AMENDMENT TO LOAN AGREEMENT
This amendment is entered into this 23rd day of March 2001
and is effective as of December 31, 2000, by and between
American AgCredit, FLCA successor in interest to Pacific
Coast Farm Credit Services, FLCA successor in interest to
Pacific Coast Farm Credit Services, ACA ("FLCA") and
American AgCredit, PCA successor in interest to Pacific
Coast Farm Credit Services, PCA successor in interest to
Pacific Coast Farm Credit Services, ACA ("PCA") and MAUI
LAND & PINEAPPLE COMPANY, INC., a Hawaii Corporation
("Borrower"). As used herein, all capitalized terms not
otherwise defined herein shall have the meanings as set
forth in the Loan Agreement dated April 18,1997 and the
Term Loan Agreement dated June 1, 1999 as those terms are
hereinbelow defined.
RECITALS
A. Borrower and PCA entered into a loan agreement dated
April 18, 1997 ("Equipment Loan Agreement") whereby PCA made
available to Borrower a Revolving Line of Credit and Term
Loan ("Loan") pursuant to the terms and conditions set forth
in the Equipment Loan Agreement and evidenced by a
promissory note ("Note") dated April 18, 1997 in the face
amount of Five Million Dollars ($5,000,000.00). Said
Agreement was amended on October 5, 1998, February 16, 2000
and May 16, 2000.
B. Borrower and FLCA, entered into a Term Loan Agreement
dated June 1, 1999 ("Term Loan Agreement") which Term Loan
Agreement was amended on February 16, 2000 and May 16, 2000.
C. Both the Equipment Loan Agreement and the Term Loan
Agreement contain covenants requiring that the Debt Coverage
Ratio not be less than certain ratios for each fiscal year.
This covenant is found in Section 12 (i) (3) of the Term
Loan Agreement and Section 14 j (3) of the Equipment Loan
Agreement. Borrower has requested that the PCA and the FLCA
amend their loan documents to change the Debt Coverage Ratio
requirement for the year 2000. Both the PCA and the FLCA
are willing to make the requested changes.
ACCORDINGLY THE PARTIES AGREE AS FOLLOWS:
1. The above recitals are acknowledged as true and correct.
2. PCA hereby amends Section 14 j (3) of the Equipment Loan
Agreement, as amended, as follows:
(a) After the phrase ".continuing through the Tranche B
Maturity Date " add the following "except for Fiscal Year
2000".
(b) Insert the following: "For Fiscal Year 2000 only, the
Borrower shall not permit the Consolidated Debt Coverage
Ratio to be less than 0.60:1.00".
3. The FLCA hereby amends Section 12 (i) (3) of the Term
Loan Agreement as follows:
(a) After the phrase ".continuing for each Fiscal Year
thereafter." add the following "except for Fiscal Year
2000".
(b) Insert the following: "For Fiscal Year 2000 only, the
Borrower shall not permit the Consolidated Debt Coverage
Ratio to be less than 0.60:1.00".
4. The Borrower represents and warrants that, after giving
effect to this Amendment, it is in compliance with the terms
and conditions of the Term Loan Agreement and Equipment Loan
Agreement.
5. The Amendments set forth herein shall be binding when this
Amendment to Loan Agreement has been signed and returned
to the PCA and the FLCA.
6. Except as expressly modified by this Amendment to Loan
Agreement, all terms and conditions of the Loan Agreements,
as amended, shall remain in full force and effect.
IN WITNESS WHEREOF the parties have signed this on the date
first above written.
BORROWER:
MAUI LAND & PINEAPPLE COMPANY, INC., a Hawaii Corporation
By: /S/XXXX X XXXXX
Title: Executive Vice President/Finance
By: /S/XXXX X XXXXXXX
Title: President
American AgCredit FLCA and
American AgCredit, PCA
By: /S/XXXX O'DAY
Title: Regional Vice President