Document:

Document

Rayonier
2020 Performance Share Award Program
The number of shares to which a participant could become entitled under the 2020 Performance Share Award Program (the “Program”) can range from 0% to a maximum of 200% of the Target Award depending on Rayonier’s total shareholder return (“TSR”) performance for the Performance Period of April 1, 2020 through March 31, 2023, as compared to the TSR performance of the designated peer group companies for the same period.  There will be no payout if results fall below the 30th percentile performance threshold.
•TSR is defined as stock price appreciation plus the reinvestment of dividends on the ex-dividend date. For purposes of performance measurement, TSR shall be the final reported figure as may be adjusted by the Committee for unusual, special or non-recurring items to avoid distortion in the operation of the Program.
•TSR over the performance period will be calculated by measuring the value of a hypothetical $100 investment in Rayonier shares as compared to an equal investment in each of the peer group companies. 
•TSR calculations of stock price appreciation will be the average of the closing prices of Rayonier common shares and that of each of the peer group companies for the 20 trading dates prior to the start of the performance period and last 20 trading dates of the Performance Period.  
The final number of shares in an Award will be determined as follows:
•The TSR performance of Rayonier and the peer group companies will be calculated and Rayonier’s relative performance, on a percentile basis, is determined.
•The payout percentage of Target Award based on Rayonier’s percentile TSR performance against the peer group companies will be calculated per the following table:
						
	Percentile Rank	Award (Expressed As Percent of Target Award)
	80th and Above
	200%
	51st –79th
	100%, plus 3.33% for each incremental percentile position over the 50th percentile

	50th
	100%
	31st – 49th
	30%, plus 3.5% for each incremental percentile position over the 30th percentile

	30th
	30%
	Below 30th
	0%

•The payout percentage may not exceed 100% of the Target Award if Rayonier’s TSR for the Performance Period is negative.
•Payment, if any, is to be made in Rayonier Common Shares, and may be offset, to the extent allowed under applicable regulations, by the number of shares equal in value to the amount needed to cover associated tax liabilities. 
•Dividend equivalents and interest will be paid in cash on the number of Rayonier Common Shares earned under the Program. Dividends will be calculated by taking the dividends paid on one share of Rayonier Common Stock during the performance period times the number of shares awarded at the end of the period. Interest on such dividends will be earned at a rate equal to the prime rate as reported in the Wall Street Journal, adjusted and compounded annually, from the date such cash dividends were paid by the Company. 
•Awards will be valued on April 14 following the end of the performance period. If April 14 is a non-trading day, then the next trading following April 14 will be used. Awards, including dividends and interest, will be distributed to participants as soon as practicable following the valuation date. 
•In cases of termination of participant’s employment due to Death or Total Disability, in accordance with Plan provisions, outstanding Performance Shares will remain outstanding and will vest subject to the terms and conditions of the Award Agreement and this Performance Share Award Program document. Any Performance Shares earned based on performance during the full performance period will be prorated based on the portion of the performance period during which the participant was employed by the Company, with payment of any such earned Performance Shares to occur at the time that the Awards are paid to employees generally.    
•Notwithstanding any other provision in this Plan to the contrary, any award or shares issued thereunder and any amount received with respect to the sale of any such Award or shares, shall be subject to potential cancellation, recoupment, rescission, payback, or other action in accordance with the terms of the Company’s Clawback Policy as in effect from time to time (the “Clawback Policy”).

 
2020 Performance Share Award Program – Peer Group
April 1, 2020 – March 31, 2023

99225289.3

The peer group consists of timber companies and the companies comprising the real estate segment of the S&P 400 Midcap Index. In order to place more weighting on those companies considered to be our closest competitors, each timber company will be counted in the percentile calculation eight times whereas each real estate company will be counted only once. 

•Catchmark Timber Trust (8x)
•PotlatchDeltic Corporation (8x)
•Weyerhaeuser (8x)
•Spirit Realty Capital, Inc (1x)
•Jones Lang LaSalle Incorporated (1x)
•CoreSite Realty Corporation (1x) 
•First Industrial Realty Trust Inc. (1x)
•Cousins Properties Incorporated (1x)
•CyrusOne Inc. (1x)
•Brixmor Property Group Inc (1x)
•Camden Property Trust (1x)
•Liberty Property Trust (1x)
•Life Storage, Inc. (1x)
•Lamar Advertising Company (1x)
•Douglas Emmett, Inc. (1x)
•Medical Properties Trust, Inc. (1x)
•JBG Smith Properties (1x) 
•Kilroy Realty Corporation (1x)
•Taubman Centers, Inc. (1x)
•PS Business Parks, Inc. (1x)

•CoreSite Realty Corporation (1x)
•National Retail Properties, Inc. (1x)
•Diversified Healthcare Trust (1x)
•Weingarten Realty Investors (1x)
•Healthcare Realty Trust Incorporated (1x)
•Urban Edge Properties (1x)
•EastGroup Properties, Inc (1x)
•The Macerich Company (1x) 
•Omega Healthcare Investors, Inc. (1x)
•EPR Properties (1x)
•Corporate Office Properties Trust (1x)
•American Campus Communities, Inc. (1x)
•Sabra Health Care REIT, Inc (1x)
•Pebblebrook Hotel Trust (1x)
•Mack-Call Realty Corporation (1x)
•The GEO Group, Inc. (1x)
•CoreCivic, Inc. (1x)
•Park Hotels & Resorts Inc (1x)
•Highwoods Properties, Inc (1x)
•Service Properties Trust (1x)

99225289.3

________________________________________________________________________________
•In the event of a merger, acquisition, or business combination transaction of a peer company with or by another peer company, the surviving entity shall remain a peer company and the acquired entity shall be removed from the peer group. 
•In the event of a merger of a peer company with an entity that is not a peer company, where the peer company is the surviving entity and remains publicly traded, the peer company shall remain in the peer group. 
•In the event of a merger or acquisition or business combination transaction of a peer company by or with an entity that is not a peer company or a “going private” transaction involving a peer company, where the peer company is not the surviving entity or is otherwise no longer publicly traded, the peer company shall be removed from the peer group. 
•In the event of a bankruptcy, liquidation or delisting of a peer company, such company shall remain a peer company but be forced to the lowest performance within the peer group.
•In the event of a stock distribution from a peer company consisting of the shares of a new publicly-traded company (a “spin-off”), the peer company shall remain a peer company and the stock distribution shall be treated as a dividend from the peer company based on the closing price of the shares of the spun-off company on its first day of trading. The performance of the shares of the spun-off company shall not thereafter be tracked for purposes of calculating TSR.

99225289.3Document

EXECUTION VERSION

SECOND AMENDMENT TO CREDIT AGREEMENT

This SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of April 1, 2020 (this “Agreement”), is entered into by and among RAYONIER INC., a North Carolina corporation (“Rayonier”), RAYONIER TRS HOLDINGS INC., a Delaware corporation (“TRS”) and RAYONIER OPERATING COMPANY LLC, a Delaware limited liability company (“ROC”; each of Rayonier, TRS and ROC being referred to herein individually as a “Borrower”, and collectively as the “Borrowers”), the several banks, financial institutions and other institutional lenders party hereto and COBANK, ACB (“CoBank”), as administrative agent (in such capacity, the “Administrative Agent”).

PRELIMINARY STATEMENTS:

(1) The Borrowers, the Lenders party thereto and the Administrative Agent entered into that certain Credit Agreement, dated as of August 5, 2015 (as amended, supplemented or otherwise modified, the “Existing Credit Agreement”);
(2) The Borrowers have requested that the Lenders and Voting Participants agree to certain amendments to the Existing Credit Agreement as further described below; and
(3) The Administrative Agent and the Lenders and Voting Participants are willing to agree to such amendments upon the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and in order to induce the parties hereto to enter into the transactions described herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Administrative Agent, the Lenders, the Voting Participants and the Borrowers hereby covenants and agrees as follows:
SECTION 1. Definitions.  All capitalized terms not otherwise defined herein shall have the meanings attributed thereto in the Amended Credit Agreement (as defined below).
SECTION 2. Amendments to Credit Agreement.  Effective upon satisfaction of the conditions to effectiveness set forth in Section 3 hereof, (a) the Existing Credit Agreement is hereby amended and restated in its entirety to read as set forth in Annex A attached hereto (as so amended, the “Amended Credit Agreement”), (b) Schedule I to the Existing Credit Agreement (Commitment Amounts) is hereby amended and restated in its entirety to read as set forth in Schedule I attached hereto, (c) Schedule 8.07(f) to the Existing Credit Agreement (Voting Participants) is hereby amended and restated in its entirety to read as set forth in Schedule 8.07(f) attached hereto, (d) a new Exhibit G (Form of Cost of Funds True-Up Certificate) is hereby added to the Existing Credit Agreement to read as set forth on Exhibit G attached hereto and (e) a new Exhibit H (Form of Borrower Joinder Agreement) is hereby added to the Existing Credit Agreement to read as set forth on Exhibit H attached hereto.  The Schedules and the Exhibits to the Existing Credit Agreement shall not otherwise be modified.   
SECTION 3. Conditions of Effectiveness.  This Agreement shall become effective upon the satisfaction of the conditions precedent set forth in this Section 3:
(a) The Administrative Agent (or its counsel) shall have received from each Borrower and from each other party hereto (including the Administrative Agent, each Lender and each Voting Participant) an executed signature page counterpart of this Agreement.
        
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(b) The Administrative Agent shall have received written opinions of counsel for the Borrowers (including any local counsel, if applicable), dated the date hereof and as to the matters reasonably satisfactory to the Administrative Agent and the Lenders.
(c) The Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance:
(i) such documents and certificates as the Administrative Agent or its counsel may reasonably request, certified as of the Second Amendment Effective Date as complete and correct copies thereof by the Secretary or an Assistant Secretary of each Borrower relating to (A) the organization, existence and good standing of such Borrower, (B) the authorization of the execution, delivery and performance by such Borrower of the applicable Loan Documents delivered by it on the Second Amendment Effective Date and of the borrowings thereunder by such Borrower, (C) certificates as to the incumbency and signature of each individual signing this Agreement and/or any other Loan Document or other agreement or document contemplated hereby and delivered in connection herewith on behalf of the applicable Borrower, and (D) the absence of any pending proceeding for the dissolution or liquidation of such Borrower or threatening the existence of such Borrower;
(ii) a certificate signed by the chief executive officer, chief financial officer or a senior vice president of each Borrower certifying that there has been no event or circumstance since December 31, 2019 that, individually or in the aggregate, has had or would be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; 
(iii) a certificate from a Responsible Officer certifying that there is no pending or, to the knowledge of any Responsible Officer threatened in writing, litigation, action or proceeding, including, without limitation, any Environmental Action, affecting such Borrower or any of its Subsidiaries before any court, governmental agency or arbitrator that could be reasonably likely to have a Material Adverse Effect, excluding for the purposes of this clause (iii) any litigation, actions and proceedings disclosed (and solely to the extent disclosed) in writing to the Administrative Agent and the Lenders at least ten (10) days prior to the Second Amendment Effective Date; and
(iv) an officer’s certificate from a financial officer of Rayonier to the effect that all material governmental and third-party approvals necessary in connection with the transactions contemplated by this Agreement have been received and shall be in full force and effect.
(d) The Lenders shall have received (i) audited consolidated financial statements of Rayonier for the fiscal years ended December 31, 2017, 2018 and 2019 and (ii) financial statement projections through and including the fiscal year ending 2022, together with such additional financial information as the Administrative Agent may reasonably request (including, without limitation, if requested, a detailed description of the assumptions used in preparing such projections). 
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(e) The Administrative Agent shall have received, at least two (2) Business Days prior to the Second Amendment Effective Date, (i) all documentation and other information required by authorities under applicable “Know Your Customer” and Anti-Terrorism and Anti-Corruption Laws and regulations, including, without limitation, the USA PATRIOT Act and (ii) if any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Borrower, in each case, to the extent requested in writing by the Administrative Agent at least three (3) Business Days prior to the Second Amendment Effective Date. 
(f) The Administrative Agent shall have received the fees to be received on the Second Amendment Effective Date separately agreed to between the Administrative Agent and Rayonier and shall have received, to the extent invoiced in reasonable detail at least one (1) Business Day prior to the date hereof, reimbursement or payment of all reasonable out of pocket expenses (including reasonable fees, charges and disbursements of Moore & Van Allen PLLC) required to be reimbursed or paid by the Borrowers pursuant to Section 8.04 of the Amended Credit Agreement in connection with the preparation, negotiation, execution and delivery of this Agreement.
(g) Each of the representations and warranties made by each Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the Second Amendment Effective Date as if made on and as of such date (except to the extent applicable to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date and except to the extent such representations and warranties are qualified by materiality, in which case such representations and warranties shall be true and correct as of the Second Amendment Effective Date).
(h) No Default or Event of Default shall have occurred and be continuing on the Second Amendment Effective Date.
SECTION 4. Confirmation of Representations and Warranties. Each Borrower hereby represents and warrants, on and as of the date hereof, that (i) the execution, delivery and performance by such Borrower of this Agreement and the transactions contemplated hereby have been duly authorized by all corporate, stockholder, partnership or limited liability company action required to be obtained by such Borrower, and (ii) this Agreement has been duly executed and delivered by such Borrower and constitutes a legal, valid and binding obligation of such Borrower enforceable against such Borrower in accordance with its terms, subject to (1) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and (3) implied covenants of good faith and fair dealing.
SECTION 5. Consent and Ratification of Guarantee. Each of the Borrowers hereby consents to the provisions of this Agreement in its capacity as a Guarantor, and ratifies the provisions of the Guarantee Agreement.
SECTION 6. Execution in Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto in separate counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic format (i.e., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.
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SECTION 7. Governing Law.  This Agreement and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 8. WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY 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 OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9. Jurisdiction; Consent to Service of Process.
(a) Each Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender or any Related Party of the foregoing in any way relating to this Agreement or the transactions relating hereto, in any forum other than the courts of the State of New York sitting in the Borough of Manhattan, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action, litigation 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 shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Borrower or any other Loan Party or its properties in the courts of any jurisdiction.
(b) Each Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section 9.  Each of the parties hereto hereby 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.
SECTION 10. New Lender Joinder.  From and after the date hereof, each Person identified on the signature pages hereto as a Lender that is not a party to the Existing Credit Agreement immediately prior to giving effect to this Agreement (each, a “New Lender”) shall be deemed to be a party to the Amended Credit Agreement and a “Lender” for all purposes of the Amended Credit Agreement and the other Loan Documents, and shall have all of the rights and obligations of a Lender under the Amended 
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Credit Agreement and the other Loan Documents as if such Person had executed the Existing Credit Agreement.
SECTION 11. Reallocation of Revolving Commitments.
(a) The Revolving Commitment of each Lender as of the date hereof is amended to equal the amount set forth opposite such Lender’s name on Schedule I attached hereto.  Immediately upon the effectiveness of this Agreement, each Lender with a Revolving Commitment (including each New Lender with a Revolving Commitment) is deemed to have purchased from (x) the Issuing Bank a risk participation in each outstanding Letter of Credit issued by the Issuing Bank in an amount equal to the product of such Lender’s Revolving Commitment Percentage times the amount of such Letter of Credit and (y) the Swing Line Lender a risk participation in each outstanding Swing Line Loan in an amount equal to the product of such Lender’s Revolving Commitment Percentage times the amount of such Swing Line Loan. 
(b) Each Lender with a net increase in Revolving Credit Exposure after giving effect to this Agreement shall make Revolving Loans on the date hereof, the proceeds of which shall be used by the Administrative Agent to repay outstanding Revolving Loans of any Lender with a net decrease in Revolving Credit Exposure after giving effect to this Agreement, in each case, in an amount necessary such that after giving effect thereto each Lender holds its Revolving Commitment Percentage of the outstanding Revolving Loans and the Borrowers shall pay any amounts required pursuant to Section 2.23 of the Credit Agreement as a result of any such prepayment of Revolving Loans of Lenders with a net decrease in Revolving Credit Exposure.  
[Remainder of Page Intentionally Left Blank]

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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 written above.
RAYONIER INC.

By     Name:     Title:    

RAYONIER OPERATING COMPANY LLC

By     Name:     Title:    

RAYONIER TRS HOLDINGS INC. 

By     Name:     Title:

RAYONIER INC.
SECOND AMENDMENT TO CREDIT AGREEMENT
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COBANK, ACB, as Administrative Agent, Swing Line Lender and Issuing Bank

By     Name:      Title:    

RAYONIER INC.
SECOND AMENDMENT TO CREDIT AGREEMENT
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[___________], as a Lender

By     Name:     Title:    
RAYONIER INC.
SECOND AMENDMENT TO CREDIT AGREEMENT
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[___________], as a Voting Participant

By     Name:     Title:    

RAYONIER INC.
SECOND AMENDMENT TO CREDIT AGREEMENT
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ANNEX A

AMENDED CREDIT AGREEMENT 

[See attached] 

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SCHEDULE I

COMMITMENT AMOUNTS

									
	Lender
	Revolving
Commitment Amount
	Term Loan 
Commitment Amount

	American AgCredit, PCA
	$10,000,000.00 	 	$27,163,043.48 	 
	Credit Suisse AG, Cayman Islands Branch
	$32,500,000.00 	 	N/A
	Farm Credit of Florida, ACA*
	$118,150,000.00 	 	$304,576,086.95 	 
	Farm Credit Services of America, PCA
	$6,850,000.00 	 	$18,260,869.57 	 
	JPMorgan Chase Bank, N.A.
	$50,000,000.00 	 	N/A
	Truist Bank
	$32,500,000.00 	 	N/A
	TOTAL
	$250,000,000.00 	 	$350,000,000.00 	 

* See Schedule 8.07(f) regarding the assignment and participations to occur on the Second Amendment Effective Date.
 

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SCHEDULE 8.07(f)

VOTING PARTICIPANTS 

																					
	Lender	Assignee	Voting Participant	Initial Revolving Commitment Amount	Resulting Revolving Commitment Amount/ Participation Amount*	Initial Term Loan Commitment Amount	Resulting Term Loan Commitment Amount/ Participation Amount*
	Farm Credit of Florida, ACA			$118,150,000.00	$2,850,000.00	$304,576,086.95	$7,608,695.65
		CoBank, FCB**			$35,500,000.00		$89,347,826.13
			AgCountry Farm Credit Services, FLCA		$5,585,000.00		$14,836,956.52
			AgFirst Farm Credit Bank		$16,750,000.00		$44,891,304.35
			Compeer Financial, FLCA		$11,100,000.00		$29,673,913.04
			Farm Credit Bank of Texas		$12,500,000.00		$33,478,260.86
			Farm Credit East, ACA		$5,585,000.00		$14,836,956.52
			Farm Credit Mid-America, FLCA		$6,850,000.00		$18,260,869.57
			Farm Credit of Enid, FLCA		N/A		$999,999.99
			Farm Credit of New Mexico, FLCA		$950,000.00		$2,510,869.57
			Farm Credit of Southern Colorado, FLCA		N/A		$999,999.99
			Farm Credit West, FLCA		$6,850,000.00		$18,260,869.57
			Farm Credit Services of Colusa Glenn		N/A		$999,999.99
			GreenStone Farm Credit Services, FLCA		$5,500,000.00		N/A
			Northwest Farm Credit Services, FLCA		$8,130,000.00		$25,869,565.22
			Oklahoma AgCredit, ACA		N/A		$999,999.99
			Premier Farm Credit, ACA		N/A		$999,999.99
	TOTAL			$118,150,000.00	$118,150,000.00	$304,576,086.95	$304,576,086.95

* For voting purposes only. Gives effect to all assignments and all sales of participations to Voting Participants as of the Second Amendment Effective Date. 
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**Farm Credit of Florida, ACA is assigning $115,300,000.00 of its Revolving Commitment and $296,967,391.30 of its Term Loan Commitment to CoBank, FCB, which will become a Lender via an Assignment and Assumption dated and effective as of the Second Amendment Effective Date.   
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EXHIBIT G -- FORM OF
 
COST OF FUNDS TRUE-UP CERTIFICATE
 
Reference is made to that certain Credit Agreement, dated as of August 5, 2015 (as amended or modified from time to time, the “Credit Agreement”), among Rayonier Inc., Rayonier TRS Holdings Inc. and Rayonier Operating Company LLC, as borrowers, certain Lenders parties thereto and CoBank, ACB, as Administrative Agent for said Lenders, and as Issuing Bank and Swing Line Lender. Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement.
The undersigned officer of the Administrative Agent hereby certifies as of the date hereof, in such capacity and not in a personal capacity and without personal liability, as follows:
1. As of _____________ [insert applicable date that is four years after the Second Amendment Effective Date (or if such date is not a Business Day, the next succeeding Business Day)] (the “Applicable Reset Date”), and pursuant to the calculations set forth on Annex A hereto, the Reset Date Cost of Funds is [  ] basis points, which represents an [increase/decrease] of [__] basis points compared to the Second Amendment Effective Date Cost of Funds.
2. Pursuant to Section 2.07(c) of the Credit Agreement, the Eurodollar Rate with respect to Term Loan Advances shall be [increased/decreased] by [  ] basis points, which [increase/decrease] shall commence from and as of the Applicable Reset Date and shall remain in effect until the Maturity Date for the Term Loan Facility; provided that in no event shall the Eurodollar Rate for any Interest Period be reduced below zero.
3. The calculations set forth on Annex A hereto are true and accurate as of the Applicable Reset Date. 
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The foregoing certifications are made and delivered on [  ], pursuant to Section 2.07(c) of the Credit Agreement.
COBANK, ACB, as Administrative Agent

By:  
        Name:
        Title: 

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ANNEX A 
TO 
COST OF FUNDS TRUE-UP CERTIFICATE

As of [  ] (the “Applicable Reset Date”),
						
		(Amounts in basis points)

	1.  Second Amendment Effective Date Cost of Funds: (a) – (b) =
	[___]

	(a)   Floating Note Rate, determined as of the date that is two Business Days prior to the Second Amendment Effective Date:
	[___]

	(b)   Eurodollar Rate for an Interest Period of one month, determined as of the date that is two Business Days prior to the Second Amendment Effective Date:
	[___]

	2.  Reset Date Cost of Funds: (a) - (b) =
	[___]

	(a)   Floating Note Rate, determined as of the date that is two Business Days prior to the Applicable Reset Date:
	[___]
	(b)   Eurodollar Rate for an Interest Period of one month, determined as of the date that is two Business Days prior to the Applicable Reset Date:
	[___]
	3.  Cost of Funds Differential: compare (a) to (b) =
	[___][Increase/Decrease]
		
	(a)   Second Amendment Effective Date Cost of Funds:
	[___]
	(b)   Reset Date Cost of Funds:
	[___]

															
					

(1)  If (a) is less than (b) for Line 1 and/or Line 2, reflect as a negative number.
(2) For purposes hereof, “Floating Note Rate” means, as of any date of determination, the estimated funding cost (not the actual sale price), including standard underwriting fees, for new four-year debt securities issued by the Farm Credit Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., Eastern time; it being understood that such indications represent the Farm Credit Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored institutions of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market.  Historical information on such funding costs is available, for the prior week, on the Farm Credit Funding Corporation’s website (http://www.farmcreditfunding.com/ffcb_live/fundingCostIndex.html) under the “Output” tab of the most recent spreadsheet.

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EXHIBIT H -- FORM OF
 
BORROWER JOINDER AGREEMENT

[See attached]

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