Document:

Exhibit 10.1

FIRST AMENDMENT TO

AMENDED AND RESTATED LOAN AGREEMENT

          This FIRST
AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”) is made as
of March 18, 2011, by and between SOY ENERGY, LLC, an Iowa limited liability
company (the “Borrower”), and OSM-REO FF, LLC, a Minnesota limited liability
company (the “Lender”). 

RECITALS

          A.
      Borrower and Lender
have entered into an Amended and Restated Loan Agreement dated as of September
30, 2010 (the “Loan Agreement”). 

          B.
      Borrower and Lender
desire to amend the Loan Agreement pursuant to the terms of this Amendment. 

          NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration the receipt and sufficiency of which is hereby acknowledged,
the Borrower and the Lender agree as follows: 

          1.      
Capitalized Terms. All capitalized terms used and not otherwise defined herein shall have
the same meanings given to them in the Loan Agreement.  

          2.       Amendments.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.1

 	
      Amendments
 to Section 1.01. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (A)

 	
      The
 following definition is added to Section 1.01 of the Loan Agreement:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           “Adjusted
 Member Equity” – total member equity as determined by GAAP, less an amount
 equal to the reasonably estimated fair market value of the Tangible Property
 (as defined in the Security Agreement) listed on Schedule 2 to the Security
 Agreement to the extent such Tangible Property has not been incorporated into
 the Project.

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	

 (B)

 	
      The definition of Debt to Equity Ratio is amended to read as follows:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           “Debt to
 Equity Ratio” – with respect to any fiscal period, the ratio of (i)
 Indebtedness to (ii) Adjusted Member Equity.

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.2

 	
      Amendment
to Section 5.21. Section 5.21 of the Loan Agreement is amended to read as
follows:  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Section 5.21 Debt to Equity Ratio. Maintain at all times a
 Debt to Equity Ratio no greater than 1.0 to 1.0. 

 

          3.      No
Other Amendments Intended. Except as specifically provided herein, no other
amendment of the Loan Documents is intended and all other terms and conditions
of the Loan Documents shall remain in full force and effect and shall not be
modified or released in any way by this Amendment. Borrower hereby ratifies and
reaffirms all of Borrower’s obligations under the Loan Documents as amended
hereby. 

          4.      No
Impairment of Lien. Nothing in this Amendment shall affect the lien of the
Mortgage or any of the other Loan
Documents or the priority of such liens over any other liens, charges,
encumbrances or conveyances, nor release or change the liability of any party
who may now be or after the date of this Amendment become, liable, primarily or
secondarily, under the Loan Documents. 

          5.
      Representations and Warranties of
Borrower. Borrower represents and warrants to Lender as follows: 

	
  

 	
  

 	
  

 
	
  

 	
           a.          Qualification
 of Undersigned. The person executing this Amendment on behalf of Borrower
 is familiar with the facts herein represented and warranted and is duly
 authorized to represent and warrant the same and to execute this Amendment. 

 
	
  

 	
  

 	
  

 
	
  

 	
           b.          Representations
 and Warranties in Loan Documents. The representations and warranties of
 Borrower contained in the Loan Documents are true and correct in all material
 respects as of the date of this Amendment as if such representations and
 warranties were made effective as of such date. 

 
	
  

 	
  

 	
  

 
	
  

 	
           c.          Due
 Authorization. The execution, delivery and performance by Borrower of
 this Amendment have been duly authorized by all necessary action on the part
 of Borrower. This Amendment has been duly executed and delivered by Borrower
 and, assuming the due execution and delivery of this Amendment by Lender,
 constitutes the legal, valid and binding obligations of Borrower enforceable
 against Borrower in accordance with its terms, except as such enforceability
 may be limited by applicable bankruptcy, insolvency, reorganization,
 moratorium or similar laws or equitable principles affecting the enforcement
 of creditors’ rights generally. 

 
	
  

 	
  

 	
  

 
	
  

 	
           d.          Borrower’s
 Claims; Release of Lender. Borrower acknowledges that all obligations
 under the Loan Documents remain in full force and effect and that Borrower
 has no defenses, counterclaims or claims of offset with regard to its
 obligations under the Loan Documents. 

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Miscellaneous. 

 
	
  

 	
  

 	
  

 
	
  

 	
           a.          Lender’s
 Expenses. Borrower agrees to reimburse Lender upon demand for all
 reasonable out-of-pocket expenses incurred by Lender in connection with this
 Amendment including, but not limited to, legal expenses and attorneys’ fees
 sustained by Lender in connection with the preparation of this Amendment. 

 

2

	
  

 	
  

 	
  

 
	
  

 	
           b.          Severability;
 Counterparts. If any provision of this Amendment is adjudicated to be
 invalid, illegal or enforceable, in whole or in part, it will be deemed
 omitted to that extent and all other provisions of this Amendment will remain
 in full force and effect. This Amendment may be executed in one or more
 counterparts and by the different parties hereto on separate counterparts,
 each of which, when so executed, shall be deemed to be an original; such
 counterparts, together, shall constitute one and the same agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
           c.           Assignment.
 This Amendment shall be binding upon and inure to the benefit of the parties
 and their respective heirs, legal representatives, successors and assigns.

 

[The remainder of this page has been left
blank intentionally.]

3

          IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be duly executed as
of the day and year first above written. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BORROWER:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 SOY ENERGY,
 LLC, an Iowa limited liability company

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Charles
 Sand

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
 Charles Sand

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Its:

 	
 Chairman

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 LENDER:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 OSM-REO FF,
 LLC, a Minnesota limited liability
 company

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	 /s/ S. Lunde
 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 	 Stephanie Lunde
 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Its:

 	 Chief Managerex4_1-f8k03162011.htm

Exhibit 4.1(a)

AMENDMENT NO. 7 TO THE AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 7 TO THE AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of March 16, 2011, is among VOLT FUNDING CORP., a Delaware corporation (the “Seller”), VOLT INFORMATION SCIENCES, INC., a New York corporation, in its individual capacity (“Volt”) and in its capacity as servicer (in such capacity, the “Servicer”), MARKET STREET FUNDING LLC, a Delaware limited liability company (“Market Street”), as a Buyer (the “Buyer”), PNC BANK, NATIONAL ASSOCIATION, a national banking association, (“PNC”), as Buyer Agent for Market Street, (the “Buyer Agent”), and PNC BANK, NATIONAL ASSOCIATION, a national banking association, as Administrator (in such capacity, the “Administrator”).

 

BACKGROUND

 

WHEREAS, the delivery of Volt’s audited financial statements for its fiscal years ended November 1, 2009 and October 31, 2010 continue to be delayed, in both cases pending the completion by Volt and its auditors of their analysis regarding the proper treatment of certain accounting principles, and that as a result of that analysis Volt also will or may need to restate certain prior period financials; and

 

WHEREAS, to accommodate the foregoing, the Seller, the Servicer, Volt, the Buyer, the Buyer Agent and the Administrator desire to amend the Amended and Restated Receivables Purchase Agreement dated as of June 3, 2008, among the Seller, the Servicer, Volt, the Buyer, the Buyer Agent and the Administrator (as amended, supplemented and/or otherwise modified prior to giving effect to this Amendment, the “Amended and Restated Receivables Purchase Agreement”);

 

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

 

SECTION 1.  Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Amended and Restated Receivables Purchase Agreement.

 

SECTION 2.  Amendments to Amended and Restated Receivables Purchase Agreement. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Amended and Restated Receivables Purchase Agreement is hereby amended as follows:

 

(a)    Section 8.01 of the Amended and Restated Receivables Purchase Agreement is hereby amended to add the following subsection at the end thereof:

 

“(n)  Taxes.    The Seller has filed or caused to be filed all U.S. federal income tax returns and all other material returns, statements, forms and reports for taxes, domestic or foreign,

  

  

  

 

filed by it and has paid or has made adequate provision for payment of all taxes reflected therein payable by it which have become due or any material assessments made against it or any of its property and all other material taxes, fees or other charges imposed on it or any of its property by any Official Body other than any taxes or assessments that are being contested in good faith and by appropriate proceedings diligently conducted, and for which adequate reserves have been set aside in accordance with GAAP.”

 

(b)    Section 8.03 of the Amended and Restated Receivables Purchase Agreement is hereby amended to add the following subsection at the end thereof:

 

“(j)  Taxes.    The Servicer has filed or caused to be filed all U.S. federal income tax returns and all other material returns, statements, forms and reports for taxes, domestic or foreign, required to be filed by it and has paid or has made adequate provision for payment of all taxes reflected therein payable by it which have become due or any material assessments made against it or any of its property and all other material taxes, fees or other charges imposed on it or any of its property by any Official Body other than any taxes or assessments that are being contested in good faith and by appropriate proceedings diligently conducted, and for which adequate reserves have been set aside in accordance with GAAP.”

 

(c)    Section 9.03(b)(ii) of the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following:

 

“(ii)  as soon as practicable and in any event within 100 days after the close of each fiscal year of the Servicer during the term of this Agreement, an audited consolidated balance sheet of the Servicer and its consolidated subsidiaries as at the close of such fiscal year and audited consolidated statements of income and cash flows of the Servicer and its consolidated subsidiaries for such fiscal year, setting forth in each case in comparative form the corresponding figures for the preceding fiscal year and prepared in accordance with GAAP consistently applied throughout the periods reflected therein, all in reasonable detail and certified (with respect to the consolidated financial statements) by independent certified public accountants of recognized standing selected by the Servicer and satisfactory to the Administrator, whose certificate or opinion accompanying such financial statements shall not contain any qualification, exception or scope limitation not satisfactory to the Administrator; provided, however, (A) that with respect to such audited consolidated balance sheets of the Servicer and its consolidated subsidiaries as of the close of the fiscal years ended November 1, 2009 and October 31, 2010 and such audited 

  

2

  

 

consolidated statements of income and cash flows of the Servicer and its consolidated subsidiaries for the fiscal years ended November 1, 2009 and October 31, 2010, such balance sheets, statements of income and cash flows shall be furnished to the Administrator and each Buyer Agent no later than February 7, 2012 and (B) the Administrator and each Buyer Agent shall receive no later than September 30, 2011 unaudited consolidated balance sheets of the Servicer and its consolidated subsidiaries as of the close of the fiscal years ended November 1, 2009 and October 31, 2010 and the unaudited consolidated statements of income and cash flows of the Servicer and its consolidated subsidiaries for the fiscal years ended November 1, 2009 and October 31, 2010, it being understood that such unaudited consolidated balance sheets and consolidated statements of income and cash flows shall be (1) restated and reflect the effect of the correction of errors in the application of certain accounting principles and methodologies and (2) subject to customary year-end audit adjustment.”

 

(d)    Exhibit I to the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with Exhibit I attached hereto.

 

(e)    Commencing with the quarterly financial statements required to be delivered by the Servicer for its first fiscal quarter in fiscal year 2012, such quarterly financial statements shall conform to the requirements of Section 9.03(b)(i) of the Amended and Restated Receivables Purchase Agreement. Prior thereto, the Servicer may, in its discretion, continue to prepare quarterly financial statements in the manner being prepared as of the date of this Amendment.

 

(f)     It is understood and agreed that, in lieu of the requirements set forth in Section 9.01(i)(3) and Section 9.03(i)(3) of the Amended and Restated Receivables Purchase Agreement, the parties have agreed that the Administrator (directly or through its designee, including, without limitation, Protiviti Inc.) may examine Seller’s books and records, directly, to determine the matters referenced in those sections.

 

SECTION 3.  Representations and Warranties.  Each of the Seller and Servicer hereby represents and warrants to the Buyer, the Buyer Agent and the Administrator, as of the date hereof, as follows:

 

(a)    the representations and warranties of the Seller and the Servicer contained in Article VIII of the Amended and Restated Receivables Purchase Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date (except for representations and warranties which apply as to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); and 

  

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(b)    no event has occurred and is continuing, or would result from such respective amendment, that constitutes a Termination Event or Potential Termination Event.

 

SECTION 4.  Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

 

(a)    Administrator shall have received a fully executed counterpart of this Amendment from each of the parties hereto;

 

(b)    each representation and warranty of the Seller, Volt, and Servicer contained herein or in any other Purchase Document (after giving effect to this Amendment) shall be true and correct;

 

(c)    no Termination Event, as set forth in Section 10.01 of the Amended and Restated Receivables Purchase Agreement, shall have occurred and be continuing;

 

(d)    Administrator shall have received (i) a fully executed copy of (A) Amendment No. 5 to the Receivables Sale and Contribution Agreement, dated as of April 12, 2002 between Seller and Volt, (B) the Fourth Amended and Restated Fee Letter, dated as of the date hereof among the Buyer, Buyer Agent and the Seller and (ii) the fees due pursuant to such Fourth Amended and Restated Fee Letter; and

 

(e)    all proceedings taken in connection with this Amendment and all documents relating hereto shall be reasonably satisfactory to Administrator, Buyer Agent and the Buyer and their respective counsel, and each such Person shall have received copies of such documents as they may reasonably request in connection therewith, all in form and substance reasonably satisfactory to each such Person.

 

SECTION 5.  Restated Financials.  In the event that the analysis described in the recitals to this Amendment results in the restatement of any prior period financial statements of Volt that previously had been furnished by the Servicer to the Administrator, then, as promptly as practicable following any such restatement, the Servicer shall furnish the Administrator with such restated financial statements.

 

SECTION 6.  Amendment.  Seller, Servicer, Buyer Agent, Buyer and Administrator hereby agree that the provisions and effectiveness of this Amendment shall apply to the Amended and Restated Receivables Purchase Agreement as of the date hereof.  Except as amended by this Amendment, the Amended and Restated Receivables Purchase Agreement remains unchanged and in full force and effect.  This Amendment is a Purchase Document.

 

SECTION 7.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE

  

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STATE OF NEW YORK.  This Amendment may not be amended, supplemented or waived except pursuant to a writing signed by the party to be charged.  This Amendment may be executed in counterparts, and by the different parties on different counterparts, each of which shall constitute an original, but all together shall constitute one and the same agreement.  The section and other headings contained in this Amendment are for reference purposes only and shall not control or affect the construction of this Amendment or the interpretation hereof in any respect.

 

SECTION 8.  Each party hereto hereby covenants and agrees that prior to the date which is one year and one day after the payment in full of all outstanding commercial paper notes or other indebtedness of Market Street, it will not institute against or join any other Person in instituting against Market Street any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.  The agreements set forth in this Section 8 and the parties’ respective obligations under this Section 8 shall survive the termination of this Amendment.

 

SECTION 9.  Market Street shall not have any obligation to pay any amounts owing hereunder unless and until Market Street has received such amounts pursuant to the Participation Interest and such amounts are not necessary to pay outstanding commercial paper notes or other outstanding indebtedness of Market Street.  In addition, each party hereto hereby agrees that no liability or obligation of Market Street hereunder for fees, expenses or indemnities shall constitute a claim (as defined in Section 101 of Title 11 of the United States Bankruptcy Code) against Market Street unless Market Street has received cash from the Participation Interest sufficient to pay such amounts, and such amounts are not necessary to pay outstanding commercial paper notes or other indebtedness of Market Street.  The agreements set forth in this Section 9 and the parties’ respective obligations under this Section 9 shall survive the termination of this Amendment.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

 

 

 

	 	
VOLT FUNDING CORP., as Seller

	 
	 	 	 
	 	By:  	/s/ Ludwig M. Guarno	 
	 	
Name:  

	Ludwig M. Guarno	 
	 	Title:  	Senior Vice President & Treasurer	 

 

 

 

 

 

 

S-1

Amendment No. 7 to A&R RPA

  

  

 

 

 

	 	

VOLT INFORMATION SCIENCES, INC.,

    individually and as Servicer

	 
	 	 	 
	 	By:  	/s/ Jack Egan	 
	 	
Name:  

	Jack Egan	 
	 	Title:  	Senior Vice President & CFO	 

 

 

 

 

 

 

 

 

 

 

 

S-2

Amendment No. 7 to A&R RPA

  

  

 

 

	 	

MARKET STREET FUNDING LLC, as a

    Buyer

	 
	 	 	 
	 	By:  	/s/ Doris J. Hearn	 
	 	
Name:  

	Doris J. Hearn	 
	 	Title:  	Vice President	 

 

 

 

 

 

 

 

 

S-3

Amendment No. 7 to A&R RPA

  

  

 

 

	 	

PNC BANK, NATIONAL ASSOCIATION, as

    a Buyer Agent

	 
	 	 	 
	 	By:  	/s/ Michael Richards	 
	 	
Name:  

	Michael Richards	 
	 	Title:  	Senior Vice President	 

 

 

 

 

 

 

 

S-4

Amendment No. 7 to A&R RPA

  

  

 

 

	 	

PNC BANK, NATIONAL ASSOCIATION, as

    Administrator

	 
	 	 	 
	 	By:  	/s/ William P. Falcon	 
	 	
Name:  

	William P. Falcon	 
	 	Title:  	Vice President	 

 

 

 

 

 

 

 

S-5

Amendment No. 7 to A&R RPA

  

  

Exhibit I

to Amended and Restated

Receivables Purchase Agreement

Banking Institution Closure Dates

 

	
Holiday

	
2011

	
2012

	
2013

	
Comments

	
New Year’s Day

	
Fri., Dec. 31

	
Mon., Jan. 2

	
Tues. Jan. 1

	
**January 1, 2011 falls on a Saturday. For Most Federal employees, Friday, December 31, 2010 will be treated as a holiday for pay and leave purposes.

	
Martin Luther King Jr. Day

	
Mon., Jan. 17

	
Mon., Jan. 16

	
Mon., Jan. 21

	
**Third Monday in January

	
Washington’s Birthday

	
Mon., Feb 21

	
Mon., Feb 20

	
Mon., Feb 18

	
**Third Monday in February

	
Memorial Day

	
Mon., May 30

	
Mon., May 28

	
Mon., May 27

	
**Obs. Last Monday of May

	
Independence Day

	
Mon., July 4

	
Wed., July 4

	
Thurs., July 4

	  
	
Labor Day

	
Mon., Sep. 5

	
Mon., Sep. 3

	
Mon., Sep. 2

	
**First Monday in September

	
Columbus Day

	
Mon., Oct 10

	
Mon., Oct 8

	
Mon., Oct 14

	
**Second Monday in October

	
Veterans Day

	
Fri., Nov. 11

	
Mon., Nov. 12

	
Mon., Nov. 11

	  
	
Thanksgiving Day

	
Thurs., Nov. 24

	
Thurs., Nov. 22

	
Thurs., Nov. 28

	
**Last Thursday in November

	
Christmas Day

	
Mon., Dec. 26

	
Tues., Dec. 25

	
Wed., Dec. 25

	  

I-1

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