Document:

EXHIBIT 10.3

To:  Polaroid Corporation; and

     Polaroid (U.K.) Limited

Date:

Re: Amendment and Waiver Agreement relating to Facility Agreement dated
    3 August 1999

We refer to the Amendment and Waiver Agreement (the "AMENDMENT AND WAIVER
AGREEMENT") dated 26 March 2001 entered into between Polaroid Corporation,
Polaroid (UK) Limited, Deutsche Banc Alex Brown Inc., ABN AMRO Bank N.V. and
others in relation to the facility agreement dated 3 August 1999 between such
parties and referred to in the Amendment and Waiver Agreement as the UK Facility
Agreement.

Terms and expressions defined in the Amendment and Waiver Agreement and the UK
Facility Agreement shall, unless otherwise defined herein, bear the same
meanings in this letter.

We hereby agree to extend the waiver referred to in the Amendment and Waiver
Agreement so that the Waiver Expiry Time referred to therein shall be the
earlier of (i) 5.00 p.m. (New York City time) on 12 July 2001, (ii) the date on
which any waiver granted in relation to the US Facility Agreement pursuant an
amendment and restatement agreement dated 21 March, 2001, as supplemented on 20
April 2001 and on or around 15 May 2001, expires and (iii) such earlier date as
may be determined pursuant to the other provisions of the Amendment and Waiver
Agreement including Clause 5 thereof. Accordingly, the Waiver Period referred to
in the Amendment and Waiver Agreement shall be construed as being the period
beginning on February 16, 2001 and ending at such Waiver Expiry Time.

In addition we hereby agree that the reference to "first and second Fiscal
Quarters of Fiscal Year 2001" in Clause 2.1 of the Amendment and Waiver
Agreement shall be deleted and replaced by a reference to "first, second and
third Fiscal Quarters of Fiscal Year 2001".

The extension of the waiver and the above amendment is granted by the
Beneficiaries on the following conditions:-

(i)      The Amendment and Waiver Agreement shall, with effect from the date on
         which this waiver becomes effective, be amended as follows:-

         (a)      Clause 7 shall be deleted and replaced with the following:-

<PAGE>

         "7.      INTEREST AND FEES

         Each of the Guarantor and the Borrower agree that:-

                  (i)      during the period commencing on 5 March 2001 and
                           ending on the date immediately preceding the date on
                           which this waiver becomes effective, the Facility Fee
                           Rate and the Applicable Margin shall be as set forth
                           in the table below, regardless of the Guarantor's
                           Long-Term Debt Ratings:-

                                  Facility Fee Rate       0.75%

                                  Applicable Margin       2.50%; and

                  (ii)     (a) during the period commencing on the date on which
                           this waiver becomes effective and ending on the last
                           day of the Waiver Period (as extended by this letter)
                           and (b) if immediately after such Waiver Period ends
                           any Termination Event has occurred and is continuing,
                           during any period that any such Termination Event
                           continues to exist, the Facility Fee Rate and the
                           Applicable Margin shall be as set forth in the table
                           below, regardless of the Guarantor's Long-Term Debt
                           Ratings.

                                  Facility Fee Rate       0.75%

                                  Applicable Margin       3.50%; and

         (b)      The words "or any provision of any amendment, variation or
                  extension hereof" shall be inserted after the words "any
                  provision of this Agreement" in Clause 5.

         (c)      The reference to "the date hereof" in Clause 8 shall be
                  construed as being a reference to the date of this letter.

(ii)     The UK Facility Agreement shall, with effect from the date on which
         this waiver becomes effective, be amended as follows:-

         (a)      Each of the text in paragraph (A) of Clause 6.2 reading,
                  "shown in the quarterly balance provided under paragraph 14 of
                  Schedule 2 or, upon becoming available, in the latest
                  quarterly balance delivered to the Agent under Clause 18.1(f)"
                  shall be deleted and replaced with the following wording:-

                           "shown in the latest monthly balance delivered to the
                           Agent under Clause 18.1(f)";

         (b)      Paragraph (D) of Clause 6.2 shall be deleted and replaced with
                  the following:-

                           "The Term of the Advance must be a period of 1, 2 or
                           3 months or any other period as the Agent (on behalf
                           of, and with the consent of, all the Lenders) and the
                           Borrower may agree in writing. The Borrower will be
                           treated as choosing a period of one month if it fails
                           to select a period";

                                      -2-
<PAGE>

         (c)      Clause 8.3 shall be deleted and replaced with the following:-

                           "8.3 Payment of Interest

                           The Borrower agrees to pay interest accrued on each
                           Advance in arrear on the last day of its Term. Where
                           the term is longer than three months the Borrower
                           also agrees to pay interest on the day three months
                           after the start of the Term."

         (d)      In paragraph (f) of Clause 18.1 the reference to "quarterly"
                  shall be deleted and replaced by a reference to "monthly" and
                  the reference to "45 days after the end of each quarter of its
                  financial year "shall be deleted and replaced by a reference
                  to "30 days after the end of each calendar month"; and

         (e)      The reference to "THIS AGREEMENT" in paragraph (B) of Clause
                  20.1 shall be deleted and replaced by a reference to "THE
                  FINANCE DOCUMENTS".

(iii)    Each of the Borrower and the Guarantor agree to procure that, as soon
         as possible but in any event no later than the date falling 30 days
         after the date hereof, Polaroid Trading B.V. shall execute and deliver
         to the Agent the Pledge of Polaroid Trading Receivables together with a
         certified copy of evidence of corporate authority approving execution
         and delivery of such document in a form satisfactory to the Agent.

(iv)     The Guarantor agrees that it will:-

         (a)      comply with the obligations set out in Sections 4, 5, 6 and
                  7(c) of the second US supplemental waiver agreement entered
                  into or to be entered into on or around 15 May 2001 in respect
                  of the US Facility Agreement (the "SECOND US SUPPLEMENTAL
                  WAIVER AGREEMENT") as the same may be amended, varied, waived,
                  supplemented or otherwise superseded from time to time;

         (b)      deliver to each of the Beneficiaries by facsimile or e-mail,
                  no later than 9 a.m. (Amsterdam time) on the third Business
                  Day of each week, a weekly report in relation to the Borrower
                  and its subsidiaries (on a consolidated basis) and in a form
                  and level of detail specified by the Beneficiaries and agreed
                  with the Borrower setting forth the closing cash position for
                  the Borrower and its subsidiaries (on a consolidated basis)
                  for the week ending on the most recent Friday.

(v)      The Guarantor agrees that, if reasonably requested by the Agent, it
         will have a meeting to which all Lenders are invited on a date and in
         location to be mutually agreed with the Agent, at which its senior
         management will make a detailed presentation of its recent results of
         operations and current financial condition and the current status of
         its business and affairs, with a particular focus on (a) its liquidity,
         (b) the status of the proposed asset-based refinancing previously
         described to the Lenders and alternative strategic actions being
         considered by the Guarantor and (c) a current analysis of the Operating
         Plan referred in the Second US Supplemental Waiver Agreement.

                                      -3-
<PAGE>

(vi)     The Guarantor agrees that, if the Agent so requests, at least once a
         month whilst this waiver or any extended one is effective, and more
         frequently if reasonably requested by the Agent, senior management will
         participate in a conference call with the Lenders, on a day and at a
         time to be mutually agreed with the Agent, during which it will provide
         an update on the matters described in paragraphs (a), (b) and (c) of
         paragraph (iv) above. The Guarantor further agrees that in addition to
         any such conference calls that are requested, promptly after it
         receives a substantially final version of the McKinsey report described
         at the Lenders' meeting with the Guarantor on 30 April 2001, it will,
         initiate a conference call with the Lenders, on a day and at a time to
         be mutually agreed with the Agent, during which senior management will
         describe the major areas addressed by such report, the major
         conclusions that they have taken from such report and what actions, if
         any, the Guarantor proposes to take on account thereof.

(vii)    The Guarantor agrees that the cumulative net cash flow for any Weekly
         Period, as reported in the Weekly Report, will not be less than the
         cumulative net cash flow projected for such Weekly Period in the Cash
         Forecast by more than $5 million (each such term referred to in this
         paragraph (vii) having the meaning ascribed to it in the Second US
         Supplemental Waiver Agreement).

(viii)   The Guarantor agrees that Consolidated Capital Expenditures (as defined
         in the US Facility Agreement) will not, for each period beginning on 1
         January 2001 and ending on the last day of a fiscal month specified
         below, exceed the amount specified for such fiscal month below:

         FISCAL MONTH                                        AMOUNT

         April 2001                                       $24,000,000

         May 2001                                         $32,000,000

         June 2001                                        $41,000,000

Clauses 11, 12, 14 and 15 of the Amendment and Waiver Agreement shall be deemed
incorporated, MUTATIS MUTANDIS, into this letter but so that and all
references:-

(i)      in Clauses 11, 12 and 15 of the Amendment and Waiver Agreement to "this
         Agreement" shall be construed as being references to this letter; and

(ii)     in Clause 14 of the Amendment and Waiver Agreement to "this Agreement"
         shall be construed as being references to "the Amendment and Waiver
         Agreement and this letter".

All references in the Amendment and Waiver Agreement to "herein", "hereof",
"hereunder", "hereby", "this Agreement", "the waivers granted hereby", "the
waiver referred to in this Agreement", "the waiver contained herein", "this
waiver" and each other similar reference contained in the Amendment and Waiver
Agreement shall be construed as being references to the Amendment and Waiver
Agreement as amended by this letter.

                                      -4-
<PAGE>

All other terms of the UK Facility Agreement and the Amendment and Waiver
Agreement shall, save as amended pursuant to this letter, remain in full force
and effect and the terms of the UK Facility Agreement shall be read as one with
the Amendment and Waiver Agreement and this letter.

Each of the Borrower and the Guarantor hereby repeat the representations and
warrants set out in Clause 9 of the Amendment and Waiver Agreement as if
references therein to "the date hereof" were references to the date of this
letter.

By its signature below, the Guarantor consents to the terms of this letter, and
acknowledges that this letter shall not alter, release, discharge or otherwise
affect any of its obligations under the UK Facility Agreement or any Finance
Document and hereby ratifies and confirms all of the Finance Documents to which
it is a party.

Each of the Guarantor and the Borrower confirm, by execution of this letter,
that all corporate or other action or steps required to authorise its entry
into, performance and delivery of each of the Amendment and Waiver Agreement and
this letter and the transactions contemplated thereby have been duly taken.

The Guarantor agrees that it shall, on the date of this letter, pay the Agent in
immediately available funds for the account of each Lender a waiver fee in an
amount equal to 0.25% of such Lender's Commitment (as of the opening of business
on the date hereof). This waiver fee is additional to any waiver fee previously
paid pursuant to the Waiver and Amendment Agreement.

This waiver shall become effective in accordance with the terms herein on the
date when Deutsche Bank AG, in its capacity as Agent under the UK Facility
Agreement, shall have received the following:-

         (i)      a counterpart hereof signed by each of the parties hereto or a
                  facsimile evidencing that such party has signed a counterpart
                  hereof; and

         (ii)     evidence satisfactory to it that the Lenders under the US
                  Facility Agreement shall have waived any defaults under the US
                  Facility Agreement until a date no earlier than 5 p.m. (New
                  York City time) on 12 July 2001 pursuant to a waiver
                  containing terms that, taken as a whole, are neither more
                  favourable to those lenders nor more restrictive or burdensome
                  to the Guarantor or the Borrower than the terms hereof.

Each of the Borrower and the Guarantor agree that this letter shall be
considered a "Finance Document" for all purposes of the UK Facility Agreement.

This letter shall be governed by and construed in accordance with English law.

Please indicate your agreement to the foregoing terms of this letter by
executing a counterpart hereof in the space provided below and returning it to
the Agent at the address notified by it to you.

For and on behalf of

                                      -5-
<PAGE>

        CO-ARRANGERS AND DOCUMENTATION AGENT

        DEUTSCHE BANC ALEX BROWN INC.

        as Co-Arranger

        By:       /s/ DAVID MAYHEW
                  ----------------

        Title:    Vice President

        By:       /s/ KEITH C. BRAUN
                  ------------------

        Title:    Vice President

        ABN AMRO BANK N.V.

        as Co-Arranger and Documentation Agent

        By:       /s/ STEVEN C. WIMPENNY
                  ----------------------

        Title:    Group Senior Vice President

        By:       /s/ WILLIAM J. TERESKY
                  ----------------------

        Title:    Group Vice President

        LENDERS

        ABN AMRO BANK N.V.

        By:       /s/ STEVEN C. WIMPENNY
                  ----------------------

        Title:    Group Senior Vice President

                                      -6-
<PAGE>

        By:       /s/ WILLIAM J. TERESKY
                  ----------------------

        Title:    Group Vice President

        DEUTSCHE BANK A.G., LONDON BRANCH

        By:       /s/ DAVID MAYHEW
                  ----------------

        Title:    Vice President

        By:       /s/ KEITH C. BRAUN
                  ------------------

        Title:    Vice President

        DEUTSCHE BANK A.G., AMSTERDAM BRANCH

        By:       /s/ DAVID MAYHEW
                  ----------------

        Title:    Vice President

        By:       /s/ KEITH C. BRAUN
                  ------------------

        Title:    Vice President

                                      -7-

<PAGE>

                                     Agreed to and accepted.

                                     POLAROID CORPORATION

                                     By: /s/ CARL L. LUEDERS
                                         -------------------

                                     Title: Vice President & Acting Chief
                                            Financial Officer

                                     Date:  May 15, 2001

                                     POLAROID (U.K.) LIMITED

                                     By: /s/ CARL L. LUEDERS
                                         -------------------

                                     Title: Vice President & Acting Chief
                                            Financial Officer

                                     Date:  May 15, 2001

                                      -8-<PAGE>
                                                                    EXHIBIT 10.1

                       THIRD AMENDMENT TO CREDIT AGREEMENT

         This THIRD AMENDMENT TO CREDIT AGREEMENT dated as of March 19,
2001(this "AMENDMENT"), among RUBIO'S RESTAURANTS, INC AND RUBIO'S RESTAURANTS
OF NEVADA (collectively the "BORROWERS") and FLEET NATIONAL BANK formerly known
as BANKBOSTON, N.A., (the "Bank").

         WHEREAS, pursuant to the Credit Agreement (as defined below), the Bank
has agreed to make Revolving Credit Loans to the Borrower as provided in the
Credit Agreement (as defined below);

         WHEREAS, the Borrower and the Bank wish to revise certain provisions of
the Credit Agreement as provided below, eliminating certain covenants , changing
other covenants, making certain other changes to the Credit Agreement, and
permitting the Borrower to engage in a Secondary Offering, as defined below.

         NOW, THEREFORE, in consideration of the foregoing and the agreements
contained herein, the parties hereby agree as follows:

1)   REFERENCE TO CREDIT AGREEMENT.

         Reference is made to the Revolving Credit and Term Loan Agreement dated
as of May 13, 1998 (as the same may be amended and restated from time to time,
the "CREDIT AGREEMENT") between the Borrower and the Bank. Capitalized terms
used herein which are defined in the Credit Agreement have the same meanings
herein as therein, except to the extent that such meanings are amended hereby.

2)   AMENDMENTS.

     The Borrower and the Bank agree that the Credit Agreement is hereby
amended, effective as of the date hereof, as follows:

       a)  The following is added to Section 1 of the Credit Agreement:

         "MINIMUM REVOLVER INCURRENCE TEST" means the minimum Consolidated
         EBITDA of the Borrower as set forth in Section 6.9(b) required prior to
         making Loans hereunder.

         "SECONDARY OFFERING" means an offering of equity to investors that does
         not include the raising of capital through debt, nor the granting of
         liens or security interests in Borrower's assets to such investors.

       b)  The following is hereby substituted for Section 2.1 (a) of the Credit
           Agreement:

                  2.1           REVOLVING CREDIT COMMITMENTS.

                  (a) REVOLVING CREDIT LOANS. Subject to the terms and
         conditions set forth herein, including without limitation a certificate
         from a Senior Officer stating that the Borrower is in compliance with
         Section 6.9 (b), the Bank agrees to make Revolving Credit Loans to the

                                      -1-
<PAGE>

         Borrower from time to time during the Revolving Credit Availability
         Period in an aggregate principal amount that will not result in the
         aggregate of all Revolving Credit Loans plus Letters of Credit issued
         and outstanding to exceed the Revolving Credit Commitment.
         Notwithstanding the forgoing, the Bank shall not make any Revolving
         Credit Loan which does not comply with the use of proceeds set forth in
         Section 5.10 of this Agreement. Within the foregoing limits and subject
         to the terms and conditions set forth herein, the Borrower may borrow,
         prepay and reborrow Revolving Credit Loans until maturity. The
         Revolving Credit Loans shall be evidenced by a Amended and Restated
         Revolving Credit Note in the form appended hereto as EXHIBIT A.

         c)       Section 2.8 (a) of the Credit Agreement is amended in its
                  entirety to read as follows:

                  (a) The Borrower agrees to pay to the Bank on the daily
         average unused amount of the respective Revolving Credit Commitment,
         during each fiscal quarter commencing on the date hereof an unused
         commitment fee equal to .500% per annum in any fiscal quarter in which
         Consolidated EBITDA does not equal or exceed $6,500,000 and .375% in
         each quarter in which Consolidated EBITDA equals or exceeds $6,500,000.
         Such unused commitment fee as may accrue from and after the date hereof
         shall be payable in arrears on each Quarterly Date commencing on the
         first such date occurring after the date hereof. All unused commitment
         fees shall be computed on the basis of a year of 360 days and shall be
         payable for the actual number of days elapsed (including the first day
         but excluding the last day).

         d)       Section 6.5 of the Credit Agreement is amended in its entirety
                  to read as follows:

         6.5      INVESTMENTS

                  The Borrower will not make or permit to remain outstanding any
Investment, except:

                  (i)      Permitted New Restaurants;

                  (ii)     Permitted Investments;

                  (iii) Checking and deposit accounts with banks used in the
         ordinary course of business; and

                  (iv) an account receivable not to exceed $300,000 in the
         aggregate due from Ralph Rubio and arising solely from amounts related
         to the development and implementation of the opening and operating a
         not-for-profit Restaurant for training high school students in
         restaurant management and operations and further providing for a long
         term payout of such account receivable.

                                      -2-
<PAGE>

         e)       Section 6.8 of the Credit Agreement is amended in its entirety
                  to read as follows:

                  6.8 DISTRIBUTIONS. The Borrower shall not issue additional
                  shares of any class except as provided ins SCHEDULE 6.8
                  hereof, provided that Borrower may consummate the Secondary
                  Offering.

         f)       Section 6.9 of the Credit Agreement is amended in its entirety
                  to read as follows:

                  6.9 CERTAIN FINANCIAL COVENANTS. All of the following
                  covenants shall be measured at the end of each fiscal quarter
                  of the Borrower, based on the four immediately preceding
                  fiscal quarters of the Borrower, except as otherwise set forth
                  below.

                  (a) FIXED CHARGE COVERAGE RATIO. The Borrower shall not permit
                  the ratio of Consolidated Cash Flow Plus Rental Expense on the
                  last day of each fiscal quarter for the four quarters then
                  ended to Consolidated Financial Obligations plus Rental
                  Expense to be at the end of:

                           At the end of the fourth fiscal quarter ending in
                           fiscal year 2000 and at the end of each fiscal
                           quarter of fiscal year 2001, to be less than 1.35 to
                           1.00

                           At the end of each fiscal quarter ending in fiscal
                           year 2002 and thereafter to be less than 1.30 to 1.00

                  (b) REVOLVING INCURRENCE TEST: The Bank shall not advance any
                  additional Loan during any of the periods set forth below
                  unless a Senior Officer can certify at the time the Loan is
                  requested that the Consolidated EBITDA equals or exceeds the
                  following minimums:

<TABLE>
<CAPTION>
---------------------------------------------- ------------------------------------------------------
Period                                         Minimum Consolidated EBITDA
---------------------------------------------- ------------------------------------------------------
<S>                                          <C>      <C>
First Fiscal Quarter of Fiscal Year 2001 for   $5,600,000
the four fiscal quarter then ended
---------------------------------------------- ------------------------------------------------------
Second  Fiscal  Quarter  of Fiscal  Year 2001  $5,900,000
for the four fiscal quarter then ended
---------------------------------------------- ------------------------------------------------------
Third Fiscal Quarter of Fiscal Year 2001 and   $6,500,000
each Fiscal Quarter thereafter for the four
fiscal quarters then ended.
---------------------------------------------- ------------------------------------------------------
</TABLE>

                  (c) MAXIMUM TOTAL LEVERAGE RATIO. The ratio of Consolidated
                  Funded Indebtedness to Consolidated EBITDA shall not exceed
                  2.25:1.00 for each quarter starting October, 2000 and
                  thereafter.

                  (d) CAPITAL EXPENDITURES. The Borrower shall not incur Capital
                  Expenditures in any fiscal year commencing with fiscal year
                  2001 which exceed: $12,000,000; provided that the Borrower
                  shall not build any additional stores unless the ratio of
                  Consolidated Funded Indebtedness to Consolidated EBITDA does
                  not exceed 1.25 to 1.00 and on a pro forma basis will not
                  exceed 1.25 to 1.00 after such capital

                                      -3-
<PAGE>

                  expenditure. Up to 50% of the total amount of Capital
                  Expenditures permitted hereunder which is not used in any
                  fiscal year may be carried forward to the next fiscal year,
                  but not thereafter.

                  (e) MINIMUM EBITDA. The Borrower shall have minimum
                  Consolidated EBITDA at the end of each fiscal period as
                  follows:

<TABLE>
<CAPTION>
         Fiscal Period                                              Minimum EBITDA
         -------------                                              --------------
         <S>                                                        <C>
         Fourth Fiscal Quarter of Fiscal Year 2000                  $5,000,000
         for the four fiscal quarters then ended.

         First Fiscal Quarter of Fiscal Year 2001 for the           $5,000,000
         four fiscal quarters then ended.

         Second Fiscal Quarter of Fiscal Year 2001 for the          $5,500,000
         four fiscal quarters then ended.

         Third Fiscal Quarter of Fiscal Year 2001 for the           $6,500,000
         four fiscal quarters then ended. and at the end of
         each fiscal quarter thereafter for the four fiscal
         quarters then ended.
</TABLE>

g)       Section 8.1 is amended in its entirety to read as follows:

                  8.1 NOTICES. Except in the case of notices and other
         communications expressly permitted to be given by telephone, all
         notices and other communications provided for herein shall be in
         writing and shall be delivered by hand or overnight courier service,
         mailed by certified or registered mail or sent by telecopy, as follows:

                  (a) if to the Borrower, to Joseph Stein, Rubio's Restaurants,
         Inc. 1902 Wright Place, Suite 300 Carlsbad, CA 92008, fax number (760)
         929-8203 with a copy to Ira Fils 1902 Wright Place, Suite 300 Carlsbad,
         CA 92008.

                  (b) if to the Bank, to Fleet National Bank, 100 Federal
         Street, Mail Code MA DE 10008H, Boston, Massachusetts 02110, Attention:
         Thomas P. Tansi, Director (Fax No. (617) 434-0637), with a copy to Pepe
         & Hazard LLP, 150 Federal Street, Boston, Massachusetts 02110,
         Attention: Richard S. Rosenstein, Esq. (Fax No. 617-695-9090).

         Any party hereto may change its address or telecopy number for notices
         and other communications hereunder by written notice to the other
         parties hereto. All notices and other communications given to any party
         hereto in accordance with the provisions of this Agreement shall be
         deemed to have been given on the date of receipt.

3)   AFFIRMATION OF SECURITY AGREEMENTS AND INTELLECTUAL PROPERTY SECURITY
     AGREEMENTS.

                                      -4-
<PAGE>

     a)  The Borrowers affirm that the Security Agreements (as defined in the
         Credit Agreement) remain in full force and effect and secure all of the
         Obligations either current or future due to the Bank.

     b)  The Borrower has delivered this date revised Perfection Certificates
         for each of them, which are true and correct.

     c)  The Borrowers affirm that the Intellectual Property Security Agreements
         (as defined in the Credit Agreement) remain in full force and effect
         and secure all of the Obligations either current or future due to the
         Bank.

     d)  The Borrowers have delivered this date revised Schedules for the
         Intellectual Property Security Agreement, which are true and correct.

4)   NO DEFAULT; REPRESENTATIONS AND WARRANTIES, ETC.

         The Borrower hereby confirms that: (a) the representations and
warranties of the Borrower contained in th the Credit Agreement are true on and
as of the date hereof as if made on such date (except to the extent that such
representations and warranties expressly relate to an earlier date), as modified
by any amendment of Schedules presented herewith; (b) the Borrower is in
compliance in all material respects with all of the terms and provisions set
forth in the Credit Agreement on their part to be observed or performed; and (c)
after giving effect to this Amendment, no Event of Default, nor any event which
with the giving of notice or expiration of any applicable grace period or both
would constitute such an Event of Default, shall have occurred and be
continuing.

5)   CONDITIONS TO THIS AMENDMENT.

         This Second Amendment shall not become effective until the date on
which each of the following conditions is satisfied:

     a)  COUNTERPARTS OF AGREEMENT. The Bank shall have received from each party
         hereto a counterpart of this Agreement signed on behalf of such.

     b)  CORPORATE MATTERS. The Bank shall have received such documents and
         certificates as the Bank may reasonably request relating to the
         organization, existence and good standing of the Borrower, the
         authorization of the Transactions and any other legal matters relating
         to the Borrower, this Agreement, the other Loan Documents or the
         Transactions, all in form and substance reasonably satisfactory to the
         Bank and its counsel.

     c)  PERFECTION CERTIFICATES.  The Borrower has delivered to the Bank
         updated Perfection Certificate

     d)  FEES AND EXPENSES. The Bank shall have received all fees and other
         amounts due and payable at or prior to the Closing Date, including, all
         out-of-pocket expenses required to be reimbursed or paid by the
         Borrower hereunder (including reasonable attorneys' fees and costs).

     e)  Projections. The Bank has received for the current fiscal year an
         annual operating budget for the Borrower for each fiscal quarter in the
         current fiscal year, together with supporting

                                      -5-
<PAGE>

         assumptions which were reasonable when made, as at the end of each
         fiscal month or year, as applicable, all prepared in good faith in
         reasonable detail and consistent with the Borrower's past practices in
         preparing projections and otherwise reasonably satisfactory in scope to
         the Bank and certified by the Chief Financial Officer of the Borrower;

     f)  OTHER  DOCUMENTS.  The Bank shall have  received  such other  documents
         as the Bank and its counsel  shall have reasonably requested.

6)   MISCELLANEOUS.

     a)  Except to the extent specifically amended hereby, the Credit Agreement,
         the Loan Documents and all related documents shall remain in full force
         and effect. Whenever the terms or sections amended hereby shall be
         referred to in the Credit Agreement, Loan Documents or such other
         documents (whether directly or by incorporation into other defined
         terms), such defined terms shall be deemed to refer to those terms or
         sections as amended by this Amendment.

     b)  This Amendment may be executed in any number of counterparts, each of
         which, when executed and delivered, shall be an original, but all
         counterparts shall together constitute one instrument.

     c)  This Amendment shall be governed by the laws of the Commonwealth of
         Massachusetts and shall be binding upon and inure to the benefit of the
         parties hereto and their respective successors and assigns.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment
which shall be deemed to be a sealed instrument as of the date first above
written.

                                       RUBIO'S RESTAURANTS, INC.

                                       By_____________________________________
                                         Name: Ralph Rubio
                                         Title: President

                                       RUBIO'S RESTAURANTS OF NEVADA, INC.

                                       By_____________________________________
                                         Name: Ted Frumkin
                                         Title: President

                                      -6-

<PAGE>

                                       FLEET NATIONAL BANK formerly known
                                       as BankBoston, N.A.

                                       By_____________________________________
                                         Name: Thomas Tansi
                                         Title: Director

                                      -7-

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