Document:

Copy of Fifth Amendment To Amended And Restated Loan Agreement

 FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT 
 THIS FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (the “Amendment”) is made and entered into to be effective the 30th day of
March, 2009 by and between Farm Credit of Southwest Florida, ACA, an agricultural credit association for itself and as agent/nominee for other lending institutions having an interest, direct or indirect, in the Loan (as defined hereinbelow)
from time to time (the “Lender”) and ALICO, Inc., a Florida corporation (“Borrower”) (Lender and Borrower together, the “Parties”, and, each singly, a “Party”) and amends
that certain Amended and Restated Loan Agreement among the Parties dated to be effective as of May 26, 2006, as amended on August 30, 2007, on February 26, 2008, on March 25, 2008, and on September 3, 2008 (collectively, the
“Loan Agreement”). 
 PRELIMINARY STATEMENT 
 Lender currently has a $125,000,000 revolving line of credit loan (the “RLOC”) and a $50,000,000 term loan (the “Term
Loan”) outstanding to Borrower. Borrower has requested and Lender has agreed to amend the Loan Agreement pursuant to the terms and conditions set forth in this Amendment to (i) reduce the available borrowings in the aggregate under the
RLOC to $75,000,000, and (ii) to extend the maturity date of the RLOC. 
 All capitalized terms used and not otherwise defined herein
shall have the meaning set forth in the Loan Agreement, as amended by this Amendment. 
 NOW THEREFORE, the Parties hereby agree as follows:

 1. Amendments to the Loan Agreement. The Loan Agreement is hereby amended as follows: 
 (a) Section 1.21 is hereby deleted. 
 (b) Section 1.40 is hereby deleted and the following is substituted therefor: 
 “1.40 “Mortgage” means the term
mortgage dated March 12, 1999, from Borrower to Lender as recorded in the real property records of Hendry County, Florida in Book 582, Page 663 as modified on October 11, 2005 in Book 718, Page 1024, as modified on May 26, 2006 in
Book 738, Page 263, as modified on September 3, 2008 in Book 791, Page 1958, and as modified again on even date herewith.” 
 (c)
Section 1.42 is hereby deleted. 
 (d) Section 1.50 is hereby amended to include in the definition of “Real Property
Collateral” the following: 
 “Real Property Collateral” also includes approximately 10,147 acres located in Henry County,
Florida pledged to Lender pursuant to a mortgage modification and spreader agreement of Borrower dated of even date herewith and recorded in the real property records of Hendry County, Florida and modifying the mortgage referenced in (i) above.

 (e) Section 1.53 is hereby deleted and the following substituted therefor: 
 “1.53 “RLOC Commitment” means $75,000,000.” 
 (f) Section 1.54 is hereby deleted and the following substituted therefor: 
 “RLOC Maturity
Date means August 1, 2012, or such later date as may be determined pursuant to Section 2.1(a) hereof.” 
 (g)
Section 1.55 is hereby deleted and the following substituted therefor: 
 “1.55 “RLOC Note” means the Second Amended and
Restated RLOC Note of Borrower dated as of the date hereof in favor of Lender in the amount of the RLOC as set forth in Section 2.1(a), as well as any promissory note or notes issued by Borrower in substitution, replacement, extension,
amendment or renewal of any such promissory note or notes.” 
 (h) The following definitions are hereby added in appropriate
alphabetical order in Article 1: 
 “Debt Service Coverage Ratio” means the ratio of (x) the four quarter rolling sum of EBIDA
plus impairments to fixed assets during the period determined pursuant to GAAP to (y) the four quarter rolling sum of: (i) all capital lease payments, (ii) all term debt principal payments due or paid, and (iii) all
interest payments due or paid. 
 (i) Section 2.1(a)(i) is hereby amended by deleting the second paragraph thereof and replaces it with
the following paragraph: 
 “Lender and Borrower agree that the RLOC Maturity Date may be extended for additional one year periods in the
following manner. Each year commencing February 28, 2010 Borrower may request in writing that the RLOC Maturity Date be extended for an additional one year period provided that (i) Borrower requests the extension in a writing provided to
Lender by February 28 of such year and (ii) Lender shall not have notified Borrower in writing provided to the Borrower by March 31 of the same year of Lender’s intention to terminate the Loan, which decision shall be made in the
sole discretion of Lender. If Lender does not elect to terminate the Loan as provided above the RLOC Maturity Date shall be deemed extended for one additional year.” 
  

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 (j) Section 4.3 is hereby deleted and the following is substituted therefore: 
 “Financial Covenants. During the term of the Loan, Borrower shall maintain the following, on a consolidated basis: 
 (a) Current Ratio. A Current Ratio of not less than 2.5 to 1.00 at all times. 
 (b) Debt Ratio. A Debt Ratio of not greater than .60 to 1.00 at all times. 
 (c) Debt Service Coverage Ratio. A debt Service Coverage Ratio of no less than 1.10 to 1.00 at all times. 
 Compliance with the foregoing covenants shall be tested quarterly on the last day of each fiscal quarter of Borrower. 
 Unless otherwise agreed to by Lender, in writing, or otherwise set forth herein, Borrower compliance with the foregoing financial covenants shall be
determined in accordance with GAAP. 
 2. Conditions Precedent. As conditions precedent to the effectiveness of this Amendment,
Borrower shall furnish duly authorized resolutions of all of its directors evidencing its authority to enter into this Amendment, together with such other documentation as Lender shall request in connection with the execution of this Amendment. In
addition, Borrower shall provide the following: 
 (a) Duly executed modifications of mortgage for that certain mortgage dated as of
March 12, 1999 and recorded in Hendry County, Florida, each as modified from time to time, which modifications shall include all of the Real Estate Collateral; and 
 (b) Borrower shall cause its counsel to provide an endorsement to the existing title policy evidencing the modification of mortgage discussed in Section 2(a) above. 
 (c) An opinion of its counsel in a form requested by Lender. 
 3. Representations, Warranties, Covenants. Borrower hereby represents and warrants that at the time of the execution and delivery of this Amendment it is in compliance with all of its covenants set forth in the
Loan Agreement (as such may be modified hereby) and each other Loan Document, and that the representations and warranties set forth therein pertaining to it continue to be true and accurate. 
  

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 4. Indemnification. Borrower agrees to hold Lender harmless and indemnify Lender and its
successors and assigns from any and all claims or causes of action arising in connection with Borrower’s breach of the provisions of this Amendment or otherwise related to a default or an Event of Default under the Loan Documents. 

5. Costs, Fees, Expenses. Borrower agrees to pay all costs and expenses arising from this Amendment, including, without limitation, all of
Lender’s fees and expenses and all fees and expenses of Lender’s legal counsel which shall not exceed $8,000.00. 
 6. No
Change. The Parties hereby acknowledge their express intent that the Loan Agreement and all related loan and security documents executed in connection therewith, including, but not limited to, the Loan Documents, govern, in accordance with their
original terms and conditions except as specifically amended hereby, the terms and conditions of the Loans. Any provisions of the Loan Documents not specifically amended hereby shall be interpreted in a manner consistent with the amendments set
forth in this Amendment and, to the extent that any provisions of such Loan Documents are inconsistent with this Amendment, the amendments set forth herein shall prevail. 
 7. Ratification. Except as expressly amended by this Amendment, the terms and conditions of the Loan Agreement and all other Loan Documents among any one or more of the Parties are hereby ratified and confirmed
to be in full force and effect. 
 8. Counterparts. This Amendment may be executed in two or more originals, each of which shall be
deemed to be an original, but all of which shall constitute one in the same instrument, and in making proof of this Amendment, it shall not be necessary to produce or account for more than one such original. 
 9. Governing Law. This Amendment shall be interpreted in accordance with and governed by the laws of the State of Florida. PROVIDED
HOWEVER, to the extent that the creation, validity, perfection, enforceability or priority of any lien or security interest, or the rights and remedies with respect to any lien or security interest, in the Collateral are governed by the laws of
a jurisdiction other than the State of Florida, then the laws of such jurisdiction shall govern, except as superseded by applicable United States Federal Law. 
 10. Continuing Effect. The execution of this Amendment shall constitute a modification of the Loan Agreement and shall not be construed as a novation of the Obligations under the Loan Documents. The Parties
hereby acknowledge their intent that this Amendment shall not disturb the existing priority of the Loan Documents or the liens granted thereunder to Lender. The Parties intend that the security interests evidenced by the Loan Documents retain the
same priority as when originally executed, and delivered as of the respective dates of the Loan Documents. 
 11. Amendment of Term Loan
Agreement. It is the intent of the parties that the terms and conditions of the Loan Agreement shall be consistent with those contained in that certain Loan Agreement dated as of March 12, 1999, as amended from time to time, governing the
terms and conditions of that certain Term Loan made by Lender to Borrower in the original principal amount of $19,000,000 (the “$19,000,000 Term Loan Agreement”). To the extent of any 

  

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inconsistencies between the Loan Agreement, as amended by this Amendment, and the $19,000,000 Term Loan Agreement, the terms and conditions of the Loan
Agreement, as amended by this Amendment, shall prevail, and the $19,000,000 Term Loan Agreement shall be deemed amended to be consistent with the Loan Agreement. 
 In Witness Whereof the Parties have executed and delivered this Amendment to be legally binding and effective under seal as of the date first set forth above. 
  

			
	 BORROWER:
  
 ALICO, Inc. (Seal)

		
	By:	 	 /s/  Patrick W. Murphy

		 	Patrick W. Murphy, Chief Financial Officer
	
	 LENDER:
  
 FARM CREDIT OF SOUTHWEST FLORIDA, ACA for itself and as agent/nominee for other lending institutions having an interest, direct or indirect, in the Loan from time to time

		
	By:	 	 /s/  Greg A. Carlton

		 	Greg A. Carlton, Vice President

  

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	GUARANTORS:

 By signing below, each Guarantor hereby agrees to and consents to the amendments set forth in this
Amendment, reaffirms its existing Guaranty Agreement and agrees that its Guaranty Agreement shall continue to secure the RLOC and the Term Loan. 
  

					
	BOWEN BROTHERS FRUIT, LLC
			
	By:	 	ALICO, Inc., sole member	 	
			
	By:	 	 /s/  Patrick W. Murphy
	 	(Seal)
		 	Patrick W. Murphy, Chief Financial Officer
	
	ALICO- AGRI, LTD.
			
	By:	 	ALICO, Inc., general partner	 	
			
	By:	 	 /s/  Patrick W. Murphy
	 	(Seal)
		 	Patrick W. Murphy, Chief Financial Officer
	
	 ALICO LAND DEVELOPMENT, INC. (f/k/a
 SADDLEBAG LAKE RESORTS, INC.) 

			
	By:	 	 /s/  Patrick W. Murphy
	 	(Seal)
		 	Patrick W. Murphy, Chief Financial Officer

  

 6Copy of Sixth amendment To Loan Agreement

 Exhibit 10.2 
 SIXTH AMENDMENT TO 
 RESTATED LOAN AGREEMENT 
 THIS SIXTH AMENDMENT TO RESTATED LOAN AGREEMENT (the “Amendment”) is made and
entered into on March 30, 2009, by and among Farm Credit of Southwest Florida, ACA, an agricultural credit association for itself and as agent/nominee for other lending institutions having an interest, direct or indirect, in the Term
Loan (as defined hereinbelow) from time to time (the “Lender”) and ALICO, INC. a Florida corporation (the “Borrower”) (Lender and Borrower together, the “Parties”, and, singly, a
“Party”) and amends that Restated Loan Agreement between Borrower and Lender dated as of July 8, 1999, as amended on July 30th, 1999, on May 5, 2000, on October 11, 2005, on May 26, 2006, and on August 30, 2007 (collectively, the “Loan Agreement”). Any capitalized terms used but not otherwise defined herein shall have the
meaning set forth in the Loan Agreement. 
 PRELIMINARY STATEMENT 
 Lender currently has a term loan in the original principal amount of $19,000,000 (the “Term Loan”) outstanding to Borrower pursuant to
the Loan Agreement and other Loan Documents referenced therein. Lender also currently has a $125,000,000 revolving of credit loan (“RLOC”) and a $50,000,000 term loan (the “$50 Million Term Loan”) (the $50 Million
Term Loan and the RLOC, together the “Loans”) outstanding to Borrower pursuant to an amended and restated loan agreement between Borrower, Lender and others named therein dated May 26, 2006, as amended from time to time and of
even date herewith (“RLOC Loan Agreement”). In connection with the reduction of the amount available under the RLOC from $125,000,000 to $75,000,000, Borrower and Lender have agreed to modify the certain covenants governing the
Loans as set forth below. 
 NOW THEREFORE, the Parties hereby agree as follows: 
 1. Amendments to the Loan Agreement. Section 5.4 is hereby deleted and the following is substituted therefore: 
 “Section 5.4 Financial Covenants. Borrower shall observe the following financial covenants, on a consolidated basis: 
  

	 	(a)	Debt Ratio. A Debt Ratio of not greater than .60 to 1.00 at all times. For the purposes hereof, “Debt Ratio” means the ratio of total liabilities (including current
and long term liabilities) to total assets, for the subject Person. 

  

	 	(b)	Debt Service Coverage Ratio. A Debt Service Coverage Ratio of not less than 1.1 to 1.00 at all times. For the purposes hereof, “Debt Service Coverage Ratio” means
the ratio of (x) the four quarter rolling sum of EBIDA plus impairments to fixed assets during the same period determined pursuant to GAAP to (y) the four quarter rolling sum of (i) all capital lease payments, (ii) all
term debt principal payments due or paid and (iii) all interest payments due or paid. 

  

 Sixth Amendment to Restated Loan Agreement 
 Farm Credit of Southwest Florida, ACA/ALICO, INC. 
 Page 1 of 4 

	 	(c)	Current Ratio. A Current Ratio of no less than 2.5 to 1.00 at all times. For the purposes hereof, “Current Ratio” means the current assets divided by current
liabilities. 

 2. Conditions Precedent. As a condition precedent to the effectiveness of this Amendment, Borrower shall
furnish duly authorized resolutions of its board of directors evidencing its authority to enter into this Amendment, together with such other documentation as Lender shall request in connection with the execution of this Amendment. 
 3. No Change. The Parties hereby acknowledge their express intent that the Loan Agreement and all related loan and security documents executed in
connection therewith, including, but not limited to, the Loan Documents, govern, in accordance with their original terms and conditions except as specifically amended hereby or by amendment documents specifically related to such Loan Documents, the
terms and conditions of the Term Loan. Any provisions of the Loan Documents not specifically amended hereby shall be interpreted in a manner consistent with the amendments set forth in this Amendment and, to the extent that any provisions of such
Loan Documents are inconsistent with this Amendment, the amendments set forth herein shall prevail. 
 4. Representations, Warranties,
Covenants. Borrower hereby represents and warrants that at the time of the execution and delivery of this Amendment it is in compliance with all of its covenants set forth in the Loan Agreement (as such may be modified hereby) and each other
Loan Document, and that the representations and warranties set forth therein pertaining to it continue to be true and accurate. 
 5.
Indemnification. Borrower agrees to hold Lender harmless and indemnify Lender and its successors and assigns from any and all claims or causes of action arising in connection with Borrower’s breach of the provisions of this Amendment or
otherwise related to the Borrower’s default under the Loan Documents. 
 6. Costs, Fees, Expenses. Borrower agrees to pay all
costs and expenses arising from this Amendment, including, without limitation, all of Lender’s fees and expenses and fees and expenses of Lender’s legal counsel not to exceed $8,000.00. 
 7. Ratification. Except as expressly amended by this Amendment, the terms and conditions of the Loan Agreement and all other Loan Documents among
Borrower and Lender pertaining thereto and hereto are hereby ratified and confirmed to be in full force and effect. 
 8.
Counterparts. This Amendment may be executed in two or more originals, each of which shall be deemed to be an original, but all of which shall constitute one in the same instrument, and in making proof of this Amendment, it shall not be
necessary to produce or account for more than one such original. 
  

 Sixth Amendment to Restated Loan Agreement 
 Farm Credit of Southwest Florida, ACA/ALICO, INC. 
 Page 2 of 4 

 9. Governing Law. This Amendment shall be interpreted in accordance with and governed by the laws
of the State of Florida. PROVIDED HOWEVER, to the extent that the creation, validity, perfection, enforceability or priority of any lien or security interest, or the rights and remedies with respect to any lien or security interest, in the
Collateral are governed by the laws of a jurisdiction other than the State of Florida, then the laws of such jurisdiction shall govern, except as superseded by applicable United States Federal Law. 
 10. Continuing Effect. The execution of this Amendment shall constitute a modification of the Loan Agreement and shall not be construed as a
notation of the Obligations under the Loan Documents. The Parties hereby acknowledge their intent that this Amendment shall not disturb the existing priority of the Loan Documents or the liens granted thereunder to Lender. The Parties intend that
the security interests evidenced by the Loan Documents retain the same priority as when originally executed, and delivered as of the respective dates of the Loan Documents. 
 11. Savings Clause. It is the intent of the parties that the terms and conditions of the Loan Agreement be consistent with those contained in the
RLOC Loan Agreement. To the extent the terms and conditions of the Loan Agreement conflict with the terms and conditions of the RLOC Loan Agreement, the terms of the RLOC Loan Agreement, shall control and govern the parties with regard to the Term
Loan. 
 In Witness Whereof, the Parties execute and deliver this Amendment to be legally binding and effective under seal as of the date first set forth
above. 
  

			
	BORROWER:
	
	ALICO, Inc. (Seal)
		
	By:	 	 /s/  Patrick W. Murphy

		 	Patrick W. Murphy, Chief Financial Officer
	
	LENDER:
	
	FARM CREDIT OF SOUTHWEST FLORIDA, ACA for itself and as agent/nominee for other lending institutions having an interest, direct or indirect, in the Loan from time to
time
		
	By:	 	 /s/  Greg A. Carlton

		 	Greg A. Carlton, Vice President

  

 Sixth Amendment to Restated Loan Agreement 
 Farm Credit of Southwest Florida, ACA/ALICO, INC. 
 Page 3 of 4 

	
	GUARANTORS:

 By signing below, each Guarantor hereby agrees to and consents to the amendments set forth
in this Amendment, reaffirms its existing Guaranty Agreement and agrees that its Guaranty Agreement shall continue to secure the RLOC, Term Loan, and $50 Million Term Loan. 
  

					
	BOWEN BROTHERS FRUIT, LLC
		
	By:	 	ALICO, Inc., sole member
			
	By:	 	 /s/  Patrick W. Murphy
	 	(Seal)
		 	Patrick W. Murphy, Chief Financial Officer	 	
	
	ALICO- AGRI, LTD. 
			
	By:	 	ALICO, Inc., general partner 	 	
			
	By:	 	 /s/  Patrick W. Murphy
	 	(Seal)
		 	Patrick W. Murphy, Chief Financial Officer	 	
	
	ALICO LAND DEVELOPMENT, INC. (f/k/a SADDLEBAG LAKE RESORTS, INC.) 
			
	By:	 	 /s/  Patrick W. Murphy
	 	(Seal)
		 	Patrick W. Murphy, Chief Financial Officer	 	

  

 Sixth Amendment to Restated Loan Agreement 
 Farm Credit of Southwest Florida, ACA/ALICO, INC. 
 Page 4 of 4

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