<SEC-DOCUMENT>0001193125-11-311421.txt : 20111114
<SEC-HEADER>0001193125-11-311421.hdr.sgml : 20111111
<ACCEPTANCE-DATETIME>20111114171555
ACCESSION NUMBER:		0001193125-11-311421
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20111111
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111114
DATE AS OF CHANGE:		20111114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALAVO GROWERS INC
		CENTRAL INDEX KEY:			0001133470
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE SERVICES [0700]
		IRS NUMBER:				330945304
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-33385
		FILM NUMBER:		111204390

	BUSINESS ADDRESS:	
		STREET 1:		2530 RED HILL AVE.
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92705
		BUSINESS PHONE:		9098334200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d253991d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT PURSUANT </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>TO SECTION 13 OR 15(d) OF THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Date of report: November&nbsp;14, 2011
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Date of earliest event reported: November&nbsp;11, 2011 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>CALAVO GROWERS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>(Exact Name of Registrant as Specified in Charter) </I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>California</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>000-33385</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>33-0945304</B></FONT></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(State or Other<BR>Jurisdiction of<BR>Incorporation)</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(Commission File Number)</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(IRS Employer<BR>Identification No.)</I></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>1141-A Cummings Road, Santa Paula, California 93060 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>(Address of Principal Executive Offices)&nbsp;(Zip Code) </I></FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(Former Name or Former Address,
if Changed Since Last Report) </I></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Registrant&#146;s telephone number, including area code: </I><B>(805)&nbsp;525-1245
</B><I> </I></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;2.03.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective November&nbsp;11, 2011, Calavo Growers, Inc. (&#147;we&#148; or &#147;the Company&#148;), and Farm Credit West, PCA, entered
into three agreements: (1)&nbsp;Second Amendment to Term Revolving Credit Agreement which amended our existing credit facility, (2)&nbsp;Second Amendment to Term Loan Agreement, which amended our existing term loan, and (3)&nbsp;Second Amendment to
Promissory Note, which amended our existing promissory note related to such term loan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amendments related to our credit
facility and our term loan simply adjust the various financial covenants, the most significant relating to tangible net worth (as defined), Fixed Charge Coverage Ratio (as defined) and Current Ratio (as defined), to match those as shown in our
credit facility and term loan with Bank of America, N.A. (&#147;BoA&#148;) A discussion of our credit facility and term loan with BoA can be found in Item&nbsp;2.03 <I>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant</I> in our 8-K filed on October&nbsp;6, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amendment related to the promissory note
simply changes the payment terms to a fixed principal amount per month, with the corresponding interest calculated on a monthly basis, rather than a fixed principal and interest payment per month. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The preceding discussion is qualified by reference to the related agreements, which are filed as exhibits to this Current Report on Form
8-K and is incorporated herein. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.01. Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 2 to Term Revolving Credit Agreement dated October&nbsp;31, 2011 between Farm Credit West, PCA and Calavo Growers, Inc.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 2 to Term Loan Agreement dated October 31, 2011 between Farm Credit West, PCA and Calavo Growers, Inc.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 2 to Promissory Note dated October 31, 2011 between Farm Credit West, PCA and Calavo Growers, Inc.</FONT></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Calavo Growers, Inc.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">November&nbsp;14, 2011</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Lecil E. Cole</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lecil E. Cole</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chairman of the Board of Directors, Chief Executive Officer and President<BR>(Principal Executive Officer)</FONT></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d253991dex101.htm
<DESCRIPTION>AMENDMENT NO. 2 TO TERM REVOLVING CREDIT AGREEMENT
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<TITLE>Amendment No. 2 to Term Revolving Credit Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="2"><B>Exhibit 10.1 </B></FONT></P>
<P STYLE="font-size:42px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:42px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Second Amendment to Term Revolving Credit Agreement
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="3">October&nbsp;31, 2011 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This second amendment to the &#147;Term Revolving Credit Agreement dated May&nbsp;31, 2011&#148;, (hereinafter referred to as &#147;<B>Amendment</B>&#148;) is made and entered into on October&nbsp;31,
2011, by and between FCW and the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><U>RECITALS</U> </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, under the terms of the Term Credit Agreement dated May&nbsp;31, 2011 (&#147;Agreement&#148;) Company has agreed
to certain negative covenants and certain financial covenants; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WHEREAS</B>, FCW and the Company have
agreed to modify certain negative covenants and to modify and add certain financial covenants to the existing financial covenants of the Agreement, which such modifications and additions are fully incorporated herein by this reference. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOW, THEREFORE, IN CONSIDERATION OF THE RECITALS SET FORTH ABOVE</B>; the terms and provisions contained herein, and
other valuable consideration, the receipt of which is hereby acknowledged, FCW and the Company agree to amend the Controls and Covenants of the Agreement as follows: </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16 (A)&nbsp;is hereby amended in its entirety as
follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings.&nbsp;&nbsp;</B>Create, incur, assume, or allow to
exist, directly or indirectly, any indebtedness or liability for borrowed money (including trade or bankers&#146; acceptances), letters of credit, or the deferred purchase price of property or services (including capitalized leases), except for:
(i)&nbsp;debt to FCW; (ii)&nbsp;accounts payable to trade creditors incurred in the ordinary course of business; and (iii)&nbsp;current operating liabilities (other than for borrowed money) incurred in the ordinary course of business; (iv)&nbsp;debt
of the Company to Bank of America in an amount not to exceed $32,135,000.00 and all extensions, renewals, and refinancings thereof; (v)&nbsp;letters of credit issued by any bank for the account of the Company in an aggregate face amount not to
exceed $5,000,000.00 at any one time outstanding; and (vi)&nbsp;capitalized leases existing on the date hereof existing from time to time. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17 (A)&nbsp;is hereby amended in its entirety as follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>(A) <U>Tangible Net Worth</U></B>.&nbsp;&nbsp;To maintain on a consolidated basis Tangible Net Worth equal to at least (i)&nbsp;at least 85% of Company&#146;s Tangible Net Worth as of the closing of
the Renaissance Food Group acquisition (on or about June&nbsp;1, 2011), <I>plus</I> (ii)&nbsp;an amount equal to 25% of net income after income taxes (without subtracting losses) earned in Company&#146;s fiscal year ending October&nbsp;31, 2011 and
each fiscal year thereafter, measured on a quarterly basis.&nbsp;For purposes of calculating the minimum required consolidated Tangible Net Worth at October&nbsp;31, 2011, the 25% of net income after income taxes (without subtracting losses)
requirement will be based on the period between June&nbsp;1, 2011 and October&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;Tangible Net Worth&#148; means the value
of total assets (including leaseholds and leasehold improvements and reserves against assets but excluding goodwill, patents, trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized or deferred research and
development costs, deferred marketing expenses, and other like intangibles, and monies due from affiliates, officers, </FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Second Amendment to Term Revolving Credit Agreement</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Calavo Growers, Inc.</FONT></P></TD>
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<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loan No. 3789055-101&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE>


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directors, employees, shareholders, members or managers) less total liabilities, including but not limited to accrued and deferred income taxes, but excluding the non-current portion of
Subordinated Liabilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;Subordinated Liabilities&#148; means liabilities subordinated to the Company&#146;s obligations to FCW in a
manner acceptable to FCW in its sole discretion. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17
(C)&nbsp;is hereby added in its entirety as follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(C) Fixed Charge Coverage Ratio</B>.&nbsp;&nbsp;The Company will maintain on a
consolidated basis a Fixed Charge Coverage Ratio of at least 1.25:1.0 at all times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;Fixed Charge Coverage Ratio&#148; means the ratio
of: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:Times New Roman" SIZE="3">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA <I>minus</I> capital expenditures for maintenance of
$4,000,000, <I>divided by </I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:Times New Roman" SIZE="3">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the current portion of long term debt and
the current portion of capitalized lease obligations <I>plus</I> cash interest expense <I>plus</I> cash income tax expense. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;EBITDA&#148; for purposes of this Section&nbsp;17C means net income, <I>less</I> income <I>or plus</I> loss from discontinued operations and
extraordinary items, <I>plus</I> income taxes, <I>plus</I> interest expense, <I>plus</I> depreciation, depletion, amortization and other non-cash charges. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3">This ratio will be calculated at the end of each reporting period for which FCW requires financial statements, using the results of the twelve-month period ending with that reporting period.&nbsp;The
current portion of long-term liabilities will be measured as of the last day of the calculation period. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17 (D)&nbsp;is hereby added in its entirety as follows: </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><U>(D) Current Ratio</U></B>.&nbsp;&nbsp;The Company shall maintain on a consolidated basis a ratio of Current Assets to Current Liabilities of at
least 1.00:1.0 at all times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Current Liabilities means all current liabilities plus outstanding balances under any revolving line of credit,
whether the line of credit is labeled a short-term or long-term liability on the consolidated balance sheet </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as
specifically modified, amended or replaced by this Amendment, all other terms and conditions of the Agreement remain unchanged and in full force and effect. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Farm Credit West, PCA</B></FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;Calavo Growers, Inc., a California Corporation</B></FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;James Neeley</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Arthur J.
Bruno&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/11/2011</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James&nbsp;Neeley,&nbsp;Senior&nbsp;Vice&nbsp;President</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arthur&nbsp;J.&nbsp;Bruno,&nbsp;Chief&nbsp;Operating&nbsp;Officer,</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Risk Management</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer &amp; Corporate</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secretary</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;James
Snyder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/11/2011</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James Snyder, Corporate Controller</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Second Amendment to Term Revolving Credit Agreement</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Calavo Growers, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loan No. 3789055-101&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE>

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<TYPE>EX-10.2
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<FILENAME>d253991dex102.htm
<DESCRIPTION>AMENDMENT NO. 2 TO TERM LOAN AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="2"><B>Exhibit 10.2 </B></FONT></P>
<P STYLE="font-size:42px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:42px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Second Amendment to Term Loan Agreement </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="3">October&nbsp;31, 2011 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This second amendment to the &#147;Term Loan Agreement dated May&nbsp;31, 2011&#148;, (hereinafter referred to as &#147;<B>Amendment</B>&#148;) is made and entered into on October&nbsp;31, 2011, by and
between FCW and the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><U>RECITALS</U> </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, under the terms of the Term Loan Agreement dated May&nbsp;31, 2011 (&#147;Agreement&#148;) Company has agreed to
certain negative covenants and certain financial covenants. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WHEREAS</B>, FCW and the Company have agreed
to modify certain negative covenants and to modify and add certain financial covenants to the Agreement, which such modifications and additions are fully incorporated herein by this reference. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOW, THEREFORE, IN CONSIDERATION OF THE RECITALS SET FORTH ABOVE</B>; the terms and provisions contained herein, and
other valuable consideration, the receipt of which is hereby acknowledged, FCW and the Company agree to amend the Controls and Covenants of the Agreement as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16 (A)&nbsp;is hereby amended in its entirety as follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings.&nbsp;&nbsp;</B>Create, incur, assume, or allow to exist, directly or indirectly, any indebtedness or liability for borrowed money (including
trade or bankers&#146; acceptances), letters of credit, or the deferred purchase price of property or services (including capitalized leases), except for: (i)&nbsp;debt to FCW; (ii)&nbsp;accounts payable to trade creditors incurred in the ordinary
course of business; and (iii)&nbsp;current operating liabilities (other than for borrowed money) incurred in the ordinary course of business; (iv)&nbsp;debt of the Company to Bank of America in an amount not to exceed $32,135,000.00 and all
extensions, renewals, and refinancings thereof; (v)&nbsp;letters of credit issued by any bank for the account of the Company in an aggregate face amount not to exceed $5,000,000.00 at any one time outstanding; and (vi)&nbsp;capitalized leases
existing on the date hereof existing from time to time. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17
(A)&nbsp;is hereby amended in its entirety as follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(A) <U>Tangible Net Worth</U></B>.&nbsp;&nbsp;To maintain on a consolidated
basis Tangible Net Worth equal to at least (i)&nbsp;at least 85% of Company&#146;s Tangible Net Worth as of the closing of the Renaissance Food Group acquisition (on or about June&nbsp;1, 2011), <I>plus</I> (ii)&nbsp;an amount equal to 25% of net
income after income taxes (without subtracting losses) earned in Company&#146;s fiscal year ending October&nbsp;31, 2011 and each fiscal year thereafter, measured on a quarterly basis.&nbsp;For purposes of calculating the minimum required
consolidated Tangible Net Worth at October&nbsp;31, 2011, the 25% of net income after income taxes (without subtracting losses) requirement will be based on the period between June&nbsp;1, 2011 and October&nbsp;31, 2011. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;Tangible Net Worth&#148; means the value of total assets (including leaseholds and leasehold improvements and reserves against assets but excluding
goodwill, patents, trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized or deferred research and development costs, deferred marketing expenses, and other like intangibles, and monies due from affiliates,
officers, </FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Second Amendment to Term Loan Agreement</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Calavo Growers, Inc.</FONT></P></TD>
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<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loan No. 3788881-101 &amp; 201&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE>


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directors, employees, shareholders, members or managers) less total liabilities, including but not limited to accrued and deferred income taxes, but excluding the non-current portion of
Subordinated Liabilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;Subordinated Liabilities&#148; means liabilities subordinated to the Company&#146;s obligations to FCW in a
manner acceptable to FCW in its sole discretion. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17
(C)&nbsp;is hereby added in its entirety as follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(C) Fixed Charge Coverage Ratio</B>.&nbsp;&nbsp;The Company will maintain on a
consolidated basis a Fixed Charge Coverage Ratio of at least 1.25:1.0 at all times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;Fixed Charge Coverage Ratio&#148; means the ratio
of: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:Times New Roman" SIZE="3">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA <I>minus</I> capital expenditures for maintenance of
$4,000,000, <I>divided by </I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:Times New Roman" SIZE="3">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the current portion of long term debt and
the current portion of capitalized lease obligations <I>plus</I> cash interest expense <I>plus</I> cash income tax expense. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#147;EBITDA&#148; for purposes of this Section&nbsp;17C means net income, <I>less</I> income <I>or plus</I> loss from discontinued operations and
extraordinary items, <I>plus</I> income taxes, <I>plus</I> interest expense, <I>plus</I> depreciation, depletion, amortization and other non-cash charges. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3">This ratio will be calculated at the end of each reporting period for which FCW requires financial statements, using the results of the twelve-month period ending with that reporting period.&nbsp;The
current portion of long-term liabilities will be measured as of the last day of the calculation period. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17 (D)&nbsp;is hereby added in its entirety as follows: </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><U>(D) Current Ratio</U></B>.&nbsp;&nbsp;The Company shall maintain on a consolidated basis a ratio of Current Assets to Current Liabilities of at
least 1.00:1.0 at all times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Current Liabilities means all current liabilities plus outstanding balances under any revolving line of credit,
whether the line of credit is labeled a short-term or long-term liability on the consolidated balance sheet </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Farm Credit West, PCA</B></FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Calavo Growers, Inc., a California Corporation</B></FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;James
Neeley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Arthur J.
Bruno&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/11/2011</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James&nbsp;Neeley,&nbsp;Senior&nbsp;Vice&nbsp;President</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arthur&nbsp;J.&nbsp;Bruno,&nbsp;Chief&nbsp;Operating&nbsp;Officer,</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Risk Management</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer &amp; Corporate</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;James
Snyder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/11/2011</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James Snyder, Corporate Controller</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Second Amendment to Term Loan Agreement</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Calavo Growers, Inc.</FONT></P></TD>
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<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loan No. 3788881-101 &amp; 201&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d253991dex103.htm
<DESCRIPTION>AMENDMENT NO. 2 TO PROMISSORY NOTE
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<TITLE>Amendment No. 2 to Promissory Note</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="2"><B>Exhibit 10.3 </B></FONT></P>
<P STYLE="font-size:42px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Calavo Growers, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Loan No.&nbsp;3788881-201 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">October&nbsp;31, 2011 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SECOND AMENDMENT TO PROMISSORY NOTE </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>THIS SECOND AMENDMENT TO PROMISSORY NOTE </B>(&#147;Agreement&#148;) is entered into this 31st day of October, 2011, between Calavo Growers, Inc., a California Corporation (&#147;Borrower&#148;), and
the Farm Credit West, PCA (&#147;Lender&#148;), as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>RECITALS: </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>On May&nbsp;31, 2011, Lender made a loan to Borrowers in the
face amount of $15,000,000.00, evidenced by a Promissory Note dated May&nbsp;31, 2011 (&#147;Note&#148;), which Note was signed by Borrower and evidenced on the books of Lender as Loan No.&nbsp;3788881-201 (&#147;Existing Loan&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Borrower has requested a new payment schedule from Lender.
Lender is willing to grant the requested change. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>NOW, THEREFORE, IN CONSIDERATION OF THE RECITALS SET
FORTH ABOVE; THE TERMS AND CONDITIONS CONTAINED HEREIN, AND OTHER VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, LENDER AND BORROWER AGREE AS FOLLOWS:</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Paragraph number three (3)&nbsp;of the Promissory Note, &#147;Repayment Terms&#148;, is replaced in its entirety as follows: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:15%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Repayment Terms:</B>&nbsp;&nbsp;The undersigned shall pay to Payee the remaining fifty-six (56)&nbsp;monthly
principal payments, plus accrued interest, in the amount billed, beginning on November&nbsp;1, 2011 and on June&nbsp;1, 2016 any amount necessary to pay the Account 201 in full on June&nbsp;1, 2016. Payments, other than those required as specified
in this Section or in the Term Agreement, may be made at any time and in any amount during the term of this Note, unless limited or prohibited herein or unless otherwise required by Lender in writing. This Loan is due and payable in full on
June&nbsp;1, 2016 (&#147;<B>Maturity Date</B>&#148;), at which time Borrower shall pay the unpaid principal balance and all accrued interest in full. Any amount of principal hereof which is not paid when due, whether at stated maturity, by
acceleration or otherwise, shall bear interest from the date when due until said principal is paid in full, payable on demand, at a rate per annum set forth in the Term Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">At Lender&#146;s option, a change in the interest rate or an advance may either increase or decrease one or more of the following: the
amount of each installment due, the amount of the final installment (resulting in a final installment due at the Maturity Date which may be greater than any previous installments) or the total number of installments due. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The parties have executed this Agreement as of the date first above written. The parties further acknowledge that this
Agreement shall be attached to the Note and by this reference shall be fully incorporated therein. </FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Signatures appear on the following page </I></B></FONT></P>

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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CALAVO GROWERS, INC.</B></FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Arthur J.
Bruno&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/11/2011</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arthur&nbsp;J.&nbsp;Bruno,&nbsp;Chief&nbsp;Operating&nbsp;Officer,&nbsp;Chief</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financial Officer and Corporate Secretary</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;James
Snyder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/11/2011</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James Snyder, Corporate Controller</FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Farm Credit West, PCA</B></FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;James Neeley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">James&nbsp;Neeley,&nbsp;Senior&nbsp;Vice&nbsp;President&nbsp;Risk&nbsp;Management</FONT></TD></TR>
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