Document:

EX-10.1

 Exhibit 10.1 
 SANDERSON FARMS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 

This First Amendment to Credit Agreement (herein, the “Amendment”) is entered into as of October 4, 2012, among
Sanderson Farms, Inc., a Mississippi corporation, the Banks party hereto, and BMO Harris Bank N.A., formerly known as Harris N.A., as Agent for the Banks, (“Agent”). 

PRELIMINARY STATEMENTS 
 A. The Company, the several financial institutions from time to time party thereto, and the Agent are parties to a Credit Agreement dated as of February 23, 2011 (the “Credit
Agreement”). All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. 
 B. The Company has requested that the Required Banks amend the Credit Agreement, and the Required Banks are willing to do so on the terms and conditions set forth in this Amendment. 

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

	1.	AMENDMENTS. 

 Upon
satisfaction of all of the conditions precedent set forth in Section 2 hereof, the Credit Agreement shall be amended to read as follows: 
 1.1. The table included in the definition of the term “Applicable Margin” contained in Section 4 of the Credit Agreement shall be amended to read as follows: 

 

											
	 	  	LEVEL I	  	LEVEL II	  	LEVEL III	  	LEVEL IV	  	LEVEL V
	 Leverage Ratio
	  	<25%	  	3 25% and
<35%	  	3 35% and
<45%	  	3 45% and
<55%	  	355%
	 Eurodollar Loans and L/C Participation Fee
	  	2.00%	  	2.25%	  	2.75%	  	3.25%	  	3.75%
	 Domestic Rate Loans
	  	1.00%	  	1.25%	  	1.75%	  	2.25%	  	2.75%
	 Commitment Fee
	  	0.35%	  	0.40%	  	0.45%	  	0.50%	  	0.50%

 1.2. Section 7.9 of the Credit Agreement shall be amended to read as follows:

 Section 7.9. Consolidated Tangible Net Worth. The Company will maintain at all times Consolidated
Tangible Net Worth during each fiscal year of the Company in an amount not less than $478,000,000 through October 30, 2012 and $400,000,000 from and after October 31, 2012, increasing on the last day of each fiscal quarter (commencing with
the fiscal quarter ending January 31, 2013) by an amount equal to (a) 100% of any Net Proceeds of Stock issued during such quarter plus (b) 60% of an amount (but not less than zero) equal to (i) the
Company’s Consolidated Net Income for such fiscal quarter, minus (ii) the lesser of (x) $4,000,000 and (y) the aggregate amount of all dividends declared during such fiscal quarter rounded to the next
highest $100,000. 
 1.3. Section 7.10 of the Credit Agreement shall be amended to read as follows: 

Section 7.10. Consolidated Indebtedness for Borrowed Money to Total Capitalization. The Company will not
permit the ratio of its Consolidated Indebtedness for Borrowed Money to its Total Capitalization (the “Leverage Ratio”), expressed as a percentage, at any time to exceed 55% from the date of this Agreement through October 30,
2014, and 50% from and after October 31, 2014 (at any time, the “Scheduled Ratio”); provided that the Company may elect to increase the maximum Leverage Ratio permitted by this Section (the “Maximum Leverage
Ratio”) by 5% above the Scheduled Ratio then in effect (e.g., 55% to 60%) for four consecutive fiscal quarters by giving written notice to the Agent of such election (the “Increase Notice”) in connection with the
construction of either of two new poultry processing complexes at locations to be determined by the Borrower but within the United States (such poultry processing complexes are referred to collectively as the “New Processing Complexes”
and individually as a “New Processing Complex”). The Maximum Leverage Ratio will increase to a level 5% above the Scheduled Ratio then in effect on the first day of the fiscal quarter in which the Agent receives the Increase
Notice and will continue in effect at such level for the following three fiscal quarters, provided that the Maximum Leverage Ratio shall revert to the Scheduled Ratio if the Company has not begun and does not begin construction of the New
Processing Complex described in the applicable Increase Notice within three months of the date on which the Agent receives the Increase Notice. The Company may give only one Increase Notice during the term of this Agreement. 

  
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 1.4. Section 7.11 of the Credit Agreement shall be amended to read as follows:

 Section 7.11. Capital Expenditures. (a) The Company will not, and will not permit any
Subsidiary to, spend or be obligated to spend during any fiscal year for capital expenditures (as defined and classified in accordance with generally accepted accounting principles consistently applied, including without limitation any such capital
expenditures in respect of Capitalized Leases but excluding any acquisition permitted by Section 7.14(d) which might constitute such a capital expenditure and the capital expenditures permitted by clause (b) below) in an aggregate amount
for the Company and its Subsidiaries in excess of $55,000,000 for the Company’s fiscal year ending October 31, 2012 and for each fiscal year of the Company thereafter, plus in each case up to $10,000,000 (the “Carryover
Amount”) permitted to be spent in the preceding fiscal year but not actually spent therein. For purposes of this Section, any capital expenditures made in any fiscal year shall be applied first to the Carryover Amount, if any, available
during such fiscal year. 
 (b) The Company will not, and will not permit any Subsidiary to, spend or be
obligated to spend capital expenditures (as defined and classified in accordance with generally accepted accounting principles consistently applied) in connection with the construction of up to two New Processing Complexes in excess of $125,000,000
with respect to each such New Processing Complex during the term of this Agreement. 
  

	2.	CONDITIONS PRECEDENT. 

 The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 
 2.1. The Company and the Required Banks shall have executed this Amendment. 
 2.2.
Each Guarantor Subsidiary shall have executed the Guarantors’ Acknowledgment attached hereto. 
 2.3. The Company shall
have paid to the Agent for the ratable benefit of the Banks that execute this Amendment an amendment fee in an amount equal to one-tenth of one percent (0.10%) of the amount of each such Bank’s Revolving Credit Commitment, which fee shall be
fully earned when paid and shall be non-refundable. 
 2.4. The Company shall have paid to Bank of Montreal, acting under its
trade name BMO Capital Markets, as Sole Lead Arranger and Sole Book Runner (in such capacity, the “Arranger”), for its own account such fee as the Company and the Arranger have agreed in writing, which fee shall be fully earned when
paid and shall be non-refundable. 

  
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	3.	REPRESENTATIONS AND WARRANTIES. 

 3.1. Each of the representations and warranties set forth in Section 5 of the Credit Agreement is true and correct. 
 3.2. The Company is in full compliance with all of the terms and conditions of the Credit Agreement and no Event of Default or Potential Default has occurred and is continuing thereunder or shall result
after giving effect to this Amendment. 
  

	4.	MISCELLANEOUS. 

4.1. Reference to this specific Amendment need not be made in any note, document, letter, certificate, the Credit Agreement itself, the
Revolving Notes, or any communication issued or made pursuant to or with respect to the Credit Agreement or the Revolving Notes, any reference to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby. 

4.2. This Amendment may be executed in any number of counterparts, and by the different parties on different counterparts, all of which
taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. This Amendment shall
be governed by the internal laws of the State of Illinois. 
 [SIGNATURE PAGES TO
FOLLOW] 

  
 -4-

 This Amendment is entered into as of the date and year first above written. 

 

					
	SANDERSON FARMS, INC.
		
	By	 	/s/ D.M. Cockrell
			
		 	Its  	 	Treasurer and CFO

 Accepted and agreed to as of the date and year first above written. 

 

					
	 BMO HARRIS BANK N.A.,
     individually and as Agent

		
	By	 	/s/ Manuel J. Diaz
		
		 	Its Director

  

					
	BANK OF MONTREAL, as an L/C Issuer
		
	By	 	/s/ Manuel J. Diaz
			
		 	Its  	 	Director

  

					
	BMO HARRIS FINANCING, INC.
		
	By	 	/s/ Manuel J. Diaz
			
		 	Its  	 	Director

  

					
	REGIONS BANK
		
	By	 	/s/ Stanley A. Herren
			
		 	Its  	 	Senior Vice President

  
 Signature Page

 Sanderson Farms, Inc. 
 First Amendment to Credit Agreement 

 
					
	AGFIRST FARM CREDIT BANK
		
	By	 	/s/ Steven J. O’Shea
			
		 	Its  	 	Vice President

  

					
	ING CAPITAL LLC
		
	By	 	/s/ Evelin Herrera
			
		 	Its  	 	Vice President
			
	By	 	 	 	 
			
		 	Its  	 	 

  

					
	US BANK NATIONAL ASSOCIATION
		
	By	 	/s/ [illegible]
			
		 	Its  	 	Vice President

  

					
	FARM CREDIT SERVICES OF AMERICA, PCA
		
	By	 	/s/ Gary Mazour
			
		 	Its  	 	Vice President

  

					
	FARM CREDIT BANK OF TEXAS
		
	By	 	/s/ Alan Robinson
			
		 	Its  	 	Vice President

  

					
	COMPASS BANK
		
	By	 	/s/ Jason Goetz
			
		 	Its  	 	Vice President

  
 Signature Page

 Sanderson Farms, Inc. 
 First Amendment to Credit Agreement 

 
					
	TRUSTMARK NATIONAL BANK
		
	By	 	/s/ William H. Edwards
			
		 	Its  	 	First Vice President

  

					
	BANK OF THE WEST
		
	By	 	/s/ Trevor Svoboda
			
		 	Its  	 	Vice President

  

					
	FARM CREDIT SERVICES OF MID-AMERICA, PCA
		
	By	 	/s/ [illegible]
			
		 	Its  	 	VP Capital Markets

  

					
	 UNITED FCS, PCA, d/b/a FCS COMMERCIAL
     FINANCE GROUP

		
	By	 	/s/ Lisa Caswell
			
		 	Its  	 	Vice President

  

					
	PNC Bank, N.A.
		
	By	 	/s/ [illegible]
			
		 	Its  	 	SVP

  

					
	GREEN STONE FARM CREDIT SERVICES, ACA
		
	By	 	/s/ Alfred S. Compton, Jr.
			
		 	Its  	 	SVP / Managing Director

  
 Signature Page

 Sanderson Farms, Inc. 
 First Amendment to Credit Agreement 

 
					
	FARM CREDIT WEST, PCA
		
	By	 	/s/ Ben Madonna
			
		 	Its  	 	Vice President

  

					
	AGSTAR FINANCIAL SERVICES, PCA
		
	By	 	/s/ Troy Mostaert
			
		 	Its  	 	Vice President

  

					
	1ST FARM CREDIT SERVICES, PCA
		
	By	 	/s/ Dale Richardson
			
		 	Its  	 	Vice President, Capital Markets

  

					
	NORTHWEST FARM CREDIT SERVICES, PCA
		
	By	 	/s/ Carol Sobson
			
		 	Its  	 	Vice President

  

					
	AMERICAN AG CREDIT, PCA
			
	By	 	 	 	 
			
		 	Its  	 	 

  
 Signature Page

 Sanderson Farms, Inc. 
 First Amendment to Credit Agreement 

 GUARANTORS’ ACKNOWLEDGMENT 

The undersigned, each of which has executed and delivered to the Banks a Guaranty Agreement dated as of February 23, 2011 (the
“Guaranty Agreement”), hereby acknowledges the amendment of the Credit Agreement as set forth above and agrees that all of the Company’s indebtedness, obligations and liabilities to the Banks and the Agent under the Credit
Agreement, as amended by the foregoing Amendment, and the Notes is and shall continue to be entitled to the benefits of said Guaranty Agreement. The undersigned further agree that the Acknowledgment or consent of the undersigned to any further
amendments of the Credit Agreement shall not be required as a result of this Acknowledgment having been obtained, except to the extent, if any, required by the Guaranty Agreement. 

Dated as of October 4, 2012. 
  

					
	SANDERSON FARMS, INC. (FOODS DIVISION)
		
	By	 	/s/ D.M. Cockrell
			
		 	Its  	 	Treasurer and CFO

  

					
	SANDERSON FARMS, INC. (PRODUCTION DIVISION)
		
	By	 	/s/ D.M. Cockrell
			
		 	Its  	 	Treasurer and CFO

  

					
	SANDERSON FARMS, INC. (PROCESSING DIVISION)
		
	By	 	/s/ D.M. Cockrell
			
		 	Its  	 	Treasurer and CFOExhibit 10.1

 Exhibit 10.1 
 AMENDMENT NO. 1 TO GLADSTONE BUSINESS INVESTMENT, LLC 
 CREDIT
AGREEMENT 
 THIS AMENDMENT NO. 1 to Gladstone Business Investment, LLC Credit Agreement (this
“Agreement”), dated as of October 5, 2012, is made among Gladstone Business Investment, LLC, a Delaware limited liability company (the “Borrower”), Gladstone Management Corporation, a Delaware corporation (the
“Servicer”), Branch Banking and Trust Company, as administrative agent (the “Administrative Agent”), and the Lenders party to the Credit Agreement (defined below) and is being executed and delivered pursuant to that
certain Fourth Amended and Restated Credit Agreement, dated as of October 26, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Servicer, the
Administrative Agent, the Lenders and the other parties thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

RECITALS 

A. Pursuant to Section 2.4(b) of the Credit Agreement, the Borrower gave notice to the Administrative Agent of Borrower’s request to
extend the Commitment Termination Date by one year to October 25, 2015 (the “One Year Extension”). 
 B.
Following notice by the Administrative Agent to each of the Lenders, the Lenders have unanimously agreed to the One Year Extension. 
 C. The parties to this Agreement are entering into this Agreement for purposes of evidencing the One Year Extension as contemplated by Section 2.4(b) of the Credit Agreement. 

NOW, THEREFORE, in consideration of the Recitals and the mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Servicer, the Lenders and the Administrative Agent, intending to be legally bound hereby, agree as follows: 

SECTION 1. Recitals. The Recitals are incorporated herein by reference and shall be deemed to be a part of this Agreement.

 SECTION 2. One Year Extension. The Commitment Termination Date is hereby extended by one year to October 25,
2015. Pursuant to Section 2.4(b) of the Credit Agreement, the date set forth in the definition of Commitment Termination Date (as defined in Section 1.1 of the Credit Agreement) shall be deleted and “October 25, 2015” shall be
substituted in lieu thereof. 

 SECTION 3. Conditions to Effectiveness. This Agreement and the effectiveness of the
One Year Extension as provided in this Agreement shall be subject to satisfaction by the Borrower of the following conditions and requirements: 
 (a) The Borrower shall have delivered to the Administrative Agent the duly executed counterparts of this Agreement signed by the Borrower and the Servicer. 

(b) The Borrower shall have paid to the Administrative Agent, for the account of each of the Lenders (including the
Administrative Agent), the extension fee relative to the One Year Extension set forth in the fee letter between the Borrower and the Administrative Agent. 
 SECTION 4. Representations and Warranties. The Borrower and the Servicer hereby represent and warrant to each of the Lenders as follows: 

(a) No Early Termination Event under the Credit Agreement has occurred and is continuing unwaived by the Lenders on the date hereof, or
shall result from the One Year Extension. 
 (b) The Borrower and the Servicer have the power and authority to enter into this
Agreement and to do all acts and things as are required or contemplated hereunder or thereunder to be done, observed and performed by them. 
 (c) This Agreement has been duly authorized, validly executed and delivered by one or more authorized officers of the Borrower and the Servicer and constitutes the legal, valid and binding obligations of
the Borrower and the Servicer enforceable against them in accordance with their respective terms. 
 (d) The execution and
delivery of each of this Agreement and the performance by the Borrower and the Servicer hereunder and thereunder do not and will not require the consent or approval of any regulatory authority or governmental authority or agency having jurisdiction
over the Borrower, or the Servicer, nor be in contravention of or in conflict with the articles of organization, operating agreement or other organizational documents of the Borrower, or the articles of incorporation, bylaws or other organizational
documents of the Servicer, or the provision of any statute, or any judgment, order or indenture, instrument, agreement or undertaking, to which the Borrower or the Servicer is party or by which the assets or properties of the Borrower and the
Servicer are or may become bound. 
 (e) As of the date hereof, all representations and warranties of the Borrower and the
Servicer contained in the Credit Agreement are true and correct in all material respects (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or
warranty is true and correct in all material respects as of such date). 
 SECTION 5. No Other Amendment. Except as
amended hereby, the Credit Agreement and all other documents executed in connection therewith shall remain in full force and effect. The Credit Agreement, as amended hereby, and all rights, powers and obligations created thereby or thereunder and
all such other documents executed in connection therewith are in all respects ratified and confirmed. 

  
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 SECTION 6. Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement. 

SECTION 7. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of North
Carolina. 
 SECTION 8. Effective Date. The effective date of this Agreement (the “Effective Date”)
shall be later of: (a) the date on which the conditions set forth in Section 3 of this Agreement have been satisfied, or (b) October 25, 2012. 
 SECTION 9. Fees and Expenses. The Borrower further hereby confirms its agreement to pay to the Administrative Agent, upon application with appropriate documentation, all reasonable costs and
expenses of the Administrative Agent, including reasonable fees, out-of-pocket charges and disbursements of counsel for the Administrative Agent, incurred in connection with the preparation, execution and delivery of this Agreement and any of the
other instruments, documents and agreements to be executed and/or delivered in connection herewith. 
 [The remainder
of this page has been intentionally left blank.] 

  
 3 

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

							
	BORROWER:	 		 	GLADSTONE BUSINESS INVESTMENT, LLC
				
		 		 	By	 	 /s/ David A.R. Dullum

		 		 	Title:	 	David A.R. Dullum
		 		 	Name:	 	President
			
	SERVICER:	 		 	GLADSTONE MANAGEMENT CORPORATION
				
		 		 	By	 	 /s/ David Gladstone

		 		 	Title:	 	David Gladstone
		 		 	Name:	 	Chairman and CEO

 [SIGNATURE PAGE TO AMENDMENT NO. 1 GLADSTONE BUSINESS INVESTMENT, LLC CREDIT AGREEMENT] 

 
			
	LENDER, ADMINISTRATIVE AGENT, MANAGING AGENT AND JOINT LEAD ARRANGER:
	
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	 /s/ Matthew W. Rush

	Name:	 	Matthew W. Rush
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO AMENDMENT NO. 1 GLADSTONE BUSINESS INVESTMENT, LLC CREDIT AGREEMENT] 

 
			
	LENDER, JOINT LEAD ARRANGER and MANAGING AGENT for the Key Lender Group:
	
	KEY EQUIPMENT FINANCE INC.
		
	By:	 	 /s/ Todd T. Oliver

	Name:	 	Todd T. Oliver
	Title:	 	Designated Signer

 [SIGNATURE PAGE TO AMENDMENT NO. 1 GLADSTONE BUSINESS INVESTMENT, LLC CREDIT AGREEMENT]

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