Capital Markets Group
0000 Xxxxx Xxxxxxxx, Xxxxxx, XX 00000
P. X. Xxx 000, Xxxxxx Xxxxxxx, XX 00000
Pacific Coast Farm Credit Services, ACA
February 16, 2000
Maui Land & Pineapple Company, Inc.
000 Xxxx Xxxxxx
Xxxxxxx, Xxxxxx 00000
Gentlemen:
Reference is made to that certain Term Loan Agreement dated as of
June 1, 1999 (the "Term Loan Agreement") by and among Maui Land
and Pineapple Company a corporation organized and existing under
the laws of the State of Hawaii ("Borrower") and Pacific Coast
Farm Credit Services, ACA ("Lender"). Capitalized terms used in
this letter without being defined shall have the meaning ascribed
to them in the Term Loan Agreement.
Borrower requested that Lender make certain modifications to the
Term Loan Agreement and Lender is willing to make such
modifications provided that the Borrower agree to the terms and
conditions set forth herein. The modifications set forth below
shall be effective when the Lender shall have received a copy of
this letter signed by the Borrower in the space provided.
Modifications to Term Loan Agreement
1. The following covenant shall be modified as follows:
Capital Expenditures. Section 12(e) of the Term Loan
Agreement shall be deleted in full and the following shall
be inserted in lieu thereof:
Capital Expenditures: Make Capital Expenditures, other
than Capital Expenditures for or Investments in
Borrower's "Kaahumanu Center Associates" Subsidiary, in
excess of the following amounts:
Year In Excess of
2000 $18,500,000
2001 $13,500,000
2002 $12,500,000
2003 $12,000,000
2004 and thereafter * $13,500,000
* Subject to further review prior to establishing annual
allowable capital expenditures for the period 2004 through
loan maturity.
2. The following covenant shall be added as Section 12(j) to
Section 12 of the Term Loan Agreement.
Indebtedness. Incur any Indebtedness if after such
Indebtedness is incurred the aggregate amount of all such
Indebtedness of the Borrower and its Subsidiaries shall
exceed Sixty-two Million dollars ($62,000,000.00)
Except as expressly modified hereinabove the terms and conditions
of the Term Loan Agreement shall remain in full force and effect
without waiver or modification. The modifications contained
hereinabove and the Term Loan Agreement shall be read together as
one document.
Sincerely,
/s/ Xxxx X. O'Day
Regional Vice President
The undersigned agrees to the modification and the terms and
conditions set forth above.
BORROWER:
MAUI LAND & PINEAPPLE COMPANY, INC., a Hawaii Corporation
Date: February 22, 2000
By: /s/ Xxxx X. Xxxxx
Title: Executive Vice President/Finance
Date: February 22, 2000
By: /s/ Xxxx X. Xxxxxxx
Title: President
