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F-26
F-26
Covenants
The loan agreements contain affirmative covenants (including financial covenants) and negative covenants including:
Maintenance of working capital, including unused portion of revolver, as follows:
o
Green Plains Bluffton
$12.0 million
o
Green Plains Central City
and Green Plains Ord $10.0 million, combined, excluding current maturities of long-term debt.
o
Green Plains Holdings II $1.0 million (increasing periodically until reaching $7.5 million by March 31,
2013)
o
Green Plains Obion
$9.0 million
o
Green Plains Otter Tail
$8.0 million
o
Green Plains Shenandoah $6.0 million
o
Green Plains Superior $0.0 million (increasing periodically until reaching $3.0 million by December
1, 2012)
Maintenance of net worth as follows:
o
Green Plains Holdings II $70.0 million
o
Green Plains Obion
$90.0 million
o
Green Plains Shenandoah $54.0 million
o
Green Plains Superior $23.0 million
Maintenance of tangible net worth as follows:
o
Green Plains Bluffton
$82.5 million
o
Green Plains Otter Tail
$8.0 million
Maintenance of tangible owner’s equity as follows:
o
Green Plains Bluffton
at least 50%
Maintenance of certain annual coverage ratios as follows:
Fixed charge coverage ratios:
o
Green Plains Bluffton
1.25 to 1.0
o
Green Plains Central City
and Green Plains Ord 1.15 to 1.0, combined
o
Green Plains Otter Tail
1.15 to 1.0
Debt service coverage ratios:
o
Green Plains Holdings II 1.25 to 1.0
o
Green Plains Obion
1.25 to 1.0
o
Green Plains Shenandoah 1.25 to 1.0
o
Green Plains Superior 1.25 to 1.0
Annual capital expenditures will be limited as follows:
o
Green Plains Bluffton
$2.0 million
o
Green Plains Central City $2.0 million
o
Green Plains Holdings II $2.0 million
o
Green Plains Obion
$2.0 million
o
Green Plains Ord
$2.0 million
o
Green Plains Otter Tail
$5.0 million
o
Green Plains Shenandoah $1.3 million
o
Green Plains Superior
$0.6 million