Tag: wells fargo

February 24, 2011 General Ag News and Notes Post a Comment

Summary of MAUI LAND & PINEAPPLE CO INC | Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On February 23, 2011, Maui Land & Pineapple Company, Inc. (the “Company”) entered into a Third Modification Agreement (the “Third Modification”) with Wells Fargo Bank, National Association (“Wells Fargo”). The Third Modification further amended the terms of the Company’s $30 million revolving line of credit agreement with Wells Fargo, which was modified on December 22, 2010. Significant terms of the Third Modification are as follows:

* Extends the maturity date from May 1, 2012 to May 1, 2013.

* Provides the Company with the option to further extend the maturity date to May 1, 2014, subject to the satisfactory achievement of certain pre-defined conditions as described in the Third Modification.

* Increases the revolving credit commitment from $30 million to $34.5 million and availability under the loan facility from $25 million to $34.5 million.

* Sets forth pre-established minimum release prices for each of the real property parcels pledged as collateral under the credit agreement.

Upon entry into the Third Modification, the maturity date of the Company’s $25 million term loan with American AgCredit, FLCA was automatically extended from May 1, 2012 to May 1, 2013.

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October 15, 2009 General Ag News and Notes Post a Comment

Summary of MAUI LAND & PINEAPPLE CO INC Credit Agreement with Wells Fargo — Yahoo Finance

Form 8-K for MAUI LAND & PINEAPPLE CO INC

15-Oct-2009

Entry into a Material Definitive Agreement, Creation of a Direct Fin

Item 1.01 Entry into a Material Definitive Agreement.

Amended and Restated Credit Agreement with Wells Fargo

On October 9, 2009, the Company, as Borrower, entered into an Amended and Restated Credit Agreement (the "Amended Wells Credit Agreement") with each of the financial institutions that are parties thereto (the "Lenders") and Wells Fargo Bank, National Association ("Wells Fargo"), in its capacity as a Lender and as the administrative agent for the Lenders. The Amended Wells Credit Agreement amends and restates the terms of that certain Loan Agreement, dated as of November 13, 2007, entered into by and between the Company, as Borrower, each of the financial institutions that are signatories thereto, and Wells Fargo as a lender and as the administrative agent for the lenders named therein, as such was amended from time to time thereafter (the "Original Wells Credit Agreement").

The Amended Wells Credit Agreement principally amends the Original Wells Credit Agreement by:

* increasing the secured revolving line of credit from $45.0 million to $50.0 million;

* providing for the accrual of interest on the principal balance outstanding under the credit facility at (i) the LIBOR Market Index Rate plus 4.25%, (ii) the Federal Funds Rate plus 5.75%, or (iii) the applicable LIBOR Rate plus 4.25%, at the option of the Company, provided that the interest rate applicable to any portion of the principal amount outstanding under the credit facility cannot be less than 5.50%;

* extending the maturity date from March 13, 2010 to March 1, 2011; and

* establishing new financial covenants relating to, among other things, minimum liquidity requirements and total liability thresholds.

Summary of MAUI LAND & PINEAPPLE CO INC – Yahoo! Finance