTION 9.10(b). The PSI Senior
                  Credit Agreement amends and restates the UBOC Senior Credit
                  Agreement."

                           "'SENIOR NOTES' shall mean any promissory note or
                  notes or similar instruments of indebtedness evidencing Senior
                  Indebtedness, including (i) the Senior Term A Note (as defined
                  in the PSI Senior Credit Agreement) and the Senior Term B Note
                  (as defined in the PSI Senior Credit Agreement) or (ii) any
                  promissory note or notes evidencing Senior Indebtedness under
                  the Other Senior Credit Agreement."

                           "'THIRD AMENDMENT' shall mean that certain Third
                  Amendment to Second Amended and Restated Securities Purchase
                  Agreement dated as of October 31, 2003, among the parties."

                           "'THIRD AMENDMENT EFFECTIVE DATE' shall mean the date
                  of the closing of the transactions under the Third Amendment."

                  (b) Section 1.1 of the Securities Purchase Agreement shall be
further amended by amending the following existing definitions to read in their
entirety as follows, respectively:

                           "'ADJUSTED CURRENT ASSETS' shall mean, collectively,
                  (i) cash, (ii) accounts receivable, net, (iii) inventory, net,
                  and (iv) prepaid expenses, in each case determined in
                  accordance with GAAP."

                           "'INVESTOR RIGHTS AGREEMENT' shall mean that certain
                  Amended and Restated Investor Rights Agreement dated as of
                  October 29, 2002, among the Company, James Rudis, William E.
                  Shatley and the Purchaser, as amended by an Amendment to
                  Amended and Restated Investor Rights Agreement dated as of
                  April 16, 2003, and a Second Amendment to Amended and Restated
                  Investor Rights Agreement dated as of the Third Amendment
                  Effective Date, by and among the Company, James Rudis and the
                  Purchaser, and as further amended from time to time."

                           "'LEVERAGE RATIO' shall mean:

                                    (i) With respect to the Fiscal Quarter
                           period ending in December 2003, the ratio of (i) the
                           sum of (A) total Indebtedness (excluding any
                           reduction from original issue discount) of the
                           Company and its Subsidiaries at the end of such
                           period and (B) all Capital Lease Obligations at the
                           end of such period to (ii) (A) EBITDA for such Fiscal
                           Quarter, MULTIPLIED BY (B) 4;

                                      -4-
<PAGE>

                                    (ii) With respect to the two (2) consecutive
                           Fiscal Quarter period ending in March 2004, the ratio
                           of (i) the sum of (A) total Indebtedness (excluding
                           any reduction from original issue discount) of the
                           Company and its Subsidiaries at the end of such
                           period and (B) all Capital Lease Obligations at the
                           end of such period to (ii) (A) EBITDA for such two
                           (2) consecutive Fiscal Quarters, MULTIPLIED BY (B) 2;

                                    (iii) With respect to the three (3)
                           consecutive Fiscal Quarter period ending in June
                           2004, the ratio of (i) the sum of (A) total
                           Indebtedness (excluding any reduction from original
                           issue discount) of the Company and its Subsidiaries
                           at the end of such period and (B) all Capital Lease
                           Obligations at the end of such period to (ii) (A)
                           EBITDA for such three (3) consecutive Fiscal
                           Quarters, MULTIPLIED BY (B) 4, DIVIDED BY (C) 3; and

                                    (iv) With respect to the four (4)
                           consecutive Fiscal Quarter period ending in September
                           2004 and each four (4) consecutive Fiscal Quarter
                           period ending thereafter, the ratio of (i) the sum of
                           (A) total Indebtedness (excluding any reduction from
                           original issue discount) of the Company and its
                           Subsidiaries at the end of such period and (B) all
                           Capital Lease Obligations at the end of such period,
                           to (ii) EBITDA for the four (4) consecutive Fiscal
                           Quarters ending at the end of such period."

                           "'NET INCOME (LOSS)' shall mean, or any period, net
                  income (loss) after Taxes of the Company and its Subsidiaries
                  on a consolidated basis for such period taken as a single
                  accounting period, all computed in accordance with GAAP;
                  PROVIDED, HOWEVER, that, for purposes of calculating minimum
                  EBITDA under Section 9.14(a), the minimum Fixed Charge
                  Coverage Ratio under Section 9.14(b) and the maximum Leverage
                  Ratio under Section 9.14(c), the aggregate non-cash losses
                  recorded as a direct result of a write-down of the value of
                  American Airlines inventory or of Accounts owed by American
                  Airlines, in each case due to a bankruptcy filing by or
                  against American Airlines, in an amount not to exceed $800,000
                  if the filing occurs on or after September 1, 2003, shall be
                  excluded from the calculation of Net Income (Loss). Any
                  accounting gains associated with the recovery of any of the
                  costs or write-downs described above shall also be excluded
                  from Net Income (Loss)."

                           "'NET WORKING CAPITAL' shall mean, at any time, (i)
                  Adjusted Current Assets at such time, minus (ii) Adjusted
                  Current Liabilities at such time."

                                      -5-
<PAGE>

                           "'NOTES' shall mean, collectively, the November 1999
                  Note, the April 2003 Bridge Note (which has been paid in full)
                  and any other promissory notes or similar instruments issued
                  by the Company or any other Company Party to the Purchaser (or
                  any of its Affiliates), and shall also include, where
                  applicable, any additional note or notes issued in connection
                  with any Assignments thereof."

                           "'NOVEMBER 1999 NOTE' shall mean that certain Second
                  Amended and Restated Secured Senior Subordinated Note Due 2006
                  dated as of the Third Amendment Effective Date in the
                  aggregate principal amount of $28,858,000, which amends and
                  restates that certain Amended and Restated Secured Senior
                  Subordinated Note Due 2004 dated as of October 29, 2002, as
                  amended by an Amendment to Amended and Restated Secured Senior
                  Subordinated Note Due 2004 dated as of April 4, 2003, which,
                  in turn, amends and restates that certain Secured Senior
                  Subordinated Note Due 2004 dated November 24, 1999, as
                  amended, in the original principal amount of $28,000,000, as
                  further amended from time to time."

                           "'SECURITY AGREEMENT'" shall mean that certain
                  Amended and Restated Security Agreement dated as of October
                  29, 2002, among the Company, the Guarantors and the Purchaser,
                  as amended by an Amendment to Amended and Restated Security
                  Agreement dated as of April 4, 2003, as amended by a Second
                  Amendment to Amended and Restated Security Agreement dated as
                  of April 16, 2003, as amended by a Third Amendment to Amended
                  and Restated Security Agreement dated as of the Third
                  Amendment Effective Date, and as further amended from time to
                  time. (Any references to Security Agreement (Company) or
                  Security Agreement (Subsidiary) in any Investment Document
                  shall mean the Security Agreement on and after the First
                  Amended and Restated Effective Date.)"

                  (c) Section 3.5 (Conflict with Other Instruments; Existing
Defaults; Ranking) of the Securities Purchase Agreement shall be amended by
adding the following phrase immediately following the heading of such Section:

                           "Except as set forth on Schedule 3.5:"

                  (d) Paragraph (c) of Section 3.5 (Conflict with Other
Instruments; Existing Defaults; Ranking) of the Securities Purchase Agreement
shall be amended to read in its entirety as follows:

                           "(c) No Company Party is subject to contractual
                  restrictions which prohibit or restrict any merger, sale of
                  assets or other event which could result in a Change in
                  Control or otherwise prohibit any financings by any Company
                  Party, including any public or private debt or equity
                  financings."

                                      -6-
<PAGE>

                  (e) Section 3.6 (Governmental and Other Third Party Consents)
of the Securities Purchase Agreement shall be amended by replacing the last
sentence of such Section with the following:

                           "The time within which any administrative or judicial
                  appeal, reconsideration, rehearing or other review of any such
                  Consent of any Governmental Authority may be taken or
                  instituted has lapsed, and no such appeal, reconsideration or
                  rehearing or other review has been taken or instituted."

                  (f) Section 8.22 (Survival of Certain Affirmative Covenants)
of the Securities Purchase Agreement shall be amended to read in its entirety as
follows:

                           "8.22 SURVIVAL OF CERTAIN AFFIRMATIVE COVENANTS. From
                  and after the date that the monetary Obligations under the
                  Note have been paid in full and, if Pleasant Street holds the
                  Senior Notes, the Senior Notes have been paid in full, and so
                  long as the Purchaser owns or holds, or has the contractual
                  right to acquire, directly or indirectly, five percent (5.0%)
                  of more of the Common Stock calculated on a Fully Diluted
                  Basis, the Company shall not be obligated to perform, comply
                  with and observe any of the covenants set forth in this
                  Article 8 except for (a) Section 8.2 (Performance of Certain
                  Investment Documents) and (b) Section 8.19 (AMEX Listing)
                  (PROVIDED that the Company shall not be obligated to perform,
                  comply with and observe the covenants set forth in Section 8.2
                  or Section 8.19 once the Purchaser no longer owns or holds, or
                  has the contractual right to acquire, directly or indirectly,
                  five percent (5.0%) of more of the Common Stock calculated on
                  a Fully Diluted Basis)."

                  (g) Section 8.29 (Hiring of Sales Force) of the Securities
Purchase Agreement shall be amended to read in its entirety as follows:

                           "8.29 HIRING OF SALES FORCE. The Company shall use
                  its best efforts to hire, as soon as practicable, additional
                  qualified sales people."

                  (h) Section 9.1 (Limitations on Indebtedness) of the
Securities Purchase Agreement shall be amended by adding the following paragraph
at the end of such Section:

                           "Notwithstanding the foregoing, from and after the
                  date that the monetary Obligations under the Notes have been
                  paid in full and, if Pleasant Street holds the Senior Notes,
                  the Senior Notes have been paid in full, and so long as the
                  Purchaser owns or holds, or has the contractual right to
                  acquire, directly or indirectly, five percent (5.0%) of more
                  of the Common Stock calculated on a Fully Diluted Basis, the
                  Company shall not, and shall not permit any of its
                  Subsidiaries to, create, incur, assume, guarantee, suffer to
                  exist or become or remain liable with respect to any
                  additional Indebtedness, PROVIDED that the Company and such

                                      -7-
<PAGE>

                  Subsidiaries may incur additional Indebtedness if the Leverage
                  Ratio would not be greater than 4.0 to 1.0 determined on a pro
                  forma basis as if the additional Indebtedness had been
                  incurred on the last day of the calendar month immediately
                  preceding the calendar month in which the additional
                  Indebtedness is proposed to be incurred. (For this purpose,
                  the Leverage Ratio would be calculated based on the ratio
                  described in clause (iv) of the definition of Leverage Ratio,
                  PROVIDED that EBITDA would be measured for the twelve (12)
                  calendar months ending on the last day of the calendar month
                  immediately preceding the calendar month in which the
                  additional Indebtedness is proposed to be incurred)."

                  (i) Clause (d) of Section 9.1 (Limitations on Indebtedness) of
the Securities Purchase Agreement shall be amended to read in its entirety as
follows:

                           "(d) Trade accounts payable arising in the ordinary
                  course of business that are more than sixty (60) days past
                  their due dates and do not exceed in the aggregate (i)
                  $850,000 at any time from September 29, 2003 to and including
                  December 28, 2003, (ii) $500,000 at any time during the period
                  commencing on December 29, 2003 and ending on March 28, 2004
                  and (iii) $250,000 at any time thereafter; PROVIDED, HOWEVER,
                  that if during any of such periods the aggregate amount of any
                  such trade accounts payable exceeds the applicable amount for
                  such period at any one time, then the Company shall not be
                  deemed to be in violation of this clause (d) if the amount in
                  excess of such applicable amount is being disputed or
                  contested in good faith by appropriate proceedings in a
                  commercially reasonable manner; or"

                  (j) Clause (b) of Section 9.10 (Agreements Affecting Capital
Stock and Indebtedness; Amendments to Material Contracts) of the Securities
Purchase Agreement shall be amended to read in its entirety as follows:

                           "(b) extend, refinance, renew, replace, restructure,
                  exchange or refund any Indebtedness; PROVIDED, HOWEVER, that
                  the Company may at any time refinance the principal balance of
                  all Senior Indebtedness then outstanding and owing to the
                  Senior Lender, up to the maximum amount of such principal
                  balance, with a bank or similar financial institution pursuant
                  to then-existing "market" terms and conditions for a
                  "formula-based," "asset-based" revolving credit facility,
                  PROVIDED that (i) the maximum principal amount of such credit
                  facility shall not be greater than $22,800,000, (ii) the
                  interest rate that would be charged under such credit facility
                  would not be greater than the highest rate that historically
                  was charged under the "asset-based" portion of the UBOC Credit
                  Agreement, and (iii) after giving effect to such refinancing,
                  the terms of subordination which would apply to the
                  Indebtedness evidenced by the Note would be no less favorable
                  to the Purchaser than the terms set forth in the Amended and
                  Restated Intercreditor and Subordination Agreement dated as of
                  October 29, 2002, as amended through April 4, 2003, between
                  UBOC and the Purchaser, without regard to the execution and
                  delivery of the Intercreditor Agreement;"

                                      -8-
<PAGE>

                  (k) Section 9.14 (Financial Covenants) of the Securities
Purchase Agreement shall be amended to read in its entirety as follows:

                           "9.14 FINANCIAL COVENANTS. Until the monetary
                  Obligations under the Note have been paid in full, the Company
                  shall perform, comply with and observe each of the covenants
                  set forth in this SECTION 9.14:

                           "(a) MINIMUM EBITDA. For each of the periods listed
                  in the table below, EBITDA shall not be less than the total
                  amount reflected in Column (B) set forth opposite each such
                  period in the table:
<TABLE>
<CAPTION>

                                                                         MINIMUM EBITDA
                                                                         --------------
       PERIOD                                                   COLUMN (A)              COLUMN (B)
       ------                                                   ----------              ----------
       <S>                                                      <C>                     <C>
       Trailing one consecutive Fiscal
       Quarter ending in December 2003......................    $1,608,000              $1,429,000
       Trailing two consecutive Fiscal
       Quarters ending in March 2004........................     3,408,000               3,029,000
       Trailing three consecutive Fiscal
       Quarters ending in June 2004.........................     5,682,000               5,050,000
       Trailing four consecutive Fiscal
       Quarters ending in September 2004....................     7,728,000               6,870,000
       Trailing four consecutive Fiscal
       Quarters ending in December 2004.....................     8,115,000               7,213,000
       Trailing four consecutive Fiscal
       Quarters ending in March 2005........................     8,464,000               7,524,000
       Trailing four consecutive Fiscal
       Quarters ending in June 2005.........................     8,486,000               7,543,000
       Trailing four consecutive Fiscal
       Quarters ending in September 2005....................     8,552,000               7,602,000
       Trailing four consecutive Fiscal
       Quarters ending in December 2005.....................     8,670,000               7,707,000
       Trailing four consecutive Fiscal
       Quarters ending in March 2006........................     8,788,000               7,812,000
       Trailing four consecutive Fiscal
       Quarters ending in June 2006.........................     8,905,000               7,916,000
       Trailing four consecutive Fiscal
       Quarters ending in September 2006....................     9,020,000               8,018,000

                                      -9-
<PAGE>

                           "(b) MINIMUM FIXED CHARGE COVERAGE RATIO. For each of
                  the periods listed in the table below, the Fixed Charge
                  Coverage Ratio shall not be less than the ratio reflected in
                  Column (B) set forth opposite each such period in the table:

                                                                    MINIMUM FIXED CHARGE
                                                                       COVERAGE RATIO
                                                                       --------------
PERIOD                                                         COLUMN (A)           COLUMN (B)
------                                                         ----------           ----------
Trailing one consecutive Fiscal                                     0.87
Quarter ending in December 2003...................................                       0.78
Trailing two consecutive Fiscal                                     1.00
Quarters ending in March 2004.....................................                       0.90
Trailing three consecutive Fiscal                                   1.10
Quarters ending in June 2004......................................                       1.00
Trailing four consecutive Fiscal                                    1.13
Quarters ending in September 2004.................................                       1.00
Trailing four consecutive Fiscal                                    1.16
Quarters ending in December 2004..................................                       1.03
Trailing four consecutive Fiscal                                    1.18
Quarters ending in March 2005.....................................                       1.05
Trailing four consecutive Fiscal                                    1.16
Quarters ending in June 2005......................................                       1.03
Trailing four consecutive Fiscal                                    1.15
Quarters ending in September 2005.................................                       1.02
Trailing four consecutive Fiscal                                    1.17
Quarters ending in December 2005..................................                       1.04
Trailing four consecutive Fiscal                                    1.19
Quarters ending in March 2006.....................................                       1.06
Trailing four consecutive Fiscal                                    1.21
Quarters ending in June 2006......................................                       1.08
Trailing four consecutive Fiscal                                    1.24
Quarters ending in September 2006.................................                       1.09

                                      -10-
<PAGE>

                           "(c) MAXIMUM LEVERAGE RATIO. As of the last day of
                  each of the periods listed in the table below, the Leverage
                  Ratio shall not exceed the ratio reflected in Column (B) set
                  forth opposite each such period in the table:

                                                                        MAXIMUM LEVERAGE RATIO
                                                                        ----------------------

PERIOD                                                             COLUMN (A)           COLUMN (B)
------                                                             ----------           ----------

Trailing one consecutive Fiscal
Quarter ending in December 2003...............................          8.03                 9.04

Trailing two consecutive Fiscal
Quarters ending in March 2004.................................          7.55                 8.49

Trailing three consecutive Fiscal
Quarters ending in June 2004..................................          6.76                 7.61

Trailing four consecutive Fiscal
Quarters ending in September 2004.............................          6.60                 7.42

Trailing four consecutive Fiscal
Quarters ending in December 2004..............................          6.26                 7.04

Trailing four consecutive Fiscal
Quarters ending in March 2005.................................          5.97                 6.72

Trailing four consecutive Fiscal
Quarters ending in June 2005..................................          5.93                 6.67

Trailing four consecutive Fiscal
Quarters ending in September 2005.............................          5.85                 6.59

Trailing four consecutive Fiscal
Quarters ending in December 2005..............................          5.75                 6.48

Trailing four consecutive Fiscal
Quarters ending in March 2006.................................          5.59                 6.35

Trailing four consecutive Fiscal
Quarters ending in June 2006..................................          5.49                 6.24

Trailing four consecutive Fiscal
Quarters ending in September 2006.............................          5.39                 6.13
</TABLE>

                           "(d) MAXIMUM CAPITAL EXPENDITURES. Capital
                  Expenditures shall not exceed $300,000 with respect to any
                  Fiscal Quarter; PROVIDED, HOWEVER, that if (A) the Company
                  prepares and furnishes to the Purchaser a "payback" analysis
                  of Capital Expenditures it proposes to make or incur in excess
                  of such amounts, (B) the Purchaser has at least five (5)
                  Business Days to review such analysis and (C) if satisfied
                  with such analysis in its sole discretion, the Purchaser

                                      -11-
<PAGE>

                  consents in writing to such excess amount(s) prior to the
                  incurrence thereof, then the Company may make or incur such
                  excess Capital Expenditures; PROVIDED FURTHER, HOWEVER, that
                  in addition to the Capital Expenditures the Company may incur
                  in any Fiscal Quarter as provided for above, the Company may
                  incur an aggregate of $850,000 of Capital Expenditures in the
                  Fiscal Year ending in September 2004 to expand its "mandarin
                  chicken" manufacturing line.

                           "(e) [INTENTIONALLY OMITTED.]"

                           "(f) MAXIMUM PAYABLES TURN. For each of the "fiscal
                  months" listed in the table below, the Payables Turn
                  (expressed in a number of days) at the end of such month shall
                  not be greater than the number of days set forth opposite each
                  such month in the table:

"FISCAL MONTH(S)"                                          PAYABLES TURN
-----------------                                          -------------

October and November 2003............................            42
December 2003........................................            45
January 2004.........................................            47
February 2004........................................            50
March, April and May 2004............................            49
June 2004............................................            50
July, August and September 2004......................            49
October 2004.........................................            46
November 2004........................................            49
December 2004........................................            47
January 2005.........................................            48
February and March 2005..............................            49
April 2005...........................................            48
May and June 2005....................................            47
July 2005............................................            48
August and September 2005............................            47
October 2005.........................................            51
November 2005........................................            50
December 2005........................................            49
January and February 2006............................            51
March 2006...........................................            49
April 2006...........................................            48
May 2006.............................................            47
June 2006............................................            45
July 2006............................................            44
August 2006..........................................            43
September 2006.......................................            40

                                      -12-
<PAGE>

                           "(g) MINIMUM NET WORKING CAPITAL. For each of the
                  "fiscal months" listed in the table below, Net Working Capital
                  shall not be less than the amount set forth opposite each such
                  month in the table:

                                                              MINIMUM NET
"FISCAL MONTH(S)"                                            WORKING CAPITAL
-----------------                                            ---------------
October 2003.................................................. $13,200,000
November 2003.................................................  13,000,000
December 2003.................................................  12,800,000
January and February 2004.....................................  12,700,000
March 2004....................................................  12,400,000
April 2004....................................................  12,600,000
May 2004......................................................  12,700,000
June 2004.....................................................  13,000,000
July 2004.....................................................  13,100,000
August 2004...................................................  13,200,000
September 2004................................................  13,500,000
October 2004..................................................  13,600,000
November 2004.................................................  13,700,000
December 2004 and January 2005................................  13,900,000
February 2005.................................................  14,100,000
March 2005....................................................  14,400,000
April 2005....................................................  14,500,000
May 2005......................................................  14,700,000
June and July 2005............................................  15,100,000
August 2005...................................................  15,300,000
September 2005................................................  15,600,000
October 2005..................................................  14,900,000
November 2005.................................................  15,000,000
December 2005.................................................  15,200,000
January 2006..................................................  15,000,000
February 2006.................................................  15,100,000
March 2006....................................................  15,500,000
April 2006....................................................  15,700,000
May 2006......................................................  15,900,000
June 2006.....................................................  16,200,000
July 2006.....................................................  16,300,000
August 2006...................................................  16,500,000
September 2006................................................  16,800,000

                                      -13-
<PAGE>

                           "(h) MINIMUM LIQUIDITY. On any day, the seven (7)-day
                  rolling average (I.E., a backward looking average over the
                  immediately preceding seven calendar days) of the daily
                  available unrestricted cash balances of the Company,
                  aggregating funds maintained solely in deposit accounts that
                  are subject to the Deposit Account Control Agreements, shall
                  not be less than $500,000."

                  (l) Section 9.15 (Survival of Certain Negative Covenants) of
the Securities Purchase Agreement shall be amended to read in its entirety as
follows:

                           "9.15 SURVIVAL OF CERTAIN NEGATIVE COVENANTS. From
                  and after the date that the monetary Obligations under the
                  Notes have been paid in full and, if Pleasant Street holds the
                  Senior Notes, the Senior Notes have been paid in full, and so
                  long as the Purchaser owns or holds, or has the contractual
                  right to acquire, directly or indirectly, five percent (5.0%)
                  of more of the Common Stock calculated on a Fully Diluted
                  Basis, the Company shall not be obligated to perform, comply
                  with and observe the covenants set forth in this Article 9
                  except for (a) the last paragraph of Section 9.1 (Limitations
                  on Indebtedness) and (b) Section 9.8 (Transactions with
                  Affiliates) (PROVIDED that the Company shall not be obligated
                  to perform, comply with and observe the covenants set forth in
                  the last paragraph of Section 9.1 or Section 9.8 once the
                  Purchaser no longer owns or holds, or has the contractual
                  right to acquire, directly or indirectly, five percent (5.0%)
                  of more of the Common Stock calculated on a Fully Diluted
                  Basis)."

                  (m) Clause (ii) of paragraph (b) (Covenants) of Section 11.1
(Events of Default) of the Securities Purchase Agreement shall be amended to
read in its entirety as follows:

                           "(ii) The Company shall fail to achieve (w) the
                  minimum EBITDA amount set forth in Column (B) of SECTION
                  9.14(A) for the corresponding period, (x) the minimum Fixed
                  Charge Coverage Ratio set forth in Column (B) of SECTION
                  9.14(B) for the corresponding period, (y) the maximum Leverage
                  Ratio set forth in Column (B) of SECTION 9.14(C) as of the
                  last day of the corresponding period or (z) any other covenant
                  set forth in SECTION 9.14; or"

                                      -14-
<PAGE>

                  (n) Paragraph (c) of Section 11.1 (Events of Default) of the
Securities Purchase Agreement shall be amended to read in its entirety as
follows:

                           "(c) INVESTMENT DOCUMENTS. Any Company Party shall
                  breach or fail to perform, comply with or observe any
                  agreement, covenant or obligation required to be performed by
                  it under this Agreement or any other Investment Document
                  (other than the agreements, covenants and other obligations
                  covered by Section 11.1(a), Section 11.1(b) and Section
                  11.1(m)) and, if such breach or failure may be cured, such
                  breach or failure shall not have been remedied within ten (10)
                  Business Days after any officer of the Company or any of its
                  Subsidiaries becomes aware or should have become aware of such
                  failure or breach; or"

                  (o) Paragraph (m) of Section 11.1 (Events of Default) of the
Securities Purchase Agreement shall be amended to read in its entirety as
follows:

                           "(m) LLCP REPRESENTATIVE; PRINCIPAL SHAREHOLDER. (i)
                  The Company shall breach or fail to perform, comply with or
                  observe any agreement, covenant or obligation required to be
                  performed by it under Section 1 of the Investor Rights
                  Agreement or (ii) the Principal Shareholder (as defined in the
                  Investor Rights Agreement) shall breach or fail to perform,
                  comply with or observe any agreement, covenant or obligation
                  required to be performed by him under the Investor Rights
                  Agreement."

                  (p) Clause (xii) of Section 11.1 (Events of Default) of the
Securities Purchase Agreement shall be amended to read in its entirety as
follows:

                           "(xii) in the case of clause (m)(i) above, as of the
                  close of business on the day the Company shall have breached
                  or failed to perform, comply with or observe any such
                  agreement, covenant or obligation, and in the case of clause
                  (m)(ii) above, as of the close of business on the day the
                  Principal Shareholder Company shall have breached or failed to
                  perform, comply with or observe any such agreement, covenant
                  or obligation."

                  (q) Section 11.4 (Appointment of Receiver) of the Securities
Purchase Agreement shall be amended by adding the following clause to the end of
such Section:

                  "; PROVIDED, HOWEVER, that the remedy set forth in this
                  Section 11.4 shall no longer be available to the Purchaser
                  after the monetary Obligations under the Note have been paid
                  in full."

                                      -15-
<PAGE>

                  (r) Section 12.14 (Confidentiality) of the Securities Purchase
Agreement shall be amended to read in its entirety as follows:

                           "12.14 CONFIDENTIALITY. The Purchaser agrees to
                  maintain the confidentiality of any and all of the Company's
                  confidential or proprietary information it receives from the
                  Company or through the Company's professional advisors or
                  representatives, and not to disclose such information to third
                  parties without the prior written consent of the Company,
                  except that the Purchaser may disclose such confidential or
                  proprietary information (a) if such information was or becomes
                  generally available to the public other than through a breach
                  of this Section 12.14, (b) to legal counsel, accountants and
                  other professional advisors of the Purchaser and to the
                  partners (general and limited), members, managers, officers,
                  directors, employees and other authorized representatives of
                  the Purchaser, PROVIDED that each such Person needs to know
                  that such information is related to the Purchaser's investment
                  in the Company and agrees to be bound by this Section 12.14,
                  (c) if required by Applicable Law, to regulatory officials
                  having jurisdiction over the Purchaser, or in connection with
                  any legal proceeding, process or order, provided that the
                  Purchaser uses its commercially reasonable efforts to limit
                  disclosure and obtain confidential treatment or a protective
                  order for the information and that the Purchaser provides the
                  Company with written notice of any such request or requirement
                  and allows the Company to participate in the proceeding,
                  process or procedure through which disclosure is to be made,
                  all at the Company's sole cost and expense, (d) to any other
                  Person in connection with any assignment of any Note (or any
                  interest therein) or sale of the Warrant Shares or (e) was
                  rightfully disclosed to the Purchaser by an unrelated third
                  party or source that was not known by the Purchaser to have
                  been prohibited from disclosing such information. The
                  Purchaser represents that it is familiar with the Exchange Act
                  and agrees that it will neither use, nor cause any affiliate
                  to use, any confidential or proprietary information of the
                  Company in contravention of the Exchange Act, including
                  without limitation, Rule 10b-5 thereunder."

                  (s) Each of the Disclosure Schedules to the Securities
Purchase Agreement listed in EXHIBIT C attached hereto shall be amended by the
Disclosure Schedules attached to EXHIBIT C as provided for in such amended
Disclosure Schedules (it being understood that such amended Disclosure Schedules
shall update the corresponding Disclosure Schedules through and including the
Third Amendment Effective Date).

         4. CONDITIONS PRECEDENT TO AMENDMENTS. The effectiveness of the
Purchaser's waiver of the Specified Events of Default set forth in Section 1,
the purchase of the November 1999 Note by the Purchaser as provided in Section 2
and the effectiveness of the amendments set forth in Section 3 shall be subject
to the satisfaction, in the Purchaser's sole discretion, of each of the
following conditions precedent (the date upon which the last of such conditions
precedent to be so satisfied shall be referred to herein as the "THIRD AMENDMENT
EFFECTIVE DATE"):

                                      -16-
<PAGE>

                  (a) THIRD AMENDMENT EFFECTIVE DATE. All of the conditions
precedent set forth in this Section 4 shall be satisfied on or before October
31, 2003.

                  (b) AMENDED INVESTMENT DOCUMENTS. The Purchaser shall have
received the following closing documents, each dated as of the Third Amendment
Effective Date (collectively, and together with this Amendment, the "THIRD
AMENDMENT DOCUMENTS"):

                           (i) NOVEMBER 1999 NOTE. The November 1999 Note, duly
executed by the Company;

                           (ii) AMENDMENT TO INVESTOR RIGHTS AGREEMENT. A second
amendment to the Investor Rights Agreement, in form and substance satisfactory
to the Purchaser, duly executed by the Company and James Rudis;

                           (iii) TERMINATION OF EQUITY REPURCHASE OPTION
AGREEMENT. A Termination Agreement Re: Equity Repurchase Option Agreement, in
form and substance satisfactory to the Purchaser, duly executed by the Company;

                           (iv) AMENDMENT TO INTERCREDITOR AGREEMENT. A First
Amendment to and Consent Under Second Amended and Restated Intercreditor and
Subordination Agreement, in form and substance satisfactory to the Purchaser,
duly executed by the Company; and

                           (v) AMENDMENT TO SECURITY AGREEMENT. A Third
Amendment to Amended and Restated Security Agreement, in form and substance
satisfactory to the Purchaser, duly executed by the Company.

                  (c) LEGAL OPINION. (i) Rutan & Tucker, special counsel to the
Company, shall have delivered to the Purchaser a legal opinion letter, in form
and substance satisfactory to the Purchaser, addressed to the Purchaser and
dated as of the Third Amendment Effective Date, and (ii) Kummer Kaempfer Bonner
& Renshaw, special Nevada counsel to the Company, shall have delivered to the
Purchaser a legal opinion letter, in form and substance satisfactory to the
Purchaser, addressed to the Purchaser and dated as of the Third Amendment
Effective Date.

                  (d) EXTENSION OF TERMS OF EMPLOYMENT AGREEMENTS. The Purchaser
shall have received executed copies of (i) an amendment to the Employment
Agreement of James Rudis extending the term thereof through October 31, 2006,
and (ii) an amendment to the Employment Agreement of John Steinbrun extending
the term thereof at least eighteen (18) months after the Third Amendment
Effective Date, in each case in form and substance satisfactory to the
Purchaser.

                  (e) REPRESENTATIONS AND WARRANTIES. The Purchaser shall have
received from the Company an Officers' Certificate, in form and substance
satisfactory to the Purchaser, dated as of the Third Amendment Effective Date
and duly executed by the President and Chief Executive Officer and the Chief
Financial Officer of the Company, to the effect that (i) after giving effect to
the execution, delivery and performance of this Amendment and the other Third
Amendment Documents and the amended Disclosure Schedules attached as EXHIBIT C
hereto, each of the representations and warranties of the Company contained in

                                      -17-
<PAGE>

the Securities Purchase Agreement was true and correct on and as of the date
made and was true and correct on and as of the Third Amendment Effective Date,
with the same effect as if made on and as of the Third Amendment Effective Date;
(ii) each of the covenants and agreements of the Company required to be
performed or satisfied under this Amendment on or before the Third Amendment
Effective Date has been performed or satisfied on or before the Third Amendment
Effective Date; (iii) the Company has satisfied or fulfilled each of the
conditions precedent set forth in this Section 4; (iv) except for the Specified
Events of Default, no Default or Event of Default has occurred and is continuing
or will result from the execution, delivery or performance of this Amendment or
any other Third Amendment Document and (v) since September 29, 2002, no Material
Adverse Change has occurred other than as previously disclosed to the Purchaser
in writing or as previously disclosed in the Company's SEC Documents.

                  (f) ACCRUED AND UNPAID INTEREST. The Purchaser shall have
received, by wire transfer in immediately available funds, all accrued and
unpaid interest under the November 1999 Note through and including the Third
Amendment Effective Date (PROVIDED that such amounts may be withheld by the
Purchaser from the Additional Funds to be provided to the Company by the
Purchaser).

                  (g) REIMBURSEMENT OF FEES AND EXPENSES. The Company shall have
reimbursed the Purchaser for all actual and estimated fees, costs and expenses,
including attorneys' fees and expenses, expended or incurred by the Purchaser in
connection with the negotiation, preparation, execution and performance of this
Amendment and the transactions contemplated hereby or that otherwise remain
outstanding and unreimbursed as of the Third Amendment Effective Date (PROVIDED
that such fees and expenses may be withheld by the Purchaser from the Additional
Funds to be provided to the Company by the Purchaser).

                  (h) CONSENTS. The Company shall have obtained all Consents
required to be obtained from all Governmental Authorities and other Persons in
connection with the execution, delivery and performance of this Amendment and
the other Third Amendment Documents, and the Purchaser shall have approved the
terms and conditions thereof.

                  (i) CERTIFIED COMPANY BOARD RESOLUTIONS. The Purchaser shall
have received a Secretary's Certificate from the Company, in form and substance
satisfactory to the Purchaser, duly executed by the Secretary of the Company and
dated as of the Third Amendment Effective Date, certifying as to (i) the charter
of the Company, as amended, (ii) the bylaws of the Company, as amended, and
(iii) the resolutions of the Board of Directors of the Company approving the
execution, delivery and performance of this Amendment and each of the other
Third Amendment Documents and the consummation of the transactions contemplated
hereby and thereby.

                  (j) GOOD STANDING CERTIFICATES. The Purchaser shall have
received (i) a corporate good standing certificate and a tax good standing
certificate, if available, for the Company from the Secretary of State of the
State of Nevada and Nevada taxing authority, (ii) a corporate good standing
certificate and a tax good standing certificate for the Company from the
Secretary of State of the State of California and the Franchise Tax Board of the
State of California, respectively, and (iii) a corporate good standing

                                      -18-
<PAGE>

certificate and a tax good standing certificate, if available, of the Company
from the Secretaries of State or similar governmental authority of each
jurisdiction in which the Company is required to be qualified to transact
business as a foreign corporation or other entity, in each case dated as of a
recent practicable date prior to the Third Amendment Effective Date.

                  (k) DISSOLUTION OF OVERHILL VENTURES. The Purchaser shall have
received executed copies of all assignment agreements and other documents, if
any, evidencing or memorializing the assignment or transfer to the Company of
trademark rights and all other assets, if any, formerly owned or held by
Overhill Ventures.

                  (l) CERTIFIED FINANCIAL PROJECTIONS. The Company shall have
delivered to the Purchaser, and the Purchaser shall have approved, consolidated
financial projections of the Company and its Subsidiaries for the period
commencing on October 1, 2003 and ending on the last day of the Fiscal Year
ending in September 2006. Such financial projections shall specify the
assumptions on which they are based and shall be made in good faith. The
financial projections shall be accompanied by an Officers' Certificate, in form
and substance satisfactory to the Purchaser, duly executed by the President and
Chief Executive Officer and the Chief Financial Officer of the Company,
certifying as to the assumptions on which such financial projections are based.

                  (m) LEGAL PROHIBITIONS. The consummation of the transactions
contemplated by this Amendment and the other Third Amendment Documents shall not
be prohibited by or violate any Applicable Laws and shall not subject any party
to any Tax, penalty or liability, under or pursuant to any Applicable Laws.
Without limiting the generality of the foregoing, the consummation of the
transactions contemplated hereby shall otherwise comply with all applicable
requirements of federal securities and state securities or "blue sky" laws.

         5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. In order to induce
the Purchaser to enter into this Amendment, the Company represents and warrants
to the Purchaser as follows:

                  (a) AUTHORIZATION; BINDING EFFECT. The Company has the full
power and authority to enter into, deliver and perform its obligations under
this Amendment and the other Third Amendment Documents. The execution, delivery
and performance by the Company of this Amendment and the other Third Amendment
Documents and the consummation of the other transactions contemplated hereby and
thereby have been duly and validly authorized by all necessary action on the
part of the Company. This Amendment has been, and on the Third Amendment
Effective Date each of the Third Amendment Documents will be, duly executed and
delivered by the Company. This Amendment constitutes, and on the Third Amendment
Effective Date each of the Third Amendment Documents will constitute, the legal,
valid and binding obligations of the Company, enforceable against the Company in
accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or conveyance or
similar laws relating to or limiting creditors' rights generally or by equitable
principles relating to enforceability and except as rights of indemnity or
contribution may be limited by federal or state securities or other laws or the
public policy underlying such laws.

                                      -19-
<PAGE>

                  (b) NO CONFLICT. The execution, delivery and performance by
the Company of this Amendment and the other Third Amendment Documents and the
consummation of the transactions contemplated hereby and thereby do not and will
not violate or conflict with, or cause a default under, or give rise to a right
of termination under, (i) the charter or bylaws of the Company or any of its
Subsidiaries, as in effect on the date hereof; (ii) any Applicable Laws; or
(iii) any term of any material contract, indenture, note, mortgage, instrument,
agreement or other document to which the Company or any of its Subsidiaries is a
party or by which any of its or their properties or assets are bound.

                  (c) RANK; OBLIGATIONS. No Indebtedness of the Company ranks
senior to the Indebtedness evidenced by the November 1999 Note other than the
Senior Indebtedness. No Indebtedness of the Company ranks PARI PASSU with any
Indebtedness evidenced by the November 1999 Note. Immediately following the
Closing, there will be no agreement, indenture, instrument or other document to
which the Company or any of its Subsidiaries is a party or by which it or they
are bound that requires the subordination in right of payment or rights upon
liquidation of any Obligations to Purchaser (including principal, interest,
premium, if any, or other amounts under the November 1999 Note) to the repayment
of any other existing or future Indebtedness or other obligations of the Company
or any of its Subsidiaries other than the Senior Indebtedness.

                  (d) NO CONSENTS. Neither the Company nor any of its
Subsidiaries or other Affiliates is required to obtain any Consent in connection
with execution, delivery or performance of this Amendment or any other Third
Amendment Document or the issuance, sale or delivery of the November 1999 Note,
or for the purpose of maintaining in full force and effect any Licenses and
Permits of the Company or any of its Subsidiaries, from any Governmental
Authority or any other Person, except where the failure to obtain such consent
or maintain any such License or Permit, as the case may be, could not have a
Material Adverse Effect. There are no orders, decrees, judgments, injunctions or
rulings of any Governmental Authority against the Company or any of its assets.

                  (e) REPRESENTATIONS AND WARRANTIES. After giving effect to the
amended Disclosure Schedules attached as EXHIBIT C hereto, each of the
representations and warranties of the Company contained in Section 3 of the
Securities Purchase Agreement is true and correct in all material respects (it
being understood that Overhill Ventures has been liquidated, wound up and
dissolved).

                  (f) SECURITIES LAWS. The issuance, exchange and sale of the
November 1999 Note in accordance with the terms of this Amendment are exempt
from the registration requirements of the Securities Act and the registration or
qualification requirements of any applicable state securities or "blue sky"
laws.

                  (g) NO DEFAULT. No Default or Event of Default (other than the
Specified Events of Default) has occurred and is continuing or will result from
the execution, delivery or performance of this Amendment or the other Third
Amendment Documents, the issuance, sale or delivery of the November 1999 Note or
the consummation of the other transactions contemplated hereby or thereby.

                                      -20-
<PAGE>

                  (h) COLLATERAL SECURITY. The Liens granted in favor of the
Purchaser under the Collateral Documents constitute valid, enforceable,
perfected and continuing security interests and liens in, on and to the
Collateral to secure the payment and performance in full of all Obligations,
including all Indebtedness under the November 1999 Note and all other
Obligations, and such security interests and liens are subject, as to priority,
only to the Senior Liens and Permitted Liens to the extent entitled to priority
under Applicable Law.

                  (i) OVERHILL VENTURES. Overhill Ventures has been liquidated,
wound up and dissolved in accordance with Applicable Laws, and the assets and
other properties of Overhill Ventures, including all right, title and interest
thereto, have been distributed or otherwise transferred solely to the Company.
No assets or properties owned or held by Overhill Ventures were assigned or
transferred to any Person other than the Company.

                  (j) NOVEMBER 1999 NOTE. As of the date hereof, the principal
amount of the November 1999 Note outstanding is $24,658,000.

         6. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser
hereby represents and warrants to the Company that:

                  (a) The Purchaser is acquiring the November 1999 Note for its
own account, for investment purposes, and not with a view to or for sale in
connection with any distribution thereof. The Purchaser understands that the
November 1999 Note has not been registered under the Securities Act or
registered or qualified under any state securities law in reliance upon specific
exemptions therefrom, which exemptions may depend upon, among other things, the
BONA FIDE nature of the Purchaser's investment intent as expressed herein; and

                  (b) The Purchaser is an "accredited investor" (as such term is
defined in Rule 501 of Regulation D promulgated under the Securities Act). By
reason of its business and financial experience, the Purchaser has such
knowledge, sophistication and experience in business and financial matters so as
to be capable of evaluating the merits and risks of the investment in the
November 1999 Note, has the capacity to protect its own interests and is able to
bear the economic risk of such investment.

         7. POST-CLOSING MATTERS.

                  (a) PAYMENT OF AMENDMENT AND CAPITAL FEES. As additional
consideration to be paid by the Company in connection with the closing of the
transactions contemplated by this Amendment, on (but not before or after)
Friday, January 9, 2004, the Company shall pay to LLCP Inc. (as defined in the
Investor Rights Agreement), by wire transfer in immediately available funds, the
following fees: (a) A non-refundable new capital fee (the "NEW CAPITAL FEE") in
the amount of $168,000 and (b) a non-refundable amendment fee (the "AMENDMENT
FEE") in the amount of $184,800. Each of the New Capital Fee and the Amendment
Fee shall be deemed to have been fully earned on the date of the Closing, but
shall not be payable until Friday, January 9, 2004.

                                      -21-
<PAGE>

                  (b) CONTROL AGREEMENT MATTERS. The parties hereto agree to use
their reasonable best efforts to amend the Restricted Account Agreement dated as
of April 16, 2003, with Wells Fargo Bank, N.A., to, among other things, reflect
that the security interests and liens of Pleasant Street in and to the Trade
Payables Deposit Account are senior to the security interests and liens of the
Purchaser in and to the Trade Payables Deposit Account as provided in the
Intercreditor Agreement.

         8. CONFIRMATION; FULL FORCE AND EFFECT. The amendments set forth in
Section 3 shall amend the Securities Purchase Agreement on and as of the Third
Amendment Effective Date, and the Securities Purchase Agreement shall otherwise
remain in full force and effect, as amended thereby, from and after the Third
Amendment Effective Date in accordance with its terms. The Company hereby
ratifies, approves and affirms in all respects each of the Securities Purchase
Agreement, as amended hereby, the Notes, the Collateral Documents (including the
Liens granted in favor of the Purchaser under the Collateral Documents) and each
of the other Investment Documents, the terms and other provisions hereof and
thereof and the Obligations hereunder and thereunder.

         9. NO OTHER AMENDMENTS. This Amendment is being delivered without
prejudice to the rights, remedies or powers of the Purchaser under or in
connection with the Securities Purchase Agreement, the Notes, the Collateral
Documents and the other Investment Documents, Applicable Laws or otherwise and,
except as expressly provided in Section 3 above, shall not constitute or be
deemed to constitute an amendment or other modification of, or a supplement to,
the Securities Purchase Agreement or any Investment Document or the obligations
of the Company Parties thereunder. In addition, except as expressly provided in
Section 1 above with respect to the Specified Events of Default, nothing
contained in this Amendment is intended to constitute, or shall be construed as,
a waiver of any breach, violation, Default or Event of Default, whether past,
present or future, under the Securities Purchase Agreement, the Note, the
Collateral Documents or any other Investment Document, or a forbearance by the
Purchaser of any of its rights, remedies or powers against the Company Parties
(or any of them) or the Collateral. The Purchaser hereby expressly reserves all
of its rights, powers and remedies under or in connection with the Securities
Purchase Agreement, the Note, the Collateral Documents and the other Investment
Documents, whether at law or in equity, including, without limitation, the right
to declare all Obligations to be due and payable.

         10. RELEASE.

                  (a) Effective on and as of the Third Amendment Effective Date,
the Company, for itself and on behalf of its successors, assigns, and present
and future stockholders, officers, directors, Affiliates, employees, agents and
attorneys, hereby remises, releases and forever discharges the Purchaser and its
present and former officers, directors, partners (general and limited),
stockholders, employees, agents, attorneys, successors and assigns from and
against any and all claims, rights, actions, causes of action, suits,
liabilities, defenses, damages, losses, costs and expenses (including attorneys'

                                      -22-
<PAGE>

fees), of whatever nature, type or description, that are based upon, relate to
or arise out of any facts, acts, omissions, events or circumstances existing or
occurring on or prior to the Third Amendment Effective Date, whether arising out
of or otherwise related to this Amendment, the Securities Purchase Agreement or
any other Investment Document, any of the transactions contemplated hereby or
thereby, the administration or enforcement of the Obligations, any related
discussions or negotiations or otherwise, in each case whether known or unknown,
existing or potential or suspected or unsuspected. The Company waives any and
all claims, rights and benefits it may have under any law of any jurisdiction
that would render ineffective a release made by a creditor of claims that the
creditor does not know or suspect to exist in its favor at the time of executing
the release and that, if known by it, would have materially affected its
settlement with the applicable debtor. The Company acknowledges that it is aware
of the following provisions of section 1542 of the California Civil Code:

                      A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
                      CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT
                      THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM
                      MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
                      DEBTOR.

         The Company expressly and voluntarily waives each and all claims,
rights, or benefits it has or may have under section 1542 of the California
Civil Code, or any other similar law of any other jurisdiction, to the full
extent that it may lawfully waive such claims, rights and benefits in connection
with this release. The Company acknowledges that (a) it has been represented by
independent legal counsel of its own choice throughout all of the negotiation
that preceded the execution of this Amendment and that it has executed this
Amendment after receiving the advice of such independent legal counsel, and (b)
it and its respective counsel have had an adequate opportunity to make whatever
investigation or inquiry they deem necessary or desirable in connection with the
release contained in this Section 10.

                  (b) No claim shall be made by the Company or any of its
Affiliates against the Purchaser, or any Affiliates, partners, directors,
officers, employees, agents, representatives, attorneys, accountants or advisors
of the Purchaser, for any special, indirect, consequential or punitive damages
in respect of any claim for breach of contract or under any other theory of
liability arising out of or related to this Amendment, the Securities Purchase
Agreement or any other Investment Document or the transactions contemplated
hereby or thereby, or any act, omission or event occurring in connection
herewith or therewith. The Company, on behalf of itself and its Affiliates,
hereby waives, releases and agrees not to sue upon any claim for such damages,
whether or not accrued and whether or not known or suspected to exist in its
favor.

                                      -23-
<PAGE>

         11. MISCELLANEOUS PROVISIONS.

                  (a) ENTIRE AGREEMENT; SUCCESSORS AND ASSIGNS. This Amendment,
together with the other Third Amendment Documents, constitute the entire
understanding and agreement with respect to the subject matter hereof and
supersede all prior oral and written, and all contemporaneous oral, agreements
and understandings with respect thereto. This Amendment shall inure to the
benefit of, and be binding upon, the parties and their respective successors and
permitted assigns.

                  (b) GOVERNING LAW. IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE (WITHOUT
REGARD TO THE CHOICE OF LAW OR CONFLICTS OF LAW PROVISIONS THEREOF).

                  (c) COUNTERPARTS. This Amendment may be executed in one or
more counterparts and by facsimile transmission, each of which shall be deemed
an original and all of which taken together shall constitute one and the same
instrument.

                            [SIGNATURE PAGE FOLLOWS]

                                      -24-
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed and delivered by their duly authorized representatives as of the date
first written above.

                                    COMPANY
                                    -------

                                    OVERHILL FARMS, INC., a Nevada corporation

                                    By:  /S/ James Rudis
                                         --------------------------
                                         James Rudis
                                         President and Chief Executive Officer

                                    By:  /S/ John Steinbrun
                                         --------------------------
                                         John Steinbrun
                                         Senior Vice President and Chief
                                         Financial Officer

                                    PURCHASER

                                      LEVINE LEICHTMAN CAPITAL PARTNERS II,
                                      L.P., a California limited partnership

                                      By:  LLCP California Equity Partners II,
                                           L.P., a California limited
                                           partnership, its General Partner

                                            By:  Levine Leichtman Capital
                                                 Partners, Inc., its General
                                                 Partner

                                                 By:  /S/ Steven E. Hartman
                                                      --------------------------
                                                      Steven E. Hartman
                                                       Vice President

                                      -25-<PAGE>

                                                                    Exhibit 10.4

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAW
AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED
EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND THE
REGISTRATION OR QUALIFICATION REQUIREMENTS OF SUCH STATE SECURITIES LAWS OR
PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION AND QUALIFICATION.

PAYMENT OF THE INDEBTEDNESS EVIDENCED BY THIS SECURITY, INCLUDING PRINCIPAL,
PREMIUM, IF ANY, AND INTEREST, AND THE RIGHTS OF ANY HOLDER OF THIS SECURITY ARE
SUBJECT TO THE TERMS AND CONDITIONS OF A SECOND AMENDED AND RESTATED
INTERCREDITOR AND SUBORDINATION AGREEMENT DATED AS OF APRIL 16, 2003, BETWEEN
LEVINE LEICHTMAN CAPITAL PARTNERS II, L.P., AS THE HOLDER OF THIS SECURITY, AND
PLEASANT STREET INVESTORS, LLC. A COPY OF SUCH AMENDED AND RESTATED
INTERCREDITOR AND SUBORDINATION AGREEMENT, AS AMENDED, MAY BE OBTAINED FROM THE
ISSUER UPON REQUEST.

THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (OID). PURSUANT TO
TREASURY REGULATION ss.1.1275-3(b)(1), JOHN STEINBRUN, A REPRESENTATIVE OF THE
ISSUER, WILL PROMPTLY MAKE AVAILABLE TO THE HOLDER UPON REQUEST THE INFORMATION
DESCRIBED IN TREASURY REGULATION ss.1.1275-3(b)(1)(i). MR. STEINBRUN MAY BE
REACHED AT TELEPHONE NUMBER (323) 582-9977.

                              OVERHILL FARMS, INC.

                           SECOND AMENDED AND RESTATED
                    SECURED SENIOR SUBORDINATED NOTE DUE 2006

$28,858,000.00                              Originally Issued November 24, 1999,
                                                   as Amended and Restated as of
                                        October 29, 2002, and as further Amended
                                             and Restated as of October 31, 2003

         FOR VALUE RECEIVED, OVERHILL FARMS, INC., a Nevada corporation (the
"COMPANY"), hereby promises to pay to the order of LEVINE LEICHTMAN CAPITAL
PARTNERS II, L.P., a California limited partnership (the "PURCHASER"), or its
assigns (together with the Purchaser, the "HOLDER"), the sum of TWENTY-EIGHT
MILLION EIGHT HUNDRED FIFTY-EIGHT THOUSAND DOLLARS ($28,858,000.00) in
immediately available funds and in lawful money of the United States of America,
all as provided below.

<PAGE>

         This Second Amended and Restated Secured Senior Subordinated Note Due
2006 (this "NOTE") is being issued by the Company in connection with the
consummation of the transaction contemplated by that certain Third Amendment to
Second Amended and Restated Securities Purchase Agreement dated as of October
31, 2003, which amends further that certain Second Amended and Restated
Securities Purchase Agreement dated as of April 16, 2003 (as amended by a First
Amendment to Second Amended and Restated Securities Purchase Agreement dated as
of May 16, 2003, a Second Amendment to Second Amended and Restated Securities
Purchase Agreement dated as of June 19, 2003, and such Third Amendment, the
"SECURITIES PURCHASE AGREEMENT"), by and among the Company, the entities from
time to time parties thereto as Guarantors and the Purchaser. This Note (a)
evidences the sum of (i) the aggregate principal amount of an Amended and
Restated Secured Senior Subordinated Note Due 2004 dated as of October 29, 2002
(as amended by an Amendment dated April 4, 2003, the "EXISTING AMENDED AND
RESTATED NOTE"), outstanding as of the date hereof of $24,658,000 and (ii) the
$4,200,000 of Additional Funds (as defined in the Third Amendment) provided to
the Company by the Purchaser on the Third Amendment Effective Date and (b)
amends and restates the Existing Amended and Restated Note, on the terms and
conditions set forth herein.

         1. DEFINITIONS. Unless otherwise indicated, all capitalized terms used
and not otherwise defined herein shall have the meanings ascribed to them in the
Securities Purchase Agreement.

         2. PAYMENT OF INTEREST; DEFAULT RATE.

                  So long as no Default or Event of Default shall have occurred
and be continuing, the Company shall pay interest in cash on the unpaid
principal balance of this Note until fully paid at a rate per annum (the "BASE
RATE") equal to following:

                  (a) From and after the date hereof, the Base Rate shall equal
thirteen and one-half percent (13.5%), subject to clause (b) of this Section 2;
or

                  (b) (i) If the Company fails to achieve, for any measurement
"Period" described in Section 9.14(a), (b) or (c), as applicable (each such
period being referred to herein as the "INTEREST RATE EVENT MEASUREMENT
PERIOD"):

                                    (A) The minimum EBITDA amount set forth in
                  Column (A) (but meets the amount set forth in Column (B)) of
                  Section 9.14(a) of the Securities Purchase Agreement;

                                    (B) The minimum Fixed Charge Coverage Ratio
                  set forth in Column (A) (but meets the amount set forth in
                  Column (B)) of Section 9.14(b) of the Securities Purchase
                  Agreement; or

                                    (C) The maximum Leverage Ratio set forth in
                  Column (A) (but meets the amount set forth in Column (B)) of
                  Section 9.14(c) of the Securities Purchase Agreement; or

                                      -2-
<PAGE>

                           (ii) In any election of directors, the Company's
                  shareholders shall fail to elect as a member of the Board of
                  Directors of the Company any individual(s) designated by the
                  Purchaser in an LLCP Representative Request (as defined in the
                  Investor Rights Agreement) for nomination and election to the
                  Board (each of the foregoing clauses (i)(A), (B) or (C) or
                  clause (ii) being referred to herein as an "INTEREST RATE
                  EVENT");

                  then, the Base Rate applicable to the Fiscal Quarter
immediately succeeding such Interest Rate Event Measurement Period shall be
equal to fifteen and one-half percent (15.5%).

                  If any Default or Event of Default shall have occurred and be
continuing, then, in addition to the rights, powers and remedies available to
the Holder under the Securities Purchase Agreement, this Note, the other
Investment Documents and Applicable Law, the Company shall pay interest on the
unpaid principal balance of, premium, if any, and accrued and unpaid interest
on, and other amounts owing under, this Note at a rate per annum (the "DEFAULT
RATE") equal to the Base Rate in effect at such time and from time to time
during the continuance of such Default or Event of Default (as determined under
clause (a) or (b) of this Section 2) PLUS two percent (2.0%) for the first sixty
(60) days during which such Default or Event of Default shall remain uncured or
unwaived and, thereafter, such rate shall increase by one percent (1.0%) over
the rate applicable to the thirty (30) days prior thereto for each additional
thirty (30) days that such Default or Event of Default remains uncured or
unwaived; PROVIDED, HOWEVER, that the Default Rate shall not exceed twenty
percent (20.0%). The Default Rate shall begin to accrue on the date on which
such Default or Event of Default shall be deemed to have occurred (determined as
provided in the last paragraph of Section 11.1 of the Securities Purchase
Agreement) and shall continue until such Default or Event of Default shall have
been cured or waived.

                  Interest shall be payable monthly in arrears on the last
Business Day of each calendar month (or portion thereof) (each an "INTEREST
PAYMENT DATE"). Interest shall be computed on the basis of the actual number of
days elapsed over a 360-day year, including the first and the last day. If the
Company makes an interest payment at any time with respect to any period that is
less than the payment that should have been made at such time for such period
after giving effect to clause (b) above, the Company shall pay to the Holder,
within one (1) Business Day after written demand therefor, an amount equal to
the deficiency.

         3. PAYMENT OF PRINCIPAL. The Company shall pay the entire outstanding
principal balance of this Note in full, together with all premium, if any,
accrued and unpaid interest and other unpaid amounts owing under this Note, on
October 31, 2006 (the "MATURITY DATE").

         4. OPTIONAL PREPAYMENTS.

                  (a) The Company may voluntarily prepay the principal balance
of this Note, in whole or in part, together with premium, if any, as follows:

                           (i) at one hundred and three percent (103.0%) of the
                  principal balance being prepaid at any time on or before
                  October 31, 2004;

                                      -3-
<PAGE>

                           (ii) at one hundred and one and one-half percent
                  (101.5%) of the principal balance being prepaid at any time
                  after October 31, 2004 but before November 1, 2005; and

                           (iii) at one hundred percent (100.0%) of the
                  principal balance being prepaid at any time on or after
                  November 1, 2005.

Each percentage set forth above is referred to herein as the "PREPAYMENT
PERCENTAGE" applicable to any prepayment. Any prepayment of this Note made under
this Section 4 shall also include all accrued and unpaid interest on the then
outstanding principal balance of this Note, through the date of prepayment.

                  (b) If the Company elects to prepay all or any portion of the
principal balance of this Note, the Company shall furnish written notice to the
Holder with respect to each voluntary prepayment not less than sixty (60) days
prior to the date of prepayment. Such notice shall set forth the specific date
of prepayment and the principal amount of this Note to be prepaid on such date
and shall be irrevocable. Notice of prepayment having been given as aforesaid,
the Company shall make a prepayment to the Holder on such prepayment date in an
amount equal to (i) the Prepayment Percentage applicable to such prepayment,
MULTIPLIED BY (ii) the principal amount of this Note set forth in such
prepayment notice to be prepaid on such prepayment date, together with any
premium and all accrued and unpaid interest through the date of prepayment.

         5. MANDATORY PREPAYMENTS. In addition to the mandatory prepayments
required to be made by the Company pursuant to Section 6:

                  (a) ASSET SALES. If at any time the Company intends to
consummate any Asset Sale in any Fiscal Year (which Asset Sale, when taken
together with any other Asset Sales in the same Fiscal Year, exceeds aggregate
proceeds of $100,000), it shall, within ten (10) Business Days prior to the
proposed date of consummation of such Asset Sale, notify the Holder in writing
of the proposed Asset Sale (including the subject matter and the material terms
thereof and the proposed date of consummation) and the proposed use of the
proceeds to be derived from such Asset Sale. Within five (5) Business Days
following the Holder's receipt of such written notice, the Holder may, by
written notice furnished to the Company, direct the Company to apply all Net
Cash Proceeds derived from such Asset Sale to prepay principal of, and accrued
and unpaid interest on, this Note; PROVIDED, HOWEVER, that the Company shall not
be obligated to so apply any Net Cash Proceeds derived from any such Asset Sale
involving equipment or other fixed assets used by the Company in the conduct of
its business to the extent that the Company uses such Net Cash Proceeds to
purchase newer, functionally equivalent equipment or fixed assets, as the case
may be, which is used by the Company in the conduct of its business. If, subject
to the proviso in the immediately preceding sentence, the Holder directs the
Company to make the mandatory prepayment contemplated by this Section 5(a), the
Company shall make such prepayment within one (1) Business Day following the
date of consummation of such Asset Sale. In addition, to the extent that the
Company receives any cash or cash equivalents upon the sale, conversion,
collection or other liquidation of any non-cash proceeds from such Asset Sale,
the Company shall notify the Holder in writing within one (1) Business Day of
such receipt. The Holder may, within five (5) Business Days after receipt of
such written notice, direct the Company to make a mandatory prepayment under
this Section 5(a) with such cash or cash equivalents and, if the Holder so
directs the Company, the Company shall make such mandatory prepayment within one
(1) Business Day following its receipt of the Holder's notice.

                                      -4-
<PAGE>

                  (b) EXCESS CASH FLOW. For each Fiscal Year, commencing with
the Fiscal Year ending October 1, 2000, the Company shall, subject to the
provisions of Section 1.8(f) of the PSI Senior Credit Agreement with respect to
the application of Excess Cash Flow to the Senior Indebtedness described
therein, prepay the outstanding principal balance of this Note in an amount
equal to fifty percent (50.0%) of the Excess Cash Flow for such Fiscal Year.
Such mandatory prepayment shall be due and payable by the Company to the Holder
not later than January 15th of the following Fiscal Year (the date upon which
such prepayment will be made being referred to herein as the "EXCESS CASH FLOW
PAYMENT DUE DATE"). Not later than two (2) Business Days prior to each Excess
Cash Flow Payment Due Date, the Company shall deliver to the Holder an Excess
Cash Flow Calculation Certificate, in substantially the form previously
furnished by the Holder to the Company, signed by the Chief Financial Officer of
the Company, showing in reasonable detail the calculation of the amount of any
Excess Cash Flow payment due on such Excess Cash Flow Payment Due Date.

         All mandatory prepayments provided for in this Section 5 shall be paid
at one hundred percent (100.0%) of the principal amount required to be prepaid,
and shall be accompanied by the payment of any accrued and unpaid interest on,
and other amounts owing under, this Note through the date of prepayment, all as
provided for above. In addition, all mandatory payment provided for in this
Section 5 may be applied by the Holder against amounts due hereunder (whether
for principal, interest or otherwise) or under any other Note or to satisfy any
other Obligations, as determined by the Holder in its sole discretion.

         6. CHANGE IN CONTROL. If a Change in Control shall occur at any time,
the Holder may, at its sole election, require the Company to prepay this Note,
in whole or in part, at any time during the one hundred and eighty (180) day
period following the occurrence of the Change in Control, at one hundred and
four percent (104.0%) of the principal balance of this Note, PLUS all accrued
and unpaid interest on, and other amounts owing under, this Note through the
date of prepayment. The Company shall notify the Holder in writing, if possible,
of any Change in Control at least ten (10) days prior to the date that such
Change in Control is scheduled to occur. The Company shall also notify the
Holder of the date on which any Change in Control shall have actually occurred
within one (1) Business Day after such date and shall inform the Holder, in such
notification, of the Holder's right to require the Company to prepay this Note
as provided in this Section 6 and of the date on which such right shall
terminate. If the Holder elects to require the Company to prepay this Note
pursuant to this Section 6, it shall furnish a written notice to the Company
advising the Company of such election and the outstanding principal balance
hereof, premium, accrued and unpaid interest and all other amounts to be
prepaid. The Company shall prepay this Note in accordance with this Section 6
and such written notice within one (1) Business Day after its receipt of such
written notice.

                                      -5-
<PAGE>

         7. HOLDER ENTITLED TO CERTAIN BENEFITS. This Note is one of the "Notes"
referred to in the Securities Purchase Agreement which provides for, among other
things, the right of the Purchaser to accelerate the outstanding principal
balance of, premium, if any, and accrued and unpaid interest on, and all other
amounts owing under, this Note upon the occurrence of an Event of Default. In
addition, this Note is secured by the "Collateral" referred to in the Collateral
Documents and is guaranteed under the Guaranty.

         8. MANNER OF PAYMENT. Payments of principal, interest and other amounts
due under this Note shall be made no later than 12:00 p.m. (noon) (Los Angeles
time) on the date when due and in lawful money of the United States of America
and (by wire transfer in funds immediately available at the place of payment) to
such account as the Holder may designate in writing to the Company and, if to
the Purchaser, to: Bank of America, Century City, Private Banking, 2049 Century
Park East, Los Angeles, California 90067; ABA No. 121000358; Account No.
1154603239; Attention: Cheryl Stewart (or such other place of payment as the
Purchaser may designate in writing). All such payments shall be made without any
deduction whatsoever, including any deduction for set-off, recoupment,
counterclaim or taxes. Any payments received after 12:00 p.m. (noon) (Los
Angeles time) shall be deemed to have been received on the next succeeding
Business Day. Any payments due hereunder which are due on a day which is not a
Business Day shall be payable on the immediately preceding Business Day,
together with all accrued and unpaid interest through the actual due date of
payment.

         9. MAXIMUM LAWFUL RATE OF INTEREST. The rate of interest payable under
this Note shall in no event exceed the maximum rate permissible under Applicable
Law. If the rate of interest payable on this Note is ever reduced as a result of
this Section 9 and at any time thereafter the maximum rate permitted under
Applicable Law exceeds the rate of interest provided for in this Note, then the
rate provided for in this Note shall be increased to the maximum rate provided
for under Applicable Law for such period as is required so that the total amount
of interest received by the Holder is that which would have been received by the
Holder but for the operation of the first sentence of this Section 9.

         10. COMPANY'S WAIVERS. The Company hereby waives presentment for
payment, demand, protest, notice of protest and notice of dishonor, and all
other notices of any kind whatsoever to which it may be entitled under
Applicable Law or otherwise, except for notices to which the Company is
expressly entitled under this Note.

         11. REGISTRATION OF NOTES. The Company shall maintain at its principal
executive office a register in which it shall register this Note, any
Assignments of this Note or any other notes and any other notes issued upon
surrender hereof and thereof. Upon surrender at the Company's principal
executive office of this Note for registration of any Assignment, the Company
shall, at its expense and within three (3) Business Days of such surrender,
execute and deliver one or more new notes of like tenor in the requested
principal denominations and register such new note or notes in the register to
be maintained by the Company. At the option of the Holder, this Note may be
exchanged for one or more new notes of like tenor in the requested principal
denominations, and the Company shall deliver such new notes not later than three
(3) Business Days after the Holder's request.

                                      -6-
<PAGE>

         12. PERSONS DEEMED OWNERS; PARTICIPATIONS. Prior to due presentment for
registration of any Assignment, the Company may treat the Person in whose name
any Note is registered as the owner and Holder of such Note for all purposes
whatsoever, and the Company shall not be affected by notice to the contrary.
Subject to the preceding sentence, the Purchaser may grant to any Person
participations from time to time in all or any part of this Note on such terms
and conditions as may be determined by the Purchaser in its sole and absolute
discretion. Notwithstanding anything to the contrary herein or otherwise (other
than as provided in Section 12.6 of the Securities Purchase Agreement), nothing
contained in this Note or any other Investment Document shall confer upon the
participant any rights in the Securities Purchase Agreement or any other
Investment Document, and the Purchaser shall retain all rights with respect to
the administration, waiver, amendment, collection and enforcement of, compliance
with and consent to the terms and provisions of this Note, the Securities
Purchase Agreement and any other Investment Document. In addition, the Purchaser
may, without the consent of the participant, give or withhold its consent or
agreement to any amendments to or modifications of this Note, the Securities
Purchase Agreement or any other Investment Document, waive any of the provisions
hereof or thereof or exercise or refrain from exercising any other rights or
remedies which the Purchaser may have under this Note, the Securities Purchase
Agreement, any other Investment Document or otherwise. Notwithstanding the
foregoing, the Purchaser will not agree with the Company, without the prior
written consent of the participant (which consent shall be given or
affirmatively withheld not later than three (3) Business Days after the
Purchaser's request therefor): (a) to reduce the principal of or rate of
interest on this Note or (b) to postpone the date fixed for payment of principal
of or interest on the Indebtedness evidenced by this Note. If the participant
does not timely reply to the Purchaser's request for such consent, the
participant shall be deemed to have consented to such agreement and the
Purchaser may take such action in such manner as the Purchaser determines in the
exercise of its independent business judgment.

         13. ASSIGNMENT AND TRANSFER. Subject to Applicable Law, the Holder may,
at any time and from time to time and without the consent of the Company, assign
or transfer to one or more Persons all or any portion of this Note or any
portion thereof (but not less than $500,000 in principal amount in any single
assignment (unless such lesser amount represents the entire outstanding
principal balance hereof)). Upon surrender of this Note at the Company's
principal executive office for registration of any such assignment or transfer,
accompanied by a duly executed instrument of transfer, the Company shall, at its
expense and within three (3) Business Days of such surrender, execute and
deliver one or more new notes of like tenor in the requested principal
denominations and in the name of the assignee or assignees and bearing the
legends set forth on the face of this Note, and this Note shall promptly be
canceled. Each assignment or transfer of this Note, in whole or in part, shall
be registered on the register maintained by the Company pursuant to Section 11
immediately following the surrender of this Note. If the entire outstanding
principal balance of this Note is not being assigned, the Company shall issue to
the Holder hereof, within three (3) Business Days of the date of surrender
hereof, a new note of like tenor which evidences the portion of such outstanding
principal balance not being assigned. If this Note is divided into one or more
Notes and is held at any time by more than one Holder, any payments of principal
of, premium, if any, and interest or other amounts on this Note which are not
sufficient to pay all interest or other amounts due thereunder, shall be made
pro rata with respect to all such Notes in accordance with the outstanding
principal amounts thereof, respectively.

                                      -7-
<PAGE>

         14. LOSS, THEFT, DESTRUCTION OR MUTILATION OF THIS NOTE. Upon receipt
of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note and, in the case of any such loss, theft
or destruction, upon receipt of an indemnity agreement or other indemnity
reasonably satisfactory to the Company or, in the case of any such mutilation,
upon surrender and cancellation of such mutilated Note, the Company shall make
and deliver within three (3) Business Days a new Note, of like tenor, in lieu of
the lost, stolen, destroyed or mutilated Note.

         15. COSTS OF COLLECTION. The Company agrees to pay all costs and
expenses, including the fees and expenses of all attorneys, accountants and
other experts retained by the Holder, which are expended or incurred by or on
behalf of the Holder in connection with (a) the collection and enforcement of
this Note, whether or not any action, suit or other proceeding is commenced; (b)
any actions for declaratory relief in any way related to this Note or the
Indebtedness evidenced hereby; (c) the protection or preservation of any rights
or remedies of the Holder under this Note; (d) the negotiation, preparation,
execution and delivery of any amendment, waiver, consent or release relating to
or under this Note; (e) any actions taken in reviewing the business or financial
affairs of the Company or any of its Subsidiaries if any Event of Default has
occurred or the Holder has determined in good faith that an Event of Default may
likely occur, which actions include the following: (i) inspect the facilities of
the Company or any of its Subsidiaries or conduct audits or appraisals of the
financial condition of the Company and any of its Subsidiaries; (ii) have an
accounting or other firm selected by the Holder review the books and records of
the Company and any of its Subsidiaries and perform a thorough and complete
examination thereof; (iii) interview the Company's and each of its Subsidiaries'
employees, attorneys, accountants, customers and any other Persons related to
the Company or such Subsidiaries; and (iv) undertake any other action which the
Holder believes is necessary to assess accurately the financial condition and
prospects of the Company and any of its Subsidiaries; (f) any refinancing,
restructuring (whether in the nature of a "work out" or otherwise), bankruptcy
or insolvency proceeding involving the Company, any of its Subsidiaries or any
other Affiliate of the Company securing the payment and performance of this
Note; (g) any actions taken to verify, maintain, perfect and protect any Lien
granted to the Holder; or (h) any effort by the Holder to protect, assemble,
complete, collect, sell, liquidate or otherwise dispose of any Collateral,
including in connection with any case under Bankruptcy Law. The Company hereby
consents to the taking of the foregoing actions by the Holder (PROVIDED,
HOWEVER, that, with respect to clause (e)(iii) above, the Company will not be
required to produce any document or disclose material to the Holder which would
otherwise be expressly protected from production or disclosure by any
attorney-client or accountant-client privilege existing under Applicable Law,
unless waived by the Company).

         16. EXTENSION OF TIME. The Holder may, at its sole option, extend the
time for payment of this Note, postpone the enforcement hereof, or grant any
other indulgence without affecting or diminishing the Holder's right to full
recourse against the Company hereunder, which right is expressly reserved.

                                      -8-
<PAGE>

         17. NOTATIONS. Before disposing of this Note or any portion thereof,
the Purchaser may make a notation thereon (or on a schedule attached thereto) of
the amount of all principal payments previously made by the Company with respect
thereto.

         18. GOVERNING LAW. IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE RIGHTS AND OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND
PERFORMED IN SUCH STATE, WITHOUT REGARD TO CHOICE OF LAW OR CONFLICTS OF LAW
PRINCIPLES.

         19. CONSTRUCTION AND INTERPRETATION. The rules of interpretation and
construction specified in Sections 1.2 through 1.6 of the Securities Purchase
Agreement shall likewise govern the interpretation and construction of this
Note.

         20. WAIVER OF JURY TRIAL. THE COMPANY AND THE HOLDER EACH HEREBY
KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT
COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY
IN ANY ACTION, SUIT OR OTHER PROCEEDING BASED UPON, ARISING OUT OF OR IN ANY WAY
RELATING TO (a) THIS NOTE, THE SECURITIES PURCHASE AGREEMENT OR ANY OTHER
INVESTMENT DOCUMENTS, INCLUDING ANY PRESENT OR FUTURE AMENDMENT THEREOF, OR ANY
OF THE TRANSACTIONS CONTEMPLATED BY OR RELATED TO THIS AGREEMENT OR ANY OTHER
INVESTMENT DOCUMENT, OR (b) ANY CONDUCT, ACT OR OMISSION OF THE PARTIES OR THEIR
AFFILIATES (OR ANY OF THEM) WITH RESPECT TO THIS NOTE, THE SECURITIES PURCHASE
AGREEMENT OR ANY OTHER INVESTMENT DOCUMENTS, INCLUDING ANY PRESENT OR FUTURE
AMENDMENT THEREOF, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, REGARDLESS
OF WHICH PARTY INITIATES SUCH ACTION, SUIT OR OTHER PROCEEDING; AND THE COMPANY
AND THE HOLDER EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH ACTION, SUIT OR
OTHER PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY, AND THAT
EITHER THE COMPANY OR THE HOLDER MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE OTHER TO
THE WAIVER OF ANY RIGHT IT OR THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY.

                     [REST OF PAGE LEFT INTENTIONALLY BLANK]

                                      -9-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Note to be executed and
delivered by its duly authorized representatives on the date first above
written.

                                    OVERHILL FARMS, INC., a Nevada corporation

                                    By:  /S/ James Rudis
                                         ---------------------------------------
                                         James Rudis
                                         President and Chief Executive Officer

                                    By:  /S/ John Steinbrun
                                         ---------------------------------------
                                         John Steinbrun
                                         Senior Vice President and Chief
                                         Financial Officer

AGREED TO AND ACCEPTED:
----------------------

LEVINE LEICHTMAN CAPITAL PARTNERS II, L.P.,
a California limited partnership

By:  LLCP California Equity Partners II, L.P., a
     California limited partnership, its General
     Partner

      By:  Levine Leichtman Capital Partners, Inc.,
           a California corporation, its General Partner

          By: /S/ Steven E. Hartman
             ---------------------------------------------
                 Steven E. Hartman
                 Vice President

                                      -10-

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