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Long-Term Obligations | 12 Months Ended
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Oct. 31, 2016
Debt Disclosure [Abstract] |
Long-Term Obligations | 12. Long-Term Obligations Long-term obligations at fiscal year ends consist of the following (in thousands):
|  | 2016 |  | 2015 |
Farm Credit West, PCA, (FCW) term loan |  | $ | — |  | $ | 1,002 |
Bank of America, N.A. (BoA) term loan |  |  | — |  |  | 1,019 |
Capital leases |  |  | 583 |  |  | 771 |
|  |  | 583 |  |  | 2,792 |
Less current portion |  |  | (138) |  |  | (2,206) |
|  | $ | 445 |  | $ | 586 |
The Company and FCW entered into a Term Loan Agreement (Term Agreement) in connection with the RFG acquisition, effective May 31, 2011. Under the terms of the Term Agreement, we were advanced $15 million for the purchase of RFG. Pursuant to this agreement, we were required to make 60 monthly principal and interest payments, from July 1, 2011 to June 1, 2016. In fiscal 2016, this term loan was repaid in full. Effective September 30, 2011, the Company and BoA, entered into an agreement, Amendment No. 4 to Loan Agreement (the Agreement), which amended our existing credit facility with BoA. This agreement included a variable rate term loan in the amount of approximately $7.1 million. These proceeds were used to retire approximately 50% of the outstanding balance (as of September 30, 2011) of the term loan owed to FCW related to the purchase of RFG (see above). In fiscal 2016, this term loan was repaid in full. Effective January 28, 2016, Calavo Growers, Inc. and BoA, entered into a Continuing and Unconditional Guaranty agreement (the “Guaranty”). Under the terms of the Guaranty, the Company unconditionally guarantees and promises to pay BoA any and all Indebtedness, as defined therein, of our unconsolidated subsidiary Agricola Don Memo, S.A. de C.V. (“Don Memo”) to BoA. Grupo Belo del Pacifico, S.A. de C.V. has also entered into a similar guarantee with BoA. These guarantees relate to a new loan in the amount of $4.5 million loan from BoA to Don Memo that closed on January 28, 2016. On January 29, 2016, Don Memo, used the proceeds from the new BoA loan to repay $4.0 million due the Company. At October 31, 2016, capital lease payments are scheduled as follows (in thousands):
|  | Total |
Year ending October 31: |  |  |  |
2017 |  | $ | 162 |
2018 |  |  | 118 |
2019 |  |  | 104 |
2020 |  |  | 103 |
2021 |  |  | 99 |
Thereafter |  |  | 76 |
Minimum lease payments |  |  | 662 |
Less interest |  |  | (79) |
Present value of future minimum lease payments |  | $ | 583 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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