Document:

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:

 

 

(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 

 

2

 

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 

 

3

 

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.

 

4

 

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]

 

5

 

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

  

 

 

	
   

  	
  AGENT AND LENDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as
  Agent and Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  T. Eggertsen

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

 

	
   

  	
  1st FARM CREDIT SERVICES, PCA,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Corey J. Waldinger

  
	
   

  	
  Title:

  	
  VP, Illinois
  Capital Markets Group

  

 

 

	
   

  	
  AGFIRST FARM CREDIT BANK,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Banks Halloran

  
	
   

  	
  Title:

  	
  Assistant
  Vice President

  

 

 

	
   

  	
  COBANK, ACB,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael Tousignant

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

 

	
   

  	
  GENERAL ELECTRIC CAPITAL CORPORATION,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Dwayne Coker

  
	
   

  	
  Title:

  	
  Duly
  Authorized Signatory

  

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter S. Predun

  
	
   

  	
  Title:

  	
  Executive
  Director

  

 

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeanette P. Vandenbergh

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

 

	
   

  	
  TORONTO DOMINION (TEXAS) LLC,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Debbi L. Brito

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

 

	
   

  	
  U.S. BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lynn Gosselin

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

 

	
   

  	
  WACHOVIA BANK, N.A.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Katherine Houser

  
	
   

  	
  Title:

  	
  Director

  

 

 

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

  	
   

  	
  $

  	
  170,000,000.00EXHIBIT 10.1

 

SECOND AMENDMENT TO THE

THE FEDERAL HOME LOAN BANK OF BOSTON

THRIFT BENEFIT EQUALIZATION PLAN

(Effective July 1, 2010)

 

WHEREAS,  the Federal
Home Loan Bank of Boston (the “Bank”) has adopted and currently maintains the
Federal Home Loan Bank of Boston Thrift Benefit Equalization Plan (the “Thrift
BEP”), effective January 1, 2009; and

 

WHEREAS, Section 8.11 of the Thrift BEP reserves to the
Board of Directors of the Bank the right to amend the Thrift BEP from time to
time, in whole or in part; and

 

WHEREAS, the Bank desires to amend the Thrift BEP to
provide the Personnel Committee with the flexibility to offer a participant the
maximum match under the Thrift BEP, regardless of the participant’s actual
years of service but not to exceed the maximum match rate available under the
Qualified Plan.

 

NOW, THEREFORE, IT IS RESOLVED, subject
to regulatory review, if required, that the Thrift BEP is amended effective
July 1, 2010 to add the following as Section 4.1.5 (the following, the “Amendment”):

 

Notwithstanding the foregoing, a Participant’s rate of Matching
Contribution may be modified from time to time in an offer letter or employment
agreement approved by the Committee and accepted by the Participant, or other
writing specifically approved by the Committee and making specific reference to
the Plan; provided, however, that the maximum rate of Matching Contribution
under the Plan shall not exceed the maximum rate of Matching Contribution
available to any participant under the terms of the Qualified Plan.

 

IT IS FURTHER RESOLVED, that should any regulatory
review be required and result, within four weeks of the board’s submission to
the regulator, if required, in the disapproval or required modification(s) to
the Amendment, then the foregoing resolution shall be void ab initio.

 

 

IN WITNESS WHEREOF, the undersigned hereby
certifies that the foregoing amendment was duly adopted at a meeting of the
Board of Directors of the Bank on June 18, 2010.

 

 

	
  Executed this 24th day of June, 2010.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FEDERAL
  HOME LOAN BANK OF BOSTON

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Janelle K. Authur

  
	
   

  	
   

  	
   

  	
  Senior
  Vice President and Executive

  
	
   

  	
   

  	
   

  	
  Director
  of Human Resources

  
	
   

  	
   

  	
   

  	
  Acting
  Corporate Secretary

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