Document:

ex10-39.htm

Exhibit
    10.39

     

    FIFTH
      AMENDMENT TO CREDIT AGREEMENT

     

    Parties:

     

    “CoBank”:                                           CoBank,
      ACB

    5500
      South Quebec Street

    Greenwood
      Village, Colorado 80111

    

    “Borrower”:                                           Pilgrim’s
      Pride Corporation

    4845
      US
      Highway 271 N.

    Pittsburg,
      Texas 75686

    

    “Syndication
      Parties”:                                                      Whose
      signatures appear below

    

    Execution
      Date:       August 7,
      2007

     

     

    Recitals:

     

    A. CoBank
      (in its capacity as the Administrative Agent (“Agent”), the Syndication
      Parties signatory thereto, and Borrower have entered into that certain 2006
      Amended and Restated Credit Agreement (Convertible Revolving Loan and Term
      Loan)
      dated as of September 21, 2006, that certain First Amendment to Credit Agreement
      dated as of December 13, 2006, that certain Second Amendment to Credit Agreement
      dated as of January 4, 2007, and that certain Third Amendment to Credit
      Agreement dated as of February 7, 2007, and that certain Fourth Amendment to
      Credit Agreement dated as of July 3, 2007 (as so amended and as amended,
      modified, or supplemented from time to time in the future, the “Credit Agreement”) pursuant to
      which the Syndication Parties, and any entity which becomes a Syndication Party
      on or after September 21, 2006, have extended certain credit facilities to
      Borrower under the terms and conditions set forth in the Credit
      Agreement.

     

    B. Borrower
      has requested that the Agent and the Syndication Parties modify the definition
      of the GK Lien Date, which the Agent and the Syndication Parties are willing
      to
      do under the terms and conditions as set forth in this Fifth Amendment to Credit
      Agreement (“Fifth
      Amendment”).

     

     

    Agreement:

     

    Now,
      therefore, in consideration of the mutual covenants and agreements herein
      contained and other good and valuable consideration, the receipt and adequacy
      of
      which are hereby acknowledged, the parties hereto hereby agree as
      follows:

     

    1. Amendments
      to Credit
      Agreement.  The Credit Agreement is amended as of the Effective
      Date as follows:

     

    1.1 Sections
      1.57 is amended to read as follows:

     

    1.57           GK
      Lien
      Date:  means September 23, 2007.

     

    2. Conditions
      to Effectiveness of this
      Fifth Amendment.  The effectiveness of this Fifth Amendment is
      subject to satisfaction, in the Administrative Agent’s sole discretion, of each
      of the following conditions precedent (the date on which all such conditions
      precedent are so satisfied shall be the “Effective Date”):

     

    2.1 Delivery
      of Executed Loan
      Documents.  Borrower shall have delivered to the Administrative
      Agent, for the benefit of, and for delivery to, the Administrative Agent and
      the
      Syndication Parties, the following document, duly executed by
      Borrower:

     

    A. This
      Fifth Amendment

     

    2.2 Syndication
      Parties Execution; Voting
      Participant Approval.  The Administrative Agent shall have
      received (a) written approval of this Fifth Amendment by at least the Required
      Lenders (including Voting Participants); and (b) a copy of this Fifth Amendment
      executed by the Syndication Parties as required.

     

    2.3 Representations
      and
      Warranties.  The representations and warranties of Borrower in
      the Credit Agreement shall be true and correct in all material respects on
      and
      as of the Effective Date as though made on and as of such date.

     

    2.4 No
      Event of
      Default.  No Event of Default shall have occurred and be
      continuing under the Credit Agreement as of the Effective Date of this Fifth
      Amendment.

     

    2.5 Payment
      of Fees and
      Expenses.  Borrower shall have paid the Administrative Agent,
      by wire transfer of immediately available federal funds (a) all fees presently
      due under the Credit Agreement (as amended by this Fifth Amendment); and (b)
      all
      expenses owing as of the Effective Date pursuant to Section 15.1 of the
      Credit Agreement.

     

    3. General
      Provisions.

     

    3.1 No
      Other
      Modifications.  The Credit Agreement, as expressly modified
      herein, shall continue in full force and effect and be binding upon the parties
      thereto.

     

    3.2 Successors
      and
      Assigns.  This Fifth Amendment shall be binding upon and inure
      to the benefit of Borrower, Agent, and the Syndication Parties, and their
      respective successors and assigns, except that Borrower may not assign or
      transfer its rights or obligations hereunder without the prior written consent
      of all the Syndication Parties.

     

    3.3 Definitions.  Capitalized
      terms used, but not defined, in this Fifth Amendment shall have the meaning
      set
      forth in the Credit Agreement.

     

    3.4 Severability.  Should
      any provision of this Fifth Amendment be deemed unlawful or unenforceable,
      said
      provision shall be deemed several and apart from all other provisions of this
      Fifth Amendment and all remaining provision of this Fifth Amendment shall be
      fully enforceable.

     

    3.5 Governing
      Law.  To
      the extent not governed by federal law, this Fifth Amendment and the rights
      and
      obligations of the parties hereto shall be governed by, interpreted and enforced
      in accordance with the laws of the State of Colorado.

     

    3.6 Headings.  The
      captions or headings in this Fifth Amendment are for convenience only and in
      no
      way define, limit or describe the scope or intent of any provision of this
      Fifth
      Amendment.

     

    3.7 Counterparts.  This
      Fifth Amendment may be executed by the parties hereto in separate counterparts,
      each of which, when so executed and delivered, shall be an original, but all
      such counterparts shall together constitute one and the same
      instrument.  Each counterpart may consist of a number of copies
      hereof, each signed by less than all, but together signed by all, of the parties
      hereto.  Copies of documents or signature pages bearing original
      signatures, and executed documents or signature pages delivered by a party
      by
      telefax, facsimile, or e-mail transmission of an Adobe® file format document
      (also known as a PDF file) shall, in each such instance, be deemed to be, and
      shall constitute and be treated as, an original signed document or counterpart,
      as applicable.  Any party delivering an executed counterpart of this
      Fifth Amendment by telefax, facsimile, or e-mail transmission of an Adobe® file
      format document also shall deliver an original executed counterpart of this
      Fifth Amendment, but the failure to deliver an original executed counterpart
      shall not affect the validity, enforceability, and binding effect of this Fifth
      Amendment.

     

    [Signatures
      to follow on next
      page.]

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be
      executed as of the Effective Date.

     

    ADMINISTRATIVE
      AGENT:                                                                           CoBank,
      ACB

    

    

    By:
/s/
      Jim
      Stutzman

    Name:                      Jim
      Stutzman

    Title:              Vice
      President

    

    

    BORROWER:                                                      Pilgrim’s
      Pride Corporation

    

    

    By:  /s/
      Richard A.
      Cogdill

    Name:                      Richard
      A. Cogdill

    Title:              Exe.
      VP, CFO, Sec & Treas.

    

    

    SYNDICATION
      PARTIES:                                                               CoBank,
      ACB

    

    

    By:
/s/
      Jim
      Stutzman

    Name:                      Jim
      Stutzman

    Title:              Vice
      President

    

    

    Agriland,
      FCS

    

    

    By:  /s/
      Dwayne C.
      Young

    Name:                      Dwayne
      C. Young

    Title:              Chief
      Credit Officer

    

    Deere
      Credit, Inc.

    

    

    By:
/s/
      John H.
      Winger

    Name:                      John
      H. Winger

    Title:              Manager,
      AFS Credit Operations

    

    

    Bank
      of the West

    

    

    By:
/s/
      Lee
      Rosin

    Name:                      Lee
      Rosin

    Title:              Regional
      Vice President

    

    

    John
      Hancock Life Insurance Company

    

    

    By:
/s/
      Kenneth L.
      Warlick

    Name:                      Kenneth
      L. Warlick

    Title:              Managing
      Director

    

    

    The
      Variable Annuity Life Insurance Company

    

    

    By:
      /s/ Lochlan O.
      McNew

    Name:                      Lochlan
      O. McNew

    Title:              Managing
      Director

    

    

    The
      United States Life Insurance Company in the City of New York

    

    

    By:
/s/
      Lochlan O.
      McNew

    Name:                      Lochlan
      O. McNew

    Title:              Managing
      Director

    

    

    Merit
      Life Insurance Co.

    

    

    By:  /s/
      Lochlan O.
      McNew

    Name:                      Lochlan
      O. McNew

    Title:              Managing
      Director

    

    

    American
      General Assurance Company

    

    

    By:  /s/
      Lochlan O.
      McNew

    Name:                      Lochlan
      O. McNew

    Title:              Managing
      Director

    

    AIG
      International Group, Inc.

    

    

    By:  /s/
      Lochlan O.
      McNew

    Name:                      Lochlan
      O. McNew

    Title:              Managing
      Director

    

    AIG
      Annuity Insurance Company

    

    

    By:  /s/
      Lochlan O.
      McNew

    Name:                      Lochlan
      O. McNew

    Title:              Managing
      Director

    

    Transamerica
      Life Insurance Company

    

    

    By:  /s/
      Stephen
      Noonan

    Name:                      Stephen
      Noonan

    Title:              Vice
      President

    

    The
      CIT Group/Business Credit, Inc.

    

    

    By:  /s/
      Tedd
      Johnson

    Name:                      Tedd
      Johnson

    Title:              Vice
      President

    

    Metropolitan
      Life Insurance Company

    

    

    By:  /s/
      Steven D.
      Craig

    Name:                      Steven
      D. Craig

    Title:              Director

    

    

    Cooperatieve
      Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank-Nederland” New York
      Branch

    

    

    By:  /s/
      Richard J.
      Beard

    Name:                      Richard
      J. Beard

    Title:              Executive
      Director

    

    

    By:  /s/
      Rebecca
      Morrow

    Name:                      Rebecca
      Morrow

    Title:              Executive
      Director

    

    

    Farm
      Credit Services of America, PCA

    

    

    By:  /s/
      Bruce P.
      Rouse

    Name:                      Bruce
      P. Rouse

    Title:              Vice
      PresidentUnassociated Document

    This
      AMENDMENT No. 1 (the “Amendment”) is made this 16th day of
      November,
      2007, by and among EMC Mortgage Corporation (the “Assignor”), U.S. Bank National
      Association, not individually but solely as trustee for the holders of the
      Bear
      Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates,
      Series 2007-AC1 (the “Assignee”) and GreenPoint Mortgage Funding, Inc.
      (“GreenPoint”) to the Assignment, Assumption and Recognition Agreement dated as
      of January 30, 2007 (th (the “AAR Agreement”), by and among the Assignor, the
      Assignee and GreenPoint.

     

    WHEREAS,
      the Assignor, the Assignee and GreenPoint desire to amend the AAR Agreement
      as
      set forth herein.

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto hereby agrees as
      follows:

     

    SECTION
      1. Defined Terms.   Unless otherwise amended by the terms
      of this Amendment, terms used in this Amendment shall have the meanings assigned
      in the AAR Agreement.

     

    SECTION
      2. Amendment.   Effective as of January 30, 2007 the AAR
      Agreement is hereby amended as follows:

    

    (a)           Section
      4.01 of the Purchase Agreement is hereby amended by changing the first sentence
      of the second paragraph to the following:

     

    Consistent
      with and in addition to the terms set forth in this Agreement, if a Mortgage
      Loan is in default or such default is reasonably foreseeable, the Company may
      waive, modify or vary any term of any Mortgage Loan or consent to the
      postponement of strict compliance with any such term or in any manner grant
      indulgence to any Mortgagor, including without limitation, to (1) capitalize
      any
      amounts owing on the Mortgage Loan by adding such amount to the outstanding
      principal balance of the Mortgage Loan, (2) defer such amounts to a later date
      or the final payment date of such Mortgage Loan, (3) extend the maturity of
      any
      such Mortgage Loan, (4) amend the related Mortgage Loan to reduce the related
      Mortgage Interest Rate with respect to any Mortgage Loan, (5) convert the
      Mortgage Interest Rate on any Mortgage Loan from a fixed rate to an adjustable
      rate or vice versa, (6) with respect to a Mortgage Loan with an initial fixed
      rate period followed by an adjustable rate period, extend the fixed period
      and
      reduce the adjustable rate period, and/or (7) forgive the amount of any
      interest, principal or servicing advances owed by the related Mortgagor;
      provided that, in the Company's reasonable and prudent determination, such
      waiver, modification, postponement or indulgence: (A) is not materially adverse
      to the interests of the Purchaser on a present value basis using reasonable
      assumptions (including taking into account any estimated realized loss (as
      defined in the related pooling and servicing agreement) that might result absent
      such action); and (B) does not amend the related Mortgage Note to extend the
      maturity thereof later than the date of the Latest Possible Maturity Date (as
      such term is defined in the related pooling and servicing agreement); provided,
      further, with respect to any Mortgage Loan that is not in default or if default
      is not reasonably foreseeable, unless the Company has provided to the Purchaser
      a certification addressed to the Purchaser, based on the advice of counsel
      or
      certified public accountants that have a national reputation with respect to
      taxation of REMICs that a modification of such Mortgage Loan will not result
      in
      the imposition of taxes on or disqualify from REMIC status any of the REMICs
      and
      has obtained the prior written consent of the Purchaser, the Company shall
      not
      permit any modification with respect to any Mortgage
      Loan.  Notwithstanding the foregoing, for any waiver, modification,
      postponement or indulgence (not including any partial releases, assumptions
      of
      mortgages or modifications of any Mortgage Loan that is done in connection
      with
      compliance with the Relief Act) which the Company reasonably anticipates may
      result in a realized loss of 20% or more of the outstanding principal balance
      of
      a Mortgage Loan, the Company shall present such proposed waiver, modification,
      postponement or indulgence, together with any supporting documentation, to
      the
      Master Servicer for consideration and approval.  The Company shall
      submit all waivers, modifications or variances of the terms of any Mortgage
      Loan
      with respect to partial releases, assumptions of mortgages or for modifications
      done in furtherance of compliance with Relief Act, together with any supporting
      documentation, to the Master Servicer for consideration and
      approval.

     

    (b)           The
      Purchase Agreement is hereby amended as of the date hereof by deleting in its
      entirety Exhibit X to the Purchase Agreement.

     

    SECTION
      3. Effect of Amendment.   Upon execution of this
      Amendment, the AAR Agreement shall be, and be deemed to be, modified and amended
      as of the date of the AAR Agreement in accordance herewith and the respective
      rights, limitations, obligations, duties, liabilities and immunities of the
      Assignor, the Assignee and GreenPoint shall hereafter be determined, exercised
      and enforced subject in all respects to such modifications and amendments,
      and
      all the terms and conditions of this Amendment shall be deemed to be part of
      the
      terms and conditions of the AAR Agreement for any and all purposes. Except
      as
      modified and expressly amended by this Amendment, the AAR Agreement is in all
      respects ratified and confirmed, and all the terms, provisions and conditions
      thereof shall be and remain in full force and effect.

     

    SECTION
      4. Binding Effect.   The provisions of this Amendment
      shall be binding upon and inure to the benefit of the respective successors
      and
      assigns of the parties hereto, and all such provisions shall inure to the
      benefit of the Assignor, the Assignee and GreenPoint.

     

    SECTION
      5. Severability of Provisions.   If any one or more of the
      provisions or terms of this Amendment shall be for any reason whatsoever held
      invalid, then such provisions or terms shall be deemed severable from the
      remaining provisions or terms of this Amendment and shall in no way affect
      the
      validity or enforceability of the other provisions or terms of this
      Amendment.

     

    SECTION
      6. Section Headings.   The section headings herein are for
      convenience of reference only, and shall not limit or otherwise affect the
      meaning hereof.

     

    SECTION
      7. Execution in Counterparts.  This Amendment may be executed by the
      parties hereto in several counterparts, each of which shall be executed by
      the
      parties hereto and be deemed an original and all of which shall constitute
      together by one and the same agreement.

     

    SECTION
      8. Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
      IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
      PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW WHICH SHALL GOVERN.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties have caused this Amendment to the AAR Agreement
      to
      be executed by their respective officers thereunto duly authorized as of the
      day
      and year first above written.

     

    
    

    
      	 	
              EMC
                MORTGAGE CORPORATION,

              as
                Assignor

            	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Caroline
              Bramon	 
	 	Name:	Caroline
              Bramon	 
	 	Title:	Senior
              Vice President	 
	 	 	 	 

    

     

     

     

    
      
        	 	
                
                  U.S.
                    BANK NATIONAL ASSOCIATION, not individually but solely as Trustee
                    for
                    

                  the
                    Bear Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed
                    Certificates, Series 2007-AC1,

                  as
                    Assignee

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/
                Maryellen
                Hunter	 
	 	Name:	 Maryellen
                Hunter	 
	 	Title:	 Assistant
                Vice President	 
	 	 	 	 

      

       

    

    

     

    
      	 	
              GREENPOINT
                MORTGAGE FUNDING, INC.

               

            	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Susan
              Davia	 
	 	Name:	Susan
              Davia	 
	 	Title:	Vice
              President	 
	 	 	 	 

    

     

     

     

    
      
        	 	
                
                  Acknowledged
                    and Agreed:

                   

                  EMC
                    MORTGAGE CORPORATION,

                  as
                    Master Servicer

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Mark
                Novachek	 
	 	Name:	Mark
                Novachek	 
	 	Title:	Assistant
                Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]