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Exhibit 4(k)  

	PROTECTIVE LIFE INSURANCE COMPANY	 	P. O. BOX 2606	 	BIRMINGHAM, ALABAMA    35202-2606
	

 
 

ANNUITIZATION BONUS ENDORSEMENT    
    

We
are amending the Contract to which this endorsement is attached by adding the following provision: 

Annuitization Bonus—If the Annuity Commencement Date is on or after the {Nth} Contract Anniversary, and if you select Annuity
Option B with a certain period of not less than {X} years, we will add an annuitization bonus to the amount we apply to the Annuity Option. The annuitization bonus will equal {Z%} of the Contract
Value to be applied to the Annuity Option and will be calculated as of the Valuation Period that contains the Annuity Commencement Date. 

Signed
for the company and made a part of the contract as of the Effective date. 

PROTECTIVE
LIFE INSURANCE COMPANY 

	

/s/ DEBORAH J. LONG
 Deborah J. Long
 Secretary	
 	

 

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Exhibit 4(l)  

 
 

SCHEDULE    
    

	CONTRACT NUMBER	 	EFFECTIVE DATE
	

OWNER 1	
 	

BIRTH DATE OF OWNER 1
	

OWNER 2	
 	

BIRTH DATE OF OWNER 2
	

ANNUITANT	
 	

BIRTH DATE OF ANNUITANT
	

BENEFICIARY	
 	

ANNUITY COMMENCEMENT DATE

INITIAL PURCHASE PAYMENT: {$100,000.00} 

{ANNUAL BONUS:

{0.00%} on the {1st} through {7th} Contract Anniversary,

{0.50%} {8th} {through 16th} Contract Anniversary,

{0.00%} on the {17th} {through 24th} Contract Anniversary,

and {0.00%} on each Contract Anniversary thereafter.} 

{MINIMUM GUARANTEED INTEREST RATE FOR THE GUARANTEED ACCOUNT: {1.00%}} 

{ANNUAL EFFECTIVE INTEREST RATES ON THE EFFECTIVE DATE:}

{FIXED ACCOUNT—1.50%}

{DCA FIXED ACCOUNT 1—4.00%}

{DCA FIXED ACCOUNT 2—3.50%}

{DCA FIXED ACCOUNT 3—3.00%} 

MORTALITY AND EXPENSE RISK CHARGE

{1.00%} per annum. 

ADMINISTRATION CHARGE

{0.10%} per annum. 

DEATH BENEFIT

{Return of Purchase Payments} 

DEATH BENEFIT COST CALCULATION METHOD

{Asset Based Fee} 

CONTRACT MAINTENANCE FEE: {$35}

The contract maintenance fee is deducted prior to the Annuity Commencement Date on each Contract Anniversary, and on any day that the Contract is surrendered other than the Contract Anniversary. The
contract maintenance fee will be deducted from the Allocation Options in the same proportion as their values are to the Contract Value. The contract maintenance fee will be waived by the Company in
the event the Contract Value or the aggregate Purchase Payments reduced by surrenders equals or exceeds $50,000 on the date the contract maintenance fee is to be deducted. 

TRANSFER FEE

{$25} per transfer in excess of 12 transfers in any Contract Year. 

3

 

 
 

SURRENDER CHARGE    
    

	Number of Full Years Elapsed Between

the Date the Purchase Payment was applied to

the Contract and the Surrender Date
	 	Surrender Charge Percentage

	{0}	 	{7%}
	

{1}	
 	

{6%}
	

{2}	
 	

{6%}
	

{3}	
 	

{5%}
	

{4}	
 	

{4%}
	

{5}	
 	

{3%}
	

{6}	
 	

{2%}
	

{7+}	
 	

{0%}

 
 

ALLOCATION OPTIONS AVAILABLE ON THE EFFECTIVE DATE    
    

{Protective Life Guaranteed Account}

        {Fixed Account}

        {DCA Fixed Account 1}

        {DCA Fixed Account 2}

        {DCA Fixed Account 3} 

Sub-Accounts of the

Protective Variable Annuity Separate Account:

{Goldman Sachs}

        {CORE Small Cap Equity}

        {International Equity}

        {Mid Cap Value}

        {Capital Growth}

        {CORE U.S. Equity}

        {Growth and Income} 

{Lord Abbett}

        {Growth Opportunities}

        {Mid-Cap Value}

        {Growth and Income}

        {America's Value}

        {Bond-Debenture} 

{MFS Investment Management}

        {New Discovery SS}

        {Emerging Growth SS}

        {Investors Growth Stock SS}

        {Research SS}

        {Utilities SS}

        {Investors Trust SS}

        {Total Return SS} 

{OppenheimerFunds}

        {Global Securities SS}

        {Aggressive Growth SS}

        {Capital Appreciation SS}

        {Main Street SS}

        {Strategic Bond SS}

        {High Income SS}

        {Money} 

{Van Kampen}

        {Aggressive Growth II}

        {Emerging Growth II}

        {Enterprise II}

        {Comstock II}

        {Growth and Income II}

        {Government II}

        {UIF Equity and Income II} 

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SCHEDULE

SURRENDER CHARGE

ALLOCATION OPTIONS AVAILABLE ON THE EFFECTIVE DATE<Page>

                                                                    Exhibit 10.1

                                                                      BANK LEUMI

                                               February 12, 2004

Mr. Gary Granoff
Elk Associates Funding Corp.
747 Third Avenue
New York, NY 10017

Dear Gary:

We are pleased to confirm that we hold available a line of credit for Elk
Associates Funding Corp. in the amount of $8,000,000.00 subject to various terms
and conditions as discussed with you.

Credit availability under this line is also subject to the receipt of and
continuing satisfaction with current financial and other information which
current information is to be furnished by you to the Bank as we may, from time
to time, require.

The line of credit expires on October 31, 2004.

As in the past, the line of credit may be withdrawn at the Bank's sole
discretion at any time.

If you have any questions, please call me.

                                                       Very truly yours,

                                                       By: /s/ Iris Schechter
                                                           ---------------------
                                                           Iris Schechter
                                                           Vice President

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Exhibit 10.25  

 
 

CREDIT AGREEMENT    
    

(LINE OF CREDIT)  

 (LETTER OF CREDIT SUB-FACILITY)

        This
Agreement (the "Agreement") is made and entered into as of September 18, 2003, by and between BANK OF THE WEST (the "Bank") and GOLDEN STATE VINTNERS (the "Borrower"), on the
terms and conditions that follow: 

SECTION

1

DEFINITIONS  

	1.1
	Certain Defined Terms: Unless elsewhere defined in this Agreement, the following terms shall have the following meanings (such meanings
to be generally applicable to the singular and plural forms of the terms defined):

	1.1.1
	"Acceptable Inventory": shall mean inventory as defined in the California Uniform Commercial Code.

	1.1.2
	"Accounts Receivable": shall mean, individually and collectively as the context so requires, any and all accounts, chattel paper and
general intangibles owed or owing to Borrower by Account Debtors, whether now owned or hereafter acquired by Borrower, or in which the Borrower may now have or hereafter acquire any interest.

	1.1.3
	"Account Debtor": shall mean the person or entity obligated to the Borrower upon an Account.

	1.1.4
	"Advance": shall mean an advance to the Borrower under the credit facility (ies) described in Section 2.

	1.1.5
	"Borrowing Base": shall mean, as determined by the Bank from time to time, the lesser of: (i) 70% of the aggregate amount of
Accounts Receivable of the Borrower plus 35% of the Value of Acceptable Inventory of the Borrower; or (ii) $22,000,000.00 through January 31, 2004, $14,000,000.00 from February 1,
2004 through March 31, 2004, $10,000,000.00 from April 1, 2004 through June 30, 2004, and $14,000,000.00 thereafter.

	1.1.6
	"Business Day": shall mean a day, other than a Saturday or Sunday, on which commercial banks are open for business in California.

	1.1.7
	"Cash Flow": shall mean the sum of net income after tax and exclusive of extraordinary gains, plus depreciation and amortization
expense minus dividends and distributions.

	1.1.8
	"Collateral": shall mean the property described in Section 3, together with any other personal or real property in which the
Bank may be granted a lien or security interest to secure payment of the Obligations.

	1.1.9
	"Crops": shall mean the crops described in Section 3.

	1.1.10
	"Current Assets": shall mean current assets as determined in accordance with generally accepted accounting principles, less all
amounts due from affiliates, officers or employees.

	1.1.11
	"Current Liabilities": shall mean current liabilities as determined in accordance with generally accepted accounting principles,
including any negative cash balance on the Borrower's financial statement. 

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	1.1.12
	"Debt": shall mean all liabilities of the Borrower less Subordinated Debt, if any.

	1.1.13
	"Effective Tangible Net Worth": shall mean the Borrower's stated net worth plus Subordinated Debt but less all intangible assets of
the Borrower (i.e., goodwill, trademarks, patents, copyrights, organization expense, and similar intangible items including, but not limited to, investments in and all amounts due from affiliates,
officers or employees).

	1.1.14
	"Environmental Claims": shall mean all claims, however asserted, by any governmental authority or other person alleging potential
liability or responsibility for violation of any Environmental Law or for Discharge or injury to the environment or threat to public health, personal injury (including sickness, disease or death),
property damage, natural resources damage, or otherwise alleging liability or responsibility for damages (punitive or otherwise), cleanup, removal, remedial or response costs, restitution, civil or
criminal penalties, injunctive relief, or other type of relief, resulting from or based upon (a) the presence, placement, discharge, emission or release (including intentional and
unintentional, negligent and non-negligent, sudden or non-sudden, accidental or non-accidental placement, spills, leaks, Discharges, emissions or releases) of any
Hazardous Material at, in, or from property, whether or not owned by the Borrower, or (b) any other circumstances forming the basis of any violation, or alleged violation, of any Environmental
Law.

	1.1.15
	"Environmental Laws": shall mean all federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and
codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any governmental authorities, in each case relating to
environmental, health, safety and land use matters; including the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), the Clean Air Act, the Federal Water
Pollution Control Act of 1972, the Solid Waste Disposal Act, the Federal Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Emergency Planning and Community
Right-to-Know Act, the California Hazardous Waste Control Law, the California Solid Waste Management, Resource, Recovery and Recycling Act, the California Water Code and the
California Health and Safety Code.

	1.1.16
	"Environmental Permits": shall have the meaning provided in Section 5.11 hereof.

	1.1.17
	"ERISA": shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, including (unless the context
otherwise requires) any rules or regulations promulgated thereunder.

	1.1.18
	"Event of Default": shall have the meaning set forth in Section 7.

	1.1.19
	"Expiration Date": shall mean October 5, 2004, or the date of termination of the Bank's commitment to lend under this
Agreement pursuant to Section 8, whichever shall occur first.

	1.1.20
	"Fixed Rate Advance": shall have the respective meaning as it is defined for each facility under Section 2, hereof if
applicable.

	1.1.21
	"Fixed Rate": shall have the respective meaning as it is defined for each facility under Section 2, hereof if applicable.

	1.1.22
	"Hazardous Materials": shall mean all those substances which are regulated by, or which may form the basis of liability under, any
Environmental Law, including all substances identified under any Environmental Law as a pollutant, contaminant, hazardous waste, hazardous constituent, special waste, hazardous substance, hazardous
material, or toxic substance, or petroleum or petroleum derived substance or waste. 

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	1.1.23
	"Indebtedness": shall mean, with respect to the Borrower, (i) all indebtedness for borrowed money or for the deferred
purchase price of property or services in respect of which the Borrower is liable, contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which the Borrower otherwise assures
a creditor against loss and (ii) obligations under leases which shall have been or should be, in accordance with generally accepted accounting principles, reported as capital leases in respect
of which the Borrower is liable, contingently or otherwise, or in respect of which the Borrower otherwise assures a creditor against loss.

	1.1.24
	"Interest Period": shall have the respective meaning as it is defined for each facility under Section 2, hereof.

	1.1.25
	"Inventory": shall mean the inventory described in Section 3.

	1.1.26
	"Letter of Credit Sub-Facility": shall mean the sub-facility described as such in Section 2.

	1.1.27
	"LIBOR Advance": shall have the respective meaning as it is defined for each facility under Section 2, hereof.

	1.1.28
	"LIBOR Interest Period": shall have the respective meaning as it is defined for each facility under Section 2, hereof.

	1.1.29
	"LIBOR Rate": shall have the respective meaning as it is defined for each facility under Section 2, hereof.

	1.1.30
	"Line Account": shall have the meaning provided in Section 2.3 hereof.

	1.1.31
	"Line of Credit": shall mean the credit facility described as such in Section 2.

	1.1.32
	"Obligations": shall mean all amounts owing by the Borrower to the Bank pursuant to this Agreement including, but not limited to,
the unpaid principal amount of any loans or advances.

	1.1.33
	"Ordinary Course of Business": shall mean, with respect to any transaction involving the Borrower or any of its subsidiaries or
affiliates, the ordinary course of the Borrower's business, as conducted by the Borrower in accordance with past practice and undertaken by the Borrower in good faith and not for the purpose of
evading any covenant or restriction in this Agreement or in any other document, instrument or agreement executed in connection herewith.

	1.1.34
	"Permitted Liens": shall mean: (i) liens and security interests securing indebtedness owed by the Borrower to the Bank;
(ii) liens for taxes, assessments or similar charges not yet due; (iii) liens of materialmen, mechanics, warehousemen, or carriers or other like liens arising in the Ordinary Course of
Business and securing obligations which are not yet delinquent; (iv) purchase money liens or purchase money security interests upon or in any property acquired or held by the Borrower in the
Ordinary Course of Business to secure Indebtedness outstanding on the date hereof or permitted to be incurred herein; (v) liens and security interests which, as of the date hereof, have been
disclosed to and approved by the Bank in writing; and (vi) those liens and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to
the net value of the Borrower's assets.

	1.1.35
	"Prime Rate": shall mean an index for a variable interest rate which is quoted, published or announced by Bank as its prime rate and
as to which loans may be made by Bank at, above or below such rate. 

3

 

	1.1.36
	"Subordinated Debt": shall mean such liabilities of the Borrower which have been subordinated to those owed to the Bank in a manner
acceptable to the Bank.

	1.1.37
	"Value": shall mean the lesser of the Borrower's cost of Acceptable Inventory or the book value thereof or the wholesale market
value thereof in such quantities and on such terms as the Bank in its sole discretion may deem appropriate.

	1.1.38
	"Variable Rate Advance": shall have the respective meaning as it is defined for each facility under Section 2, hereof.

	1.1.39
	"Variable Rate": shall have the respective meaning as it is defined for each facility under Section 2, hereof.

	1.1.40
	"Working Capital": shall mean Current Assets minus Current Liabilities.

	1.2
	Accounting Terms: All references to financial statements, assets, liabilities, and similar accounting items not specifically defined
herein shall mean such financial statements or such items prepared or determined in accordance with generally accepted accounting principles consistently applied and, except where otherwise specified,
all financial data submitted pursuant to this Agreement shall be prepared in accordance with such principles.

	1.3
	Other Terms: Other terms not otherwise defined shall have the meanings attributed to such terms in the California Uniform Commercial
Code as in effect on July 1, 2001 and from time to time thereafter. 

SECTION

2

CREDIT FACILITIES  

	2.1
	THE LINE OF CREDIT

	2.1.1
	The Line of Credit: On terms and conditions as set forth herein, the Bank agrees to make Advances to the Borrower from time to time
from the date hereof to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base (the "Line of Credit"). Within the foregoing
limits, the Borrower may borrow, partially or wholly prepay, and reborrow under this Section 2.1. Proceeds of the Line of Credit shall be used for general working capital purposes.

	2.1.2
	Making Line Advances: Each Advance shall be conclusively deemed to have been made at the request of and for the benefit of the
Borrower (i) when credited to any deposit account of the Borrower maintained with the Bank or (ii) when paid in accordance with the Borrower's written instructions. Subject to the
requirements of Section 4 and provided such request is made in a timely manner as provided in Section 2.1.5 below, Advances shall be made by the Bank under the Line of Credit.

	2.1.3
	Repayment:

	(i)
	If
at any time the aggregate principal amount of the outstanding Advances shall exceed the Line of Credit, the Borrower hereby promises and agrees, immediately upon
written or telephonic notice from the Bank, to pay to the Bank an amount equal to the difference between the outstanding principal balance of the Advances and the Line of Credit.

	(ii)
	On
the Expiration Date, the Borrower hereby promises and agrees to pay to the Bank in full the aggregate unpaid principal amount of all Advances then outstanding,
together with all accrued and unpaid interest thereon. 

4

 

	2.1.4
	Interest on Advances: Interest shall accrue from the date of each Advance under the Line of Credit at one of the following rates, as
quoted by the Bank and as elected by the Borrower below:

	(i)
	Variable Rate Advances: A variable rate per annum equivalent to the Prime Rate (the "Variable Rate"). Interest shall be
adjusted concurrently with any change in the Prime Rate. An Advance based upon the Variable Rate is hereinafter referred to as a "Variable Rate Advance".

	(ii)
	Fixed Rate Advances: A fixed rate per annum quoted by the Bank for 30, 60, 90 or 180 days or for such other period of
time that the Bank may quote and offer (provided that any such period of time does not extend beyond the Expiration Date) (the "Interest Period") for Advances in the minimum amount of $250,000.00.
Such interest rate shall be a percentage approximately equivalent to 1.75% in excess of the rate which the Bank determines in its sole and absolute discretion to be equal to the Bank's cost of
acquiring funds (adjusted for any and all assessments, surcharges and reserve requirements pertaining to the borrowing or purchase by the Bank of such funds) in an amount approximately equal to the
amount of the relevant Advance and for a period of time approximately equal to the relevant Interest Period (the "Fixed Rate"). Advances based upon the Fixed Rate are hereinafter referred to as "Fixed
Rate Advances".

	(iii)
	LIBOR Advances: A fixed rate quoted by the Bank for 1, 2, 3, or 6 months or for such other period of time that
the Bank may quote and offer (provided that any such period of time does not extend beyond the Expiration Date) (the "LIBOR Interest Period") for Advances in the minimum amount of $250,000.00. Such
interest rate shall be a percentage approximately equivalent to 1.75% in excess of the Bank's LIBOR Rate which is that rate determined by the Bank's Treasury Desk as being the arithmetic mean (rounded
upwards, if necessary, to the nearest whole multiple of one-sixteenth of one percent (1/16%)) of the U. S. dollar London Interbank Offered Rates for such period appearing on
page 3750 (or such other page as may replace page 3750) of the Telerate screen at or about 11:00 a.m. (London time) on the second Business Day prior to the first days of such period (adjusted
for any and all assessments, surcharges and reserve requirements) (the "LIBOR Rate"). An Advance based upon the LIBOR Rate is hereinafter referred to as a "LIBOR Advance". 

Interest
on any Advance shall be computed on the basis of 360 days per year, but charged on the actual number of days elapsed. 

The
Borrower hereby promises and agrees to pay interest in arrears on all Advances on the 5th calendar day of each month. 

If
interest is not paid as and when it is due, it shall be added to the principal, become and be treated as a part thereof, and shall thereafter bear like interest. 

	2.1.5
	Notice of Borrowing: Upon written or telephonic notice which shall be received by the Bank at or before 2:00 p.m. (California
time) on a Business Day, the Borrower may borrow under the Line of Credit by requesting:

	(i)
	A Variable Rate Advance or Fixed Rate Advance: A Variable Rate Advance or Fixed Rate Advance may be made on the day
notice is received by the Bank; provided, however, that if the Bank shall not have received notice at or before 2:00 p.m. on the day such Advance is requested to be made, such Variable Rate
Advance or Fixed Rate Advance may, at the Bank's option, be made on the next Business Day. 

5

 

	(ii)
	A LIBOR Advance: Notice of any LIBOR Advance shall be received by the Bank no later than two Business Days prior to the
day (which shall be a Business Day) on which the Borrower requests such LIBOR Advance to be made.

	2.1.6
	Notice of Election to Adjust Interest Rate: Upon telephonic notice which shall be received by the Bank at or before 2:00 p.m.
(California time) on a Business Day, the Borrower may elect:

	(i)
	That
interest on a Variable Rate Advance shall be adjusted to accrue at the Fixed Rate; provided, however, that such notice shall be received by the Bank no later than
2:00 p.m. on the Business Day on which the Borrower requests that interest be adjusted to accrue at the Fixed Rate.

	(ii)
	That
interest on a Variable Rate Advance shall be adjusted to accrue at the LIBOR Rate; provided, however, that such notice shall be received by the Bank no later than
two Business Days prior to the Business Day on which the Borrower requests that interest be adjusted to accrue at the LIBOR Rate.

	(iii)
	That
interest on a Fixed Rate Advance shall continue to accrue at a newly quoted Fixed Rate or shall be adjusted to commence to accrue at the Variable Rate; provided,
however, that such notice shall be received by the Bank no later than 2:00 p.m. on the last day of the Interest Period pertaining to such Fixed Rate Advance. If the Bank shall not have received
notice (as prescribed herein) of the Borrower's election that interest on any Fixed Rate Advance shall continue to accrue at the newly quoted Fixed Rate as the case may be the Borrower shall be deemed
to have elected that interest thereon shall be adjusted to accrue at the Variable Rate upon the expiration of the relevant Interest Period pertaining to such Advance.

	(iv)
	That
interest on a Fixed Rate Advance shall accrue at a newly quoted LIBOR Rate or interest on a LIBOR Advance shall continue to accrue at a newly quoted Fixed Rate or
LIBOR Rate or shall be adjusted to commence to accrue at the Variable Rate; provided, however, that such notice shall be received by the Bank no later than two Business Days prior to the last day of
the relevant Interest Period or LIBOR Interest Period, as applicable. If the Bank shall not have received notice as prescribed herein of the Borrower's election that interest on any Fixed Rate Advance
shall accrue interest at a newly quoted LIBOR Rate or at a newly quoted Fixed Rate pursuant to subparagraph (iii) hereinabove; or any LIBOR Advance shall continue to accrue at the newly quoted
Fixed Rate or LIBOR Rate as the case may be, the Borrower shall be deemed to have elected that interest thereon shall be adjusted to accrue at the Variable Rate upon the expiration of the relevant
Interest Period or LIBOR Interest Period pertaining to such Advance.

	2.1.7
	Prepayment: The Borrower may prepay any Advance in whole or in part, at any time and without penalty, provided, however, that:
(i) any partial prepayment shall first be applied at the Bank's option, to accrued and unpaid interest and next to the outstanding principal balance; and (ii) during any period of time
in which interest is accruing on any Advance on the basis of the LIBOR Rate or Fixed Rate, no prepayment shall be made except on a day which is the last day of the LIBOR Interest Period or Interest
Period pertaining thereto. If the whole or any part of any LIBOR Advance or Fixed Rate Advance is prepaid by reason of acceleration or otherwise, the Borrower shall, upon the Bank's request, promptly
pay to and indemnify the Bank for all costs, expenses and any loss (including loss of future interest income) actually incurred by the Bank and any loss (including loss of profit resulting from the
re-employment of funds) deemed sustained by the Bank as a consequence of such prepayment. 

6

 

The
Bank shall be entitled to fund all or any portion of its Advances in any manner it may determine in its sole discretion, but all calculations and transactions hereunder shall be conducted as
though the Bank actually funded all Advances through the purchase of dollar deposits bearing interest at the same rate as U.S. Treasury securities in the amount of the relevant Advance and in
maturities corresponding to the date of such purchase to the Expiration Date hereunder. 

	2.1.8
	Indemnification for LIBOR Rate or Fixed Rate Costs: During any period of time in which interest on any Advance is accruing on the
basis of the LIBOR Rate or Fixed Rate, the Borrower shall, upon the Bank's request, promptly pay to and reimburse the Bank for all costs incurred and payments made by the Bank by reason of any future
assessment, reserve, deposit or similar requirement or any surcharge, tax or fee imposed upon the Bank or as a result of the Bank's compliance with any directive or requirement of any regulatory
authority pertaining or relating to funds used by the Bank in quoting and determining the LIBOR Rate or Fixed Rate.

	2.1.9
	Conversion from LIBOR Rate or Fixed Rate to Variable Rate: In the event that the Bank shall at any time determine that the accrual of
interest on the basis of the LIBOR Rate or Fixed Rate (i) has become infeasible because the Bank is unable to determine the LIBOR Rate or Fixed Rate due to the unavailability of U.S. Dollar
deposits, contracts or certificates of deposit in an amount approximately equal to the amount of the relevant Advance and for a period of time approximately equal to the relevant LIBOR Interest Period
or Interest Period as the case may be or (ii) is or has become unlawful by reason of the Bank's compliance with any new law, rule, regulation, guideline or order, or any new interpretation of
any present law, rule, regulation guideline or order, then the Bank shall promptly give telephonic notice thereof (confirmed in writing) to the Borrower, in which event any Advance bearing interest at
either the LIBOR Rate or Fixed Rate as the case may be shall be deemed to be a Variable Rate Advance and interest shall thereupon immediately accrue at the Variable Rate and shall continue at such
rate until the Bank determines that the LIBOR Rate or Fixed Rate is no longer infeasible or unlawful.

	2.2
	LETTER OF CREDIT SUB-FACILITY

	2.2.1
	Letter of Credit Sub-Facility: The Bank agrees to issue standby letters of credit (each a "Letter of Credit") on behalf
of the Borrower of up to $250,000.00. At no time, however, shall the total principal amount of all Advances outstanding under the Line of Credit, together with the total face amount of all Letters of
Credit outstanding, less any partial draws paid by the Bank, exceed the Borrowing Base.

	(i)
	Upon
the Bank's request, the Borrower shall promptly pay to the Bank issuance fees and such other fees, commissions, costs and any out-of-pocket
expenses charged or incurred by the Bank with respect to any Letter of Credit.

	(ii)
	The
commitment by the Bank to issue Letters of Credit shall, unless earlier terminated in accordance with the terms of the Agreement, automatically terminate on the
Expiration Date of the Line of Credit and no Letter of Credit shall expire on a date which is more than 90 days after the Expiration Date.

	(iii)
	Each
Letter of Credit shall be in form and substance satisfactory to the Bank and in favor of beneficiaries satisfactory to the Bank, provided that the Bank may refuse
to issue a Letter of Credit due to the nature of the transaction or its terms or in connection with any transaction where the Bank, due to the beneficiary or the nationality or residence of the
beneficiary, would be prohibited by any applicable law, regulation or order from issuing such Letter of Credit. 

7

 

	(iv)
	Prior
to the issuance of each Letter of Credit, but in no event later than 10:00 a.m. (California time) on the day such Letter of Credit is to be issued (which
shall be a Business Day), the Borrower shall deliver to the Bank a duly executed form of the Bank's standard form of application for issuance of a Letter of Credit with proper insertions.

	(v)
	The
Borrower shall, upon the Bank's request, promptly pay to and reimburse the Bank for all costs incurred and payments made by the Bank by reason of any future
assessment, reserve, deposit or similar requirement or any surcharge, tax or fee imposed upon the Bank or as a result of the Bank's compliance with any directive or requirement of any regulatory
authority pertaining or relating to any Letter of Credit. 

In
the event that the Borrower fails to pay any drawing under any Letter of Credit or the balances in the depository account or accounts maintained by the Borrower with Bank are insufficient to pay
such drawing, without limiting the rights of Bank hereunder or waiving any Event of Default caused thereby, Bank may, and Borrower hereby authorizes Bank to create an Advance bearing interest at the
rate or rates provided in Section 9.2 hereof to pay such drawing. 

	2.3
	Line Account: The Bank shall maintain on its books a record of account in which the Bank shall make entries for each Advance and such
other debits and credits as shall be appropriate in connection with the credit facilities granted hereunder (the "Line Account"). The Bank shall provide the Borrower with a statement of the Borrower's
Line Account, which statement shall be considered to be correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within 30 days after the
Borrower's receipt of any such statement which it deems to be incorrect.

	2.4
	Authorization to Charge Account(s): The Borrower hereby authorizes the Bank, if and to the extent payment owed to the Bank under this
Agreement is not made when due, to charge, from time to time, against any or all of the Borrower's deposit accounts with the Bank any amount so due. 

8

  

	2.5
	Payments: If any payment required to be made by the Borrower hereunder becomes due and payable on a day other than a Business Day, the
due date thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension. All payments required to be made
hereunder shall be made to the office of the Bank designated for the receipt of notices herein or such other office as Bank shall from time to time designate.

	2.6
	Late Payment: In addition to any other rights the Bank may have hereunder, if any payment of principal or interest or any portion
thereof, under this Agreement is not paid within 5 days of when due, a late payment charge equal to five percent (5%) of such past due payment may be assessed and shall be immediately payable. 

SECTION

3

COLLATERAL  

	3.1
	The Collateral: To secure payment and performance of all the Borrower's Obligations under this Agreement and all other liabilities,
loans, guarantees, covenants and duties owed by the Borrower to the Bank, whether or not evidenced by this or by any other agreement, absolute or contingent, due or to become due, now existing or
hereafter and howsoever created, the Borrower hereby grants the Bank a security interest in and to all of the following property ("Collateral"):

	(i)
	Inventory. All inventory now owned or hereafter acquired by the Borrower, including, but not limited to, all raw
materials, work in process, finished goods, inventory leased to others or held for lease, merchandise, parts and supplies of every kind and description, including inventory temporarily out of the
Borrower's custody or possession, together with all returns on accounts (the "Inventory").

	(ii)
	Accounts. All accounts, letter of credit rights, commercial tort claims, contract rights and general intangibles,
including software and payment intangibles, now owned or hereafter created or acquired by the Borrower, including, but not limited to, all receivables, including as-extracted receivables,
credit card receivables, health care receivables, insurance receivables, software receivables and license fees, goodwill, trademarks, trademark applications, trade styles, trade names, patents, patent
applications, copyrights and copyright applications, customer lists, business records and computer programs, tapes, disks and related data processing software that at any time evidence or contain
information relating to any of the Collateral.

	(iii)
	Documents. All documents, instruments and chattel paper, whether electronic or tangible, now owned or hereafter
acquired by the Borrower, including, but not limited to, warehouse and other receipts, bills of sale, promissory notes and bills of lading.

	(iv)
	Monies. All monies, deposit accounts, certificates of deposit, investment property and securities of the Borrower now or
hereafter in the Bank's or its agents' possession.

	(v)
	Farm Products. All farm products, other than standing timber, now owned or hereafter acquired by or for the benefit of
the Borrower in connection with the farming operations of the Borrower, including all crops grown, growing or to be grown, whether produced on trees, vines or bushes, or aquatic goods produced by
aquacultural operations (the "Crops"); all supplies used or produced in the farming operations of the Borrower; products of crops in their unmanufactured state; and the products and proceeds of the
foregoing, and any additions to, substitutions for or replacements thereof. 

9

 

	(vi)
	Water Rights. All of Borrower's now existing or hereafter acquired water rights of every kind and description, whether
appurtenant, riparian or prescriptive or arising by virtue of any contract or other agreement. 

The
Bank's security interest in the Collateral shall be a continuing lien and shall include the proceeds and products of the Collateral including, but not limited to, the proceeds of any insurance
thereon. 

Borrower
hereby consents to and instructs Bank to file financing statements in all locations deemed appropriate by the Bank from time to time. 

The
security interest granted to Bank in the Collateral shall not secure or be deemed to secure any Indebtedness of the Borrower to the Bank which is, at the time of its creation, subject to the
provisions of any state or federal consumer credit or truth-in-lending disclosure statutes. 

SECTION

4

CONDITIONS PRECEDENT  

	4.1
	Conditions Precedent to the Initial Extension of Credit: The obligation of the Bank to make the initial Advance or the first extension
of credit to or on account of the Borrower hereunder is subject to the conditions precedent that the Bank shall have received before the date of such initial Advance or such first extension of credit
all of the following, in form and substance satisfactory to the Bank:

	(i)
	Authority to Borrow. Evidence that the execution, delivery and performance by the Borrower of this Agreement and any
document, instrument or agreement required hereunder have been duly authorized.

	(ii)
	Guarantors. Continuing guaranty in favor of the Bank executed by the following, together with evidence that the
execution, delivery and performance by any guarantor has been duly authorized: Golden State Vintners, Inc..

	(iii)
	Fees. A fee of $25,000.00 and payment of all of the Bank's out-of-pocket expenses in connection
with the preparation and negotiation of this Agreement.

	(iv)
	Financing Statements. UCC-1 financing statement(s) describing the Collateral, which have been filed with the
Secretary of State or the county recorder as a lien of first priority.

	(v)
	Miscellaneous. Such other evidence as the Bank may request to establish the consummation of the transaction contemplated
hereunder and compliance with the conditions of this Agreement.

	4.2
	Conditions Precedent to All Extensions of Credit: The obligation of the Bank to make each Advance or each other extension of credit, as
the case may be, to or on account of the Borrower (including the initial Advance or the first extension of credit) shall be subject to the further conditions precedent that, on the date of each
Advance or each extension of credit and after the making of such Advance or extension of credit:

	(i)
	Reporting Requirements. The Bank shall have received the documents set forth in Section 6.1.

	(ii)
	Subsequent Approvals. The Bank shall have received such supplemental approvals, opinions or documents as the Bank may
reasonably request. 

10

 

	(iii)
	Representations and Warranties. The representations contained in Section 5 and in any other document, instrument
or certificate delivered to the Bank hereunder are true, correct and complete.

	(iv)
	Event of Default. No event has occurred and is continuing which constitutes, or with the lapse of time or giving of
notice or both, would constitute an Event of Default.

	(v)
	Collateral. The security interest in the Collateral has been duly authorized, created and perfected with first priority
and is in full force and effect. 

        The
Borrower's acceptance of the proceeds of any loan, Advance or extension of credit or the Borrower's execution of any document or instrument evidencing or creating any Obligation
hereunder shall be deemed to constitute the Borrower's representation and warranty that all of the above statements are true and correct. 

SECTION

5

REPRESENTATIONS AND WARRANTIES  

The
Borrower hereby makes the following representations and warranties to the Bank, which representations and warranties are continuing: 

	5.1
	Status: The Borrower's correct legal name is as stated in this Agreement and the Borrower is a corporation duly organized and validly
existing under the laws of the state of California and with its chief executive office in the state of California and is properly licensed and is qualified to do business and in good standing in, and,
where necessary to maintain the Borrower's rights and privileges, has complied with the fictitious name statute of every jurisdiction in which the Borrower is doing business.

	5.2
	Authority: The execution, delivery and performance by the Borrower of this Agreement and any instrument, document or agreement required
hereunder have been duly authorized and do not and will not: (i) violate any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently
in effect having application to the Borrower; (ii) result in a breach of or constitute a default under any material indenture or loan or credit agreement or other material agreement, lease or
instrument to which the Borrower is a party or by which it or its properties may be bound or affected; or (iii) require any consent or approval of its stockholders or violate any provision of
its articles of incorporation or by-laws.

	5.3
	Legal Effect: This Agreement constitutes, and any instrument, document or agreement required hereunder when delivered hereunder will
constitute, legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective terms.

	5.4
	Fictitious Trade Styles: All fictitious trade styles used by the Borrower in connection with its business operations and each state in
which each such fictitious trade style is used are listed below. The Borrower shall notify the Bank not less than 30 days prior to effecting any change in the matters described below or prior
to using any other fictitious trade style at any future date, indicating the trade style and state(s) of its use. 

	Trade Style
 See attached Exhibit "A"	 	State of Use
 All

	5.5
	Financial Statements: All financial statements, information and other data which may have been or which may hereafter be submitted by
the Borrower to the Bank are true, accurate and correct and have been or will be prepared in accordance with generally accepted accounting principles consistently applied and accurately represent the
financial condition or, as applicable, the other 

11

 

information
disclosed therein. Since the most recent submission of such financial information or data to the Bank, the Borrower represents and warrants that no material adverse change in the
Borrower's financial condition or operations has occurred which has not been fully disclosed to the Bank in writing. 

	5.6
	Litigation: Except as have been disclosed to the Bank in writing, there are no actions, suits or proceedings pending or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or the Borrower's properties before any court or administrative agency which, if determined adversely to the Borrower, would
have a material adverse effect on the Borrower's financial condition or operations or on the Collateral.

	5.7
	Title to Assets: The Borrower has good and marketable title to all of its assets (including, but not limited to, the Collateral) and
the same are not subject to any security interest, encumbrance, lien or claim of any third person except for Permitted Liens.

	5.8
	ERISA: If the Borrower has a pension, profit sharing or retirement plan subject to ERISA, such plan has been and will continue to be
funded in accordance with its terms and otherwise complies with and continues to comply with the requirements of ERISA.

	5.9
	Taxes: The Borrower has filed all tax returns required to be filed and paid all taxes shown thereon to be due, including interest and
penalties, other than such taxes which are currently payable without penalty or interest or those which are being duly contested in good faith.

	5.10
	Margin Stock. The proceeds of any loan or advance hereunder will not be used to purchase or carry margin stock as such term is defined
under Regulation U of the Board of Governors of the Federal Reserve System.

	5.11
	Environmental Compliance. The operations of the Borrower comply, and during the term of this Agreement will at all times comply, in
all respects with all Environmental Laws; the Borrower has obtained all licenses, permits, authorizations and registrations required under any Environmental Law ("Environmental
Permits") and necessary for its ordinary course operations, all such Environmental Permits are in good standing, and the Borrower is in compliance with all material terms and
conditions of such Environmental Permits; neither the Borrower nor any of its present property or operations is subject to any outstanding written order from or agreement with any governmental
authority nor subject to any judicial or docketed administrative proceeding, respecting any Environmental Law, Environmental Claim or Hazardous Material; there are no Hazardous Materials or other
conditions or circumstances existing, or arising from operations prior to the date of this Agreement, with respect to any property of the Borrower that would reasonably be expected to give rise to
Environmental Claims; provided, however, that with respect to property leased from an unrelated third party, the foregoing representation is made to the
best knowledge of the Borrower. In addition, (i) the Borrower does not have any underground storage tanks that are not properly registered or permitted under applicable Environmental Laws, or
that are leaking or disposing of Hazardous Materials off-site, and (ii) the Borrower has notified all of their employees of the existence, if any, of any health hazard arising from
the conditions of their employment and have met all notification requirements under Title III of CERCLA and all other Environmental Laws.

	5.12
	Inventory:

	(i)
	The
Borrower keeps correct and accurate records. (itemizing and describing the kind, type, quality and quantity of inventory, the Borrower's cost therefor and selling
price thereof, and the daily withdrawals therefrom and additions thereto).

	(ii)
	All
inventory is of good and merchantable quality, free from defects.

	(iii)
	The
inventory is not stored with a bailee, warehouseman or similar party. 

12

 

	5.13
	Water. As of the date of this Agreement, sufficient water is available and is projected to be available, from verifiable surface and
ground water sources, or to conduct operations materially similar to prior years' operations as evidenced by information provided by any Borrower to the Bank. Borrower has filed with all governmental
agencies, all notices and other documents required under Federal, state and local laws and regulations in connection with the supply of water to and use of water upon its real property. 

SECTION

6

COVENANTS  

The
Borrower covenants and agrees that, during the term of this Agreement, and so long thereafter as the Borrower is indebted to the Bank under this Agreement, the Borrower will, unless the Bank shall
otherwise consent in writing: 

	6.1
	Reporting and Certification Requirements: Deliver or cause to be delivered to the Bank in form and detail satisfactory to the Bank:

	(i)
	Not
later than 120 days after the end of each of the Borrower's fiscal years, a copy of the annual audited financial report of the Borrower for such year,
prepared by a firm of certified public accountants acceptable to Bank and accompanied by an unqualified opinion of such firm.

	(ii)
	Not
later than 60 days after the end of each fiscal quarter, a copy of the Borrower's financial statement as of the end of such period and a copy of Golden State
Vintners, Inc.'s Form 10Q filed with the Securities and Exchange Commission.

	(iii)
	Not
later than 20 days after the end of each month, (i) a borrowing base certificate ("Borrowing Base Certificate"), executed by Borrower and certifying
the amount of the Accounts and the Value of Acceptable Inventory as of the last day of the preceding month

	(iv)
	Promptly
upon the Bank's request, such other information pertaining to the Borrower, the Collateral or any guarantor hereunder as the Bank may reasonably request.

	6.2
	Financial Condition: The Borrower promises and agrees, during the term of this Agreement and until payment in full of all of the
Borrower's Obligations, the Borrower will maintain as of the relevant times set forth below:

	(i)
	A
minimum Effective Tangible Net Worth of at least $55,000,000.00 at each fiscal quarter end.

	(ii)
	A
ratio of Debt to Effective Tangible Net Worth of not more than 1.25 to 1 at each fiscal quarter end.

	(iii)
	A
minimum Working Capital of at least $15,000,000.00 at the end of each fiscal year.

	(iv)
	A
ratio of Cash Flow to the current portion of long term Debt of not less than 1.25 to 1at each fiscal year end.

	6.3
	Preservation of Existence; Compliance with Applicable Laws: Maintain and preserve its existence and all rights and privileges now
enjoyed; and conduct its business and operations in accordance with all applicable laws, rules and regulations.

	6.4
	Merge or Consolidate: Not liquidate or dissolve, merge or consolidate with or into, or acquire any other business organization. 

13

 
	6.5
	Maintenance of Insurance: Keep and maintain the Collateral insured for not less than its full replacement value against all risks of
loss and damage and maintain insurance in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas
in which the Borrower operates and maintain such other insurance and coverages as may be required by the Bank. All such insurance shall be in form and amount and with companies satisfactory to the
Bank. 

With
respect to insurance covering properties in which the Bank maintains a security interest or lien, such insurance shall name the Bank as loss payee pursuant to a loss payable endorsement
satisfactory to the Bank and shall not be altered or canceled except upon 10 days' prior written notice to the Bank. Upon the Bank's request, the Borrower shall furnish the Bank with the
original policy or binder of all such insurance. 

	6.6
	Maintenance of Collateral and Other Properties: Except for Permitted Liens, keep and maintain the Collateral free and clear of all
levies, liens, encumbrances and security interests (including, but not limited to, any lien of attachment, judgment or execution) and defend the Collateral against any such levy, lien, encumbrance or
security interest; comply with all laws, statutes and regulations pertaining to the Collateral and its use and operation; execute, file and record such statements, notices and agreements, take such
actions and obtain such certificates and other documents as necessary to perfect, evidence and continue the Bank's security interest in the Collateral and the priority thereof; maintain accurate and
complete records of the Collateral which show all sales, claims and allowances; and properly care for, house, store and maintain the Collateral in good condition, free of misuse, abuse and
deterioration, other than normal wear and tear. The Borrower shall also maintain and preserve all its properties in good working order and condition in accordance with the general practice of other
businesses of similar character and size, ordinary wear and tear excepted.

	6.7
	Payment of Obligations and Taxes: Make timely payment of all assessments and taxes and all of its liabilities and obligations
including, but not limited to, trade payables, unless the same are being contested in good faith by appropriate proceedings with the appropriate court or regulatory agency. For purposes hereof, the
Borrower's issuance of a check, draft or similar instrument without delivery to the intended payee shall not constitute payment.

	6.8
	Inspection Rights and Accounting Records: The Borrower will maintain adequate books and records in accordance with generally accepted
accounting principles consistently applied and in a manner otherwise acceptable to Bank, and, at any reasonable time and from time to time, permit the Bank or any representative thereof to examine and
make copies of the records and visit the properties of the Borrower and discuss the business and operations of the Borrower with any employee or representative thereof. If the Borrower shall maintain
any records (including, but not limited to, computer generated records or computer programs for the generation of such records) in the possession of a third party, the Borrower hereby agrees to notify
such third party to permit the Bank free access to such records at all reasonable times and to provide the Bank with copies of any records which it may request, all at the Borrower's expense, the
amount of which shall be payable immediately upon demand.

	6.9
	Liens and Encumbrances: Not create, assume or permit to exist any security interest, encumbrance, mortgage, deed of trust, or other
lien (including, but not limited to, a lien of attachment, judgment or execution) affecting any of the Borrower's properties, or execute or allow to be filed any financing statement or continuation
thereof affecting any of such properties, except for Permitted Liens or as otherwise provided in this Agreement, and except liens and security interests associated with Indebtedness of up to
$1,000,000.00 in any one fiscal year. 

14

 
	6.10
	Transfer Assets: Not, after the date hereof, sell, contract for sale, convey, transfer, assign, lease or sublet, any of its assets
(including, but not limited to, the Collateral) except in the Ordinary Course of Business and, then, only for full, fair and reasonable consideration.

	6.11
	Change in Nature of Business: Not make any material change in its financial structure or the nature of its business as existing or
conducted as of the date hereof.

	6.12
	Maintenance of Jurisdiction: Borrower shall maintain the jurisdiction of its organization and chief executive office, or if
applicable, principal residence, as set forth herein and not change such jurisdiction name or form of organization without 30 days prior written notice to Bank.

	6.13
	Compensation of Employees: Compensate its employees for services rendered at an hourly rate at least equal to the minimum hourly rate
prescribed by any applicable federal or state law or regulation.

	6.14
	Capital Expense: Not make any fixed capital expenditure or any commitment therefor, including, but not limited to, incurring liability
for leases which would be, in accordance with generally accepted accounting principles, reported as capital leases, or purchase any real or personal property in an aggregate amount exceeding
$5,000,000.00 in any one fiscal year.

	6.15
	Notice: Give the Bank prompt written notice of any and all (i) Events of Default; (ii) litigation, arbitration or
administrative proceedings to which the Borrower is a party and in which the claim or liability exceeds $250,000.00 or which affects the Collateral; (iii) other matters which have resulted in,
or might result in a material adverse change in the Collateral or the financial condition or business operations of the Borrower, and (iv) any enforcement, cleanup, removal or other
governmental or regulatory actions instituted, completed or threatened against the Borrower or any of its properties.

	6.16
	Environmental Compliance: The Borrower shall conduct its operations and keep and maintain all of its property in compliance with all
Environmental Laws and, upon the written request of the Bank, the Borrower shall submit to the Bank, at the Borrower's sole cost and expense, at reasonable intervals, a report providing the status of
any environmental, health or safety compliance, hazard or liability.

	6.17
	Inventory:

	(i)
	Except
as provided herein below, the Borrower's inventory shall, at all times, be in the Borrower's physical possession, shall not be held by others on consignment, sale
on approval, or sale or return and shall be kept only at: 607 Airport Road, Napa, CA 94558, 38558 Rd. 128, Cutler, CA 93615; 8418 South Lac Jac Ave., Parlier, CA 93648; 7409 W. Central Ave., Fresno,
CA 93706; 401 S. St. Helena Hwy., St. Helena, CA 94574; 1777 Metz Road, Soledad, CA 93960; 1175 Commerce Blvd., Suite D, American Canyon, CA 94503; and 1075 Golden Gate Drive, Napa, CA 94559.

	(ii)
	The
Borrower shall keep correct and accurate records.

	(iii)
	All
inventory shall be of good and merchantable quality, free from defects.

	(iv)
	The
inventory shall not at any time or times hereafter be stored with a bailee, warehouseman or similar party without the Bank's prior written consent and, in such
event, the Borrower will concurrently therewith cause any such bailee, warehouseman or similar party to issue and deliver to the Bank, in form acceptable to the Bank, warehouse receipts in the Bank's
name evidencing the storage of inventory.

	(v)
	At
any reasonable time and from time to time, allow Bank to have the right, upon demand, to inspect and examine inventory and to check and test the same as to quality, 

15

 

quantity,
value and condition and the Borrower agrees to reimburse the Bank for the Bank's reasonable costs and expenses in so doing. 

	6.18
	Location of the Harvested Crops: Any Crops now or hereafter harvested or removed shall not be stored with a bailee, warehouseman or
similar party without the Bank's prior written consent and shall be kept only at the following location(s): 38558 Rd. 128, Cutler, CA 93615; 8418 South Lac Jac Ave., Parlier, CA 93648; 7409 W. Central
Ave., Fresno, CA 93706; 401 S. St. Helena Hwy., St. Helena, CA 94574; 1777 Metz Road, Soledad, CA 93960; 1175 Commerce Blvd., Suite D, American Canyon, CA 94503; and 1075 Golden Gate Drive, Napa, CA
94559.

	6.19
	Care and Preservation of the Crops:

	(i)
	Attend
to and care for the Crops and do or cause to be done any and all acts that may at any time be appropriate or necessary to grow, farm, cultivate, irrigate,
fertilize, fumigate, prune, harvest, pick, clean, preserve and protect the Crops.

	(ii)
	Not
commit or suffer to be committed any waste of or damage to the Crops

	(iii)
	Permit
the Bank and any of its agents, employees or representatives to enter upon the Borrower's premises at any reasonable time and from time to time for the purpose
of examining and inspecting the Crops.

	(iv)
	Harvest
and prepare the Crops for market and promptly notify the Bank when any of the Crops are ready for market.

	(v)
	Keep
the Crops separate and always capable of identification.

	(vi)
	Comply
with any requirements or instructions of the Bank with respect to hauling, shipping, storing, marketing and otherwise preparing, handling and disposing of the
Crops.

	6.20
	Evidence of Water Availability: At such times as the Bank may request, to deliver to the Bank a certificate stating that the amount of
water available and projected to be available is sufficient to conduct operations materially similar to prior years' operations, as evidenced by information provided by the Borrower to the Bank. Such
certificate shall be signed, at the Bank's option, either by the Borrower or by an independent third party, such as an officer of the Borrower's water district or other supplier of water. 

SECTION

7

EVENTS OF DEFAULT  

Any
one or more of the following described events shall constitute an event of default (an "Event of Default") under this Agreement: 

	7.1
	Non-Payment: Any Borrower shall fail to pay the principal amount of any Obligations when due or interest on the Obligations
within 5 days of when due.

	7.2
	Performance Under This Agreement: The Borrowers or any Guarantor shall fail in any material respect to perform or observe any term,
covenant or agreement contained in this Agreement or in any document, instrument or agreement relating to this Agreement or any other document or agreement executed by the Borrowers or any Guarantor
with or in favor of Bank and any such failure shall continue unremedied for more than 30 days after the occurrence thereof.

	7.3
	Representations and Warranties; Financial Statements: Any representation or warranty made by the Borrower under or in connection with
this Agreement or any financial statement given by the 

16

 

Borrower
or any guarantor shall prove to have been incorrect in any material respect when made or given or when deemed to have been made or given. 

	7.4
	Other Agreements: If there is a default under any agreement to which Borrower is a party with Bank or with a third party or parties
resulting in a right by the Bank or by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of $250,000.00.

	7.5
	Insolvency: The Borrower or any guarantor shall: (i) become insolvent or be unable to pay its debts as they mature;
(ii) make an assignment for the benefit of creditors or to an agent authorized to liquidate any substantial amount of its properties and assets; (iii) file a voluntary petition in
bankruptcy or seeking reorganization or to effect a plan or other arrangement with creditors; (iv) file an answer admitting the material allegations of an involuntary petition relating to
bankruptcy or reorganization or join in any such petition; (v) become or be adjudicated a bankrupt; (vi) apply for or consent to the appointment of, or consent that an order be made,
appointing any receiver, custodian or trustee, for itself or any of its properties, assets or businesses; or (vii) in an involuntary proceeding, any receiver, custodian or trustee shall have
been appointed for all or substantial part of the Borrower's or guarantor's properties, assets or businesses and shall not be discharged within 30 days after the date of such appointment.

	7.6
	Execution: Any writ of execution or attachment or any judgment lien shall be issued against any property of the Borrower and shall not
be discharged or bonded against or released within 30 days after the issuance or attachment of such writ or lien.

	7.7
	Revocation or Limitation of Guaranty: Any guaranty shall be revoked or limited or its enforceability or validity shall be contested by
any guarantor, by operation of law, legal proceeding or otherwise or any guarantor who is a natural person shall die.

	7.8
	Suspension: The Borrower shall voluntarily suspend the transaction of business or allow to be suspended, terminated, revoked or expired
any permit, license or approval of any governmental body necessary to conduct the Borrower's business as now conducted. 

17

  

	7.9
	Material Adverse Change: If there occurs a material adverse change in the Borrower's business or financial condition, or if there is a
material impairment of the prospect of repayment of any portion of the Obligations or there is a material impairment of the value or priority of the Bank's security interest in the Collateral, or if a
Borrower who is a natural person shall die.

	7.10
	Change in Ownership: There shall occur a sale, transfer, disposition or encumbrance (whether voluntary or involuntary to), or an
agreement shall be entered into to do so with, any Person or group of Persons (as such terms are defined pursuant to Federal securities laws) with respect to more than 19% of the issued and
outstanding capital stock of the Borrower and, as a result thereof, such Person or group of Persons has the ability to direct or cause the direction of the management and policies of the Borrower.

	7.11
	Impairment of Collateral. There shall occur any injury or damage to all or any part of the Collateral or all or any part of the
Collateral shall be lost, stolen or destroyed.

	7.12
	Water Quality/Amount. The Borrower's water is or is projected to be insufficient in amount or unsuitable in quality, as determined by
the Bank in either case, to conduct operations as described in projections or by information provided by Borrower to the Bank. 

SECTION

8

REMEDIES ON DEFAULT  

Upon
the occurrence of any Event of Default, the Bank may, at its sole and absolute election, without demand and only upon such notice as may be required by law: 

	8.1
	Acceleration: Declare any or all of the Borrower's indebtedness owing to the Bank, whether under this Agreement or any other document,
instrument or agreement, immediately due and payable, whether or not otherwise due and payable.

	8.2
	Cease Extending Credit: Cease making Advances or otherwise extending credit to or for the account of the Borrower under this Agreement
or under any other agreement now existing or hereafter entered into between the Borrower and the Bank.

	8.3
	Termination: Terminate this Agreement as to any future obligation of the Bank without affecting the Borrower's obligations to the Bank
or the Bank's rights and remedies under this Agreement or under any other document, instrument or agreement.

	8.4
	Letters of Credit: Require the Borrower to pay immediately to the Bank, for application against drawings under any outstanding Letters
of Credit, the outstanding principal amount of any such Letters of Credit which have not expired. Any portion of the amount so paid to the Bank which is not applied to satisfy draws under any such
Letters of Credit or any other obligations of the Borrower to the Bank shall be repaid to the Borrower without interest.

	8.5
	Protection of Security Interest: Make such payments and do such acts as the Bank, in its sole judgment, considers necessary and
reasonable to protect its security interest or lien in the Collateral. The Borrower hereby irrevocably authorizes the Bank to pay, purchase, contest or compromise any encumbrance, lien or claim which
the Bank, in its sole judgment, deems to be prior or superior to its security interest. Further, the Borrower hereby agrees to pay to the Bank, upon demand therefor, all expenses and expenditures
(including attorneys' fees) incurred in connection with the foregoing.

	8.6
	Foreclosure: Enforce any security interest or lien given or provided for under this Agreement or under any security agreement,
mortgage, deed of trust or other document, in such manner and such order, as to all or any part of the properties subject to such security interest or lien, as the Bank, in its sole judgment, deems to
be necessary or appropriate and the Borrower hereby waives 

18

 

any
and all rights, obligations or defenses now or hereafter established by law relating to the foregoing. In the enforcement of its security interest or lien, the Bank is authorized to enter upon the
premises where any Collateral is located and take possession of the Collateral or any part thereof, together with the Borrower's records pertaining thereto, or the Bank may require the Borrower to
assemble the Collateral and records pertaining thereto and make such Collateral and records available to the Bank at a place designated by the Bank. The Bank may sell the Collateral or any portions
thereof, together with all additions, accessions and accessories thereto, giving only such notices and following only such procedures as are required by law, at either a public or private sale, or
both, with or without having the Collateral present at the time of the sale, which sale shall be on such terms and conditions and conducted in such manner as the Bank determines in its sole judgment
to be commercially reasonable. The Collateral may be disposed of in its then condition without any preparation or processing. In connection with any disposition of the Collateral, the Bank may
disclaim any warranty relating to title, possession or quiet enjoyment. Any deficiency which exists after the disposition or liquidation of the Collateral shall be a continuing liability of the
Borrower to the Bank and shall be immediately paid by the Borrower to the Bank. 

	8.7
	Care and Possession of the Crops: Enter upon the Borrower's premises and, using any and all of the Borrower's equipment, machinery,
tools, farming implements and supplies, and improvements located on the Borrower's premises: (i) farm, cultivate, irrigate, fertilize, fumigate, prune and perform any other act of acts
appropriate or necessary to grow, care for, maintain, preserve and protect the Crops (using any water located in, on or adjacent to the Borrower's premises); (ii) harvest, pick, clean and
remove the Crops from the Borrower's premises; and (iii) appraise, store, prepare for public or private sale, exhibit, market and sell the Crops and the products thereof; provided that the
Borrower hereby agrees that, if the Borrower is the owner of the real property upon which the farming operations are located, the Bank shall not be responsible or liable for returning the such
property to its condition immediately preceding its use as provided herein or for doing such acts as may be necessary to permit future crops to be grown on such property.

	8.8
	Non-Exclusivity of Remedies: Exercise one or more of the Bank's rights set forth herein or seek such other rights or pursue
such other remedies as may be provided by law, in equity or in any other agreement now existing or hereafter entered into between the Borrower and the Bank, or otherwise.

	8.9
	Application of Proceeds: All amounts received by the Bank as proceeds from the disposition or liquidation of the Collateral shall be
applied to the Borrower's indebtedness to the Bank as follows: first, to the costs and expenses of collection, enforcement, protection and preservation of the Bank's lien in the Collateral, including
court costs and reasonable attorneys' fees, whether or not suit is commenced by the Bank; next, to those costs and expenses incurred by the Bank in protecting, preserving, enforcing, collecting,
liquidating, selling or disposing of the Collateral; next, to the payment of accrued and unpaid interest on all of the Obligations; next, to the payment of the outstanding principal balance of the
Obligations; and last, to the payment of any other indebtedness owed by the Borrower to the Bank. Any excess Collateral or excess proceeds existing after the disposition or liquidation of the
Collateral will be returned or paid by the Bank to the Borrower. 

If
any non-cash proceeds are received in connection with any sale of Collateral, the Bank shall not apply such non-cash proceeds to the Obligations unless and until such
proceeds are converted to such; provided, however, that if such non-cash proceeds are not expected on the date of receipt thereof to be converted to cash within one year after such date,
the Bank shall use commercially reasonable efforts to convert such non-cash proceeds to cash within such one year period. 

19

 
SECTION

9

MISCELLANEOUS  

	9.1
	Amounts Payable on Demand: If the Borrower shall fail to pay on demand any amount so payable under this Agreement, the Bank may, at its
option and without any obligation to do so and without waiving any default occasioned by the Borrower having so failed to pay such amount, create an Advance under this Agreement in an amount equal to
the amount so payable, which Advance shall thereafter bear interest as provided hereunder.

	9.2
	Default Interest Rate: If an Event of Default, or an event which, with notice or passage of time could become an Event of Default, has
occurred or is continuing, the Borrower shall pay to the Bank interest on any Indebtedness or amount payable under this Agreement at a rate which is 3% in excess of the rate or rates then in effect
under this Agreement.

	9.3
	Assignment of the Borrower's Rights in the Crops:

	(i)
	If
the Crops or any portion or portions thereof become infected by disease or are destroyed by order of any local, state or federal authority, and, by reason thereof,
the Borrower is entitled to be indemnified by such authority, the Borrower hereby assigns to the Bank any and all such sums due from such authority, and the Bank is hereby authorized to receive,
collect and sue for the same, and the Borrower hereby orders and directs that any such sums be paid directly to the Bank.

	(ii)
	In
addition, the Borrower hereby assigns and transfers to the Bank all of the Borrower's rights and interests in and to any monies now or hereafter placed in any funds
of any marketing association, corporation, cooperative, partnership, firm or individual now, heretofore or hereafter handling or having to do with any of the Crops now growing or heretofore or
hereafter grown in the Borrower's farming operations or connected with the growing, marketing, farming or other handling of such Crops and the Borrower hereby assigns and transfers to the Bank all
stock and all other interests, benefits and rights of the Borrower in any such marketing association, corporation, cooperative, partnership, firm or individual having anything to do with such Crops
and all monies due or becoming due to the Borrower from any one or more of them.

	9.4
	Reliance and Further Assurances: Each warranty, representation, covenant, obligation and agreement contained in this Agreement shall be
conclusively presumed to have been relied upon by the Bank regardless of any investigation made or information possessed by the Bank and shall be cumulative and in addition to any other warranties,
representations, covenants and agreements which the Borrower now or hereafter shall give, or cause to be given, to the Bank. Borrower agrees to execute all documents and instruments and to perform
such acts as the Bank may reasonably deem necessary to confirm and secure to the Bank all rights and remedies conferred upon the Bank by this agreement and all other documents related thereto.

	9.5
	Attorneys' Fees: Borrower shall pay to the Bank all costs and expenses, including but not limited to reasonable attorneys fees,
incurred by Bank in connection with the administration, enforcement, including any bankruptcy, appeal or the enforcement of any judgment or any refinancing or restructuring of this Agreement or any
document, instrument or agreement executed with respect to, evidencing or securing the indebtedness hereunder.

	9.6
	Notices: All notices, payments, requests, information and demands which either party hereto may desire, or may be required to give or
make to the other party hereto, shall be given or made to such party by hand delivery or through deposit in the United States mail, postage prepaid, or by 

20

 

facsimile
delivery, or to such other address as may be specified from time to time in writing by either party to the other. 

	To the Borrower:
 GOLDEN STATE VINTNERS

607 Airport Road

Napa, CA 94558

Attn: Jeffrey B. O'Neill

FAX: (707) 254-4900	To the Bank:
 BANK OF THE WEST

Fresno Office (ABC)

2035 Fresno Street

Fresno, CA 93721

Attn: Jay R. Dibble

FAX: (559) 487-2157

	9.7
	Waiver: Neither the failure nor delay by the Bank in exercising any right hereunder or under any document, instrument or agreement
mentioned herein shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder or under any other document, instrument or agreement mentioned herein preclude other
or further exercise thereof or the exercise of any other right; nor shall any waiver of any right or default hereunder, or under any other document, instrument or agreement mentioned herein,
constitute a waiver of any other right or default or constitute a waiver of any other default of the same or any other term or provision.

	9.8
	Conflicting Provisions: To the extent the provisions contained in this Agreement are inconsistent with those contained in any other
document, instrument or agreement executed pursuant hereto, the terms and provisions contained herein shall control. Otherwise, such provisions shall be considered cumulative.

	9.9
	Binding Effect; Assignment: This Agreement shall be binding upon and inure to the benefit of the Borrower and the Bank and their
respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Bank. The Bank may
sell, assign or grant participation in all or any portion of its rights and benefits hereunder. The Borrower agrees that, in connection with any such sale, grant or assignment, the Bank may deliver to
the prospective buyer, participant or assignee financial statements and other relevant information relating to the Borrower and any guarantor.

	9.10
	Jurisdiction: This Agreement, any notes issued hereunder, the rights of the parties hereunder to and concerning the Collateral, and
any documents, instruments or agreements mentioned or referred to herein shall be governed by and construed according to the laws of the State of California without regard to conflict of law
principles, to the jurisdiction of whose courts the parties hereby submit.

	9.11
	Waiver of Jury Trial: THE BORROWER AND THE BANK EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE
BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE BORROWER AND THE BANK EACH AGREE THAT ANY SUCH CLAIM OR CAUSE
OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS
SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION
HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY 

21

 

SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

	9.12
	Counterparts: This Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to
constitute one and the same instrument.

	9.13
	Headings: The headings herein set forth are solely for the purpose of identification and have no legal significance.

	9.14
	Entire Agreement and Amendments: This Agreement and all documents, instruments and agreements mentioned herein constitute the entire
and complete understanding of the parties with respect to the transactions contemplated hereunder. All previous conversations, memoranda and writings between the parties pertaining to the transactions
contemplated hereunder not incorporated or referenced in this Agreement or in such documents, instruments and agreements are superseded hereby. This Agreement may be amended only by an instrument in
writing signed by the Borrower and the Bank. 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first hereinabove written. 

	BANK:	 	BORROWER:
	 	 	 	 	 
	BANK OF THE WEST	 	GOLDEN STATE VINTNERS
	 	 	 	 	 
	BY:	/s/  JAY R. DIBBLE      
	 	BY:	/s/  JOHN KELLEHER      

	NAME: Jay R. Dibble, Vice President	 	NAME: John Kelleher, Chief Financial Officer and Secretary
	 	 	 	 	 
	 	 	 	BY:	/s/  RALPH LENAMON      

	 	 	 	NAME: Ralph Lenamon, Treasurer

22

   CERTIFIED CORPORATE RESOLUTION TO BORROW  

        WHEREAS, GOLDEN STATE VINTNERS (the "Corporation") has made application to BANK OF THE WEST (the "Bank") for credit accommodations which may consist of but shall
in no way be limited to the following: the renewal, continuation or extension of an existing obligation; the extension of a new loan, line of credit or commitment; the issuance of letters of credit or
banker's acceptances; or the purchase or sale through Bank of foreign currencies. 

        RESOLVED,
that: any one of the following officers: JEFFREY B. O'NEILL, as the CHIEF EXECUTIVE OFFICER AND PRESIDENT of the Corporation, or JOHN KELLEHER, as the CHIEF FINANCIAL OFFICER
AND SECRETARY of the Corporation, or RALPH LENAMON, as the TREASURER of the Corporation, are authorized, in the name of and on behalf of the Corporation to: 

	(a)
	Borrow
money from the Bank in such amounts and upon such terms and conditions as are agreed upon by the officers of the Corporation and the Bank; and execute and deliver or endorse
such evidences of indebtedness or renewals thereof or agreements therefor as may be required by the Bank, all in such form and content as the officers of the Corporation executing such documents shall
approve (which approval shall be evidenced by the execution and delivery of such documents); provided, however, that the maximum amount of such indebtedness shall not exceed the principal sum of
$32,000,000.00 exclusive of any interest, fees, attorneys' fees and other costs and expenses related to the indebtedness.

	(b)
	Execute
such evidences of indebtedness, agreements, security instruments and other documents and to take such other actions as are herein authorized.

	(c)
	Sell
to or discount or re-discount with the Bank any and all negotiable instruments, contracts or instruments or evidences of indebtedness at any time held by the
Corporation; and endorse, transfer and deliver the same, together with guaranties of payment or repurchase thereof, to the Bank (for which the Bank is hereby authorized and directed to pay the
proceeds of such sale, discount or re-discount as directed by such endorsement without inquiring into the circumstances of its issue or endorsement or the disposition of such proceeds).

	(d)
	Withdraw,
receive and execute receipts for deposits and withdrawals on accounts of the Corporation maintained with the Bank.

	(e)
	Grant
security interests and liens in any real, personal or other property belonging to or under the control of the Corporation as security for any indebtedness of the Corporation to
the Bank; and execute and deliver to the Bank any and all security agreements, pledges, mortgages, deeds of trust and other security instruments and any other documents to effectuate the grant of such
security interests and liens, which security instruments and other documents shall be in such form and content as the officers of the Corporation executing such security instruments and other
documents shall approve and which approval shall be evidenced by the execution and delivery of such security instruments and other documents.

	(f)
	Apply
for letters of credit or seek the issuance of banker's acceptances under which the Corporation shall be liable to the Bank for repayment.

	(g)
	Purchase
and sell foreign currencies, on behalf of the Corporation, whether for immediate or future delivery, in such amounts and upon such terms and conditions as the officer(s)
authorized herein may deem appropriate, and give any instructions for transfers or deposits of monies by check, drafts, cable, letter or otherwise for any purpose incidental to the foregoing, and
authorize or direct charges to the depository account or accounts of the Corporation for the cost of any foreign currencies so purchased through the Bank. 

23

 
	(h)
	To
designate in writing to the Bank in accordance with the terms of any agreement or other document executed by the above-named individuals one or more individuals who shall have the
authority to as provided herein, to:

	(1)
	request
advances under lines of credit extended by the Bank to the Corporation;

	(2)
	apply
for letters of credit or seek the issuance of banker's acceptances under which the Corporation shall be liable to the Bank for repayment;

	(3)
	make
deposits and receive and execute receipts for deposits on accounts of the Corporation maintained with the Bank;

	(4)
	make
withdrawals and receive and execute receipts for withdrawals on account of the Corporation maintained with the Bank;

	(5)
	purchase
and sell foreign currencies.

	(i)
	Enter
into derivative transactions, including but not limited to, interest rate swaps, caps, floors, collars, swaptions, and forwards.

	(j)
	Transact
any other business with the Bank incidental to the powers hereinabove stated. 

        RESOLVED
FURTHER, that all such evidences of indebtedness, agreements, security instruments and other documents executed in the name of and on behalf of the Corporation and all such
actions taken on behalf of the Corporation in connection with the matters described herein are hereby ratified and approved. 

        RESOLVED
FURTHER, that the Bank is authorized to act upon these resolutions until written notice of their revocation is delivered to the Bank. 

        RESOLVED
FURTHER, that any resolution set forth herein is in addition to and does not supersede any resolutions previously given by the Corporation to the Bank. 

        RESOLVED
FURTHER, that the Secretary of the Corporation be, and hereby is, authorized and directed to prepare, execute and deliver to the Bank a certified copy of the foregoing
resolutions. 

        I
do hereby certify that I am John Kelleher, the Secretary of GOLDEN STATE VINTNERS, a California corporation, and I do hereby further certify that the foregoing is a true copy of the
resolutions of the Board of Directors of the Corporation adopted and approved by unanimous written consent. 

        I
hereby further certify that such resolutions are presently in full force and effect and have not been amended or revoked. I do further certify that the following persons have been duly
elected and qualified as and, this day are, officers of the Corporation, holding their respective offices appearing below their names, and that the signatures appearing opposite their names are the
genuine signatures of such persons. 

	NAME OF OFFICER: JEFFREY B. O'NEILL

TITLE: CHIEF EXECUTIVE OFFICER AND PRESIDENT	 	/s/  JEFFREY B. O'NEILL      
 (SIGNATURE)
	 	 	 
	NAME OF OFFICER: JOHN KELLEHER

TITLE: CHIEF FINANCIAL OFFICER AND SECRETARY	 	/s/  JOHN KELLEHER      
 (SIGNATURE)
	 	 	 
	NAME OF OFFICER: RALPH LENAMON

TITLE: TREASURER	 	/s/  RALPH LENAMON      
 (SIGNATURE)

24

 

IN
WITNESS WHEREOF, this document is executed as of                        ,
            . 

	NAME OF CORPORATION:	 	GOLDEN STATE VINTNERS
	 	 	 	 
	 	 	BY:	/s/  JOHN KELLEHER      
 NAME: JOHN KELLEHER, SECRETARY

25

QuickLinks

CREDIT AGREEMENT

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