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Note 15 - Subsequent Events
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Subsequent Events [Text Block]
(15)
SUBSEQUENT EVENTS
 
Credit Agreement with American AgCredit, PCA
 
On March 11, 2016, the Partnership, the General Partner, RHS, and Royal executed the Fourth Amendment to Amended and Restated Credit Agreement and Waiver (the “Fourth PCA Credit Agreement Amendment”) with AgCredit PCA.
 
As a result, the Amended PCA Credit Agreement was amended as follows:
 
 
(i)
the maturity date of the 2015 Bridge Loan was extended from March 15, 2016 to January 15, 2017;
 
 
(ii)
the interest rate on the 2015 Bridge Loan will increase as of September 1, 2016 from (A) LIBOR plus 2.75% or the Base Rate plus 0.75% to (B) LIBOR plus 3.00% or the Base Rate plus 1.00%; and
 
 
(iii)
the minimum Consolidated EBITDA (as defined in the Amended PCA Credit Agreement) was reduced (A) for the quarter ending March 31, 2016 from $3,500,000 to $1,000,000, (B) for the quarter ending June 30, 2016 from $4,000,000 to $1,250,000, (C) for the quarter ending September 30, 2016 from $5,000,000 to $2,000,000, and (D) for the quarter ending December 31, 2016 from $5,000,000 to $4,000,000.
 
In addition, a one-time waiver was granted in connection with an Event of Default (as defined in the Amended PCA Credit Agreement) relating to the Consolidated EBITDA covenant of the Amended PCA Credit Agreement for the four-quarter period ended December 31, 2015.
 
Credit Agreement with American AgCredit, FLCA
 
On March 11, 2016, the Partnership also executed the First Amendment to Credit Agreement and Waiver (the “First FCLA Credit Agreement Amendment”) with AgCredit FLCA.
 
As a result, the maximum allowable Total Indebtedness to Consolidated EBITDA Ratio (as defined in the FLCA Credit Agreement) was increased for the quarter ending December 31, 2016 from (i) 4.0 to 1.0 to (ii) 5.5 to 1.0. In addition, a one-time waiver was granted in connection with the cross-default covenant of the FLCA Credit Agreement relating to the Event of Default described above.