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Exhibit 10.1  

  
      WAIVER AND AMENDMENT AGREEMENT         

    WHEREAS, the City of Chaska, Minnesota (the "Municipality") and Lifecore Biomedical, Inc., a Minnesota corporation (the "Borrower") entered into a
certain Loan Agreement dated as of September 1, 1990 (the "Loan Agreement"), which agreement was assigned by the Municipality to Norwest Bank Minnesota, National Association, as Trustee (the
"Trustee") pursuant to a Trust Indenture dated as of September 1, 1990 (the "Indenture") in connection with the issuance and sale by the Municipality of its Industrial Development Revenue Bonds
(Lifecore Biomedical, Inc. Project), Series 1990 (the "Bonds"). Terms not defined herein shall have the meanings set forth in the Indenture; 

    WHEREAS,
the Borrower has requested the waiver of the current terms of Sections 6.09(a)(i) and 6.09(d)(i) of the Loan Agreement and the modification of Sections
6.09(a)(i) and (ii) and 6.09(d)(i) and (ii) of the Loan Agreement, as amended by the Waiver and Amendment Agreement dated August 3, 1992, as further amended by the
Waiver and Amendment Agreement dated July 28, 1994, as further amended by the Waiver and Amendment Agreement dated July 27, 1995, as further amended by the Waiver and Amendment Agreement
dated July 8, 1996, as further amended by the Waiver and Amendment Agreement dated July 1, 1997, as further amended by the Waiver and Amendment Agreement dated June 5, 1998 and as
further amended by the Waiver and Amendment Agreement dated June 10, 1999. 

    WHEREAS,
the registered owners of all of the outstanding Bonds (herein the "Bondholders") are willing to agree to the request of the Borrower and direct the Trustee to consent thereto
based on the Borrower's agreements set forth herein; 

    NOW,
THEREFORE, the parties hereto hereby agree as follows: 

	(1)
	Compliance
with the current provisions of Section 6.09(a)(i) of the Loan Agreement is hereby waived and Sections 6.09(a)(i) and (ii) of the Loan
Agreement are hereby amended to read as follows: 

    Section 6.09
(a) Cash Flow Coverage Test. (i) For the Fiscal Year ending June 30, 2001, Borrower shall not
be subject to a minimum Cash Flow Coverage Ratio. 

    (ii) For
each Fiscal Year commencing with the Fiscal Year ending June 30, 2002 ("Fiscal 2002"), the Borrower will, for the twelve-month period ending at each
fiscal quarter, maintain a minimum Cash
Flow Coverage Ratio of 2.00:1. At the Borrower's option, for purposes of computing the Cash Flow Coverage Ratio for any of the first three quarters of Fiscal 2002, the Borrower shall be permitted to
base such calculation either upon Consolidated Adjusted Net Income for the preceding twelve-month period or upon the Consolidated Adjusted Net Income for the preceding six-month period,
multiplied by two. 

	(2)
	Compliance
with the current provisions of Section 6.09(d)(i) of the Loan Agreement is hereby waived and Sections 6.09(d)(i) and (ii) of the Loan
Agreement are hereby amended to read as follows: 

    Section 6.09
(d) Fixed Charges Coverage Test. (i) For the Fiscal Year ending June 30, 2001, Borrower shall
not be subject to a minimum Fixed Charges Coverage Ratio. 

    (ii) For
each Fiscal Year commencing with Fiscal 2002, the Borrower will, for the twelve-month period ending at each fiscal quarter, maintain a minimum Fixed Charges
Coverage Ratio of 1.30:1. At the Borrower's option, for purposes of computing the Fixed Charges Coverage Ratio for any of the first three quarters of Fiscal 2002, the Borrower shall be permitted to
base such calculation either upon Consolidated Adjusted Net Income plus rental payments on operating leases for the preceding twelve-month period or upon the Consolidated Adjusted Net Income plus
rental payments on operating leases for the preceding six-month period, multiplied by two. 

	(3)
	Borrower
agrees that, through July 1, 2001, it will make advance payments of cash into the Bond Fund established pursuant Section 5.01 of the Indenture. At all times
during this period, Borrower shall have made advance payments in a sufficient amount to satisfy the next two monthly payments payable by Borrower pursuant to the Loan Agreement.

	(4)
	The
Bondholders hereby direct the Trustee, as assignee of the Loan Agreement by the Municipality, to consent to the foregoing pursuant to Article XII. 

    IN
WITNESS WHEREOF, the parties have caused this agreement to be signed on their behalf as of this 8th day of June, 2000. 

	LIFECORE BIOMEDICAL, INC.	 	NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee
	Signature	 	/s/ JAMES W. BRACKE   
	 	Signature	 	/s/ MARTHA KANTOROWICZ   

	Print	 	James W. Bracke
	 	Print	 	Martha Kantorowicz

	Title	 	President & CEO
	 	Title	 	Corporate Trust Officer

	 
 PUTNAM MANAGED MUNICIPAL INCOME TRUST	 
 	 

MINNESOTA TAX EXEMPT INCOME

FUNDII
	Signature	 	/s/ BLAKE ANDERSON   
	 	Signature	 	/s/ BLAKE ANDERSON   

	Print	 	Blake Anderson
	 	Print	 	Blake Anderson

	Title	 	VP & MD
	 	Title	 	VP & MD

	 
 PUTNAM MANAGED MUNICIPAL INCOME TRUST	 
 	 

 	 
 	 

 
	Signature	 	/s/ BLAKE ANDERSON   
	 	 	 	 
	Print	 	Blake Anderson
	 	 	 	 
	Title	 	VP & MD
	 	 	 	 

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WAIVER AND AMENDMENT AGREEMENTPrepared by MERRILL CORPORATION www.edgaradvantage.com

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Exhibit 10.21  

  
      AMENDMENT NO. 1
  TO
  CREDIT AND SECURITY AGREEMENT AND CONSENT         

    This AMENDMENT No. 1 TO CREDIT AND SECURITY AGREEMENT AND CONSENT, dated as of February 7, 2000
(the "Amendment"), between Lifecore Biomedical, Inc. (the "Borrower") and U.S. Bank National Association (the "Lender"). 

  RECITALS:

    A.  The
Borrower and the Lender are parties to that certain Credit and Security Agreement dated as of December 29, 1998 (the "Original Agreement"). 

    B.  The
Borrower has requested that the Lender amend a certain Section of the Original Agreement. 

    C.  The
Borrower has requested that the Lender consent to the Borrower's formation of a new subsidiary to be known as Lifecore Biomedical, GmbH. 

    D.  Subject
to the terms and conditions of this Amendment, the Lender will agree to the foregoing requests of the Borrower. 

    NOW, THEREFORE, the parties agree as follows: 

    1.  Defined Terms. All capitalized terms used in this Amendment shall, except where the context otherwise requires, have
the meanings set forth in the Original Agreement as amended hereby. 

    2.  Amendments. The Original Agreement is further amended as follows: 

    (a) The
definition of "Investment" appearing in Section 1.1 is amended in its entirety to read as follows: 

    "Investment": The acquisition, purchase, making or holding of any stock or other security, any loan, advance, contribution to capital,
extension of credit, any acquisitions of real and personal property (other than real and personal property acquired in the ordinary course of business) and any purchase or commitment or option to
purchase stock or other debt or equity securities of, or any interest in, another Person or any integral part of any business or the assets comprising such business or part thereof." 

    (b) A
new Section 4.28 is added to read as follows: 

    "Year 2000. Borrower has reviewed and assessed its business operations and computer systems and applications to address the "year 2000
problem" (that is, that computer applications and equipment used by Borrower, directly or indirectly through third parties, may have been or may be unable to properly perform
date-sensitive functions before, during and after January 1, 2000). Borrower represents and warrants that the year 2000 problem has not resulted in and will not result in a material
adverse change in Borrower's business condition (financial or otherwise), operations, properties or prospects or ability to repay Lender. Borrower agrees that this representation and warranty will be
true and correct on and shall be deemed made by Borrower on each date Borrower requests any advance under this Agreement or any Note or delivers any information to Lender. Borrower will promptly
deliver to Lender such information relating to this representation and warranty as Lender requests from time to time." 

    (c) Section 6.11
is amended in its entirety to read as follows: 

    "6.11
Investments. Acquire for value, make, have or hold any Investments, except: (a) advances to employees of the Borrower or
any Subsidiary for travel or other ordinary business expenses; (b) advances to subcontractors and suppliers in maximum aggregate 

amounts reasonably acceptable to the Lender; (c) extensions of credit to: (i) Persons other than Subsidiaries incorporated outside the United States (such Subsidiaries being referred to
herein as "Foreign Subsidiaries") in the nature of Accounts Receivable or notes receivable arising from the sale of goods and services in the ordinary course of business; or (ii) to Foreign
Subsidiaries in the nature of Accounts Receivable or notes receivable arising from the sale of goods and services in the ordinary course of business so long as such extensions of credit do not exceed
$1,500,000.00 in the aggregate; (d) shares of stock, obligations or other securities received in settlement of claims arising in the ordinary course of business; (e) Investments (other
than Investments in the nature of loans or advances)
outstanding on the date hereof in Subsidiaries by the Borrower and other Subsidiaries; (f) additional Investments (including, without limitation, through loans and advances) in Subsidiaries
existing on the date hereof by the Borrower and other Subsidiaries so long as the sum of: (i) the aggregate amount of such additional Investments; plus (ii) the amount of the
Indebtedness guarantied by the Borrower pursuant to Section 6.14 does not exceed $500,000; (g) other Investments outstanding on the date
hereof and listed on Schedule 6.11; and (h) other Investments consented to by the Lender in writing. 

    (d) Schedule 4.1 attached to the Original Agreement is amended to conform to  Schedule 4.1 (Amended 2/00) attached hereto. 

    (e) Schedule 4.10 attached to the Original Agreement is amended to conform to  Schedule 4.10 (Amended 2/00) attached hereto. 

    (f)  Schedule 4.12 attached to the Original Agreement is amended to conform to  Schedule 4.12 (Amended 2/00) attached hereto. 

    (g) Schedule 4.13 attached to the Original Agreement is amended to conform to  Schedule 4.13 (Amended 2/00) attached hereto. 

    3.  Conditions to Effectiveness. This Amendment shall become effective on the date (the "Effective Date") when, and only
when, the Lender shall have received: 

    (a) Counterparts
of this Amendment executed by the Borrower; 

    (b) A
certified copy of Resolutions of the Board of Directors of Borrower authorizing or ratifying the execution, delivery and performance of this Amendment and any
other documents provided for in this Amendment; 

    (c) A
certificate by the Secretary or any Assistant Secretary of Borrower certifying the names of the officers of Borrower authorized to sign this Amendment and any
other documents provided for in this Amendment together with a sample of the true signature of such officers; 

    (d) Such
other documents as the Lender may reasonably request. 

    4.  Representations and Warranties. To induce the Lender to enter into this Amendment, the Borrower represents and
warrants to the Lender as follows: 

    (a) The
execution, delivery and performance by the Borrower of this Amendment and any other documents to be executed and/or delivered by the Borrower in connection
herewith have been duly authorized by all necessary corporate action, do not require any approval or consent of, or any registration, qualification or filing with, any government agency or authority
or any approval or consent of any other person (including, without limitation, any stockholder), do not and will not conflict with, result in any violation of or constitute any default under, any
provision of the Borrower's articles of incorporation or bylaws, any agreement binding on or applicable to the Borrower or any of its property, or any law or governmental regulation or court decree or
order, binding upon or applicable to the Borrower or of any of its property and will not result in the creation or imposition of any security interest or other lien or encumbrance in or on any of its
property pursuant to the provisions of any agreement applicable to the Borrower or any of its property; 

    (b) The representations and warranties contained in the Original Agreement are true and correct as of the date hereof as though made on that date except to the extent
that such representations and warranties relate solely to an earlier date; 

    (c) No
events have taken place and no circumstances exist at the date hereof which would give the Borrower the right to assert a defense, offset or counterclaim to any
claim by the Lender for payment of the Obligations; 

    (d) No
Default or Event of Default and no Adverse Event has occurred and is continuing; and 

    (e) The
Original Agreement as amended by this Amendment and each other Loan Document to which the Borrower is a party are the legal, valid and binding obligations of
the Borrower and are enforceable in accordance with their respective terms, subject only to bankruptcy, insolvency, reorganization, moratorium or similar laws, rulings or decisions at the time in
effect affecting the enforceability of rights of creditors generally and to general equitable principles which may limit the right to obtain equitable remedies. 

    5.  Reference to and Effect on the Loan Documents.

    (a) From
and after the date of this Amendment, each reference in the Original Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like import
referring to the Original Agreement, and each reference to the "Agreement", "thereunder", "thereof", "therein" or words of
like import referring to the Original Agreement in any other Loan Document shall mean and be a reference to the Original Agreement as amended hereby 

    (b) Except
as specifically set forth above, the Original Agreement remains in full force and effect and is hereby ratified and confirmed. 

    (c) The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the
Lender under the Agreement or any other Loan Document, nor constitute a waiver of any provision of the Agreement or any such other Loan Document. 

    6.  Costs, Expenses and Taxes. The Borrower agrees to pay on demand all costs and expenses of the Lender in connection
with the preparation, reproduction, execution and delivery of this Amendment and the other documents to be delivered hereunder or thereunder, including their reasonable attorneys' fees and legal
expenses. In addition, the Borrower shall pay any and all stamp and other taxes and fees payable or determined to be payable in connection with the execution and delivery, filing or recording of this
Amendment and the other instruments and documents to be delivered hereunder, and agrees to save the Lender harmless from and against any and all liabilities with respect to, or resulting from, any
delay in the Borrower's paying or omission to pay, such taxes or fees. 

    7.  Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of
Minnesota. 

    8.  Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose. 

    9.  Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an
original. 

    10. Consent.   On the Effective Date, the Lender consents to: (a) the Borrower's formation of its
new Subsidiary, Lifecore Biomedical, GmbH, and (b) the Borrower's initial Investment of approximately $100,000.00 therein, and waives the Borrower's compliance with the provisions of the Loan
Documents which would otherwise limit, restrict or prohibit the Borrower from forming such Subsidiary or making such Investment. Such consent is limited to the specific consent described above, and is
not intended, and shall not be construed, to be a general waiver of any term or provision of the Credit and Security Agreement. 

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

	 	 	LIFECORE BIOMEDICAL, INC.
	 

 	 
 	 

By:	 

/s/ DENNIS J. ALLINGHAM   

	 	 	Title:	Executive VP & CFO
	 

 	 
 	 
 U.S. BANK NATIONAL ASSOCIATION
	 

 	 
 	 

By:	 

/s/ KIM LEPPANEN   

	 	 	Title:	Vice President

  Schedule 4.1—Trade Names, Etc.
  to
  CREDIT AND SECURITY AGREEMENT
  between
  US BANK NATIONAL ASSOCIATION ("the Lender")
  and

LIFECORE BIOMEDICAL, INC. ("the Borrower")
       (Amended 2/00)         

Lifecore
Biomedical, Inc.

Lifecore Biomedical SpA (Italy)

Orthomatrix, Inc.

Sustain Systems, Inc.

Implant Support Systems, Inc.

Diagnostic, Inc.

Lifecore Biomedical, GmbH 

  Schedule 4.10—Subsidiaries/Ownership
  to
  CREDIT AND SECURITY AGREEMENT
  between
  US BANK NATIONAL ASSOCIATION ("the Lender")
  and

LIFECORE BIOMEDICAL, INC. ("the Borrower")
       (Amended 2/00)         

Lifecore
Biomedical SpA (Lifecore Biomedical, Inc. 95%, James W. Bracke 5%)

Sustain Systems, Inc. (Lifecore Biomedical, Inc. 100%)

Implant Support Systems, Inc. (Lifecore Biomedical, Inc. 100%)

Lifecore Biomedical, GmbH (Lifecore Biomedical, Inc. 100%) 

  Schedule 4.12—Business Locations
  to
  CREDIT AND SECURITY AGREEMENT
  between
  US BANK NATIONAL ASSOCIATION ("the Lender")
  and

LIFECORE BIOMEDICAL, INC. ("the Borrower")
       (Amended 2/00)         

Lifecore
Biomedical, Inc.

3515 Lyman Boulevard

Chaska, MN 55318-3051

(Mortgagee: Norwest Bank Minnesota, NA) 

Lifecore
Biomedical SpA

via Pietro Gobetti n. 9

37138 Verona, Italia

(Owner/Lessor: Prof. Vittorio Puchetti—Annamaria Pecchini) 

Sustain
Systems, Inc.

3515 Lyman Boulevard

Chaska, MN 55318-3051

(Mortgagee: Norwest Bank Minnesota, NA) 

Implant
Support Systems, Inc.

3515 Lyman Boulevard

Chaska, MN 55318-3051

(Mortgagee: Norwest Bank Minnesota, NA) 

Lifecore
Biomedical, GmbH

      

      

      

  Schedule 4.13—Collateral Locations
  to
  CREDIT AND SECURITY AGREEMENT
  between
  US BANK NATIONAL ASSOCIATION ("the Lender")
  and

LIFECORE BIOMEDICAL, INC. ("the Borrower")
       (Amended 2/00)         

Lifecore
Biomedical, Inc.

3515 Lyman Boulevard

Chaska, MN 55318-3051

(Mortgagee: Norwest Bank Minnesota, NA) 

Lifecore
Biomedical SpA

via Pietro Gobetti n. 9

37138 Verona, Italia

(Owner/Lessor: Prof. Vittorio Puchetti—Annamaria Pecchini) 

Vital
Pharma, Inc.

1006 West 15th Street

Riviera Beach, FL 33404

(contract vendor for INTERGEL Solution) 

Lifecore
Biomedical, GmbH

      

      

      

Numerous
vendors from time to time with respect to ORD raw materials to perform processes such as etching, coating and sterilization. 

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AMENDMENT NO. 1 TO CREDIT AND SECURITY AGREEMENT AND CONSENT

RECITALS:

Schedule 4.1—Trade Names, Etc. to CREDIT AND SECURITY AGREEMENT between US BANK NATIONAL ASSOCIATION ("the Lender") and LIFECORE BIOMEDICAL, INC. ("the Borrower") (Amended
2/00)

Schedule 4.10—Subsidiaries/Ownership to CREDIT AND SECURITY AGREEMENT between US BANK NATIONAL ASSOCIATION ("the Lender") and LIFECORE BIOMEDICAL, INC. ("the Borrower")
(Amended 2/00)

Schedule 4.12—Business Locations to CREDIT AND SECURITY AGREEMENT between US BANK NATIONAL ASSOCIATION ("the Lender") and LIFECORE BIOMEDICAL, INC. ("the Borrower") (Amended
2/00)

Schedule 4.13—Collateral Locations to CREDIT AND SECURITY AGREEMENT between US BANK NATIONAL ASSOCIATION ("the Lender") and LIFECORE BIOMEDICAL, INC. ("the Borrower")
(Amended 2/00)

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