Document:

ex10510k033113.htm

 

 

Exhibit 10.5

 

EXECUTION VERSION

 

SECOND AMENDMENT AGREEMENT

SECOND AMENDMENT AGREEMENT (this “Agreement”) dated as of December 20, 2012 by and among (1) Seneca Foods Corporation, Seneca Snack Company and Seneca Foods, LLC (collectively, the “Borrowers”), (2) Marion Foods, Inc., Lebanon Valley Cold Storage, LLC and Lebanon Valley Cold Storage, LP (collectively, the “Guarantors”), (3) the financial institutions party to the Loan and Security Agreement (as defined below) as lenders (collectively, the “Lenders” and individually, a “Lender”), and (4) Bank of America, N.A. (“Bank of America”) as agent (the “Agent”) for the Lenders and as Issuing Bank with respect to a certain Second Amended and Restated Loan and Security Agreement dated as of July 20, 2011, by and among the Borrowers, the Guarantors, the Lenders, the Agent, the Issuing Bank and RBS Citizens, N.A. as Syndication Agent, as amended by that certain First Amendment Agreement dated as of August 1, 2011 (as amended, the “Loan and Security Agreement”).

W I T N E S S E T H:

WHEREAS, the Borrowers have requested that the Lenders agree to amend certain provisions of the Loan and Security Agreement; and

WHEREAS, the Lenders have agreed to such amendments, on the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

§1. Definitions. Capitalized terms used herein without definition that are defined in the Loan and Security Agreement shall have the same meanings herein as therein.

§2. Ratification of Existing Agreements. All of the Obligors’ obligations and liabilities to the Agent, the Issuing Bank and the Lenders as evidenced by or otherwise arising under the Loan and Security Agreement, the Notes and the other Loan Documents, are, by each Obligor’s execution of this Agreement, ratified and confirmed in all respects. In addition, by each Obligor’s execution of this Agreement, each of the Obligors represents and warrants that no Obligor has any counterclaim, right of set-off or defense of any kind with respect to such obligations and liabilities.

§3. Representations and Warranties. Each of the Obligors hereby represents and warrants to the Agent, the Issuing Bank and Lenders that all of the representations and warranties made by the Obligors in the Loan and Security Agreement, the Notes and the other Loan Documents are true in all material respects on the date hereof as if made on and as of the date hereof, except to the extent that such representations and warranties relate expressly to an earlier date.

§4. Conditions Precedent. The effectiveness of the amendments contemplated hereby shall be subject to the satisfaction on or before the date hereof of each of the following conditions precedent:

(a)  Representations and Warranties. All of the representations and warranties made by the Obligors herein, whether directly or incorporated by reference, shall be true and correct on the date hereof except as provided in §3 hereof.

(b)  Performance; No Event of Default. The Obligors shall have performed and complied in all respects with all terms and conditions herein required to be performed or complied with by them prior to or at the time hereof, and there shall exist no Default or Event of Default.

(c)  Action. All requisite corporate or other action necessary for the valid execution, delivery and performance by the Obligors of this Agreement and all other instruments and documents delivered by the Obligors in connection herewith shall have been duly and effectively taken.

(d)  Expenses and Fees. The Borrowers shall have paid to the Agent the reasonable fees and expenses of counsel to the Agent in connection with the preparation of this Agreement.

	
(e)  

	
Delivery.

(i) This Agreement. The Obligors, the Agent, the Required Lenders and the Issuing Bank shall have executed and delivered this Agreement.

(ii)  Intercreditor Amendment. The Lenders, Hancock and Bank of America as a Lender, Administrative Agent and Collateral Agent shall have executed and delivered that certain First Amendment to Second Amended and Restated Intercreditor Agreement.

(iii)  Hancock Documents. The Agent shall have received a certified copy of (A) that certain Consent and Waiver among Hancock, the Parent and Seneca LLC, and (B) that certain Security Agreement, dated as of the date hereof, by Marion in favor of Hancock, each in form and substance satisfactory to the Required Lenders.

(iv)  General Electric Documents. The Agent shall have received a certified copy of (A) that certain Limited Recourse Guaranty, dated as of the date hereof, between Marion and General Electric, and (B) that certain Security Agreement, dated as of the date hereof, by Marion in favor of General Electric, each in form and substance satisfactory to the Required Lenders.

(v)  Other Documents. In addition, the Obligors shall have executed and delivered such further instruments and taken such further action as the Agent and the Required Lenders may have reasonably requested, in each case further to effect the purposes of this Agreement, the Loan and Security Agreement and the other Loan Documents.

§5.           Amendments to the Loan and Security Agreement.

(a) Amendment to Section 10.2.1 of the Loan and Security Agreement. Section 10.2.1 of the Loan and Security Agreement is hereby amended by deleting “and” at the end of clause (k), deleting the period at the end of clause (l) and replacing it with “; and” and adding a new clause (m) to read as follows:

“(m) the guaranty by Marion of the Indebtedness of Parent owing to General Electric under that certain Master Reimbursement Agreement.”

(b)  Amendment to Section 10.2.2 of the Loan and Security Agreement. Section 10.2.2 of the Loan and Security Agreement is hereby amended by deleting “and” at the end of clause (o), deleting the period at the end of clause (p) and replacing it with “; and” and adding a new clause (q) to read as follows:

“(q) Liens on the Collateral (as defined in that certain Security Agreement, dated as of December 20, 2012, between Marion and General Electric, as in effect on such date) to secure the Indebtedness of Marion permitted pursuant to Section 10.2.1(m).”

§6.             Miscellaneous Provisions.

(a)  Except as otherwise expressly provided by this Agreement, all of the respective terms, conditions and provisions of the Loan and Security Agreement, the Notes and the other Loan Documents shall remain the same. The Loan and Security Agreement, as amended hereby, shall continue in full force and effect, and this Agreement and the Loan and Security Agreement, shall be read and construed as one instrument.

(b)  THIS AGREEMENT, UNLESS OTHERWISE SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

(c)  This Agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument. In making proof of this Agreement it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought. A facsimile of an executed counterpart shall have the same effect as the original executed counterpart.

IN WITNESS WHEREOF, the undersigned have duly executed this Second Amendment Agreement as of the date first set forth above.

SENECA FOODS CORPORATION

 

            By:                      /s/Timothy J. Benjamin                                                      

Name: TIMOTHY BENJAMIN

Title:    Chief Financial Officer

 

SENECA SNACK COMPANY

 

 

By:            /s/Timothy J. Benjamin                                                      

 

Name:            TIMOTHY BENJAMIN

 

Title:            Treasurer

 

SENECA FOODS, LLC

 

                                                      By:           /s/Timothy J. Benjamin                                                      

 Name: TIMOTHY BENJAMIN

            Title: Treasurer

 

 

MARION FOODS, INC.

 

By:           /s/Timothy J. Benjamin                                                      

Name: TIMOTHY BENJAMIN

 

Title:               Treasurer

 

LEBANON VALLEY COLD STORAGE, LLC

 

By:           /s/John D. Exner                                           

Name: John D. Exner

Title:  Assistant Secretary

 

LEBANON VALLEY COLD STORAGE, LP

By:           /s/John D. Exner                                           

Name:  John D. Exner

Title:  Assistant Secretary

[Signature page to Second Amendment Agreement-Seneca]

  

  

  

BANK OF AMERICA, NA.,

as Agent, Lender and Issuing Bank

By:           /s/Edgar Ezerins                                           

Name:  Edgar Ezerins

Title:  Senior Vice President

[Signature page to Second Amendment-Seneca]

  

  

  

RBS CITIZENS BUSINESS CAPITAL, a division

of  RBS ASSET FINANCE, INC., a subsidiary of

RBS CITIZENS, N.A.,

 as a Lender

                                         By:                      /s/John D. Bobbin                                           

         Name:  John D. Bobbin

         Title:  Vice President

[Signature page to Second Amendment Agreement-Seneca]

  

  

  

 

 

 

 

COÖPERATIEVE CENTRALE RAIFFETSEN­

BOERENLEENBANK BA., “RABOBANK

NEDERLANU”, NEW YORK BRANCH, as a

        Lender

	  

                                                                By:           /s/Betty Janelle                                           

                                                                Name: Betty Janelle

                                                               Title: Managing Director

                                                                 By:           /s/Michael T. Harder                                           

                                                                 Name: Michael T. Harder

                                                                 Title: Executive Director

[Signature page to Second Amendment Agreement - Seneca]

 

  

  

  

 

MANUFACTURERS AND TRADERS TRUST

COMPANY, as a Lender

By:           /s/Jon M. Fogle                                                                

Name: Jon M. Fogle

Title:  Vice President

                                               [Signature page to Second Amendment Agreement - Seneca]

  

  

  

U.S. BANK NATIONAL ASSOCIATION,

as a Lender

By:           /s/Lisa Freeman                                                      

Name: Lisa Freeman

Title: Senior Vice President

[Signature page to Second Amendment Agreement - Seneca]

  

  

  

 

WELLS FARGO BANK, N.A., as a Lender

         By:                      /s/Krisa Wade                                           

         Name: Krista Wade

                                                                                        Title: Authorized Signatory

[Signature page to Second Amendment Agreement - Seneca]

  

  

  

 

BMO HARRIS BANK, N.A., as a Lender

         By:      /s/John S. Gil                                           

         Name: John S. Gil

                                                                                         Title: Director

[Signature page to Second Amendment Agreement - Seneca]

  

  

  

 

GENERAL ELECTRIC CAPITAL

CORPORATION, as a Lender

By:        /s/Philip F. Carfora                                           

Name:  Philip F. Carfora

Title:  Duly Authorized Signatory

[Signature page to Second Amendment Agreement - Seneca]ex10610k033113.htm

 

 

Exhibit 10.6

 

Execution Version

 

 

THIRD AMENDMENT AGREEMENT

 

THIRD AMENDMENT AGREEMENT (this “Agreement”) dated as of March 5, 2013 by and among (1) Seneca Foods Corporation, Seneca Snack Company and Seneca Foods, LLC (collectively, the “Borrowers”), (2) Marion Foods, Inc., Lebanon Valley Cold Storage, LLC. Lebanon Valley Cold Storage, LP and Independent Foods, LLC (collectively, the “Guarantors”), (3) the financial institutions party to the Loan and Security Agreement (as defined below) as lenders (collectively, the “Lenders” and individually, a “Lender”), and (4) Bank of America, NA. (“Bank of America”) as agent (the “Agent”) for the Lenders and as Issuing Bank with respect to a certain Second Amended and Restated Loan and Security Agreement dated as of July 20, 2011, by and among the Borrowers, the Guarantors, the Lenders,the Agent, the Issuing Bank and RBS Citizens,N.A, as Syndication Agent, as amended by that certain First Amendment Agreement dated as of August 1, 2011 and by that certain Second Amendment Agreement dated as of December 20, 2012 (as amended, the “Loan and Security Agreement”).

 

WITNESSETH:

 

WHEREAS, the Borrowers have requested that the Lenders agree to amend certain provisions of the Loan and Security Agreement in order to, among other things, provide for an increase in Commitments in the aggregate principal amount of $50,000,000 (the “Commitment Increase”); and

 

WHEREAS, the Lenders have agreed to such amendments, on the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

§1. Definitions. Capitalized terms used herein without definition that are defined in the Loan and Security Agreement shall have the same meanings herein as therein.

 

§2. Ratification of Existing Agreements. All of the Obligors’ obligations and liabilities to the Agent, the Issuing Bank and the Lenders as evidenced by or otherwise arising under the Loan and Security Agreement, the Notes and the other Loan Documents, are, by each Obligor’s execution of this Agreement, ratified and confirmed in all respects. In addition, by each Obligor’s execution of this Agreement, each of the Obligors represents and warrants that no Obligor has any counterclaim, right of set-off or defense of any kind with respect to such obligations and liabilities.

 

§3. Representations and Warranties. Each of the Obligors hereby represents and warrants to the Agent, the Issuing Bank and Lenders that all of the representations and warranties made by the Obligors in the Loan and Security Agreement, the Notes and the other Loan Documents are true in all material respects on the date hereof as if made on and as of the date hereof; except to the extent that such representations and warranties relate expressly to an earlier date.

 

  

  

  

 

§4. Conditions Precedent. The effectiveness of the amendments contemplated hereby shall be subject to the satisfaction on or before the date hereof of each of the following conditions precedent:

 

(a)  Representations and Warranties. All of the representations and warranties made by the Obligors herein, whether directly or incorporated by reference, shall be true and correct on the date hereof except as provided in §3 hereof

 

(b)  Performance; No Event of Default. The Obligors shall have performed and complied in all respects with all terms and conditions herein required to be performed or complied with by them prior to or at the time hereof’ and there shall exist no Default or Event of Default.

 

(c) Fees and Expenses.

 

(i)  Upfront Fees. The Borrowers shall have paid to the Agent, for the benefit of the Lenders, a fee of $62,500 (0.125% of the Commitment Increase). Such fee shall be for the Lenders’ participation in the Commitment Increase, shall be allocated to each such Lender based on the amount of each such participating Lender’s increase amount, and shall be earned and due and payable in full on the date hereof

 

(ii)  Other Fees and Expenses. The Borrowers shall have paid to the Agent the reasonable fees and expenses of counsel to the Agent in connection with the preparation of this Agreement.

 

(d) Delivery.

 

(i) This Agreement.                            The Obligors, the Agent, the Issuing Bank and the Required Lenders shall have executed and delivered this Agreement.

 

(ii)  Notes. Notes shall have been executed by the Borrowers and delivered to each Lender that requests the issuance of a new Note.

 

(iii)  Officer‘s Certificates. The Agent shall have received a certificate of a duly authorized officer of each Obligor (A) certifying that (1) attached copies of such Obligor’s Organic Documents are true and complete, and in full force and effect, without amendment except as shown or (2) there have been no changes to such Organic Documents since the Effective Date; (B) certifying that an attached copy of resolutions authorizing execution and delivery of this Agreement is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this Agreement; (C) certifying to the title, name and signature of each Person authorized to sign this Agreement; and (D) attaching a good standing certificate for such Obligor, issued by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization.

 

(iv)  Senior Officer s Certificates The Agent shall have received certificates, in form and substance satisfactory to it, from a knowledgeable Senior Officer of each

 

 

  

  

  

 

Borrower certifying that, as of the date hereof after giving effect to the Commitment Increase and the transactions hereunder, (i) no Default or Event of Default exists; (ii) the representations and warranties of each Obligor in the Loan Documents are true and correct (except for representations and warranties that expressly relate to an earlier date); (iii) all conditions precedent in any other Loan Document have been satisfied; and (iv) no event has occurred or circumstance exists that has or could reasonably be expected to have a Material Adverse Effect.

 

(v)  Other Documents. In addition, the Obligors shall have executed and delivered such further instruments and taken such further action as the Agent and the Lenders may have reasonably requested, in each case further to effect the purposes of this Agreement, the Loan and Security Agreement and the other Loan Documents.

 

§5. Amendment to the Loan and Security Agreement. Schedule 1.1 to the Loan and Security Agreement is hereby amended by deleting such Schedule 1.1 in its entirety and replacing it with the Schedule 1.1 attached hereto.

 

§6. Miscellaneous Provisions.

 

(a)  Except as otherwise expressly provided by this Agreement, all of the respective terms, conditions and provisions of the Loan and Security Agreement, the Notes and the other Loan Documents shall remain the same. The Loan and Security Agreement, as amended hereby, shall continue in full force and effect, and this Agreement and the Loan and Security Agreement, shall be read and construed as one instrument.

 

(b)  THIS AGREEMENT, UNLESS OTHERWISE SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

 

(c)  This Agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument. In making proof of this Agreement it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought. A facsimile of an executed counterpart shall have the same effect as the original executed counterpart.

 

[Intentionally Left Blank - Signature Page Follows]

 

 

3

 

A/75389296.5

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned have duly executed this Third Amendment Agreement as of the date first set forth above,

 

                                                                      SENECA FOODS CORPORATION

 

By:/s/Timothy J. Benjamin

                                                                        Name: Timothy J. Benjamin

                                                                       Title:  Chief Financial Officer

 

                                                                        SENECA SNACK COMPANY

 

                                                                        By:         /s/Timothy J. Benjamin

                                                                        Name: Timothy J. Benjamin

                                                                       Title:           Treasurer

 

                                                                       SENECA FOODS, LLC

 

                                                                        By:         /s/Timothy J. Benjamin

                                                                        Name: Timothy J. Benjamin

Title:           Treasurer

                                                                        MARION FOODS, INC.

 

                                                                        By: /s/Timothy J. Benjamin

                                                                        Name: Timothy J. Benjamin

Title:           Treasurer

                                                                       LEBANON VALLEY COLD STORAGE LLC

 

By:/s/John D. Exner

Name:            John D. Exner

Title:           Assistant Secretary

 

                                                                           LEBANON VALLEY COLD STORAGE, LP

                                                                           By; Lebanon Valley Cold Storage, LLC,

its General Partner

 

By:/s/John D. Exner

Name:            John D. Exner

Title:           Assistant Secretary

(Signature Page to Third Amendment Agreement)

 

  

  

  

 

                                                                                            INDEPENDENT FOODS, LLC

 

                                                                                            By: /s/Timothy J. Benjamin

                                                                                            Name: Timothy J. Benjamin

                                                                                            Title:           Manager

[Signature Page to Third Amendment Agreement]

  

  

  

 

 

 

BANK OF AMERICA, N.A.,

 

as Agent, Lender and Issuing Bank

 

                                                                     By: /s/Edgar Ezerins

	
  

	
Name:

	
Edgar Ezerins

	
  

	
Title:

	
Senior Vice President

(Signature Page to Third Amendment Agreement)

 

  

  

  

 

 

 

RBS CITIZENS BUSINESS CAPITAL, a division of RBS ASSET FINANCE, INC.,

 a subsidiary of RBS CITIZENS, N.A., as a Lender

 

 

 

By: /s/John D. Bobbin

Name  John D. Bobbin

Title: Vice President

 

 

 

 

 

 

 

 

 

 

(Signature Page to Third Amendment Agreement)

 

  

  

  

 

 

	
  

	
MANUFACTURERS AND TRADERS TRUST COMPANY, as a Lender

 

By: /s/Jon M. Fogle                                                                           Name: Jon M. Fogle

Title: Vice President

 

 

 

(Signature Page to Third Amendment Agreement)

  

  

  

 

 

 

U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 

                        By: /s/Lisa Freeman

 

                         Name: Lisa Freeman

                        Title:               Svp

 

(Signature Page to Third Amendment Agreement)

  

  

  

 

WELLS FARGO BANK, N.A, as a Lender

 

 

By: /s/Krista Wade  

Name: Krista Wade

               Title Authorized Signatory

 

 

 

 

(Signature Page to Third Amendment Agreement)

 

  

  

  

 

 

BMO HARRIS BANK NA., as a Lender

 

 

 

By: /s/Quinn Heiden

 

Name: Quinn Heiden

Title: Vice President

 

(Signature Page to Third Amendment Agreement)

 

 

  

  

  

 

 

GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender

 

By:               /s/Philip A. Carfora                                                         

Name      Philip A. Carfora

Title:  Duly Authorized Signatory                                                          

 

[Signature Page to Third Amendment Agreement

  

  

  

	
SCHEDULE 1.1

	 
	
to

	 
	
Second Amended and Restated Loan and Security Agreement

	 
	  	 	 	 	 	 	 	 	 	 
	
COMMITMENTS OF LENDERS

	 
	  	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 	 
	
Lender

	 	
Commitment for the period from April 1 through and including July 31 of each year

	 	 	
Commitment for the period from August 1 through and including March 31 of each year

	 	 	
Percentage of Aggregate Commitments of all Lenders

	 
	
Bank of America, NA

	 	$	78,750,000	 	 	$	105,000,000	 	 	 	26.250000000	%
	
RBS Citizens Business Capital, a division of RBS Asset Finance, Inc.. a subsidiary of RBS Citizens, NA.

	 	$	45,000,000	 	 	$	60,000,000	 	 	 	15.000000000	%
	
Coöperatieve Centrale Ralffeisen­ Boerenleen bank B .A., “Rabobank Nederland”, New York Branch

	 	$	46,500,000	 	 	$	62,000,000	 	 	 	15.500000000	%
	
Manufacturers and Traders Trust Company

	 	$	34,500,000	 	 	$	46,000,000	 	 	 	11.500000000	%
	
U.S. Bank National Association

	 	$	36,000,000	 	 	$	48,000,000	 	 	 	12.000000000	%
	
Wells Fargo Bank, N.A.

	 	$	26,250,000	 	 	$	35,000,000	 	 	 	8.750000000	%
	
BMO Harris Bank N.A.

	 	$	19,500,000	 	 	$	26,000,000	 	 	 	6.500000000	%
	
General Electric Capital Corporation

	 	$	13,500,000	 	 	$	18,000,000	 	 	 	4.500000000	%
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
Total

	 	$	300,000,000	 	 	$	400,000,000	 	 	 	100	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]