Exhibit 10.1

 

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as
of April 15, 2010 (the “Execution Date”), among BOISE CASCADE, L.L.C., a
Delaware limited liability company (“Boise Cascade”), BOISE BUILDING SOLUTIONS
DISTRIBUTION, L.L.C., a Delaware limited liability company (“Boise
Distribution”) and BOISE BUILDING SOLUTIONS MANUFACTURING, L.L.C., a Delaware
limited liability company (“Boise Manufacturing”, and together with Boise
Cascade and Boise Distribution, collectively, “Borrowers”), BOISE BUILDING
SOLUTIONS MANUFACTURING HOLDINGS CORP., a Delaware corporation (“Boise
Manufacturing Holding”), BC CHILE INVESTMENT CORPORATION, a Delaware corporation
(“BC Chile Investment”), and BC BRAZIL INVESTMENT CORPORATION, a Delaware
corporation (“BC Brazil Investment”, and together with Boise Manufacturing
Holding and BC Chile Investment, collectively, “Guarantors”), the financial
institutions party to this Amendment (collectively, “Lenders”), and BANK OF
AMERICA, N.A., a national banking association, as agent for Lenders (in such
capacity, “Agent”).

 

R E C I T A L S:

 

A.            WHEREAS, the Borrowers, the Guarantors, the lenders party thereto
from time to time, and the Agent executed that certain Loan and Security
Agreement dated as of February 22, 2008 (as amended, supplemented, or otherwise
modified from time to time, the “Loan Agreement”) pursuant to which the Lenders
have agreed to make available to the Borrowers a revolving line of credit; and

 

B.            WHEREAS, the Borrowers, the Guarantors, the Lenders, and the Agent
desire that the Loan Agreement be amended in certain respects in accordance with
the terms of this Amendment.

 

NOW, THEREFORE, in consideration of the premises and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

 

1.             Recitals.  The foregoing Recitals are incorporated herein and
made a part hereof for all purposes.

 

2.             Definitions.  Unless otherwise defined in this Amendment, all
initially capitalized terms and phrases wherever used in this Amendment shall
have the respective meanings given to them in the Loan Agreement, as amended
hereby.

 

3.             Amendments to Loan Agreement.  Subject to the terms and
conditions set forth herein, as of the Third Amendment Effective Date (as
defined below), the Loan Agreement is hereby amended as follows:

 

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(a)           Amendment to Schedule 1.1 to the Loan Agreement.  Schedule 1.1
(Commitments of Lenders) to the Loan Agreement is hereby amended and restated in
its entirety and is attached hereto as Annex I.

 

4.             Acknowledgment of the Obligors.  The Obligors hereby acknowledge
and agree that, to the best of their knowledge:  (a) none of the Obligors has
any defense, offset, or counterclaim with respect to the payment of any sum owed
to the Lenders or the Agent under the Loan Documents, or with respect to the
performance or observance of any warranty or covenant contained in the Loan
Agreement or any of the other Loan Documents; and (b) the Lenders and the Agent
have performed all obligations and duties owed to the Obligors through the date
of this Amendment.

 

5.             Consent and Reaffirmation of Guarantors.  The undersigned
Guarantors hereby consent to the foregoing amendments and acknowledge and agree
that nothing herein shall in any way limit or diminish any of the obligations of
the undersigned under their respective Guaranty, each such Guaranty being hereby
ratified and affirmed.

 

6.             Representations and Warranties of the Obligors.  The Obligors
represents and warrant to the Lenders and the Agent that:

 

(a)           Compliance with Loan Agreement.  On the date hereof, no Default or
Event of Default has occurred and is continuing;

 

(b)           Representations and Warranties.  On the date hereof, and after
giving effect to this Amendment, the representations and warranties of each
Obligor in the Loan Documents are true and correct in all material respects
(except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct in all
material respects as of such earlier date; provided, however, that with respect
to Section 9.1.8 of the Loan Agreement, there has been no Material Adverse
Effect since December 31, 2009);

 

(c)           Power and Authority.  Each Obligor is duly authorized to execute,
deliver and perform this Amendment.  The execution, delivery and performance of
this Amendment and the Loan Agreement, as amended hereby, have been duly
authorized by all necessary action, and do not (a) require any consent or
approval of any holders of Equity Interests of any Obligor, other than those
already obtained; (b) contravene the Organic Documents of any Obligor;
(c) violate or cause a default under any Applicable Law or Material Contract; or
(d) result in or require the imposition of any Lien (other than Permitted Liens)
on any Property of any Obligor; and

 

(d)           Enforceability.  This Amendment and the Loan Agreement, as amended
hereby, are legal, valid and binding obligations of each Obligor, enforceable in
accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally.

 

7.             Effectiveness of this Amendment. The amendment of the Loan
Agreement will become effective (the “Third Amendment Effective Date”) as of
April 30, 2010 but only if the

 

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Agent shall have received duly executed copies of this Amendment signed by the
Agent, the Borrowers, the Guarantors, and the Required Lenders and the Borrowers
shall have paid to the Agent for distribution to the Lenders a Work Fee equal in
respect of each Lender to the greater of $2,500 or 0.05% of the Commitment held
by such Lender on the Third Amendment Effective Date (after giving effect to
this Amendment).

 

8.             Effect on Loan Agreement.  Except as specifically amended hereby,
the terms and provisions of the Loan Agreement and the other Loan Documents are,
in all other respects, ratified and confirmed and remain in full force and
effect.  No reference to this Amendment need be made in any notice, writing, or
other communication relating to the Loan Agreement and the other Loan Documents,
any such reference to the Loan Agreement and the other Loan Documents to be
deemed a reference thereto as respectively amended by this Amendment.  All
references to the Loan Agreement and the other Loan Documents in any document,
instrument, or agreement executed in connection with the Loan Agreement and the
other Loan Documents will be deemed to refer to the Loan Agreement and the other
Loan Documents as respectively amended hereby.

 

9.             Fees and Expenses.  The Borrower hereby agrees to pay all
reasonable out-of-pocket expenses incurred by the Agent in connection with the
preparation, negotiation, and consummation of this Amendment, and all other
documents related hereto, including without limitation, the reasonable fees and
expenses of the Lenders’ counsel.

 

10.           Successors.  This Amendment will be binding upon and inure to the
benefit of the Borrowers, the Guarantors, the Lenders, the Agent, and their
respective successors and assigns, provided, however, that no interest herein
may be assigned by any Obligor without the prior written consent of the Agent
and each Lender.

 

11.           Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES
(BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

 

12.           Consent to Forum; Arbitration.

 

(a)           Forum.  EACH OBLIGOR HEREBY CONSENTS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN OR WITH JURISDICTION OVER
THE STATE OF NEW YORK, IN ANY PROCEEDING OR DISPUTE RELATING IN ANY WAY TO THIS
AMENDMENT, AND AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN
ANY SUCH COURT.  EACH OBLIGOR IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND
DEFENSES THAT IT MAY HAVE REGARDING SUCH COURT’S PERSONAL OR SUBJECT MATTER
JURISDICTION, VENUE OR INCONVENIENT FORUM.  EACH PARTY HERETO IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 14.3.1 OF THE LOAN AGREEMENT.  Nothing herein shall limit the right of
Agent or any Lender to bring proceedings against any Obligor in any other court,
nor limit the right of any party to serve process in any other manner

 

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permitted by Applicable Law.  Nothing in this Amendment shall be deemed to
preclude enforcement by Agent of any judgment or order obtained in any forum or
jurisdiction.

 

(b)           Arbitration.  Notwithstanding any other provision of this
Amendment or any other Loan Document to the contrary, if for any reason a court
having jurisdiction over an action among the parties relating in any way to any
Obligations or Loan Documents does not uphold the waiver of jury trail contained
in Section 13 or in any provision of any other Loan Document, any controversy or
claim among the parties relating in any way to any Obligations or Loan
Documents, including any alleged tort, shall at the request of any party hereto
be determined by binding arbitration conducted in accordance with the United
States Arbitration Act (Title 9 U.S. Code).  Arbitration proceedings will be
determined in accordance with the Act, the then-current rules and procedures for
the arbitration of financial services disputes of the American Arbitration
Association (“AAA”), and the terms of this Section.  In the event of any
inconsistency, the terms of this Section shall control.  If AAA is unwilling or
unable to serve as the provider of arbitration or to enforce any provision of
this Section, Agent may designate another arbitration organization with similar
procedures to serve as the provider of arbitration.  The arbitration proceedings
shall be conducted in New York.  The arbitration hearing shall commence within
90 days of the arbitration demand and close within 90 days thereafter.  The
arbitration award must be issued within 30 days after close of the hearing
(subject to extension by the arbitrator for up to 60 days upon a showing of good
cause), and shall include a concise written statement of reasons for the award. 
The arbitrator shall give effect to applicable statutes of limitation in
determining any controversy or claim, and for these purposes, service on AAA
under applicable AAA rules of a notice of claim is the equivalent of the filing
of a lawsuit.  Any dispute concerning this Section or whether a controversy or
claim is arbitrable shall be determined by the arbitrator.  The arbitrator shall
have the power to award legal fees to the extent provided by this Agreement. 
Judgment upon an arbitration award may be entered in any court having
jurisdiction.  The institution and maintenance of an action for judicial relief
or pursuant to a provisional or ancillary remedy shall not constitute a waiver
of the right of any party, including the plaintiff, to submit the controversy or
claim to arbitration if any other party contests such action for judicial
relief.  No controversy or claim shall be submitted to arbitration without the
consent of all parties if, at the time of the proposed submission, such
controversy or claim relates to an obligation secured by Real Estate, but if all
parties do not consent to submission of such a controversy or claim to
arbitration, it shall be determined as provided in the next sentence.  At the
request of any party, a controversy or claim that is not submitted to
arbitration as provided above shall be determined by judicial reference; and if
such an election is made, the parties shall designate to the court a referee or
referees selected under the auspices of the AAA in the same manner as
arbitrators are selected in AAA sponsored proceedings and the presiding referee
of the panel (or the referee if there is a single referee) shall be an active
attorney or retired judge; and judgment upon the award rendered by such referee
or referees shall be entered in the court in which proceeding was commenced. 
None of the foregoing provisions of this Section shall limit the right of Agent
or Lenders to exercise self-help remedies, such as setoff, foreclosure or sale
of any Collateral or to obtain provisional or ancillary remedies from a court of
competent jurisdiction before, after or during any arbitration proceeding.  The
exercise of a remedy does not waive the right of any party to resort to
arbitration or reference.

 

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13.           Waiver of Jury Trial.  To the fullest extent permitted by
Applicable Law, each Obligor waives (a) the right to trial by jury (which Agent
and each Lender hereby also waives) in any proceeding or dispute of any kind
relating in any way to this Amendment, any Loan Documents, Obligations or
Collateral.

 

14.           Counterparts.  This Amendment may be executed in counterparts,
each of which shall constitute an original, but all of which when taken together
shall constitute a single contract.  Delivery of a signature page of any Loan
Document by telecopy or electronic mail shall be effective as delivery of a
manually executed counterpart of such agreement.

 

15.           Severability.  Wherever possible, each provision of this Amendment
shall be interpreted in such manner as to be valid under Applicable Law.  If any
provision is found to be invalid under Applicable Law, it shall be ineffective
only to the extent of such invalidity and the remaining provisions of this
Amendment shall remain in full force and effect.

 

16.           Entire Agreement.  Time is of the essence of the Loan Documents. 
This Amendment and the Loan Agreement, as amended hereby, and the other Loan
Documents constitute the entire contract among the parties relating to the
subject matter hereof, and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, this Amendment has been executed and delivered as of the
date set forth above.

 

 

BORROWERS:

 

 

 

BOISE CASCADE, L.L.C.

 

 

 

By:

/s/ Wayne Rancourt

 

Title:

Senior Vice President, CFO & Treasurer

 

 

 

 

BOISE BUILDING SOLUTIONS

 

DISTRIBUTION, L.L.C.

 

 

 

By:

/s/ Wayne Rancourt

 

Title:

Senior Vice President, CFO & Treasurer

 

 

 

 

BOISE BUILDING SOLUTIONS
MANUFACTURING, L.L.C.

 

 

 

By:

/s/ Wayne Rancourt

 

Title:

Senior Vice President, CFO & Treasurer

 

 

 

 

GUARANTORS:

 

 

 

 

BOISE BUILDING SOLUTIONS
MANUFACTURING HOLDINGS CORP.

 

 

 

By:

/s/ Wayne Rancourt

 

Title:

Senior Vice President, CFO & Treasurer

 

 

 

 

BC CHILE INVESTMENT CORPORATION

 

 

 

By:

/s/ Wayne Rancourt

 

Title:

Senior Vice President, CFO & Treasurer

 

 

 

 

BC BRAZIL INVESTMENT CORPORATION

 

 

 

By:

/s/ Wayne Rancourt

 

Title:

Senior Vice President, CFO & Treasurer

 

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AGENT AND LENDERS:

 

 

 

 

BANK OF AMERICA, N.A.,

 

as Agent and Lender

 

 

 

 

By:

/s/ T. Eggertsen

 

Title:

Senior Vice President

 

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1st FARM CREDIT SERVICES, PCA,

 

as a Lender

 

 

 

By:

/s/ Corey J. Waldinger

 

Title:

VP, Illinois Capital Markets Group

 

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AGFIRST FARM CREDIT BANK,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Banks Halloran

 

Title:

Assistant Vice President

 

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COBANK, ACB,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Michael Tousignant

 

Title:

Vice President

 

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GENERAL ELECTRIC CAPITAL CORPORATION,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Dwayne Coker

 

Title:

Duly Authorized Signatory

 

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JPMORGAN CHASE BANK, N.A.,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Peter S. Predun

 

Title:

Executive Director

 

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PNC BANK, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Jeanette P. Vandenbergh

 

Title:

Vice President

 

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TORONTO DOMINION (TEXAS) LLC,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Debbi L. Brito

 

Title:

Authorized Signatory

 

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U.S. BANK, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Lynn Gosselin

 

Title:

Vice President

 

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WACHOVIA BANK, N.A.,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Katherine Houser

 

Title:

Director

 

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Annex I

 

SCHEDULE 1.1

 

to

 

Loan and Security Agreement

 

COMMITMENTS OF LENDERS

 

Lender

 

Revolver Commitment

 

Bank of America, N.A.

 

$

36,428,571.43

 

Wachovia Bank, N.A.

 

$

68,971,428.57

 

General Electric Capital Corporation

 

$

24,285,714.29

 

PNC Bank, National Association

 

$

12,142,857.14

 

U.S. Bank, National Association

 

$

9,714,285.71

 

CoBank, ACB

 

$

4,857,142.86

 

1st Farm Credit Services, PCA

 

$

4,857,142.86

 

Toronto Dominion (Texas) LLC

 

$

4,857,142.86

 

JPMorgan Chase Bank, N.A.

 

$

2,428,571.43

 

AgFirst Farm Credit Bank

 

$

1,457,142.86

 

Total

 

$

170,000,000.00

 

 

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