12. Long-Term Obligations

Long-term obligations at fiscal year ends consist of the following (in thousands):


	2015		2014
Farm Credit West, PCA, (FCW) term loan, bearing interest at 1.7 %	$	1,002	$	2,504
Bank of America, N.A. (BoA) term loan, bearing interest at 1.7 %		1,019		2,548
FCW, term loan, bearing interest at 5.7 %		—		1,300
Capital leases		771		1,538
		2,792		7,890
Less current portion		(2,206)		(5,099)
	$	586	$	2,791

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 are required to make 60 monthly principal and interest payments, from July 1, 2011 to June 1, 2016. There is no prepayment penalty associated with this Term Agreement.

This Term Agreement also replaces in its entirety the original Term Loan Agreement dated June 1, 2005 by and between the Company and FCW. There was no significant change in terms between the original Term Loan Agreement and this new agreement.

Effective September 30, 2011, the Company and Bank of America, N.A. (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). This effectively split the funding of the amounts due at closing for that acquisition between both banks. The credit facility and term loan contain various financial covenants, the most significant relating to Tangible Net Worth (as defined), Fixed Charge Coverage Ratio (as defined) and Current Ratio (as defined).

At October 31, 2015, annual current and long-term obligation payments are scheduled as follows (in thousands):


	Total
Year ending October 31:
2016	$	2,206
2017		141
2018		94
2019		92
2020		92
Thereafter		167
	$	2,792

At October 31, 2015, capital lease payments are scheduled as follows (in thousands):


	Total
Year ending October 31:
2016	$	216
2017		167
2018		128
2019		107
2020		116
Thereafter		116
Minimum lease payments		850
Less interest		(79)
Present value of future minimum lease payments	$	771