Document:

Third Amendment to the Credit Agreement . . . U.S. Bank National Association

 Exhibit 10.1 
  
 THIRD AMENDMENT TO CREDIT AGREEMENT 
  
 This Third Amendment To Credit Agreement (this “Amendment”), dated as of June 27, 2005, is by and between
StanCorp Financial Group, Inc., an Oregon corporation (the ”Borrower”), and U.S. Bank National Association, a national banking association (the ”Bank”). 
  
 RECITALS 
  
 A. The Bank and the Borrower entered into a Credit Agreement dated June 30, 2003 (as amended, the “Credit Agreement”). 
  
 B. The Borrower has requested that the Bank extend the term of the Credit
Agreement. The Bank has agreed to such request on the terms and conditions set forth herein. 
  
 C. Capitalized terms used and not defined herein shall have the same meanings as set forth in the Credit Agreement. 
  
 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  
 Section 1. Representations and Warranties. To induce the Bank to enter into this
Amendment, the Borrower hereby represents and warrants to the Bank as follows: 
  
 1.1 Corporate Authority. The execution, delivery, and performance hereof are within the corporate powers of the Borrower, have been duly authorized, and are not in contravention of law or the terms of the
charter, bylaws, or other organizational documents of the Borrower, or of any indenture, agreement, or undertaking to which the Borrower is a party or by which it is bound. The officers of the Borrower executing this Amendment are duly and properly
in office and fully authorized to execute the same. 
  
 1.2
Enforceability. This Amendment, when executed and delivered by the Borrower, will be the legal, valid, and binding agreement of the Borrower, enforceable against it in accordance with its terms except to the extent that the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, or other similar laws and except as the principles of equity may affect the remedy of specific performance. 
  
 1.3 No Consent. No consent or approval of any trustee, issuer or holder of any indebtedness or obligation of the
Borrower, and no consent, permission, authorization, order or license of any governmental authorities is necessary in connection with the execution and delivery of this Amendment, or any instrument or agreement required hereunder, or any transaction
contemplated hereby. 
  

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 1.4 Other Representations and Warranties. The representations and warranties made in the Credit
Agreement continue to be true and correct in all material respects as if made on the date of this Amendment. 
  
 1.5 No Default. No Event of Default exists as of the date of this Amendment and no event that would constitute an Event of Default upon the giving
of notice or mere passage of time currently exists. 
  
 Section 2. Amendments.

  
 2.1 Definitions. The following defined term in
Section 1.1 of the Credit Agreement is hereby amended and restated to read in full as follows: 
  
 “‘Expiry Date’ means June 27, 2006.” 
  

Section 3. Conditions. The effectiveness of this Amendment is subject to satisfaction of each of the following conditions precedent concurrently with or prior
to execution of this Amendment: 
  
 3.1 Amendment. The
Bank shall have received executed originals of this Amendment; 
  
 3.2 Authority. The Bank shall have received a copy of the resolutions of the board of directors of the Borrower authorizing the execution, delivery, and performance of this Amendment, certified by the secretary of the Borrower, an
incumbency certificate, and all other documents and information the Bank may request relating to the authority for and validity of this Amendment, each in form and substance satisfactory to the Bank; 
  
 3.3 Fees. The Borrower shall have paid to the Bank all costs and
expenses, including attorney fees, incurred by the Bank in connection with this Amendment; and 
  
 3.4 Other Documents. The Bank shall have received such additional documents and information and the Borrower shall have satisfied such additional requirements as the Bank reasonably requires. 
  
 Section 4. General Provisions. 
  
 4.1 Binding Effect. This Amendment shall inure to the benefit of, and
shall be binding upon, the respective successors and permitted assigns of the parties hereto. 
  
 4.2 Counterparts. This Amendment may be executed in any number of the counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.

  
 4.3 Reaffirmation of Credit Agreement. Except as
expressly amended herein, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed. 
  

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 4.4 Other Loan Documents. Any reference to the Credit Agreement in the Note or the other Loan
Documents shall, from and after the date hereof, be deemed to refer to the Credit Agreement, as modified by this Amendment. 
  
 4.5 Statute of Frauds. 
  
 UNDER OREGON LAW MOST AGREEMENTS, PROMISES, AND COMMITMENTS MADE BY A LENDER AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE
NOT FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES, OR SECURED SOLELY BY THE BORROWER’S RESIDENCE, MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY THE BANK TO BE ENFORCEABLE. 
  
 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as
of the day and year first above written. 
  

			
	StanCorp Financial Group, Inc.
		
	By:	 	 /s/ Cindy J. McPike

	Name:	 	Cindy J. McPike
	Title:	 	Senior Vice President and Chief Financial Officer
	
	U.S. Bank National Association
		
	By:	 	 /s/ Scott J. Bell

	Name:	 	Scott J. Bell
	Title:	 	Senior Vice President

  

 - 3 -Third Amendment to the Credit Agreement . . . Keybank National Association

 Exhibit 10.2 
  
 THIRD AMENDMENT TO CREDIT AGREEMENT 
  
 THIS THIRD AMENDMENT TO CREDIT AGREEMENT (“this Third Amendment”) is made and entered into as of the 27th day of
June, 2005, by and between STANCORP FINANCIAL GROUP, INC., an Oregon corporation (the “Borrower”), and KEYBANK NATIONAL ASSOCIATION, a national banking association (the “Bank”). 
  
 Recitals: 
  
 A. The Borrower and the Bank are parties to that certain Credit Agreement
dated as of June 30, 2003, as amended by a First Amendment dated July 1, 2003 and by a Release of Guaranties and Second Amendment dated as of June 28, 2004 (collectively, the “Credit Agreement”), pursuant to which, inter
alia, the Bank agreed, subject to the terms and conditions thereof, to advance the Loan (as this and other capitalized terms used herein but not otherwise defined herein are defined in the Credit Agreement) to the Borrower and issue Letters
of Credit at the request of the Borrower. 
  
 B. On the date
hereof, the aggregate unpaid principal balance of the Loan is $-0-; and the aggregate amount of the Letter of Credit Obligations is $-0-. 
  
 C. The Borrower has requested that the Bank agree to extend the Expiry Date. 
  
 D. Subject to the terms and conditions of this Third Amendment, the Bank has agreed to such request. 

 Agreements: 
  
 NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual agreements hereinafter set forth, the Borrower and
the Bank hereby agree as follows: 
  
 1. Amendments to the
Credit Agreement. Subject to the terms and conditions of this Third Amendment, including, without limitation, Paragraph 2, below, the definitions of “Expiry Date” and “Leverage Ratio” in Section 1.1 of the Credit Agreement
(Defined Terms) are amended and restated in their entirety to provide, respectively, as follows: 
  
 “Expiry Date” means June 26, 2006. 
  
 “Leverage Ratio” means the ratio described in Section 8.11(a). 
  
 2. Effective Date; Conditions Precedent. The modifications to the Credit Agreement set forth in Paragraph 1, above,
shall not be effective, unless and until the date on which the Borrower has satisfied all of the following conditions precedent (such date of effectiveness being the “Effective Date”): 
  
 (A) On the Effective Date and after giving effect to the releases and
modifications contained herein (i) there shall exist no Default or Event of Default, and the President, a Senior Vice President or the Chief Financial Officer of the Borrower shall have delivered to the Bank written confirmation thereof dated as of
the Effective Date and (ii) the representations and warranties of the Borrower under the Credit Agreement shall have been reaffirmed in writing as of the Effective Date, subject only to variances therefrom acceptable to the Bank. 
  
 (B) The Borrower shall have delivered to the Bank a Certificate of its
Secretary dated as of the Effective Date certifying that attached thereto is a complete copy of resolutions adopted by the board of directors of the Borrower, authorizing the execution, delivery and performance of this Third Amendment and the
agreements to be performed by the Borrower hereunder. 
  

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 (C) All legal matters incident to this Third Amendment and the consummation of the transactions
contemplated hereby shall be reasonably satisfactory to Squire, Sanders & Dempsey L.L.P., Cleveland, Ohio, special counsel to the Bank (the “Special Counsel”). 
  
 (D) The Bank shall have received such other certificates, opinions and documents, in form and substance satisfactory to it,
as it may reasonably request. 
  
 3. Other Loan Documents.
Any reference to the Credit Agreement in the Note or the other Loan Documents shall, from and after the Effective Date, be deemed to refer to the Credit Agreement, as modified by this Third Amendment. 
  
 4. Confirmation of Debt. The Borrower hereby affirms all of its
Indebtedness, liabilities and obligations to the Bank under the Credit Agreement and the other Loan Documents, as the same are modified hereby. The Borrower further acknowledges and agrees that as of the Effective Date, it has no claims, defenses or
set-off rights against the Bank, and there are no claims, defenses or set-offs to the enforcement by the Bank of the Indebtedness, liabilities and obligations of the Borrower under the Credit Agreement, the Note or the other Loan Documents.

  
 5. No Other Modifications; Same Indebtedness. Except as
expressly provided in this Third Amendment, all of the terms and conditions of the Credit Agreement, the Note and the other Loan Documents remain unchanged and in full force and effect. The modifications effected by this Third Amendment and by any
other instruments contemplated hereby shall not be deemed to provide for or effect a repayment and re-advance of Indebtedness, if any, now outstanding, it being the intention of the Borrower and the Bank hereby that the Indebtedness, if any, owing
under the Credit Agreement, as amended by this Third Amendment, be and hereby is the same Indebtedness as that owing under the Credit Agreement immediately prior to the effectiveness hereof. 
  

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 6. Reimbursement of Bank’s Expenses. The Borrower shall reimburse the Bank promptly for costs
and expenses incurred by the Bank in connection with this Third Amendment, including the fees and expenses of the Special Counsel. 
  
 7. Governing Law; Binding Effect. This Third Amendment shall be governed by and construed in accordance with the laws of the State of Ohio and
shall be binding upon and inure to the benefit of the Borrower, the Bank and their respective successors and assigns. 
  
 8. Statute of Frauds. Without limiting the selection of governing law provisions of Section 7, above, under Oregon law, most agreements,
promises and commitments made by a lender after October 3, 1989, concerning loans and other credit extensions which are not for personal, family or household purposes or secured solely by the borrower’s residence must be in writing, express
consideration and be signed by the lender to be enforceable. 
  
 IN WITNESS WHEREOF the Bank and the Borrower have hereunto set their hands as of the date first above written. 
  

			
	STANCORP FINANCIAL GROUP, INC.
		
	By	 	 /s/ Cindy J. McPike

	 	 	Cindy J. McPike, Senior Vice President
	 	 	and Chief Financial Officer
	
	KEYBANK NATIONAL ASSOCIATION
		
	By	 	 /s/ Mary K. Young

	 	 	Mary K. Young, Vice President
	 	 	and Portfolio Manager

  

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