Document:

ex10_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
      10.1

     

    SIXTH
      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:       November 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, and that certain Fifth Amendment
      to
      Credit Agreement dated as of August 7, 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. In
      connection with taking liens against certain of the GK Assets (“GK Pledged Assets”), the Agent
      entered into a letter agreement with Borrower dated August 30, 2007 (“Further Action Letter”),
      wherein Borrower agreed to (i) take certain action as may be specified by the
      Agent with respect to environmental concerns pertaining to certain parcels
      of
      real property included within the GK Pledged Assets, or, (ii) in lieu thereof,
      to elect to remove one or more of such properties from the Available Amount
      Report and Available Amount calculations (each such parcel a “Released Property” and
      together the “Released
      Properties”), in which case Borrower would be entitled to have released
      the lien granted in favor of the Agent against each parcel of Released
      Property.

     

    C. Borrower
      has requested that the Agent and the Syndication Parties modify the Credit
      Agreement to allow the Agent to effect release of Released Properties pursuant
      to the Further Action Letter without the necessity of obtaining the consent
      thereto by the Required Lenders, which the Agent and the Syndication Parties
      are
      willing to do under the terms and conditions as set forth in this Sixth
      Amendment to Credit Agreement (“Sixth
      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           Subsection
      14.5.6 is amended by the addition of a new clause (f) to read as
      follows:

     

     

    14.5.6                      Release
      of Certain
      Liens. To take such action and execute such documents as may be
      reasonably necessary to release any liens on or security interests in any
      Collateral where Borrower is entitled to such release in connection with (a)
      Dispositions permitted pursuant to the provisions of Section 11.4(a), (b),
      and
      (c)(i) hereof, without the need to obtain the consent of any of the Syndication
      Parties or Voting Participants; (b) the replacement or removal of any Collateral
      (other than in connection with a Shut Down pursuant to the terms of Section
      10.15 hereof) where the book value of such Collateral is $5,000,000.00 or less,
      without the need to obtain the consent of any of the Syndication Parties or
      Voting Participants; (c) the removal of any facility from the Available Amount
      Report (and therefore, from calculation of the Available Amount) arising from
      a
      Shut Down pursuant to the provisions of Section 10.15 hereof where the book
      value of the Collateral subject to such Shut Down is $10,000,000.00 or less,
      without the need to obtain the consent of any of the Syndication Parties or
      Voting Participants; (d) dispositions permitted pursuant to the provisions
      of
      Section 11.4(c)(ii) hereof, with the consent of the Required Lenders; (e) the
      removal of any facility from the Available Amount Report (and therefore, from
      calculation of the Available Amount) arising from a Shut Down pursuant to the
      provisions of Section 10.15 where the book value of the Collateral subject
      to
      such Shut Down is more than $10,000,000.00, with the consent of the Required
      Lenders; and (f) the Administrative Agent’s receipt of a notice from Borrower
      that, pursuant to the provisions of that certain letter agreement between
      Borrower and the Administrative Agent dated August 30, 2007, Borrower has
      elected to withdraw from the calculation of the Available Amount one or more
      of
      the Sites (as defined in such letter agreement) as to which Borrower has been
      required to take Future Actions (as defined in such letter agreement) pursuant
      to the provisions of such letter agreement, provided that simultaneously with
      such release the Available Amount for such Site shall be automatically reduced
      by the Appraised Value for such Site as it was included in the latest Available
      Amount Report (or reduced as otherwise provided in such letter agreement if
      such
      Site was not specifically identified and included in the latest Available Amount
      Report), such release to be made without the need to obtain the consent of
      any
      of the Syndication Parties or Voting Participants.

    Clause
      (a) of Subsection 14.7.2 is amended by the addition of a reference to clause
      (f)
      of Subsection 14.5.6 so that such clause reads as follows:

     

    (a)           Consenting
      to any action or amendment, or granting any waiver with respect to, either
      the
      Revolving Loan or the Term Loan, not covered in Subsection 14.7.1 and except
      as
      provided in Subsection 14.5.6(a), (b), (c) or (f) hereof; or

     

    2.           Conditions
      to Effectiveness of this
      Sixth Amendment.  The effectiveness of this Sixth 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
      Sixth Amendment

     

    2.2           Syndication
      Parties Execution; Voting
      Participant Approval.  The Administrative Agent shall have
      received (a) written approval of this Sixth Amendment by at least the Required
      Lenders (including Voting Participants); and (b) a copy of this Sixth 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 Sixth
      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 Sixth 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 Sixth 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 Sixth Amendment shall have the meaning
      set
      forth in the Credit Agreement.

     

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

     

    3.5           Governing
      Law.  To
      the extent not governed by federal law, this Sixth 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 Sixth Amendment are for convenience only and in
      no
      way define, limit or describe the scope or intent of any provision of this
      Sixth
      Amendment.

     

    3.7           Counterparts.  This
      Sixth 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
      Sixth Amendment by telefax, facsimile, or e-mail transmission of an Adobe® file
      format document also shall deliver an original executed counterpart of this
      Sixth Amendment, but the failure to deliver an original executed counterpart
      shall not affect the validity, enforceability, and binding effect of this Sixth
      Amendment.

     

    [Signatures
      to follow on next
      page.]

     

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

    ADMINISTRATIVE
      AGENT:                                                                           CoBank,
      ACB

    

    

    By:  /s/
      James H.
      Matzat

    Name:                      James
      H. Matzat

    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/
      James H.
      Matzat

    Name:                      James
      H. Matzat

    Title:              Vice
      President

    

    

    Agriland,
      FCS

    

    

    By:  /s/
      Dwayne C.
      Young

    Name:                      Dwayne
      C. Young

    Title:              Chief
      Credit Officer

    

    Deere
      Credit, Inc.

    

    

    By:  /s/
      Mark A.
      Thompson

    Name:                      Mark
      A. Thompson

    Title:              Vice
      President, AFS Operations

    

    

    Bank
      of the West

    

    

    By:  /s/
      Larry L.
      Reding

    Name:                      Larry
      L. Reding

    Title:              Vice
      President

    

    

    John
      Hancock Life Insurance Company

    

    

    By:  /s/
      Bradley A.
      Pierce

    Name:                      Bradley
      A. Pierce

    Title:              Director

    

    

    The
      Variable Annuity Life Insurance Company

    

    By:              AIG
      Global Investment Corp.,

    Investment
      adviser

    

    By:  /s/
      William H.
      Hasson

    Name:                      William
      H. Hasson

    Title:              Managing
      Director

    

    

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

    

    By:              AIG
      Global Investment Corp.,

    Investment
      adviser

    

    By:
/s/
      William H.
      Hasson

    Name:                      William
      H. Hasson

    Title:              Managing
      Director

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Merit
      Life Insurance Co.

    

    By:              AIG
      Global Investment Corp.,

    Investment
      adviser

    

    By:
/s/
      William H.
      Hasson

    Name:                      William
      H. Hasson

    Title:              Managing
      Director

    

    

    American
      General Assurance Company

    

    By:              AIG
      Global Investment Corp.,

    Investment
      adviser

    

    By:
/s/
      William H.
      Hasson

    Name:                      William
      H. Hasson

    Title:              Managing
      Director

    

    AIG
      International Group, Inc.

    

    By:              AIG
      Global Investment Corp.,

    Investment
      adviser

    

    By:
/s/
      William H.
      Hasson

    Name:                      William
      H. Hasson

    Title:              Managing
      Director

    

    AIG
      Annuity Insurance Company

    

    By:              AIG
      Global Investment Corp.,

    Investment
      adviser

    

    By:
/s/
      William H.
      Hasson

    Name:                      William
      H. Hasson

    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

    

    

    

    GS
      MORTGAGE SECURITIES CORP.,

     

    Depositor,

     

    WASHINGTON
      MUTUAL BANK,
      as

    successor
      in interest to

    LONG
      BEACH MORTGAGE COMPANY,

     

    Master
      Servicer and Responsible Party

     

    and

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

     

    Trustee

     

                                                                         

     

    AMENDMENT
      NO. 2 dated as of

    NOVEMBER
      9, 2007 TO THE

     

    POOLING
      AND SERVICING AGREEMENT

     

    DATED
      AS
      OF JANUARY 1, 2006

     

                                                                        

     

    GSAMP
      TRUST 2006-S1

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

     

    SERIES
      2006-S1

     

    AMENDMENT
      NO. 2, dated as of November 9, 2007 (this “Amendment”), among GS MORTGAGE
      SECURITIES CORP., a Delaware corporation (the “Depositor”), WASHINGTON MUTUAL BANK, a federally
      chartered savings association, as successor in interest to LONG BEACH
      MORTGAGE COMPANY, a Delaware corporation, as responsible party (in such
      capacity, the “Responsible Party”) and as master servicer (in such capacity, the
“Master Servicer”), and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking
      association, as trustee (the “Trustee”) in connection with the Pooling and
      Servicing Agreement, dated as of January 1, 2006 (the “Agreement”), among the
      Depositor, the Master Servicer, the Responsible Party and the
      Trustee.  Capitalized terms not defined herein have the meanings
      assigned to them in the Agreement.

     

    1.           This
      Amendment is effected pursuant to the first paragraph of Section 10.01 of the
      Agreement.

     

    2.           Article
      I of the Agreement is hereby amended by deleting in its entirety the definition
      of “Released Loan” and replacing it with the following:

    

    Released
      Loan: Any Charged Off Loan that is released by the Master Servicer to the Class
      X-1 Certificateholder pursuant to Section 3.15(b). Any Released Loan will no
      longer be an asset of any REMIC or the Trust Fund; provided that in accordance
      with the provisions of Section 3.15(b)(ii), any Responsible Party Payment made
      with respect to a Released Loan shall be included in Available Funds and treated
      as a Subsequent Recovery.

     

    3.           Article
      I of the Agreement is hereby amended by adding the following definition of
      “Responsible Party Payment”:

    

    Responsible
      Party Payment: Any payment made by the Responsible Party to the Depositor,
      the
      Master Servicer or the Trustee in respect of a Charged Off Loan that has become
      a Released Loan.

    

     

    4.           Article
      I of the Agreement is hereby amended by deleting in its entirety the definition
      of “Subsequent Recovery” and replacing it with the following:

     

    Subsequent
      Recoveries:  (a) Amounts received with respect to any Liquidated
      Mortgage Loan after it has become a Liquidated Mortgage Loan and, in the case
      of
      a Charged Off Loan, prior to such Liquidated Mortgage Loan becoming a Released
      Loan or (b) any Responsible Party Payment made by the Responsible Party after
      a
      Charged Off Loan becomes a Released Loan in accordance with Section 3.15(b)(ii)
      hereof.

     

    

     

    5.           Article
      II of the Agreement is hereby amended by deleting in its entirety subsection
      (e)
      of Section 2.03 and replacing it with the following:

    

     

    (e)           The
      Responsible Party hereby acknowledges and agrees that the remedies available
      to
      the Depositor, the Master Servicer and the Trustee in connection with any breach
      of the representations and warranties made by the Responsible Party with respect
      to the Mortgage Loans (including any Released Loan) set forth in Subsections
      (b)
      and (c) hereof shall be as set forth in Section 3.3 of the Purchase Agreement
      as
      if they were set forth herein (including without limitation the repurchase
      and
      indemnity obligations set forth therein) and such remedies shall be enforceable
      directly by the Depositor, the Master Servicer and the Trustee directly under
      this Agreement.

     

    

     

    6.           Article
      III of the Agreement is hereby amended by deleting in its entirety subsection
      (b) of Section 3.15 and replacing it with the following:

    

    (b)(i)     With
      respect to any Mortgage Loan that is 180 days delinquent, the Master Servicer
      shall charge off such delinquent Mortgage Loan.  Once a Mortgage Loan
      has been charged off, the Master Servicer will discontinue making P&I
      Advances, the Master Servicer will not be entitled to any additional servicing
      compensation in respect of such Charged Off Loan and the Charged Off Loan will
      give rise to a Realized Loss.  Any such Charged Off Loan will be
      released from the Trust Fund (a “Released Loan”), will no longer be an asset of
      any REMIC, and will be transferred to the Class X-1 Certificateholders, without
      recourse, and thereafter, subject to clause (b)(ii) below, (i) the Class X-1
      Certificateholder will be entitled to any amounts subsequently received in
      respect of any such Released Loan (other than as set forth in clause (b)(ii)
      below), (ii) the Class X-1 Certificateholder may designate any servicer to
      service any such Released Loan and (iii) the Class X-1 Certificateholder may
      sell any such Released Loan to a third party.  Once a Mortgage Loan is
      charged off and discharged from the Trust  pursuant to this Section
      3.15(b)(i), the Master Servicer shall not be obligated to service such Mortgage
      Loan.  The Master Servicer may cease any collection efforts with
      respect to such Mortgage Loan, and statements of account may no longer be sent
      to such Mortgagor.  The Master Servicer shall write off each charged
      off Mortgage Loan as bad debt.

    

    (ii)           With
      respect to any Charged Off Loan that is discharged from the Trust pursuant
      to
      this Section 3.15(b), any Responsible Party Payment made in respect of such
      Released Loan by the Responsible Party shall be deposited in the Collection
      Account by the Master Servicer pursuant to Section 3.10 on or before the next
      Remittance Date and included in Available Funds as a Subsequent
      Recovery.

    

    7.           Conditions
      Precedent to this Amendment:  The following conditions precedent to
      the effectiveness of this Amendment have been fulfilled:

    

     

    (a)  The
      prior
      notice of this Amendment required by Section 10.01 of the Agreement has been
      given by the Depositor to each of the Rating Agencies, currently Moody's
      Investors Service, Inc. and Fitch, Inc., and the Trustee hereby acknowledges
      receipt of copies thereof.

     

    (b)  The
      opinions of counsel required by Section 10.01 of the Agreement have been
      received by the Trustee.

     

    8.           This
      Amendment is subject to the terms of the Agreement as modified and supplemented
      herein.  The Agreement continues in full force and effect as modified
      herein and provided therein.

    

    The
      undersigned have executed this Amendment as of the date hereof.

    

    

    
      	 	 	 	 	 	 	 	
              GS
                MORTGAGE SECURITIES CORP.,

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Kevin Gasvoda
	 	 	 	 	 	 	 	
              Name:

            	Kevin
              Gasvoda
	 	 	 	 	 	 	 	
              Title:

            	Vice
              President

    

    

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY,

              solely
                as Trustee and not in its individual capacity

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Mei Nghia
	 	 	 	 	 	 	 	
              Name:

            	Mei
              Nghia
	 	 	 	 	 	 	 	
              Title:

            	Authorized
              Signer

    

    

    

    
      	 	 	 	 	 	 	 	
              By:

            	/s/
              Manuel Rivas
	 	 	 	 	 	 	 	
              Name:

            	Manuel
              Rivas
	 	 	 	 	 	 	 	
              Title:

            	Authorized
              Signer

    

    

    

    
      	 	 	 	 	 	 	 	
              WASHINGTON
                MUTUAL
                BANK,

              as
                successor in interest
                to

              LONG
                BEACH MORTGAGE COMPANY,

              as
                Responsible Party

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Trisha Lowe
	 	 	 	 	 	 	 	
              Name:

            	Trisha
              Lowe
	 	 	 	 	 	 	 	
              Title:

            	Vice
              President

    

    

    

    
      	 	 	 	 	 	 	 	
              WASHINGTON
                MUTUAL
                BANK,

              as
                successor in interest
                to

              LONG
                BEACH MORTGAGE COMPANY,

              as
                Master Servicer

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Trisha Lowe
	 	 	 	 	 	 	 	
              Name:

            	Trisha
              Lowe
	 	 	 	 	 	 	 	
              Title:

            	Vice
              President

    

     

     

    
      	
              PRIOR
                CONSENT HERETO IS HEREBY

              GIVEN:

            	 
	 	 
	
              GOLDMAN,
                SACHS & CO.,

              as
                Holder of Class X-1 Certificates representing a 100.00% Percentage
                Interest in such Class

            	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	/s/
              Kevin Gasvoda	 	 
	
              Name:

            	Kevin
              Gasvoda	 	 
	
              Title:

            	Managing
              Director

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