Document:

First Supplemental Indenture

 Exhibit 10.11 

EXECUTION COPY 
  

	
	  

FIRST SUPPLEMENTAL INDENTURE
  

DATED AS OF JULY 29, 2010
  

TO INDENTURE
  

DATED AS OF AUGUST 12, 2009
  

AMONG
  

RAYONIER TRS HOLDINGS INC.,
  

as ISSUER,
  

RAYONIER INC.,
  

as GUARANTOR,
  

and
  

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A,

 
 as TRUSTEE

 
 4.50% SENIOR EXCHANGEABLE NOTES DUE 2015

 
  
  

 FIRST SUPPLEMENTAL INDENTURE 

This FIRST SUPPLEMENTAL INDENTURE, dated as of July 29, 2010 (this “Supplemental Indenture”), is
among RAYONIER TRS HOLDINGS INC., a Delaware corporation (the “Company”), RAYONIER INC., a North Carolina corporation (the “Guarantor” or “Rayonier”), RAYONIER OPERATING COMPANY, LLC, a Delaware
limited liability company (“ROC”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (in such capacity and not in its individual capacity, the “Trustee”). Unless otherwise
indicated, defined terms used herein are used as defined in the below-referenced Indenture. 
 WHEREAS, the
Company, the Guarantor and the Trustee have heretofore executed and delivered that certain Indenture, dated as of August 12, 2009 (the “Indenture”) relating to the Company’s 4.50% Senior Exchangeable Notes due 2015; 

WHEREAS, the board of directors of the Guarantor has authorized the Guarantor to reorganize its structure (the
“Restructuring”); 
 WHEREAS, in connection with and as a part of the Restructuring, the Guarantor has
formed ROC as a wholly owned subsidiary of the Guarantor; 
 WHEREAS, in connection with and as part of the
Restructuring, the Guarantor desires to transfer and contribute to ROC substantially all of its interest in the partnerships, corporations, limited liability companies, properties or assets, tangible and intangible, held by the Guarantor pursuant to
a Contribution, Conveyance and Assumption Agreement dated as of July 29, 2010; 
 WHEREAS, the covenant
contained in Section 7.1 of the Indenture provides that such covenant does not apply to any transfer of assets between the Guarantor and the Guarantor’s Subsidiaries; 

WHEREAS, Section 4.1 of the Indenture provides that upon an exchange of the Securities, the Securityholder may, at
the option of the Company, receive shares of common stock of the Guarantor, and the section entitled “Description of Notes” in the Offering Circular provides that holders of the notes may, at the option of the Company, receive shares of
common stock of Rayonier; 
 WHEREAS, in connection with and as part of the Restructuring, ROC desires to become
a guarantor of the Securities, and the board of directors of ROC has authorized ROC to become a guarantor of the Securities; 

WHEREAS, Section 10.1(a) of the Indenture permits the Company, the Guarantor and the Trustee to amend or supplement
the Indenture without notice to, or consent of, any Securityholder to cure any ambiguity, defect or inconsistency, to correct or supplement any provision therein which may be inconsistent with any other provision therein or to make any other
provisions with respect to matters or questions arising under the Indenture which shall not be inconsistent with the provisions of the Indenture; provided that such action shall not adversely affect the interests of the Securityholders in any
material respect; 

 WHEREAS, Section 10.1(d) of the Indenture permits the Company, the
Guarantor and the Trustee to amend or supplement the Indenture without notice to, or consent of, any Securityholder to make any change that does not adversely affect in any material respect the legal rights under the Indenture of any Securityholder;

 WHEREAS, Section 10.1(e) of the Indenture permits the Company, the Guarantor and the Trustee to amend or
supplement the Indenture without notice to, or consent of, any Securityholder to add a guarantor; 
 WHEREAS,
the Company and the Guarantor desire to (i) cure an ambiguity in the Indenture to clarify that the Securities are exchangeable for Common Stock of Rayonier and not ROC, (ii) make a change that does not adversely affect in any material
respect the legal rights under the Indenture of any Securityholder and (iii) add a guarantor; and 

WHEREAS, the board of directors of the Company, the board of directors of the Guarantor and the board of directors of ROC
have approved this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the mutual undertakings,
promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are acknowledged hereby, the Company, the Guarantor, ROC and the Trustee do covenant and agree as follows: 

ARTICLE I 

DEFINITIONS AND AUTHORITY 

Section 1.1. Definitions. All capitalized terms used in this Supplemental Indenture shall have the respective
meanings set forth in the preamble hereof or, if not defined in the preamble hereof, shall have the respective meanings set forth in the Indenture. 

Section 1.2. Authority for Supplement. This Supplemental Indenture is adopted pursuant to and in accordance
with the provisions of Section 10.1 of the Indenture. 
 ARTICLE II 

AMENDMENTS TO INDENTURE 

Section 2.1. Amendments to Section 1.1 of the Indenture. The definition of “Common Stock”
shall be amended by inserting the following words after the word “Guarantor” that appears in the first line of such definition: 

“(which, as of the date hereof, for purposes of this Indenture and the avoidance of doubt, is Rayonier Inc., a North
Carolina corporation)”. 
 Section 2.2. Guarantee of ROC. ROC hereby agrees and consents to its
addition as a guarantor of the Guaranteed Obligations as permitted by Section 10.1(e), and agrees to undertake the obligations under the Guarantee as set forth in Article V of this Indenture. 

 

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 ARTICLE III 

MISCELLANEOUS 

Section 3.1. Ratification and Reaffirmation. The Company, the Guarantor, ROC and the Trustee hereby ratify
and reaffirm all the terms and conditions of the Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Indenture remains in full force and effect, as so amended and supplemented.

 Section 3.2. Effective Date. This Supplemental Indenture shall be effective from and after the
date hereof. 
 Section 3.3. Execution in Counterparts. The parties may sign multiple counterparts
of this Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together shall represent the same agreement. 

Section 3.4. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.5. Effect of Headings. The headings of the Articles
and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 3.6. Separability Clause. In case any provisions in this Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(SIGNATURE PAGE FOLLOWS) 
  

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 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of
the date and year first above written. 
  

			
	RAYONIER TRS HOLDINGS INC.
		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Controller

  

			
	RAYONIER INC.
		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Chief Financial Officer

  

			
	RAYONIER OPERATING COMPANY LLC
		
	By:	 	Rayonier Inc., its sole member
		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Chief Financial Officer

  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., not in its individual capacity, but solely as Trustee,
		
	By:	 	 /s/ Christie Leppert

	Name:	 	Christie Leppert
	Title:	 	Vice President

SIGNATURE PAGE TO 

4.50% SENIOR EXCHANGEABLE NOTES FIRST SUPPLEMENTAL
INDENTUREFifth Amendment to Credit Agreement dated July 28, 1010

 Exhibit 10.1 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”), dated as of July 28, 2010, is entered into among
TORCHMARK CORPORATION, a Delaware corporation (the “Borrower”), TMK RE LTD., a Bermuda reinsurance corporation (“TMK”), the lenders listed on the signature pages hereof as Lenders (the “Lenders”), and BANK
OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer. 
 BACKGROUND 

A. The Borrower, the Lenders, the Administrative Agent, the Swing Line Lender and the L/C Issuer are parties to that certain Credit
Agreement, dated as of November 18, 2004, as amended by that certain First Amendment to Credit Agreement, dated as of June 9, 2006, that certain Second Amendment to Credit Agreement, dated as of August 31, 2006, and that certain Third
Amendment to Credit Agreement, dated as of October 30, 2008, and that certain Fourth Amendment to Credit Agreement, dated as of June 16, 2009 (said Credit Agreement, as amended, the “Credit Agreement”). The terms defined
in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement. 
 B. The
Borrower has requested certain amendments to the Credit Agreement. 
 C. The Lenders, the Administrative Agent, the Swing Line
Lender and the L/C Issuer hereby agree to amend the Credit Agreement, subject to the terms and conditions set forth herein. 

AGREEMENT 

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set forth, and for other good and valuable
consideration, the receipt and adequacy of which are all hereby acknowledged, the Borrower, the Lenders, the Swing Line Lender, the L/C Issuer and the Administrative Agent covenant and agree as follows: 

1. AMENDMENTS. 

(a) Article I of the Credit Agreement is hereby amended as follows: 

(i) The definition of “Significant Insurance Subsidiary” is deleted in its entirety and the following is
substituted in lieu thereof: 
 “Significant Insurance Subsidiary” means any Significant
Subsidiary which is an Insurance Subsidiary, and shall in any event include Globe Life And Accident Insurance Company, a Nebraska insurance company, LNLIC, United American Insurance Company, a Nebraska insurance company, American Income Life
Insurance Company, an Indiana insurance company, and, prior to the UIL Disposition, UIL. 
 (ii) The following
are added to Article I in alphabetical order: 
 “LNLIC” means Liberty National Life
Insurance Company, a Nebraska insurance company. 

 “UIL” means United Investors Life Insurance Company, a
Nebraska insurance company. 
 “UIL Disposition” means the sale by Borrower and LNLIC of all
Equity Interest issued by UIL; provided (a) the total assets of UIL at the effective time of such sale are not more than $1,900,000,000, and (b) Borrower and LNLIC shall have received all consents of all Governmental Authorities
necessary to consummate such sale. 
 (b) Section 7.05 of the Credit Agreement is hereby amended by adding “;
provided, Borrower and LNLIC may make the UIL Disposition” before the period. 
 2. REPRESENTATIONS AND
WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof: 

(a) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of
the date hereof as made on and as of such date, 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; 

(b) no event has occurred and is continuing which constitutes a Default or an Event of Default; 

(c) (i) each of the Borrower and TMK has full power and authority to execute and deliver this Fifth Amendment, (ii) this Fifth
Amendment has been duly executed and delivered by each of the Borrower and TMK, and (iii) this Fifth Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligations of each of the Borrower and TMK
enforceable in accordance with their respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and
except as rights to indemnity may be limited by federal or state securities laws; 
 (d) neither the execution, delivery and
performance of this Fifth Amendment or the Credit Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or therein, will conflict with any Law or Organization Documents of the Borrower or TMK, or any indenture,
agreement or other instrument to which the Borrower or TMK or any of their respective property is subject; and 
 (e) no
authorization, approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not previously obtained is required for the execution, delivery or performance by the Borrower or TMK of this Fifth
Amendment. 
 3. CONDITIONS TO EFFECTIVENESS. This Fifth Amendment shall be effective upon satisfaction or completion of
the following: 
 (a) the Administrative Agent shall have received counterparts of this Fifth Amendment executed by the Required
Lenders; 
  

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 (b) the Administrative Agent shall have received counterparts of this Fifth Amendment
executed by each of the Borrower and TMK; and 
 (c) the Administrative Agent shall have received, in form and substance
satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall reasonably require. 

4. REFERENCE TO THE CREDIT AGREEMENT. 

(a) Upon the effectiveness of this Fifth Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended hereby. 

(b) The Credit Agreement, as amended by the amendments referred to above, shall remain in full force and effect and is hereby ratified
and confirmed. 
 5. COSTS, EXPENSES AND TAXES. Each Loan Party agrees to pay on demand all reasonable costs and expenses
of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Fifth Amendment and the other instruments and documents to be delivered hereunder (including the reasonable fees and out-of-pocket expenses
of counsel for the Administrative Agent with respect thereto). 
 6. EXECUTION IN COUNTERPARTS. This Fifth Amendment may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the
same instrument. For purposes of this Fifth Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic
mail is to be treated as an original. The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same
binding effect as an original signature on an original document. 
 7. GOVERNING LAW; BINDING EFFECT. This Fifth
Amendment shall be governed by and construed in accordance with the laws of the State of Texas applicable to agreements made and to be performed entirely within such state, provided that each party shall retain all rights arising under federal law,
and shall be binding upon the parties hereto and their respective successors and assigns. 
 8. HEADINGS. Section
headings in this Fifth Amendment are included herein for convenience of reference only and shall not constitute a part of this Fifth Amendment for any other purpose. 

9. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS FIFTH AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL 
  

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 AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

 

	
	REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

  

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 IN WITNESS WHEREOF, this Fifth Amendment is executed as of the date first set forth above.

  

			
	TORCHMARK CORPORATION
		
	By:	 	 /s/ Danny H. Almond

	Print Name:	 	 Danny H. Almond

	Print Title:	 	 Vice President & Chief Accounting Officer

	
	TMK RE, LTD.
		
	By:	 	 /s/ Danny H. Almond

	Print Name:	 	 Danny H. Almond

	Print Title:	 	 President & Treasurer

 

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	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Aamir Saleem

	Print Name:	 	 Aamir Saleem

	Print Title:	 	 Vice President

 

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	 BANK OF AMERICA, N.A., as a Lender, L/C

Issuer and Swing Line Lender

		
	By:	 	 /s/ Jason Cassity

		 	Jason Cassity
		 	Vice President

  

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	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Melvin D. Jackson

	Print Name:	 	 Melvin D. Jackson

	Print Title:	 	 Vice President

 

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	 KEYBANK NATIONAL ASSOCIATION, as a

Lender

		
	By:	 	 /s/ Mary K. Young

	Print Name:	 	 Mary K. Young

	Print Title:	 	 Senior Vice President

 

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	REGIONS BANK, as a Lender
		
	By:	 	 /s/ David A. Simmons

	Print Name:	 	 David A. Simmons

	Print Title:	 	 Senior Vice President

 

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	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Scott Bazemore

	Print Name:	 	 Scott Bazemore

	Print Title:	 	 Vice President

 

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	THE BANK OF NEW YORK, as a Lender
		
	By:	 	 /s/ Adim Offurum

	Print Name:	 	 Adim Offurum

	Print Title:	 	 Vice President

 

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	 HSBC BANK USA, NATIONAL

ASSOCIATION, as a Lender

		
	By:	 	 /s/ Jimmy Tse

	Print Name:	 	 Jimmy Tse

	Print Title:	 	 Vice President

 

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	COMERICA BANK, as a Lender
		
	By:	 	 /s/ Gerald R. Finney, Jr.

	Print Name:	 	 Gerald R. Finney, Jr.

	Print Title:	 	 Vice President

 

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	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as a Lender

		
	By:	 	 /s/ Timothy J. Blaha

	Print Name:	 	 Timothy J. Blaha

	Print Title:	 	 Assistant Vice President

 

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	COMPASS BANK, as a Lender
		
	By:	 	 /s/ Jason Goetz

	Print Name:	 	 Jason Goetz

	Print Title:	 	 Vice President

 

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	FIRST COMMERCIAL BANK, as a Lender
		
	By:	 	 /s/ Kelly Peace

	Print Name:	 	 Kelly Peace

	Print Title:	 	 Vice President

 

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	UMB BANK, n.a., as a Lender
		
	By:	 	 /s/ David A. Proffitt

	Print Name:	 	 David A. Proffitt

	Print Title:	 	 Senior Vice President

 

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