Document:

EX-10.8

   

  Exhibit 10.8			

  	 

  MetLife Investment Management

   

  Agricultural Finance Southern Regional Office

  6750 Poplar Avenue. Suite 109

  Germantown, TN 38138

   

  Jonathan B. Dressler

  Managing Director Phone 559-457-8685

  Email 1dressler@methfe com

   

  Josh Gervase

  Assistant Regional Director Phone 209-380-7947

  Email jgervase@methfe com

  October 3, 2022

   

   

  Alico, Inc.

  Alico Fruit Company, LLC Alico Land Development, Inc. 

  ATTN: Mr. Perry Del Vecchio

  10070 Daniels Interstate Court, Ste 200

  Ft Myers, FL 33913

  Re:	Metropolitan Life Insurance Company ("Lender")

  Loan No. 197236 and 200122 (collectively, the "Loan")

  ALICO, INC., a Florida corporation, ALICO LAND DEVELOPMENT, INC., a Florida corporation, and ALICO FRUIT COMPANY, LLC, a Florida limited liability company (individually and collectively, the "Borrowers") Index Rate Change Letter Agreement ("Letter Agreement")

   

   

  Dear Mr. Del Vecchio:

   

  As you are aware, the London Interbank Offered Rate is set to expire in 2023. In anticipation of this change, you have requested, and we have agreed to transition your loan now to an alternate rate. Specifically, we have agreed to transition your loan to the United States One (1) Month Term Secured Overnight Financing Rate.

   

  In consideration of good and valuable consideration, the undersigned hereby agree to amend the Secured Promissory Note, in the original principal amount of $32,500,000.00, dated December 1, 2014 (the "Note 197236") and the Second Amended and Restated Line of Credit Note, in the original principal amount of $25,000,000.00, dated October 2, 2019 (the "Note 200122"), by Borrowers in favor of Lender effective as of August 1, 2022 (the "Effective Date"), as set forth below. Note 197236 and Note 200122 shall hereinafter collectively referred to as the "Note".

   

  1.All references in the Note to "LIBOR" shall be replaced in their entirety with the term "SOFR".

  2.All references in the Note to "LIBOR Credit Spread" shall be replaced in their entirety with the term "SOFR Credit Spread".

  3.All references in the Note to "LIBOR Rate Adjustment Date" shall be replaced in their entirety with the term "SOFR Rate Adjustment Date".

  4.The following section of the second (2nd) paragraph of the Note which states:

  (ii) the U.S. 90-day London Interbank Offer Rate, as published by an online reporting service acceptable to Lender as of the third (3rd) Business Day (as defined in the Loan Agreement) immediately preceding each LIBOR Rate Adjustment Date,

  is hereby replaced. in its entirety, with the following language:

   

   

  

   

  (ii) the United States One (1) Month Term Secured Overnight Financing Rate (rounded upwards to the nearest one one-hundredth (1/l00th) of one percent) for the date two (2) Business Days prior to such SOFR Rate Adjustment Date (the "Rate Determination Date"), appearing on the appropriate Bloomberg Financial Markets Services Screen (the "Service"), as SRlM, effective at 6:00 a.m. (New York time) (provided, that if

   

  such rate does not so appear at approximately 6:00 a.m. New York time on such date, the SOFR Rate Determination Date shall be the first preceding Business Day on which such rate appears) on such Rate Determination Date (or on any successor or substitute page of the Service, or any successor to or substitute for the Service providing rate quotations comparable to those currently provided on such page of the Service, selected by Lender from time to time for purposes of reporting the United States One (1) Month Term Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)).

  5.The following language is hereby added as new section to the Note:

  In the event that SOFR is no longer available, or if Lender determines that SOFR is no longer the industry standard, then it shall be replaced by a benchmark rate (with an appropriate one-time permanent SOFR Credit Spread adjustment to address the change in benchmark so as to approximate the Interest Rate agreed to herein) that Lender then commonly utilizes as a SOFR index replacement on floating rate loans secured by agricultural real estate where it holds a similar right to declare a replacement. Lender's determinations under the preceding sentence shall be conclusive absent manifest error. In the event that SOFR or any replacement benchmark rate is below zero, SOFR or such replacement benchmark rate, as applicable, will be deemed to be zero.

  6.The "SOFR Credit Spread" shall mean 175 basis points until May 1, 2023, and subject to adjustment by Lender upon written notice to Borrower on May 1, 2023, and on the 1st day of May every two (2) years thereafter until the Maturity Date.

   

  7."SOFR Rate Adjustment Date" shall mean August 1, 2022, and the first (1st) day of each month thereafter.

   

  8.The "Minimum Coupon" shall at no time be less than 2.15% based on Actual/360.

   

  All terms and provisions contained in this Letter Agreement shall be incorporated into and made a part of Note, and all terms and conditions set forth in the Note shall remain in full force and effect except as may be modified by this Letter Agreement. This Letter Agreement may be executed in counterparts, each of which will be an original and all of which together are deemed one and the same instrument.

   

  Please confirm your agreement by signing and returning the enclosed copy of this letter. For your convenience, a self-addressed envelope has been enclosed.

   

  Please feel free to call if you have any questions regarding this letter or if we can assist you in any other manner.

   

   

  Very truly yours,

  METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation 

  By: Metlife Investment Management, LLC, its investment manager

  By:

  Name: Nina L. Krause

  Its: Authorized Signatory and Director 

   

   

   

  

   

   

   

  As of the Effective Date, the above set forth Letter Agreement is hereby acknowledged, accepted and agreed to by:

   

  BORROWER:

  ALICO, INC., a Florida corporation

  By: John E. Kiernan

  Name: John E. Kiernan

  Title: President

   

  ALICO LAND DEVELOPMENT, INC., a Florida corporation

  By:  John E. Kiernan

  Name: John E. Kiernan

  Title:	President

  ALICO FRUIT COMPANY, LLC, a Florida limited liability company

   

  By: Alico Inc., its Managing Member

  By:	John E. Kiernan

  Name: John E. Kiernan 

  Title: PresidentEX-10.32

  Exhibit 10.32

   

  FOURTH RENEWAL PROMISSORY NOTE 

   

  PURSUANT TO F.S. 201.08, THIS FOURTH RENEWAL PROMISSORY NOTE (THIS "NOTE") IS A RENEWAL OF THAT CERTAIN THIRD RENEWAL PROMISSORY NOTE DATED AS OF SEPTEMBER 26, 2018 (THE "THIRD RENEWAL NOTE"), AS SUCH THIRD RENEWAL NOTE RENEWED THAT CERTAIN SECOND RENEWAL PROMISSORY NOTE DATED AS OF SEPTEMBER 6, 2017 (THE "SECOND RENEWAL NOTE"), RENEWED THAT CERTAIN RENEWAL PROMISSORY NOTE DATED AS OF SEPTEMBER 30, 2016 (THE "FIRST RENEWAL NOTE"), AS SUCH FIRST RENEWAL NOTE RENEWED THAT CERTAIN PROMISSORY NOTE DATED AS OF DECEMBER 1, 2014, PAYABLE TO BANK BY THE UNDERSIGNED OBLIGORS IN THE ORIGINAL PRINCIPAL AMOUNT OF $70,000,000 (THE "ORIGINAL NOTE"). FLORIDA DOCUMENTARY STAMP TAXES IN THE AMOUNT OF $2,450 WERE REMITTED TO THE FLORIDA DEPARTMENT OF REVENUE BY BANK OR ON BEHALF OF BANK AS REQUffiED BY LAW IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THE ORIGINAL NOTE, WHICH IS NOT SECURED BY FLORIDA REAL PROPERTY. NO ADDITIONAL SUMS ARE BEING ADVANCED HEREUNDER, NOR WERE ANY ADDITONAL SUMS ADVANCED UNDER THE FIRST RENEWAL NOTE OR THE SECOND RENEWAL NOTE OR THE THIRD RENEWAL NOTE AND NO PERSONS HAVE BEEN ADDED AS ADDITIONAL OBLIGORS PURSUANT TO THE TERMS HEREOF. ACCORDINGLY, NO ADDITIONAL DOCUMENTARY STAMP TAXES ARE DUE AND PAYABLE IN CONNECTION WITH THIS NOTE. THE ORIGINAL NOTE, THE FIRST RENEWAL NOTE, THE SECOND RENEW AL NOTE AND THE THIRD RENEWAL NOTE ARE ATTACHED HERETO. 

   

  FOURTH RENEWAL PROMISSORY NOTE 

   

  $70,000,000.00                                            August 25, 2020

   

  FOR VALUE RECEIVED, the undersigned ALICO, INC., a Florida corporation ("Alico"); ALICO-AGRI, LTD., a Florida limited partnership ("Alico-Agri"); ALICO PLANT WORLD, L.L.C., a Florida limited liability company ("Plant World''); ALICO FRUIT COMPANY, LLC, a Florida limited liability company ("Fruit Company"); ALICO LAND DEVELOPMENT INC., a Florida corporation ("Land Development"); ALICO CITRUS NURSERY, LLC, a Florida limited liability company ("Citrus Nursery", and together with Alico, Alico-Agri, Plant World, Fruit Company and Land Development, each a "Borrower" and collectively the "Borrowers") hereby, jointly and severally, promise to pay to the order of RABO AGRIFINANCE LLC, a Delaware limited liability company (together with its successors and assigns, hereinafter "Bank"), on or before the Revolving Credit Maturity Date, the aggregate principal amount of SEVENTY MILLION AND 00/100 DOLLARS (US$70,000,000.00) or, if less, the aggregate unpaid principal amount of all Loans made by Bank to the undersigned, in immediately available funds as provided in the Credit Agreement (defined below), together with interest thereon, until such principal amount is paid in full, at such interest rates, and payable at such times, as provided in the Credit Agreement. All payments shall be made to Bank in lawful money of the United States of America at 14767 N Outer 40 Road, Suite 400, Chesterfield, MO 63017. 

   

  This Note is one of the Notes referred to in, and is entitled to the benefits of, that certain Credit Agreement dated as of December 1, 2014, as amended by that certain First Amendment to Credit Agreement and Consent dated as of February 26, 2015, that certain Second Amendment to Credit Agreement dated as of July 16, 2015, that certain Third Amendment to Credit Agreement dated as of September 30, 2016, that certain Consent and Waiver Agreement dated as of December 20, 2016, that certain Fourth Amendment to Credit Agreement dated September 6, 2018, that certain Fifth Amendment to Credit Agreement dated as of October 30, 2017, that certain Sixth Amendment, Consent and Waiver to Credit Agreement dated as of July 18, 2018, that certain 

  

  Seventh Amendment to Credit Agreement dated as of September 26, 2018, that certain Eighth Amendment and Waiver to Credit Agreement dated as of August 29, 2019, that certain Ninth Amendment and Waiver to Credit Agreement dated as of June 26, 2020 and that certain Tenth Amendment to Credit Agreement dated as of the date hereof (as may be further amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement") by and among the Borrowers and Bank. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. This Note evidences the Loans made by Bank under the Credit Agreement.

    

  Bank may endorse and attach a schedule to reflect borrowings evidenced by this Note and all payments and prepayments thereon; provided that any failure to endorse such information (or an error contained in such information) shall not affect the obligation of the Borrowers to pay amounts evidenced hereby.

    

  Upon the occurrence of an Event of Default, all amounts evidenced by this Note may, or shall, become immediately due and payable as provided in the Credit Agreement without presentment, demand, protest or notice of any kind, all of which are waived by the Borrowers. In the event payment of amounts evidenced by this Note is not made at any stated or accelerated maturity, the Borrowers agree, jointly and severally, to pay, in addition to principal and interest, all costs of collection in connection therewith, including reasonable attorneys' fees.

    

  This Note and the Loans and amounts evidenced hereby may be transferred only as provided in the Credit Agreement. 

   

  This Note shall be governed by, construed and interpreted in accordance with, the laws of the State of Florida applicable to contracts made and to be performed within the State of Florida, without reference to the conflicts of law principles thereof. 

   

  Time is of the essence of this Note.

   

  [Remainder of Page Intentionally Left Blank]

   

   

   

  

   

  IN WITNESS WHEREOF, the Borrowers have caused this Note to be duly executed under seal as of the date first above written. 

   

   

  ALICO, INC.,

  a Florida corporation

    

  By: 

  Name: John E. Kiernan

  Title: Chief Financial Officer

    

    

  ALICO-AGRI, LTD.,

  a Florida limited partnership

   

  By: Alico, Inc., a Florida corporation, its General Partner 

   

  By: 

  Name: John E. Kiernan

  Title: Chief Financial Officer

   

    

  ALICO PLANT WORLD, L.L.C.,

  a Florida limited liability company

   

  By: Alico-Agri, Ltd., a Florida limited partnership, its Sole Member

   

  By: Alico, Inc., a Florida corporation, its General Partner

    

  By: 

  Name: John E. Kiernan

  Title: Chief Financial Officer

  
 

  ALICO FRUIT COMPANY, LLC,

  a Florida limited liability company

   

  By:      Alice, Inc., a Florida corporation, its Managing Member

    

  By: 

  Name: John E. Kiernan

  Title: Chief Financial Officer 

    

     

  ALICO LAND DEVELOPMENT INC.,

  a Florida corporation

    

  By: 

  Name: John E. Kiernan

  Title: Chief Financial Officer

    

    

   

  

  ALICO CITRUS NURSERY, LLC,

  a Florida limited liability company

   

  By: Alice, Inc., a Florida corporation, its Managing Member

    

  By: 

  Name: John E. Kiernan

  Title: Chief Financial Officer

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