Document:

Document

Exhibit 10.1

CATCHMARK TIMBER TRUST, INC. 
AMENDED AND RESTATED INDEPENDENT DIRECTOR COMPENSATION PLAN 

ARTICLE 1 
PURPOSE 

1.1. BACKGROUND. The Plan is considered to be and shall be operated as a subplan of the Equity Incentive Plan. 

1.2. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not employees of the Company or any of its Affiliates for service as members of the Board by providing them with competitive compensation and a direct or indirect ownership interest in the Stock of the Company. The Company intends that the Plan will benefit the Company and its stockholders by allowing Independent Directors to have a personal financial stake in the Company through a direct or indirect ownership interest in the Stock and will closely associate the interests of Independent Directors with that of the Company’s stockholders. 

1.3. ELIGIBILITY. Independent Directors of the Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan. 

ARTICLE 2 
DEFINITIONS 

2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Equity Incentive Plan. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 

						
	(a)	“Annual Meeting” means the Company’s annual general meeting of its stockholders to elect members of the Board and transact such other business as may be determined by the Company.

		
	(b)	“Annual Stock Retainer” means with respect to each Independent Director for each Plan Year, the dollar value to be delivered in the form of annual Equity Awards under the Plan, as established from time to time by the Board and set forth in Schedule I hereto.

		
	(c)	“Base Cash Retainer” means the annual cash retainer (excluding any Supplemental Cash Retainer and expenses) payable by the Company to an Independent Director pursuant to Section 5.1 hereof for service as a director of the Company, as established from time to time by the Board and set forth in Schedule I hereto. 
		
	(d) 	“Board” means the Board of Directors of the Company. 
		
	(e)	“Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time to time. 
		
	(f)	“Company” means CatchMark Timber Trust, Inc., a Maryland corporation, or any successor corporation. 

Exhibit 10.1

						
	(g)	“Effective Date” of the Plan means April 28, 2020. 
		
	(h)	“Eligible Participant” means any person who is an Independent Director on the Effective Date or becomes an Independent Director while this Plan is in effect. 
		
	(i)	“Equity Award” means stock options, stock awards, restricted stock, restricted stock units, stock appreciation rights, LTIP Units or other awards based on or derived from the Stock which are authorized under the Equity Incentive Plan for award to Independent Directors. 

		
	(j)	“Equity Incentive Plan” means the CatchMark Timber Trust, Inc. 2017 Incentive Plan, and any subsequent equity compensation plan approved by the stockholders and designated by the Board as the Equity Incentive Plan for purposes of this Plan. 
		
	(k)	“Independent Director” has the meaning given such term in the Charter. 
		
	(l)	“LTIP Units” have the meaning given such term in the LTI Program Plan.
		
	(m)	“LTI Program Plan” means the CatchMark Timber Trust, Inc. LTI Program Plan.
		
	(n)	“Non-Executive Chair” means the Independent Director who has been designated by the Board as the Non-Executive Chair under the Company’s Bylaws. 
		
	(o)	“Plan” means this CatchMark Timber Trust, Inc. Amended and Restated Independent Director Compensation Plan, as amended from time to time. 
		
	(p)	“Plan Year(s)” means the calendar year, which, for purposes of the Plan, is the period for which annual retainers are earned.  
		
	(q)	“Stock” means the Class A common stock, par value $0.01 per share, of the Company. 
		
	(r)	“Supplemental Cash Retainer” means the supplemental annual cash retainer (excluding Base Cash Retainer and expenses) payable by the Company to an Independent Director pursuant to Section 5.2 hereof for service as Non-Executive Chair or chair of a committee of the Board, as established from time to time by the Board and set forth in Schedule I hereto. 

ARTICLE 3 
ADMINISTRATION 

3.1. ADMINISTRATION. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Board. 

Exhibit 10.1

3.2. RELIANCE. In administering the Plan, the Board may rely upon any information furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. This limitation of liability shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s Charter or otherwise. 

3.3. INDEMNIFICATION. Each person who is or has been a member of the Board or who otherwise participates in the administration or operation of this Plan shall be indemnified by the Company against, and held harmless from, any loss, cost, liability or expense that may be imposed upon or incurred by him or her in connection with or resulting from any claim, action, suit or proceeding in which such person may be involved by reason of any action taken or failure to act under the Plan and shall be fully reimbursed by the Company for any and all amounts paid by such person in satisfaction of judgment against him or her in any such action, suit or proceeding, provided he or she will give the Company an opportunity, by written notice to the Board, to defend the same at the Company’s own expense before he or she undertakes to defend it on his or her own behalf. This right of indemnification shall not be exclusive of any other rights of indemnification to which any such person may be entitled under the Company’s Charter, bylaws, contract or Maryland law. 

ARTICLE 4
SHARES

4.1. SOURCE OF SHARES FOR THE PLAN. The shares of Stock and/or Equity Awards that may be issued pursuant to the Plan shall be issued under the Equity Incentive Plan, subject to all of the terms and conditions of the Equity Incentive Plan. The terms contained in the Equity Incentive Plan are incorporated into and made a part of this Plan with respect to Equity Awards granted pursuant hereto, and any such awards shall be governed by and construed in accordance with the Equity Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Equity Incentive Plan and the provisions of this Plan, the provisions of the Equity Incentive Plan shall be controlling and determinative. This Plan does not constitute a separate source of shares for the grant of the Equity Awards described herein. 

ARTICLE 5 
CASH COMPENSATION 

5.1. BASE CASH RETAINER. Each Eligible Participant shall be paid a Base Cash Retainer for service as a director during each Plan Year, payable in such form as shall be elected by the Eligible Participant in accordance with Section 7.1. The amount of the Base Cash Retainer shall be established from time to time by the Board. The amount of the Base Cash Retainer is set forth in Schedule I, as amended from time to time by the Board. The Base Cash Retainer shall be payable in approximately equal quarterly installments in advance. Each person who first becomes an Eligible Participant on a date other than the beginning of a Plan Year shall be paid a pro rata amount of the Base Cash Retainer for that Plan Year to reflect the actual number of days served in the Plan Year. 

5.2. SUPPLEMENTAL CASH RETAINER. The Non-Executive Chair and the chairs of each committee of the Board may be paid a Supplemental Cash Retainer during a Plan Year, payable at the same times as installments of the Base Cash Retainer are paid and in such form as shall be elected by the Eligible Participant in accordance with Section 7.2. The amount of the Supplemental Cash Retainers shall be established from time to time by the Board, and shall be set forth in Schedule I, as amended from time to time by the Board. The Supplemental Cash Retainer shall be payable in approximately equal quarterly installments in advance.  A pro rata Supplemental Cash Retainer will be paid to any Eligible Participant 

Exhibit 10.1

who is elected by the Board to a position eligible for a Supplemental Cash Retainer on a date other than the beginning of a Plan Year, to reflect the actual number of days served in such eligible capacity during the Plan Year. 

5.3. EXPENSE REIMBURSEMENT. All Eligible Participants shall be reimbursed for reasonable travel expenses in connection with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer or the Non-Executive Chair requests the director to participate. Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to this Section 5.3 shall be limited to expenses incurred while the Independent Director serves on the Board in the capacity as an Independent Director. Such payments will be made within thirty (30) days after delivery of the Independent Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the December 31 following the year in which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this Section 5.3 shall not be subject to liquidation or exchange for another benefit. 

ARTICLE 6 
EQUITY COMPENSATION 

6.1. INITIAL STOCK GRANT.  Subject to share availability under the Equity Incentive Plan, each person who first becomes an Eligible Participant on a date other than the date of an Annual Meeting shall receive, on the date that he or she is appointed to the Board (the “Initial Stock Grant Date”) an initial grant of shares of Restricted Stock (the “Initial Stock Grant”).  The number of shares of Restricted Stock in the Initial Stock Grant shall be determined by (A) prorating the Annual Stock Retainer as in effect for that Plan Year based on the number of calendar days between the date that Eligible Participant is appointed to the Board and the next scheduled Annual Meeting (the “Prorated Stock Retainer”), (B) dividing the Prorated Stock Retainer by the Fair Market Value of the Stock on the Initial Stock Grant Date, and (C) rounding to the nearest whole number.

6.2. ANNUAL STOCK GRANT. 

(a).  Subject to share availability under the Equity Incentive Plan, on the first business day immediately following the date on which the Company holds its Annual Meeting (the “Annual Stock Grant Date”), each Eligible Participant in service on such date shall receive an annual stock grant (the “Annual Stock Grant”). The Eligible Participant shall elect to receive his or her Annual Stock Grant in the form of Restricted Stock or LTIP Units.  

(i)         If so elected, the number of shares of Restricted Stock in the Annual Stock Grant shall be determined by (A) dividing the Annual Stock Retainer as in effect for that Plan Year by the Fair Market Value of the Stock on the Annual Stock Grant Date, and (B) rounding to the nearest whole number. 

(ii)        If so elected, the number of LTIP Units in the Annual Stock Grant shall be determined by (A) dividing the Annual Stock Retainer as in effect for that Plan Year by the Fair Market Value of the Stock on the Annual Stock Grant Date, and (B) rounding to the nearest whole number.

(b).  Each Eligible Participant shall elect the form of his or her Annual Stock Grant for a Plan Year by delivering a valid Election Form to the Secretary of the Company prior to the Annual Stock Grant Date. The Election Form signed by the Eligible Participant will be irrevocable for the next upcoming Annual Stock Grant. However, prior to an Annual Stock Grant Date, an Eligible Participant 

Exhibit 10.1

may change his or her election by executing and delivering a new Election Form. If an Eligible Participant fails to deliver a new Election Form prior to the Annual Stock Grant Date, his or her Election Form in effect for the previous Annual Stock Grant shall continue in effect for the next Annual Stock Grant. 

(c).  Subject to share availability under Section 5.1, Section 5.5 and, as it pertains to the five percent (5%) pool of shares that may be awarded without the minimum vesting requirements contained therein, Section 14.6 of the Equity Incentive Plan, if a Covered Director’s last day of service as a director is prior to the Annual Stock Grant Date in any Plan Year, then such Eligible Participant shall receive a grant of fully-vested shares of Stock (the “Final Stock Grant”) on the day of such Eligible Participant’s last day of service (the “Final Stock Grant Date”).  The number of shares of Stock in the Final Stock Grant shall be determined by (A) dividing seventy thousand dollars ($70,000) by the Fair Market Value of the Stock on the Final Stock Grant Date, and (B) rounding to the nearest whole number.  For purposes of this Section 6.2(c), a “Covered Director” means any Non-Employee Director who was an Eligible Participant on April 11, 2019.

6.3. VESTING.  Unless and until provided otherwise by the Board, (i) the Initial Stock Grant granted pursuant to Section 6.1 hereof shall become vested and non-forfeitable as to one hundred percent (100%) of the award on the first anniversary of the Initial Stock Grant Date, subject to the Independent Director’s Continuous Service on such date; and (ii) the Annual Stock Grant granted pursuant to Section 6.2 hereof shall become vested and non-forfeitable as to one hundred percent (100%) of the award on the date of the Annual Meeting that occurs in the immediately following year, subject to the Independent Director’s Continuous Service on such date; provided that to the extent the Annual Stock Grant vests as of a date that is earlier than two weeks prior to the anniversary date of the immediately preceding year’s Annual Meeting, such award shall count against the five percent (5%) exception limit set forth in Section 14.6 of the Equity Incentive Plan.  Notwithstanding the foregoing, the Initial Stock Grant and the Annual Stock Grant shall become fully vested on the earlier occurrence of the termination of the Independent Director’s service as a director of the Company due to his or her death or Disability.  If the Independent Director’s service as a director of the Company terminates other than as described in the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested portion of the Initial Stock Grant and/or the Annual Stock Grant as of the date of such termination from the Board and such award(s) shall be reconveyed to the Company without further consideration or any act or action by the Independent Director.

6.4. Other Plan Conditions. To the extent not specified herein, the Initial Stock Grants and Annual Stock Grants shall be subject to the terms and conditions of the Equity Incentive Plan. 

6.5. ADJUSTMENTS. For the avoidance of doubt, the adjustment provisions of the Equity Incentive Plan (along with all of the other provisions of the Equity Incentive Plan) shall apply with respect to all Equity Awards granted pursuant to this Plan. 

6.6. AWARD CERTIFICATES. All Equity Awards granted pursuant to this Article 6 shall be evidenced by a written award certificate, which shall include such provisions, not inconsistent with the Plan or the Equity Incentive Plan, as may be specified by the Board. 

ARTICLE 7 
ALTERNATIVE FORM OF PAYMENT FOR RETAINERS 

7.1. PAYMENT OF BASE CASH RETAINER. At the election of each Eligible Participant, the Base Cash Retainer for a given Plan Year shall be either (i) payable in cash, or (ii) subject to share 

Exhibit 10.1

availability under the Equity Incentive Plan, payable by a grant on the same day that the Base Cash Retainer, if payable in cash, would be paid (the “Base Cash Retainer Stock Grant Date”) of a number of shares of Stock determined by (A) dividing the Base Cash Retainer as in effect for that Plan Year, by the Fair Market Value of the Stock on the Base Cash Retainer Stock Grant Date, and (B) rounding to the nearest whole number. Any shares of Stock granted under the Plan as the Base Cash Retainer under clause (ii) above will be 100% vested and nonforfeitable as of the Base Cash Retainer Stock Grant Date, and the Eligible Participant receiving such shares (or his or her custodian, if any) will have immediate rights of ownership in the shares, including the right to vote the shares and the right to receive dividends or other distributions thereon. 

7.2. PAYMENT OF SUPPLEMENTAL CASH RETAINER. At the election of each Eligible Participant, the Supplemental Cash Retainer for a given Plan Year shall be either (i) payable in cash, or (ii) subject to share availability under the Equity Incentive Plan, payable by a grant on the same day that the Supplemental Cash Retainer, if payable in cash, would be paid (the “Supplemental Cash Retainer Stock Grant Date”) of a number of shares of Stock determined by (A) dividing the Supplemental Cash Retainer as in effect for that Plan Year, by the Fair Market Value of the Stock on the Supplemental Cash Retainer Stock Grant Date, and (B) rounding to the nearest whole number. Any shares of Stock granted under the Plan as the Base Cash Retainer under clause (ii) above will be 100% vested and nonforfeitable as of the Supplemental Cash Retainer Stock Grant Date, and the Eligible Participant receiving such shares (or his or her custodian, if any) will have immediate rights of ownership in the shares, including the right to vote the shares and the right to receive dividends or other distributions thereon. 

7.3. TIMING AND MANNER OF PAYMENT ELECTION. Each Eligible Participant shall elect the form of payment desired for his or her Base Cash Retainer and/or Supplemental Cash Retainer for a Plan Year by delivering a valid Election Form to the Secretary of the Company prior to the beginning of such Plan Year, which will be effective as of the first day of the Plan Year beginning after the Secretary receives the Eligible Participant’s Election Form. The Election Form signed by the Eligible Participant prior to the Plan Year will be irrevocable for the coming Plan Year. However, prior to the commencement of the following Plan Year, an Eligible Participant may change his or her election for future Plan Years by executing and delivering a new Election Form. If an Eligible Participant fails to deliver a new Election Form prior to the commencement of the new Plan Year, his or her Election Form in effect during the previous Plan Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, the Base Cash Retainer and/or Supplemental Cash Retainer will be paid in cash. 

ARTICLE 8 
AMENDMENT, MODIFICATION AND TERMINATION 

8.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may terminate or suspend the Plan at any time, without stockholder approval. The Board may amend the Plan at any time and for any reason without stockholder approval; provided, however, that the Board may condition any amendment on the approval of stockholders of the Company if such approval is necessary or deemed advisable with respect to tax, securities or other applicable laws, policies or regulations. No termination, modification or amendment of the Plan may, without the consent of an Independent Director, adversely affect an Independent Director’s rights under an award granted prior thereto. 

ARTICLE 9 
GENERAL PROVISIONS 

9.1. DURATION OF THE PLAN. The Plan shall remain in effect until terminated by the Board or the earlier termination or expiration of the Equity Incentive Plan, including any successor plans. 

Exhibit 10.1

9.2. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company. 

The foregoing is hereby acknowledged as being the CatchMark Timber Trust, Inc. Amended and Restated Independent Director Compensation Plan, adopted by the Board on October 24, 2013, and amended and restated by the Board on February 10, 2014, July 30, 2015, April 11, 2019 and April 28, 2020. 
									
			
		CATCHMARK TIMBER TRUST, INC.
	
			
		By:
	/s/ Brian M. Davis

		Its:
	President and Chief Executive Officer

Exhibit 10.1

SCHEDULE I 
                                         DIRECTOR COMPENSATION SCHEDULE                                                                               

The following shall remain in effect until changed by the Board: 
						
	Base Cash Retainer
	
	All Independent Directors (other than a member of the Audit Committee)
	$50,000

	Members of the Audit Committee
	$56,000

	Annual Stock Retainer (FMV) (1)
	
	All Independent Directors
	$70,000

	Supplemental Cash Retainers(2)
	
	Non-Executive Chair
	$50,000

	Audit Committee Chair
	$12,500

	Compensation Committee Chair
	$10,000

	Nominating and Corporate Governance Committee Chair
	$10,000

	Finance and Investment Committee Chair
	$10,000

Independent Directors will not receive any fees for attendance at meetings of the Board of Directors or committees thereof.

(1) Effective for the service year ending at the 2019 annual meeting.

(2) Effective August 2, 2018.Document

Exhibit 10.2

EXECUTION VERSION  

Fourth Agreement Regarding Amendments

This FOURTH AGREEMENT REGARDING AMENDMENTS, dated as of May 1, 2020 (this “Agreement”), among CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”), the other Loan Parties party hereto, COBANK, ACB, as administrative agent (in such capacity, the “Administrative Agent”) for the Lender Parties, and the Lenders and Voting Participants under the Credit Agreement defined below that have executed this Agreement.  Unless otherwise defined herein or the context otherwise requires, terms used herein shall have the meaning provided in the Credit Agreement.

W I T N E S S E T H:

WHEREAS, the Borrower, the other Loan Parties party thereto from time to time as Guarantors, the financial institutions party thereto from time to time as Lenders and the Administrative Agent are parties to that certain Fifth Amended and Restated Credit Agreement, dated as of December 1, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has given the Administrative Agent prior notice under Section 3.1.1(b) of the Credit Agreement that it wishes to voluntarily and permanently reduce the unused amount of the Multi-Draw Term Loan Commitment by $50,000,000 (the “MDTLC Reduction”) as of the date first written above and prior to or concurrent with the Amendment Effective Date; and

WHEREAS, the parties hereto have agreed to certain amendments to the Credit Agreement as set forth below.

NOW, THEREFORE, in consideration of the agreements herein contained, the parties hereto hereby agree as follows.

ARTICLE I

Multi-Draw Term Loan Commitment Reduction

As per the prior notice from the Borrower to the Administrative Agent, delivered in accordance with Section 3.1.1(b) of the Credit Agreement, as of the date first written above and prior to or concurrent with the Amendment Effective Date, the Multi-Draw Term Loan Commitment is permanently reduced by $50,000,000.  For the convenience of the parties, a conformed copy of Schedule II to the Credit Agreement reflecting this reduction has been attached hereto.

ARTICLE II

AMENDMENTS TO CREDIT AGREEMENT

Exhibit 10.2

Effective as of the Amendment Effective Date (as defined below in Article VI of this Agreement), the parties hereto hereby agree to amend the Credit Agreement as follows:

SECTION 2.1  The definition of “Minimum Liquidity Balance” set forth in Section 1.1 is hereby deleted.

SECTION 2.2  Clause (b) of the definition of “Permitted Joint Venture Investment Documentation” set forth in Section 1.1 is hereby amended and restated in its entirety as follows:

(b)            if requested by the Administrative Agent in its sole discretion, calculations set forth in the Permitted Joint Venture Investment Certificate evidencing that before and after giving Pro Forma Effect to the Loan Party’s Investment in such Permitted Joint Venture, (A) the Loan to Value Ratio does not exceed the applicable maximum percentage set forth in Section 7.2.5(a)(vii), and (B) no Default or Event of Default shall have occurred and be continuing or would be reasonably expected to result therefrom;

SECTION 2.3  Section 7.2.4(a) is hereby amended and restated in its entirety as follows: 

[Reserved].

SECTION 2.4  Section 7.2.4(c) is hereby amended and restated in its entirety as follows: 

The Loan to Value Ratio may not exceed 50% at any time.

SECTION 2.5  Section 7.2.5(a)(vii) is hereby amended and restated in its entirety as follows:

(vii)           Investments by a Loan Party from time to time in Permitted Joint Ventures, provided, that (A) after giving Pro Forma Effect to such Investment, the Loan to Value Ratio does not exceed 45% (or, with respect to Investments made from and after May 1, 2020 and on or prior to December 31, 2020 in Permitted Joint Ventures existing as of May 1, 2020, 47.5%), (B) the Borrower shall deliver to the Administrative Agent the Permitted Joint Venture Investment Documentation which shall evidence, among other things, that (1) no Event of Default has occurred and is continuing or would reasonably be expected to result after giving Pro Forma Effect to such Investment, (2) all of the representations and warranties contained in this Agreement and in the other Loan Documents shall be true and correct in all material respects with the same effect as if then made, provided that such representations and warranties (I) that relate solely to an earlier date shall be true and correct as of such earlier date and (II) shall be true and correct in all respects if they are qualified by a materiality standard, and (C) at least five (5) Business Days prior to the Loan Party’s Investment in such Permitted Joint Venture, the Lenders shall have received all documentation and other information requested by (or on 

Exhibit 10.2

behalf of) any Lender in order to comply with requirements of Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions;

SECTION 2.6  Clause (y) of Section 7.2.6 is hereby amended and restated in its entirety as follows:

(y) CatchMark Timber may make dividends, distributions and other payments to (1) its shareholders (including pursuant to a repurchase of any of its Equity Interests) and (2) the employees, officers or directors of any Loan Party in accordance with that certain CatchMark Timber Trust, Inc. 2017 Incentive Plan or any substantially similar successor plan (the “CatchMark Timber Incentive Plan”) and the Borrower may make dividends, distributions and other payments (including pursuant to a redemption of any of its Equity Interests) to the employees, officers or directors of any Loan Party holding “LTIP Units” and “Common Units” issued in connection with the conversion of “LTIP Units” in accordance with that certain CatchMark Timber Trust, Inc. LTI Program Plan, a subplan of the CatchMark Timber Incentive Plan) (the “LTIP Plan”); provided that, in each case, no Default or Event of Default has occurred and is continuing or would reasonably be expected to result therefrom; and

SECTION 2.7  Exhibit E is hereby amended and restated in the form attached hereto as Exhibit E. 

SECTION 2.8  Exhibit I is hereby amended and restated in the form attached hereto as Exhibit I. 

ARTICLE III
  
[Reserved]

ARTICLE IV
 
REPRESENTATIONS AND WARRANTIES

In order to induce the Administrative Agent and the Lenders party hereto to agree to the amendments in Articles II, each Loan Party hereby jointly and severally (a) represents and warrants that as of the date hereof and as of the Amendment Effective Date (i) it has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform this Agreement in accordance with its terms, and this Agreement has been duly executed and delivered by it and is a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, (ii) each of the representations and warranties contained in the Credit Agreement and in the other Loan Documents, in each case, after giving effect to the amendments described in this Agreement, is true and correct in all material respects as if made on the date hereof; provided, that such representations and warranties (A) that relate solely to an earlier date are true and correct as of such earlier date and (B) are true and correct in all respects if they are qualified by a materiality standard, (iii) no Default or Event of Default has occurred and is continuing or would be 

Exhibit 10.2

reasonably expected to result after giving effect to the amendments described in this Agreement, (iv) there are no Material Governmental Approvals required in connection with the execution, delivery or performance by any of the Loan Parties of this Agreement or the transactions contemplated hereby, and (v) there are no required consents or approvals of any Person necessary to effect this Agreement or the transactions contemplated hereby other than those that have been obtained and are in full force and effect, and (b) agrees that the incorrectness in any material respect of any representation and warranty contained in the preceding clause (a) shall constitute an immediate Event of Default.

ARTICLE V

ACKNOWLEDGMENT OF LOAN PARTIES

Each of the Loan Parties consents to the terms and conditions of this Agreement and the transactions contemplated hereby and affirms and confirms that (a) all of its respective obligations under the Credit Agreement (including the Guaranty) and the other Loan Documents (in each case, as modified by this Agreement) are and shall continue to be, in full force and effect and shall accrue to the benefit of the Lender Parties to guarantee the Obligations (as modified by this Agreement), and (b) all of the Liens granted to the Administrative Agent under the Security Agreement, the Pledge Agreement, and the other Loan Documents are and shall continue to be, in full force and effect to secure the Obligations (as modified by this Agreement).

ARTICLE VI

CONDITIONS TO EFFECTIVENESS

This Agreement shall become effective on such date (herein called the “Amendment Effective Date”) when each of the following conditions shall have been met:

SECTION 6.1   Agreement.  The Administrative Agent shall have received counterparts of this Agreement duly executed and delivered on behalf of each Loan Party, the Administrative Agent and the Lenders.

SECTION 6.2  No Default.  No Default or Event of Default has occurred and is continuing.

SECTION 6.3  Representations and Warranties.  The representations and warranties in Article IV of this Agreement are true and correct as of the Amendment Effective Date.

SECTION 6.4  Amendment Fees. The Administrative Agent shall have received for its own account, and for the account of each Lender and Voting Participant all fees, costs and expenses due and payable pursuant to that certain Fee Letter, dated as of the date hereof, including, without limitation, an upfront fee for the account of each Lender and Voting Participant, who has executed and electronically delivered its counterpart to this Amendment to the Administrative Agent on or before the time and day specified by the Administrative Agent.

Exhibit 10.2

ARTICLE VII
  
MISCELLANEOUS

SECTION 7.1  Cross-References.  References in this Agreement to any Article or Section are, unless otherwise specified, to such Article or Section of this Agreement.

SECTION 7.2 Loan Document Pursuant to Credit Agreement. This Agreement is a Loan Document executed pursuant to the Credit Agreement.  Except as otherwise specified herein, all of the representations, warranties, terms, covenants and conditions contained in the Credit Agreement and each other Loan Document shall remain unamended or otherwise unmodified and in full force and effect.

SECTION 7.3  Limitation of Agreement.  The modifications set forth herein shall be limited precisely as provided for herein and, except as expressly set forth herein, shall not be deemed to be a waiver of, amendment of, consent to or modification of any other term or provision of the Credit Agreement or of any term or provision of any other Loan Document or of any transaction or further or future action on the part of the Borrower or any other Loan Party which would require the consent of the Administrative Agent or any of the Lenders under the Credit Agreement or any other Loan Document.  This Agreement shall not constitute a novation of the Credit Agreement or any other Loan Document.

SECTION 7.4  Counterparts.  This Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement.

SECTION 7.5  Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

SECTION 7.6  Further Assurances.  In furtherance of the foregoing, each Loan Party shall execute and deliver or cause to be executed and delivered at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary in the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement.

SECTION 7.7  GOVERNING LAW; WAIVER OF JURY TRIAL; ENTIRE AGREEMENT.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  EACH PERSON A PARTY HERETO KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER AGREEMENT OR DOCUMENT ENTERED INTO IN CONNECTION HEREWITH.  THIS AGREEMENT 

Exhibit 10.2

CONSTITUTES THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY PRIOR AGREEMENT, WRITTEN OR ORAL, WITH RESPECT HERETO.

[Signatures on following page.]

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

BORROWER:
CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P.

By:  CATCHMARK TIMBER TRUST, INC., 
              as General Partner

            By:  /s/ Ursula Godoy-Arbelaez_________________
            Name:  Ursula Godoy-Arbelaez
            Title:    Chief Financial Officer, Senior
                         Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TRS HARVESTING OPERATIONS, LLC
By:   Forest Resource Consultants, Inc., as Manager

By:  /s/ David T. Foil                                                               
Name:  David T. Foil                         
Title:    President

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TIMBER TRUST, INC.

                        By:      /s/ Ursula Godoy-Arbelaez______________
                        Name:  Ursula Godoy-Arbelaez
                        Title:    Chief Financial Officer, Senior
                                     Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

TIMBERLANDS II, LLC
 
By:  CATCHMARK TIMBER OPERATING
  PARTNERSHIP, L.P., as Manager

            By:  CATCHMARK TIMBER TRUST, INC., 
as General Partner

                        By:  /s/ Ursula Godoy-Arbelaez______________
                        Name:  Ursula Godoy-Arbelaez
                        Title:    Chief Financial Officer, Senior
                                     Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TIMBER TRS, INC.

                        By:      /s/ Ursula Godoy-Arbelaez______________
                        Name:  Ursula Godoy-Arbelaez
                        Title:    Chief Financial Officer, Senior
                                     Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers hereunto duly authorized as of the day and year first above written.

CATCHMARK HBU, LLC

By:  CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P., as Manager

            By:  CATCHMARK TIMBER TRUST, INC., 
as General Partner

                        By:  /s/ Ursula Godoy-Arbelaez______________
                        Name:  Ursula Godoy-Arbelaez
                        Title:    Chief Financial Officer, Senior
                                     Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TEXAS TIMBERLANDS GP, LLC

By:  TIMBERLANDS II, LLC, as Member

                    By:  CATCHMARK TIMBER OPERATING 
 PARTNERSHIP, L.P., as Manager  

                                By:  CATCHMARK TIMBER TRUST, INC., 
as General Partner

                         By:  /s/ Ursula Godoy-Arbelaez______
                         Name:  Ursula Godoy-Arbelaez
                         Title:    Chief Financial Officer, Senior
                                      Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TEXAS TIMBERLANDS, L.P.

By:  CATCHMARK TEXAS TIMBERLANDS GP, LLC,               as General Partner

            By:  TIMBERLANDS II, LLC, as Member

                                By:  CATCHMARK TIMBER OPERATING 
PARTNERSHIP, L.P., as Manager  

                                    By:  CATCHMARK TIMBER TRUST,
 INC., as General Partner

                                                By:  /s/ Ursula Godoy-Arbelaez______
                          Name:  Ursula Godoy-Arbelaez
                          Title:    Chief Financial Officer, Senior
                                       Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TRS INVESTMENTS, LLC

By:   CATCHMARK TIMBER TRS, INC., as sole Member

              By:      /s/ Ursula Godoy-Arbelaez______________
              Name:  Ursula Godoy-Arbelaez
             Title:    Chief Financial Officer, Senior 
                          Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TRS MANAGEMENT, LLC

By:   CATCHMARK TIMBER TRS, INC., as sole Member

            By:      /s/ Ursula Godoy-Arbelaez______________
            Name:  Ursula Godoy-Arbelaez
            Title:    Chief Financial Officer, Senior
                         Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TRS HARVESTING OPERATIONS II, LLC

By:  AMERICAN FOREST MANAGEMENT, INC.,
as Manager

                 By:  /s/ Brent J. Keefer                 
Name:  Brent J. Keefer
Title:    Chief Executive Officer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK SOUTHERN HOLDINGS II GP, LLC

By:  TIMBERLANDS II, LLC, as sole Member

            By:  CATCHMARK TIMBER OPERATING 
 PARTNERSHIP, L.P., as Manager

By:  CATCHMARK TIMBER TRUST, INC.,
as General Partner

                             By:  /s/ Ursula Godoy-Arbelaez______________
                             Name:  Ursula Godoy-Arbelaez
                             Title:    Chief Financial Officer, Senior 
                                          Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK SOUTHERN TIMBERLANDS II, L.P.

By:  CATCHMARK SOUTHERN HOLDINGS II GP, 
LLC, as General Partner

            By:  TIMBERLANDS II, LLC, as sole Member

                        By:  CATCHMARK TIMBER OPERATING
 PARTNERSHIP, L.P., as Manager

                                    By:  CATCHMARK TIMBER TRUST,
 INC., as General Partner

                                         By:  /s/ Ursula Godoy-Arbelaez________
                                         Name:  Ursula Godoy-Arbelaez
                                         Title:    Chief Financial Officer, Senior 
                                                      Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK SOUTH CAROLINA TIMBERLANDS, LLC

            By:  TIMBERLANDS II, LLC, as sole Member

                        By:  CATCHMARK TIMBER OPERATING 
 PARTNERSHIP, L.P., as Manager

By:  CATCHMARK TIMBER TRUST,
        INC., as General Partner

                                                By:  /s/ Ursula Godoy-Arbelaez______
                                                Name:  Ursula Godoy-Arbelaez
                                                Title:    Chief Financial Officer, Senior
                                                             Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK LP HOLDER, LLC

By:   CATCHMARK TIMBER TRUST, INC., as sole Member

            By:      /s/ Ursula Godoy-Arbelaez______________
            Name:  Ursula Godoy-Arbelaez
            Title:    Chief Financial Officer, Senior
                         Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CREEK PINE HOLDINGS, LLC

            By:      /s/ Ursula Godoy-Arbelaez______________
            Name:  Ursula Godoy-Arbelaez
            Title:    Chief Financial Officer, Senior
                         Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CATCHMARK TRS CREEK MANAGEMENT, LLC

            By:      /s/ Ursula Godoy-Arbelaez______________
            Name:  Ursula Godoy-Arbelaez
            Title:    Chief Financial Officer, Senior
                         Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

TRIPLE T GP, LLC

            By:      /s/ Ursula Godoy-Arbelaez______________
            Name:  Ursula Godoy-Arbelaez
            Title:    Chief Financial Officer, Senior
                         Vice President and Treasurer

Exhibit 10.2

WAIVER OF APPRAISAL RIGHTS.           The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The undersigned specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.

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

CTT EMPLOYEE, LLC

            By:      /s/ Ursula Godoy-Arbelaez__________
            Name:  Ursula Godoy-Arbelaez
            Title:    Chief Financial Officer, Senior
                         Vice President and Treasurer

Exhibit 10.2

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ADMINISTRATIVE AGENT:

COBANK, ACB,
as Administrative Agent

By: /s/ Michael Tousignant                              
Name:  Michael Tousignant
Title:    Managing Director

Exhibit 10.2

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Lenders:

COBANK, FCB
as a Lender

By:  /s/ Michael Tousignant_______________
Name:  Michael Tousignant  
Title:    Managing Director

Exhibit 10.2

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COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH (f/k/a COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH), as a Lender

By:  /s/ Sarah Fleet___________________
Name: Sarah Fleet
Title: Executive Director

By:  /s/ Hunter Odom_________________
Name: Hunter Odom
Title: Vice President

Exhibit 10.2

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METROPOLITAN LIFE INSURANCE COMPANY, 
a New York corporation

By: MetLife Investment Management, LLC
      Its investment manager

By:  /s/ J. Matthew Landreth______
Name: J. Matthew Landreth
Title: Authorized Signatory and Director

Exhibit 10.2

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VOTING PARTICIPANTS (pursuant to
Section 11.11(d)):

FARM CREDIT BANK OF TEXAS, as a Voting Participant

By:  /s/ Eric Estey_________________________
Name:  Eric Estey
Title:  VP

Exhibit 10.2

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AMERICAN AGCREDIT, FLCA, as a Voting Participant

By:  /s/ Janice T. Thede_____________________
Name:  Janice T. Thede
Title:  Vice President

Exhibit 10.2

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FARM CREDIT WEST, FLCA, as a Voting Participant

By:  /s/ Pete Huffine______________________
Name:  Pete Huffine
Title:  SVP, Chief Lending Officer

Exhibit 10.2

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AGCOUNTRY FARM CREDIT SERVICES, FLCA (f/k/a FCS COMMERCIAL FINANCE GROUP, for AGCOUNTRY FARM CREDIT SERVICES, FLCA), as a Voting Participant

By:  /s/ Lisa Caswell_______________________
Name:  Lisa Caswell
Title:  Vice President

Exhibit 10.2

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AGFIRST FARM CREDIT BANK, as a Voting Participant

By:  /s/ J. Michael Mancini, Jr. ________________
Name:  J. Michael Mancini, Jr.
Title:  V.P.

Exhibit 10.2

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FARM CREDIT EAST, ACA, as a Voting Participant

By:  /s/ Eric W. Pohlman_________________
Name:  Eric W Pohlman
Title:  Vice President

Exhibit 10.2

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NORTHWEST FARM CREDIT SERVICES, FLCA, as a Voting Participant

By:  /s/ Kaylee Semprimoznik________________
Name:  Kaylee Semprimoznik
Title:  Relationship Manager/AVP

Exhibit 10.2

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COMPEER FINANCIAL, FLCA, as a Voting Participant

By:  /s/ Lee Fuchs__________________________
Name:  Lee Fuchs
Title:  Director, Capital Markets

Exhibit 10.2

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FARM CREDIT MID-AMERICA, FLCA, f/k/a Farm Credit Services of Mid-America, FLCA, as a Voting Participant

By:  /s/ Tabitha Hamilton_______________________
Name:  Tabitha Hamilton
Title:  Vice President Food and Agribusiness 

Exhibit 10.2

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GREENSTONE FARM CREDIT SERVICES, FLCA, as a Voting Participant

By:  /s/ Shane Prichard_______________________
Name:  Shane Prichard
Title:  Vice President Capital Markets

Exhibit 10.2

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FRESNO-MADERA FEDERAL LAND BANK ASSOCIATION, FLCA, as a Voting Participant

By:  /s/ Robert Herrick______________________
Name:  Robert Herrick
Title:  Director Capital Markets

Exhibit 10.2

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FARM CREDIT OF FLORIDA, FLCA, as a Voting Participant

By:  /s/ Jennifer Dueboay___________________
Name:  Jennifer Dueboay
Title:  Capital Markets Administrator

Exhibit 10.2

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AGCREDIT PCA, ACA and FLCA, as a Voting Participant

By:  /s/ Daniel E. Ebert_______________________
Name:  Daniel E. Ebert
Title:  COO

Exhibit 10.2

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FARM CREDIT OF CENTRAL FLORIDA ACA, PCA and FLCA, as a Voting Participant

By:  /s/ D. Scott Fontenot_____________________
Name:  D. Scott Fontenot
Title:  EVP/COO

Exhibit 10.2

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AGCHOICE FARM CREDIT, FLCA, as a Voting Participant

By:  /s/ William Frailey______________________
Name:  William Frailey
Title: Vice President  

Exhibit 10.2

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MIDATLANTIC FARM CREDIT, ACA as agent/ nomine for MidAtlantic Farm Credit, FLCA, as a Voting Participant

By:  /s/ James F. Jones, Jr.___________________
Name:  James F. Jones, Jr.
Title:  Vice-President

Exhibit 10.2

SCHEDULE II  - Loans, Commitment Amounts And Percentages

EXHIBIT E - Form of Compliance Certificate

EXHIBIT I - Form of Permitted Joint Venture Investment Certificate

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