Document:

Exhibit 10.1

      Execution Version

      

      

      AMENDMENT NO. 3 TO CREDIT AGREEMENT

       

      AMENDMENT NO. 3 TO CREDIT AGREEMENT, dated as of March 12, 2021 (this “Amendment”),

        by and among CASEY’S GENERAL STORES, INC. (the “Borrower”), the LENDERS party hereto, and ROYAL BANK OF CANADA, as administrative agent (in such capacity, the “Administrative Agent”).

       

      RECITALS:

       

      WHEREAS, reference is hereby made to the Credit Agreement,
        dated as of January 11, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”;

        and the Credit Agreement as amended by this Amendment, the “Amendment Credit Agreement”), among the Borrower, the lending institutions from time to time party thereto
        (collectively, the “Lenders”) and the Administrative Agent (capitalized terms used but not defined herein having the meaning provided in the Credit Agreement or the
        Amendment Credit Agreement, as the context may require); and

       

      WHEREAS, in accordance with Section 9.02 of the Credit Agreement, the Borrower and the Lenders party hereto wish to amend the Credit Agreement as set forth herein.

      

      

      NOW, THEREFORE, in consideration of the premises and
        agreements, provisions and covenants herein contained, the parties hereto agree as follows:

       

      	1.	
              Amendment to Credit Agreement.  (a) The definition of “Amendment No. 2 Term Loan
                Availability Period” in Section 1.01 of the Credit Agreement is hereby amended by replacing the phrase “the three (3) month anniversary of the Amendment No. 2 Effective Date” in clause (x) therein with “the five (5) month anniversary of the
                Amendment No. 2 Effective Date”.

            

       

      (b) Section 2.09(b) of the Credit Agreement is amended and restated to read in its entirety  as follows:

       

      “(b)     The Borrower hereby unconditionally
          promises to repay to the Administrative Agent for the ratable account of each applicable Lender, (i) the Amendment No. 2 Term Loans on the last day of each of March, June, September and December following the Amendment No. 2 Term Loan Funding
          Date in an aggregate amount equal to 1.25% of the Amendment No. 2 Term Loans outstanding on the Amendment No. 2 Term Loan Funding Date and (ii) the entire unpaid principal amount of the Amendment No. 2 Term Loans on the Amendment No. 2 Term Loan
          Maturity Date.”

      

      

      	2.	
              Amendment No. 3 Effective Date Conditions.  This Amendment will become effective on the
                date (the “Amendment No. 3 Effective Date”) on which the following conditions are satisfied or waived:

            

       

      	

            	2.1.	
              This Amendment shall have been executed and delivered by the Borrower, the Administrative Agent and each Lender.

            

       

      	

            	2.2.	
              (a) The representations and warranties of the Borrower set forth in Article III of the Credit
                Agreement shall be true and correct in all material respects on and as of the date of hereof (it being understood and agreed that any such representation or warranty which by its terms is made as of an earlier date shall be required to be
                true and correct in all material respects only as such earlier date, and that any representation and warranty that is qualified as to “materiality,”
                “Material Adverse Effect” or similar language shall be true and correct in all respects on the applicable date) and (b) immediately after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

            

       

      
        1

        
          

      

      	

            	2.3.	
              The Administrative Agent shall have received a certificate dated the Amendment No. 3 Effective Date and executed by a Responsible Officer of the Borrower stating that the
                conditions set forth in Section 2.2 above are satisfied as of such date.

            

       

      	3.	
              Reaffirmation.

            

       

      	

            	3.1.	
              The Borrower hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, the covenants and agreements contained in the Credit Agreement and each
                other Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby.

            

       

      	

            	3.2.	
              The Borrower, by its signature below, hereby affirms and confirms its obligations under the Credit Agreement and each of the other Loan Documents to which it is a party, all as
                provided in the Loan Documents as originally executed, and acknowledges and agrees that such obligations continue in full force and effect.

            

       

      	4.	
              Amendment, Modification and Waiver.  This Amendment may not be amended, modified or waived
                except by an instrument or instruments in writing signed and delivered in compliance with Section 9.02 of the Credit Agreement.

            

       

      	5.	
              Entire Agreement.  This Amendment, the Amended Credit Agreement and the other Loan
                Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with
                respect to the subject matter hereof.

            

       

      	6.	
              Applicable Law; Waiver of Jury Trial; Submission to Jurisdiction; Waiver of Venue; Service of
                  Process; Etc.  The parties hereto acknowledge and agree that the provisions of Section 9.09 (Governing Law; Jurisdiction; Consent to Service of Process) and Section 9.10
                (Waiver of Jury Trial) of the Credit Agreement are incorporated by reference herein, and shall apply to this Amendment as if set forth herein in full, mutatis

                  mutandis. This Amendment shall be governed by, and construed in accordance with, the law of the State of New York.

            

       

      	7.	
              Severability.  Wherever possible, each provision of this Amendment shall be interpreted in
                such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or
                invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Amendment.

            

       

      	8.	
              Counterparts.  This Amendment may be executed in counterparts (and by different parties
                hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile
                or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of electronic records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
                manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
                New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

            

       

      
        2

        
          

      

      	9.	
              Loan Document.  On and after the Amendment No. 3 Effective Date, this Amendment shall
                constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents.

            

       

      	10.	
              Effect of Amendment.  The Credit Agreement, and each of the other Loan Documents, as
                specifically amended by this Amendment, are and shall continue to be in full force and effect. Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a novation or waiver of
                or otherwise affect the rights and remedies of the Lenders or the Administrative Agent, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms,
                conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document.  From and after the Amendment No. 3 Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
                “hereof” or words of like import referring to the Credit Agreement and each reference in the Loan Documents to “the Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a
                reference to the Credit Agreement, as amended by this Amendment.

            

       

      [Signature pages to follow]

       

      
        3

        
          

      

      IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and delivered by a duly authorized officer.

       

      	 	
              BORROWER:

            
	 	 
	 	
              CASEY’S GENERAL STORES, INC.

            
	 	 
	 	
              By:

            	 	
              /s/ Stephen P. Bramlage, Jr.

            
	 	 	
              Name:

            	
              Stephen P. Bramlage, Jr.

            
	 	 	
              Title:

            	
              Chief Financial Officer

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

       

      

      
        4

        
          

      

      	 	
              ROYAL BANK OF CANADA, as Administrative Agent

            
	 	 	 
	 	
              By:

            	 	
              /s/ Helena Sadowski

            
	 	 	
              Name:

            	
              Helena Sadowski

            
	 	 	
              Title:

            	
              Manager, Agency

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

      

      

      
        5

        
          

      

      	 	
              ROYAL BANK OF CANADA, as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ John Flores

            
	 	 	
              Name:

            	
              John Flores

            
	 	 	
              Title:

            	
              Authorized Signatory

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

       

      

      
        6

        
          

      

      	 	
              BMO Harris Bank, N.A., as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Katherine Robinson

            
	 	 	
              Name:

            	
              Katherine Robinson

            
	 	 	
              Title:

            	
              Managing Director

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

      

      

      
        7

        
          

      

      	 	
              Capital One, National Association, as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Anuj Dhingra

            
	 	 	
              Name:

            	
              Anuj Dhingra

            
	 	 	
              Title:

            	
              Duly Authorized Signatory

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

      

      

      
        8

        
          

      

      	 	
              CIBC BANK USA, as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Kelly J. Barrick

            
	 	 	
              Name:

            	
              Kelly J. Barrick

            
	 	 	
              Title:

            	
              Managing Director

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

       

      
        9

        
          

      

      	 	
              COBANK, ACB, as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Jared Greene

            
	 	 	
              Name:

            	
              Jared Greene

            
	 	 	
              Title:

            	
              Assistant Corporate Secretary

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

      

      

      
        10

        
          

      

      	 	
              COOPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Piet Hein Knook

            
	 	 	
              Name:

            	
              Piet Hein Knook

            
	 	 	
              Title:

            	
              Vice President

            
	 	 	 	 
	 	
              By:

            	 	
              /s/ Shane Koonce

            
	 	 	
              Name:

            	
              Shane Koonce

            
	 	 	
              Title:

            	
              Executive Director

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

      

      

      
        11

        
          

      

      	 	
              Goldman Sachs Bank USA, as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Dan Martis

            
	 	 	
              Name:

            	
              Dan Martis

            
	 	 	
              Title:

            	
              Authorized Signatory

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

      

      

      
        12

        
          

      

      	 	
              MUFG Bank, Ltd., as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Katie Cunningham

            
	 	 	
              Name:

            	
              Katie Cunningham

            
	 	 	
              Title:

            	
              Director

            

       

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

       

      
        13

        
          

      

      	 	
              MUFG Union Bank, N.A., as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Katie Cunningham

            
	 	 	
              Name:

            	
              Katie Cunningham

            
	 	 	
              Title:

            	
              Director

            

       

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

       

      

      
        14

        
          

      

      	 	
              UMB Bank, n.a., as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Robert P. Elbert

            
	 	 	
              Name:

            	
              Robert P. Elbert

            
	 	 	
              Title:

            	
              Senior Vice President

            

      

      

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

       

      

      
        15

        
          

      

      	 	
              WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

            
	 	 
	 	
              By:

            	 	
              /s/ Maureen S. Malphus

            
	 	 	
              Name:

            	
              Maureen S. Malphus

            
	 	 	
              Title:

            	
              Vice President

            

       

      Casey’s General Stores - Amendment No. 3 to Credit Agreement

       

      

       

      

       16Exhibit 10.1
FOURTH AMENDMENT TO REVOLVING LINE
OF CREDIT LOAN AGREEMENT
​
This Fourth Amendment (this “Amendment”) is made by and between WEBSTER BANK, N.A., a national banking association having an address at CityPlace II – 185 Asylum Street, Hartford, Connecticut 06103 (“Bank” or “Lender”) and INDUS REALTY TRUST, LLC, a Maryland limited liability company, formerly known as GRIFFIN INDUSTRIAL MARYLAND, LLC, and successor by merger with GRIFFIN INDUSTRIAL REALTY, INC., having an address at 641 Lexington Avenue, 26th Floor, New York, New York 10022 (“Borrower”).
​
STATEMENT OF FACTS
​
A.On April 24, 2013, Lender made a loan to Borrower in the principal amount of up to TWELVE MILLION FIVE HUNDRED THOUSAND and NO/100 DOLLARS ($12,500,000.00) (“Loan”), evidenced by a certain Revolving Line of Credit Note in that amount dated April 24, 2013 (“Note”).
​
B.In connection with the Loan, Borrower and Lender entered into a Revolving Line of Credit Loan Agreement dated April 24, 2016 (“Original Loan Agreement”); the Note, Loan Agreement, as herein defined, and all other documents executed in connection with the indebtedness evidenced by the Note being collectively referred to herein as the “Loan Documents”).
​
C.The Loan had an initial term of two (2) years expiring on May 1, 2015, with an option to extend for one (1) additional year through May 1, 2016.
​
D.The Loan was previously amended by First Amendment to Revolving Line of Credit Loan Agreement, dated April 26, 2016 between Borrower and Lender (“First Amendment”), by Second Amendment to Revolving Line of Credit Loan Agreement, dated July 22, 2016 between Borrower and Lender (“Second Amendment”) and Third Amendment to Revolving Line of Credit Loan Agreement, dated September 19, 2019 (“Third Amendment”; and the Original Loan Agreement as amended by the First Amendment, the Second Amendment and the Third Amendment , herein the “Loan Agreement”), which Third Amendment increased the maximum amount of the Loan to NINETEEN MILLION FIVE HUNDRED THOUSAND and NO/100 DOLLARS ($19,500,000) and extended the Maturity Date of the Loan to September 30, 2021 with an option to extend for one (1) additional year through September 30 2022.
​
E.Pursuant to the Loan Agreement, the Lender has issued three (3) outstanding letters of credit which are secured by Reimbursement Agreements between Borrower and Lender as follows: (a) Letter of Credit No. 10714 in favor of Bond Safeguard Insurance Company and/or Lexon Insurance Company issued on May 10 2013, as amended and/or extended to date, (b) Letter of Credit No. No. 10786 in favor of Hanover Township, Northampton County, PA issued on June 9, 2014, as amended and/or extended to date, and (c) Letter of Credit No. 11006 in favor 

of Township of Upper Macungie, PA issued on October 25, 2017, as amended and/or extended to date (collectively, the “Letter of Credit Reimbursement Agreements”).  
​
F.Borrower and Lender have agreed to further increase the maximum principal amount of the Loan to THIRTY FIVE MILLION and NO/100 DOLLARS ($35,000,000), on the condition that two (2) additional properties owned by Riverbend Concord Properties II LLC, an affiliate of Borrower, located at 160 International Drive and 180 International Drive, Concord, North Carolina are added as additional collateral for the Loan.
​
NOW, THEREFORE, in consideration of the mutual promises herein contained, the receipt and sufficiency of which is hereby acknowledged: 
​
IT IS AGREED:
​
1.Increase in Maximum Principal Amount of the Advances.  The Loan Agreement is hereby amended by deleting the amount “Nineteen Million Five Hundred and 00/100 Dollars ($19,500,000.00)”, as it appears in Paragraph 1 of the Loan Agreement, and the amount “Thirty Five Million and 00/100 Dollars ($35,000,000.00)” is substituted for it.  The Note is being amended and restated of even date herewith up to the original principal amount of Thirty Five Million and 00/100 Dollars ($35,000,000.00) (“Restated Note”) and all references in the Loan Agreement to the Note shall now mean the Restated Note.
​
2.Applicable Interest Rate.  From and after the date hereof, the definition of “Applicable Interest Rate” set forth in Section 2 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
​
“Applicable Interest Rate” shall mean the One Month LIBOR Rate (as currently defined in the Loan Agreement) plus 250 basis points per annum; provided, however, that in no event shall the One Month LIBOR Rate be less than Zero (0).”
​
3.Fees.  Upon execution of this Amendment, Borrower shall pay a fee of 1⁄2 of one percent (0.50%) of the increased face amount of the Loan, which increased availability is $15,500,000, resulting in a fee due upon execution of this Amendment of $77,500.  Borrower shall pay on October 1st of each year the following fee: 1/8th of one percent (0.125%) of the average undrawn portion of the Loan, if the average outstanding Advances of the Loan, calculated on a twelve (12) month basis for the preceding twelve (12) months, are less than one hundred percent (100%) of the Loan.  The unused line shall be prorated and paid for any partial year upon any payoff of the Loan.  Borrower hereby acknowledges and agrees that the Lender is authorized to pay itself the foregoing fees on the dates specified herein.
​
4.Security.  Section 9(b) of the Loan Agreement is amended by adding the words “and a mortgage on the fee simple estate of property owned by Riverbend Concord Properties II LLC known as 160 International Drive and 180 International Drive, Concord, North Carolina” after the words “131 Phoenix Crossing, Bloomfield”.
​

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​

5.Letter of Credit Reimbursement Agreements.  Borrower hereby confirms and ratifies its obligations under each of the Letter of Credit Reimbursement Agreements. 
​
6.Affirmative Covenants.  Subsections (a) through (f) of Section 11 of the Loan Agreement are hereby deleted and restated in their entirety, as follows:
​
“So long as any part of the Credit Loan is unpaid, Borrower (or with respect to subparagraphs (c), (d), (e) and (f) below INDUS Realty Trust, Inc., a Maryland corporation and sole member of Borrower (“INDUS, Inc.”) shall):    
​
(a)Net Operating Income.  Maintain net operating income of the Property (excluding depreciation and amortization), equal to or greater than one hundred twenty-five (125%) of the interest due on the Credit Loan (calculated as if the Credit Loan was fully advanced), subject to certain adjustments as to the amount of the Credit Loan, as the case may be, in accordance with the terms and conditions of Section 17 hereof; further provided that in order to exercise the Fourth Extended Term, the computation of this 125% net operating income/debt service covenant must be satisfied based upon an assumption that the $35,000,000 maximum loan amount is paid at an assumed 5% interest rate over an assumed 30 year amortization period.
​
(b)Loan to Value Ratio.  Maintain a maximum ratio of the amount of the Credit Loan to the appraised value of the Property of not more than seventy percent (70%) until the Third Extended Maturity Date, and if the Fourth Extended Term is exercised, maintain a maximum ratio of the amount of the Credit Loan to the appraised value of the Property of not more than sixty percent (60%) until the Fourth Extended Maturity Date; further provided that if Borrower provides Bank with evidence reasonably satisfactory to Bank that Borrower has successfully raised $75,000,000 in additional equity following the date of this Amendment, the maximum ratio of the Credit Loan to the appraised value of the Property during the Fourth Extended Term may be sixty-five percent (65%).
​
(c)Minimum Net Worth/Total Shareholder’s Equity.  Maintain total shareholder or investor’s equity and minimum net worth of not less than Eighty Million ($80,000,000) Dollars.
​
(d)Current Liquidity.  Maintain a minimum liquidity of $5,000,000.  Liquidity shall include ash, cash equivalents, short term investments, and availability under the lines of credit and under any “ATM equity shelf offering”, in accordance with any universal shelf registration statement on Form S-3 filed hereafter which will allow INDUS, Inc. to issue and sell its common stock.
​
(e)Total Debt Ratio.   Maintain a ratio of total debt to total assets not to exceed fifty (50%) percent of the total fair value of Borrower’s assets. 
​
(f) Fixed Charge Coverage.  Maintain a fixed charge coverage ratio of at least 1.1:1.0. The Fixed Charge Coverage is defined as (1) EBITDA minus cash income taxes, and dividends paid, divided by (2) debt service.  EBITDA is calculated as net income plus interest, taxes, depreciation, and amortization.”  
​

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- 3 -‌
​

The remaining subsections of Section 11 are re-lettered as items (g) through (l).
​
7.Reaffirmation by Borrower.  Borrower hereby represents and warrants to Lender that:
​
a.As of the date of this Amendment, there exists no default or Event of Default (as defined in the Loan Documents) under the Loan Documents or the Letter of Credit Reimbursement Agreements and no circumstance which would constitute an Event of Default after the giving of notice or the passage time, or both;
​
b.The unpaid principal balance of the indebtedness evidenced by the Note, if any, is due and owing pursuant to, and in accordance with, the terms of the Note and Loan Documents, as amended herein, without any claim, offset, or defense by or from the Borrower, all of which are hereby specifically waived and released;
​
c.No claim, counterclaim, offset, or defense exists with respect to the full and timely performance of all other duties, obligations, covenants and warranties of the Borrower set forth in the Note, Loan Documents or the Letter of Credit Reimbursement Agreements, all of which are specifically waived and released; and
​
d.There are no claims, litigation, or proceedings pending or, to the best of the knowledge of the person signing on behalf of the Borrower, threatened against the Borrower or the Property (as defined in the Loan Documents), which, if determined against the Borrower or Property will materially and adversely affect the Property or the ability of the Borrower to perform any duties and obligations under the Note and Loan Documents.
​
8.Defined Terms. Any defined terms not defined herein shall have the same meaning and definition as is contained in the Loan Agreement or other Loan Documents, as applicable. 
​
9.Survival.  The Loan Agreement, as modified herein, is hereby ratified and shall remain in full force and effect.
​
​
BALANCE OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURES APPEAR ON FOLLOWING PAGE
​

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SIGNED as of the 17th day of March, 2021.
​
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	WEBSTER BANK, N.A.

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	By
	/s/James Lane

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	​
	James Lane

	​
	​
	Its Senior Vice President

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	INDUS REALTY TRUST, LLC

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	By
	/s/Anthony J. Galici

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	​
	Anthony J. Galici

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	​
	Its Executive Vice President

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(Signature page of Fourth Amendment to Revolving Line of Credit Loan Agreement)

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