Exhibit 10.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 
This Amendment No. 1 to Credit Agreement (this “Agreement”), dated as of
September 6, 2011, is made by and among TEMPLE-INLAND INC., a Delaware
corporation (the “Borrower”), BANK OF AMERICA, N.A., a national banking
association organized and existing under the laws of the United States (“Bank of
America”), in its capacity as administrative agent for the Lenders (as defined
in the Credit Agreement (as defined below)) (in such capacity, the
“Administrative Agent”), and each of the Lenders signatory hereto.
 
W I T N E S S E T H:
 
WHEREAS, the Borrower, the Administrative Agent and the Lenders have entered
into that certain Credit Agreement dated as of June 25, 2010 (as hereby amended
and as from time to time hereafter further amended, modified, supplemented,
restated, or amended and restated, the “Credit Agreement”; capitalized terms
used in this Agreement not otherwise defined herein shall have the respective
meanings given thereto in the Credit Agreement), pursuant to which the Lenders
have made available to the Borrower a revolving credit facility, including a
letter of credit subfacility; and
 
WHEREAS, the Borrower has advised the Administrative Agent and the Lenders that
it desires to amend (i) the definition of “Change of Control” set forth in
Section 1.01 of the Credit Agreement and (ii) the fundamental changes covenant
set forth in Section 7.03 of the Credit Agreement, each as set forth below, and
the Administrative Agent and the Lenders hereto, subject to the terms and
conditions contained herein, are willing to effect such amendments on the terms
and conditions contained in this Agreement;
 
NOW, THEREFORE, in consideration of the premises and further valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
 
1.           Amendments to Credit Agreement.  Subject to the terms and
conditions set forth herein, the Credit Agreement is amended as follows:
 
 
(a)
The definition of “Change of Control” in Section 1.01 of the Credit Agreement is
hereby amended by deleting clause (c) of such definition in its entirety and
replacing it with the following in lieu thereof:

 
“(c)           any Person or two or more Persons acting in concert shall have
acquired by contract or otherwise, or shall have entered into a contract or
arrangement that, upon consummation thereof, will result in its or their
acquisition of the power to exercise, directly or indirectly, a controlling
influence over the management or policies of the Borrower, or control over the
equity securities of the Borrower entitled to vote for members of the board of
directors or equivalent governing body of the Borrower on a fully-diluted basis
(and taking into account all such securities that such Person or group has the
right to acquire pursuant to any option right) representing 30% or more of the
combined voting power
 

 
 

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of such securities; provided, however, that the entering into the Agreement and
Plan of Merger, dated as of September 6, 2011, among International Paper
Company, Metal Acquisition Inc. and the Borrower shall not constitute a “Change
of Control” hereunder.”
 
 
(b)
Section 7.03 of the Credit Agreement is hereby amended by deleting such Section
in is entirety and replacing it with the following in lieu thereof:

 
“7.03                      Fundamental Changes.  The Borrower shall not, nor
shall it permit any Material Subsidiary to, consolidate or merge with or into
any Person, directly or indirectly, whether by operation of law or otherwise, or
agree to enter into any similar arrangement, except that (a) a Subsidiary may
merge into the Borrower or a Wholly-Owned Subsidiary, and (b) the Borrower may
enter into the Agreement and Plan of Merger, dated as of September 6, 2011,
among International Paper Company, Metal Acquisition Inc. and the Borrower.”
 
2.           Effectiveness; Conditions Precedent.  The effectiveness of this
Agreement and the amendments to the Credit Agreement provided in Section 1
hereof are each subject to the satisfaction of the following conditions
precedent:
 
(a)            the Administrative Agent shall have received each of the
following documents or instruments in form and substance reasonably acceptable
to the Administrative Agent:
 
(i)           four (4) original counterparts of this Agreement, duly executed by
the Borrower, the Administrative Agent and the Required Lenders; and
 
(ii)          such other documents, instruments, opinions, certifications,
undertakings, further assurances and other matters as the Administrative Agent
shall reasonably request;
 
(b)            all fees and expenses payable to the Administrative Agent and the
Lenders (including the fees and expenses of counsel to the Administrative Agent)
estimated to date shall have been paid in full (without prejudice to final
settling of accounts for such fees and expenses).
 
3.           Representations and Warranties.  In order to induce the
Administrative Agent and the Lenders to enter into this Agreement, the Borrower
represents and warrants to the Administrative Agent and the Lenders as follows:
 
(a)            The representations and warranties made by the Borrower in
Article V of the Credit Agreement or any other Loan Document, or which are
contained in any document furnished at any time under or in connection
therewith, are true and correct on and as of the date hereof, except to the
extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct as of such earlier date, and
except that for purposes of this Section 3(a), the representations and
 

 
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warranties contained in subsections (a) and (b) of Section 5.05 of the Credit
Agreement shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit
Agreement; provided that the representations and warranties set forth in
Sections 5.05(a)(iii) and 5.05(c) of the Credit Agreement shall be deemed to
refer to the most recent financial statements furnished pursuant to clause (a)
or clause (b) of Section 6.01 of the Credit Agreement, whichever is more recent;
 
(b)            Since the date of the most recent financial reports of the
Borrower delivered pursuant to Section 6.01(a) of the Credit Agreement, no act,
event, condition or circumstance has occurred or arisen which, singly or in the
aggregate with one or more other acts, events, occurrences or conditions
(whenever occurring or arising), has had or could reasonably be expected to have
a Material Adverse Effect;
 
(c)            This Agreement has been duly authorized, executed and delivered
by the Borrower and constitutes a legal, valid and binding obligation of the
Borrower, except as may be limited by general principles of equity or by the
effect of any applicable bankruptcy, insolvency, reorganization, moratorium or
similar law affecting creditors’ rights generally; and
 
(d)            No Default or Event of Default has occurred and is continuing
either before or after giving effect to the amendments.
 
4.           Entire Agreement.  This Agreement, together with all the Loan
Documents (collectively, the “Relevant Documents”), sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relating to such subject matter.  No promise, condition, representation
or warranty, express or implied, not set forth in the Relevant Documents shall
bind any party hereto, and no such party has relied on any such promise,
condition, representation or warranty.  Each of the parties hereto acknowledges
that, except as otherwise expressly stated in the Relevant Documents, no
representations, warranties or commitments, express or implied, have been made
by any party to the other in relation to the subject matter hereof or
thereof.  None of the terms or conditions of this Agreement may be changed,
modified, waived or canceled orally or otherwise, except in writing and in
accordance with Section 10.01 of the Credit Agreement.
 
5.           Full Force and Effect of Agreement.  Except as hereby specifically
amended, modified or supplemented, the Credit Agreement and all other Loan
Documents are hereby confirmed and ratified in all respects and shall be and
remain in full force and effect according to their respective terms.
 
6.           Counterparts.  This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original as against any party
whose signature appears thereon, and all of which shall together constitute one
and the same instrument.  Delivery of an executed counterpart of a signature
page of this Agreement by telecopy or other electronic means
 

 
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(including .pdf) shall be effective as delivery of a manually executed
counterpart of this Agreement.
 
7.           Governing Law.  This Agreement shall in all respects be governed
by, and construed in accordance with, the laws of the State of New York
applicable to contracts executed and to be performed entirely within such State,
and shall be further subject to the provisions of Sections 10.14 and 10.15 of
the Credit Agreement.
 
8.           Enforceability.  Should any one or more of the provisions of this
Agreement be determined to be illegal or unenforceable as to one or more of the
parties hereto, all other provisions nevertheless shall remain effective and
binding on the parties hereto.
 
9.           References.  All references in any of the Loan Documents to the
“Credit Agreement” shall mean the Credit Agreement, as amended hereby.
 
10.           Successors and Assigns.  This Agreement shall be binding upon and
inure to the benefit of the Borrower, the Administrative Agent and each of the
Lenders, and their respective successors, legal representatives, and assignees
to the extent such assignees are permitted assignees as provided in Section
10.06 of the Credit Agreement.
 

[Signature pages follow.]

 
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made,
executed and delivered by their duly authorized officers as of the day and year
first above written.

                                                                

 
 BORROWER:
 
 
TEMPLE-INLAND INC.
 
 
 
By:
/s/ Geoffry A. Reid
 
Name:
Geoffry A. Reid
 
Title:
Director of Treasury

 
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ADMINISTRATIVE AGENT:
 
 
BANK OF AMERICA, N.A., as
Administrative Agent
 
 
By:
/s/Anthea Del Bianco
 
Name:
Anthea Del Bianco
 
Title:
Vice President

 

 
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LENDERS:
 
 
BANK OF AMERICA, N.A., as a Lender
 
 
By:
/s/ Michael Delaney
 
Name:
Michael Delaney
 
Title:
Director

 

 
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CITIBANK, N.A., as a Lender
 
 
By:
/s/ Chris Hartzell
 
Name:
Chris Hartzell
 
Title:
Vice President

 

 

 
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THE BANK OF NOVA SCOTIA, as a Lender
 
 
By:
/s/ Mark Sparrow
 
Name:
Mark Sparrow
 
Title:
Director

 
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WELLS FARGO BANK, NATIONAL
ASSOCIATION, as a Lender
 
 
By:
/s/ G. Lee Wagner, Jr.
 
Name:
G. Lee Wagner, Jr.
 
Title:
Vice President

 

 

 
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COÖPERATIVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND” NEW
YORK BRANCH, as a Lender
 
 
By:
/s/ Jeff P. Geisbauer
 
Name:
Jeff P. Geisbauer
 
Title:
Executive Director
       
By:
/s/ Izumi Fukushima
 
Name:
Izumi Fukushima
 
Title:
Executive Director

 
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PNC BANK, NATIONAL ASSOCIATION, as a
Lender
 
 
By:
/s/ M. Colin Warman
 
Name:
M. Colin Warman
 
Title:
Assistant Vice President

 
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CREDIT AGRICOLE CORPORATE &
INVESTMENT BANK NY, as a Lender
 
 
By:
/s/ Pamela Donnelly
 
Name:
Pamela Donnelly
 
Title:
Managing Director
       
By:
/s/ Yuri Muzichenko
 
Name:
Yuri Muzichenko
 
Title:
Director

 
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U.S. BANK NATIONAL ASSOCIATION, as a
Lender
 
 
By:
/s/ Kenneth R. Fieler
 
Name:
Kenneth R. Fieler
 
Title:
Vice President

 
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TORONTO DOMINION (NEW YORK) LLC, as
a Lender
 
 
By:
/s/ Bebi Yasin
 
Name:
Bebi Yasin
 
Title:
Authorized Signatory

 

 
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THE BANK OF NEW YORK MELLON, as a
Lender
 
 
By:
/s/ Paul F. Noel
 
Name:
Paul F. Noel
 
Title:
Managing Director

 

 
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STATE STREET BANK AND TRUST
COMPANY, as a Lender
 
 
By:
/s/ Mary H. Carey
 
Name:
Mary H. Carey
 
Title:
Vice President

 

 

 
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GOLDMAN SACHS BANK USA, as a Lender
 
 
By:
/s/ Rick Canonico
 
Name:
Rick Canonico
 
Title:
Authorized Signatory

 
 
 

 
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