EX-10.33



 EXHIBIT 10.33 

EXECUTION VERSION 
  

 
 TERM LOAN CREDIT AGREEMENT

 dated as of August 27, 2015 

among 
 DELTIC TIMBER
CORPORATION, 
 as Borrower 

THE LENDERS FROM TIME TO TIME PARTY HERETO, 

and 
 AMERICAN AGCREDIT,
PCA, 
 as Administrative Agent 
  

 
 AMERICAN AGCREDIT, PCA, 

as Sole Lead Arranger and Sole Book Manager 







 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS; CONSTRUCTION
	  	 	1	  
	 Section 1.1.
	 	Definitions	  	 	1	  
	 Section 1.2.
	 	[Reserved]	  	 	14	  
	 Section 1.3.
	 	Accounting Terms and Determination	  	 	14	  
	 Section 1.4.
	 	Terms Generally	  	 	15	  
		
	 ARTICLE II. AMOUNT AND TERMS OF THE COMMITMENTS
	  	 	15	  
	 Section 2.1.
	 	General Description of Facility	  	 	15	  
	 Section 2.2.
	 	Term Loans	  	 	15	  
	 Section 2.3.
	 	[Reserved]	  	 	15	  
	 Section 2.4.
	 	[Reserved]	  	 	15	  
	 Section 2.5.
	 	[Reserved]	  	 	15	  
	 Section 2.6.
	 	Fundings	  	 	16	  
	 Section 2.7.
	 	[Reserved]	  	 	16	  
	 Section 2.8.
	 	Reduction and Termination of Commitments	  	 	16	  
	 Section 2.9.
	 	Repayment of Loans	  	 	16	  
	 Section 2.10.
	 	Evidence of Indebtedness	  	 	16	  
	 Section 2.11.
	 	Prepayments	  	 	17	  
	 Section 2.12.
	 	Interest on Loans	  	 	17	  
	 Section 2.13.
	 	Fees	  	 	17	  
	 Section 2.14.
	 	Computation of Interest and Fees	  	 	17	  
	 Section 2.15.
	 	[Reserved]	  	 	18	  
	 Section 2.16.
	 	[Reserved]	  	 	18	  
	 Section 2.17.
	 	Increased Costs	  	 	18	  
	 Section 2.18.
	 	Funding Indemnity	  	 	19	  
	 Section 2.19.
	 	Taxes	  	 	19	  
	 Section 2.20.
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	22	  
	 Section 2.21.
	 	Mitigation of Obligations	  	 	23	  
	 Section 2.22.
	 	Replacement of Lenders	  	 	24	  
		
	 ARTICLE III. CONDITIONS PRECEDENT TO LOANS
	  	 	24	  
	 Section 3.1.
	 	Conditions To Effectiveness	  	 	24	  
	 Section 3.2.
	 	Delivery of Documents	  	 	26	  
		
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES
	  	 	27	  
	 Section 4.1.
	 	Existence; Power	  	 	27	  
	 Section 4.2.
	 	Organizational Power; Authorization	  	 	27	  
	 Section 4.3.
	 	Governmental Approvals; No Conflicts	  	 	27	  
	 Section 4.4.
	 	Financial Statements	  	 	27	  
	 Section 4.5.
	 	Litigation and Environmental Matters	  	 	28	  
	 Section 4.6.
	 	Compliance with Laws and Agreements	  	 	28	  
	 Section 4.7.
	 	Investment Company Act, Etc.	  	 	28	  
	 Section 4.8.
	 	Taxes	  	 	28	  
	 Section 4.9.
	 	Margin Regulations	  	 	28	  
	 Section 4.10.
	 	ERISA	  	 	29	  
	 Section 4.11.
	 	Ownership of Property	  	 	29	  
	 Section 4.12.
	 	Disclosure	  	 	30	  
	 Section 4.13.
	 	Labor Relations	  	 	30	  
	 Section 4.14.
	 	Subsidiaries	  	 	30	  
	 Section 4.15.
	 	Foreign Assets Control Regulations, Etc.	  	 	30	  
	 Section 4.16.
	 	Anti-Corruption Laws and Sanctions	  	 	31	  


  
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 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
		
	 ARTICLE V. AFFIRMATIVE COVENANTS
	  	 	31	  
	 Section 5.1.
	 	Financial Statements and Other Information	  	 	31	  
	 Section 5.2.
	 	Notices of Material Events	  	 	32	  
	 Section 5.3.
	 	Existence; Conduct of Business	  	 	33	  
	 Section 5.4.
	 	Compliance with Laws, Etc.	  	 	33	  
	 Section 5.5.
	 	Payment of Obligations	  	 	33	  
	 Section 5.6.
	 	Books and Records	  	 	33	  
	 Section 5.7.
	 	Visitation, Inspection, Appraisals Etc.	  	 	33	  
	 Section 5.8.
	 	Maintenance of Properties; Insurance	  	 	34	  
	 Section 5.9.
	 	Use of Proceeds	  	 	34	  
	 Section 5.10.
	 	Additional Subsidiaries	  	 	34	  
	 Section 5.11.
	 	Farm Credit Equities	  	 	34	  
		
	 ARTICLE VI. FINANCIAL COVENANTS
	  	 	35	  
	 Section 6.1.
	 	Leverage Ratio	  	 	35	  
	 Section 6.2.
	 	Minimum Timber Market Value	  	 	36	  
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	 	36	  
	 Section 7.1.
	 	Indebtedness	  	 	36	  
	 Section 7.2.
	 	Negative Pledge	  	 	37	  
	 Section 7.3.
	 	Fundamental Changes	  	 	37	  
	 Section 7.4.
	 	Investments, Loans, Etc.	  	 	38	  
	 Section 7.5.
	 	Restricted Payments	  	 	39	  
	 Section 7.6.
	 	Sale of Assets	  	 	39	  
	 Section 7.7.
	 	Transactions with Affiliates	  	 	39	  
	 Section 7.8.
	 	Restrictive Agreements	  	 	39	  
	 Section 7.9.
	 	Sale and Leaseback Transactions	  	 	40	  
	 Section 7.10.
	 	Hedging Agreements	  	 	40	  
	 Section 7.11.
	 	Amendment to Material Documents	  	 	40	  
	 Section 7.12.
	 	Accounting Changes	  	 	40	  
	 Section 7.13.
	 	Government Regulations	  	 	40	  
	 Section 7.14.
	 	ERISA	  	 	40	  
		
	 ARTICLE VIII. EVENTS OF DEFAULT
	  	 	40	  
	 Section 8.1.
	 	Events of Default	  	 	40	  
		
	 ARTICLE IX. THE ADMINISTRATIVE AGENT
	  	 	43	  
	 Section 9.1.
	 	Appointment of Administrative Agent	  	 	43	  
	 Section 9.2.
	 	Nature of Duties of Administrative Agent	  	 	43	  
	 Section 9.3.
	 	Lack of Reliance on the Administrative Agent	  	 	44	  
	 Section 9.4.
	 	Certain Rights of the Administrative Agent	  	 	44	  
	 Section 9.5.
	 	Reliance by Administrative Agent	  	 	44	  
	 Section 9.6.
	 	The Administrative Agent in its Individual Capacity	  	 	44	  
	 Section 9.7.
	 	Successor Administrative Agent	  	 	45	  
	 Section 9.8.
	 	Authorization to Execute other Loan Documents	  	 	45	  
	 Section 9.9.
	 	Withholding Tax	  	 	45	  
	 Section 9.10.
	 	Administrative Agent May File Proofs of Claim	  	 	45	  
		
	 ARTICLE X. MISCELLANEOUS
	  	 	46	  
	 Section 10.1.
	 	Notices	  	 	46	  
	 Section 10.2.
	 	Waiver; Amendments	  	 	47	  
	 Section 10.3.
	 	Expenses; Indemnification	  	 	49	  


  
 ii 









 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
	 Section 10.4.
	 	Successors and Assigns	  	 	50	  
	 Section 10.5.
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	54	  
	 Section 10.6.
	 	WAIVER OF JURY TRIAL	  	 	54	  
	 Section 10.7.
	 	Right of Setoff	  	 	55	  
	 Section 10.8.
	 	Counterparts; Integration	  	 	55	  
	 Section 10.9.
	 	Survival	  	 	55	  
	 Section 10.10.
	 	Severability	  	 	55	  
	 Section 10.11.
	 	Confidentiality	  	 	55	  
	 Section 10.12.
	 	Interest Rate Limitation	  	 	56	  
	 Section 10.13.
	 	Waiver of Effect of Corporate Seal	  	 	56	  
	 Section 10.14.
	 	Independence of Covenants	  	 	56	  
	 Section 10.15.
	 	Patriot Act	  	 	56	  
	 Section 10.16.
	 	No Advisory or Fiduciary Relationship	  	 	56	  
	 Section 10.17.
	 	Most Favored Lender Provisions	  	 	57	  


  
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 TABLE OF CONTENTS 

(continued) 
  


					
	 	 	 	  	Page
	SCHEDULES	 		  	
			
	Schedule I	 	Commitment Amounts	  	
	Schedule 4.14	 	Subsidiaries	  	
	Schedule 7.1	 	Outstanding Indebtedness	  	
	Schedule 7.2	 	Existing Liens	  	
	Schedule 7.4	 	Existing Investments	  	
	Schedule 10.4(f)	 	Voting Participants	  	
			
	EXHIBITS	 		  	
			
	Exhibit A	 	Form of Note	  	
	Exhibit B	 	Form of Notice of Borrowing	  	
	Exhibit C	 	Form of Assignment and Acceptance	  	
	Exhibit D	 	Form of Subsidiary Guarantee Agreement	  	
	Exhibit E	 	Form of Indemnity, Subrogation and Contribution Agreement	  	
	Exhibit F	 	Form of Voting Participant Notification	  	
	Exhibit 2.19-1	 	Form of U.S. Tax Compliance Certificate	  	
	Exhibit 2.19-2	 	Form of U.S. Tax Compliance Certificate	  	
	Exhibit 2.19-3	 	Form of U.S. Tax Compliance Certificate	  	
	Exhibit 2.19-4	 	Form of U.S. Tax Compliance Certificate	  	
	Exhibit 3.1(b)(v)	 	Form of Secretary’s Certificate	  	
	Exhibit 3.1(b)(viii)	 	Form of Officer’s Certificate	  	


  
 iv 








 TERM LOAN CREDIT AGREEMENT 

THIS TERM LOAN CREDIT AGREEMENT (this “Agreement”) is made and entered into as of August 27, 2015, by and among
DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions from time to time party hereto (the “Lenders”) and AMERICAN AGCREDIT, PCA, in its capacity as
Administrative Agent for the Lenders (the “Administrative Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Borrower has requested that the Lenders agree to provide a term loan credit facility in the initial aggregate principal
amount of $100,000,000; 
 WHEREAS, subject to the terms and conditions of this Agreement, the Lenders have agreed to provide
such term loan credit facility in accordance with the terms, conditions and provisions set forth herein; 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the Borrower, the Lenders and the Administrative Agent agree as follows: 

ARTICLE I. 

DEFINITIONS; CONSTRUCTION 

Section 1.1. Definitions. In addition to the other terms defined herein, the following terms used herein shall have the
meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined): 

“Acquisition” shall mean (a) any Investment by the Borrower or any of its Subsidiaries in any other Person pursuant to
which such Person shall become a Subsidiary of the Borrower or any of its Subsidiaries or shall be merged with the Borrower or any of its Subsidiaries or (b) any acquisition by the Borrower or any of its Subsidiaries of the assets of any Person
(other than an existing Subsidiary of the Borrower) which constitutes all or substantially all of the assets of such Person or which comprises a business unit of such Person. 

“Administrative Agent” shall have the meaning assigned to such term in the opening paragraph hereof. 

“Administrative Questionnaire” shall mean, with respect to each Lender, an administrative questionnaire in the form prepared
by the Administrative Agent and submitted to the Administrative Agent duly completed by such Lender. 
 “Affiliate” shall
mean, as to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person. For purposes of this definition, the term “Control” shall
mean the power, directly or indirectly, either to (i) vote 5% or more of securities having ordinary voting power for the election of directors (or persons performing similar functions) of a Person or (ii) direct or cause the direction of
the management and policies of a Person, whether through the ability to exercise voting power, by contract or otherwise; the terms “Controlling”, “Controlled by”, and “under common Control with” have meanings
correlative thereto. 







 “Aggregate Term Loan Commitment Amount” shall mean the aggregate principal
amount of the Aggregate Term Loan Commitments from time to time. As of the Closing Date, the Aggregate Term Loan Commitment Amount equals $100,000,000. 

“Aggregate Term Loan Commitments” shall mean, collectively, all Term Loan Commitments of all Lenders at any time outstanding
with respect to the Term Loans. 
 “Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction
applicable to the Borrower and its Affiliates from time to time concerning or relating to bribery or corruption. 
 “Applicable
Lending Office” shall mean, for each Lender, the “Lending Office” of such Lender (or an Affiliate of such Lender) designated in the Administrative Questionnaire submitted by such Lender or such other office of such Lender (or an
Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office by which its Loans are to be made and maintained. 

“Arranger” shall mean American AgCredit, PCA. 

“Asset Like Kind Exchange” shall mean a like kind exchange of timber or real estate development assets of the Borrower or any
of its Subsidiaries made in accordance with Section 1031 and Section 1033 of the Code. 
 “Assignment and
Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.4(b)) and accepted by the Administrative Agent, in the
form of Exhibit C attached hereto or any other form approved by the Administrative Agent. 
 “Base Rate”
shall mean the highest of (i) the Prime Rate (as defined below), as in effect from time to time and (ii) the Federal Funds Rate, as in effect from time to time, plus one-half of one percent (0.50%) per annum. Each change in any of
the rates described above in this definition shall be effective from and including the date such change is announced as being effective. For purposes hereof, “Prime Rate” means a variable rate of interest per annum equal to the
“U.S. prime rate” as reported on such day in the Money Rates Section of the Eastern Edition of The Wall Street Journal as the average prime lending rate for 70% of the nation’s largest banks, or if the Eastern Edition of The
Wall Street Journal is not published on such day, such rate as last published in the Eastern Edition of The Wall Street Journal. In the event the Eastern Edition of The Wall Street Journal ceases to publish such rate or an
equivalent on a regular basis, the term “Prime Rate” shall be determined on any day by reference to such other regularly published average prime rate for such date applicable to such commercial bank as is acceptable to the
Administrative Agent in its sole discretion. Any change in Prime Rate shall be automatic, without the necessity of notice provided to the Borrower or any other Loan Party. 

“Borrower” shall have the meaning in the introductory paragraph hereof. 

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in California are
authorized or required by law to close. 
 “Capital Lease Obligations” of any Person shall mean all obligations of such
Person to pay rent or other amounts under any lease (or other arrangement conveying the right to use) of real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a
balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
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 “Change in Control” shall mean the occurrence of one or more of the following
events: (a) any sale, lease, exchange or other transfer (in a single transaction or a series of related transactions) of all or substantially all of the assets of the Borrower to any Person or “group” (within the meaning of the
Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder in effect on the date hereof), (b) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
“group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) other than the Murphy Family of 30% or more of the outstanding shares of
the voting stock of the Borrower; or (c) during any period of 24 consecutive months, a majority of the members of the board of directors of the Borrower cease to be composed of individuals who are Continuing Directors. 

“Change in Law” means (i) the adoption of any applicable law, rule or regulation after the date of this Agreement,
(ii) any change in any applicable law, rule or regulation, or any change in the interpretation, implementation or application thereof, by any Governmental Authority after the date of this Agreement, or (iii) compliance by any Lender (or
its Applicable Lending Office) (or for purposes of Section 2.17(b), by such Lender’s holding company, if applicable) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority
made or issued after the date of this Agreement; provided, however, that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, in each case pursuant to Basel III, and (z) all requests, rules, guidelines or directives issued by a Governmental Authority in connection with a Lender’s submission or re-submission
of a capital plan under 12 C.F.R. § 225.8 or a Governmental Authority’s assessment thereof, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Closing Date” shall mean August 27, 2015. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any
rule or regulation issued thereunder. 
 “Commitment” shall mean a Term Loan Commitment. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated Net Worth” shall mean, as of any date, (i) the
total assets of the Borrower and its Subsidiaries that would be reflected on the Borrower’s consolidated balance sheet as of such date prepared in accordance with GAAP, after eliminating all amounts properly attributable to minority interests,
if any, in the stock and surplus of Subsidiaries, minus (ii) the sum of (x) the total liabilities of the Borrower and its Subsidiaries that would be reflected on the Borrower’s consolidated balance sheet as of such date
prepared in accordance with GAAP and (y) the amount of any write-up in the book value of any assets resulting from a revaluation thereof or any write-up in excess of the cost of such assets acquired reflected on the consolidated balance sheet
of the Borrower as of such date prepared in accordance with GAAP. 
 “Consolidated Total Capital” shall mean, as of any
date, the sum of (i) Consolidated Total Debt as of such date and (ii) Consolidated Net Worth as of such date. 

  
 3 








 “Consolidated Total Debt” shall mean, as of any date, all Indebtedness of the
Borrower and its Subsidiaries described in the definition of “Indebtedness”, including, without limitation, the Loans, but excluding Indebtedness of the type described in subsection (xi) of the definition thereof. 

“Continuing Director” shall mean, with respect to any period, any individuals (A) who were members of the board of
directors of the Borrower on the first day of such period, (B) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (A) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body, or (C) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (A) and
(B) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body. 

“Default” shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an
Event of Default. 
 “Default Interest” shall have the meaning set forth in Section 2.12(c). 

“Del-Tin” shall mean Del-Tin Fiber L.L.C., an Arkansas limited liability company. 

“Del-Tin Credit Agreement” shall mean that certain Amended and Restated Letter of Credit Agreement dated July 21, 2011
by and among Del-Tin, SunTrust Bank, as administrative agent and the lenders named therein and any and all amendments thereto, or refinancings or replacements thereof which do not increase the principal amount thereof or the LC Commitment
thereunder. 
 “Del-Tin Guarantee” shall mean that certain Guarantee Agreement dated April 1, 2013 executed by the
Borrower in connection with the Del-Tin Credit Agreement, pursuant to which the Borrower guarantees the principal amount not exceeding $30,000,000 in favor of the lenders under the Del-Tin Credit Agreement. 

“Dollar(s)” and the sign “$” shall mean lawful money of the United States of America. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.4(b)(iii),
(v) and (vi) (subject to such consents, if any, as may be required under Section 10.4(b)(iii)). 

“Employee Benefit Plan” has that meaning as defined in Section 3(3) of ERISA and for which the Borrower or an ERISA
Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by the Borrower or its ERISA Affiliates or on behalf of beneficiaries of such participants. 

“Environmental Laws” shall mean all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions,
notices or binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, Release or threatened Release of any
Hazardous Material or to health and safety matters. 
 “Environmental Liability” shall mean any liability, contingent or
otherwise (including any liability for damages, costs of environmental investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of the Borrower or any Subsidiary directly or
indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any


  
 4 








 
Hazardous Materials, (c) any actual or alleged exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute
including any regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated), which, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for the purposes of Section 303 of ERISA and Section 430 of the Code, is treated as a single
employer under Section 414 of the Code. 
 “ERISA Event” means with respect to the Borrower or any ERISA Affiliate,
(i) any “reportable event”, as defined in Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (ii) the failure to make required contributions when due to a
Multiemployer Plan or Plan or the imposition of a Lien in favor of a Plan under Section 430(k) of the Code or Section 303(k) of ERISA; (iii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (iv) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, or the
imposition of a Lien in favor of the PBGC under Title IV of ERISA; (v) the receipt from the PBGC or a plan administrator appointed by the PBGC of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (vi) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer
Plan or for the imposition of liability under Section 4069 or 4212(c) of ERISA; (vii) the incurrence of any liability with respect to the withdrawal or partial withdrawal from any Plan including the withdrawal from a Plan subject to
Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA, or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(viii) the incurrence of any Withdrawal Liability with respect to any Multiemployer Plan; (ix) the receipt of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to
be, insolvent (within the meaning of Section 4245 of ERISA) or in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status (within the meaning of Section 432 of the Code or Section 305 of
ERISA); or (x) a determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA). 

“Event of Default” shall have the meaning provided in Article VIII. 

“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.22) or (ii) such Lender changes its Applicable Lending Office, except in each case to the extent that,
pursuant to Section 2.19, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Applicable Lending
Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.19(g) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

  
 5 








 “Existing Revolving Credit Agreement” shall mean that certain Second Amended and
Restated Revolving Credit Agreement dated as of November 18, 2014 among the Borrower, the lenders party thereto and SunTrust Bank, as administrative agent. 

“Farm Credit Act” means the Farm Credit Act of 1971. 

“Farm Credit Equities” shall have the meaning given such term in Section 5.11(a). 

“Farm Credit Equity Documents” shall have the meaning given such term in Section 5.11(a). 

“Farm Credit Lender” means a lending institution organized and existing pursuant to the provisions of the Farm Credit Act and
under the regulation of the Farm Credit Administration. 
 “FASB ASC” means the Accounting Standards Codification of the
Financial Accounting Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Federal Funds Rate” shall mean, for any day, the rate per annum (rounded upwards,
if necessary, to the next 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System arranged by Federal funds brokers, as published by the Federal Reserve Bank
of New York on the next succeeding Business Day or if such rate is not so published for any Business Day, the Federal Funds Rate for such day shall be the average rounded upwards, if necessary, to the next 1/100th of 1% of the quotations for such
day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent. 

“Fee Letter” shall mean that certain letter agreement dated as of the date hereof between the Borrower and the Arranger. 

“Foreign Lender” shall mean any Lender that is not a United States person under Section 7701(a)(3) of the Code. 

“GAAP” shall mean generally accepted accounting principles in the United States applied on a consistent basis and subject to
the terms of Section 1.3. 
 “Governmental Authority” shall mean the government of the United States of
America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank. 

  
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 “Guarantee” of or by any Person (the “guarantor”) shall mean
any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly and including any obligation, direct or indirect, of the guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued in support of such Indebtedness or obligation; provided, that the term “Guarantee” shall not include endorsements for collection or deposits in the ordinary course of business. The amount of
any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which Guarantee is made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect
thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. The term “Guarantee” used as a verb has a corresponding meaning. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law. 
 “Hedging Agreements” shall mean interest rate swap, cap or collar agreements, interest rate
future or option contracts, currency swap agreements, currency future or option contracts, commodity agreements and other similar agreements or arrangements designed to protect against fluctuations in interest rates, currency values or commodity
values, in each case to which any Borrower or any Subsidiary is a party. 
 “Indebtedness” of any Person shall mean,
without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of the
deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business; provided, that for purposes of Section 8.1(f), trade payables overdue by more than 120 days shall be included
in this definition except to the extent that any of such trade payables are being disputed in good faith and by appropriate measures), (iv) all obligations of such Person under any conditional sale or other title retention agreement(s) relating
to property acquired by such Person, (v) all Capital Lease Obligations of such Person, (vi) all obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of credit,
(vii) all Guarantees of such Person of the type of Indebtedness described in clauses (i) through (vi) above and clause (xi) below, (viii) all Indebtedness of a third party secured by any Lien on property owned by such
Person, whether or not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any capital stock of such Person,
(x) Off-Balance Sheet Liabilities, and (xi) all obligations of such Person under Hedging Agreements. The Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture in which such Person is a general
partner or a joint venturer, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor. For purposes of determining the amount of attributed Indebtedness from Hedging Agreements, the “principal
amount” of the obligations of the Borrower or any Subsidiary in respect to any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required
to pay if such Hedging Agreement were terminated at such time. 

  
 7 








 “Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnity and Contribution Agreement” shall mean the Indemnity, Subrogation and Contribution Agreement, substantially in the
form of Exhibit E, among the Borrower, the Subsidiary Loan Parties and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time. 

“Investments” shall have the meaning as set forth in Section 7.4. 

“IRS” shall mean the Internal Revenue Service. 

“Lenders” shall have the meaning assigned to such term in the opening paragraph of this Agreement. 

“Leverage Ratio” shall mean, as of any date of determination with respect to the Borrower, the ratio of (i) Consolidated
Total Debt as of such date to (ii) Consolidated Total Capital. 
 “Lien” shall mean any mortgage, pledge, security
interest, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment, deposit arrangement, or other arrangement having the practical effect of the foregoing or any preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having the same economic effect as any of the foregoing). 

“Loan Documents” shall mean, collectively, this Agreement, the Notes, the Subsidiary Guarantee Agreement, the Indemnity and
Contribution Agreement, the Notice of Borrowing, the Fee Letter and any and all other instruments, agreements, documents and writings executed in connection with any of the foregoing. 

“Loan Parties” shall mean the Borrower and the Subsidiary Loan Parties. 

“Loans” shall mean all Term Loans in the aggregate or any of them, as the context shall require. 

“Material Adverse Effect” shall mean, with respect to any event, act, condition or occurrence of whatever nature (including
any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singularly or in conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences whether or
not related, resulting in a material adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition, assets, liabilities or prospects of the Borrower or of the Borrower and its Subsidiaries
taken as a whole, (ii) the ability of the Loan Parties to perform any of their respective obligations under the Loan Documents, (iii) the rights and remedies of the Administrative Agent and the Lenders under any of the Loan Documents or
(iv) the legality, validity or enforceability of any of the Loan Documents. 
 “Material Indebtedness” shall mean
Indebtedness (other than the Loans), commitments for Indebtedness or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower and the Subsidiaries in an aggregate principal amount exceeding $1,000,000. For
purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect to any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. For the avoidance of doubt, Material Indebtedness shall include the Existing Revolving Credit Agreement (and any
replacement credit agreement). 

  
 8 








 “Maturity Date” shall mean August 27, 2025. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Multiemployer Plan” shall have the meaning set forth in Section 4001(a)(3) of ERISA. 

“Murphy Family” shall mean, collectively, estates and descendants of C.H. Murphy, Jr., his sisters, any of their spouses or
descendants or persons married to their descendants and any investment entity that is controlled by any of the foregoing. 

“Note” a promissory note of the Borrower payable to the order of a requesting Lender in the principal amount of such
Lender’s Term Loan Commitment, in substantially the form of Exhibit A. 
 “Note Purchase Agreement” shall mean
that certain Amended and Restated Note Purchase Agreement, dated as of March 30, 2007, by and between the Borrower and American AgCredit, PCA, relating to $40,000,000 Series A Senior Notes due December 18, 2016, as the same may be amended
or otherwise modified and in effect from time to time. 
 “Notice of Borrowing” shall mean a notice of borrowing
substantially in the form of Exhibit B. 
 “Obligations” shall mean all amounts owing by the Borrower to the
Administrative Agent or any Lender pursuant to or in connection with this Agreement or any other Loan Document or otherwise with respect to any Loan, including without limitation, all principal, interest (including any interest accruing after the
filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), all
reimbursement obligations, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses of counsel to the Administrative Agent and any Lender incurred, or required to be reimbursed, by the Borrower,
in each case, pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder, and all obligations arising under
Hedging Agreements relating to the foregoing to the extent permitted hereunder, and all obligations and liabilities incurred in connection with collecting and enforcing the foregoing, together with all renewals, extensions, modifications or
refinancings thereof. 
 “OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 “Off-Balance Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability of such Person
with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions which do not create a liability on the balance sheet of such Person, (iii) any liability of such
Person under any so-called “synthetic” lease transaction or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a
liability on the balance sheet of such Person. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

  
 9 








 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.22). 

“Participant” shall have the meaning set forth in Section 10.4(d). 

“Participant Register” shall have the meaning set forth in Section 10.4(e). 

“Patriot Act” shall have the meaning set forth in Section 3.1(b)(xiii). 

“Payment Office” shall mean the office of the Administrative Agent located at 200 Concourse Boulevard, Santa Rosa, California
95402, or such other location as to which the Administrative Agent shall have given written notice to the Borrower and the other Lenders. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA, and any successor entity
performing similar functions. 
 “Permitted Encumbrances” shall mean 

(i) Liens imposed by law for taxes or special assessments not yet due or which are being contested in good faith by appropriate
proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP; 
 (ii) statutory Liens
of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law created in the ordinary course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings and with
respect to which adequate reserves are being maintained in accordance with GAAP; 
 (iii) pledges and deposits made in the
ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 

(iv) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (v) judgment
and attachment liens not giving rise to an Event of Default or Liens created by or existing from any litigation or legal proceeding that are currently being contested in good faith by appropriate proceedings and with respect to which adequate
reserves are being maintained in accordance with GAAP; 
 (vi) easements, zoning restrictions, rights-of-way and similar
encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary
conduct of business of the Borrower and its Subsidiaries taken as a whole; and 

  
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 (vii) statutory liens in favor of a Farm Credit Lender or its Affiliate pursuant
to the Farm Credit Act on all Farm Credit Equities of such Farm Credit Lender or its Affiliate that the Borrower may now own or hereafter acquire; 

provided, that, except with respect to clause (vii) above, the term “Permitted Encumbrances” shall not include any Lien
securing Indebtedness. 
 “Permitted Investments” shall mean: 

(i) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof; 

(ii) commercial paper having the highest rating, at the time of acquisition thereof, of S&P or Moody’s and in either
case maturing within six months from the date of acquisition thereof; 
 (iii) certificates of deposit, bankers’
acceptances and time deposits maturing within 180 days of the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the
laws of the United States or any state thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(iv) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause
(i) above and entered into with a financial institution satisfying the criteria described in clause (iii) above; and 

(v) mutual funds investing solely in any one or more of the Permitted Investments described in clauses (i) through
(iv) above. 
 “Person” shall mean any individual, partnership, firm, corporation, association, joint venture, limited
liability company, trust or other entity, or any Governmental Authority. 
 “Plan” means any Employee Benefit Plan (other
than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate either (i) maintains, contributes to or has an
obligation to contribute to on behalf of participants who are or were employed by any of them (or on behalf of beneficiaries of such participants) or (ii) is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to
be) an “employer” as defined in Section 3(5) of ERISA or a “contributing sponsor” (as defined in ERISA Section 4001(a)(13)). 

“Pro Forma Basis” means, for purposes of calculating compliance with respect to a proposed Acquisition, that such transaction
shall be deemed to have occurred as of the first day of the four fiscal-quarter period ending as of the most recent fiscal quarter end preceding the effective date of such Acquisition. For purposes of any such calculation in respect of any
Acquisition as referred to in Section 7.4(g): (a) any Indebtedness incurred or assumed in connection with such transaction which is not retired in connection with such transaction (i) shall be deemed to have been incurred as of
the first day of the applicable period, and (ii) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or
would be in effect with respect to such Indebtedness as at the relevant date of determination; 

  
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(b) income statement items (whether positive or negative) and capital expenditures attributable to the Person or property acquired in such Acquisition, shall be included beginning as of
the first day of the applicable period; and (c) pro forma adjustments may be included to the extent that such adjustments are calculated in a manner not inconsistent with GAAP and would give effect to events that are: (y) directly
attributable to such transaction and (z) expected to have a continuing impact on the Borrower and its Subsidiaries. 
 “Pro
Forma Compliance Certificate” means a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent in connection with any Acquisition referred to in Section 7.4(g), which shall contain a reasonably
detailed calculation of compliance with the ratio requirements of Section 7.4(g), upon giving effect to the applicable transaction on a Pro Forma Basis, as of the most recent fiscal quarter end preceding the date of the applicable
Acquisition. 
 “Pro Rata Share” shall mean with respect to any Term Loan Commitment or Term Loan of any Lender at any
time, a percentage, the numerator of which shall be such Lender’s relevant Term Loan Commitment or Term Loan, as applicable, and the denominator of which shall be the sum of the relevant Term Loan Commitments or Term Loans of all Lenders, as
applicable. 
 “Qualified Plan” means an Employee Benefit Plan that is intended to be tax-qualified under
Section 401(a) of the Code. 
 “Recipient” means (a) the Administrative Agent and (b) any Lender, as
applicable. 
 “Register” shall have the meaning set forth in Section 10.4(c). 

“Regulation D, T, U, X and Y” shall mean Regulation D, T, U, X and Y, respectively, of the Board of Governors of
the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 
 “Related
Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors or other representatives of such
Person and such Person’s Affiliates. 
 “Release” means any release, spill, emission, leaking, dumping, injection,
pouring, deposit, disposal, discharge, dispersal, leaching or migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within any building, structure, facility or fixture. 

“Required Lenders” shall mean, at any time, Lenders holding more than 50% of the sum of (a) the aggregate outstanding
Commitments at such time and (b) the principal amount of the Term Loans outstanding at such time. With respect to any matter requiring the approval of the Required Lenders, it is understood that Voting Participants shall have the voting rights
specified in Section 10.4(f) as to such matter. 
 “Requirement of Law” for any Person shall mean the articles
or certificate of incorporation, bylaws, partnership certificate and agreement, or limited liability company certificate of organization and agreement, as the case may be, and other organizational and governing documents of such Person, and any law,
treaty, rule or regulation, or determination of a Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

  
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 “Responsible Officer” shall mean any of the president, the chief executive
officer, the chief operating officer, the chief financial officer, the treasurer or a vice president of the Borrower or such other representative of the Borrower as may be designated in writing by any one of the foregoing with the consent of the
Administrative Agent; and, with respect to the financial covenants and compliance certificates only, the chief financial officer or the treasurer of the Borrower. 

“Restricted Payment” shall have the meaning set forth in Section 7.5. 

“S&P” shall mean Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.,
and any successor thereto. 
 “Sanctioned Country” shall mean, at any time, a country or territory which is itself the
subject or target of any Sanctions. 
 “Sanctioned Person” shall mean, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the or by the United Nations Security Council, the European Union or any European
Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) and/or (b). 

“Sanctions” shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time
by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any
European Union member state or Her Majesty’s Treasury of the United Kingdom. 
 “Subsidiary” shall mean, with respect
to any Person (the “parent”), any corporation, partnership, joint venture, limited liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, partnership, joint venture, limited liability company, association or other entity (i) of which
securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power, or in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned,
controlled or held, or (ii) that is, as of such date, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless otherwise indicated, all references to
“Subsidiary” hereunder shall mean a Subsidiary of the Borrower. 
 “Subsidiary Guarantee Agreement” shall mean
the Subsidiary Guarantee Agreement, substantially in the form of Exhibit D, made by the Subsidiary Loan Parties in favor of the Administrative Agent for the benefit of the Lenders, as amended, restated, supplemented or otherwise modified from
time to time. 
 “Subsidiary Loan Party” shall mean any Subsidiary. 

“Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges, assessments or
withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” shall mean a loan made by a Lender to the Borrower under its Term Loan Commitment. 

  
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 “Term Loan Commitment” shall mean, with respect to each Lender, the obligation
of such Lender to make a Term Loan to the Borrower in an aggregate principal amount not exceeding the amount set forth with respect to such Lender on Schedule I, or in the case of a Person becoming a Lender after the Closing Date through an
assignment of an existing Term Loan Commitment, the amount of the assigned “Term Loan Commitment” as provided in the Assignment and Acceptance Agreement executed by such Person as an assignee, as the same may be increased or decreased
pursuant to terms hereof. 
 “Timber Market Value” shall mean the lessor of (i) the fair market value of all timber
owned by the Borrower or any of its Subsidiaries as determined by reference to the average price received by Borrower or any of its Subsidiaries for their sales of timber for the preceding four quarters multiplied by the current quarter’s
ending inventory of timber, or (ii) if an appraisal is requested by the Administrative Agent, the appraised value of all timber owned by the Borrower or any of its Subsidiaries as determined in accordance with Section 5.7. 

“Total Senior Indebtedness” shall mean the Aggregate Term Loan Commitments outstanding plus the aggregate outstanding
principal amount of the Term Loans plus the outstanding Indebtedness evidenced by the Note Purchase Agreement plus the aggregate amount, without duplication, of the outstanding commitments and Indebtedness under the Existing Revolving
Credit Agreement (or any replacement credit agreement). 
 “U.S. Tax Compliance Certificate” has the meaning assigned to
such term in Section 2.19(g). 
 “Voting Participant” shall have the meaning given such term in
Section 10.4(f). 
 “Voting Participant Notification” shall have the meaning given such term in
Section 10.4(f). 
 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Withholding Agent” means the Borrower and the Administrative Agent. 

Section 1.2. [Reserved].  

Section 1.3. Accounting Terms and Determination. Unless otherwise defined or specified herein, all accounting terms used
herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP as in effect from time to time, applied on a basis
consistent with the most recent audited consolidated financial statements of the Borrower and its Subsidiaries delivered pursuant to Section 5.1(a); provided, that if the Borrower notifies the Administrative Agent that the
Borrower wishes to amend any covenant in Article VI to eliminate the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article
VI for such purpose), then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such
covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. Furthermore, the Borrower hereby agrees that any election pursuant to FASB ASC 825 shall be disregarded for all purposes of this Agreement, including, without
limitation, for calculating financial ratios herein and determining compliance with the financial covenants herein. 

  
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 Section 1.4. Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. In the computation of periods of time
from a specified date to a later specified date, the word “from” means “from and including” and the word “to” means “to but excluding”. Unless the context requires otherwise (i) any definition of or
reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as it was originally executed or as it may from time to time be amended, restated, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns,
(iii) the words “hereof”, “herein” and “hereunder” and words of similar import shall be construed to refer to this Agreement as a whole and not to any particular provision hereof, (iv) all references to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and Schedules to this Agreement, (v) any reference to any law or regulation herein shall, unless otherwise specified, refer to such
law or regulation as amended, modified or supplemented from time to time and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights. To the extent that any of the representations and warranties contained in Article IV under this Agreement is qualified by “Material Adverse Effect”,
then the qualifier “in all material respects” contained in Section 3.1(d) and the qualifier “in any material respect” contained in Section 8.1(c) shall not apply. Unless otherwise indicated, all references
to time are references to Pacific Standard Time or Pacific Daylight Savings Time, as the case may be. Unless otherwise expressly provided herein, all references to dollar amounts shall mean Dollars. 

ARTICLE II. 
 AMOUNT
AND TERMS OF THE COMMITMENTS 
 Section 2.1. General Description of Facility. Subject to and upon the terms and
conditions herein set forth, the Lenders hereby establish in favor of the Borrower a term loan credit facility pursuant to which the Lenders severally agree (to the extent of such Lender’s Term Loan Commitment) to make Term Loans to the
Borrower in accordance with Section 2.2; provided, that in no event shall the aggregate principal amount of all outstanding Term Loans exceed at any time the Aggregate Term Loan Commitments from time to time in effect. 

Section 2.2. Term Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make a Term
Loan, ratably in proportion to its Pro Rata Share of the Aggregate Term Loan Commitments, to the Borrower on the Closing Date in the aggregate principal amount of $100,000,000; provided that the aggregate principal amount of the Term Loans
outstanding at any time shall not result in (i) such Lender’s Term Loan exceeding such Lender’s Term Loan Commitment or (ii) the sum of the aggregate Term Loans of all Lenders exceeding the Aggregate Term Loan Commitments. The
Term Loan Commitments are not revolving commitments, and the Borrower shall not be entitled to borrow, prepay and reborrow Term Loans. 

Section 2.3. [Reserved].  

Section 2.4. [Reserved].  

Section 2.5. [Reserved].  

  
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 Section 2.6. Fundings. 

(a) Each Lender will make available the Term Loan to be made by it hereunder on the Closing Date by wire transfer in
immediately available funds to the Administrative Agent at the Payment Office. The Administrative Agent will make such Loans available to the Borrower by effecting a wire transfer of such amounts to an account designated by the Borrower to the
Administrative Agent. 
 (b) Unless the Administrative Agent shall have been notified by any Lender prior to the Closing Date
that such Lender will not make available to the Administrative Agent such Lender’s Term Loan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date, and the Administrative
Agent, in reliance on such assumption, may make available to the Borrower on such date a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the Closing Date, the
Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest at the Federal Funds Rate for up to two (2) days and thereafter at the rate specified for such Term Loan. If such
Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the
Administrative Agent together with interest at the rate specified for such Term Loan. Nothing in this subsection shall be deemed to relieve any Lender from its obligation to fund its Pro Rata Share of the Term Loans hereunder or to prejudice any
rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder. 
 (c) The funding
of the Term Loans on the Closing Date shall be made by the Lenders on the basis of their respective Pro Rata Shares. No Lender shall be responsible for any default by any other Lender in its obligations hereunder, and each Lender shall be obligated
to make its Loans provided to be made by it hereunder, regardless of the failure of any other Lender to make its Loans hereunder. 

Section 2.7. [Reserved]. 

Section 2.8. Reduction and Termination of Commitments. All Term Loan Commitments shall terminate upon the funding of the
Term Loans on the Closing Date. 
 Section 2.9. Repayment of Loans. The outstanding principal amount of all Term
Loans shall be due and payable (together with accrued and unpaid interest thereon) on the Maturity Date. 
 Section 2.10.
Evidence of Indebtedness.  
 (a) Each Lender shall maintain in accordance with its usual practice
appropriate records evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable thereon and paid to such Lender from time to time
under this Agreement. The Administrative Agent shall maintain appropriate records in which shall be recorded (i) the Term Loan Commitment of each Lender, (ii) the amount of each Loan made hereunder by each Lender, (iii) the date and
amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder in respect of such Loans and (iv) both the date and amount of any sum received by the Administrative Agent hereunder
from the Borrower in respect of the Loans and each Lender’s Pro Rata Share thereof. The entries made in such 

  
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records shall be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, that the failure or delay of any Lender or
the Administrative Agent in maintaining or making entries into any such record or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans (both principal and unpaid accrued interest) of such Lender in
accordance with the terms of this Agreement. 
 (b) The Borrower will, upon a Lender’s request, execute and deliver to
such Lender a Note, payable to the order of such Lender. 
 Section 2.11. Prepayments. 

The Borrower shall have the right at any time and from time to time to prepay the Term Loans, in whole or in part, without premium or penalty,
by giving irrevocable written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent no later than 11:00 a.m. not less than five (5) Business Days prior to any such prepayment. Each such notice shall be
irrevocable and shall specify the proposed date of such prepayment and the principal amount of the Term Loans to be prepaid. Upon receipt of any such notice, the Administrative Agent shall promptly notify each affected Lender of the contents thereof
and of such Lender’s Pro Rata Share of any such prepayment. If such notice is given, the aggregate amount specified in such notice shall be due and payable on the date designated in such notice, together with accrued interest to such date on
the amount so prepaid in accordance with Section 2.12(d); provided, that the Borrower shall also pay all amounts required pursuant to Section 2.18. 

Section 2.12. Interest on Loans. 

(a) The Borrower shall pay interest on the Term Loans at a per annum rate equal to 4.05%. 

(b) [Reserved.] 

(c) While an Event of Default exists or after acceleration, at the option of the Required Lenders, the Borrower shall pay
interest (“Default Interest”) at the rate otherwise applicable, plus an additional 2% per annum, and with respect to all other Obligations hereunder (other than Loans), at an all-in rate equal to the Base Rate,
plus an additional 2% per annum. 
 (d) Interest on the principal amount of all Loans shall accrue from and
including the date such Loans are made to but excluding the date of any repayment thereof. Commencing on March 1, 2016, interest on all outstanding Loans shall be payable semi-annually in arrears on each March 1 and September 1 and on
the Maturity Date. All Default Interest shall be payable on demand. 
 Section 2.13. Fees. The Borrower shall pay to the
Administrative Agent for its own account fees in the amounts and at the times previously agreed upon by the Borrower and the Administrative Agent and set forth in the Fee Letter. 

Section 2.14. Computation of Interest and Fees. All computations of interest hereunder shall be made on the basis of a year
of 360 days consisting of twelve 30-day months. Each determination by the Administrative Agent of an interest amount or fee hereunder shall be made in good faith and, except for manifest error, shall be final, conclusive and binding for all
purposes. 

  
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 Section 2.15. [Reserved].  

Section 2.16. [Reserved].  

Section 2.17. Increased Costs  

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; or 
 (ii)
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters
of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) impose on any Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or any Loans made
by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to,
continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to reduce the amount of any sum received or receivable by such Lender or other Recipient hereunder (whether of principal, interest or any other amount)
then, upon request of such Lender or other Recipient, the Borrower will pay to such Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such
additional costs incurred or reduction suffered. 
 (b) If any Lender determines that any Change in Law affecting such Lender
or any lending office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of
such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time, the Borrower will pay to such Lender such additional amount
or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or such Lender’s holding company, as the case may be, specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower
(with a copy to the Administrative Agent) and shall be conclusive, absent manifest error. The Borrower shall pay any such Lender such amount or amounts within 10 days after receipt thereof. 

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of
such Lender’s right to demand such compensation. 

  
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 Section 2.18. Funding Indemnity. In the event of (a) the prepayment of
any principal of a Loan other than on the Maturity Date (including as a result of an Event of Default) or (b) the failure by the Borrower to borrow or prepay any Loan on the date specified in any applicable notice (regardless of whether such
notice is withdrawn or revoked), then, in any such event, the Borrower shall compensate each Lender, within five (5) Business Days after written demand from such Lender, for any loss, cost or expense attributable to such event. Such loss, cost
or expense shall be deemed to include any applicable prepayment cost as set forth below in this Section 2.18 (“Prepayment Cost”). A certificate as to any additional amount payable under this Section 2.18
submitted to the Borrower by any Lender (with a copy to the Administrative Agent) shall be conclusive, absent manifest error. 
 The amount
of any applicable Prepayment Cost due to a Lender shall equal the aggregate amount (without markup) charged by the applicable funding bank(s) for such Lender and its Participants with respect to the prepayment (or failure to borrow) funds as a
result of the relevant action (or inaction) of the Borrower described in clause (a) or (b) above in this Section 2.18; provided that if a Lender or its Participant ceases to have a funding bank, the Prepayment Cost of
such Lender or Participant shall be a “make-whole” amount calculated according to any reasonable methodology established by such Lender or Participant. The Borrower acknowledges that the Prepayment Cost is not a penalty, does not
constitute damages for Borrower’s breach of this Agreement, and does not constitute payment of unmatured interest; instead, it is a fee payable by the Borrower to a Lender if a Loan is repaid prior to its scheduled due date. The Borrower
acknowledges that the Lenders made available to the Borrower a variety of interest rate options. Some of those options included prepayment premiums and some did not. Those options that included a prepayment premium were available at a lower cost
than those options that did not. In the case of the Term Loans, the Borrower selected an interest rate option that included a prepayment premium and as a result obtained a lower rate of interest than would otherwise have been available. The Borrower
acknowledges that the Prepayment Cost is a reasonable fee and charge of a Lender and reflects a fair and reasonable return to such Lender for the consideration advanced to the Borrower. 

Section 2.19. Taxes. 

(a) For purposes of this Section, the term “applicable law” includes FATCA. 

(b) Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of
the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (d) The Borrower shall indemnify each
Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to
be withheld or deducted from a payment to such Recipient and any 

  
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reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest
error. 
 (e) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so),
(ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.4(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each
case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set
off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (e).

 (f) As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (g) (i) Any Lender that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than
such documentation set forth in clauses (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender. 

  
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 (ii) Without limiting the generality of the foregoing, in the event that the
Borrower is a U.S. Person: 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative
Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that
such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (ii) executed originals of IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit 2.19-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder”
of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(y) executed originals of IRS Form W-8BEN; or 
 (iv) to the extent a Foreign Lender is not the beneficial owner,
executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.19-2 or Exhibit 2.19-3, IRS Form W-9, and/or other certification
documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender
may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.19-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to 

  
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time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction
required to be made; and 
 (D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the Closing Date. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

Section 2.20. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or of
amounts payable under Section 2.17, 2.18 or 2.19, or otherwise) prior to 1:00 p.m., on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date
may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Payment Office,
except that payments pursuant to Sections 2.17, 2.18 and 2.19 and 10.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of
any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case
of any payment accruing interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall be made in Dollars. 

(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of
principal, interest and fees then due hereunder, such funds shall be applied (i) first, to the fees and reimbursable expenses of the Administrative Agent then due and payable pursuant to any of the Loan Documents,
(ii) second, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, (iii) third, towards payment of
principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties, and (iv) fourth, towards payment of all other Obligations then due, ratably among the parties
entitled thereto in accordance with the amounts of such Obligations then due to such parties. 

  
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 (c) If any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans that would result in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion
received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans; provided, that (i) if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by
the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than
to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation. For the avoidance of doubt, the parties acknowledge that this Section 2.20(c) shall not apply to any action taken or proceeds received by any Farm Credit Lender with respect to any of its Farm Credit Equities held
by any Borrower. 
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders, the amount or amounts due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of
the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.20(c) or
(d), 10.3(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 Section 2.21. Mitigation
of Obligations. If any Lender requests compensation under Section 2.17, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.19, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable under Section 2.17 or Section 2.19, as the case may be, in the future and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all costs and expenses incurred by any Lender in connection with such designation or assignment.


  
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 Section 2.22. Replacement of Lenders. If (a) any Lender requests
compensation under Section 2.17, (b) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.19, or (c) in connection
with any proposed amendment, waiver, or consent, the consent of all of the Lenders, or all of the Lenders directly affected thereby, is required pursuant to Section 10.2, and any such Lender refuses to consent to such amendment, waiver
or consent as to which the Required Lenders have consented, then, in each case, the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions set forth in Section 10.4(b)) all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender);
provided, that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, (ii) prior to, or contemporaneous with, the replacement of such Lender,
such Lender shall have received payment of an amount equal to the outstanding principal amount of all Loans owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including, without limitation, any amounts
then due and owing under Section 2.17 and/or Section 2.19), from the assignee (in the case of such outstanding principal and accrued interest) and from the Borrower (in the case of all other amounts) and (iii) in the
case of a claim for compensation under Section 2.17 or payments required to be made pursuant to Section 2.19, such assignment will result in a reduction in such compensation or payments. 

ARTICLE III. 

CONDITIONS PRECEDENT TO LOANS 

Section 3.1. Conditions To Effectiveness. The obligations of the Lenders to make Loans hereunder shall not become effective
until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.2). 

(a) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing Date,
including reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel to the Administrative Agent) required to be reimbursed or paid by the Borrower hereunder, under any other Loan Document
and under any agreement with the Administrative Agent or the Arranger. 
 (b) The Administrative Agent (or its counsel) shall
have received the following: 
 (i) a counterpart of this Agreement signed by or on behalf of each party thereto or written
evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement; 

(ii) a duly executed Note payable to each Lender; 

(iii) a duly executed Subsidiary Guarantee Agreement and Indemnity and Contribution Agreement; 

(iv) [intentionally omitted]; 

  
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 (v) a certificate of the Secretary or Assistant Secretary of each Loan Party,
substantially in the form of Exhibit 3.1(b)(v), attaching and certifying copies of its bylaws and of the resolutions of its board of directors, or partnership agreement or limited liability company agreement, or comparable organizational
documents and authorizations, authorizing the execution, delivery and performance of the Loan Documents to which it is a party and certifying the name, title and true signature of each officer of such Loan Party executing the Loan Documents to which
it is a party; 
 (vi) certified copies of the articles or certificate of incorporation, certificate of organization or
limited partnership, or other registered organizational documents of each Loan Party, together with certificates of good standing or existence, as may be available from the Secretary of State of the jurisdiction of organization of such Loan Party
and each other jurisdiction where such Loan Party is required to be qualified to do business as a foreign entity; 
 (vii) a
favorable written opinion of (x) Jim F. Andrews, Jr., General Counsel of the Loan Parties or (y) outside counsel to the Loan Parties, addressed to the Administrative Agent and each of the Lenders, and covering such matters relating to the
Loan Parties, the Loan Documents and the transactions contemplated therein as the Administrative Agent or the Required Lenders shall reasonably request; 

(viii) a certificate, substantially in the form of Exhibit 3.1(b)(viii), dated the Closing Date and signed by a
Responsible Officer, confirming compliance with the conditions set forth in paragraphs (c), (d) and (e) of this Section 3.1 including a representation that no event or condition has occurred since the last audited financial
statements which would have a Material Adverse Effect; 
 (ix) a duly executed Notice of Borrowing with respect to the Term
Loans; 
 (x) certified copies of all consents, approvals, authorizations, registrations and filings and orders required or
advisable to be made or obtained under any Requirement of Law, or by any contractual obligation of each Loan Party, in connection with the execution, delivery, performance, validity and enforceability of the Loan Documents or any of the transactions
contemplated thereby, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired; 

(xi) copies of the consolidated financial statements of the Borrower and its Subsidiaries for the fiscal years ended 2012,
2013, and 2014, including balance sheets, income and cash flow statements audited by independent public accountants of recognized national standing and prepared in conformity with GAAP, and such other financial information as the Administrative
Agent may reasonably request; 
 (xii) confirmation that no litigation, investigation or proceeding of or before any
arbitrators or Governmental Authorities is pending against or, to the knowledge of the Borrower, threatened against the Borrower or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect; 

  
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 (xiii) all information the Administrative Agent and each Lender may request with
respect to the Borrower and its Subsidiaries in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and any other “know your customer” or
similar laws or regulations; 
 (xiv) certificates of insurance issued on behalf of insurers of the Borrower and all
guarantors, describing in reasonable detail the types and amounts of insurance (property and liability) maintained by the Borrower and all guarantors, naming the Administrative Agent as additional insured in the case of liability insurance; 

(xv) a duly executed amendment to the Existing Revolving Credit Agreement permitting the Commitments and Indebtedness under
this Agreement, together with evidence that such amendment has (or, concurrently with the effectiveness of this Agreement, will) become effective; and 

(xvi) evidence that, consistent with Section 5.11, the Borrower has purchased Farm Credit Equities in American
AgCredit, PCA and executed American AgCredit, PCA’s standard Membership Agreement; 
 (c) at the time of and immediately
after giving effect to the funding of the Term Loans, no Default or Event of Default shall exist; 
 (d) at the time of and
immediately after giving effect to the funding of the Term Loans, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (other than those representations and
warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of the date of such funding, before and after giving
effect thereto; 
 (e) since the date of the audited financial statements of the Borrower described in
Section 4.4, there shall have been no change which has had or could reasonably be expected to have a Material Adverse Effect; and 

(f) the Administrative Agent shall have received such other documents, certificates, information or legal opinions as the
Administrative Agent or the Required Lenders may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent or the Required Lenders. 

Without limiting the generality of the provisions of this Section, for purposes of determining compliance with the conditions specified in
this Section, each Lender that has signed this Agreement shall be deemed to have consented to, approved of, accepted or been satisfied with each document or other matter required thereunder to be consented to, approved by or acceptable or
satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

The funding of the Term Loans shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the
matters specified in paragraphs (c), (d) and (e) of this Section 3.1. 
 Section 3.2. Delivery of
Documents. All of the Loan Documents, certificates, legal opinions and other documents and papers referred to in this Article III, unless otherwise specified, shall be delivered to the Administrative Agent for the account of each of
the Lenders and, except for the Notes, in sufficient counterparts or copies for each of the Lenders and shall be in form and substance satisfactory in all respects to the Administrative Agent. 

  
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 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Administrative Agent and each Lender as follows: 

Section 4.1. Existence; Power. The Borrower and each of its Subsidiaries (i) is duly organized, validly existing and in
good standing as a corporation, partnership or limited liability company under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to carry on its business as now conducted, and (iii) is duly
qualified to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect. 

Section 4.2. Organizational Power; Authorization. The execution, delivery and performance by each Loan Party of the Loan
Documents to which it is a party are within such Loan Party’s organizational powers and have been duly authorized by all necessary organizational, and if required, shareholder, partner or member, action. This Agreement has been duly executed
and delivered by the Borrower, and constitutes, and each other Loan Document to which any Loan Party is a party, when executed and delivered by such Loan Party, will constitute, valid and binding obligations of the Borrower or such Loan Party (as
the case may be), enforceable against it in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights
generally and by general principles of equity. 
 Section 4.3. Governmental Approvals; No Conflicts. The
execution, delivery and performance by the Borrower of this Agreement, and by each Loan Party of the other Loan Documents to which it is a party (a) do not require any consent or approval of, registration or filing with, or any action by, any
Governmental Authority, except those as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its
Subsidiaries or any judgment or order of any Governmental Authority, (c) will not violate or result in a default under any indenture, material agreement or other material instrument binding on the Borrower or any of its Subsidiaries or any of
its assets or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its
Subsidiaries. 
 Section 4.4. Financial Statements. The Borrower has furnished to each Lender (i) the audited
consolidated balance sheet of the Borrower and its Subsidiaries as of December 31, 2014 and the related consolidated statements of income, shareholders’ equity and cash flows for the fiscal year then ended reported on by KPMG, LLP and
(ii) the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of June 30, 2015, and the related unaudited consolidated statements of income and cash flows for the fiscal quarter and year-to-date period
then ending, certified by a Responsible Officer. Such financial statements fairly present the consolidated financial condition of the Borrower and its Subsidiaries as of such dates and the consolidated results of operations for such periods in
conformity with GAAP consistently applied, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii). Since December 31, 2014, there have been no changes with respect to the
Borrower and its Subsidiaries which have had or could reasonably be expected to have, singly or in the aggregate, a Material Adverse Effect. 

  
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 Section 4.5. Litigation and Environmental Matters. 

(a) No litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or,
to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination that could reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect or (ii) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document. 

(b) Neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain,
maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability
or (iv) knows of any basis for any Environmental Liability, in each case which could reasonably be expected to have a Material Adverse Effect. 

Section 4.6. Compliance with Laws and Agreements. The Borrower and each Subsidiary is in compliance with (a) all
applicable laws, rules, regulations and orders of any Governmental Authority, and (b) all indentures, agreements or other instruments binding upon it or its properties, except where non-compliance, either singly or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 Section 4.7. Investment Company Act, Etc.
Neither the Borrower nor any of its Subsidiaries is (a) an “investment company,” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended, or (b) otherwise subject to any other regulatory
scheme limiting its ability to incur debt or requiring any approval or consent from or registration or filing with, any Governmental Authority in connection therewith. 

Section 4.8. Taxes. The Borrower and its Subsidiaries and each other Person for whose taxes the Borrower or any Subsidiary
could become liable have timely filed or caused to be filed all Federal income tax returns and all other material tax returns that are required to be filed by them, and have paid all taxes shown to be due and payable on such returns or on any
assessments made against it or its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except (i) to the extent the failure to do so would not have a Material Adverse Effect or
(ii) where the same are currently being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as the case may be, has set aside on its books adequate reserves. The charges, accruals and reserves on
the books of the Borrower and its Subsidiaries in respect of such taxes are adequate, and no tax liabilities that could be materially in excess of the amount so provided are anticipated. 

Section 4.9. Margin Regulations. None of the proceeds of any of the Loans will be used, (i) directly or indirectly,
for “purchasing” or “carrying” any “margin stock” with the respective meanings of each of such terms under Regulation U or for any purpose that violates the provisions of the Regulation T, U or X or (ii) to finance
or refinance any (A) commercial paper issued by the Borrower or (B) any other Indebtedness, except for Indebtedness that the Borrower incurred for general corporate or working capital purposes. Neither the Borrower nor its Subsidiaries is
engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin stock” (as defined in Regulation U). Following the application of the proceeds of any Loan,
less than 25% of the value of the assets of the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge or other restriction hereunder taken as a whole have been, and will continue to be, represented by “margin
stock” (as defined in Regulation U). 

  
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 Section 4.10. ERISA. 

(a) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events
for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The “benefit obligations” of all Plans did not, as of the date of the most recent financial statements reflecting
such amounts, exceed the “fair market value of the assets” of such Plans by more than $10,000,000. No event has occurred since the issuance of such financial statements that would cause the “benefit obligations” of all Plans to
exceed the “fair market value of the assets” of such Plans by the dollar amount specified in the previous sentence. The terms “benefit obligations” and “fair market value of assets” shall be determined by and with such
terms defined in accordance with FASB ASC 715. 
 (b) Each Employee Benefit Plan is in compliance in all material respects
with the applicable provisions ERISA, the Code and other Requirements of Law. Except with respect to Multiemployer Plans, each Qualified Plan (I) has received a favorable determination from the IRS applicable to the Qualified Plan’s
current remedial amendment cycle (as described in Revenue Procedure 2007-44 or “2007-44” for short), (II) has timely filed for a favorable determination letter from the IRS during its staggered remedial amendment cycle (as defined in
2007-44) and such application is currently being processed by the IRS, (III) has filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination letter and the
staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired or (IV) is maintained under a prototype or volume submitter plan and may rely upon a favorable opinion or letter issued
by the IRS with respect to such prototype or volume submitter plan. No event has occurred which would cause the loss of the Borrower’s or any ERISA Affiliate’s reliance on the Qualified Plan’s favorable determination letter or opinion
or advisory letter. 
 (c) With respect to any Employee Benefit Plan that is a retiree welfare benefit arrangement, all
amounts have been accrued on the Borrower’s financial statements in accordance with Statement of FASB ASC 715. 
 (d)
Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) there are no pending or to the best of the Borrower’s knowledge, threatened claims, actions or lawsuits or action by any
Governmental Authority, participant or beneficiary with respect to an Employee Benefit Plan; (ii) there are no violations of the fiduciary responsibility rules with respect to any Employee Benefit Plan; and (iii) neither the Borrower nor
ERISA Affiliate has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Code, in connection with any Employee Benefit Plan, that would subject the Borrower to a tax on
prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Code. 
 Section 4.11. Ownership of
Property. 
 (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in,
all of its real and personal property material to the operation of its business. 
 (b) Each of the Borrower and its
Subsidiaries owns, or is licensed, or otherwise has the right, to use, all patents, trademarks, service marks, tradenames, copyrights and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries
does not infringe on the rights of any other Person, except for any such infringements that, individually or in the aggregate, would not have a Material Adverse Effect. 

  
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 (c) The properties of the Borrower and its Subsidiaries are insured with
financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar
properties in localities where the Borrower or any applicable Subsidiary operates (it being acknowledged and agreed by the parties hereto that the insurance coverage maintained by the Borrower and its Subsidiaries as of the Closing Date satisfies
the requirements of this clause (c)). 
 Section 4.12. Disclosure. The Borrower has disclosed to the Lenders all
agreements, instruments, and corporate or other restrictions to which the Borrower or any of its Subsidiaries is subject, and all other matters known to any of them, that, individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect. None of the reports (including without limitation all reports that the Borrower is required to file with the Securities and Exchange Commission), financial statements, certificates or other information furnished by or on
behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation or syndication of this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by any other
information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, taken as a whole, in light of the circumstances under which they were made, not misleading.

 Section 4.13. Labor Relations. There are no strikes, lockouts or other material labor disputes or grievances
against the Borrower or any of its Subsidiaries, or, to the Borrower’s knowledge, threatened against or affecting the Borrower or any of its Subsidiaries, and no significant unfair labor practice, charges or grievances are pending against the
Borrower or any of its Subsidiaries, or to the Borrower’s knowledge, threatened against any of them before any Governmental Authority, which could reasonably be expected to have a Material Adverse Effect. All payments due from the Borrower or
any of its Subsidiaries pursuant to the provisions of any collective bargaining agreement have been paid or accrued as a liability on the books of the Borrower or any such Subsidiary, except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect. 
 Section 4.14. Subsidiaries. Schedule 4.14 sets forth the
name of, the ownership interest of the Borrower in, the jurisdiction of incorporation or organization of, and the type of, each Subsidiary as of the Closing Date. 

Section 4.15. Foreign Assets Control Regulations, Etc. Neither the making of any Loan nor the use of the proceeds thereof
will violate (a) the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto, (b) the Patriot Act or (c) Executive Order No. 13,224, 66 Fed. Reg. 49,079 (2001), issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit,
Threaten to Commit or Support Terrorism). Without limiting the foregoing, neither Borrower nor any of its Subsidiaries is or will become a “blocked person” as described in Section 1 of such Executive Order or engages or will engage in
any dealings or transactions with, or is otherwise associated with, any such blocked person. 

  
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 Section 4.16. Anti-Corruption Laws and Sanctions. The Borrower has implemented
and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the
Borrower, its Subsidiaries and their respective officers and employees and, to the knowledge of the Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of
(a) the Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit
from the credit facility established hereby, is a Sanctioned Person. No Loan, use of proceeds or other transaction contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. 

ARTICLE V. 

AFFIRMATIVE COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or the principal of and interest on any Loan or any
fee remains unpaid: 
 Section 5.1. Financial Statements and Other Information. The Borrower will deliver to the
Administrative Agent and each Lender: 
 (a) as soon as available and in any event within 90 days after the end of
each fiscal year of Borrower, a copy of the annual audited report for such fiscal year for the Borrower and its Subsidiaries, containing a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal year and the
related consolidated statements of income, shareholders’ equity and cash flows (together with all footnotes thereto) of the Borrower and its Subsidiaries for such fiscal year, setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail and reported on by KPMG, LLP or other independent public accountants of nationally recognized standing (without a “going concern” or like qualification, exception or explanation and without
any qualification or exception as to scope of such audit) to the effect that such financial statements present fairly in all material respects the financial condition and the results of operations of the Borrower and its Subsidiaries for such fiscal
year on a consolidated and consolidating basis in accordance with GAAP and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards;

 (b) as soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of each
fiscal year of the Borrower, an unaudited consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal quarter and the related unaudited consolidated statements of income and cash flows of the Borrower and its
Subsidiaries for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of Borrower’s previous fiscal year,
all certified by the chief financial officer or treasurer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with
GAAP, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with the delivery of the
financial statements referred to in clauses (a) and (b) above, a certificate of a Responsible Officer, (i) certifying as to whether there exists a Default or Event of Default on the date of such certificate, and if a Default or an
Event of Default then exists, specifying the details thereof and the action which the Borrower has taken or proposes to take with respect thereto, (ii) setting forth in reasonable detail calculations demonstrating compliance with Article
VI including calculations demonstrating Borrower’s Minimum Timber Market Value for each month, and (iii) stating whether any change in GAAP or the application thereof has occurred since the date of the Borrower’s audited financial
statements referred to in Section 4.4 and, if any change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

  
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 (d) promptly after the same become publicly available, copies of all periodic and
other reports, proxy statements and other materials filed with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission, or with any national securities exchange, or distributed by
the Borrower to its shareholders generally, as the case may be; 
 (e) promptly upon the consummation of any offering of
common or preferred stock of the Borrower, notice thereof and the aggregate amount of proceeds raised therefrom; and 
 (f)
promptly following any request therefor, such other information regarding the results of operations, business affairs and financial condition of the Borrower or any Subsidiary as the Administrative Agent or any Lender may reasonably request. 

Documents and notices required to be delivered pursuant to Section 5.01(a), (b), or (d), (to the extent any such
documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such
documents or notices, or provides a link thereto on the Borrower’s website on the Internet; or (ii) on which such documents or notices are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each
Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided, that : (i) the Borrower shall deliver paper copies of such documents or
notices to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall
notify the Administrative Agent and each Lender (by telecopy or electronic mail) of the posting of any such documents. The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents or notices
referred to above, and in any event shall have no responsibility to monitor compliance by the Loan Parties with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of
such documents or notices. 
 Section 5.2. Notices of Material Events. The Borrower will furnish to the Administrative
Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default or Event of
Default; 
 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental
Authority against or, to the knowledge of the Borrower, affecting the Borrower or any Subsidiary which, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c) the occurrence of any event or any other development by which the Borrower or any of its Subsidiaries (i) fails to
comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) becomes subject to any Environmental Liability, (iii) receives notice of any claim
with respect to any Environmental Liability, or (iv) becomes aware of any basis for any Environmental Liability and in each of the preceding clauses, which individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect; 

  
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 (d) the occurrence of any ERISA Event that alone, or together with any other
ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $5,000,000; and 

(e) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

(f) Each notice delivered under this Section shall be accompanied by a written statement of a Responsible Officer setting forth
the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 5.3. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to
be done all things necessary to preserve, renew and maintain in full force and effect its legal existence and its respective rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct
of its business; provided, that nothing in this Section shall prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.3. 

Section 5.4. Compliance with Laws, Etc. The Borrower will, and will cause each of its Subsidiaries to, comply with all
laws, rules, regulations and requirements of any Governmental Authority applicable to its properties, except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions. 
 Section 5.5. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to,
pay and discharge at or before maturity, all of its obligations and liabilities (including without limitation all tax liabilities and claims that could result in a statutory Lien) before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

Section 5.6. Books and Records. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record
and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the consolidated financial statements of Borrower in conformity with
GAAP. 
 Section 5.7. Visitation, Inspection, Appraisals Etc. 

(a) The Borrower will, and will cause each of its Subsidiaries to, permit any representative of the Administrative Agent
or any Lender, to visit and inspect its properties, to examine its books and records and to make copies and take extracts therefrom, and to discuss its affairs, finances and accounts with any of its officers and with its independent certified public
accountants, all at such reasonable times and as often as the Administrative Agent or any Lender may reasonably request after reasonable prior notice to the Borrower; provided, however, if an Event of Default has occurred and is continuing,
no prior notice shall be required. 

  
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 (b) The Borrower will, and will cause each of its Subsidiaries to, deliver to the
Lenders such appraisals of the timber land of the Loan Parties as the Administrative Agent may reasonably request at any time and from time to time, such appraisals to be conducted by an appraiser, and in form and substance, reasonably satisfactory
to the Administrative Agent conducted at the expense of the Lenders, unless an Event of Default has occurred and is continuing, at which time such appraisals shall be conducted at the expense of the Borrower as frequently as the Required Lenders
shall request. 
 Section 5.8. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its
Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear except where the failure to do so, either individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect and (b) maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business, and the properties and business of its Subsidiaries,
against loss or damage of the kinds customarily insured against by companies in the same or similar businesses operating in the same or similar locations. 

Section 5.9. Use of Proceeds. The Borrower will use the proceeds of the Term Loans to refinance existing Indebtedness, to
finance working capital needs, to finance acquisitions and for other general corporate purposes of the Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that would
violate any rule or regulation of the Board of Governors of the Federal Reserve System, including Regulations T, U or X. 

Section 5.10. Additional Subsidiaries. If any additional Subsidiary is acquired or formed after the Closing Date, the
Borrower will, within ten (10) Business Days after such Subsidiary is acquired or formed, notify the Administrative Agent and the Lenders thereof and will cause such Subsidiary to become a Subsidiary Loan Party by executing agreements in the
form of Annex I to the Subsidiary Guarantee Agreement and Annex I to the Indemnity and Contribution Agreement in form and substance satisfactory to the Administrative Agent and the Required Lenders and will cause such Subsidiary to deliver
simultaneously therewith similar documents applicable to such Subsidiary required under Section 3.1 as reasonably requested by the Administrative Agent.  

Section 5.11. Farm Credit Equities. 

(a) So long as (i) a Farm Credit Lender is a Lender or Voting Participant hereunder and (ii) such Farm Credit Lender
has notified the Borrower that it is eligible to receive patronage distributions directly from such Farm Credit Lender or one of its Affiliates on account of the Term Loans made (or participated in) by such Farm Credit Lender hereunder, the Borrower
will, as a condition to receiving such patronage distributions, acquire equity in such Farm Credit Lender or one of its Affiliates in such amounts and at such times as such Farm Credit Lender may require in accordance with such Farm Credit
Lender’s or its Affiliate’s bylaws and capital plan or similar documents (as each may be amended from time to time); provided, however, that, notwithstanding anything to the contrary contained herein, the maximum amount of
equity that the Borrower may be required to purchase in such Farm Credit Lender or one of its Affiliates in connection with the Loans made by such Farm Credit Lender hereunder shall not exceed the maximum amount required by the applicable bylaws,
capital plan and related documents, in each case, (x) as in effect (and in the form provided to the Borrower) on the Closing Date or (y) in the case of a Farm Credit Lender that becomes a Lender or Voting Participant as a result of an
assignment or sale of a participation or sub-participation, as in effect (and in the form provided to the Borrower) at the time of the closing of the related assignment or sale of participation or sub-participation. The Borrower acknowledges receipt
of the documents from American AgCredit, PCA (together with any similar documents delivered to the Borrower in connection with a Farm Credit Lender that becomes a Lender or Voting Participant as a result of an assignment or sale of


  
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a participation or sub-participation after the Closing Date, the “Farm Credit Equity Documents”), which describe the nature of the stock and/or other equities in a Farm Credit
Lender or its Affiliate required to be acquired by the Borrower in connection with the Term Loans made (or participated in) by such Farm Credit Lender (the “Farm Credit Equities”), as well as applicable capitalization requirements,
and the Borrower agrees to be bound by the terms thereof. 
 (b) Each party hereto acknowledges that (i) the Farm Credit
Equity Documents shall govern (x) the rights and obligations of the parties with respect to the Farm Credit Equities and any patronage refunds or other distributions made on account thereof or on account of the Borrower’s patronage with
the respective Farm Credit Lenders, (y) the Borrower’s eligibility for patronage distributions from the respective Farm Credit Lenders or their Affiliates (in the form of Farm Credit Equities and/or cash) and (z) patronage
distributions, if any, in the event of a sale by a Farm Credit Lender of participations or sub-participations in the Term Loans made (or participated in) by such Farm Credit Lender, (ii) patronage refunds or other distributions by each Farm
Credit Lender or one of its Affiliates are subject to various conditions, including approval by the applicable board of directors of such Farm Credit Lender or Affiliate with respect to each such refund or other distribution and (iii) the
Borrower (and not an Affiliate of the Borrower) will be the owner of the Farm Credit Equities issued by the applicable Farm Credit Lender or an Affiliate thereof. Each Farm Credit Lender reserves the right to assign or sell participations or
sub-participations in all or any part of its Commitments or outstanding Loans hereunder on a non-patronage basis (and/or to a Lender that pays no patronage or pays patronage that is lower than the patronage paid by the transferring Farm Credit
Lender) in accordance with Section 10.4. 
 (c) Each party hereto acknowledges that each Farm Credit Lender (or
its Affiliate) has a statutory first lien pursuant to the Farm Credit Act on all Farm Credit Equities of such Farm Credit Lender (or its Affiliate) that the Borrower may now own or hereafter acquire, which statutory lien shall be for such Farm
Credit Lender’s (or its Affiliate’s) sole and exclusive benefit. The Farm Credit Equities of a particular Farm Credit Lender (or its Affiliate) shall not constitute security for the Obligations due to any other Lender. To the extent that
any of the Loan Documents create a Lien on the Farm Credit Equities of a Farm Credit Lender (or its Affiliate) or on patronage accrued by such Farm Credit Lender (or its Affiliate) for the account of the Borrower (including, in each case, proceeds
thereof), such Lien shall be for such Farm Credit Lender’s sole and exclusive benefit and shall not be subject to pro rata sharing hereunder. Neither the Farm Credit Equities nor any accrued patronage shall be offset against the Obligations
except that, in the event of an Event of Default, a Farm Credit Lender may elect, solely at its discretion, to apply the cash portion of any patronage distribution or retirement of equity to amounts due under this Agreement. The Borrower
acknowledges that any corresponding tax liability associated with such application is the sole responsibility of the Borrower. No Farm Credit Lender shall have an obligation to retire the Farm Credit Equities of such Farm Credit Lender upon any
Event of Default, Default or any other default by the Borrower, or at any other time, either for application to the Obligations or otherwise. 

ARTICLE VI. 

FINANCIAL COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or the principal of or interest on or any Loan remains
unpaid or any fee remains unpaid: 
 Section 6.1. Leverage Ratio. The Borrower and its Subsidiaries shall maintain as of
the last day of each fiscal quarter of the Borrower, a Leverage Ratio of not greater than 0.65:1.00. 

  
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 Section 6.2. Minimum Timber Market Value. The Borrower and its Subsidiaries
shall maintain a Timber Market Value greater than 175% of outstanding Total Senior Indebtedness. 
 ARTICLE VII. 

NEGATIVE COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or the principal of or interest on any Loan remains
unpaid or any fee remains unpaid: 
 Section 7.1. Indebtedness. The Borrower will not, and will not permit any of its
Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness of the
Borrower and its Subsidiaries under the Loan Documents; 
 (b) Indebtedness of the Borrower or any Subsidiary existing on the
date hereof and set forth on Schedule 7.1 and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to giving effect to such extension, renewal or
replacement) or shorten the maturity or the weighted average life thereof; 
 (c) Indebtedness of the Borrower or any
Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets if secured by a Lien
on any such assets prior to the acquisition thereof; provided, that such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvements or extensions, renewals, and
replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to giving effect to such extension, renewal or replacement) or shorten the maturity or the weighted average life thereof;
provided further, that the aggregate principal amount of such Indebtedness does not exceed $2,000,000 at any time outstanding; 

(d) Indebtedness of the Borrower owing to any Subsidiary Loan Party and of any Subsidiary Loan Party owing to the Borrower or
any other Subsidiary Loan Party; 
 (e) Guarantees by the Borrower of Indebtedness of any Subsidiary Loan Party and by any
Subsidiary of Indebtedness of the Borrower or any other Subsidiary Loan Party; 
 (f) Indebtedness of any Person which
becomes a Subsidiary after the date of this Agreement; provided, that such Indebtedness exists at the time that such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary
and the aggregate principal amount of such Indebtedness permitted hereunder shall not exceed $5,000,000 outstanding at any time; 

(g) the Del-Tin Guarantee; 

(h) Indebtedness in respect of obligations under Hedging Agreements permitted by Section 7.10; 

(i) Indebtedness incurred under a line of credit with BancorpSouth in an amount not to exceed $1,000,000; 

  
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 (j) Letters of credit (which are not issued pursuant to this Agreement) which are
issued in the ordinary course of business of the Borrower in an aggregate stated amount not to exceed $5,000,000; 
 (k)
other unsecured Indebtedness in an aggregate principal amount not to exceed $5,000,000 at any time outstanding; and 
 (l)
Indebtedness under the Existing Revolving Credit Agreement (or any replacement credit agreement) in an aggregate principal amount not to exceed $480,000,000 at any time outstanding. 

Section 7.2. Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume
or suffer to exist any Lien on any of its assets or property now owned or hereafter acquired or, except: 
 (a)
Permitted Encumbrances; 
 (b) any Liens on any property or asset of the Borrower or any Subsidiary existing on the Closing
Date set forth on Schedule 7.2; provided, that such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary; 

(c) purchase money Liens upon or in any fixed or capital assets to secure the purchase price or the cost of construction or
improvement of such fixed or capital assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction or improvement of such fixed or capital assets (including Liens securing any Capital Lease Obligations);
provided, that (i) such Lien secures Indebtedness permitted by Section 7.1 (c), (ii) such Lien attaches to such asset concurrently or within 90 days after the acquisition, improvement or completion of the
construction thereof; (iii) such Lien does not extend to any other asset; and (iv) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets; 

(d) any Lien (i) existing on any asset of any Person at the time such Person becomes a Subsidiary of the Borrower,
(ii) existing on any asset of any Person at the time such Person is merged with or into the Borrower or any Subsidiary of the Borrower or (iii) existing on any asset prior to the acquisition thereof by the Borrower or any Subsidiary of the
Borrower; provided, that any such Lien was not created in the contemplation of any of the foregoing and any such Lien secures only those obligations which it secures on the date that such Person becomes a Subsidiary or the date of such merger
or the date of such acquisition; and 
 (e) extensions, renewals, or replacements of any Lien referred to in paragraphs
(a) through (d) of this Section; provided, that the principal amount of the Indebtedness secured thereby is not increased and that any such extension, renewal or replacement is limited to the assets originally encumbered thereby.

 Section 7.3. Fundamental Changes. 

(a) The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate into any other Person, or permit
any other Person to merge into or consolidate with it or liquidate or dissolve; provided, that if at the time thereof and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing
(i) the Borrower or any Subsidiary may merge with a Person if the Borrower (or such Subsidiary if the Borrower is 

  
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not a party to such merger) is the surviving Person, (ii) any Subsidiary may merge into another Subsidiary; provided, that if any party to such merger is a Subsidiary Loan Party, the
Subsidiary Loan Party shall be the surviving Person and (iii) any Subsidiary (other than a Subsidiary Loan Party) may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests
of the Borrower and is not materially disadvantageous to the Lenders; provided, that any such merger involving a Person that is not a wholly-owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by
Section 7.4. 
 (b) The Borrower will not, and will not permit any of its Subsidiaries to, engage in any business
other than businesses of the type conducted by the Borrower and its Subsidiaries on the date hereof and businesses reasonably related thereto. 

Section 7.4. Investments, Loans, Etc. The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold
or acquire (including pursuant to any merger with any Person that was not a wholly-owned Subsidiary prior to such merger), any capital stock, evidence of indebtedness or other securities (including any option, warrant, or other right to acquire any
of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) all or substantially all of the assets of a Person, or any assets of any other Person that constitute a business unit or division of any other Person, or create or form any Subsidiary (all of the foregoing being collectively
called “Investments”), except: 
 (a) Investments (other than Permitted Investments) existing on the
date hereof and set forth on Schedule 7.4 (including Investments in Subsidiaries); 
 (b) Permitted Investments; 

(c) Guarantees constituting Indebtedness permitted by Section 7.1; 

(d) Investments made by the Borrower in or to any Subsidiary Loan Party and by any Subsidiary to the Borrower or in or to
another Subsidiary Loan Party; 
 (e) Loans or advances to employees, officers or directors of the Borrower or any Subsidiary
in the ordinary course of business for travel, relocation and related expenses; provided, however, that the aggregate amount of all such loans and advances does not exceed $500,000 at any time; 

(f) Hedging Agreements permitted by Section 7.10; 

(g) Investments consisting of the Acquisition of assets of or equity interests in a Person provided: (i) such
Acquisition would not cause the Leverage Ratio or the Minimum Timber Market Value covenants (each calculated on a Pro Forma Basis taking into account such Acquisition) to be violated; (ii) no Default or Event of Default exists or would exist
taking into account such Acquisition; and (iii) the Administrative Agent has received prior to such Acquisition, a Pro Forma Compliance Certificate demonstrating compliance with clause (ii) of this subsection; and 

(h) Investments in Farm Credit Equities. 

  
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 Section 7.5. Restricted Payments. The Borrower will not, and will not permit
its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any dividend or distribution on any class of its stock, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, retirement, defeasance or other acquisition of, any shares of stock or Indebtedness subordinated to the Obligations of the Borrower or any options, warrants, or other rights to purchase such stock or such Indebtedness, whether
now or hereafter outstanding (each, a “Restricted Payment”), except for (i) dividends payable by the Borrower in shares of any class of its common stock, (ii) Restricted Payments made by any Subsidiary to the Borrower or
to another Subsidiary and (iii) cash dividends paid on, and cash redemptions of, the common stock or preferred stock of the Borrower; provided, that no Default or Event of Default has occurred and is continuing at the time such dividend
is paid or redemption is made. 
 Section 7.6. Sale of Assets. The Borrower will not, and will not permit any of
its Subsidiaries to, convey, sell, lease, assign, transfer or otherwise dispose of, any of its assets, business or property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such
Subsidiary’s capital stock to any Person other than the Borrower (or to qualify directors if required by applicable law), except (i) the sale of or other disposition for fair market value of obsolete or worn out property, or other property
which is not necessary for strategic purposes or for operations, which is disposed of in the ordinary course of business, (ii) the sale of inventory and Permitted Investments in the ordinary course of business, (iii) the sale of timber
land and real estate in connection with any Asset Like Kind Exchange, (iv) other sales of assets not to exceed $5,000,000 in the aggregate in any fiscal year of the Borrower or (v) the sale of assets in the ordinary course of business not
to exceed $1,000,000 at any one time. 
 Section 7.7. Transactions with Affiliates. The Borrower will not, and
will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates,
except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions
between or among the Borrower and its wholly-owned Subsidiaries not involving any other Affiliates and (c) any Restricted Payment permitted by Section 7.5. 

Section 7.8. Restrictive Agreements. The Borrower will not, and will not permit any Subsidiary to, directly or indirectly,
enter into, incur or permit to exist any agreement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit any Lien upon any of its assets or properties, whether now
owned or hereafter acquired, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to its common stock, to make or repay loans or advances to the Borrower or any other Subsidiary, to Guarantee
Indebtedness of the Borrower or any other Subsidiary or to transfer any of its property or assets to the Borrower or any Subsidiary of the Borrower; provided, that (i) the foregoing shall not apply to restrictions or conditions imposed
by law or by this Agreement or any other Loan Document, the Existing Revolving Credit Agreement (or any replacement credit agreement) or the Note Purchase Agreement, (ii) the foregoing shall not apply to customary restrictions and
conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is sold and such sale is permitted hereunder, (iii) clause
(a) shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing such Indebtedness and
(iv) clause (a) shall not apply to customary provisions in leases restricting the assignment thereof. 

  
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 Section 7.9. Sale and Leaseback Transactions. The Borrower will not, and will
not permit any of the Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and
thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred. 

Section 7.10. Hedging Agreements. The Borrower will not, and will not permit any of the Subsidiaries to, enter into any
Hedging Agreement other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities. Solely
for the avoidance of doubt, the Borrower acknowledges that a Hedging Agreement entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedging Agreement under which the Borrower or any of the
Subsidiaries is or may become obliged to make any payment (i) in connection with the purchase by any third party of any capital stock or any Indebtedness or (ii) as a result of changes in the market value of any capital stock or any
Indebtedness) is not a Hedging Agreement entered into in the ordinary course of business to hedge or mitigate risks. 

Section 7.11. Amendment to Material Documents. The Borrower will not, and will not permit any Subsidiary to, amend, modify
or waive any of its rights in a manner materially adverse to the Lenders under (a) its certificate of incorporation, bylaws or other organizational documents or (b) the Note Purchase Agreement. 

Section 7.12. Accounting Changes. The Borrower will not, and will not permit any Subsidiary to, make any significant change
in accounting treatment or reporting practices, except as required or permitted by GAAP, or change the fiscal year of the Borrower or of any Subsidiary, except to change the fiscal year of a Subsidiary to conform its fiscal year to that of the
Borrower. 
 Section 7.13. Government Regulations. Neither the Borrower nor any of its Subsidiaries will
(a) be or become subject at any time to any law, regulation, or list of any Governmental Authority of the United States (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits the Lenders or the
Administrative Agent from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Loan Parties, or (b) fail to provide documentary and other evidence of the identity of the Loan Parties as may be
requested by the Lenders or the Administrative Agent at any time to enable the Lenders or the Administrative Agent to verify the identity of the Loan Parties or to comply with any applicable law or regulation, including, without limitation,
Section 326 of the Patriot Act. The Borrower will not request any Loan, and the Borrower shall not use, and shall not permit its Subsidiaries and its and their respective directors, officers, employees and agents to use, the proceeds of any
Loan (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing
or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

Section 7.14. ERISA. The Borrower will not cause or permit to occur, and will not cause or permit any ERISA Affiliate to
cause or permit to occur, an ERISA Event to the extent such ERISA Event could reasonably be expected to have a Material Adverse Effect. 

ARTICLE VIII. 

EVENTS OF DEFAULT 

Section 8.1. Events of Default. If any of the following events (each an “Event of Default”) shall
occur: 

  
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 (a) the Borrower shall fail to pay any principal of any Loan when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for prepayment or otherwise; or 
 (b) the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount payable under clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due
and payable, and such failure shall continue unremedied for a period of three (3) Business Days; or 
 (c) any
representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any other Loan Document (including the Schedules attached thereto) and any amendments or modifications hereof
or waivers hereunder, or in any certificate, report, financial statement or other document submitted to the Administrative Agent or the Lenders by any Loan Party or any representative of any Loan Party pursuant to or in connection with this
Agreement or any other Loan Document shall prove to be incorrect in any material respect (other than any representation or warranty that is expressly qualified by a Material Adverse Effect or other materiality, in which case such representation or
warranty shall prove to be incorrect in any respect) when made or deemed made or submitted; or 
 (d) the Borrower shall fail
to observe or perform any covenant or agreement contained in Sections 5.1, 5.2, 5.3 (with respect to the Borrower’s existence) or Articles VI or VII; or 

(e) any Loan Party shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those
referred to in clauses (a), (b) and (d) above), and such failure shall remain unremedied for 30 days after the earlier of (i) any officer of the Borrower becomes aware of such failure, or (ii) notice thereof shall have been
given to the Borrower by the Administrative Agent or any Lender; or 
 (f) the Borrower or any Subsidiary (whether as primary
obligor or as guarantor or other surety) shall fail to pay any principal of or premium or interest on any Material Indebtedness that is outstanding, when and as the same shall become due and payable (whether at scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument evidencing such Indebtedness; or any other event shall occur or condition shall exist
under any agreement or instrument relating to such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or permit the
acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable; or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or
defeased, or any offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof; or 

(g) the Borrower or any Subsidiary Loan Party shall (i) commence a voluntary case or other proceeding or file any petition
seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar
official of it or any substantial part of its property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i) of this Section, (iii) apply for or
consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any such Subsidiary Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material
allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing; or 

  
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 (h) an involuntary proceeding shall be commenced or an involuntary petition shall
be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary Loan Party or its debts, or any substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency or other
similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any Subsidiary Loan Party or for a substantial part of its assets, and in any such case,
such proceeding or petition shall remain undismissed for a period of 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or 

(i) the Borrower or any Subsidiary Loan Party shall become unable to pay, shall admit in writing its inability to pay, or shall
fail to pay, its debts as they become due; or 
 (j) an ERISA Event shall have occurred that, in the opinion of the Required
Lenders, when taken together with other ERISA Events that have occurred, could reasonably be expected to result in liability to the Borrower and the Subsidiaries in an aggregate amount exceeding $5,000,000; or 

(k) Borrower shall fail to observe or perform any covenant or agreement in the Del-Tin Guarantee and such failure shall remain
unremedied after any cure period or grace period therein; or 
 (l) any judgment or order for the payment of money in excess
of $5,000,000 in the aggregate shall be rendered against the Borrower or any Subsidiary, and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be a period of
30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 

(m) any non-monetary judgment or order shall be rendered against the Borrower or any Subsidiary that could reasonably be
expected to have a Material Adverse Effect, and there shall be a period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 

(n) a Change in Control shall occur or exist; or 

(o) any provision of any Subsidiary Guarantee Agreement shall for any reason cease to be valid and binding on, or enforceable
against, any Subsidiary Loan Party, or any Subsidiary Loan Party shall so state in writing, or any Subsidiary Loan Party shall seek to terminate its Subsidiary Guarantee Agreement; or 

(p) an “Event of Default” shall occur under any other Loan Document; 

then, and in every such event (other than an event with respect to the Borrower described in clause (g) or (h) of this Section) and at any time
thereafter during the continuance of such event, the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times:
(i) terminate the Commitments, whereupon the Commitment of each Lender shall terminate immediately; (ii) declare the principal of and any accrued interest on the Loans, and all other Obligations owing hereunder, to be, whereupon the same


  
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shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) exercise all remedies
contained in any other Loan Document; and that, if an Event of Default specified in either clause (g) or (h) shall occur, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued
interest thereon, and all fees, and all other Obligations shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

ARTICLE IX. 
 THE
ADMINISTRATIVE AGENT 
 Section 9.1. Appointment of Administrative Agent. Each Lender irrevocably appoints
American AgCredit, PCA as the Administrative Agent and authorizes it to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent under this Agreement and the other Loan Documents, together with all
such actions and powers that are reasonably incidental thereto. The Administrative Agent may perform any of its duties hereunder or under the other Loan Documents by or through any one or more sub-agents appointed by the Administrative Agent. The
Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions set forth in this Article shall apply to any such sub-agent and
the Related Parties of the Administrative Agent and any such sub-agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 Section 9.2. Nature of Duties of Administrative Agent. The Administrative Agent shall not have any duties or
obligations except those expressly set forth in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default or an Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except those discretionary rights
and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.2); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to
any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under the Bankruptcy Code of the United States of America (or similar debtor relief laws of the United States of
America or other applicable jurisdictions); and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to the Borrower or any of its Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.2) or in the absence of its own gross negligence or willful
misconduct as determined by a final, non-appealable judgment by a court of competent jurisdiction. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof (which
notice shall include an express reference to such event being a “Default” or an “Event of Default” hereunder) is given to the Administrative Agent by the Borrower or any Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith,  

  
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(iii) the performance or observance of any of the covenants, agreements, or other terms and conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness
or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article III or elsewhere in any Loan Document, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. The Administrative Agent may consult with legal counsel (including counsel for the Borrower) concerning all matters pertaining to such duties. 

Section 9.3. Lack of Reliance on the Administrative Agent. Each of the Lenders acknowledges that it has, independently and
without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each of the Lenders also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, continue to make its own decisions in taking or not taking of
any action under or based on this Agreement, any related agreement or any document furnished hereunder or thereunder. Each of the Lenders acknowledges and agrees that outside legal counsel to the Administrative Agent in connection with the
preparation, negotiation, execution, delivery and administration (including any amendments, waivers and consents) of this Agreement and the other Loan Documents is acting solely as counsel to the Administrative Agent and is not acting as counsel to
any Lender (other than the Administrative Agent and its Affiliates) in connection with this Agreement, the other Loan Documents or any of the transactions contemplated hereby or thereby. 

Section 9.4. Certain Rights of the Administrative Agent. If the Administrative Agent shall request instructions from the
Required Lenders with respect to any action or actions (including the failure to act) in connection with this Agreement, the Administrative Agent shall be entitled to refrain from such act or taking such act, unless and until it shall have received
instructions from such Lenders; and the Administrative Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as
a result of the Administrative Agent acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders where required by the terms of this Agreement. 

Section 9.5. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, posting or other distribution) believed by it to be genuine and to have been signed, sent
or made by the proper Person. The Administrative Agent may also rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person and shall not incur any liability for relying thereon. The Administrative
Agent may consult with legal counsel (including counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or not taken by it in accordance with the advice of such counsel,
accountants or experts. 
 Section 9.6. The Administrative Agent in its Individual Capacity. The bank serving as
the Administrative Agent shall have the same rights and powers under this Agreement and any other Loan Document in its capacity as a Lender as any other Lender and may exercise or refrain from exercising the same as though it were not the
Administrative Agent; and the terms “Lenders”, “Required Lenders”, “holders of Notes”, or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual
capacity. The bank acting as the Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Subsidiary or Affiliate of the Borrower as if it were not the
Administrative Agent hereunder. 

  
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 Section 9.7. Successor Administrative Agent. 

(a) The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower. Upon any such
resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent, subject to the approval by the Borrower provided that no Default or Event of Default shall exist at such time. If no successor Administrative Agent
shall have been so appointed, and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, which shall be a Farm Credit Lender or commercial bank organized under the laws of the United States of America or any state thereof or a bank which maintains an office in the United States, having a combined capital and
surplus of at least $500,000,000. 
 (b) Upon the acceptance of its appointment as the Administrative Agent hereunder by a
successor, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations under this Agreement and the other Loan Documents. If within 45 days after written notice is given of the retiring Administrative Agent’s resignation under this Section 9.7 no successor Administrative Agent
shall have been appointed and shall have accepted such appointment, then on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring Administrative Agent shall thereupon be discharged
from its duties and obligations under the Loan Documents and (iii) the Required Lenders shall thereafter perform all duties of the retiring Administrative Agent under the Loan Documents until such time as the Required Lenders appoint a
successor Administrative Agent as provided above. After any retiring Administrative Agent’s resignation hereunder, the provisions of this Article IX shall continue in effect for the benefit of such retiring Administrative Agent and
its representatives and agents in respect of any actions taken or not taken by any of them while it was serving as the Administrative Agent. 

Section 9.8. Authorization to Execute other Loan Documents. Each Lender hereby authorizes the Administrative Agent to
execute on behalf of all Lenders all Loan Documents other than this Agreement. 
 Section 9.9. Withholding Tax. To
the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or
other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender
failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent (to the extent that
the Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including
penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. 

Section 9.10. Administrative Agent May File Proofs of Claim. 

(a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

  
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 (i) to file and prove a claim for the whole amount of the principal and interest
owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and its agents and counsel and all other amounts due the Lenders and the Administrative Agent under Section 10.3)
allowed in such judicial proceeding; and 
 (ii) to collect and receive any monies or other property payable or deliverable
on any such claims and to distribute the same; and 
 (b) Any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to
the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under
Section 10.3. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or
accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender
in any such proceeding. 
 ARTICLE X. 

MISCELLANEOUS 

Section 10.1. Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other
communications to any party herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

 

			
	To the Borrower:	  	Deltic Timber Corporation
		  	210 East Elm Street
		  	El Dorado, Arkansas 71730
		  	Attention: Ken Mann, Vice President, CFO & Treasurer
		  	Telecopy Number: (870) 881-6457


  
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	To the Administrative	  	
	Agent:	  	American AgCredit, PCA
		  	Suite 320
		  	5000 Meadows Road
		  	Lake Oswego, Oregon 97035
		  	Attention: Ms. Janice T. Thede, Vice President
		
		  	and
		
		  	American AgCredit, PCA
		  	5560 South Broadway
		  	Eureka, California 95503
		  	Attention: Deltic Servicing Agent
		  	Telecopy Number: (707) 442-1268
		
	To any other Lender:	  	the address set forth in the Administrative
		  	Questionnaire or the Assignment and Acceptance
		  	Agreement executed by such Lender

 Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the
other parties hereto. All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery, or transmitted in legible form by facsimile machine,
respectively, or if mailed, upon the third Business Day after the date deposited into the mails or if delivered, upon receipt; provided, that notices delivered to the Administrative Agent shall not be effective until actually received by such
Person at its address specified in this Section 10.1. 
 (b) Any agreement of the Administrative Agent and the
Lenders herein to receive certain notices by telephone, facsimile or other electronic transmission is solely for the convenience and at the request of the Borrower. The Administrative Agent and the Lenders shall be entitled to rely on the authority
of any Person purporting to be a Person authorized by the Borrower to give such notice and the Administrative Agent and the Lenders shall not have any liability to the Borrower or other Person on account of any action taken or not taken by the
Administrative Agent and the Lenders in reliance upon such telephonic or facsimile notice. The obligation of the Borrower to repay the Loans and all other Obligations hereunder shall not be affected in any way or to any extent by any failure of the
Administrative Agent and the Lenders to receive written confirmation of any telephonic or facsimile notice or the receipt by the Administrative Agent and the Lenders of a confirmation which is at variance with the terms understood by the
Administrative Agent and the Lenders to be contained in any such telephonic or facsimile notice. 
 Section 10.2. Waiver;
Amendments. 
 (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or
power hereunder or any other Loan Document, and no course of dealing between the Borrower and the Administrative Agent or any Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power or any
abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power hereunder or thereunder. The rights and remedies of the Administrative Agent and the
Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any 

  
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provision of this Agreement or any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver
of any Default or Event of Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default or Event of Default at the time. 

(b) No amendment or waiver of any provision of this Agreement or the other Loan Documents, nor consent to any departure by the
Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Borrower and the Required Lenders or the Borrower and the Administrative Agent with the consent of the Required Lenders and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given; provided, that no amendment or waiver shall: (i) increase the Commitment of any Lender without the written consent of such Lender,
(ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly adversely affected thereby, (iii) postpone the date fixed for
any scheduled payment of any principal (excluding any mandatory prepayment) of, or interest on, any Loan or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction
of any Commitment, without the written consent of each Lender directly adversely affected thereby, (iv) change Section 2.8(b) or Section 2.20(b) or (c) in a manner that would alter the pro rata sharing
of payments required thereby, without the written consent of each Lender directly adversely affected thereby, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the consent of each Lender; (vi) release the Borrower or any
guarantor or limit the liability of the Borrower under the Loan Documents or any such guarantor under any guaranty agreement, without the written consent of each Lender; (vii) release all or substantially all collateral (if any) securing any of
the Obligations, without the written consent of each Lender; provided further, that no such agreement shall amend, modify or otherwise affect the rights, duties or obligations of the Administrative Agent without the prior written consent of
such Person. Notwithstanding anything contained herein to the contrary, this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Borrower and the Administrative Agent) if, upon giving effect to
such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Term Loan Commitments of such Lender shall have terminated (but such Lender shall continue to be entitled to the benefits of
Section 2.18, Section 2.19, Section 2.20 and Section 10.3, such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other
amounts owing to it or accrued for its account under this Agreement. Notwithstanding anything herein or otherwise to the contrary, any Event of Default occurring hereunder shall continue to exist (and shall be deemed to be continuing) until such
time as such Event of Default is waived in writing in accordance with the terms of this Section notwithstanding (i) any attempted cure or other action taken by the Borrower or any other Person subsequent to the occurrence of such Event of
Default or (ii) any action taken or omitted to be taken by the Administrative Agent or any Lender prior to or subsequent to the occurrence of such Event of Default (other than the granting of a waiver in writing in accordance with the terms of
this Section). With respect to any matter requiring the approval of each Lender, each Lender directly and adversely affected thereby or other specified Lenders, it is understood that Voting Participants shall have the voting rights specified in
Section 10.4(f) as to such matter. 

  
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 Section 10.3. Expenses; Indemnification 

(a) The Borrower shall pay (i) all reasonable and documented, out-of-pocket costs and expenses of the Administrative Agent
and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates, in connection with the syndication of the credit facilities provided for herein, the preparation and
administration of the Loan Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement or any other Loan Document shall be consummated), (ii) [reserved] and (iii) all
reasonable and documented out-of-pocket costs and expenses (including, without limitation, the reasonable and documented fees, charges and disbursements of outside counsel) incurred by the Administrative Agent or any Lender in connection with the
enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made hereunder, including all such reasonable and documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 
 (b) The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all reasonable losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any outside counsel for any Indemnitee), incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or
proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any
way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim
brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c) The Borrower shall pay, and
hold the Administrative Agent and each of the Lenders harmless from and against, any and all stamp, documentary, and other similar filing fees or taxes with respect to the perfection or maintenance of any Lien, if any, in favor of the Administrative
Agent granted under any Loan Documents and save the Administrative Agent and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such fees or taxes. 

  
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 (d) To the extent that the Borrower fails to pay any amount required to be paid
to the Administrative Agent under clauses (a), (b) or (c) hereof, each Lender severally agrees to pay to the Administrative Agent, such Lender’s pro rata share (determined as of the time that the unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its
capacity as such. 
 (e) To the extent permitted by applicable law, neither the Borrower nor any other Loan Party shall
assert, and each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a
result of, this Agreement or any agreement or instrument contemplated hereby, the transactions contemplated therein, any Loan or the use of proceeds thereof. To the extent permitted by applicable law, neither the Administrative Agent nor any Lender
will assert, and each Lender and the Administrative Agent hereby waives, any claim against Borrower or any Loan Party, on any theory of liability, for consequential or punitive damages (as opposed to actual or direct damages) arising out of, in
connection with or as a result of, this Agreement or any agreement or instrument contemplated hereby or the transactions contemplated therein. 

(f) All amounts due under this Section shall be payable on the Closing Date if due on such date or, with respect to any other
amounts, within ten (10) Business Days after Borrower’s receipt of written demand therefor. 
 Section 10.4. Successors
and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and
each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in
accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement. 
 (b) Any Lender may at any time assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at
the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender, no minimum amount need be assigned; and 

  
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 (B) in any case not described in Section 10.4(b)(i)(A), the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date) shall not
be less than $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that
the Borrower shall be deemed to have consented to any such lower amount unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitments assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations
on a non-pro rata basis. 
 (iii) Required Consents. No consent shall be required for any assignment except to
the extent required by Section 10.4(b)(i)(B) and, in addition: 
 (A) the consent of the Borrower (such
consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender or an Affiliate of a Lender;
provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; and 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments if such assignment is to a Person that is not a Lender or an Affiliate of such Lender. 
 (iv) Assignment and
Acceptance. The parties to each assignment shall deliver to the Administrative Agent (A) a duly executed Assignment and Acceptance, (B) a processing and recordation fee of $3,500; provided that the Administrative Agent may, in
its sole discretion, elect to waive such processing and recordation fee in the case of any assignment, (C) an Administrative Questionnaire unless the assignee is already a Lender and (D) the documents required under
Section 2.19 if such assignee is a Foreign Lender. 
 (v) No Assignment to Borrower. No such assignment
shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment to
Natural Persons. No such assignment shall be made to a natural person. 
 Subject to acceptance and recording thereof by the
Administrative Agent pursuant to paragraph (c) of this Section 10.4, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender 

  
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under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections
2.17, 2.18, 2.19 and 10.3) with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section 10.4. If the consent of the
Borrower to an assignment is required hereunder (including a consent to an assignment which does not meet the minimum assignment thresholds specified above), the Borrower shall be deemed to have given its consent five (5) Business Days after
the date notice thereof has actually been delivered by the assigning Lender (through the Administrative Agent) to the Borrower, unless such consent is expressly refused by the Borrower prior to such fifth Business Day. 

(c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at its office in
Eureka, California a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Lender at any reasonable time and from time to time upon reasonable prior
notice; information contained in the Register shall also be available for inspection by the Borrower at any reasonable time and from time to time upon reasonable prior notice. In establishing and maintaining the Register, the Administrative Agent
shall serve as the Borrower’s agent solely for tax purposes and solely with respect to the actions described in this Section, and the Borrower hereby agrees that, to the extent American AgCredit, PCA serves in such capacity, American AgCredit,
PCA and its officers, directors, employees, agents, sub-agents and affiliates shall constitute an “Indemnitee” for purposes of Section 10.3. 

(d) Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent sell
participations to any Person (other than a natural person, the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 2.19(e) with respect to any payments made by such Lender to its Participant(s). 

(e) Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of
the Participant, agree to any amendment, modification or waiver described in Section 10.2(b) that affects such Participant. The Borrower agrees that each Participant shall be 

  
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entitled to the benefits of Sections 2.17, 2.18 and 2.19 (subject to the requirements and limitations therein, including the requirements under Section 2.19(g)
(it being understood that the documentation required under Section 2.19(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph
(b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.21 and 2.22 as if it were an assignee under clause (b) of this Section; and (B) shall not be
entitled to receive any greater payment under Sections 2.17 and 2.19, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater
payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the
Borrower to effectuate the provisions of Section 2.22 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.7 as though it were a Lender;
provided that such Participant agrees to be subject to Section 2.20(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
Commitments, Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register. 
 (f) Notwithstanding anything in Section 10.4 to the contrary, any Farm Credit Lender
that (i) has purchased a participation or sub-participation in the Term Loans in the minimum amount of $5,000,000 on or after the Closing Date, (ii) is, by written notice to the Borrower and the Administrative Agent in substantially the
form of Exhibit F hereto (“Voting Participant Notification”), designated by the selling Lender as being entitled to be accorded the rights of a Voting Participant hereunder (any Farm Credit Lender so designated being called a
“Voting Participant”) and (iii) receives the prior written consent of the Borrower and the Administrative Agent to become a Voting Participant (to the extent such consent would be required pursuant to
Section 10.4(b)(iii) if such transfer were an assignment rather than a sale of a participation or sub-participation), shall be entitled to vote (and the voting rights of the selling Lender shall be correspondingly reduced), on a dollar
for dollar basis, as if such participant were a Lender, on any matter requiring or allowing a Lender to provide or withhold its consent, or to otherwise vote on any proposed action. To be effective, each Voting Participant Notification shall, with
respect to any Voting Participant, (i) state the full name, as well as all contact information required of an assignee as set forth in Exhibit C hereto and (ii) state the dollar amount of the participation or sub-participation
purchased. The Borrower and the Administrative Agent shall be entitled to conclusively rely on information contained in notices delivered pursuant to this paragraph. Notwithstanding the foregoing, each Farm Credit Lender designated as a Voting
Participant in Schedule 10.4(f) hereto shall be a Voting Participant without delivery of a Voting Participant Notification and without the prior written consent of the Borrower and the Administrative Agent. 

  
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 (g) Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

Section 10.5. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement and the other Loan Documents shall be construed in accordance with and be governed by the law (without
giving effect to the conflict of law principles thereof) of the State of New York. 
 (b) The Borrower hereby irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the United States District Court of the Southern District of New York, and of any state court of the State of New York located in New York County and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York state court or, to the extent permitted by applicable law, such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall
affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower in the courts of any jurisdiction. 

(c) The Borrower irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of
venue of any such suit, action or proceeding described in paragraph (b) of this Section and brought in any court referred to in paragraph (b) of this Section. Each of the parties hereto irrevocably waives, to the fullest extent permitted
by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to the service of process in the manner provided for notices in
Section 10.1. Nothing in this Agreement or in any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted by law. 

Section 10.6. WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 54 








 Section 10.7. Right of Setoff. In addition to any rights now or hereafter
granted under applicable law and not by way of limitation of any such rights, each Lender shall have the right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior notice to the
Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, to set off and apply against all deposits (general or special, time or demand, provisional or final) of the Borrower at any time held or
other obligations at any time owing by such Lender to or for the credit or the account of the Borrower against any and all Obligations held by such Lender irrespective of whether such Lender shall have made demand hereunder and although such
Obligations may be unmatured. Each Lender agrees promptly to notify the Administrative Agent and the Borrower after any such set-off and any application made by such Lender; provided, that the failure to give such notice shall not affect the
validity of such set-off and application. 
 Section 10.8. Counterparts; Integration. This Agreement may be
executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy or by email, in.pdf format), and all of said counterparts taken together shall be deemed to constitute one and the same
instrument. This Agreement, the other Loan Documents, and any separate letter agreement(s) relating to any fees payable to the Administrative Agent constitute the entire agreement among the parties hereto and thereto regarding the subject matters
hereof and thereof and supersede all prior agreements and understandings, oral or written, regarding such subject matters. Delivery of an executed counterpart of a signature page of this Agreement and any other Loan Document by telecopy or by email,
in pdf format, shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document. 

Section 10.9. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of
any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the
time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid, and so long as
the Commitments have not expired or terminated. The provisions of Sections 2.17, 2.18, 2.19, and 10.3 and Article IX shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans and, the Commitments or the termination of this Agreement or any provision hereof. All representations and warranties made herein, in the certificates, reports, notices, and other
documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement and the other Loan Documents, the making of the Loans. 

Section 10.10. Severability. Any provision of this Agreement or any other Loan Document held to be illegal, invalid or
unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof or
thereof. 
 Section 10.11. Confidentiality. The Administrative Agent and each Lender agrees to take normal and
reasonable precautions to maintain the confidentiality of any information designated in writing as confidential and provided to it by the Borrower or any Subsidiary, except that such information may be disclosed (i) to any Related Party of the
Administrative Agent or any such Lender, including without limitation accountants, legal counsel and other advisors, (ii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iii) to the
extent requested by any regulatory agency or authority, (iv) to the extent that such information becomes publicly available other  

  
 55 








 
than as a result of a breach of this Section, or which becomes available to the Administrative Agent any Lender or any Related Party of any of the foregoing on a nonconfidential basis from a
source other than the Borrower, (v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, and (ix) subject to provisions substantially
similar to this Section 10.11, to any actual or prospective assignee or Participant, or (vi) with the consent of the Borrower. Any Person required to maintain the confidentiality of any information as provided for in this Section
shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such information as such Person would accord its own confidential information. 

Section 10.12. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which may be treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate of interest (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by a Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate
to the date of repayment, shall have been received by such Lender. 
 Section 10.13. Waiver of Effect of Corporate
Seal. The Borrower represents and warrants that neither it nor any other Loan Party is required to affix its corporate or company seal to this Agreement or any other Loan Document pursuant to any requirement of law or regulation, and waives
any shortening of the statute of limitations that may result from not affixing the corporate seal to this Agreement or such other Loan Documents. 

Section 10.14. Independence of Covenants. All covenants hereunder shall be given independent effect so that if a particular
action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of
Default if such action is taken or condition exists. 
 Section 10.15. Patriot Act. The Administrative Agent and
each Lender hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan
Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. Each Loan Party shall, and shall cause each of its Subsidiaries to, provide to the
extent commercially reasonable, such information and take such other actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot
Act. 
 Section 10.16. No Advisory or Fiduciary Relationship. In connection with all aspects of the transactions
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and the Arranger are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand,
and the Administrative Agent, the Lenders and the Arranger, on the other hand, (B) the Borrower has consulted its own legal,  

  
 56 








 
accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions
of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Lenders and the Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither the Administrative Agent nor any Lender or the Arranger has any
obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, each Lender and
the Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor any Lender or the Arranger has
any obligation to disclose any of such interests to the Borrower or any of its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent or any Lender or
the Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

Section 10.17. Most Favored Lender Provisions. If at any time the Existing Revolving Credit Agreement or any other Loan
Document (as defined in the Existing Revolving Credit Agreement), or the documentation for any replacement credit facility(ies) therefor, includes (a) representations and warranties, covenants or events of default (including related
definitions) in favor of a Lender (as defined in the Existing Revolving Credit Agreement), or lender under any such replacement credit facility(ies), that are not provided for in this Agreement or the other Loan Documents, (b) representations
and warranties, covenants or events of default (including related definitions) in favor of a Lender (as defined in the Existing Revolving Credit Agreement), or lender under any such replacement credit facility(ies), that are more restrictive than
the same or similar provisions provided for in this Agreement and the other Loan Documents and/or (c) requirements for the credit facility(ies) evidenced by the Existing Revolving Credit Agreement, or any replacement credit facility(ies), to be
secured by collateral or guaranteed by Subsidiaries that are not already Loan Parties (any or all of the foregoing, collectively, the “Most Favored Lender Provisions”) (in the case of each of the Most Favored Lender Provisions,
other than any differences between the Existing Revolving Credit Agreement and the other Loan Documents (as defined in the Existing Revolving Credit Agreement), on the one hand, and this Agreement and the other Loan Documents, on the other hand,
existing as of the Closing Date (or otherwise consistent with such differences)), then (i) such Most Favored Lender Provisions shall immediately and automatically be deemed incorporated into this Agreement and the other Loan Documents as if set
forth fully herein and therein, mutatis mutandis, and no such incorporated provision may thereafter be waived, amended or modified except pursuant to the provisions of Section 10.2, and (ii) the Borrower and the
other Loan Parties shall promptly, and in any event within five (5) days after entering into any such Most Favored Lender Provisions, so advise the Administrative Agent in writing. Thereafter, upon the request of the Required Lenders, the
Borrower and the other Loan Parties shall enter into an amendment to this Agreement and, if applicable, the other Loan Documents evidencing the incorporation of such Most Favored Lender Provisions, it being agreed that any failure to make such
request or to enter into any such amendment shall in no way qualify or limit the incorporation described in clause (i) of the immediately preceding sentence. 

  
 57 








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

			
	DELTIC TIMBER CORPORATION
		
	By:	 	 /s/ Ray C. Dillon

	Name:	 	Ray C. Dillon
	Title:	 	President & CEO


 [Signature page to Deltic Timber Term Loan Credit Agreement] 







 
			
	AMERICAN AGCREDIT, PCA,
	as Administrative Agent and a Lender
		
	By:	 	 /s/ Janice T. Thede

	Name:	 	Janice T. Thede
	Title:	 	Vice President


 [Signature page to Deltic Timber Term Loan Credit Agreement] 







 Schedule I 

TERM LOAN COMMITMENT AMOUNTS 
  

					
	 Lender
	  	Term Loan Commitment	 
	 American AgCredit, PCA
	  	$	100,000,000	  
	 Total:
	  	$	100,000,000	  








 SCHEDULE 4.14 

SUBSIDIARIES 
  

					
	 	  	 State of

Incorporation
	    	 Type

	Deltic Timber Purchasers, Inc.	  	Arkansas	    	C-Corp
			
	Chenal Properties, Inc.	  	Arkansas	    	C-Corp
			
	Chenal Country Club, Inc.	  	Arkansas	    	C-Corp
			
	Del-Tin Fiber L.L.C.	  	Arkansas	    	LLC








 SCHEDULE 7.1 

OUTSTANDING INDEBTEDNESS 
 Letters
of Credit 
  

													
	 Issuing Bank
	  	 Beneficiary
	  	Amount	 	  	Expiry
Date	 	  	 Description

	 BancorpSouth
	  	US Forest Service	  	$	66,000	  	  	 	11/1/2015	  	  	Timber Contract
		  	US Forest Service	  	 	97,000	  	  	 	11/17/2016	  	  	Timber Contract
		  	US Forest Service	  	 	53,000	  	  	 	11/1/2016	  	  	Timber Contract
		  	US Forest Service	  	 	40,000	  	  	 	6/12/2017	  	  	Timber Contract
		  	US Forest Service	  	 	54,000	  	  	 	6/24/2018	  	  	Timber Contract
		  	US Forest Service	  	 	32,000	  	  	 	11/3/2016	  	  	Timber Contract
		  	US Forest Service	  	 	91,000	  	  	 	11/25/2018	  	  	Timber Contract
		  	US Forest Service	  	 	17,000	  	  	 	6/29/2019	  	  	Timber Contract
		  	US Forest Service	  	 	66,000	  	  	 	9/30/2019	  	  	Timber Contract
		  	US Forest Service	  	 	41,000	  	  	 	5/18/2019	  	  	Timber Contract
		  		  	  
	  
	 	  				  	
	 Total Letters of Credit
	  	$	557,000	  	  				  	
		  		  	  
	  
	 	  				  	

 Notes Payable 
  

													
	 Beneficiary
	  	Amount	 	  	Interest Rate	 	 	Due Date	 
	 SunTrust Bank (Revolver)
	  	$	128,000,000	  	  	 	Various	  	 	 	11/17/2019	  
	 American AgCredit
	  	 	40,000,000	  	  	 	6.10	% 	 	 	12/18/2016	  
		  	  
	  
	 	  				 			
	 Total Notes Payable
	  	$	168,000,000	  	  				 			
		  	  
	  
	 	  				 			
	  
 Del-Tin Taxable Bonds

 
	  				  				 			
	 Letter of Credit Guaranty—Del-Tin Bonds
	  	$	 29,688,750	  	  				 			
		  	  
	  
	 	  				 			
	 Total Outstanding Indebtedness
	  	$	198,245,750	  	  				 			
		  	  
	  
	 	  				 			








 SCHEDULE 7.2 

EXISTING LIENS 
 UCC-1 Financing
Statement filed on July 07, 2011 with the Arkansas Secretary of State naming Del-Tin Fiber L.L.C. (“Del-Tin”), as debtor, and SunTrust Bank, as Administrative Agent, as Secured Party, and listing all assets of Del-Tin. The foregoing
Financing Statement relates to a Lien granted by Del-Tin in connection with obligations under that certain Amended and Restated Letter of Credit Agreement dated as of July 21, 2011 by and among Del-Tin, the lenders from time to time a party
thereto and SunTrust Bank, as Administrative Agent. 







 SCHEDULE 7.4 

EXISTING INVESTMENTS 

None 







 SCHEDULE 10.4(f) 

VOTING PARTICIPANTS 
  

											
	 Lender
	  	 Voting Participant
	  	Initial Term
Loan
Commitment	 	  	Resulting
Term Loan
Commitment/
Participation*	 
	 American AgCredit, PCA
	  		  	$	100,000,000	  	  	$	25,000,000	  
		  	AgriBank, FCB	  				  	$	25,000,000	  
		  	CoBank, FCB	  				  	$	25,000,000	  
		  	Northwest Farm Credit Services, FLCA	  				  	$	17,000,000	  
		  	Farm Credit of Western Arkansas, FLCA	  				  	$	8,000,000	  
	 TOTAL
	  		  	$	100,000,000	  	  	$	100,000,000	  

  

	*	For voting purposes only. Gives effect to all sales of participations to Voting Participants as of the Closing Date. 








 EXHIBIT A 

FORM OF NOTE 
  

			
	[$                  ]	 	                    , 20[            ]

 FOR VALUE RECEIVED, the undersigned, Deltic Timber Corporation, a Delaware corporation (the
“Borrower”), hereby promises to pay to [name of Lender] (the “Lender”) or its registered assigns, at the office of American AgCredit, PCA (“AAC”) at 200 Concourse
Boulevard, Santa Rosa, California 95402, on the Maturity Date (as defined in the Term Loan Credit Agreement dated as of August 27, 2015 (as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit
Agreement”), among the Borrower, the Lenders from time to time party thereto and AAC, as Administrative Agent for the Lenders), the lesser of the principal sum of [amount of such Lender’s Term Loan Commitment] and the aggregate
unpaid principal amount of all Term Loans made by the Lender to the Borrower pursuant to the Credit Agreement, in lawful money of the United States of America in immediately available funds, and to pay interest from the date hereof on the principal
amount thereof from time to time outstanding, in like funds, at said office, at the rate or rates per annum and payable on such dates as provided in the Credit Agreement. In addition, should legal action or an attorney-at-law be utilized to collect
any amount due hereunder, the Borrower further promises to pay all costs of collection, including the reasonable attorneys’ fees of the Lender. Terms not defined herein shall have the meanings ascribed to such terms in the Credit Agreement.

 The Borrower promises to pay Default Interest, on demand, on the terms and conditions set forth in the Credit Agreement. 

All borrowings evidenced by this Note and all payments and prepayments of the principal hereof and the date thereof shall be endorsed by the
holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, that the failure
of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower to make the payments of principal and interest in accordance with the terms of this Note and the Credit Agreement. 

This Note is issued in connection with, and is entitled to the benefits of, the Credit Agreement which, among other things, contains
provisions for the acceleration of the maturity hereof upon the happening of certain events, for prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon
the terms and conditions therein specified. THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

  
 Exhibit A - 1 








 
			
	DELTIC TIMBER CORPORATION
		
	 By:
	 	 
		 	 Name:

Title:




  
 Exhibit A - 2 








 LOANS AND PAYMENTS 

 

									
	 Date
	  	Amount and
Type of Loan	  	Payments of
Principal	  	Unpaid
Principal
Balance of
Note	  	Name of Person
Making
Notation


  
 Exhibit A - 3 








 EXHIBIT B 

FORM OF NOTICE OF BORROWING 

[Date] 
 American AgCredit, PCA, 

as Administrative Agent 
 for the Lenders referred to below 

5560 South Broadway 
 Eureka, CA 95503 

Attention: Servicing 
 Ladies and Gentlemen: 

Reference is made to the Term Loan Credit Agreement dated as of August 27, 2015 (as in effect on the date hereof, the “Credit
Agreement”), among the undersigned, as Borrower, the Lenders named therein, and American AgCredit, PCA, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This notice constitutes a Notice
of Borrowing, and the Borrower hereby requests a Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to the Borrowing requested hereby: 

(A) Aggregate principal amount of Borrowing: $100,000,000.00 

(B) Date of Borrowing (which is a Business Day): August 27, 2015 

(C) Location and number of Borrower’s account to which proceeds of Borrowing are to be disbursed: 

  
 Exhibit B - 1 








 The Borrower hereby represents and warrants that the conditions specified in paragraphs (c),
(d) and (e) of Section 3.1 of the Credit Agreement are satisfied. 
  

			
	 Very truly yours,
  

DELTIC TIMBER CORPORATION

		
	 By:
	 	 
		 	 Name:

Title:




  
 Exhibit B - 2 








 EXHIBIT C 

FORM OF ASSIGNMENT AND ACCEPTANCE 

_____ ____, 20[        ] 

This Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are
several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and
assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as
Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the
Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any guarantees included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the
Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to
[the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as
expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 
  

	1.	Assignor[s]: 

  

	1 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose
the second bracketed language. 


	2 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the
second bracketed language. 


	3 	Select as appropriate. 


	4 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 


  
 Exhibit C - 1 









					
	1.	  	Assignor[s]:	  	  

		  		  	  

	2.	  	Assignee[s]:	  	  

		  		  	  

		  	[for each Assignee, indicate [Affiliate] of [ identify Lender ]
			
	3.	  	Borrower(s):	  	Deltic Timber Corporation
			
	4.	  	Administrative Agent:	  	American AgCredit, PCA, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Term Loan Credit Agreement dated as of August 27, 2015, among Deltic Timber Corporation, the Lenders parties thereto, and American AgCredit, PCA, as Administrative Agent
			
	6.	  	Assigned Interest[s]:	  	

  

															
	Assignor[s]5	  	Assignee[s]6	  	Aggregate
Amount of
Commitment/
Loans for all
Lenders7	 	  	Amount of
Commitment/
Loans
Assigned8	 	  	Percentage
Assigned of
Commitment/
Loans8	 
		  		  	$	 	  	  	$	 	  	  	 	%	  
		  		  	$	 	  	  	$	 	  	  	 	%	  
		  		  	$	 	  	  	$	 	  	  	 	%	  

  

					
		
	7.	  	Trade Date:
                                         ]9

  

	5 	List each Assignor, as appropriate. 


	6 	List each Assignee, as appropriate. 


	7 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 


	8 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 


	9 	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 


  
 Exhibit C - 2 








 Effective Date:
                    , 20         [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR[S]10
	
	[NAME OF ASSIGNOR]
		
	By:	 	
		 	  

		 	Title
	
	[NAME OF ASSIGNOR]
		
	By:	 	
		 	  

		 	Title
	
	ASSIGNEE[S]11
	
	[NAME OF ASSIGNEE]
		
	By:	 	
		 	  

		 	Title
	
	ASSIGNEE[S]
	
	[NAME OF ASSIGNEE]
		
	By:	 	
		 	  

		 	Title


  

	10 	Add additional signature blocks as needed. 


	11 	Add additional signature blocks as needed. 


  
 Exhibit C - 3 








 [Consented to and]12 Accepted: 

 

			
	AMERICAN AGCREDIT, PCA, as
	    Administrative Agent
		
	By:	 	
		 	  

		 	Title
	
	[Consented to:]13
	
	[DELTIC TIMBER CORPORATION]
		
	By:	 	
		 	  

		 	Title

  

	12 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 


	13 	To be added only if the consent of the Borrower is required by the terms of the credit Agreement. 


  
 Exhibit C - 4 








 ANNEX 1 

DELTIC TIMBER CORPORATION 

TERM LOAN CREDIT AGREEMENT 

STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the
relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or
Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan
Document. 
 Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee
under Section 10.4(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.4(b)(iii) of the Credit Agreement), (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with
respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type,
(v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such
other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned
Interest, and (vii) if it is a Foreign Lender attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a
Lender. 

  
 Exhibit C - 5 








 2. Payments. From and after the Effective Date, the Administrative Agent shall make all
payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant]
Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date
to [the][the relevant] Assignee. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,
the law of the State of New York. 

  
 Exhibit C - 6 








 EXHIBIT D 

[FORM OF] SUBSIDIARY GUARANTEE AGREEMENT 

SUBSIDIARY GUARANTEE AGREEMENT dated as of August 27, 2015, among each of the Subsidiaries listed on Schedule I hereto (each such
subsidiary individually, a “Guarantor” and collectively, the “Guarantors”) of DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), and AMERICAN AGCREDIT, PCA, as administrative agent
(the “Administrative Agent”) for the Lenders (as defined in the Credit Agreement referred to below). 
 Reference is made
to the Term Loan Credit Agreement dated as of the date hereof (as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party
thereto (the “Lenders”) and American AgCredit, PCA, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Credit Agreement. 
 The Lenders have agreed to make Loans to the Borrower pursuant to, and upon the
terms and subject to the conditions specified in, the Credit Agreement. Each of the Guarantors is a direct or indirect wholly-owned Subsidiary of the Borrower and acknowledges that it will derive substantial benefit from the making of the Loans by
the Lenders. The obligations of the Lenders to make Loans are conditioned on, among other things, the execution and delivery by the Guarantors of a Subsidiary Guarantee Agreement in the form hereof. As consideration therefor and in order to induce
the Lenders to make Loans, the Guarantors are willing to execute this Subsidiary Guarantee Agreement. 
 For purposes of this Agreement, the
following terms when used in this Agreement shall have the meanings assigned to them below: 
 “Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 “Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Obligations (as defined below) of such Guarantor is or becomes illegal under the Commodity Exchange Act or any
rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act at the time the Obligations of such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligations are or become illegal. 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

  
 Exhibit D - 1 








 Accordingly, the parties hereto agree as follows: 

SECTION 1. Guarantee. Each Guarantor unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor
and not merely as a surety, (a) the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations,
including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), of the Loan Parties to the Administrative Agent and the Lenders under the Credit Agreement and the other Loan Documents, (b) the due and punctual performance of all covenants,
agreements, obligations and liabilities of the Loan Parties under or pursuant to the Credit Agreement and the other Loan Documents; and (c) the due and punctual payment and performance of all obligations of the Borrower, monetary or otherwise,
under each Hedging Agreement entered into with a counterparty that was a Lender or an Affiliate of a Lender at the time such Hedging Agreement was entered into (all the monetary and other obligations referred to in the preceding clauses
(a) through (c) being collectively called the “Obligations”; provided, that “Obligations” shall not include any Excluded Swap Obligations). Each Guarantor further agrees that the Obligations may be
extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. 

SECTION 2. Obligations Not Waived. To the fullest extent permitted by applicable law, each Guarantor waives presentment to, demand of
payment from and protest to the Borrower of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. To the fullest extent permitted by applicable law, the obligations of each Guarantor
hereunder shall not be affected by (a) the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce or exercise any right or remedy against the Borrower or any other Guarantor under the provisions of the
Credit Agreement, any other Loan Document or otherwise, (b) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, this Agreement, any other Loan Document, any Guarantee or any other
agreement, including with respect to any other Guarantor under this Agreement, or (c) the failure to perfect any security interest in, or the release of, any of the security held by or on behalf of the Administrative Agent or any Lender. 

SECTION 3. Guarantee of Payment. Each Guarantor further agrees that its guarantee constitutes a guarantee of payment when due and not
of collection, and waives any right to require that any resort be had by the Administrative Agent or any Lender to any of the security held for payment of the Obligations or to any balance of any deposit account or credit on the books of the
Administrative Agent or any Lender in favor of the Borrower or any other person. 
 SECTION 4. No Discharge or Diminishment of
Guarantee. The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Obligations), including any claim of
waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the
Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by the failure of the Administrative Agent or any Lender to assert any
claim or demand or to enforce any remedy under the Credit Agreement, any other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or


  
 Exhibit D - 2 








 
otherwise, in the performance of the Obligations, or by any other act or omission that may or might in any manner or to the extent vary the risk of any Guarantor or that would otherwise operate
as a discharge of each Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations). 

SECTION 5. Defenses of Borrower Waived. To the fullest extent permitted by applicable law, each Guarantor waives any defense based on
or arising out of any defense of the Borrower or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower, other than the final and indefeasible payment in full in
cash of the Obligations. The Administrative Agent and the Lenders may, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of
foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with the Borrower or any other guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the
Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to
extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower or any other Guarantor or guarantor, as the case may be, or any security. 

SECTION 6. Agreement to Pay; Subordination. In furtherance of the foregoing and not in limitation of any other right that the
Administrative Agent or any Lender has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Obligation when and as the same shall become due, whether at maturity, by
acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for the benefit of the Lenders in cash the amount of such unpaid Obligations. Upon
payment by any Guarantor of any sums to the Administrative Agent, all rights of such Guarantor against the Borrower arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects
be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations. In addition, any indebtedness of the Borrower now or hereafter held by any Guarantor is hereby subordinated in right of payment
to the prior payment in full in cash of the Obligations. If any amount shall erroneously be paid to any Guarantor on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of
the Borrower, such amount shall be held in trust for the benefit of the Administrative Agent and the Lenders and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Obligations, whether matured or unmatured,
in accordance with the terms of the Loan Documents. 
 SECTION 7. Information. Each Guarantor assumes all responsibility for being
and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and
incurs hereunder, and agrees that none of the Administrative Agent or the Lenders will have any duty to advise any of the Guarantors of information known to it or any of them regarding such circumstances or risks. 

SECTION 8. Representations and Warranties. Each Guarantor represents and warrants as to itself that all representations and warranties
relating to it (as a Subsidiary of the Borrower) contained in the Credit Agreement are true and correct. 
 SECTION 9. Termination.
The guarantees made hereunder (a) shall terminate when all the Obligations have been paid in full in cash and the Lenders have no further commitment to lend under the Credit Agreement and (b) shall continue to be effective or be
reinstated, as the case may be, if at any time 

  
 Exhibit D - 3 








 
payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Lender or any Guarantor upon the bankruptcy or reorganization of the Borrower, any Guarantor or
otherwise. In connection with the foregoing, the Administrative Agent shall execute and deliver to such Guarantor or Guarantor’s designee, at such Guarantor’s expense, any documents or instruments which such Guarantor shall reasonably
request from time to time to evidence such termination and release. 
 SECTION 10. Reinstatement. This Agreement shall remain in full
force and effect and continue to be effective should any petition be filed by or against the Borrower or any Guarantor for liquidation or reorganization, should the Borrower or any Guarantor become insolvent or make an assignment for the benefit of
any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of the Borrower’s or any Guarantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the Obligations, or any part thereof, is rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent
conveyance,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned for any reason, the
Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 SECTION
11. Binding Effect; Several Agreement; Assignments. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and
agreements by or on behalf of the Guarantors that are contained in this Agreement shall bind and inure to the benefit of each party hereto and their respective successors and assigns. This Agreement shall become effective as to any Guarantor when a
counterpart hereof executed on behalf of such Guarantor shall have been delivered to the Administrative Agent, and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such
Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Guarantor, the Administrative Agent and the Lenders, and their respective successors and assigns, except that no Guarantor
shall have the right to assign its rights or obligations hereunder or any interest herein (and any such attempted assignment shall be void). If all of the capital stock of a Guarantor is sold, transferred or otherwise disposed of pursuant to a
transaction permitted by the Credit Agreement, such Guarantor shall be released from its obligations under this Agreement without further action. This Agreement shall be construed as a separate agreement with respect to each Guarantor and may be
amended, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other Guarantor hereunder. 

SECTION 12. Waivers; Amendment. 

(a) No failure or delay of the Administrative Agent of any in exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights
and of the Administrative Agent hereunder and of the Lenders under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by any Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver and consent shall be effective only in the specific instance and for the purpose for which
given. No notice or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice in similar or other circumstances. 

  
 Exhibit D - 4 








 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to a written agreement entered into between the Guarantors with respect to which such waiver, amendment or modification relates and the Administrative Agent, with the prior written consent of the Required Lenders (except as otherwise
provided in the Credit Agreement). 
 SECTION 13. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 14. Notices. All communications and notices hereunder shall be in writing and
given as provided in Section 10.1 of the Credit Agreement. All communications and notices hereunder to each Guarantor shall be given to it at its address set forth on Schedule I attached hereto. 

SECTION 15. Survival of Agreement; Severability. 

(a) All covenants, agreements representations and warranties made by the Guarantors herein and in the certificates or other instruments
prepared or delivered in connection with or pursuant to this Agreement or the other Loan Document shall be considered to have been relied upon by the Administrative Agent and the Lenders and shall survive the making by the Lenders of the Loans
regardless of any investigation made by any of them or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any other fee or amount payable under this Agreement or any other
Loan Document is outstanding and unpaid and as long as the Commitments have not been terminated. 
 (b) In the event one or more of the
provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any
way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall
endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 16. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which
when taken together shall constitute a single contract (subject to Section 11), and shall become effective as provided in Section 11. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective
as delivery of a manually executed counterpart of this Agreement. 
 SECTION 17. Rules of Interpretation. The rules of interpretation
specified in Section 1.3 of the Credit Agreement shall be applicable to this Agreement. 
 SECTION 18. Jurisdiction; Consent to
Service of Process. 
 (a) Each Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York, New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement
or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in
such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in


  
 Exhibit D - 5 








 
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have
to bring any action or proceeding relating to this Agreement or the other Loan Documents against any Guarantor or its properties in the courts of any jurisdiction. 

(b) Each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 14. Nothing in
this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 19.
Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 19. 
 SECTION 20. Additional Guarantors. Pursuant to Section 5.10 of the Credit Agreement, each Subsidiary Loan
Party that was not in existence on the date of the Credit Agreement is required to enter into this Agreement as a Guarantor upon becoming Subsidiary Loan Party. Upon execution and delivery after the date hereof by the Administrative Agent and such
Subsidiary of an instrument in the form of Annex 1, such Subsidiary shall become a Guarantor hereunder with the same force and effect as if originally named as a Guarantor herein. The execution and delivery of any instrument adding an additional
Guarantor as a party to this Agreement shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as
a party to this Agreement. 
 SECTION 21. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time
owing by such Lender to or for the credit or the account of any Guarantor against any or all the obligations of such Guarantor now or hereafter existing under this Agreement and the other Loan Documents held by such Lender, irrespective of whether
or not such Person shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured. The rights of each Lender under this Section 21 are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have. 

  
 Exhibit D - 6 








 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	DELTIC TIMBER PURCHASERS, INC.
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	CHENAL PROPERTIES, INC.
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	CHENAL COUNTRY CLUB, INC.
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	DEL-TIN FIBER L.L.C
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	AMERICAN AGCREDIT, PCA, as
	Administrative Agent
		
	By:	 	
		 	  

		 	Name:
		 	Title:



  
 Exhibit D - 7 








 SCHEDULE I TO THE 

SUBSIDIARY GUARANTEE AGREEMENT 
  

			
	 Guarantor(s)
	  	 Address

	Deltic Timber Purchasers, Inc.	  	For all Guarantors :
		
	 Chenal Properties, Inc.
	  	210 East Elm Street
		
	 Chenal Country Club, Inc.
	  	El Dorado, Arkansas 71730
		
	 Del-Tin Fiber L.L.C.
	  	

 [Borrower to confirm scheduled information remains correct]. 

  
 Exhibit D - 8 








 ANNEX 1 TO THE 

SUBSIDIARY GUARANTEE AGREEMENT 

SUPPLEMENT NO. [            ] dated as of
[            ], to the Subsidiary Guarantee Agreement (the “Guarantee Agreement”) dated as of August 27, 2015, among each of the subsidiaries listed on Schedule I
thereto (each such Subsidiary individually, a “Guarantor” and collectively, the “Guarantors”) of DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), and AMERICAN AGCREDIT, PCA, as
Administrative Agent (the “Administrative Agent”) for the Lenders (as defined in the Credit Agreement referred to below). 

A. Reference is made to the Term Loan Credit Agreement dated as of August 27, 2015 (as the same may be amended, supplemented, or otherwise
modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (the “Lenders”) and American AgCredit, PCA, as Administrative Agent. Capitalized terms used herein
and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 B. Capitalized terms used herein
and not otherwise defined herein shall have the meanings assigned to such terms in the Guarantee Agreement and the Credit Agreement. 
 C.
The Guarantors have entered into the Guarantee Agreement in order to induce the Lenders to make Loans. Pursuant to Section 5.10 of the Credit Agreement, each Subsidiary Loan Party that was not in existence or not a Subsidiary Loan Party on the
date of the Credit Agreement is required to enter into the Guarantee Agreement as a Guarantor upon becoming a Subsidiary Loan Party. Section 20 of the Guarantee Agreement provides that additional Subsidiaries of the Borrower may become
Guarantors under the Guarantee Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary of the Borrower (the “New Guarantor”) is executing this Supplement in accordance with the
requirements of the Credit Agreement to become a Guarantor under the Guarantee Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. 

Accordingly, the Administrative Agent and the New Guarantor agree as follows: 

SECTION 1. In accordance with Section 20 of the Guarantee Agreement, the New Guarantor by its signature below becomes a Guarantor under
the Guarantee Agreement with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby (a) agrees to all the terms and provisions of the Guarantee Agreement applicable to it as Guarantor thereunder and
(b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof. Each reference to a Guarantor in the Guarantee Agreement shall be deemed to include the
New Guarantor. The Guarantee Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Guarantor represents and warrants
to the Administrative Agent and the Lenders that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 3. This Supplement may be executed in counterparts each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Guarantor and the Administrative
Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement. 

  
 Exhibit D - 9 








 SECTION 4. Except as expressly supplemented hereby, the Guarantee Agreement shall remain in full
force and effect. 
 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision
hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 14 of the Guarantee Agreement.
All communications and notices hereunder to the New Guarantor shall be given to it at the address set forth under its signature below, with a copy to the Borrower. 

SECTION 8. The New Guarantor agrees to reimburse the Administrative Agent for its out-of-pocket expenses in connection with this Supplement,
including the fees, disbursements and other charges of counsel for the Administrative Agent. 
 IN WITNESS WHEREOF, the New Guarantor and
the Administrative Agent have duly executed this Supplement to the Guarantee Agreement as of the day and year first above written. 
  

			
	[Name of New Guarantor]
		
	 By:
	 	  

		 	Name:
		 	Title:
		 	Address:
	
	 AMERICAN AGCREDIT, PCA, as

	 Administrative Agent

		
	 By:
	 	  

		 	Name:
		 	 Title:




  
 Exhibit D - 10 








 EXHIBIT E 

[FORM OF] INDEMNITY, SUBROGATION AND CONTRIBUTION AGREEMENT 

INDEMNITY, SUBROGATION and CONTRIBUTION AGREEMENT dated as of August 27, 2015, among DELTIC TIMBER CORPORATION, a Delaware corporation
(the “Borrower”), each Subsidiary listed on Schedule I hereto (the “Guarantors”), AMERICAN AGCREDIT, PCA, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders (as
defined in the Credit Agreement referred to below). 
 Reference is made to (a) the Term Loan Credit Agreement dated as of
August 27, 2015 (as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (the “Lenders”) and
American AgCredit, PCA, as Administrative Agent, and (b) the Subsidiary Guarantee Agreement dated as August 27, 2015, among the Guarantors and the Administrative Agent (as amended, supplemented or otherwise modified from time to time, the
“Guarantee Agreement”). Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

The Lenders have agreed to make Loans to the Borrower pursuant to, and upon the terms and subject to the conditions specified in, the Credit
Agreement. The Guarantors have guaranteed such Loans and the other Obligations (as defined in the Guarantee Agreement) of the Borrower under the Credit Agreement pursuant to the Guarantee Agreement. The obligations of the Lenders to make Loans are
conditioned on, among other things, the execution and delivery by the Borrower and the Guarantors of an agreement in the form hereof. 

Accordingly, the Borrower, each Guarantor and the Administrative Agent agree as follows: 

SECTION 1. Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantors may have under
applicable law (but subject to Section 3), the Borrower agrees that, in the event a payment shall be made by any Guarantor under the Guarantee Agreement, the Borrower shall indemnify such Guarantor for the full amount of such payment and such
Guarantor shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment. 

SECTION 2. Contribution and Subrogation. Each Guarantor (a “Contributing Guarantor”) agrees (subject to
Section 3) that, in the event a payment shall be made by any other Guarantor under the Guarantee Agreement and such other Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by the Borrower as provided in
Section 1, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied
by a fraction of which the numerator shall be the net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a
party hereto pursuant to Section 12, the date of the Supplement hereto executed and delivered by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 2 shall be subrogated to the
rights of such Claiming Guarantor under Section 1 to the extent of such payment. 
 SECTION 3. Subordination. Notwithstanding
any provision of this Agreement to the contrary, all rights of the Guarantors under Sections 1 and 2 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible
payment in full in cash of the Obligations. No failure on the part of the Borrower or any Guarantor to make the 

  
 Exhibit E - 1 








 
payments required under applicable law or otherwise shall in any respect limit the obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall
remain liable for the full amount of the obligations of such Guarantor hereunder. 
 SECTION 4. Termination. This Agreement shall
survive and be in full force and effect so long as any Obligation is outstanding and has not been indefeasibly paid in full in cash, and so long as any of the Commitments under the Credit Agreement have not been terminated, and shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Lender or any Guarantor upon the bankruptcy or reorganization of the Borrower, any
Guarantor or otherwise. 
 SECTION 5. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
 SECTION 6. No Waiver; Amendment. 

(a) No failure on the part of the Administrative Agent or any Guarantor to exercise, and no delay in exercising, any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by the Administrative Agent or any Guarantor preclude any other or further exercise thereof or the exercise of any other right,
power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. None of the Administrative Agent and the Guarantors shall be deemed to have waived any rights hereunder unless such waiver shall be
in writing and signed by such parties. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to a written agreement entered into between the Borrower, the Guarantors and the Administrative Agent, with the prior written consent of the Required Lenders (except as otherwise provided in the Credit Agreement). 

SECTION 7. Notices. All communications and notices hereunder shall be in writing and given as provided in the Guarantee Agreement and
addressed as specified therein. 
 SECTION 8. Binding Agreement; Assignments. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the parties that are contained in this Agreement shall bind and inure to the benefit of
their respective successors and assigns. Neither the Borrower nor any Guarantor may assign or transfer any of its rights or obligations hereunder (and any such attempted assignment or transfer shall be void) without the prior written consent of the
Required Lenders. Notwithstanding the foregoing, at the time any Guarantor is released from its obligations under the Guarantee Agreement in accordance with such Guarantee Agreement and the Credit Agreement, such Guarantor will cease to have any
rights or obligations under this Agreement. 
 SECTION 9. Survival of Agreement; Severability. 

(a) All covenants and agreements made by the Borrower and each Guarantor herein and in the certificates or other instruments prepared or
delivered in connection with this Agreement or the other Loan Documents shall be considered to have been relied upon by the Administrative Agent, the Lenders and each Guarantor and shall survive the making by the Lenders of the Loans, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loans or any other fee or amount payable under the Credit Agreement or this Agreement or under any of the other Loan Documents is outstanding and unpaid and
as long as the Commitments have not been terminated. 

  
 Exhibit E - 2 








 (b) In case one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 10. Counterparts. This Agreement
may be executed in counterparts (and by different parties hereto on different counterparts) each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall be effective with
respect to any Guarantor when a counterpart bearing the signature of such Guarantor shall have been delivered to the Administrative Agent. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as
delivery of a manually signed counterpart of this Agreement. 
 SECTION 11. Rules of Interpretation. The rules of interpretation
specified in Section 1.03 of the Credit Agreement shall be applicable to this Agreement. 
 SECTION 12. Additional Guarantors.
Pursuant to Section 5.10 of the Credit Agreement, each Subsidiary Loan Party of the Borrower that was not in existence or not such a Subsidiary Loan Party on the date of the Credit Agreement is required to enter into the Guarantee Agreement as
Guarantor upon becoming such a Subsidiary Loan Party. Upon the execution and delivery, after the date hereof, by the Administrative Agent and such Subsidiary of an instrument in the form of Annex I hereto, such Subsidiary shall become a Guarantor
hereunder with the same force and effect as if originally named as a Guarantor hereunder. The execution and delivery of any instrument adding an additional Guarantor as a party to this Agreement shall not require the consent of any Guarantor
hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 

  
 Exhibit E - 3 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized officers as of the date first appearing above. 
  

			
	DELTIC TIMBER CORPORATION
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	DELTIC TIMBER PURCHASERS, INC.
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	CHENAL PROPERTIES, INC.
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	CHENAL COUNTRY CLUB, INC.
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	DEL-TIN FIBER L.L.C
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	AMERICAN AGCREDIT, PCA, as
	Administrative Agent
		
	By:	 	
		 	  

		 	Name:
		 	Title:



  
 Exhibit E - 4 








 SCHEDULE I 

TO THE INDEMNITY, SUBROGATION 

AND CONTRIBUTION AGREEMENT 
  

			
	 Guarantor(s)
	  	 Address

	 Deltic Timber Purchasers, Inc.
	  	For all Guarantors :
		
	 Chenal Properties, Inc.
	  	210 East Elm Street
		
	 Chenal Country Club, Inc.
	  	El Dorado, Arkansas 71730
		
	 Del-Tin Fiber L.L.C.
	  	

 [Borrower to confirm scheduled information remains correct]. 

  
 Exhibit E - 5 








 ANNEX I TO 

THE INDEMNITY, SUBROGATION AND 

CONTRIBUTION AGREEMENT 

SUPPLEMENT NO. [            ] dated as of
[            ], to the Indemnity, Subrogation and Contribution Agreement dated as of August 27, 2015 (as the same may be amended, supplemented or otherwise modified from time to time,
the “Indemnity, Subrogation and Contribution Agreement”) among DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), each Subsidiary listed on Schedule I thereto (the “Guarantors”) and
AMERICAN AGCREDIT, PCA, as administrative agent (the “Administrative Agent”) for the Lenders (as defined in the Credit Agreement referred to below). 

A. Reference is made to (a) the Term Loan Credit Agreement dated as of August 27, 2015 (as the same may be amended, supplemented, or
otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (the “Lenders”) and American AgCredit, PCA, as the Administrative Agent, and
(b) the Subsidiary Guarantee Agreement dated as August 27, 2015, among the Guarantors and the Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Guarantee Agreement”). 

B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indemnity, Subrogation
and Contribution Agreement and the Credit Agreement. 
 C. The Borrower and the Guarantors have entered into the Indemnity, Subrogation and
Contribution Agreement in order to induce the Lenders to make Loans. Pursuant to Section 5.10 of the Credit Agreement, each Subsidiary Loan Party that was not in existence or not such a Subsidiary Loan Party on the date of the Credit Agreement
is required to enter into the Guarantee Agreement as a Guarantor upon becoming a Subsidiary Loan Party. Section 12 of the Indemnity, Subrogation and Contribution Agreement provides that additional Subsidiaries may become Guarantors under the
Indemnity, Subrogation and Contribution Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Guarantor”) is executing this Supplement in accordance with the
requirements of the Credit Agreement to become a Guarantor under the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. 

Accordingly, the Administrative Agent and the New Guarantor agree as follows: 

SECTION 1. In accordance with Section 12 of the Indemnity, Subrogation and Contribution Agreement, the New Guarantor by its signature
below becomes a Guarantor under the Indemnity, Subrogation and Contribution Agreement with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby agrees to all the terms and provisions of the Indemnity,
Subrogation and Contribution Agreement applicable to it as Guarantor thereunder. Each reference to a Guarantor in the Indemnity, Subrogation and Contribution Agreement shall be deemed to include the New Guarantor. The Indemnity, Subrogation and
Contribution Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Guarantor represents and warrants to the
Administrative Agent and the Lenders that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

  
 Exhibit E - 6 








 SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on
different counterparts) each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of
this Supplement that, when taken together, bear the signature of the New Guarantor and the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually
signed counterpart of this Supplement. 
 SECTION 4. Except as expressly supplemented hereby, the Indemnity, Subrogation and Contribution
Agreement shall remain in full force and effect. 
 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid,
illegal or unenforceable in any respect, neither party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the
remaining provisions contained herein and in the Indemnity, Subrogation and Contribution Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 7 of the Indemnity, Subrogation
and Contribution Agreement. All communications and notices hereunder to the New Guarantor shall be given to it at the address set forth under its signature. 

SECTION 8. The New Guarantor agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this
Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent. 

  
 Exhibit E - 7 








 IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this
Supplement to the Indemnity, Subrogation and Contribution Agreement as of the day and year first above written. 
  

			
	[Name of New Guarantor]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:
	
	AMERICAN AGCREDIT, PCA, as
	Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:



  
 Exhibit E - 8 








 SCHEDULE I 

TO SUPPLEMENT NO.         TO THE INDEMNITY, 

SUBROGATION AND CONTRIBUTION AGREEMENT 

Guarantors 
  

			
	 Name
	  	Address


  
 Exhibit E - 9 








 EXHIBIT F 

[FORM OF] VOTING PARTICIPANT NOTIFICATION 

Date: ___________, 201__ 
  

	To:	American AgCredit, PCA, as Administrative Agent 


	    	Deltic Timber Corporation, as Borrower 

 Ladies and Gentlemen: 

Reference is made to that certain Term Loan Credit Agreement dated as of August 27, 2015 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined), among Deltic Timber Corporation, a Delaware corporation (the “Borrower”), the
Lenders from time to time party thereto, and American AgCredit, PCA, as Administrative Agent. 
 Pursuant to Section 10.4(f) of the Credit Agreement,
the Lender or Voting Participant identified below hereby notifies the Borrower and the Administrative Agent that it is selling a participation or sub-participation and is designating the purchasing Participant identified below as being entitled to
be accorded the rights of a Voting Participant under the Credit Agreement. 
 Selling Lender/Voting Participant:
                                         
                                         
   
 New Voting Participant1 

			
	Full Legal Name:	  	  

		
	Amount of Participation	  	
	Purchased:	  	  

		
	Date of Notification:	  	  

		
	Notice Address for	  	
	Voting Participant:	  	  

		  	  

		  	  


 Effective Date: _____________ ___, 201___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

	1 	Voting Participants must be Farm Credit Lenders, have purchased one or more participations or sub-participations in the minimum aggregate amount of $5,000,000 as of the Effective Date and have received the written
consent of the Borrower and the Administrative Agent, to the extent required under the Credit Agreement. 


  
 Exhibit F - 1 








 This Voting Participant Notice is hereby agreed to: 

 

					
	SELLING LENDER/VOTING PARTICIPANT:	  	[FULL LEGAL NAME]
			
		  	By:	  	  

		  		  	Name:
		  		  	Title:
		
	NEW VOTING PARTICIPANT:	  	[FULL LEGAL NAME]
			
		  	By:	  	  

		  		  	Name:
		  		  	Title:

  

			
	[Consented to and]2 Accepted:
	
	 AMERICAN AGCREDIT, PCA
 as
Administrative Agent

		 	
	By:	 	  

	Name:	 	
	Title:	 	
		 	
	[Consented to:
		 	
	 DELTIC TIMBER CORPORATION
 a
Delaware corporation

		 	

  

			
	            By:	 	  

	            Name:	 	
	            Title:	 	    ]3

  
  

	2 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 


	3 	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 


  
 F - 2 








 EXHIBIT 2.19-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For 

U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of August 27, 2015 (as the same may be amended, supplemented, or
otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and American AgCredit, PCA, as Administrative Agent. 

Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
 [NAME OF LENDER] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Date:
                    , 20[    ] 

  
 Exhibit 2.19-1 - 1 








 EXHIBIT 2.19-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For 

U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of August 27, 2015 (as the same may be amended, supplemented, or
otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and American AgCredit, PCA, as Administrative Agent. 

Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 [NAME OF PARTICIPANT] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Date:
                    , 20[    ] 

  
 Exhibit 2.19-2 - 1 








 EXHIBIT 2.19-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For 

U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of August 27, 2015 (as the same may be amended, supplemented, or
otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and American AgCredit, PCA, as Administrative Agent. 

Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF PARTICIPANT] 

 

			
	By:	 	  

		 	Name:
		 	Title:

 Date:
                    , 20[    ] 

  
 Exhibit 2.19-3 - 1 








 EXHIBIT 2.19-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For 

U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of August 27, 2015 (as the same may be amended, supplemented, or
otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and American AgCredit, PCA, as Administrative Agent. 

Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is
claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF LENDER] 

 

			
	By:	 	  

		 	Name:
		 	Title:

 Date:
                    , 20[    ] 

  
 Exhibit 2.19-4 - 1 








 EXHIBIT 3.1(B)(V) 

FORM OF SECRETARY’S CERTIFICATE OF DELTIC TIMBER CORPORATION 

Reference is made to the Term Loan Credit Agreement dated as of August 27, 2015 (the “Credit Agreement”), among Deltic
Timber Corporation (the “Borrower”), the lenders named therein, and American AgCredit, PCA, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This certificate is being delivered
pursuant to Section 3.1 of the Credit Agreement. 
 I, [            ],
Secretary of the Borrower, DO HEREBY CERTIFY that: 
 (b) there have been no amendments or supplements to, or restatements of, the articles
of incorporation of the Borrower delivered pursuant to Section 3.1 of the Credit Agreement; 
 (c) no proceeding have been instituted or
are pending or contemplated with respect to the dissolution, liquidation or sale of all or substantially all the assets of the Borrower or threatening its existence or the forfeiture or any of its corporate rights; 

(d) annexed hereto as Exhibit A is a true and correct copy of the Bylaws of the Borrower as in effect on [Date]/ and at all times
thereafter through the date hereof; 
 (e) annexed hereto as Exhibit B is a true and correct copy of certain resolutions duly adopted
by the Board of Directors of the Borrower at a meeting of said Board of Directors duly called and held on [Date], which resolutions are the only resolutions adopted by the Board of Directors of the Borrower or any committee thereof relating to the
Credit Agreement and the other Loan Documents to which the Borrower is a party and the transactions contemplated therein and have not been revoked, amended, supplemented or modified and are in full force and effect on the date hereof; and 

(f) each of the persons named below is and has been at all times since [date] a duly elected and qualified officer of the Borrower holding the
respective office set forth opposite his or her name and the signature set forth opposite of each such person is his or her genuine signature: 
  

					
	 Name
	  	 Title
	  	 Specimen Signature

			
	 [Include all officers who are

signing the Credit Agreement

or any other Loan Documents.]
	  		  	


  
 Exhibit 3.1(B)(V) - 1









 IN WITNESS WHEREOF, I have hereunto signed my name this
             day of August, 2015. 

			
		  	  

		  	Secretary
		  	

 I, [            ],
[            ] of the Borrower, do hereby certify that [            ] has been duly elected, is duly qualified and is the
[Assistant] Secretary of the Borrower, that the signature set forth above is [his/her] genuine signature and that [he/she] has held such office at all times since [            ]. 

IN WITNESS WHEREOF, I have hereunto signed my name this             day of August,
2015. 
  

	
	 DELTIC TIMBER CORPORATION
  

	 Title:




  
 Exhibit 3.1(B)(V) - 2









 EXHIBIT 3.1(B)(VIII) 

FORM OF OFFICER’S CERTIFICATE 

Reference is made to the Term Loan Credit Agreement dated as of August 27, 2015 (the “Credit Agreement”), among Deltic
Timber Corporation (the “Borrower”), the lenders named therein, and American AgCredit, PCA, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This certificate is being delivered
pursuant to Section 3.1(b)(viii) of the Credit Agreement. 
 I,
[            ], [            ] of the Borrower, DO HEREBY CERTIFY that: 

(a) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct on and as of the date hereof; and

 (b) no Default or Event of Default has occurred and is continuing at the date hereof; and 

(c) since December 31, 2014, which is the date of the most recent financial statements described in Section 5.1(a) of the Credit
Agreement, there has been no change which has had or could reasonably be expected to have a Material Adverse Effect; and 
 (d) no
litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or, to the knowledge of the Borrower, threatened against the Borrower or any of its Subsidiaries that could reasonably be expected to
have a Material Adverse Effect. 
 IN WITNESS WHEREOF, I have hereunto signed my name this         
day of August, 2015. 
  

	
	 DELTIC TIMBER CORPORATION
  

 

	Name:
	Title:



  
 Exhibit 3.1(B)(VIII) - 1