Document:

Guarantee Agreement dated as of December 5, 2006

 Exhibit 4.5 
 GUARANTEE AGREEMENT 
 by and between 
 WELLS FARGO & COMPANY 
 as Guarantor 
 and 
 THE BANK OF NEW YORK TRUST COMPANY, N.A.

 as Guarantee Trustee 
 relating
to 
 WELLS FARGO CAPITAL X 
  

  
 Dated as of December 5, 2006 
  

  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS
	  	1
			
	Section 1.1.	  	Definitions	  	1
		
	 ARTICLE II TRUST INDENTURE ACT
	  	4
			
	Section 2.1.	  	Trust Indenture Act; Application	  	4
			
	Section 2.2.	  	List of Holders	  	4
			
	Section 2.3.	  	Reports by the Guarantee Trustee	  	5
			
	Section 2.4.	  	Periodic Reports to the Guarantee Trustee	  	5
			
	Section 2.5.	  	Evidence of Compliance with Conditions Precedent	  	5
			
	Section 2.6.	  	Events of Default; Waiver	  	5
			
	Section 2.7.	  	Event of Default; Notice	  	5
			
	Section 2.8.	  	Conflicting Interests	  	6
		
	 ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	  	6
			
	Section 3.1.	  	Powers and Duties of the Guarantee Trustee	  	6
			
	Section 3.2.	  	Certain Rights of Guarantee Trustee	  	7
			
	Section 3.3.	  	Compensation; Indemnity; Fees	  	9
		
	 ARTICLE IV GUARANTEE TRUSTEE
	  	9
			
	Section 4.1.	  	Guarantee Trustee; Eligibility	  	9
			
	Section 4.2.	  	Appointment, Removal and Resignation of the Guarantee Trustee	  	10
		
	 ARTICLE V GUARANTEE
	  	11
			
	Section 5.1.	  	Guarantee	  	11
			
	Section 5.2.	  	Waiver of Notice and Demand	  	11
			
	Section 5.3.	  	Obligations Not Affected	  	11
			
	Section 5.4.	  	Rights of Holders	  	12
			
	Section 5.5.	  	Guarantee of Payment	  	12
			
	Section 5.6.	  	Subrogation	  	12
			
	Section 5.7.	  	Independent Obligations	  	12
		
	 ARTICLE VI COVENANTS AND SUBORDINATION
	  	13
			
	Section 6.1.	  	Subordination	  	13
			
	Section 6.2.	  	Pari Passu Guarantees	  	13

  

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	 ARTICLE VII TERMINATION
	  	13
			
	Section 7.1.	  	Termination	  	13
		
	 ARTICLE VIII MISCELLANEOUS
	  	13
			
	Section 8.1.	  	Successors and Assigns	  	13
			
	Section 8.2.	  	Amendments	  	14
			
	Section 8.3.	  	Notices	  	14
			
	Section 8.4.	  	Benefit	  	15
			
	Section 8.5.	  	Governing Law	  	15
			
	Section 8.6.	  	Counterparts	  	15

  

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 GUARANTEE AGREEMENT, dated as of December 5, 2006, between WELLS FARGO & COMPANY, a
Delaware corporation (the “Guarantor”), having its principal office at 420 Montgomery Street, San Francisco, California 94163, and THE BANK OF NEW YORK TRUST COMPANY, N.A., as trustee (the “Guarantee Trustee”), for
the benefit of the Holders (as defined herein) from time to time of the Capital Securities (as defined herein) of WELLS FARGO CAPITAL X, a Delaware statutory trust (the “Issuer Trust”). 
 RECITALS 
 WHEREAS, pursuant to an Amended
and Restated Declaration of Trust and Trust Agreement, of even date herewith (the “Trust Agreement”), among Wells Fargo & Company, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees
(each as named therein) and the holders from time to time of undivided beneficial interests in the assets of the Issuer Trust, the Issuer Trust is issuing $750,000,000 aggregate Liquidation Amount (as defined in the Trust Agreement) of its 5.95%
Capital Securities (liquidation amount $1,000 per capital security) (the “Capital Securities”), representing preferred undivided beneficial interests in the assets of the Issuer Trust and having the terms set forth in the Trust
Agreement; and 
 WHEREAS, the Capital Securities will be issued by the Issuer Trust, and the proceeds thereof, together with the proceeds
from the issuance of the Issuer Trust’s Common Securities (as defined herein), will be used to purchase the Debentures of the Guarantor, which Debentures will be deposited with The Bank of New York Trust Company, N.A., as Property Trustee under
the Trust Agreement, as trust assets; and 
 WHEREAS, as an incentive for the Holders to purchase Capital Securities, the Guarantor desires
irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of the Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the purchase of Capital Securities by each Holder, which purchase the Guarantor hereby acknowledges
shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time. 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1. Definitions. 
 For all purposes of this Guarantee Agreement, except as otherwise
expressly provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in
this Article, and include the plural as well as the singular; 
 (b) all other terms used herein that are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them therein; 
 (c) the words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 

 (d) all accounting terms used but not defined herein have the meanings assigned to them in accordance
with United States generally accepted accounting principles; 
 (e) unless the context otherwise requires, any reference to an
“Article” or a “Section” refers to an Article or a Section, as the case may be, of this Guarantee Agreement; and 
 (f)
the words “hereby,” “herein,” “hereof” and “hereunder” and other words of similar import refer to this Guarantee Agreement as a whole and not to any particular Article, Section or other subdivision.

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Board of Directors” means the board of directors of the Guarantor or any committee of the board of directors of the Guarantor,
comprised of one or more members of the board of directors of the Guarantor or officers of the Guarantor, or both. 
 “Capital
Securities” has the meaning specified in the recitals to this Guarantee Agreement. 
 “Common Securities” means the
securities representing common undivided beneficial interests in the assets of the Issuer Trust. 
 “Debentures” shall have
the meaning specified in the Trust Agreement. 
 “Distributions” shall have the meaning specified in the Trust Agreement.

 “Event of Default” means (i) a default by the Guarantor in any of its payment obligations under this Guarantee
Agreement or (ii) a default by the Guarantor in any other obligation hereunder that remains unremedied for 30 days. 
 “Guarantee Agreement” means this Guarantee Agreement, as modified, amended or supplemented from time to time. 
 “Guarantee Payments” means the following payments or distributions, without duplication, with respect to the Capital Securities, to the extent not paid or made by or on behalf of the Issuer Trust: (i) any accumulated
and unpaid Distributions required to be paid on the Capital Securities, to the extent the Issuer Trust shall have funds on hand available therefor at such time; (ii) the Redemption Price with respect to any Capital Securities called for
redemption by the Issuer Trust, to the extent the Issuer Trust shall have funds on hand available therefor at such time; and (iii) upon a voluntary or involuntary dissolution, winding-up or liquidation of the Issuer Trust, unless Debentures are
distributed to the Holders, the lesser of (a) the Liquidation Distribution with respect to the Capital Securities, to the extent that the Issuer Trust shall have funds on hand available therefor at such time, and (b) the amount of assets
of the Issuer Trust remaining available for distribution to Holders on liquidation of the Issuer Trust. 
 “Guarantee
Trustee” means The Bank of New York Trust Company, N.A., solely in its capacity as Guarantee Trustee and not in its individual capacity, until a Successor Guarantee Trustee has been 

  

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appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee.

 “Guarantor” has the meaning specified in the first paragraph of this Guarantee Agreement. 
 “Holder” means any Holder (as defined in the Trust Agreement) of any Capital Securities; provided, however, that in determining whether
the holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee
Trustee. 
 “Indenture” means the Indenture, dated as of August 1, 2005, between Wells Fargo & Company and The
Bank of New York Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, National Association), as trustee, as supplemented by the First Supplemental Indenture, dated as of December 5, 2006, between Wells Fargo &
Company and The Bank of New York Trust Company, N.A., as trustee, as the same may be further modified, amended or supplemented from time to time. 
 “Issuer Trust” has the meaning specified in the first paragraph of this Guarantee Agreement. 
 “Liquidation Distribution” shall have the meaning specified in the Trust Agreement. 
 “List of
Holders” has the meaning specified in Section 2.2(a). 
 “Majority in Liquidation Amount of the Capital
Securities” means, except as provided by the Trust Indenture Act, Capital Securities representing more than 50% of the aggregate Liquidation Amount (as defined in the Trust Agreement) of all Capital Securities then Outstanding (as defined
in the Trust Agreement). 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the
Chairman or a Vice Chairman of the Board of Directors of such Person or the President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement shall include: 
 (a)
a statement by each officer signing the Officers’ Certificate that such officer has read the covenant or condition and the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by such officer in rendering the Officers’ Certificate; 
 (c) a statement that such officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in
the opinion of such officer, such condition or covenant has been complied with. 
 “Person” means a legal person, including
any individual, corporation, estate, partnership, joint venture, association, joint stock company, company, limited liability company, trust, business trust, unincorporated association, or government or any agency or political subdivision thereof,
or any other entity of whatever nature. 
  

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 “Redemption Price” shall have the meaning specified in the Trust Agreement. 

“Responsible Officer” means, with respect to the Guarantee Trustee, any Senior Vice President, any Vice President, any Assistant Vice
President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer or any other officer of the Global Corporate Trust Department of the Guarantee Trustee and also means, with
respect to a particular matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.1. 
 “Trust Agreement” means the Amended and Restated Declaration of Trust and Trust Agreement of the Issuer Trust referred to in the
recitals to this Guarantee Agreement, as modified, amended or supplemented from time to time. 
 “Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this Guarantee Agreement was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the
extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Vice President,” when used with
respect to the Guarantor, means any duly appointed vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
 ARTICLE II 
 TRUST INDENTURE ACT 
 Section 2.1. Trust Indenture Act; Application. 
 Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a matter of contract to this Guarantee Agreement for purposes of interpretation, construction and defining the rights and
obligations hereunder, and this Guarantee Agreement, the Guarantor and the Guarantee Trustee shall be deemed for all purposes hereof to be subject to and governed by the Trust Indenture Act to the same extent as would be the case if this Guarantee
Agreement were qualified under the Trust Indenture Act on the date hereof. Except as otherwise expressly provided herein, if and to the extent that any provision of this Guarantee Agreement limits, qualifies or conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 Section 2.2. List of Holders.

 (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a) semiannually, on or before June 30 and
December 31 of each year, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (a “List of Holders”) as of a date not more than 15 days prior to the delivery thereof,
and (b) at such other times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the time such list is furnished,
in each case to the extent such information is in the possession or control of the Guarantor and has not 

  

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otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders. 
 (b) The Guarantee Trustee shall comply with the requirements of Section 311(a), Section 311(b)
and Section 312(b) of the Trust Indenture Act. 
 Section 2.3. Reports by the Guarantee Trustee. 
 Within 60 days after May 15 each year, commencing May 15, 2007, the Guarantee Trustee shall provide to the Holders such reports as are required
by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. If this Guarantee Agreement shall have been qualified under the Trust Indenture Act, the Guarantee Trustee
shall also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
 Section 2.4. Periodic Reports to the
Guarantee Trustee. 
 The Guarantor shall provide to the Guarantee Trustee and the Holders such documents, reports and information, if
any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust Indenture
Act, provided that such documents, reports and information shall be required to be provided to the Securities and Exchange Commission only if this Guarantee Agreement shall have been qualified under the Trust Indenture Act. 
 Section 2.5. Evidence of Compliance with Conditions Precedent. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in
Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer of the Guarantor pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
 Section 2.6. Events of Default; Waiver. 
 The Holders of at least a Majority in Liquidation Amount of the Capital Securities may, by vote, on behalf of the Holders of all the Capital Securities, waive any past default or Event of Default and its consequences. Upon such waiver, any
such default or Event of Default shall cease to exist, and any default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or
other default or Event of Default or impair any right consequent thereon. 
 Section 2.7. Event of Default; Notice. 
 (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default known to the Guarantee Trustee, transmit by mail, first class
postage prepaid, to the Holders, notice of any such Event of Default known to the Guarantee Trustee, unless such Event of Default has been cured before the giving of such notice, provided that, except in the case of a default in the payment of a
Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good
faith determines that the withholding of such notice is in the interests of the Holders. 
  

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 (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the
Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have obtained written notice, of such Event of Default. 
 Section 2.8. Conflicting Interests. 
 The Trust Agreement and the Indenture shall be deemed to be specifically described in this Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 

ARTICLE III 
 POWERS, DUTIES AND
RIGHTS OF THE GUARANTEE TRUSTEE 
 Section 3.1. Powers and Duties of the Guarantee Trustee. 
 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee Agreement to any Person except to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Guarantee Trustee hereunder. The right, title and interest of the Guarantee Trustee, as such,
hereunder shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and cessation of title shall be effective whether or not conveyancing documents
have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 
 (b) If an Event of Default has occurred
and is continuing, the Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the Holders. 
 (c) The Guarantee Trustee,
before the occurrence of any Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement (including pursuant to
Section 2.1), and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. If an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs. 
 (d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) prior to the occurrence
of any Event of Default and after the curing or waiving of all such Events of Default that may have occurred: 
 (A) the
duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement (including pursuant to Section 2.1), and the Guarantee Trustee shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this Guarantee Agreement (including pursuant to Section 2.1); and 
  

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 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee
Agreement (but in the case of any such certificates or opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the
same to determine whether or not they conform to the requirements of this Guarantee Agreement); 
 (ii) the Guarantee Trustee
shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was
made; 
 (iii) the Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good
faith in accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Capital Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee,
or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 
 (iv) subject to
Section 3.1(b), no provision of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of
its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee Agreement or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 Section 3.2. Certain Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 
 (i) The Guarantee Trustee may rely and shall be fully protected in acting or refraining from acting upon any signature, resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 
 (ii) Any request, direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an
Officers’ Certificate unless otherwise prescribed herein. 
 (iii) Whenever, in the administration of this Guarantee
Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may,
in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 
  

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 (iv) The Guarantee Trustee may consult with legal counsel, and the written advice or
opinion of such legal counsel with respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or
opinion. Such legal counsel may be legal counsel to the Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee
Agreement from any court of competent jurisdiction. 
 (v) The Guarantee Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Guarantee Agreement at the request or direction of any Holder unless such Holder shall have provided to the Guarantee Trustee such adequate security and indemnity as would satisfy a reasonable person in
the position of the Guarantee Trustee against the costs, expenses (including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be
requested by the Guarantee Trustee; provided that nothing contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers
vested in it by this Guarantee Agreement. 
 (vi) The Guarantee Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (vii) The
Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the
part of any such agent or attorney appointed by it with due care hereunder. 
 (viii) Whenever in the administration of this
Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders,
(B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be protected in acting in accordance with such instructions. 
 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such
act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority. 
  

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 Section 3.3. Compensation; Indemnity; Fees. 
 The Guarantor agrees: 
 (a) to pay to the
Guarantee Trustee from time to time such reasonable compensation for all services rendered by it hereunder as may be agreed by the Guarantor and the Guarantee Trustee from time to time (which compensation shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly provided herein, to reimburse the
Guarantee Trustee upon request for all reasonable expenses, disbursements and advances incurred or made by the Guarantee Trustee in accordance with any provision of this Guarantee Agreement (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (c) to indemnify the Guarantee Trustee, any Affiliate of the Guarantee Trustee and any officer, director, shareholder, employee, representative or agent of the Guarantee Trustee (each, an “Indemnified
Person”) for, and to hold each Indemnified Person harmless against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on the part of the Indemnified Person, arising out of or in connection with the
acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as a result of any amount due to it under this Guarantee
Agreement. The claims of the Guarantee Trustee under this Section 3.3 shall not be subject to the provisions of Article VI. 
 The
provisions of this Section 3.3 shall survive the termination of this Guarantee Agreement or the resignation or removal of the Guarantee Trustee. 
 ARTICLE IV 
 GUARANTEE TRUSTEE 
 Section 4.1. Guarantee Trustee; Eligibility. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor; and

 (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus
of at least $50,000,000, and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then, for the purposes of this Section 4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. 
 (b) If at any time the Guarantee Trustee shall cease to be eligible to
so act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2. 
  

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 (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning
of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
 Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(c), the Guarantee Trustee may be appointed or removed at any time by the action of the Holders of a Majority in
Liquidation Amount of the Capital Securities delivered to the Guarantee Trustee and the Guarantor (i) for cause or (ii) if a Debenture Event of Default (as defined in the Trust Agreement) shall have occurred and be continuing at any time.

 (b) Subject to Section 4.2(c), the Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by
giving written notice thereof to the Holders and the Guarantor and by appointing a successor Guarantee Trustee. The Guarantee Trustee shall appoint a successor by requesting from at least three Persons meeting the requirements of Section 4.1(a)
their expenses and charges to serve as the Guarantee Trustee, and selecting the Person who agrees to the lowest expenses and charges. 
 (c)
The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed and shall have accepted such appointment. No removal or resignation of a Guarantee Trustee shall be effective until a Successor
Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor and, in the case of any resignation, the resigning Guarantee Trustee.

 (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60
days after delivery to the Holders and the Guarantor of a notice of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
 (e) If a
resigning Guarantee Trustee shall fail to appoint a successor, or if a Guarantee Trustee shall be removed or become incapable of acting as Guarantee Trustee and a replacement shall not be appointed prior to such resignation or removal, or if a
vacancy shall occur in the office of Guarantee Trustee for any cause, the Holders of the Capital Securities, by the action of the Holders of record of not less than 25% in aggregate Liquidation Amount (as defined in the Trust Agreement) of the
Capital Securities then Outstanding (as defined in the Trust Agreement) delivered to such Guarantee Trustee, may appoint a Successor Guarantee Trustee or Trustees. If no successor Guarantee Trustee shall have been so appointed by the Holders of the
Capital Securities and accepted appointment, any Holder, on behalf of such Holder and all others similarly situated, or any other Guarantee Trustee, may petition any court of competent jurisdiction for the appointment of a successor Guarantee
Trustee 
 (f) Any corporation into which the Guarantee Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Guarantee Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Guarantee Trustee, shall be the
successor of the Guarantee Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Guarantee Agreement, without the executing or filing of any paper or any further act on the part of any of the parties
hereto. 
  

 10 

 ARTICLE V 
 GUARANTEE 
 Section 5.1. Guarantee. 
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid
by or on behalf of the Issuer Trust), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer Trust may have or assert, except the defense of payment. The Guarantor’s obligation to make a Guarantee Payment
may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer Trust to pay such amounts to the Holders. 
 Section 5.2. Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of this
Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer Trust or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
 Section 5.3.
Obligations Not Affected. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in
no way be affected or impaired by reason of the happening from time to time of any of the following: 
 (a) the release or waiver, by
operation of law or otherwise, of the performance or observance by the Issuer Trust of any express or implied agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by the Issuer Trust; 
 (b) the extension of time for the payment by the Issuer Trust of any portion of the Distributions (other than an extension of time for payment of
Distributions that results from the extension of any interest payment period on the Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Capital Securities or the
extension of time for the performance of any other obligation under, arising out of, or in connection with, the Capital Securities; 
 (c)
any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Capital Securities, or any action on the part of
the Issuer Trust granting indulgence or extension of any kind; 
 (d) the voluntary or involuntary liquidation, dissolution, receivership,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer Trust or any of the assets of the Issuer Trust; 
 (e) any invalidity of, or defect or deficiency in, the Capital Securities; 
  

 11 

 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 

(g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than payment of
the underlying obligation), it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the
foregoing. 
 Section 5.4. Rights of Holders. 
 The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to
enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in Liquidation Amount of the Capital Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a legal proceeding directly against the
Guarantor to enforce its rights under this Guarantee Agreement without first instituting a legal proceeding against the Guarantee Trustee, the Issuer Trust or any other Person. 
 Section 5.5. Guarantee of Payment. 
 This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment of the Guarantee Payments in full (without duplication of amounts theretofore paid by the
Issuer Trust) or upon the distribution of Debentures to Holders as provided in the Trust Agreement. 
 Section 5.6. Subrogation.

 The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer Trust in respect of any amounts paid to the
Holders by the Guarantor under this Guarantee Agreement; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount
shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders. 
 Section 5.7. Independent Obligations. 
 The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer Trust with respect to the Capital Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3. 
  

 12 

 ARTICLE VI 
 COVENANTS AND SUBORDINATION 
 Section 6.1. Subordination. 
 The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor to the extent and in the manner set forth in the Indenture with respect to the Debentures, and the provisions of Article Eighteen of the Indenture will
apply, mutatis mutandis, to the obligations of the Guarantor hereunder. The obligations of the Guarantor hereunder (other than those arising under Section 3.3 hereof) do not constitute Senior Debt (as defined in the Indenture) of the
Guarantor. 
 Section 6.2. Pari Passu Guarantees. 
 The obligations of the Guarantor under this Guarantee Agreement (other than those arising under Section 3.3) shall rank pari passu with the obligations of the Guarantor under any security, guarantee or
other agreement or obligation that is expressly stated to rank pari passu with the obligations of the Guarantor under this Guarantee Agreement or with any obligation that ranks pari passu with the obligations of the Guarantor under
this Guarantee Agreement. 
 ARTICLE VII 
 TERMINATION 
 Section 7.1. Termination. 
 This Guarantee Agreement (other than with respect to Section 3.3) shall terminate and be of no further force and effect upon (i) full payment of
the Redemption Price of all Capital Securities, (ii) the distribution of Debentures to the Holders in exchange for all of the Capital Securities or (iii) full payment of the amounts payable in accordance with Article IX of the Trust
Agreement upon liquidation of the Issuer Trust. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder is required to repay any sums paid with
respect to Capital Securities or this Guarantee Agreement. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1. Successors and Assigns. 
 All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Guarantee Trustee and the Holders of the Capital Securities then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article Eight of
the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder, and any purported assignment other than in accordance
with this provision shall be void. 
  

 13 

 Section 8.2. Amendments. 
 Except with respect to any changes that do not adversely affect the rights of the Holders in any material respect (in which case no consent of the Holders
will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Capital Securities. The provisions of Article VI of the Trust Agreement concerning
meetings of the Holders shall apply to the giving of such approval. 
 Section 8.3. Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice,
and delivered, telecopied or mailed by first class mail as follows: 
 (a) if given to the Guarantor, to the address or telecopy number set
forth below or such other address or telecopy number as the Guarantor may give notice to the Guarantee Trustee and the Holders: 
 Wells
Fargo & Company 
 420 Montgomery Street 
 San Francisco, California 94163 
 Attention: Chief Financial Officer MAC# A0101-121 
 Telecopy: (415) 975-7151 
 (b) if given
to the Guarantee Trustee, to the address or telecopy number set forth below or such other address or telecopy number as the Guarantee Trustee may give notice to the Guarantor and Holders: 
 The Bank of New York Trust Company, N.A. 
 227
West Monroe 
 26th Floor 
 Chicago, Illinois 60606 
 Attention: Global Corporate Trust 
 with a copy to: 
 Wells Fargo Capital X 
 c/o Wells Fargo &
Company 
 420 Montgomery Street 
 San Francisco, California 94163 
 Attention: Chief Financial Officer MAC# A0101-121 
 Telecopy: (415) 975-7151 
 (c) if given to
any Holder, at the address set forth on the books and records of the Issuer Trust. 
 All notices hereunder shall be deemed to have been
given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver. 
  

 14 

 Section 8.4. Benefit. 
 This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Capital Securities. 
 Section 8.5. Governing Law. 
 THIS
GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 8.6.
Counterparts. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Guarantee Agreement as of the day and year
first above written. 
  

			
	WELLS FARGO & COMPANY,
	 as Guarantor

		
	By:	 	/s/ Barbara S. Brett
		 	Name: Barbara S. Brett
		 	Title: Senior Vice President and
		 	 Assistant Treasurer

	
	 THE BANK OF NEW YORK TRUST COMPANY, N.A.,
 as Guarantee Trustee

		
	By:	 	/s/ Sharon K. McGrath
		 	Name: Sharon K. McGrath
		 	Title: Vice President

  

 [Guarantee Agreement]Loan Agreement and Waiver - Jamba Juice Company and Bank of America

 Exhibit 10.1 
 LOAN AGREEMENT 
 This Agreement dated as of October 30, 2003, is between Bank of America, N.A.
(the “Bank”) and Jamba Juice Company, a California corporation (the “Borrower”). 
  

	1.	FACILITY NO. 1: LINE OF CREDIT AMOUNT AND TERMS 

 1.1 Line of Credit
Amount. 
  

	(a)	During the availability period described below, the Bank will provide a line of credit to the Borrower (the “Facility No. 1”). The amount of the line of credit (the
“Facility No. 1 Commitment”) is Twenty Million Dollars ($20,000,000). 

  

	(b)	This is a revolving line of credit. During the availability period, the Borrower may borrow and repay principal amounts and reborrow them. 

  

	(c)	The Borrower agrees not to permit the principal balance outstanding to exceed the lesser of (i) Facility No. 1 Commitment, and (ii) an amount equal to 1.25 times
Borrower’s consolidated EBITDA for the then most recently ended 13 fiscal month period. “EBITDA” means net income, less income or plus loss from discontinued operations and extraordinary items, plus income taxes, plus interest
expense, plus depreciation and amortization, plus non-cash charges, minus non-cash income. If the Borrower exceeds this limit, the Borrower will immediately pay the excess to the Bank upon the Bank’s demand. 

 1.2 Availability Period. The line of credit is available between the date of this Agreement and the earlier of (a) October 29, 2005 (the “Facility
No. 1 Expiration Date”), (b) such earlier date as the availability may terminate as provided in this Agreement, or (c) the date set forth in Section 1.3(b)(ii) below. 
 1.3 Repayment Terms. 
  

	(a)	Any interest period for an optional interest rate (as described below) shall expire no later than the Facility No. 1 Expiration Date. Any amount bearing interest at an optional
interest rate (as described below) may be repaid at the end of the applicable interest period, which shall be no later than the Facility No. 1 Expiration Date. 

  

	(b)	The Borrower will repay in full any principal, interest or other charges outstanding under this facility no later than the earlier of (i) the Facility No. 1 Expiration
Date, or (ii) the date fifteen (15) days after the date on which the Borrower receives a Redemption Notice (as defined in Section 8.11(g) below). 

  

 1 

 1.4 Interest Rate. 
  

	(a)	The interest rate is a rate per year equal to the Bank’s Prime Rate plus the Applicable Margin as defined below. 

  

	(b)	The Prime Rate is the rate of interest publicly announced from time to time by the Bank as its Prime Rate. The Prime Rate is set by the Bank based on various factors, including the
Bank’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Prime Rate. Any change in the Prime Rate
shall take effect at the opening of business on the day specified in the public announcement of a change in the Bank’s Prime Rate. 

 1.5
Optional Interest Rates. Instead of the interest rate based on the rate stated in the paragraph entitled “Interest Rate” above, the Borrower may elect the optional interest rate listed below for this Facility No. 1 during
interest periods agreed to by the Bank and the Borrower. The optional interest rate shall be subject to the terms and conditions described later in this Agreement. Any principal amount bearing interest at an optional rate under this Agreement is
referred to as a “Portion.” The following optional interest rates are available: 
 The LIBOR Rate plus the Applicable Margin as
defined below. 
 1.6 Applicable Margin. The Applicable Margin shall be the following amounts per annum, based upon the Adjusted Leverage Ratio (as
defined in the “Covenants” section of this Agreement), as set forth in the most recent compliance certificate (or, if no compliance certificate is required, the Borrower’s most recent financial statements) received by the Bank as
required in the Covenants section; provided, however, that, until the Bank receives the first compliance certificate or financial statement, such amounts shall be those indicated for pricing level 5 set forth below: 
 Applicable Margin (in percentage points per annum) 
  

											
	Pricing
Level	  	Adjusted
Leverage Ratio	  	LIBOR +	  	Base Rate +	  	Unused
Commitment
Fee	  	SBLC
Fee
	1	  	> 3.75:1.00	  	3.50	  	1.50	  	0.375	  	3.50
	2	  	> 3.50:1.00/
< 3.75:1.00	  	3.25	  	1.25	  	0.375	  	3.25
	3	  	> 3.25:1.00/
< 3.50:1.00	  	2.75	  	1.00	  	0.375	  	2.75
	4	  	> 3.00:1.00/
< 3.25:1.00	  	2.50	  	0.50	  	0.25	  	2.50
	5	  	< 3.00:1.00	  	2.25	  	0	  	0.25	  	2.25

 The Applicable Margin shall be in effect from the date the most recent compliance certificate or financial
statement is received by the Bank until the date the next compliance certificate or financial statement is received; provided, however, that if the Borrower fails to timely deliver the next compliance certificate or financial statement, the
Applicable Margin from the date such compliance certificate or financial statement was due until the date such compliance certificate or financial statement is received by the Bank shall be the highest pricing level set forth above. 
  

 2 

 1.7 Letters of Credit. 
  

	(a)	During the availability period, at the request of the Borrower, the Bank will issue standby letters of credit with a maximum maturity of 365 days but not to extend more than 365
days beyond the Facility No. 1 Expiration Date. The standby letters of credit may include a provision providing that the maturity date will be automatically extended each year for an additional year unless the Bank gives written notice to the
contrary. 

  

	(b)	The amount of the letters of credit outstanding at any one time (including the drawn and unreimbursed amounts of the letters of credit) may not exceed Six Million Dollars
($6,000,000). 

  

	(c)	In calculating the principal amount outstanding under the Facility No. 1 Commitment, the calculation shall include the amount of any letters of credit outstanding, including
amounts drawn on any letters of credit and not yet reimbursed. 

  

	(d)	The Borrower agrees: 

  

	 	(i)	Any sum drawn under a letter of credit may, at the option of the Bank, be added to the principal amount outstanding under this Agreement. The amount will bear interest and be due as
described elsewhere in this Agreement. 

  

	 	(ii)	If there is a default under this Agreement, to immediately prepay and make the Bank whole for any outstanding letters of credit. 

  

	 	(iii)	The issuance of any letter of credit and any amendment to a letter of credit is subject to the Bank’s written approval and must be in form and content satisfactory to the Bank
and in favor of a beneficiary acceptable to the Bank. 

  

	 	(iv)	To sign the Bank’s form Application and Agreement for Standby Letter of Credit. 

  

	 	(v)	To pay any issuance and/or other fees that the Bank notifies the Borrower will be charged for issuing and processing letters of credit for the Borrower. 

  

	 	(vi)	To allow the Bank to automatically charge its checking account for applicable fees, discounts, and other charges. 

  

	 	(vii)	To pay the Bank a non-refundable fee (“SBLC Fee”) equal to the rate per annum of the Applicable Margin times the outstanding undrawn amount of each standby letter of
credit, payable quarterly in arrears, calculated on the basis of the face amount outstanding on the day the fee is calculated. If there is a default under this Agreement, at the Bank’s option, the amount of the fee shall be increased by
2.0% per annum, effective starting on the day the Bank provides notice of the increase to the Borrower. 

  

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	2.	OPTIONAL INTEREST RATES 

 2.1 Optional Rates. Each optional interest
rate is a rate per year. Interest will be paid on November 1, 2003, and then on the same day of each month thereafter until payment in full of any principal outstanding under this facility. No Portion will be converted to a different interest
rate during the applicable interest period. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs. At the end of
any interest period, the interest rate will revert to the rate stated in the paragraph(s) entitled “Interest Rate” above, unless the Borrower has designated another optional interest rate for the Portion. 
 2.2 LIBOR Rate. The election of LIBOR Rates shall be subject to the following terms and requirements: 
  

	(a)	The interest period during which the LIBOR Rate will be in effect will be one, two or three months. The first day of the interest period must be a day other than a Saturday or a
Sunday on which the Bank is open for business in New York and London and dealing in offshore dollars (a “LIBOR Banking Day”). The last day of the interest period and the actual number of days during the interest period will be determined
by the Bank using the practices of the London inter-bank market. 

  

	(b)	Each LIBOR Rate Portion will be for an amount not less than Five Hundred Thousand Dollars ($500,000). 

  

	(c)	The “LIBOR Rate” means the interest rate determined by the following formula, rounded upward to the nearest 1/100 of one percent. (All amounts in the calculation will be
determined by the Bank as of the first day of the interest period.) 

 LIBOR Rate = London Inter-Bank
Offered Rate  
                             (1.00 - Reserve Percentage) 
 Where, 
 “London Inter-Bank Offered Rate” means:

  

	 	(i)	the average per annum interest rate at which U.S. dollar deposits would be offered for the applicable interest period by major banks in the London inter-bank market, as shown on the
Telerate Page 3750 (or any successor page) at approximately 11:00 a.m. London time two (2) London Banking Days before the commencement of the interest period. A “London Banking Day” is a day on which the Bank’s London Banking
Center is open for business and dealing in offshore dollars. 

  

	 	(ii)	if the rate referenced in the preceding clause (ii) does not appear on such page, the interest rate at which the Bank’s London Banking Center, London, Great Britain, would
offer U.S. dollar deposits for the applicable interest period to other major banks in the London inter-bank market at approximately 11:00 a.m. London time two (2) London Banking Days before the commencement of the interest period.

  

 4 

 “Reserve Percentage” means the total of the maximum reserve percentages for determining the
reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency Liabilities, as defined in Federal Reserve Board Regulation D, rounded upward to the nearest 1/100 of one percent. The percentage will be expressed as a
decimal, and will include, but not be limited to, marginal, emergency, supplemental, special, and other reserve percentages. 
  

	(d)	The Borrower shall irrevocably request a LIBOR Rate Portion no later than 12:00 noon Pacific time on the LIBOR Banking Day preceding the day on which the London Inter-Bank Offered
Rate will be set, as specified above. For example, if there are no intervening holidays or weekend days in any of the relevant locations, the request must be made at least three days before the LIBOR Rate takes effect. 

  

	(e)	The Bank will have no obligation to accept an election for a LIBOR Rate Portion if any of the following described events has occurred and is continuing: 

  

	 	(i)	Dollar deposits in the principal amount, and for periods equal to the interest period, of a LIBOR Rate Portion are not available in the London inter-bank market; or

  

	 	(ii)	the LIBOR Rate does not accurately reflect the cost of a LIBOR Rate Portion. 

  

	(f)	Each prepayment of a LIBOR Rate Portion, whether voluntary, by reason of acceleration or otherwise, will be accompanied by the amount of accrued interest on the amount prepaid and a
prepayment fee as described below. A “prepayment” is a payment of an amount on a date earlier than the scheduled payment date for such amount as required by this Agreement. 

  

	(g)	The prepayment fee shall be in an amount sufficient to compensate the Bank for any loss, cost or expense incurred by it as a result of the prepayment, including any loss of
anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Portion or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay
any customary administrative fees charged by the Bank in connection with the foregoing. For purposes of this paragraph, the Bank shall be deemed to have funded each Portion by a matching deposit or other borrowing in the applicable interbank market,
whether or not such Portion was in fact so funded. 

  

	3.	FEES AND EXPENSES 

 3.1 Fees. 
  

	(a)	Loan Fee. The Borrower agrees to pay a loan fee in the amount of Thirty Thousand Dollars ($30,000). This fee is due on the date of this Agreement. 

 

 5 

	(b)	Waiver Fee. If the Bank, at its discretion, agrees to waive or amend any terms of this Agreement, the Borrower will, at the Bank’s option, pay the Bank a fee for each
waiver or amendment in an amount advised by the Bank at the time the Borrower requests the waiver or amendment. Nothing in this paragraph shall imply that the Bank is obligated to agree to any waiver or amendment requested by the Borrower. The Bank
may impose additional requirements as a condition to any waiver or amendment. 

  

	(c)	Unused Commitment Fee. The Borrower agrees to pay a fee on any difference between the Facility No. 1 Commitment and the amount of credit it actually uses, determined by
the average of the daily amount of credit outstanding during the specified period. The fee will be calculated at the rate per year equal to the Applicable Margin, as defined above. The calculation of credit outstanding shall include the undrawn
amount of letters of credit. This fee is due on November 1, 2003, and on the same day of each following calendar quarter until the expiration of the availability period. 

 3.2 Expenses. The Borrower agrees to immediately repay the Bank for reasonable expenses that include, but are not limited to, filing, recording and search fees,
appraisal fees, title report fees, and documentation fees. 
 3.3 Reimbursement Costs. 
  

	(a)	The Borrower agrees to reimburse the Bank for any reasonable expenses it incurs in the preparation of this Agreement and any agreement or instrument required by this Agreement.
Expenses include, but are not limited to, reasonable attorneys’ fees, including any allocated costs of the Bank’s in-house counsel to the extent permitted by applicable law. 

  

	(b)	The Borrower agrees to reimburse the Bank for the reasonable cost of periodic field examinations of the Borrower’s books, records and collateral, and appraisals of the
collateral, at such intervals as the Bank may reasonably require. The actions described in this paragraph may be performed by employees of the Bank or by independent appraisers. 

  

	4.	GUARANTIES, COLLATERAL 

 4.1 Guaranties. The Borrower’s
obligations under this Agreement shall be guarantied by all existing and future direct and indirect subsidiaries of the Borrower. 
 4.2 Personal
Property. The personal property listed below now owned or owned in the future by the parties listed below will secure the Borrower’s obligations to the Bank under this Agreement or, if the collateral is owned by a guarantor, will secure the
guaranty, if so indicated in the security agreement. The collateral is further defined in security agreement(s) executed by the owners of the collateral. It will also secure all other obligations now or hereafter owing to the Bank. 
  

	(a)	Equipment and fixtures owned by the Borrower and any guarantor. 

  

	(b)	Inventory owned by the Borrower and any guarantor. 

  

 6 

	(c)	Receivables owned by the Borrower and any guarantor. 

  

	(d)	Stock and other securities owned by the Borrower and any guarantor. 

  

	(e)	Deposits with the Bank and owned by the Borrower and any guarantor. 

  

	(f)	Patents, trademarks and other general intangibles owned by the Borrower and any guarantor. 

  

	(g)	All other personal property owned by the Borrower and any guarantor. 

  

	5.	DISBURSEMENTS, PAYMENTS AND COSTS 

 5.1 Disbursements and Payments.

  

	(a)	Each payment by the Borrower will be made in U.S. Dollars and immediately available funds by direct debit to a deposit account as specified below or, for payments not required to be
made by direct debit, by mail to the address shown on the Borrower’s statement or at one of the Bank’s banking centers in the United States. 

  

	(b)	Each disbursement by the Bank and each payment by the Borrower will be evidenced by records kept by the Bank. In addition, the Bank may, at its discretion, require the Borrower to
sign one or more promissory notes. 

 5.2 Telephone and Telefax Authorization. 
  

	(a)	The Bank may honor telephone or telefax instructions for advances or repayments or for the designation of optional interest rates and telefax requests for the issuance of letters of
credit given, or purported to be given, by any one of the individuals authorized to sign loan agreements on behalf of the Borrower, or any other individual designated by any one of such authorized signers. 

  

	(b)	Advances will be deposited in and repayments will be withdrawn from account number 1499606865 owned by the Borrower, or such other of the Borrower’s accounts with the Bank as
designated in writing by the Borrower. 

  

	(c)	The Borrower will indemnify and hold the Bank harmless from all liability, loss, and costs in connection with any act resulting from telephone or telefax instructions the Bank
reasonably believes are made by any individual authorized by the Borrower to give such instructions. This paragraph will survive this Agreement’s termination, and will benefit the Bank and its officers, employees, and agents.

 5.3 Direct Debit (Pre-Billing). 
  

	(a)	The Borrower agrees that the Bank will debit deposit account number 1499606865 owned by the Borrower, or such other of the Borrower’s accounts with the Bank as designated in
writing by the Borrower (the “Designated Account”) on the date each payment of principal and interest and any fees from the Borrower becomes due (the “Due Date”). 

  

 7 

	(b)	Prior to each Due Date, the Bank will mail to the Borrower a statement of the amounts that will be due on that Due Date (the “Billed Amount”). The bill will be mailed a
specified number of calendar days prior to the Due Date, which number of days will be mutually agreed from time to time by the Bank and the Borrower. The calculations in the bill will be made on the assumption that no new extensions of credit or
payments will be made between the date of the billing statement and the Due Date, and that there will be no changes in the applicable interest rate. 

  

	(c)	The Bank will debit the Designated Account for the Billed Amount, regardless of the actual amount due on that date (the “Accrued Amount”). If the Billed Amount debited to
the Designated Account differs from the Accrued Amount, the discrepancy will be treated as follows: 

  

	 	(i)	If the Billed Amount is less than the Accrued Amount, the Billed Amount for the following Due Date will be increased by the amount of the discrepancy. The Borrower will not be in
default by reason of any such discrepancy. 

  

	 	(ii)	If the Billed Amount is more than the Accrued Amount, the Billed Amount for the following Due Date will be decreased by the amount of the discrepancy. 

 Regardless of any such discrepancy, interest will continue to accrue based on the actual amount of principal outstanding without compounding. The Bank
will not pay the Borrower interest on any overpayment. 
  

	(d)	The Borrower will maintain sufficient funds in the Designated Account to cover each debit. If there are insufficient funds in the Designated Account on the date the Bank enters any
debit authorized by this Agreement, the Bank may reverse the debit. 

 5.4 Banking Days. Unless otherwise provided in this Agreement, a
banking day is a day other than a Saturday, Sunday or other day on which commercial banks are authorized to close, or are in fact closed, in the state where the Bank’s lending office is located, and, if such day relates to amounts bearing
interest at an offshore rate (if any), means any such day on which dealings in dollar deposits are conducted among banks in the offshore dollar interbank market. All payments and disbursements which would be due on a day which is not a banking day
will be due on the next banking day. All payments received on a day which is not a banking day will be applied to the credit on the next banking day. 
 5.5
Interest Calculation. Except as otherwise stated in this Agreement, all interest and fees, if any, will be computed on the basis of a 360-day year and the actual number of days elapsed. This results in more interest or a higher fee than if a
365-day year is used. Installments of principal which are not paid when due under this Agreement shall continue to bear interest until paid. 
  

 8 

	5.6	Default Rate. Upon the occurrence of any default under this Agreement, all amounts outstanding under this Agreement, including any interest, fees, or costs which are not paid
when due, will at the option of the Bank bear interest at a rate which is 2.0 percentage point(s) higher than the rate of interest otherwise provided under this Agreement. This may result in compounding of interest. This will not constitute a waiver
of any default. 

  

	6.	CONDITIONS 

 Before the Bank is required to extend any credit to the
Borrower under this Agreement, it must receive any documents and other items it may reasonably require, in form and content reasonably acceptable to the Bank, including any items specifically listed below. 
 6.1 Authorizations. If the Borrower or any guarantor is anything other than a natural person, evidence that the execution, delivery and performance by the
Borrower and/or such guarantor of this Agreement and any instrument or agreement required under this Agreement have been duly authorized. 
 6.2 Governing
Documents. If required by the Bank, a copy of the Borrower’s and each guarantor’s organizational documents. 
 6.3 Guaranties.
Guaranties signed by all subsidiaries of the Borrower. 
 6.4 Security Agreements. Signed original security agreements covering the personal property
collateral which the Bank requires. 
 6.5 Perfection and Evidence of Priority. Evidence that the security interests and liens in favor of the Bank
are valid, enforceable, properly perfected in a manner acceptable to the Bank and prior to all others’ rights and interests, except those the Bank consents to in writing. 
 6.6 Payment of Fees. Payment of all fees and other amounts due and owing to the Bank, including without limitation payment of all accrued and unpaid expenses incurred by the Bank as required by the paragraph
entitled “Reimbursement Costs.” 
 6.7 Repayment of Other Credit Agreement. Evidence that the existing Senior Secured Credit Facility dated
as of December 2, 1999, as amended, among the Borrower, Fleet National Bank as Agent and the other Lenders party thereto, has been or will be repaid and cancelled on or before the first disbursement under this Agreement. 
 6.8 Good Standing. Certificates of good standing (i) for the Borrower from the states of California, Colorado, Illinois and Washington, (ii) for each
guarantor from its respective state of formation, and (iii) for the Borrower or any guarantor from any other state in which such party is required to qualify to conduct business and where the failure to so qualify would have a material adverse
effect on the Borrower. 
 6.9 Legal Opinion. A written opinion from the Borrower’s legal counsel, covering such matters as the Bank may require.
The legal counsel and the terms of the opinion must be acceptable to the Bank. 
  

 9 

 6.10 No Material Adverse Change; Litigation. 
  

	 	(i)	There shall not have occurred a material adverse change since June 30, 2002 in the business, assets, liabilities (actual or contingent), operations, or condition (financial or
otherwise) of the Borrower and its subsidiaries taken as a whole, or in the facts and information regarding such entities as represented to date. 

  

	 	(ii)	Except as disclosed to the Bank in writing in paragraph 2 of the disclosure letter delivered by the Borrower to the Bank of even date herewith (the “Disclosure Letter”),
the absence of any action, suit, investigation, or proceeding pending or threatened in any court or before any arbitrator or governmental authority that purports: (a) to materially and adversely affect the Borrower or its subsidiaries, or
(b) to affect any transaction contemplated hereby or the ability of the Borrower and its subsidiaries or any other obligor under the guarantees to perform their respective obligations under this Agreement. 

 6.11 Financial Statements. Fiscal month-end financial statements for the Borrower and its consolidated subsidiaries for each of the 13 fiscal months preceding the
date of this Agreement. 
 6.12 Insurance. Evidence of insurance coverage, as required in the “Covenants” section of this Agreement.

 6.13 Other Required Documentation. Such other documents, instruments and agreements as the Bank may reasonably request. 
  

	7.	REPRESENTATIONS AND WARRANTIES 

 When the Borrower signs this Agreement,
and until the Bank is repaid in full, the Borrower makes the following representations and warranties. Each request for an extension of credit constitutes a renewal of these representations and warranties as of the date of the request: 

7.1 Formation. The Borrower is duly formed and existing under the laws of the state of California. 
 7.2 Authorization. This Agreement, and any instrument or agreement required hereunder, are within the Borrower’s corporate power and authority, have been
duly authorized by all requisite corporate action, and do not conflict with any of its organizational papers. 
 7.3 Enforceable Agreement. This
Agreement is a legal, valid and binding agreement of the Borrower, enforceable against the Borrower in accordance with its terms, and any instrument or agreement required hereunder, when executed and delivered, will be similarly legal, valid,
binding and enforceable, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 
 7.4 Good Standing. In each state in which the Borrower does business, it is properly licensed, in good standing, and, where required, in compliance with fictitious name statutes, except where the failure to be
licensed, in good standing or in compliance with fictitious name statutes would not reasonably be expected to have a material adverse effect on the Borrower. 
  

 10 

 7.5 No Conflicts. This Agreement does not conflict with (a) any law, (b) any order, writ, judgment,
injunction, decree, determination or award of any governmental organization by which the Borrower is bound, (c) any Material Contract of the Borrower. For the purposes of this Agreement, “Material Contracts” means the contracts
identified as being material to the Borrower in the legal opinion delivered by Manatt, Phelps & Phillips, LLP to the Bank on the date of this Agreement. 
 7.6 Financial Information. All financial and other information that has been or will be supplied to the Bank is sufficiently complete to give the Bank accurate knowledge of the Borrower’s (and any guarantor’s) financial
condition, including all material contingent liabilities. Since the date of the most recent financial statement provided to the Bank, there has been no material adverse change in the business condition (financial or otherwise), operations,
properties or prospects of the Borrower (or any guarantor). 
 7.7 Lawsuits. There is no lawsuit, tax claim or other dispute pending or threatened
against the Borrower or any of its subsidiaries which, if lost, would impair the Borrower’s financial condition or ability to repay the loan, except as disclosed to the Bank in writing in paragraph 2 of the Disclosure Letter. 
 7.8 Collateral. All collateral required in this Agreement is owned by the grantor of the security interest free of any title defects (other than easements, rights
of way restrictions or minor defects in title not interfering in any material way with the Borrower’s operations) or any liens or interests of others, except for liens permitted under Section 8.4. 
 7.9 Permits, Franchises, Intellectual Property. The Borrower and its subsidiaries possess all material permits, memberships, franchises, contracts and licenses
required and all material trademark rights, trade name rights, patent rights, copyrights, and fictitious name rights necessary to enable them to conduct the business in which they are now engaged. As of the date hereof, in the ordinary course of
business the Borrower does not utilize any trademarks other than those listed in Schedule 1 hereto. 
 7.10 Other Obligations. Neither the Borrower
nor any of its subsidiaries is in default on any material obligation for borrowed money, any material purchase money obligation or any other material lease, commitment, contract, instrument or obligation, except as have been disclosed in writing to
the Bank. 
 7.11 Tax Matters. The Borrower has no knowledge of any pending assessments or adjustments of its income tax for any year and all taxes
due have been paid. 
 7.12 No Event of Default. There is no event which is, or with notice or lapse of time or both would be, a default under this
Agreement. 
 7.13 Insurance. The Borrower has obtained, and maintained in effect, the insurance coverage required in the “Covenants”
section of this Agreement. 
 7.14 Location of Borrower. The place of business of the Borrower (or, if the Borrower has more than one place of
business, its chief executive office) is located at the address listed on the signature page of this Agreement. 
  

 11 

 7.15 Shweid Settlement Agreement. The cancellation, termination or breach of the Shweid Settlement Agreement (as
defined below) at any time after the date of this Agreement would not have a material adverse change in the business, assets, liabilities (actual or contingent), operations, or condition (financial or otherwise) of the Borrower. 
  

	8.	COVENANTS 

 The covenants in this Agreement apply to the following parties,
as shown below: 
  

	 	(i)	The Borrower: all covenants; 

  

	 	(ii)	Subsidiaries of the Borrower: all covenants other than 8.2, 8.9, 8.11, 8.19, 8.20. 

 Unless otherwise agreed in writing by the Bank, the Borrower agrees, so long as credit is available under this Agreement and until the Bank is repaid in full: 
 8.1 Use of Proceeds. To use the proceeds of Facility No. 1 only for lawful general corporate purposes, including the refinancing of existing debt, working
capital and capital expenditures. 
 8.2 Financial Information. To provide the following financial information and statements in form and content
acceptable to the Bank, and such additional information as requested by the Bank from time to time: 
  

	(a)	Within 120 days of the fiscal year end, the annual financial statements of the Borrower, certified and dated by an authorized financial officer. These financial statements must be
audited (with an opinion satisfactory to the Bank) by a Certified Public Accountant reasonably acceptable to the Bank. The statements shall be prepared on a consolidated basis. 

  

	(b)	Within 45 days of the period’s end (excluding the last period in each fiscal year), fiscal month financial statements of the Borrower, certified and dated by an authorized
financial officer. These financial statements may be company-prepared. The statements shall be prepared on a consolidated and consolidating basis. 

  

	(c)	Within 60 days of the fiscal year end, quarterly projections for the then-current fiscal year, including consolidated balance sheet, income statement, cash flow statement, projected
capital expenditures and new store opening plan. 

 8.3 Other Debts. Not to have outstanding or incur any direct or contingent
liabilities or capital lease obligations (other than those to the Bank), or become liable for the liabilities of others, without the Bank’s written consent. This does not prohibit: 
  

	(a)	Acquiring goods, supplies, or merchandise on normal trade credit. 

  

	(b)	Endorsing negotiable instruments received in the usual course of business. 

  

	(c)	Obtaining surety bonds in the usual course of business. 

  

 12 

	(d)	Liabilities, lines of credit and leases in existence on the date of this Agreement disclosed to the Bank in writing in paragraph 3 of the Disclosure Letter.

  

	(e)	Additional debts and capital lease obligations for the acquisition of fixed assets in an aggregate principal amount not to exceed $500,000 per fiscal year. 

 

	(f)	Real property leases entered into in the ordinary course of business. 

 8.4 Other Liens. Not to create, assume, or allow any security interest or lien (including judicial liens) on property the Borrower now or later owns, except: 
  

	(a)	Liens and security interests in favor of the Bank. 

  

	(b)	Liens for taxes not yet due. 

  

	(c)	Liens outstanding on the date of this Agreement and listed on Schedule 2 to this Agreement. 

  

	(d)	Liens outstanding on the date of this Agreement and disclosed to the Bank in writing in paragraph 4 of the Disclosure Letter. 

  

	(e)	Additional purchase money security interests in assets acquired after the date of this Agreement securing indebtedness permitted by Section 8.3(e). 

  

	(f)	Liens arising by operation of law and in the ordinary course of the Borrower’s business securing amounts the Borrower owes to growers of agricultural products purchased by the
Borrower for resale, processing, or use in producing the Borrower’s inventory, provided such obligations are not past due. 

  

	(g)	Carriers’, warehousemen’s, mechanic’s, materialmen’s, repairmen’s or other like liens arising in the ordinary course of business which are not overdue for a
period of more than 30 days or which are being contested in good faith any by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable person. 

  

	(h)	Pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any
lien imposed by the Employee Retirement Income Security Act of 1974, as amended from time to time (“ERISA”). 

  

	(i)	Deposits to secure the performance of real property leases incurred in the ordinary course of business. 

  

	(j)	Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or
other funds maintained with a creditor depository institution; provided that (i) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Borrower in excess of those set forth by
regulations promulgated by the Federal Reserve Board, and (ii) such deposit account is not intended by the Borrower to provide collateral to the depository institution. 

  

 13 

 8.5 Maintenance of Assets. 
  

	(a)	Except as disclosed to the Bank in writing in paragraph 5 of the Disclosure Letter, not to sell, assign, lease, transfer or otherwise dispose of any part of the Borrower’s
business or the Borrower’s assets except in the ordinary course of the Borrower’s business. 

  

	(b)	Not to sell, assign, lease, transfer or otherwise dispose of any assets for less than fair market value, or enter into any agreement to do so. 

  

	(c)	Not to enter into any sale and leaseback agreement covering any of its fixed assets. 

  

	(d)	To maintain and preserve all material rights, privileges, and franchises the Borrower now has. 

  

	(e)	To make any repairs, renewals, or replacements to keep the Borrower’s properties in good working condition. 

 8.6 Investments. Not to have any existing, or make any new, investments in any individual or entity, or make any capital contributions or other transfers of
assets to any individual or entity, except for: 
  

	(a)	Existing investments, as disclosed to the Bank in writing in paragraph 6 of the Disclosure Letter. 

  

	(b)	Investments in the Borrower’s current subsidiaries. 

  

	(c)	Investments in any of the following: 

  

	 	(i)	certificates of deposit; 

  

	 	(ii)	U.S. treasury bills and other obligations of the federal government; 

  

	 	(iii)	readily marketable securities (including commercial paper, but excluding restricted stock and stock subject to the provisions of Rule 144 of the Securities and Exchange Commission).

  

	(d)	Investments in franchisees and joint ventures made in the ordinary course of the Borrower’s business in an aggregate amount not to exceed (together with any loans arising under
Section 8.7(d)) $1,000,000 incurred in any fiscal year. 

  

	(e)	Investments consisting of purchases or repurchases of franchisee or licensee rights and properties made in the ordinary course of the Borrower’s business in an aggregate amount
not to exceed $500,000 in any fiscal year, or otherwise with the prior written consent of the Bank. 

  

 14 

 8.7 Loans. Not to make any loans, advances or other extensions of credit to any individual or entity, except for:

  

	(a)	Existing extensions of credit and existing credit arrangements, as disclosed to the Bank in writing in paragraph 7 of the Disclosure Letter. 

  

	(b)	Extensions of credit to the Borrower’s current subsidiaries. 

  

	(c)	Extensions of credit in the nature of accounts receivable or notes receivable arising from the sale or lease of goods or services in the ordinary course of business to
non-affiliated entities. 

  

	(d)	Extensions of credit to franchisees or licensees made in the ordinary course of the Borrower’s business that do not exceed, together with the amount of any non-loan investments
made pursuant to Section 8.6(d), an aggregate amount of $1,000,000 incurred in any fiscal year. 

 8.8 Change of Management. Not to
make any substantial change in the present executive or senior management personnel of the Borrower without the Bank’s written consent. 
 8.9 Change
of Ownership. Not to cause, permit, or suffer any change in capital ownership such that there is a change of more than twenty-five percent (25%) in the direct or indirect capital ownership of the Borrower. 
 8.10 Additional Negative Covenants. Not to, without the Bank’s written consent: 
  

	(a)	Except as disclosed to the Bank in writing in paragraph 8 of the Disclosure Letter, enter into any consolidation, merger, or other combination, or, except as permitted under
Section 8.6(d), become a partner in a partnership, a member of a joint venture, or a member of a limited liability company. 

  

	(b)	Except as permitted under Sections 8.6(d) and (e), acquire or purchase a business or its assets. 

  

	(c)	Engage in any business activities substantially different from the Borrower’s present business. 

  

	(d)	Liquidate or dissolve the Borrower’s business. 

  

	(e)	Voluntarily suspend its business for more than five (5) days in any thirty (30) day period. 

  

	(f)	Give any party notice in writing of the cancellation, termination or breach of the Shweid Settlement Agreement (as defined below). 

 8.11 Notices to Bank. To promptly notify the Bank in writing of: 
  

	(a)	Any lawsuit over $250,000 (or any guarantor). 

  

 15 

	(b)	Any substantial dispute between any governmental authority and the Borrower (or any guarantor). 

  

	(c)	Any event of default under this Agreement, or any event which, with notice or lapse of time or both, would constitute an event of default. 

  

	(d)	Any material adverse change in the Borrower’s (or any guarantor’s), business condition (financial or otherwise), operations, properties or prospects, or ability to repay
the credit. 

  

	(e)	Any change in the Borrower’s name, legal structure, place of business, or chief executive office if the Borrower has more than one place of business. 

 

	(f)	Any actual contingent liabilities of the Borrower (or any guarantor) and any such contingent liabilities which are reasonably foreseeable. 

  

	(g)	The receipt by the Borrower of a request to redeem any material portion of the Borrower’s preferred stock from the requisite percentage of any series of its preferred
shareholder pursuant to redemption rights set forth in the Borrower’s Amended and Restated Articles of Incorporation (a “Redemption Notice”). 

  

	(h)	The receipt by the Borrower of a notice of cancellation, termination or breach pursuant to the Settlement Agreement and Mutual Release dated September 15, 2003 relating to the
lawsuit between, among others, the Borrower and the Henry Shweid and Margaret Munzika Shweid Intervivos Revocable Trust (the “Shweid Settlement Agreement”). 

 8.12 Insurance. 
  

	(a)	General Business Insurance. To maintain insurance satisfactory to the Bank as to amount, nature and carrier covering property damage (including loss of use and occupancy) to
any of the Borrower’s properties, business interruption insurance, public liability insurance including coverage for contractual liability, product liability and workers’ compensation, and any other insurance which is usual for the
Borrower’s business. Each policy shall provide for at least thirty (30) days’ prior notice to the Bank of any cancellation thereof. 

  

	(b)	Insurance Covering Collateral. To maintain all risk property damage insurance policies covering the tangible property comprising the collateral. Each insurance policy must be
in an amount acceptable to the Bank. The insurance must be issued by an insurance company acceptable to the Bank and must include a lender’s loss payable endorsement in favor of the Bank in a form acceptable to the Bank.

  

	(c)	Evidence of Insurance. Upon the request of the Bank, to deliver to the Bank a copy of each insurance policy, or, if permitted by the Bank, a certificate of insurance listing
all insurance in force. 

 8.13 Compliance with Laws. To comply with the laws (including any fictitious or trade name statute),
regulations, and orders of any government body with authority over the Borrower’s business, except where the failure to do so would not reasonably be expected to have a material adverse effect on the Borrower. 
  

 16 

 8.14 ERISA Plans. Promptly during each year, to pay and cause any subsidiaries to pay contributions adequate to
meet at least the minimum funding standards under ERISA with respect to each and every Plan; file each annual report required to be filed pursuant to ERISA in connection with each Plan for each year; and notify the Bank within ten (10) days of
the occurrence of any Reportable Event that might constitute grounds for termination of any capital Plan by the Pension Benefit Guaranty Corporation or for the appointment by the appropriate United States District Court of a trustee to administer
any Plan. Capitalized terms in this paragraph shall have the meanings defined within ERISA. 
 8.15 Books and Records. To maintain adequate books and
records, consistent with standard industry practice. 
 8.16 Audits. To allow the Bank and its agents to inspect the properties of the Borrower and
its subsidiaries and examine, audit, and make copies of books and records at any reasonable time. If any of the properties of the Borrower and its subsidiaries, books or records are in the possession of a third party, the Borrower authorizes that
third party to permit the Bank or its agents to have access to perform inspections or audits and to respond to the Bank’s requests for information concerning such properties, books and records. 
 8.17 Perfection of Liens. To help the Bank perfect and protect its security interests and liens, and reimburse it for related costs it incurs to protect its
security interests and liens. 
 8.18 Cooperation. To take any action reasonably requested by the Bank to carry out the intent of this Agreement.

 8.19 Adjusted Leverage Ratio. To maintain as of the end of each fiscal quarter on a consolidated basis a ratio of Adjusted Funded Debt to EBITDAR
not exceeding the ratios indicated for each period specified below: 
  

			
	 Period
	  	Ratios
	 From closing through Fiscal year end 2004
	  	4.00:1.00
	 Fiscal year 2005 and thereafter
	  	3.75:1.00

 “Adjusted Funded Debt” means at any time the sum of Funded Debt at such time plus six times
(6x) lease and rent expense for the four fiscal quarters then ending. 
 “Funded Debt” means all outstanding liabilities for borrowed money
and other interest-bearing liabilities, including current and long term debt. 
  

 17 

 “EBITDAR” means, for the four fiscal quarters then ending, net income, less income or plus loss from
discontinued operations and extraordinary items, plus income taxes, plus interest expense, plus depreciation, depletion, and amortization, plus lease and rent expense, plus non-cash charges, minus non-cash income. 
 8.20 Fixed Charge Coverage Ratio. To maintain as of the end of each fiscal quarter on a consolidated basis a Fixed Charge Coverage Ratio of at least 1.35:1.0.

 “Fixed Charge Coverage Ratio” means the ratio of (a) the sum of EBITDAR, minus income tax, minus Maintenance Capital Expenditures, to
(b) the sum of interest expense, lease expense, rent expense, the current portion of long term debt, the current portion of capitalized lease obligations, and the aggregate amount of settlement payments required to be made to employee class
action members during the then-following four fiscal quarters. 
 “Maintenance Capital Expenditures” means for any period the greater of
(a) actual capital expenditures incurred in respect of existing stores or corporate overhead functions during such period, or (b) an amount equal to $10,000 times the average number of stores owned by the Borrower and its subsidiaries
during such period. 
 8.21 Capital Expenditures. Not to spend or incur obligations (including the total amount of any capital leases) to acquire
fixed assets for more than the amounts specified below for each fiscal year specified below on a consolidated basis: 
  

				
	 Period
	  	Amounts
	 Fiscal year 2004
	  	$	22,000,000
	 Fiscal year 2005
	  	$	25,000,000

 8.22 Dividends and Distributions. Without the written consent of the Bank, not to declare or pay any
dividends (except dividends paid in capital stock), or redeem any of its capital stock, other than in relation to repurchases of capital stock from employees of up to $250,000 per fiscal year, or as otherwise agreed in writing by the Bank, in the
ordinary course of business pursuant to the Borrower’s Equity Incentive Plan, as now in effect or as hereafter may be amended with the approval of the Borrower’s Board of Directors. 
 8.23 Bank as Principal Depository. To maintain the Bank as its principal depository bank, including for the maintenance of business, cash management, operating
and administrative deposit accounts. 
 8.24 Transactions with Affiliates. Not to enter into any transactions with any person or entity affiliated
with it (other than the Borrower and its wholly-owned subsidiaries) except on arms’-length terms. 
 8.25 Loans to Officers or Affiliates. Except
as permitted under Section 8.7(a), without the written consent of the Bank, not to make any loans, advances or other extensions of credit (including extensions of credit in the nature of accounts receivable or notes receivable arising from the
sale or lease of goods or services) to any of the Borrower’s executives, officers, directors or shareholders (or any relatives of any of the foregoing), or to any affiliated entities. 
  

 18 

 8.26 Additional Guarantors. Notify the Bank at the time that any entity becomes a subsidiary of the Borrower, and
promptly thereafter (and in any event within 30 days) cause such entity to (i) become a guarantor by executing and delivering to the Bank a guaranty in form and substance satisfactory to the Bank, and (ii) execute and deliver to the Bank a
security agreement in form and substance satisfactory to the Bank. 
 8.27 Intellectual Property. Notify the Bank on a quarterly basis of any
trademarks which are utilized by the Borrower in the ordinary course of business and which are not listed on Schedule 1 hereto. The Borrower authorizes the Bank, without notice to the Borrower, to modify this Agreement by amending Schedule 1 to
include any such trademarks. 
  

	9.	DEFAULT AND REMEDIES 

 If any of the following events of default occurs,
the Bank may do one or more of the following: declare the Borrower in default, stop making any additional credit available to the Borrower, and require the Borrower to repay its entire debt immediately and without prior notice. If an event which,
with notice or the passage of time, will constitute an event of default has occurred and is continuing, the Bank has no obligation to make advances or extend additional credit under this Agreement. In addition, if any event of default occurs, the
Bank shall have all rights, powers and remedies available under any instruments and agreements required by or executed in connection with this Agreement, as well as all rights and remedies available at law or in equity. If an event of default occurs
under the paragraph entitled “Bankruptcy,” below, with respect to the Borrower, then the entire debt outstanding under this Agreement will automatically be due immediately. 
 9.1 Failure to Pay. The Borrower fails to make a payment of principal under this Agreement when due, or fails to make a payment of interest, any fee or other sum under this Agreement within three (3) days
after the date when due. 
 9.2 Other Bank Agreements. Any default occurs under any other agreement the Borrower (or any Obligor) or any of the
Borrower’s related entities or affiliates has with the Bank or any affiliate of the Bank, which remains uncured prior to the expiration of any applicable cure period. For purposes of this Agreement, “Obligor” shall mean any guarantor,
any party pledging collateral to the Bank, or, if the Borrower is comprised of the trustees of a trust, any trustor. 
 9.3 Cross-default. Any default
occurs under any agreement in connection with any credit the Borrower (or any Obligor) has obtained from anyone else or which the Borrower (or any Obligor) has guaranteed in the amount of $250,000 or more in the aggregate if the default consists of
failing to make a payment when due, and such failure is not cured prior to the expiration of any applicable cure period or gives the other lender the right to accelerate the obligation. 
 9.4 False Information. The Borrower or any Obligor has given the Bank false or misleading information or representations. 
  

 19 

 9.5 Bankruptcy. The Borrower, any Obligor, or any general partner of the Borrower or of any Obligor files a
bankruptcy petition, a bankruptcy petition is filed against any of the foregoing parties, or the Borrower, any Obligor, or any general partner of the Borrower or of any Obligor makes a general assignment for the benefit of creditors. The default
will be deemed cured if any bankruptcy petition filed against the Borrower, any Obligor, or any general partner of the Borrower or of any Obligor is dismissed within a period of forty-five (45) days after the filing; provided, however, that
such cure opportunity will be terminated upon the entry of an order for relief in any bankruptcy case arising from such a petition. 
 9.6 Receivers.
A receiver or similar official is appointed for a substantial portion of the Borrower’s or any Obligor’s business, or the business is terminated, or, if any Obligor is anything other than a natural person, such Obligor is liquidated or
dissolved. 
 9.7 Lien Priority. The Bank fails to have an enforceable first lien (except for any prior liens to which the Bank has consented in
writing or liens permitted under Sections 8.4(b), (d), (e) and (f) of this Agreement) on or security interest in any property given as security for this Agreement (or any guaranty). 
 9.8 Lawsuits. Any lawsuit or lawsuits are filed on behalf of one or more trade creditors against the Borrower or any Obligor in an aggregate amount of $500,000 or
more in excess of any insurance coverage and which are not dismissed within sixty (60) days. 
 9.9 Judgments. Any judgments or arbitration
awards are entered against the Borrower or any Obligor, or the Borrower or any Obligor enters into any settlement agreements with respect to any litigation or arbitration, in an aggregate amount of $500,000 or more in excess of any insurance
coverage. 
 9.10 Government Action. Any government authority takes action that the Bank reasonably believes materially adversely affects the
Borrower’s or any Obligor’s financial condition or ability to repay. 
 9.11 Default under Related Documents. Any default occurs under any
guaranty, subordination agreement, security agreement, deed of trust, mortgage, or other document required by or delivered in connection with this Agreement (each a “Related Document”), and such default is not cured prior to the expiration
of any applicable cure period, or any such document is no longer in effect, or any guarantor purports to revoke or disavow the guaranty. 
 9.12 ERISA
Plans. Any one or more of the following events occurs with respect to a Plan of the Borrower subject to Title IV of ERISA, provided such event or events could reasonably be expected, in the judgment of the Bank, to subject the Borrower to any
tax, penalty or liability (or any combination of the foregoing) which, in the aggregate, could have a material adverse effect on the financial condition of the Borrower: 
  

	(a)	A reportable event shall occur under Section 4043(c) of ERISA with respect to a Plan. 

  

	(b)	Any Plan termination (or commencement of proceedings to terminate a Plan) or the full or partial withdrawal from a Plan by the Borrower or any ERISA Affiliate.

  

 20 

	10.	ENFORCING THIS AGREEMENT; MISCELLANEOUS 

 10.1 GAAP. Except as
otherwise stated in this Agreement, all financial information provided to the Bank and all financial covenants will be made under generally accepted accounting principles, consistently applied. 
 10.2 California Law. This Agreement is governed by California law. 
 10.3 Successors and Assigns. This Agreement is binding on the Borrower’s and the Bank’s successors and assignees. The Borrower agrees that it may not assign this Agreement without the Bank’s prior consent. The Bank may
sell participations in or assign this loan, and may exchange financial information about the Borrower with actual or potential participants or assignees. If a participation is sold or the loan is assigned, the purchaser will have the right of
set-off against the Borrower. 
 10.4 Arbitration and Waiver of Jury Trial. 
  

	(a)	This paragraph concerns the resolution of any controversies or claims between the parties, whether arising in contract, tort or by statute, including but not limited to
controversies or claims that arise out of or relate to: (i) this agreement (including any renewals, extensions or modifications); or (ii) any document related to this agreement (collectively a “Claim”). For the purposes of this
arbitration provision only, the term “parties” shall include any parent corporation, subsidiary or affiliate of the Bank involved in the servicing, management or administration of any obligation described or evidenced by this agreement.

  

	(b)	At the request of any party to this agreement, any Claim shall be resolved by binding arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the
“Act”). The Act will apply even though this agreement provides that it is governed by the law of a specified state. 

  

	(c)	Arbitration proceedings will be determined in accordance with the Act, the applicable rules and procedures for the arbitration of disputes of JAMS or any successor thereof
(“JAMS”), and the terms of this paragraph. In the event of any inconsistency, the terms of this paragraph shall control. 

  

	(d)	The arbitration shall be administered by JAMS and conducted, unless otherwise required by law, in any U.S. state where real or tangible personal property collateral for this credit
is located or if there is no such collateral, in the state specified in the governing law section of this agreement. All Claims shall be determined by one arbitrator; however, if Claims exceed Five Million Dollars ($5,000,000), upon the request of
any party, the Claims shall be decided by three arbitrators. All arbitration hearings shall commence within ninety (90) days of the demand for arbitration and close within ninety (90) days of commencement and the award of the arbitrator(s)
shall be issued within thirty (30) days of the close of the hearing. However, the arbitrator(s), upon a showing of good cause, may extend the commencement of the hearing for up to an additional sixty (60) days. The arbitrator(s) shall
provide a concise written statement of reasons for the award. The arbitration award may be submitted to any court having jurisdiction to be confirmed and enforced. 

  

 21 

	(e)	The arbitrator(s) will have the authority to decide whether any Claim is barred by the statute of limitations and, if so, to dismiss the arbitration on that basis. For purposes of
the application of the statute of limitations, the service on JAMS under applicable JAMS rules of a notice of Claim is the equivalent of the filing of a lawsuit. Any dispute concerning this arbitration provision or whether a Claim is arbitrable
shall be determined by the arbitrator(s). The arbitrator(s) shall have the power to award legal fees pursuant to the terms of this agreement. 

  

	(f)	This paragraph does not limit the right of any party to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii) initiate judicial or non-judicial
foreclosure against any real or personal property collateral; (iii) exercise any judicial or power of sale rights, or (iv) act in a court of law to obtain an interim remedy, such as but not limited to, injunctive relief, writ of possession
or appointment of a receiver, or additional or supplementary remedies. 

  

	(g)	The procedure described above will not apply if the Claim, at the time of the proposed submission to arbitration, arises from or relates to an obligation to the Bank secured by real
property. In this case, all of the parties to this agreement must consent to submission of the Claim to arbitration. If both parties do not consent to arbitration, the Claim will be resolved as follows: The parties will designate a referee (or a
panel of referees) selected under the auspices of JAMS in the same manner as arbitrators are selected in JAMS administered proceedings. The designated referee(s) will be appointed by a court as provided in California Code of Civil Procedure
Section 638 and the following related sections. The referee (or presiding referee of the panel) will be an active attorney or a retired judge. The award that results from the decision of the referee(s) will be entered as a judgment in the court
that appointed the referee, in accordance with the provisions of California Code of Civil Procedure Sections 644 and 645. 

  

	(h)	The filing of a court action is not intended to constitute a waiver of the right of any party, including the suing party, thereafter to require submittal of the Claim to
arbitration. 

  

	(i)	By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect of any Claim. Furthermore, without intending
in any way to limit this agreement to arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect of such Claim. This provision is a material inducement
for the parties entering into this agreement. 

 10.5 Severability; Waivers. If any part of this Agreement is not enforceable, the rest
of the Agreement may be enforced. The Bank retains all rights, even if it makes a loan after default. If the Bank waives a default, it may enforce a later default. Any consent or waiver under this Agreement must be in writing. 
  

 22 

 10.6 Attorneys’ Fees. The Borrower shall reimburse the Bank for any reasonable costs and attorneys’ fees
incurred by the Bank in connection with the enforcement or preservation of any rights or remedies under this Agreement and any other documents executed in connection with this Agreement, and in connection with any amendment, waiver,
“workout” or restructuring under this Agreement. In the event of a lawsuit or arbitration proceeding, the prevailing party is entitled to recover costs and reasonable attorneys’ fees incurred in connection with the lawsuit or
arbitration proceeding, as determined by the court or arbitrator. In the event that any case is commenced by or against the Borrower under the Bankruptcy Code (Title 11, United States Code) or any similar or successor statute, the Bank is entitled
to recover costs and reasonable attorneys’ fees incurred by the Bank related to the preservation, protection, or enforcement of any rights of the Bank in such a case. As used in this paragraph, “attorneys’ fees” includes the
allocated costs of the Bank’s in-house counsel. 
 10.7 One Agreement. This Agreement and any related security or other agreements required by
this Agreement, collectively: 
  

	(a)	represent the sum of the understandings and agreements between the Bank and the Borrower concerning this credit; 

  

	(b)	replace any prior oral or written agreements between the Bank and the Borrower concerning this credit; and 

  

	(c)	are intended by the Bank and the Borrower as the final, complete and exclusive statement of the terms agreed to by them. 

 In the event of any conflict between this Agreement and any other agreements required by this Agreement, this Agreement will prevail. Any reference in any related
document to a “promissory note” or a “note” executed by the Borrower and dated as of the date of this Agreement shall be deemed to refer to this Agreement, as now in effect or as hereafter amended, renewed, or restated.

 10.8 Indemnification. The Borrower will indemnify and hold the Bank harmless from any loss, liability, damages, judgments, and costs of any kind
relating to or arising directly or indirectly out of (a) this Agreement or any document required hereunder, (b) any credit extended or committed by the Bank to the Borrower hereunder, and (c) any litigation or proceeding related to or
arising out of this Agreement, any such document, or any such credit. This indemnity includes but is not limited to attorneys’ fees (including the allocated cost of in-house counsel). This indemnity extends to the Bank, its parent, subsidiaries
and all of their directors, officers, employees, agents, successors, attorneys, and assigns. This indemnity will survive repayment of the Borrower’s obligations to the Bank. All sums due to the Bank hereunder shall be obligations of the
Borrower, due and payable immediately without demand. 
 10.9 Notices. Unless otherwise provided in this Agreement or in another agreement between the
Bank and the Borrower, all notices required under this Agreement shall be personally delivered or sent by first class mail, postage prepaid, or by overnight courier, to the addresses on the signature page of this Agreement, or sent by facsimile to
the fax numbers listed on the signature page, or to such other addresses as the Bank and the Borrower may specify from time 

  

 23 

 
to time in writing. Notices and other communications shall be effective (i) if mailed, upon the earlier of receipt or five (5) days after deposit
in the U.S. mail, first class, postage prepaid, (ii) if telecopied, when transmitted, or (iii) if hand-delivered, by courier or otherwise (including telegram, lettergram or mailgram), when delivered. 
 10.10 Headings. Article and paragraph headings are for reference only and shall not affect the interpretation or meaning of any provisions of this Agreement.

 10.11 Counterparts. This Agreement may be executed in as many counterparts as necessary or convenient, and by the different parties on separate
counterparts each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement. 
 10.12
Termination. Provided there exist no loans, advances or letters of credit outstanding, and all fees, expenses and other amounts outstanding hereunder have been fully paid, the Borrower may terminate this facility upon 10 business days’
written notice to the Bank. 
 10.13 Commitment Expiration. The Bank’s commitment to extend credit under this Agreement will expire on
October 31, 2003, unless this Agreement and any documents required by this Agreement have been signed and returned to the Bank on or before that date. 
  

 24 

 This Agreement is executed as of the date stated at the top of the first page. 
  

							
	Bank of America, N.A.	 	Jamba Juice Company
				
	By:	 	/s/ Lisa Thomas	 	By:	 	/s/ Paul Clayton
	Typed Name: Lisa Thomas	 	Typed Name: Paul Clayton
	Title: Senior Vice President	 	Title: President and Chief Executive Officer
				
		 		 	By:	 	/s/ Joe O’Neill
		 		 	Typed Name: Joe O’Neill
		 		 	Title: Chief Financial Officer

  

			
	Address where notices to the Bank are to be sent:	  	Address where notices to the Borrower are to be sent:
		
	315 Montgomery Street, 13th Floor	  	1700 17th Street
	San Francisco, California 94104	  	San Francisco, California 94103
	Telephone: (415) 953-1069	  	Telephone: (415) 865-1182
	Facsimile: (415) 622-1878	  	Facsimile: (415) 621-4964

 SIGNATURE PAGE 1 TO LOAN
AGREEMENT 

 Schedule 1 
 Trademarks Utilized By the Borrower In the Ordinary Course of Business 
  

									
	 MARK
	  	COUNTRY/
JURISDICTION	  	SERIAL/
REG NO.	  	CLASS	  	STATUS
	 ALOHA PINEAPPLE
	  	United States	  	78/291319	  	32	  	Pending
	 ALOHA PINEAPPLE
	  	United States	  	78/301804	  	03	  	Pending
	 APPLE SQUEEZE
	  	United States	  	2,145,968	  	32	  	Registered
	 BANANA BERRY
	  	United States	  	78/291366	  	32	  	Pending
	 BANANA MAN
	  	United States	  	78/202241	  	35	  	Pending
	 BANANA MAN DESIGN
	  	United States	  	78/230888	  	43	  	Pending
	 BERRY LIME SUBLIME
	  	United States	  	78/291372	  	32	  	Pending
	 BOUNCE BACK BLAST
	  	United States	  	76/418806	  	32	  	Pending
	 BURNER BOOST
	  	United States	  	78/295137	  	05	  	Pending
	 CARIBBEAN PASSION
	  	United States	  	2,243,494	  	32	  	Registered
	 CHOCOLATE MOO’D
	  	United States	  	2,174,345	  	29	  	Registered
	 CITRUS SQUEEZE
	  	United States	  	2,138,335	  	32	  	Registered
	 CRANBERRY CRAZE
	  	United States	  	2,099,169	  	32	  	Registered
	 FEMME BOOST
	  	United States	  	78/294977	  	05	  	Pending
	 FIBER BOOST
	  	United States	  	78/294963	  	05	  	Pending
	 IT’S NOT JUST A SMOOTHIE, ITS A WAY OF LIFE!
	  	United States	  	2,280,907	  	42	  	Registered
	 IT’S THE MAGIC OF FRUIT
	  	United States	  	76/441252	  	43	  	Pending
	 JAMBA
	  	United States	  	2,526,399	  	05, 25, 32	  	Registered
	 JAMBA
	  	United States	  	2,110,410	  	09	  	Registered
	 JAMBA CURBSIDE
	  	United States	  	78/308153	  	39	  	Pending
	 JAMBA DELITES
	  	United States	  	78/189070	  	32	  	Pending
	 JAMBA FRUIT FIX
	  	United States	  	78/301762	  	29	  	Pending
	 JAMBA GO-GO
	  	United States	  	76/441229	  	43	  	Pending
	 JAMBA JUICE
	  	United States	  	2,014,541	  	42	  	Registered
	 JAMBA JUICE
	  	United States	  	2,097,875	  	05, 25, 32	  	Registered
	 JAMBA JUICE
	  	California	  	047429	  	42	  	Registered
	 JAMBA JUICE & DESIGN (NO DOTS)
	  	United States	  	78/289478	  	43	  	Pending
	 JAMBA JUICE 5K BANANA MAN CHASE III & DESIGN
	  	United States	  	78/167059	  	41	  	Pending
	 JAMBA JUICE & DESIGN
	  	California	  	046589	  	42	  	Registered
	 JAMBA JUICE & DESIGN
	  	United States	  	78/301794	  	03	  	Pending
	 JAMBA JUICE & DESIGN
	  	United States	  	2,130,460	  	05, 25, 32, 35, 42	  	Registered
	 JAMBA JUICE (STYLIZED)
	  	United States	  	2,130,004	  	05, 32, 35, 42	  	Registered
	 JAMBA JUICICLE MAKER
	  	United States	  	78/242080	  	21	  	Pending
	 JAMBA MULTI-BOOST
	  	United States	  	78/294984	  	05	  	Pending
	 JAMBA POWER BOOST
	  	United States	  	2,344,798	  	32	  	Registered
	 JAMBA WHIRL
	  	United States	  	78/301759	  	16	  	Pending
	 JAMBACARD
	  	United States	  	78/301748	  	35	  	Pending
	 JAMBAISM
	  	United States	  	78/313525	  	41	  	Pending
	 JUICE BOOST
	  	United States	  	2,219,962	  	05	  	Registered
	 KIWI BERRY BURNER
	  	United States	  	2,256,869	  	32	  	Registered
	 LIME SUBLIME
	  	United States	  	2,207,974	  	32	  	Registered
	 MANGO-A-GO-GO
	  	United States	  	78/291314	  	32	  	Pending
	 OCEAN SUNRISE
	  	United States	  	2,070,089	  	32	  	Registered
	 ORANGE BERRY BLITZ
	  	United States	  	78/291369	  	32	  	Pending

									
	 MARK
	  	COUNTRY/
JURISDICTION	  	SERIAL/
REG NO.	  	 CLASS
	  	STATUS
	 ORANGE DREAM MACHINE
	  	United States	  	78/291321	  	32	  	Pending
	 ORANGE-A-PEEL
	  	United States	  	78/291,318	  	32	  	Pending
	 PACIFIC PASSION
	  	United States	  	2,354,299	  	32	  	Registered
	 PEACH PLEASURE
	  	United States	  	2,126,829	  	32	  	Registered
	 PEANUT BUTTER MOO’D
	  	United States	  	78/291337	  	32	  	Pending
	 PEENYA-KOWLADA
	  	United States	  	2,102,423	  	32	  	Registered
	 PERFORMANCE BOOST
	  	United States	  	78/294999	  	05	  	Pending
	 PINEAPPALOOZA
	  	United States	  	78/291364	  	32	  	Pending
	 PROTEIN BERRY PIZZAZZ
	  	United States	  	78/291325	  	32	  	Pending
	 PROTEIN BOOST
	  	United States	  	78/294947	  	05	  	Pending
	 PURE SPLENDOR FROM A BLENDER
	  	United States	  	78/202231	  	35	  	Pending
	 RASPBERRY REFRESHER
	  	United States	  	2,046,850	  	32	  	Registered
	 RAZZMATAZZ
	  	United States	  	2,334,084	  	32	  	Registered
	 SQUEEZE THE MOST OUT OF LIFE
	  	United States	  	2,316,842	  	32	  	Registered
	 STRAWBANNA
	  	United States	  	2,144,233	  	32	  	Registered
	 STRAWBERRIES WILD
	  	United States	  	2,275,124	  	32	  	Registered
	 STRAWBERRIES WILD!
	  	United States	  	78/301799	  	03	  	Pending
	 THE COLDBUSTER
	  	United States	  	2,299,491	  	32	  	Registered
	 VIBRANT-C
	  	United States	  	2,087,566	  	32	  	Registered
	 VIBRANT-C BOOST
	  	United States	  	78/295032	  	05	  	Pending
	 WHIRL/TORNADO DESIGN
	  	United States	  	2,209,377	  	05, 32, 42	  	Registered

 Schedule 2 
 Permitted Liens 
  

	1.	CA UCC number 9903460797 filed 02/02/99, in favor of Toshiba America Information Systems, Inc., securing monthly payment obligations of the Borrower of approximately $2,849 under an
equipment lease agreement which expires on December 30, 2005. 

  

	2.	CA UCC number 0009060581 filed 03/27/00, in favor of Pitney Bowes Credit Corporation, securing quarterly payment obligations of the Borrower of approximately $3,135 under an
equipment lease agreement which expires on December 31, 2007. 

  

	3.	CA UCC number 0232360326, in favor of GE Capital Corporation, securing monthly payment obligations of the Borrower of approximately $16,183 under an equipment lease agreement which
expires on December 30, 2005. 

 FIRST AMENDMENT TO LOAN AGREEMENT 
 This First Amendment to Loan Agreement (this “Amendment”), dated as of December 31. 2004, is between Jamba Juice Company, a California
corporation (the “Borrower”), and Bank of America, N.A. (the “Bank”). 
 RECITALS 
  

	A.	The Borrower and the Bank are parties to a Loan Agreement dated as of October 30,2003, (as amended, restated, extended, supplemented or otherwise modified from time to time,
the “Loan Agreement”), pursuant to which the Bank has extended certain credit facilities to the Borrower. 

  

	B	The Borrower has requested that the Bank agree to certain amendments to the Loan Agreement, and the Bank has agreed to such request, subject to the terms and conditions of this
Amendment. 

  

	C.	NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 

  

	1.	Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings, if any, assigned to such terms in the Loan Agreement. As used herein,
“Amendment Documents” means this Amendment, the Loan Agreement (as amended by this Amendment), and each certificate and other document executed and delivered by the Borrower pursuant to Section 4 hereof. 

  

	2.	Amendment of Loan Agreement. Subject to the terms and conditions hereof, and with effect from and after the Effective Date, the Loan Agreement shall be amended as follows:

  

	(a)	Section 1.1 (a) of the Loan Agreement is amended by deleting such subsection in its entirety and replacing it with the following: 

  

	 	(a)	During the availability period described below, the Bank will provide a line of credit to the Borrower (“Facility No. 1”). The amount of the line of credit (the
“Facility No. 1 Commitment”) is Thirty-Five Million Dollars ($35,000,000). 

  

	(b)	Section 1.1(c) of the Loan Agreement shall be amended by deleting the first sentence of such subsection in its entirety and replacing it with the following:

  

	 	(c)	The Borrower agrees not to permit the principal balance outstanding to exceed the lesser of (i) the Facility No. 1 Commitment, and, (ii)(A) at any time prior to the end of
the fiscal year ending 2004, an amount equal to 1.25 times the Borrower’s consolidated EBITDA for the then most recently ended 13 fiscal month period, (B) at any time during the first and fourth fiscal quarters of any fiscal year ending
2005 or thereafter, an amount equal to 1.25 times the Borrower’s consolidated EBITDA for the then most recently ended 13 fiscal month period, and (C) at any time during the second and third fiscal quarters of any fiscal year ending 2005 or
thereafter, an amount equal to 1.50 times the Borrower’s consolidated EBITDA for the then most recently ended 13 fiscal month period. 

  

	(c)	Section 1.2 of the Loan Agreement shall be amended by deleting such section in its entirety and replacing it with the following: 

  

	 	1.2	Availability Period. The line of credit is available between the date of this Agreement and the earlier of (a) December 1, 2006 (the “Facility No. 1
Expiration Date”), (b) such earlier date as the availability may terminate as provided in this Agreement, or (c) the date set forth in Section 1.3(b)(ii) below. 

  

 1 

	(d)	Section 1.7 (b) of the Loan Agreement shall be amended by deleting such subsection in its entirety and replacing it with the following: 

  

	 	(b)	The amount of the letters of credit outstanding at any one time (including the drawn and unreimbursed amounts of the letters of credit) may not exceed Ten Million Dollars
($10,000,000). 

  

	(e)	Section 1.7(c) of the Loan Agreement shall be amended by deleting such subsection in its entirety and replacing it with the following: 

  

	 	(c)	In calculating the principal amount outstanding under the Facility No. 1 Commitment, the calculation shall not include the amount of any letters of credit then outstanding, but
shall include any amounts then drawn on any letters of credit but not yet reimbursed. 

  

	(f)	Section 3,1 (c) of the Loan Agreement shall be amended by deleting such subsection in its entirety and replacing it with the following: 

  

	 	(c)	Unused Commitment Fee. The Borrower agrees to pay a fee on any difference between the Facility No, 1 Commitment and the amount of credit the Borrower actually uses,
determined by the average of the daily amount of credit outstanding during the specified period. The fee will be calculated at the rate per year equal to the Applicable Margin, as defined above. For purposes of calculating the fee, the calculation
of credit outstanding shall include the undrawn amount of outstanding letters of credit and any amounts then drawn on any letters of credit but not yet reimbursed. 

  

	(g)	Section 6.19 of the Loan Agreement shall be amended by deleting the table appearing therein in its entirety and replacing it with the following: 

  

			
	 Fiscal Quarter
	  	Ratios
	 From closing through the fourth fiscal quarter of fiscal year ending 2005
	  	4-00:1.00
		
	 From the first fiscal quarter of fiscal year ending 2006 and thereafter
	  	3.75:1.00

  

	(h)	Section 8.20 of the Loan Agreement shall be amended at the definition of “Fixed Charge Coverage Ratio” by deleting such definition in its entirety and replacing it
with the following: 

 “Fixed Charge Coverage Ratio” means, in respect of any fiscal quarter period ending on any date
of determination, the ratio of (a) the sum of EBITDAR for such period, minus cash taxes actually paid during such period, and minus Maintenance Capital Expenditures made during such period, to (b) the sum of interest expense for such
period, lease expense for such period, rent expensed during such period, the current portion of long term debt as of such date of determination, the current portion of capitalized lease obligations as of such date of determination, and the aggregate
amount of settlement payments required to be made to employee class action members during the four fiscal quarter period immediately following such date of determination. 
  

	(i)	Section 8.21 of the Loan Agreement shall be amended by deleting the table appearing therein in its entirety and replacing it with the following: 

  

				
	 Fiscal Year
	  	Amounts
	 Fiscal year ending 2004
	  	$	22,000,000
		
	 Fiscal year ending 2005 and each fiscal year thereafter
	  	$	35,000,000

  

 2 

	3	Representations and Warranties. The Borrower hereby represents and warrants to the Bank as follows: 

  

	(a)	No event of default has occurred and is continuing (or would result from the amendment to the Loan Agreement contemplated hereby). 

  

	(b)	This Amendment and any instrument or agreement required hereunder, are within the Borrower’s corporate power and authority, have been duly authorized by all requisite corporate
action, and do not conflict with any of its organizational documents. 

  

	(c)	The Amendment Documents constitute the legal, valid and binding obligations of the Borrower, enforceable against it in accordance with their respective terms, without defense,
counterclaim or offset, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

  

	(d)	All representations and warranties of the Borrower contained in Section 7 of the Loan Agreement are true and correct on and as of the Effective Date, except to the extent that
any such representation and warranty specifically relates to an earlier date, in which case they shall be true and correct as of such earlier date. 

  

	(e)	The Borrower is entering into this Amendment on the basis of its own investigation and for its own reasons, without reliance upon the Bank or any other Person.

  

	(f)	There has not occurred since June 30, 2003, a material adverse change in the business, assets, liabilities (actual or contingent), operations, or condition (financial or
otherwise) of the Borrower and its subsidiaries taken as a whole, or in the facts and information regarding such entities as represented to date. 

  

	4.	Effective Date. 

  

	(a)	This Amendment will become effective when each of the conditions precedent set forth in this Section 4 has been satisfied (the “Effective Date”):

  

	 	(i)	The Bank shall have received from the Borrower a duly executed original (or, if elected by the Bank, an executed facsimile copy) counterpart to this Amendment.

  

	 	(ii)	The Bank shall have received from the Borrower a certificate signed by the secretary or assistant secretary of the Borrower, dated the Effective Date, in form and substance
satisfactory to the Bank, and certifying evidence of the authorization of the execution, delivery and performance by the Borrower of the Amendment Documents. 

  

	 	(iii)	The Borrower shall have paid all attorneys’ fees of the Bank to the extent invoiced prior to the Effective Date (including any previously invoiced and outstanding
attorneys’ fees that relate to services previously provided), plus such additional amounts of attorney’s fees as shall constitute the Bank’s reasonable estimate of attorneys’ fees incurred or to be incurred by it through the
closing proceedings related to this Amendment (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Bank). 

  

	 	(iv)	The Bank shall have received, in form and substance satisfactory to it, such additional approvals, consents, opinions, documents and other information as the Bank shall request.

  

	(b)	From and after the Effective Date, the Loan Agreement is amended as set forth herein. Except as expressly amended pursuant hereto, the Loan Agreement shall remain unchanged and in
full force and effect and is hereby ratified and confirmed in all respects. 

  

 3 

	5.	Reservation of Rights. The Borrower acknowledges and agrees that neither the execution nor the delivery by the Bank of this Amendment, shall (a) be deemed to create a
course of dealing or otherwise obligate the Bank to execute similar amendments under the same or similar circumstances in the future or (b) tie deemed to create any implied waiver of any right or remedy of the Bank with respect to any term or
provision of the Loan Agreement (including any term or provision relating to the occurrence of a material adverse change). 

  

	6.	Miscellaneous. 

  

	(a)	Amendment of Loan Agreement. Except as herein expressly amended, all terms, covenants and provisions of the Loan Agreement are and shall remain in full force and effect and
all references therein to such Loan Agreement shall henceforth refer to the Loan Agreement as amended by this Amendment. This Amendment shall be deemed incorporated into, and a part of, the Loan Agreement. 

  

	(b)	Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns. No third
party beneficiaries are intended in connection with this Amendment. 

  

	(c)	GOVERNING LAW: ARBITRATION AND WAIVER OF JURY TRIAL. THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.2 AND 10.4 OF THE LOAN AGREEMENT RELATING TO
GOVERNING LAW, ARBITRATION AND WAIVER OF RIGHT TO TRIAL BY JURY. THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL. 

  

	(d)	Counterparts. This Amendment may be executed in as many counterparts as necessary or convenient, and by different parties on separate counterparts, each of which, when so
executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement. 

  

	(e)	One Agreement. This Amendment, together with the Loan Agreement, contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed
herein and therein. This Amendment supersedes all prior drafts and communications with respect thereto. 

  

	(f)	Severability. If any term or provision of this Amendment shall be deemed prohibited by or invalid under any applicable law, such provision shall be invalidated without
affecting the remaining provisions of this Amendment or the Loan Agreement, respectively. 

  

	(g)	Costs and Expenses. The Borrower covenants to pay to or reimburse the Bank, upon demand, for all costs and expenses (including allocated costs of in-house counsel) incurred
in connection with the development, preparation, negotiation, execution and delivery of this Amendment. 

 [Remainder of this
page intentionally left blank] 
 * * * 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date
first above written. 
  

			
	Jamba Juice Company
		
	By:	 	    /s/ Joe O’Neill

			
	Name:	 	Joe O’Neill
	Title:	 	CFO

			
		
	By:	 	    /s/ Paul Clayton

			
	Name:	 	Paul Clayton
	Title:	 	CEO

			
	
	Bank of America, N.A.
		
	By:	 	    /s/ Matt Nesper

			
	Name:	 	Matt Nesper
	Title:	 	Vice President

  

 5 

 SECOND AMENDMENT TO LOAN AGREEMENT AND WAIVER 
 This SECOND AMENDMENT TO LOAN AGREEMENT AND WAIVER (this “Amendment”), dated as of November 18, 2005, is between JAMBA JUICE COMPANY, a
California corporation (the “Borrower”), and BANK OF AMERICA, N.A. (the “Bank”). 
 RECITALS 
  

	A.	The Borrower and the Bank are parties to a Loan Agreement dated as of October 30, 2003, (as amended, restated, extended, supplemented or otherwise modified from time to time,
the “Loan Agreement”), pursuant to which the Bank has extended certain credit facilities to the Borrower. 

  

	B	The Borrower has requested that the Bank agree to certain amendments to the Loan Agreement and to waive certain defaults thereunder, and the Bank has agreed to such request, subject
to the terms and conditions of this Amendment. 

  

	C.	NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings, if any, assigned to such terms in the
Loan Agreement. As used herein, “Amendment Documents” means this Amendment, the Loan Agreement (as amended by this Amendment), and each certificate and other document executed and delivered by the Borrower pursuant to Section 5
hereof. 
  

	 	2.	Defaults and Waiver. 

  

	(a)	For purposes of this Amendment, the “Existing Defaults” shall mean any default or event of default that may exist on the Effective Date under Section 9 of the
Loan Agreement arising by reason of breach under Section 8.19 or 8.20 of the Loan Agreement occurring as of the last day of the third quarter of the fiscal year ending 2005. 

  

	(b)	Subject to and upon the terms and conditions hereof and with effect on the Effective Date, the Bank hereby waives the Existing Defaults. 

  

	(c)	Nothing contained herein shall be deemed a waiver of (or otherwise affect the Bank’s ability to enforce) any other default or event of default under the Loan Agreement,
including without limitation, (i) any default or event of default as may now or hereafter exist and arise from or otherwise be related to the Existing Defaults (including without limitation any cross-default arising under the Loan Agreement by
virtue of any matters resulting from the Existing Defaults), and (ii) any default or event of default arising at any time after the Effective Date and which is the same as or similar to any of the Existing Defaults. 

  

 1 

	3.	Amendment of Loan Agreement. Subject to the terms and conditions hereof, and with effect from and after the Effective Date, the Loan Agreement shall be amended as follows:

  

	(a)	Section 1.2 of the Loan Agreement shall be amended by deleting such section in its entirety and replacing it with the following: 

 1.2 Availability Period. The line of credit is available between the date of this Agreement and the earlier of (a) December 1, 2007 (the
“Facility No. 1 Expiration Date”), (b) such earlier date as the availability may terminate as provided in this Agreement, or (c) the date set forth in Section 1.3(b)(ii) below. 
  

	(b)	Section 1.6 of the Loan Agreement shall be amended by deleting the table therein and replacing it with the following: 

 Applicable Margin 
 (in percentage points per
annum) 
  

											
	 Pricing Level
	 	 Adjusted Leverage
Ratio
	 	 LIBOR +
	 	 Base Rate +
	 	 Unused
 Commitment Fee
	 	 SBLC Fee

	 1
	 	> 3.75:1.00	 	3.25	 	1.50	 	0.375	 	3.25
	 2
	 	> 3.50:1.00/
< 3.75:1.00	 	3.00	 	1.25	 	0.375	 	3 00
	 3
	 	> 3.25:1.00/
£ 3.50:1.00	 	2.50	 	1.00	 	0.375	 	2.50
	 4
	 	> 3.00:1.00
< 3.25:1.00	 	2.25	 	0.25	 	0.25	 	2.25
	 5
	 	< 3.00:1.00	 	2.00	 	0	 	0.25	 	2.00

  

	(c)	Section 8.19 of the Loan Agreement shall be amended by deleting the table appearing therein in its entirety and replacing it with the following: 

  

			
	 Fiscal Quarter
	  	Ratios
	 From closing through the end of the fiscal year ending 2005
	  	4.00:1.00
		
	 From the first fiscal quarter of the fiscal year ending 2006 and thereafter
	  	4.15:1.00

  

	(d)	Section 8.19 of the Loan Agreement shall be further amended as follows: 

  

	 	(i)	By deleting the definition of “Adjusted Funded Debt” and replacing it with the following: 

  

 2 

 “Adjusted Funded Debt” means at any time the sum of Funded Debt at such time plus six times (6x) cash
lease and rent expense for the four fiscal quarters then ending. 
  

	(ii)	By deleting the definition of “EBITDAR” and replacing it with the following: 

 “EBITDAR” means, for the four fiscal quarters then ending, net income, less income or plus loss from discontinued operations and extraordinary items, plus income taxes, plus interest expense, plus
depreciation, depletion, and amortization, plus cash lease and rent expense, plus non-cash charges, minus non-cash income, in each case (i) to the extent taken into account for purposes of calculating net income, and (ii) without
duplication. 
  

	(e)	Section 8.20 of the Loan Agreement shall be amended at the definition of “Fixed Charge Coverage Ratio” by deleting such definition in its entirety and replacing it
with the following: 

 “Fixed Charge Coverage Ratio” means, in respect of any fiscal quarter period ending on any date
of determination, the ratio of (a) the sum of EBITDAR for such period, minus cash taxes actually paid during such period, and minus Maintenance Capital Expenditures made during such period, to (b) the sum of interest expense for such
period, cash lease and rental expense actually paid during such period, the current portion of long-term debt as of such date of determination, the current portion of capitalized lease obligations as of such date of determination, and the aggregate
amount of settlement payments required to be made to employee class action members during the four fiscal quarter period immediately following such date of determination. 
  

	(f)	Article 9 of the Loan Agreement shall be amended to include Section 9.13 as follows: 

 9.13 Other Breach Under Agreement. The Borrower fails to meet the conditions of, or fails to perform any obligation under, any term of this Agreement not specifically referred to in this Article. This includes
any failure or anticipated failure by the Borrower to comply with any financial covenants set forth in this Agreement, whether such failure is evidenced by financial statements delivered to the Bank or is otherwise known to the Borrower or the Bank.

  

	4.	Representations and Warranties. The Borrower hereby represents and warrants to the Bank as follows: 

  

	(a)	Other than the Existing Defaults, no default or event of default has occurred and is continuing (or would result from the amendment to the Loan Agreement contemplated hereby).

  

	(b)	This Amendment and any instrument or agreement required hereunder, are within the Borrower’s corporate power and authority, have been duly authorized by all requisite corporate
action, and do not conflict with any of its organizational documents. 

  

 3 

	(c)	The Amendment Documents constitute the legal, valid and binding obligations of the Borrower, enforceable against it in accordance with their respective terms, without defense,
counterclaim or offset, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

  

	(d)	All representations and warranties of the Borrower contained in Section 7 of the Loan Agreement are true and correct on and as of the Effective Date, except to the extent that
any such representation and warranty specifically relates to an earlier date, in which case they shall be true and correct as of such earlier date. 

  

	(e)	The Borrower is entering into this Amendment on the basis of its own investigation and for its own reasons, without reliance upon the Bank or any other Person.

  

	(f)	There has not occurred since June 30, 2004, a material adverse change in the business, assets, liabilities (actual or contingent), operations, or condition (financial or
otherwise) of the Borrower and its subsidiaries taken as a whole, or in the facts and information regarding such entities as represented to date. 

  

	5.	Effective Date. 

  

	(a)	This Amendment will become effective when each of the conditions precedent set forth in this Section 5 has been satisfied (the “Effective Date”):

  

	 	(i)	The Bank shall have received from the Borrower a duly executed original (or, if elected by the Bank, an executed facsimile copy) counterpart to this Amendment.

  

	 	(ii)	The Bank shall have received from the Borrower a certificate signed by the secretary or assistant secretary of the Borrower, dated the Effective Date, in form and substance
satisfactory to the Bank, and certifying evidence of the authorization of the execution, delivery and performance by the Borrower of the Amendment Documents. 

  

	 	(iii)	The Bank shall have received an amendment fee of $35,000. 

  

	 	(iv)	The Borrower shall have paid all attorneys’ fees of the Bank to the extent invoiced prior to the Effective Date (including any previously invoiced and outstanding
attorneys’ fees that relate to services previously provided), plus such additional amounts of attorney’s fees as shall constitute the Bank’s reasonable estimate of attorneys’ fees incurred or to be incurred by it through the
closing proceedings related to this Amendment (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Bank). 

  

	 	(v)	The Bank shall have received, in form and substance satisfactory to it, such additional approvals, consents, opinions, documents and other information as the Bank shall request.

  

 4 

	(b)	From and after the Effective Date, the Loan Agreement is amended as set forth herein. Except as expressly amended pursuant hereto, the Loan Agreement shall remain unchanged and in
full force and effect and is hereby ratified and confirmed in all respects. 

 6. Reservation of Rights. The Borrower
acknowledges and agrees that neither the execution nor the delivery by the Bank of this Amendment, shall (a) be deemed to create a course of dealing or otherwise obligate the Bank to execute similar amendments or waivers under the same or
similar circumstances in the future or (b) be deemed to create any implied waiver of any right or remedy of the Bank with respect to any term or provision of the Loan Agreement (including any term or provision relating to the occurrence of a
material adverse change). 
 7. Miscellaneous. 
 (a) Amendment of Loan Agreement. Except as herein expressly amended, all terms, covenants and provisions of the Loan Agreement are and shall remain in full force and effect and all references therein to such
Loan Agreement shall henceforth refer to the Loan Agreement as amended by this Amendment. This Amendment shall be deemed incorporated into, and a part of, the Loan Agreement. 
 (b) Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective
successors and assigns. No third party beneficiaries are intended in connection with this Amendment. 
 (c) GOVERNING LAW; ARBITRATION AND
WAIVER OF JURY TRIAL. THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.2 AND 10.4 OF THE LOAN AGREEMENT RELATING TO GOVERNING LAW, ARBITRATION AND WAIVER OF RIGHT TO TRIAL BY JURY, THE PROVISIONS OF WHICH ARE BY THIS
REFERENCE INCORPORATED HEREIN IN FULL. 
 (d) Counterparts. This Amendment may be executed in as many counterparts as necessary or
convenient, and by different parties on separate counterparts, each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement. 
 (e) One Agreement. This Amendment, together with the Loan Agreement, contains the entire and exclusive agreement of the parties hereto with
reference to the matters discussed herein and therein. This Amendment supersedes all prior drafts and communications with respect thereto. 
 (f) Severability. If any term or provision of this Amendment shall be deemed prohibited by or invalid under any applicable law, such provision shall be invalidated without affecting the remaining provisions of this Amendment or the
Loan Agreement, respectively. 
 (g) Costs and Expenses. The Borrower covenants to pay to or reimburse the Bank, upon demand, for all
costs and expenses (including allocated costs of in-house counsel) incurred in connection with the development, preparation, negotiation, execution and delivery of this Amendment. 
 [Remainder of this page intentionally left blank] 
 * * * 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date
first above written. 
  

			
	Jamba Juice Company
		
	By:	 	    /s/ Donald Breen

			
	Name:	 	Donald Breen
	Title:	 	CFO

			
		
	By:	 	    /s/ Michael Fox

			
	Name:	 	Michael Fox
	Title:	 	Vice President and Secretary

			
	
	Bank of America, N.A.
		
	By:	 	    /s/ Ronald J. Drubry

			
	Name:	 	Ronald J. Drubry
	Title:	 	Senior Vice President

  

 6 

 THIRD AMENDMENT TO LOAN AGREEMENT AND WAIVER 
 This THIRD AMENDMENT TO LOAN AGREEMENT AND WAIVER (this “Amendment”), dated as of September 26, 2006, is between JAMBA JUICE COMPANY, a
California corporation (the “Borrower”), and BANK OF AMERICA, N.A. (the “Bank”). 
 RECITALS 
  

	A.	The Borrower and the Bank are parties to a Loan Agreement dated as of October 30, 2003, (as amended, restated, extended, supplemented or otherwise modified from time to time,
the “Loan Agreement”), pursuant to which the Bank has extended certain credit facilities to the Borrower. 

  

	B	The Borrower has requested that the Bank agree to certain amendments to the Loan Agreement and to waive certain defaults thereunder, and the Bank has agreed to such request, subject
to the terms and conditions of this Amendment. 

  

	C.	NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 

  

	 	1.	Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings, if any, assigned to such terms in the Loan Agreement. As used herein,
“Amendment Documents” means this Amendment, the Loan Agreement (as amended by this Amendment), and each certificate and other document executed and delivered by the Borrower pursuant to Section 5 hereof. 

  

	 	2.	Defaults and Waiver. 

  

	 	(a)	For purposes of this Amendment, the “Existing Defaults” shall mean any default or event of default that may exist on the Effective Date under Section 9 of the
Loan Agreement arising by reason of (i) breach of Section 8.10(a) solely to the extent resulting from the entry by the Borrower into an agreement to merge with Services Acquisition Corp. International (provided that any subsequent
consummation of such merger shall not constitute an Existing Default hereunder and shall be an Event of Default under the Agreement), and (ii) breach of Section 8.6(d) during fiscal year 2004. 

  

	 	(b)	Subject to and upon the terms and conditions hereof and with effect on the Effective Date, the Bank hereby waives the Existing Defaults. 

  

	 	(c)	Nothing contained herein shall be deemed a waiver of (or otherwise affect the Bank’s ability to enforce) any other default or event of default under the Loan Agreement,
including without limitation, (i) any default or event of default as may now or hereafter exist and arise from or otherwise be related to the Existing Defaults (including without limitation any cross-default arising under the Loan Agreement by
virtue of any matters resulting from the Existing Defaults), and (ii) any default or event of default arising at any time after the Effective Date and which is the same as or similar to any of the Existing Defaults. 

  

 1 

	 	3.	Amendments to Loan Agreement. Subject to the terms and conditions hereof, and with effect from and after the Effective Date, the Loan Agreement shall be amended as follows:

  

	 	(a)	Section 8.6(d) shall be amended and restated to read as follows: 

  

	 	(d)	Investments in franchisees and joint ventures made in the ordinary course of the Borrower’s business in an aggregate amount not to exceed (together with any loans arising under
Section 8.7(d)) $1,000,000 incurred in any fiscal year, provided, however, that the Borrower may, notwithstanding the foregoing limitation, consummate the repurchase of up to eight stores from its Minneapolis franchisee for an amount not to
exceed $2,650,000, such repurchase to be consummated by no later than October 30, 2006. 

  

	 	(b)	Section 8.10(a) shall be amended and restated to read as follows: 

  

	 	(a)	Except as disclosed to the Bank in writing in paragraph 8 of the Disclosure Letter, consummate any consolidation, merger, or other combination, or, except as permitted under
Section 8.6(d), become a partner in a partnership, a member of a joint venture, or a member of a limited liability company. 

  

	 	4.	Representations and Warranties. The Borrower hereby represents and warrants to the Bank as follows: 

  

	 	(a)	Other than the Existing Defaults, no default or event of default has occurred and is continuing (or would result from the amendment to the Loan Agreement contemplated hereby).

  

	 	(b)	This Amendment and any instrument or agreement required hereunder, are within the Borrower’s corporate power and authority, have been duly authorized by all requisite corporate
action, and do not conflict with any of its organizational documents. 

  

	 	(c)	The Amendment Documents constitute the legal, valid and binding obligations of the Borrower, enforceable against it in accordance with their respective terms, without defense,
counterclaim or offset, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

  

	 	(d)	All representations and warranties of the Borrower contained in Section 7 of the Loan Agreement are true and correct on and as of the Effective Date, except to the extent that
any such representation and warranty specifically relates to an earlier date, in which case they shall be true and correct as of such earlier date. 

  

	 	(e)	The Borrower is entering into this Amendment on the basis of its own investigation and for its own reasons, without reliance upon the Bank or any other Person.

  

 2 

	 	(f)	There has not occurred since June 30, 2006, a material adverse change in the business, assets, liabilities (actual or contingent), operations, or condition (financial or
otherwise) of the Borrower and its subsidiaries taken as a whole, or in the facts and information regarding such entities as represented to date. 

  

	 	5.	Effective Date. 

  

	 	(a)	This Amendment will become effective when each of the conditions precedent set forth in this Section 5 has been satisfied (the “Effective Date”):

  

	 	(i)	The Bank shall have received from the Borrower a duly executed original (or, if elected by the Bank, an executed facsimile copy) counterpart to this Amendment.

  

	 	(ii)	The Bank shall have received from the Borrower a certificate signed by the secretary or assistant secretary of the Borrower, dated the Effective Date, in form and substance
satisfactory to the Bank, and certifying evidence of the authorization of the execution, delivery and performance by the Borrower of the Amendment Documents. 

  

	 	(iii)	The Borrower shall have paid all attorneys’ fees of the Bank to the extent invoiced prior to the Effective Date (including any previously invoiced and outstanding
attorneys’ fees that relate to services previously provided), plus such additional amounts of attorney’s fees as shall constitute the Bank’s reasonable estimate of attorneys’ fees incurred or to be incurred by it through the
closing proceedings related to this Amendment (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Bank). 

  

	 	(iv)	The Bank shall have received, in form and substance satisfactory to it, such additional approvals, consents, opinions, documents and other information as the Bank shall request.

  

	 	(b)	From and after the Effective Date, the Loan Agreement is amended as set forth herein. Except as expressly amended pursuant hereto, the Loan Agreement shall remain unchanged and in
full force and effect and is hereby ratified and confirmed in all respects. 

  

	 	6.	Reservation of Rights. The Borrower acknowledges and agrees that neither the execution nor the delivery by the Bank of this Amendment, shall (a) be deemed to create a
course of dealing or otherwise obligate the Bank to execute similar amendments or waivers under the same or similar circumstances in the future or (b) be deemed to create any implied waiver of any right or remedy of the Bank with respect to any
term or provision of the Loan Agreement (including any term or provision relating to the occurrence of a material adverse change). 

  

	 	7.	Miscellaneous. 

  

	 	(a)	 Amendment of Loan Agreement. Except as herein expressly amended, all terms, covenants and provisions of the Loan Agreement are and shall remain in full force
and effect and all references therein to such Loan 

  

 3 

	 	 
Agreement shall henceforth refer to the Loan Agreement as amended by this Amendment. This Amendment shall be deemed incorporated into, and a part of, the
Loan Agreement. 

  

	 	(b)	Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns. No third
party beneficiaries are intended in connection with this Amendment. 

  

	 	(c)	GOVERNING LAW: ARBITRATION AND WAIVER OF JURY TRIAL. THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.2 AND 10.4 OF THE LOAN AGREEMENT RELATING TO
GOVERNING LAW, ARBITRATION AND WAIVER OF RIGHT TO TRIAL BY JURY, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL. 

  

	 	(d)	Counterparts. This Amendment may be executed in as many counterparts as necessary or convenient, and by different parties on separate counterparts, each of which, when so
executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement. 

  

	 	(e)	One Agreement. This Amendment, together with the Loan Agreement, contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed
herein and therein. This Amendment supersedes all prior drafts and communications with respect thereto. 

  

	 	(f)	Severability. If any term or provision of this Amendment shall be deemed prohibited by or invalid under any applicable law, such provision shall be invalidated without
affecting the remaining provisions of this Amendment or the Loan Agreement, respectively. 

  

	 	(g)	Costs and Expenses. The Borrower covenants to pay to or reimburse the Bank, upon demand, for all costs and expenses (including allocated costs of in-house counsel) incurred
in connection with the development, preparation, negotiation, execution and delivery of this Amendment. 

 [Remainder of this
page intentionally left blank] 
 * * * 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date
first above written. 
  

			
	Jamba Juice Company
		
	By:	 	    /s/ Donald Breen

			
	Name:	 	Donald Breen
	Title:	 	CFO

			
		
	By:	 	    /s/ Michael Fox

			
	Name:	 	Michael Fox
	Title:	 	Vice President and Secretary

			
	
	Bank of America, N.A.
		
	By:	 	    /s/ Ronald J. Drubry

			
	Name:	 	Ronald J. Drubry
	Title:	 	Senior Vice President

  

 5

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