Document:

nnutu20150303_8k.htm

 EXHIBIT 10.4

 

TENTH AMENDMENT TO

FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

 

THIS TENTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”), dated as of February 27, 2015, is by and among ROYAL HAWAIIAN ORCHARDS, L.P., a Delaware limited partnership formerly known as ML MACADAMIA ORCHARDS, L.P., and ROYAL HAWAIIAN RESOURCES, INC., a Hawaii corporation formerly known as ML RESOURCES, INC. (collectively, “Borrower”), and AMERICAN AGCREDIT, PCA (“Lender”) with respect to the following facts:

RECITALS

 

A.     Borrower and Lender entered into a Fourth Amended and Restated Credit Agreement dated as of July 15, 2010 providing Borrower with certain financial accommodations (the “Original Agreement”). The Original Agreement was amended by that First Amendment to Fourth Amended and Restated Credit Agreement dated March 7, 2011 (the “First Amendment”), by that Second Amendment to Fourth Amended and Restated Credit Agreement dated July 12, 2012 (the “Second Amendment”), that Third Amendment to Fourth Amended and Restated Credit Agreement dated August 27, 2013 (the “Third Amendment”), that Fourth Amendment to Fourth Amended and Restated Credit Agreement dated December 26, 2013 (the “Fourth Amendment”), that Fifth Amendment to Fourth Amended and Restated Credit Agreement dated April 23, 2014 (the “Fifth Amendment”), that Sixth Amendment to Fourth Amended and Restated Credit Agreement dated July 31, 2014 (the “Sixth Amendment”), that Seventh Amendment to Fourth Amended and Restated Credit Agreement dated September 30, 2014 (the “Seventh Amendment”), that Eighth Amendment to Fourth Amended and Restated Credit Agreement dated December 15, 2014 (the “Eighth Amendment”) and that Ninth Amendment to Fourth Amended and Restated Credit Agreement dated January 30, 2015 (the “Ninth Amendment”). The Original Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment and the Ninth Amendment shall hereinafter be collectively referred to as the “Credit Agreement.”

 

B.     Borrower has requested that Lender change the Revolving Loan Maturity Date from March 3, 2015 to March 31, 2015, and to waive compliance with Section 8.12(a) of the Credit Agreement for the fiscal year ending December 31, 2014.

 

C.     Lender is willing to grant Borrower’s request upon the terms and conditions set forth herein below.

 

NOW, THEREFORE, taking the forgoing Recitals into account, and for other good and valuable consideration, the receipt of which are hereby acknowledged, the parties agree as follows:

 

 

 

 

 

1. Definitions; References; Interpretation.

 

(a)     Unless otherwise specifically defined herein, each term used herein (including the Recitals hereof) which is defined in the Credit Agreement shall have the meaning assigned to such term in the Agreement.

 

(b)     Each reference to "this Amendment", "hereof", "hereunder", "herein" and "hereby" and each other similar reference contained in the Agreement and each reference to "the Agreement" or "the Credit Agreement" and each other similar reference in the other Loan Documents, shall from and after February 27, 2015, refer to the Credit Agreement as amended hereby.

 

2. Change in Maturity Date. Lender hereby deletes the definition of Maturity Date in the Credit Agreement in its entirety and replaces it with the following:

 

“Maturity Date” means with respect to the Revolving Loan Promissory Note, March 31, 2015 (“Revolving Loan Maturity Date”), and with respect to the 2010 Term Loan Promissory Note, July 1, 2020 (“2010 Term Loan Maturity Date”).

 

3. Waiver. Lender hereby waives compliance with Section 8.12(a) of the Credit Agreement for the fiscal year ending December 31, 2014. Except as waived herein the terms of Section 8.12(a) of the Credit Agreement shall remain in full force and effect.

 

4. Conditions of Effectiveness. The effectiveness of this Amendment shall be subject to the satisfaction of each of the following conditions precedent:

 

(a)     Lender shall have received from Borrower a duly executed original of this Amendment and a duly executed original of the Thirteenth Amendment to Revolving Loan Promissory Note.

 

(b) There shall have been no material adverse change in the business, condition (financial or otherwise), operations, performance, or properties of the Borrower.

 

(c) No event shall have occurred that may be or with the passage of time may be considered an Event of Default as defined in the Credit Agreement.

 

(d) All of the representations and warranties contained in the Credit Agreement shall continue to be true and correct and remain in full force and effect as of the date of this Amendment.

 

5. Continuing Validity.     Except as expressly modified herein, the terms of the original Agreement and all other related loan documents remain unchanged and in full force and effect. Consent by the Lender to the changes described herein does not waive Lenders’ right to strict performance of the terms and conditions contained in the Credit Agreement as amended. Nothing in this Amendment will constitute a satisfaction of the Indebtedness. It is the Lender’s intention to retain as liable parties all makers, guarantors, endorsers of the original Indebtedness, unless Lender expressly releases such party in writing. The Term Loan (which includes the 2010 Term Loan) (or any other instrument not expressly noted as affected hereby) is not affected by these presents.

 

 

 

 

 

6. Security Remains In Effect. All instruments of security (“Security Instruments”), remain in full force and effect and secure all obligations of Borrower, as affected by these presents, including without limitation that Mortgage, Security Agreement, Financing Statement And Assignment Of Rents dated January 8, 2009, recorded in the Bureau of Conveyances of the State of Hawaii on January 14, 2009, as Document No. 2009-004913, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. 3818975 and noted on Transfer Certificate of Title No. 283473, 337743, 337744, 510502, 589117, and 473851, as additionally charged and amended by that Additional Charge To And Amendment Of Mortgage, Security Agreement, Financing Statement And Assignment Of Rents effective June 30, 2009, recorded as aforesaid as Document No. 2009-103496 through 2009-103497 and filed as aforesaid as Document No. 3875709 through 3876710 and noted on the aforesaid Transfer Certificates of Title, and as additionally charged and amended by that Additional Charge to and Amendment of Mortgage, Security Agreement, Financing Statement and Assignment of Rents made effective on July 15, 2010, recorded in the Bureau of Conveyances of the State of Hawaii on August 6, 2010, as Document No. 2010-0113108, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. 3986961 and noted on the aforesaid Transfer Certificates of Title, and as additionally charged and amended by that Additional Charge to and Amendment of Mortgage, Security Agreement, Financing Statement and Assignment of Rents made effective on August 29, 2013, recorded in the Bureau of Conveyances of the State of Hawaii on September 26, 2013, as Document No. 201340533-S, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. T-8669165A thru T-8669165B, and a security agreement dated May 1, 2000, an supplement thereto dated May 1, 2004, a second supplement thereto dated July 8, 2008, a third supplement thereto dated June 30, 2009, and a fourth supplement thereto dated July 15, 2010, and the financing statement(s) recorded as aforesaid as Document No(s). 2000-059003 and 2010-113110. These presents do not and shall not affect the priority of any of the Security Instruments. These presents are made as a part of the same transaction(s) as the transaction(s) evidenced by the instruments heretofore recited in these presents. Borrower jointly and severally re-affirm(s) all of Borrower’s obligations to Lender whether as set forth in this writing or in any other writing or otherwise (and whether as a borrower, mortgagor, debtor, or otherwise).

 

7. Miscellaneous.

 

(a)     The Borrower acknowledges and agrees that the execution and delivery by Lender of this Amendment shall not be deemed to create a course of dealing or an obligation to execute similar amendments or waivers under the same or similar circumstances in the future.

 

(b)     This Amendment shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors and assigns.

 

(c)     This Amendment shall be governed by and construed in accordance with the laws of the State of California, provided that the Lender shall retain all rights arising under federal law.

 

(d)     This Amendment may be executed in counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Each of the parties hereto understands and agrees that this document may be delivered by any party thereto either in the form of an executed original or an executed original sent by facsimile transmission to be followed promptly by mailing of a hard copy original, and that receipt by the Lender of a facsimile transmitted document purportedly bearing the signature of the Borrower shall bind the Borrower with the same force and effect as the delivery of a hard copy original. Any failure of the Lender to receive the hard copy executed original of such document shall not diminish the binding effect of receipt of the facsimile transmitted executed original of such document of the party whose hard copy page was not received by the Lender. 

 

(e)     This Amendment contains the entire agreement of the parties hereto with reference to the matters discussed herein. 

 

 

 

 

 

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

 

IN WITNESS WHEREOF the parties have signed this Amendment as of the date first above written.

 

 

BORROWER:

 

ROYAL HAWAIIAN ORCHARDS, L.P., a Delaware limited partnership 

formerly known as ML MACADAMIA ORCHARDS, L.P.

 

By: Royal Hawaiian Resources, Inc., a Hawaii corporation 

formerly known as ML Resources, Inc., its managing general partner

 

	
By: 
	
/s/ Scott Wallace
	
 

	
 
	
 
	
 

	
Name:
	
Scott Wallace
	
 

	
 
	
 
	
 

	
Title:
	
President, CEO
	
 

 

 

 

ROYAL HAWAIIAN RESOURCES, INC., a Hawaii corporation 

formerly known as ML RESOURCES, INC.

 

	
By: 
	
/s/ Scott Wallace
	
 

	
 
	
 
	
 

	
Name:
	
Scott Wallace
	
 

	
 
	
 
	
 

	
Title:
	
President, CEO
	
 

 

 

 

LENDER:

 

AMERICAN AGCREDIT, PCA,

a federal production credit association

 

 

	
By: 
	
/s/ Janice T. Thede
	
 

	
 
	
 
	
 

	
Title:
	
Vice PresidentSUPPLEMENTAL INDENTURE

 Exhibit 4.4 

SUPPLEMENTAL INDENTURE 
 SUPPLEMENTAL
INDENTURE, (this “Supplemental Indenture”) dated as of July 24, 2014 by and among the parties that are signatories hereto as Guarantors (the “Guaranteeing Subsidiaries”), Cott Beverages Inc., a Georgia
corporation (the “Issuer”), the other Guarantors (as defined in the Indenture referred to herein), Wells Fargo Bank, National Association, as Trustee under the Indenture referred to below, Paying Agent, Registrar, Transfer Agent and
Authenticating Agent (the “Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, the Issuer, each of the Guarantors, the Trustee and the Agent have heretofore executed and delivered an indenture
dated as of June 24, 2014 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $525,000,000 of 5.375% Senior Notes due 2022 of the Issuer (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute
and deliver to the Trustee a supplemental indenture to which the Guaranteeing Subsidiaries shall unconditionally guarantee, on a joint and several basis with the other Guarantors, all of the Issuer’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); 
 WHEREAS, this
Supplemental Indenture has not resulted in a material modification of the Notes for purposes of Sections 1471 through 1474 of the Code (“FATCA”). For the avoidance of doubt, the Company shall give the Trustee prompt written notice of any
material modification of the Notes deemed to occur for FATCA purposes. The Trustee shall assume that no material modification for FATCA purposes has occurred regarding the Notes, unless the Trustee receives written notice of such modification from
the Company; and 
 WHEREAS, pursuant to Section 9.1 of the Indenture, the Issuer, any Guarantor, the Trustee and the Agent are
authorized to execute and deliver a supplemental indenture to add additional Guarantors, without the consent of any Holder; 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries, the Issuer, the other Guarantors, the Trustee and the Agent mutually covenant and
agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1.
Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined. The words 

 
“herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof. 
 ARTICLE II 

AGREEMENT TO BE BOUND; GUARANTEE 

SECTION 2.1. Agreement to be Bound. Each Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such
will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 
 SECTION 2.2.
Guarantee. Each Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee and the Agent the Guaranteed
Obligations pursuant to Article X of the Indenture on a senior basis. 
 MISCELLANEOUS 

SECTION 3.1. Notices. All notices and other communications to the Guarantor shall be given as provided in the Indenture to the
Guarantor, at its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer. 
 Penny Lane

 Haydock, Merseyside WA11 OQZ 

United Kingdom 
 Attention: Legal
Director 
 SECTION 3.2. Merger and Consolidation. No Guaranteeing Subsidiary shall sell or otherwise dispose of all or substantially
all of its assets to, or consolidate with or merge with or into another Person (other than the Company, the Issuer or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with
Section 4.1(f) of the Indenture. 
 SECTION 3.3. Release of Guarantee. This Guarantee shall only be released in
accordance with Section 10.2 of the Indenture. 
 SECTION 3.4. Parties. Nothing expressed or mentioned herein is intended
or shall be construed to give any Person, firm or corporation, other than the Holders, the Trustee and the Agent, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision
herein or therein contained. 
 SECTION 3.5. Governing Law. This Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 SECTION 3.6. Severability. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability. 

 SECTION 3.7. Benefits Acknowledged. The Guaranteeing Subsidiaries’ Guarantee is
subject to the terms and conditions set forth in the Indenture. Each Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture
and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits. 
 SECTION
3.8. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

SECTION 3.9. The Trustee and the Agent. Each of the Trustee and the Agent makes no representation or warranty as to the validity or
sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 

SECTION 3.10. Counterparts. The parties hereto may sign any number of copies of this Supplemental Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 SECTION 3.11. Execution and Delivery. Each Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of any such Guarantee. 
 SECTION 3.12. Headings. The headings of the
Articles and the Sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

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

 

			
	COTT BEVERAGES INC.
		
	By:		 /s/ Jason Ausher

	Name:		Jason Ausher
	Title:		Treasurer

 
			
	156775 CANADA INC.
	2011438 ONTARIO LIMITED
	804340 ONTARIO LIMITED
	967979 ONTARIO LIMITED
	CAROLINE LLC
	CLIFFSTAR LLC
	COTT ACQUISITION LLC
	COTT CORPORATION
	COTT HOLDINGS INC.
	COTT U.S. ACQUISITION LLC
	COTT VENDING INC.
	INTERIM BCB, LLC
	STAR REAL PROPERTY LLC
		
	By:		 /s/ Jason Ausher

	Name:		Jason Ausher
	Title:		Treasurer
	
	CALYPSO SOFT DRINKS LIMITED
	COOKE BROS HOLDINGS LIMITED
	COOKE BROS. (TATTENHALL). LIMITED
	COTT DEVELOPMENTS LIMITED
	COTT VENTURES LIMITED
	COTT VENTURES UK LIMITED
	MR FREEZE (EUROPE) LIMITED
	TT CALCO LIMITED
		
	By:		 /s/ Jason Ausher

	Name:		Jason Ausher
	Title:		Director

 
			
	COTT (NELSON) LIMITED
	COTT BEVERAGES LIMITED
	COTT EUROPE TRADING LIMITED
	COTT LIMITED
	COTT NELSON (HOLDINGS) LIMITED
	COTT PRIVATE LABEL LIMITED
	COTT RETAIL BRANDS LIMITED
		
	By:		 /s/ Gregory Leiter

	Name:		Gregory Leiter
	Title:		Director

 
			
	COTT USA FINANCE LLC
		
	By:		 /s/ Ceaser Gonzalez

	Name:		Ceaser Gonzalez
	Title:		President

 
			
	COTT LUXEMBOURG S.A.R.L.
		
	By:		 /s/ Joanne Lloyd-Davies

	Name:		Joanne Lloyd-Davies
	Title:		Class A Manager
	
	COTT ACQUISITION LIMITED
	COTT UK ACQUISITION LIMITED
		
	By:		 /s/ Joanne Lloyd-Davies

	Name:		Joanne Lloyd-Davies
	Title:		Director

 
			
	AIMIA FOODS EBT COMPANY LIMITED
	AIMIA FOODS GROUP LIMITED
	AIMIA FOODS HOLDINGS LIMITED
	AIMIA FOODS LIMITED
	STOCKPACK LIMITED
		
	By:		 /s/ Jason Ausher

	Name:		Jason Ausher
	Title:		Director

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By		 /s/ Stefan Victory

			Name:		Stefan Victory
			Title:		Vice President

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