Document:

EX-10.3

 EXHIBIT 10.3 

SECOND AMENDED AND RESTATED SECURITY AGREEMENT 

SECOND AMENDED AND RESTATED SECURITY AGREEMENT, dated as of December 19, 2013 (as amended, supplemented, restated or otherwise
modified from time to time, this “Agreement”), made by CATCHMARK TIMBER TRUST, INC. (f/k/a Wells Timberland REIT, Inc.). a Maryland corporation (the “Grantor”), in favor of COBANK, ACB, as administrative agent (in
such capacity, the “Administrative Agent”) for the benefit of itself and each other Lender Party (such capitalized term and all other capitalized terms not otherwise defined herein to have the meanings provided for in
Article I). This Agreement amends and restates in its entirety that certain Amended and Restated Security Agreement, dated as of March 24, 2010 (the “Original Security Agreement”), by the Grantor in favor of the
Administrative Agent for the benefit of itself and each other Lender Party. 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Third Amended and Restated Credit Agreement, dated as of the date hereof (as amended, supplemented, restated
or otherwise modified from time to time, the “Credit Agreement”), among Timberlands II, LLC, a Delaware limited liability company, CatchMark Timber Operating Partnership, L.P. (f/k/a Wells Timberland Operating Partnership, L.P.), a
Delaware limited partnership (each a “Borrower” and collectively, the “Borrowers”), the various lending institutions as are, or may from time to time become, parties thereto (collectively, the
“Lenders”), and the Administrative Agent in its capacity as administrative agent for the Lenders, the Lenders have extended Commitments to make Loans to the Borrowers; 

WHEREAS, as a condition precedent to the effectiveness of the Credit Agreement, and as a condition to the obligation of each Lender to
make Loans to the Borrowers and each Issuing Lender to issue Letters of Credit pursuant to the terms of the Credit Agreement, the Grantor is required to execute and deliver this Agreement; and 

WHEREAS, the Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to
induce the Lenders to make the Loans and the Issuing Lender to issue Letters of Credit to the Borrowers pursuant to the Credit Agreement, the Grantor agrees, with the Administrative Agent for its benefit and the benefit of each other Lender Party,
to amend and restate the Original Security Agreement in its entirety as follows: 

 ARTICLE I 

DEFINITIONS 
 SECTION
1.1. Certain Terms. The following terms (whether or not underscored) when used in this Agreement, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural
forms thereof): 
 “Administrative Agent” is defined in the preamble. 

“Agreement” is defined in the preamble. 

“Borrower” and “Borrowers” is defined in the first recital. 

“Collateral” is defined in Section 2.1. 

“Credit Agreement” is defined in the first recital. 

“Grantor” is defined in the preamble. 

“Lenders” is defined in the first recital. 

“Original Security Agreement” is defined in the preamble. 

“Proceeds” has the meaning provided for in the U.C.C. and includes, without limitation, (a) any and all proceeds of any
insurance, indemnity, warranty or guaranty payable to the Grantor from time to time with respect to any of the Collateral, (b) any and all payments (in any form whatsoever) made or due and payable to the Grantor from time to time in connection
with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority, (c) any recoveries by the Grantor against third parties with respect to any litigation or dispute
concerning any of the Collateral, and (d) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral and all rights arising out of the Collateral. 

“Secured Obligations” is defined in Section 2.2. 

“U.C.C.” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that if,
by reason of applicable Law, the validity or perfection or the effect of validity or perfection or non-perfection or the priority of any security interest in any Collateral granted under this Agreement is governed by the Uniform Commercial Code as
in effect in a jurisdiction other than New York, then as to such matters “U.C.C.” shall mean the Uniform Commercial Code as in effect in such other jurisdiction. 

SECTION 1.2. Credit Agreement Definitions; Rules of Construction. Unless otherwise defined herein or the context otherwise
requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided in the Credit Agreement. The rules of construction set forth in Section 1.3 of the Credit Agreement shall be deemed incorporated in this
Agreement as if set forth in full herein. 
 SECTION 1.3. U.C.C. Definitions. Unless otherwise defined herein or the
context otherwise requires, terms for which meanings are provided in the U.C.C. (including the term Control) are used in this Agreement, including its preamble and recitals, with such meanings. 

  
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 ARTICLE II 

SECURITY INTEREST 

SECTION 2.1. Grant of Security Interest. The Grantor hereby pledges, hypothecates, collaterally assigns, charges, mortgages and
pledges to the Administrative Agent for its benefit and the ratable benefit of each of the other Lender Parties, and hereby grants to the Administrative Agent, for its benefit and the ratable benefit of each of the other Lender Parties, a security
interest in, all of its right, title and interest in and to the following, whether now or hereafter existing or acquired (collectively, the “Collateral”): 

(a) each Equity Raise Account, and all cash, checks, drafts, certificates and instruments, if any, from time to time deposited or held in any
Equity Raise Account, including all deposits or wire transfers made to any Equity Raise Account; 
 (b) any and all amounts on deposit in
any Equity Raise Account that are invested in Cash Equivalent Investments; 
 (c) all interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing; and 

(d) all Proceeds of any and all of the foregoing Collateral. 

SECTION 2.2. Security for Obligations. This Agreement secures the prompt payment in full in cash of all the Obligations,
including all amounts payable by each Borrower and each other Loan Party under or in connection with the Credit Agreement, the Notes and each other Loan Document and each Rate Protection Agreement, whether for principal, interest, costs, fees,
expenses, indemnities or otherwise and whether now or hereafter existing (all of such obligations being the “Secured Obligations”); provided however, in each case, Excluded Swap Obligations of the Grantor shall in any event be
excluded from “Secured Obligations” owing by the Grantor. 
 SECTION 2.3. Continuing Security Interest; Transfer of
Notes. This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until payment in full in cash of all Secured Obligations (on terms and pursuant to documentation in form and
substance reasonably satisfactory to the Administrative Agent) and the irrevocable termination of all the Commitments, at which time the security interest granted herein shall terminate and all rights to the Collateral shall revert to the Grantor.
 

  
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 SECTION 2.4. Security Interest Absolute. All rights of the Administrative Agent and
the security interests granted to the Administrative Agent hereunder, and all obligations of the Grantor hereunder, shall be absolute and unconditional, irrespective of: 

(a) any lack of validity, legality or enforceability of any Loan Document or Rate Protection Agreement; 

(b) the failure of any Lender Party: 

(i) to assert any claim or demand or to enforce any right or remedy against the Grantor, any other Loan Party or any other Person under the
provisions of any Loan Document or otherwise; or 
 (ii) to exercise any right or remedy against any other guarantor of, or collateral
securing, any Secured Obligation of the Grantor or of any other Loan Party; 
 (c) any change in the time, manner or place of payment of, or
in any other term of, all or any of the Secured Obligations or any other extension, compromise or renewal of any Secured Obligation, including any increase in the Secured Obligations resulting from the extension of additional credit to the Grantor
or any other Loan Party or otherwise; 
 (d) any reduction, limitation, impairment or termination of any Secured Obligation of the Grantor
or of any other Loan Party for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and the Grantor hereby waives any right to or claim of) any defense or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Secured Obligation of the Grantor or of any other Loan Party
or otherwise; 
 (e) any amendment to, rescission, waiver, or other modification of, or any consent to departure from, any of the terms of
any Loan Document or any Rate Protection Agreement; 
 (f) any addition, exchange, release, surrender or non-perfection of any collateral
(including the Collateral), or any amendment to or waiver or release of or addition to or consent to departure from any guaranty, for any of the Secured Obligations; or 

(g) any other circumstances which might otherwise constitute a defense available to, or a legal or equitable discharge of, the Grantor, any
other Loan Party, any surety or any guarantor or otherwise, including as a result of any proceeding of the nature referred to in Section 8.1.7 of the Credit Agreement. 

SECTION 2.5. Grantor Remains Liable. Anything herein to the contrary notwithstanding: 

(a) the Grantor shall remain liable under the contracts and agreements related to the Collateral to the extent set forth therein, and shall
perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed; 

  
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 (b) the Grantor will comply in all material respects with all material Laws relating to the
ownership and operation of the Collateral, and shall pay when due all taxes, fees and assessments imposed on or with respect to the Collateral, except to the extent the validity thereof is (A) being diligently contested in good faith by
appropriate proceedings which (i) suspend the collection thereof and any Lien therefrom and (ii) for which adequate reserves in accordance with GAAP have been set aside by the Grantor, and (B) could not reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect; and 
 (c) neither the Administrative Agent nor any other Lender Party
shall have any obligation or liability under any contracts or agreements included in the Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Lender Party be obligated to perform any of the obligations or duties of
the Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
 SECTION 2.6. Waiver of
Subrogation. The Grantor hereby irrevocably waives to the extent permitted by applicable Law and until such time as the Secured Obligations shall have been paid in full in cash (on terms and pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent) and all the Commitments have irrevocably terminated, any claim or other rights which it may now or hereafter acquire against each Borrower or any other Loan Party that arises from the existence,
payment, performance or enforcement of the Grantor’s obligations under this Agreement or any other Loan Document or otherwise, including any right of subrogation, reimbursement, exoneration or indemnification, and any right to participate in
any claim or remedy of any Lender Party against each Borrower or any other Loan Party or any collateral which any Lender Party now has or hereafter acquires, whether or not such claim, remedy or right arises in equity or under contract or Law. If
any amount shall be paid to the Grantor in violation of the preceding sentence, such amount shall be deemed to have been paid to the Grantor for the benefit of, and held in trust for, the Lender Parties, and shall forthwith be paid to the
Administrative Agent to be credited and applied against the Secured Obligations, whether matured or unmatured. The Grantor acknowledges that it will receive direct and indirect benefits for the financing arrangements contemplated by the Credit
Agreement and that the waiver set forth in this Section is knowingly made in contemplation of such benefits 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Grantor represents and warrants as of the Effective Date, as of the date of each request for a Borrowing and after giving effect to each
Borrowing, to each Lender Party as set forth in this Article. 
 SECTION 3.1. Location of Grantor. The Grantor is a Maryland
corporation and its organizational identification number is D01954436. 
 SECTION 3.2. Ownership, No Liens, etc. The
Grantor owns the Collateral free and clear of any Lien, except for the first priority security interest created by this Agreement.  

  
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 SECTION 3.3. Valid Security Interest. Upon execution of a control agreement
establishing the Administrative Agent’s Control with respect to the Equity Raise Account, the security interest granted pursuant to this Agreement creates a valid, first priority perfected security interest in the Equity Raise Account and the
other Collateral, subject to no other Liens, securing the payment of the Secured Obligations. 
 SECTION 3.4. Authorization,
Approval, etc. No authorization, approval or other action by, and no notice to or filing with, any Governmental Authority is required either for (a) the grant by the Grantor of the security interest granted hereby or for the execution,
delivery and performance of this Agreement by the Grantor or (b) the perfection of or the exercise by the Administrative Agent of its rights and remedies hereunder (other than the taking of those actions referred to in Section 3.3).

 SECTION 3.5. Due Execution, Validity, Etc. The Grantor has full corporate power and authority, and holds all requisite
licenses, permits and other approvals of Governmental Authorities, to enter into and perform its obligations under this Agreement. The execution, delivery and performance by the Grantor of this Agreement does not contravene or result in a default
under the Grantor’s organizational documents or contravene or result in a default under any contractual restriction, Lien or Law binding on the Grantor. This Agreement has been duly authorized by the Grantor, has been duly executed and
delivered on behalf of the Grantor and constitutes the legal, valid and binding obligation of the Grantor enforceable in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar
Laws affecting the rights of creditors generally, and subject to the effect of general principles of equity (regardless of whether considered in a proceeding in equity or at law). 

ARTICLE IV 
 COVENANTS

 The Grantor covenants and agrees that, until all the Secured Obligations have been paid in full in cash (on terms and pursuant to
documentation in form and substance reasonably satisfactory to the Administrative Agent) and all the Commitments have been irrevocably terminated, the Grantor will, perform the obligations set forth in this Section. 

SECTION 4.1. Control. The Grantor will take any and all actions necessary to (a) cause the Administrative Agent to obtain
exclusive Control of the Collateral in a manner acceptable to the Administrative Agent and (b) obtain from Persons holding any of the Collateral written confirmation of the Administrative Agent’s Control over the Collateral upon terms and
conditions acceptable to the Administrative Agent. 
 SECTION 4.2. Transfers and Other Liens. The Grantor shall not
(a) sell, assign (by operation of law or otherwise) or otherwise dispose of any of the Collateral, except as permitted by the Credit Agreement, or (b) create or suffer to exist any Lien upon or with respect to any of the Collateral, except
for the security interest created by this Agreement. 

  
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 SECTION 4.3. Further Assurances, etc. The Grantor agrees that, from time to time at
its own expense, it will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Administrative Agent may reasonably request, in order to perfect, preserve and
protect any security interest granted or purported to be granted hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing,
the Grantor will: 
 (a) execute and file such financing or continuation statements, or amendments thereto, and such other
instruments or notices, as may be necessary, or as the Administrative Agent may reasonably request, in order to perfect and preserve the security interests and other rights granted or purported to be granted to the Administrative Agent hereby; 

(b) furnish to the Administrative Agent, from time to time at the Administrative Agent’s request, statements and schedules further
identifying and describing the Collateral and such other reports in connection with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail; 

(c) if requested by the Administrative Agent, execute and deliver confirmatory written instruments, and obtain any consents, waivers or
agreements, as may be necessary, or as the Administrative Agent may reasonably request, in order to perfect and preserve the security interests and other rights granted or purported to be granted to the Administrative Agent hereby, but the
Grantor’s failure to do so shall not affect or limit the security interest granted hereby or the Administrative Agent’s other rights in and to the Collateral. 

With respect to the foregoing and the grant of the security interest hereunder, the Grantor hereby authorizes the Administrative Agent to
authenticate and to file one or more U.C.C. financing or continuation statements for the purpose of perfecting, confining, continuing, enforcing or protecting the security interest granted by the Grantor, without the signature of the Grantor, and
naming the Grantor as debtor and the Administrative Agent as secured party. A carbon, photographic, telecopied or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a
financing statement where permitted by Law. 
 SECTION 4.4. Additional Covenants. The Grantor agrees that, until all the
Secured Obligations have been paid in full in cash on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and all Commitments shall have irrevocably terminated, it will comply with all the
terms and provisions of the Credit Agreement and the other Loan Documents or Rate Protection Agreements that are applicable to it.  

ARTICLE V 
 THE
ADMINISTRATIVE AGENT 
 SECTION 5.1. Administrative Agent Appointed Attorney-in-Fact. The Grantor hereby irrevocably
constitutes and appoints the Administrative Agent and any officer or agent  

  
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thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Grantor and in the name of the Grantor or
in its own name, for the purpose of carrying out the terms of this Agreement, to take, upon the occurrence and during the continuance of any Event of Default, any and all actions and execute any and all documents and instruments that may, in the
judgment of the Administrative Agent, be necessary or desirable to accomplish the purposes of this Agreement. Without limiting the generality of the foregoing, after the occurrence and during the continuance of any Event of Default the Grantor
hereby gives the Administrative Agent, the power and right, on behalf of the Grantor, without notice to or assent by the Grantor, to do any or all of the following: 

(a) take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under
or in respect of any Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under or in
respect of any Collateral whenever payable; 
 (b) pay or discharge taxes and Liens levied or placed on or threatened against the
Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

(c) execute, in connection with any sale or other disposition provided for in Section 6.1, any endorsements, assignments or other
instruments of conveyance or transfer with respect to the Collateral; and 
 (d) (i) direct any Person liable for any payment under any of
the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (ii) ask or demand for, collect, and receive payment of and give receipt for,
any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (iii) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (iv) defend any suit, action or proceeding brought against the Grantor with respect to any Collateral; (v) settle,
compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; and (iv) generally, sell, transfer, pledge and make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and the Grantor’s expense, at
any time, or from time to time, all acts and things that the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Lender Parties’ security interests therein and to effect the intent of this Agreement,
all as fully and effectively as the Grantor might do. 
 The Grantor hereby acknowledges, consents and agrees that the power of attorney granted pursuant to
this Section is irrevocable and coupled with an interest. 

  
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 SECTION 5.2. Administrative Agent May Perform. If the Grantor fails to perform any
agreement contained herein, the Administrative Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of the Administrative Agent incurred in connection therewith shall be payable by the Grantor. 

SECTION 5.3. Access and Examination. In order to give effect to the intent of this Agreement the Administrative Agent may at all
reasonable times upon reasonable advance notice (if no Default or an Event of Default has occurred and is continuing) have access to, examine, audit, make extracts from and inspect the Grantor’s records, files and books of account and the
Collateral, and may discuss the Grantor’s affairs with the Grantor’s officers and management, in each case to the extent reasonably necessary in order to monitor compliance by the Grantor with its obligations under this Agreement and the
other Loan Documents. The Grantor will deliver to the Administrative Agent promptly following its request therefor any instrument necessary for the Administrative Agent to obtain records from any service bureau maintaining records for the Grantor.
The Administrative Agent may, at expense of the Grantor, use the Grantor’s personnel, supplies and premises as may be reasonably necessary for maintaining or enforcing the security interest granted hereunder.  

SECTION 5.4. Administrative Agent Has No Duty. (a) The powers conferred on the Administrative Agent hereunder are solely to
protect its interest (on behalf of the Lender Parties) in the Collateral and shall not impose any duty on it to exercise any such powers. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of
the Collateral in its possession, under Section 9-207 of the U.C.C. or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent nor any
of its officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, nor shall any such Person be under any obligation to sell or otherwise dispose of any
Collateral upon the request of the Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof (including the taking of any necessary steps to preserve rights against prior parties or any
other rights pertaining to any Collateral). Neither the Administrative Agent nor any of its officers, directors, employees or agents shall be responsible to the Grantor for any loss, damages, depreciation or other diminution in the value of any of
the Collateral that may occur as a result of or in connection with or that is in any way related to any exercise, except in respect of any damages attributable solely to any such Person’s own gross negligence or willful misconduct as determined
by a final non-appealable judgment of a court of competent jurisdiction. 
 (b) The Grantor assumes all responsibility and liability
arising from or relating to the use, sale or other disposition of the Collateral. The Obligations shall not be affected by any failure of the Administrative Agent to take any steps to perfect the security interest granted hereunder or to collect or
realize upon the Collateral, nor shall loss of or damage to the Collateral release the Grantor from any of its Obligations. 

  
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 ARTICLE VI 

REMEDIES 
 SECTION 6.1.
Remedies. If any Event of Default shall have occurred and be continuing: 
 (a) The Administrative Agent may exercise in respect
of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it (including as provided in Section 5.1), all the rights and remedies of a secured party on default under the U.C.C. including
notifying any or all depository institutions with which any Collateral is maintained to remit the same to the Administrative Agent, for application to the Secured Obligations as provided herein. 

(b) Without limiting clause (a), the Administrative Agent may exercise any and all rights and remedies of the Grantor under or in
connection with the Collateral, including the right to sue upon or otherwise collect, extend the time for payment of, modify or amend the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant other indulgences,
extensions, renewals, compositions, or releases, and take or omit to take any other action with respect to the Collateral, any security therefor, any agreement relating thereto, any insurance applicable thereto, or any Person liable directly or
indirectly in connection with any of the foregoing, without discharging or otherwise affecting the liability of the Grantor for the Obligations or under this Agreement or any other Loan Document or any Rate Protection Agreement and the Assigned
Agreements or otherwise in respect of the Collateral, including any and all rights of the Grantor to demand or otherwise require payment of any amount under, or performance of any provision of, any Collateral. 

SECTION 6.2. Application of Proceeds. All cash proceeds received by the Administrative Agent in respect of any sale of,
collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Administrative Agent, be held, to the extent permitted under applicable Law, by the Administrative Agent as additional collateral security for
all or any part of the Secured Obligations, and/or then or at any time thereafter shall be applied (after payment of any amounts payable to the Administrative Agent pursuant to Section 11.3 of the Credit Agreement and Section 6.3)
in whole or in part by the Administrative Agent for the ratable benefit of the Lender Parties against all or any part of the Secured Obligations in accordance with Section 8.6 of the Credit Agreement. Any surplus of such cash or cash proceeds
held by the Administrative Agent and remaining after payment in full in cash of all the Secured Obligations (on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent), and the irrevocable
termination of all the Commitments, shall be paid over to the Grantor or to whomsoever may be lawfully entitled to receive such surplus. 

SECTION 6.3. Indemnity and Expenses. The Grantor agrees to indemnify and hold harmless the Administrative Agent and its
directors, officers, employees, agents, Affiliates and their Related Parties from and against any and all claims, losses and liabilities arising out of or resulting from this Agreement (including enforcement of this Agreement), except claims, losses
or liabilities resulting from any such Person’s gross negligence or willful misconduct as  

  
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determined by a final non-appealable judgment of a court of competent jurisdiction. The Grantor will promptly following demand pay to the Administrative Agent the amount of any and all reasonable
out-of-pocket expenses, including the reasonable fees and disbursements of its counsel and of any experts and agents, which the Administrative Agent actually incurs in connection with (a) the administration of this Agreement, (b) the
custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, any of the Collateral, (c) the exercise or enforcement of any of the rights of the Administrative Agent or the other Lender Parties
hereunder or (d) the failure by the Grantor to perform or observe any of the provisions hereof. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

SECTION 7.1. Loan Document. This Agreement is a Loan Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including Section 1.3 and Article XI thereof. 

SECTION 7.2. Amendments, etc.; Successors and Assigns. 

(a) (a) No amendment to or waiver of any provision of this Agreement nor consent to any departure by the Grantor herefrom, shall be
effective unless the same shall be in writing and signed by the Administrative Agent and the percentage of the Lenders as required by Section 11.1 of the Credit Agreement, and then such amendment, waiver or consent shall be effective only in
the specific instance and for the specific purpose for which it is given. 
 (b) This Agreement shall be binding upon the Grantor and its
successors, transferees and assignees, and shall inure to the benefit of and be enforceable by the Administrative Agent and each other Lender Party and their respective successors and assigns; provided, however, that no Grantor may
assign its obligations hereunder without the prior written consent of the Administrative Agent. Without limiting the generality of the foregoing, any Lender may assign or otherwise transfer (in whole or in part) any Loans or Commitments held by it
to any other Person, and such other Person shall thereupon become vested with all the rights and benefits in respect thereof granted to such Lender under any Loan Document (including this Agreement) or otherwise, subject, however, to the provisions
of Section 11.11 of the Credit Agreement. 
 SECTION 7.3. Protection of Collateral. The Administrative Agent may
from time to time, at its option and at the expense of the Grantor, perform any act which the Grantor agrees hereunder to perform and which the Grantor shall fail to perform after being requested to so perform (it being understood that no such
request need be given after the occurrence and during the continuance of any Event of Default), and the Administrative Agent may from time to time take any other action which the Administrative Agent deems necessary or appropriate for the
maintenance, preservation or protection of any of the Collateral or of its security interest therein. 

  
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 SECTION 7.4. Addresses for Notices. All notices and other communications provided
for hereunder shall be made as provided in, and subject to the terms of, Section 11.2 of the Credit Agreement. All notices to the Grantor shall be sent care of the Borrowers at its address set forth in the Credit Agreement and all notices to
the Administrative Agent shall be sent as provided in the Credit Agreement. 
 SECTION 7.5. Section Captions. Section
captions used in this Agreement are for convenience of reference only, and shall not affect the construction of this Agreement. 

SECTION 7.6. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to
such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 SECTION 7.7. 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 but one and the same agreement. 

SECTION 7.8. Waivers. The Grantor hereby waives any right, to the extent permitted by applicable Law, to receive prior notice of
a judicial or other hearing with respect to any action or prejudgment remedy or proceeding by the Administrative Agent to take possession, exercise control over or dispose of any item of Collateral, where such action is permitted under the terms of
this Agreement or any other Loan Document or any Rate Protection Agreement or by applicable Law, or of the time, place or terms of sale in connection with the exercise of the Administrative Agent’s rights hereunder. The Grantor waives, to the
extent permitted by applicable Law, any bonds, security or sureties required by the Administrative Agent with respect to any of the Collateral. Without limiting the foregoing, the Grantor agrees that it will not invoke, claim or assert any benefit
of applicable Law, or take or attempt to take any action that could reasonably be expected to have the effect of delaying, impeding or preventing the Administrative Agent from exercising any of its rights or remedies with respect to the Collateral
as herein provided. The Grantor also consents that the Administrative Agent, in connection with the enforcement of the Administrative Agent’s rights and remedies under this Agreement, may enter upon any premises owned by or leased to it without
obligations to pay rent or for use and occupancy, through self-help, without judicial process and without having first obtained an order of any court. 

SECTION 7.9. Governing Law, Entire Agreement, etc. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE
STATE OF NEW YORK. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

  
 -12- 

 SECTION 7.10. Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF, ANY LENDER PARTY OR THE GRANTOR SHALL BE BROUGHT AND MAINTAINED IN THE FEDERAL
AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE ADMINISTRATIVE AGENT’S OPTION, IN
THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. THE GRANTOR AND LENDER PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET
FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. THE GRANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN
OR WITHOUT THE STATE OF NEW YORK. THE GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH
COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE GRANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER
THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE GRANTOR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN
RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT. 
 SECTION 7.11. Waiver of Jury Trial. EACH LENDER PARTY AND GRANTOR HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY LENDER PARTY OR THE GRANTOR. THE GRANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR
THE ADMINISTRATIVE AGENT ENTERING INTO THIS AGREEMENT. 

  
 -13- 

 SECTION 7.12. Waiver of Certain Claims. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO
GRANTOR SHALL ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST EACH LENDER PARTY ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A
RESULT OF, THIS AGREEMENT OR ANY INSTRUMENT CONTEMPLATED HEREBY. 
 SECTION 7.13. No Strict Construction. The parties
hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

SECTION 7.14. No Novation. The amendment and restatement of the Original Security Agreement by this Agreement shall not
constitute a novation or termination of the obligations and covenants of the Grantor thereunder, but shall constitute an amendment and restatement of the obligations and covenants of the Grantor under the Original Security Agreement and the Grantor
hereby reaffirms all such obligations and covenants under the Original Security Agreement as amended and restated hereby. 

  
 -14- 

 IN WITNESS WHEREOF, the Grantor has caused this Agreement to be duly executed and
delivered by its officer thereunto duly authorized as of the date and year first above written. 
  

					
	CATCHMARK TIMBER TRUST, INC., f/k/a WELLS TIMBERLAND REIT, INC., a Maryland corporation
		
	 By:
	 	 /s/ Brian M. Davis

		 	Name:	 	Brian M. Davis
		 	Title:	 	Senior Vice President and Chief Financial Officer

  

					
	ACKNOWLEDGED AND ACCEPTED:
	
	COBANK, ACB, as Administrative Agent
		
	 By:
	 	 /s/ Zachary Carpenter

		 	Name:	 	Zachary Carpenter
		 	Title:	 	Vice President

 -15- 

CATCHMARK TIMBER SECURITY AGREEMENT 

SIGNATURE PAGEEX-10.4

 EXHIBIT 10.4 

SECOND AMENDED AND RESTATED LIMITED GUARANTY 

SECOND AMENDED AND RESTATED LIMITED GUARANTY, dated as of December 19, 2013 (as amended, supplemented, restated or otherwise
modified from time to time, this “Guaranty”), made by CATCHMARK TIMBER TRUST, INC. (f/k/a Wells Timberland REIT, INC.), a Maryland corporation (the “Guarantor”), in favor of COBANK, ACB, as administrative agent (in
such capacity, the “Administrative Agent”) for each of the Lender Parties. This Guaranty amends and restates in its entirety that certain Amended and Restated Limited Guaranty, dated as of March 24, 2010 (the “Original
Guaranty”), by the Guarantor in favor of the Administrative Agent for the benefit of each Lender Party. 
 W I T N E S S E
T H: 
 WHEREAS, pursuant to the Third Amended and Restated Credit Agreement, dated as of the date hereof (as amended,
supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), among Timberlands II, LLC, a Delaware limited liability company, CatchMark Timber Operating Partnership, L.P. (f/k/a Wells Timberland Operating
Partnership, L.P.), a Delaware limited partnership (each a “Borrower” and collectively, the “Borrowers”), the various lending institutions as are, or may from time to time become, parties thereto (collectively, the
“Lenders”), and the Administrative Agent in its capacity as administrative agent for the Lenders, the Lenders have extended Commitments (capitalized terms not otherwise defined herein, and all other capitalized terms not otherwise
defined herein, to have the meanings provided for in Article I) to make Loans to the Borrowers; and 
 WHEREAS, as a condition
precedent to the effectiveness of the Credit Agreement, and as a condition to the obligation of each Lender to make Loans to the Borrowers and each Issuing Lender to issue Letters of Credit pursuant to the terms of the Credit Agreement, the
Guarantor is required to execute and deliver this Guaranty; and 
 WHEREAS, the Guarantor has duly authorized the execution,
delivery and performance of this Guaranty and will receive direct and indirect benefits by reason of the availability of such Commitments and the making of the Loans to the Borrowers by the Lenders and the issuance of the Letters of Credit pursuant
to the terms of the Credit Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and in order to induce the Lenders to make the Loans to the Borrowers and the Issuing Lender to issue the Letters of Credit pursuant to the Credit Agreement, the Guarantor hereby agrees with the Administrative Agent,
for its benefit and the benefit of each other Lender Party, to amend and restate the Original Guaranty in its entirety as follows: 

ARTICLE I  
 DEFINITIONS

 SECTION 1.1 Certain Terms. The following terms (whether or not underscored) when used in this Guaranty, including its
preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof): 

 “Administrative Agent” is defined in the preamble.

 “Bankruptcy Code” is defined as Title 11 of the United States Code. 

“Borrower” and “Borrowers” are defined in the first recital. 

“Credit Agreement” is defined in the first recital. 

“Guaranteed Obligations” is defined in Section 2.1. 

“Guarantor” is defined in the preamble. 

“Guaranty” is defined in the preamble. 

“Insolvency or Liquidation Proceeding” means (i) any voluntary or involuntary case or proceeding under the
Bankruptcy Code with respect to any Loan Party; (ii) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with
respect to any Loan Party or with respect to a substantial portion of their respective assets; (iii) any liquidation, dissolution, reorganization or winding up of any Loan Party whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or (iv) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Loan Party. 

“Lenders” is defined in the first recital. 

“Original Guaranty” is defined in the preamble. 

SECTION 1.2 Credit Agreement Definitions; Rules of Construction. Unless otherwise defined herein or the context otherwise
requires, terms used in this Guaranty, including its preamble and recitals, have the meanings provided in the Credit Agreement. The rules of construction set forth in Section 1.3 of the Credit Agreement shall be deemed incorporated in this
Agreement as if set forth in full herein. 
 ARTICLE II  

GUARANTY 
 SECTION 2.1
Guaranty. The Guarantor hereby unconditionally and irrevocably guarantees the full and prompt payment to the Administrative Agent (for the benefit of the Lender Parties) of all losses, costs, expenses, and damages incurred or suffered by
any of the Lender Parties as a result of, or arising in connection with, any of the following (collectively, the “Guaranteed Obligations”): 

(a) any fraud or intentional misrepresentation or omission by any Loan Party or any Loan Party’s Affiliates, partners, members, officers,
directors, shareholders or principals in connection with (i) the performance of any of the conditions to the Lenders making the Loans or the Issuing Lenders issuing the Letters of Credit; (ii) any inducements to the Lenders to make the
Loans or the Issuing Lenders to issue the Letters of Credit; (iii) the execution and delivery of the Loan Documents or the Rate Protection Agreements; (iv) any certificates, representations or warranties given in connection with the Loans
or the Letters or Credit; or (v) any Loan Party’s performance of the Obligations; 

  
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 (b) any breach of any Loan Party’s obligations under Section 6.24 of the Credit
Agreement; 
 (c) any Lien on the Collateral not permitted by Section 7.2.3 of the Credit Agreement or by any Loan Party incurring
Indebtedness not permitted by Section 7.2.2 of the Credit Agreement; 
 (d) the sale, transfer, lease, contribution, conveyance or
other disposition by any Loan Party of any Collateral other than as permitted by Section 7.2.9 of the Credit Agreement; 
 (e) the
replacement cost of any property removed by any Loan Party from the Real Property without the consent of the Administrative Agent after an Event of Default has occurred and is continuing; 

(f) any intentional acts or omissions by any Loan Party that result in waste (including economic and non-physical waste) of all or any part of
the Collateral; 
 (g) the occurrence of any Insolvency or Liquidation Proceeding in which one or more Loan Parties has acted in concert
with, colluded or conspired with any other Person, to cause the occurrence of any such Insolvency or Liquidation Proceeding; 
 (h) any
amendment, supplement, waiver or other modification, termination or assignment not permitted under Section 7.2.10 of the Credit Agreement or of any MW Supply Agreement not permitted by clause (l) of Section 7.1.11 of the Credit
Agreement; 
 (i) the failure (i) of any Loan Party to deposit or cause to be deposited any payments in the Revenue Account, the Equity
Raise Account, the CatchMark TRS Subsidiary Account or other Pledge Account, as required by Sections 7.1.12, 7.1.13, 7.1.14, and 7.1.15, as applicable, of the Credit Agreement or (ii) of any amounts described in Section 3.1.2(b) of the
Credit Agreement to be applied in accordance therewith (except as approved by the Administrative Agent and the Required Lenders); 
 (j) the
forfeiture or threatened forfeiture of the Collateral to any Governmental Authority pursuant to the Racketeer Influenced and Corrupt Organizations Act or similar Law; 

(k) any breach of Section 6.23 of the Credit Agreement; 

(l) any payments in violation of Section 7.2.6 of the Credit Agreement; 

(m) any action by any Loan Party or any of their Affiliates, partners, members, officers, directors, shareholders or principals takes action
to frustrate, hinder or delay the Administrative Agent’s or any Lender’s exercise of its remedies, it being understood that the 

  
 -3- 

 
foregoing shall not include any reasonable action taken by a Loan Party in good faith to either contest the existence of any Default or an Event of Default or dispute the meaning or construction
of a contractual term of any Loan Document; 
 (n) the willful misconduct of any Loan Party; and 

(o) the failure of any Loan Party to comply with Section 7.2.21(a) of the Credit Agreement; 

provided however, in each case, Excluded Swap Obligations of the Guarantor shall in any event be excluded from “Guaranteed
Obligations” owing by the Guarantor. 
 This Guaranty constitutes a guaranty of payment when due and not merely of collection, and the
Guarantor specifically agrees that it shall not be necessary or required that any Lender Party exercise any right, assert any claim or demand or enforce any remedy whatsoever against any Borrower, any other Loan Party or any Collateral before or as
a condition to the obligations of the Guarantor hereunder. Notwithstanding the foregoing, the obligations of the Guarantor hereunder shall be limited to a maximum aggregate amount equal to the greatest amount that would not render the
Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code or any provisions of applicable Law. 

SECTION 2.2 Acceleration of Guaranty. The Guarantor agrees that, if any Event of Default under Section 8.1.7 of the Credit
Agreement shall occur or the Loans are declared due and payable, the Guarantor will, automatically and without the requirement that any demand for payment be made, pay to the Lender Parties forthwith the full amount of the Guaranteed Obligations
that are then due and payable. 
 SECTION 2.3 Guaranty Absolute. This Guaranty is a continuing, absolute, unconditional and
irrevocable guaranty of payment and shall remain in full force and effect until all the Guaranteed Obligations have been indefeasibly paid in full in cash and all Commitments shall have irrevocably terminated. The Guarantor guarantees that the
Guaranteed Obligations will be paid strictly in accordance with the terms of the agreement under which they arise, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of
any Lender Party with respect thereto. The liability of the Guarantor under this Guaranty shall be absolute and unconditional irrespective of: 

(a) any lack of validity, legality or enforceability of any Loan Document any Rate Protection Agreement or any other agreement or instrument
relating to any thereof; 
 (b) the failure of any Lender Party: 

(i) to assert any claim or demand or to enforce any right or remedy against the Borrowers, any other Loan Party or any other Person
(including any other guarantor) under the provisions of any Loan Document or otherwise, or 

  
 -4- 

 (ii) to exercise any right or remedy against any other guarantor of, or collateral securing, any
of the Guaranteed Obligations; 
 (c) any change in the time, manner or place of payment of, or in any other term of, all or any of the
Guaranteed Obligations, or any compromise, renewal, extension, acceleration or release with respect thereto, or any other amendment or waiver of or any consent to departure from any Loan Document or otherwise; 

(d) any addition, exchange, release, impairment or non-perfection of any collateral, or any release or amendment or waiver of or consent to
departure from any other guaranty, for all or any of the Guaranteed Obligations; 
 (e) any defense, set-off or counterclaim which may at
any time be available to or be asserted by the Borrowers or any other Loan Party against any Lender Party; 
 (f) any reduction, limitation,
impairment or termination of the Guaranteed Obligations for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and the Guarantor hereby waives any right to or claim of) any defense
or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, the Guaranteed Obligations or
otherwise; or 
 (g) any other circumstances which might otherwise constitute a defense available to, or a legal or equitable discharge of,
the Borrowers, any other Loan Party or the Guarantor, including as a result of any proceeding of the nature referred to in Section 8.1.7 of the Credit Agreement. 

SECTION 2.4 Reinstatement, etc. The Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the
case may be, if at any time any payment (in whole or in part) of any of the Guaranteed Obligations is rescinded or must otherwise be restored by any Lender Party, upon the insolvency, bankruptcy or reorganization of the Borrowers, any other Loan
Party or otherwise, all as though such payment had not been made. 
 SECTION 2.5 Waiver. The Guarantor hereby waives
promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Guaranty, and any requirement that any Lender Party protect, secure, perfect or insure any Lien on any property or exhaust
any right or take any action against the Borrowers, any other Loan Party or any other Person (including any other guarantor of the Guaranteed Obligations) or any collateral securing the Guaranteed Obligations. 

SECTION 2.6 Waiver of Subrogation. The Guarantor hereby irrevocably waives to the extent permitted by applicable Law and until
such time as the Guaranteed Obligations shall have been paid in full in cash and the Commitments have irrevocably terminated, any claim or other rights which it may now or hereafter acquire against the Borrowers or any other Loan Party that arise
from the existence, payment, performance or enforcement of the Guarantor’s obligations under this Guaranty or any other Loan Document or any Rate Protection Agreement, including any right of subrogation, reimbursement, exoneration or
indemnification, and any right  

  
 -5- 

 
to participate in any claim or remedy of any Lender Party against the Borrowers or any other Loan Party or any collateral which any Lender Party now has or hereafter acquires, whether or not such
claim, remedy or right arises in equity, or under contract or Law. If any amount shall be paid to the Guarantor in violation of the preceding sentence, such amount shall be deemed to have been paid to the Guarantor for the benefit of, and held in
trust for, the Lender Parties, and shall forthwith be paid to the Administrative Agent on behalf of the Lender Parties to be credited and applied against the Guaranteed Obligations, whether matured or unmatured. The Guarantor acknowledges that it
will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this Section is knowingly made in contemplation of such benefits. 

SECTION 2.7 Payments Free of Taxes. All payments made by the Guarantor hereunder shall be free and clear of all Taxes. 

ARTICLE III  

REPRESENTATIONS AND COVENANTS 

SECTION 3.1 Representations and Warranties. The Guarantor represents and warrants as of the Effective Date, as of the date of
each request for a Borrowing and after giving effect to each Borrowing, to each Lender Party as set forth below: 
 (a) the Guarantor
is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization, and has full power and authority, and holds all requisite licenses, permits and other approvals of Governmental Authorities, to enter into
this Guaranty and the other Loan Documents to which it is a party and to carry out the transactions contemplated hereby and thereby; 
 (b)
the execution and delivery by the Guarantor of this Guaranty and the other Loan Documents to which it is a party and the consummation by the Guarantor of the transactions contemplated hereby and thereby have been duly authorized by all necessary
action of the Guarantor. This Guaranty and such other Loan Documents to which the Guarantor is a party have each been duly executed and delivered by the Guarantor and each constitutes the legal, valid and binding obligation of the Guarantor
enforceable against the Guarantor in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or similar Laws at the time in effect affecting the rights of creditors generally and subject to the effects
of general principles of equity (regardless of whether considered in a proceeding in law or equity); and 
 (c) the execution and delivery
of this Guaranty and the other Loan Documents to which the Guarantor is a party and the consummation by the Guarantor of the transactions contemplated hereby do not (i) contravene or result in a default under the Guarantor’s Organizational
Documents, (ii) contravene or result in a default under any material contractual restriction or Law binding on the Guarantor, (iii) require any filings, consents or authorizations which have not been duly obtained or (iv) result in
the creation or imposition of any Lien on the Guarantor’s properties (other than on behalf of the Administrative Agent). 

  
 -6- 

 SECTION 3.2 Additional Covenants. The Guarantor agrees that, until all the
Guaranteed Obligations have been paid in full in cash on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and all Commitments shall have irrevocably terminated, it will comply with all the
terms and provisions of the Credit Agreement and the other Loan Documents and the Rate Protection Agreements that are applicable to it. 

ARTICLE IV  

MISCELLANEOUS 
 SECTION
4.1 Loan Document. This Guaranty is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions
thereof, including Section 1.3 and Article X thereof. 
 SECTION 4.2 Amendments, etc.; Successors and Assigns.

 (a) No amendment to or waiver of any provision of this Guaranty nor consent to any departure by the Guarantor herefrom, shall be
effective unless the same shall be in writing and signed by the Administrative Agent and the percentage of the Lenders as required by Section 11.1 of the Credit Agreement, and then such amendment, waiver or consent shall be effective only in
the specific instance and for the specific purpose for which it is given. 
 (b) This Agreement shall be binding upon the Guarantor and its
successors, transferees and assignees, and shall inure to the benefit of and be enforceable by the Administrative Agent and each other Lender Party and their respective successors and assigns; provided, however, that the Guarantor may
not assign its obligations hereunder without the prior written consent of the Administrative Agent. Without limiting the generality of the foregoing, any Lender may assign or otherwise transfer (in whole or in part) its Loans to any other Person,
and such other Person shall thereupon become vested with all the rights and benefits in respect thereof granted to such Lender under any Loan Document (including this Guaranty) or otherwise, subject, however, to the provisions of Section 11.11
and Article X of the Credit Agreement. 
 SECTION 4.3 Addresses for Notices. All notices and other communications provided for
hereunder shall be made as provided in, and subject to the terms of, Section 11.2 of the Credit Agreement. All notices to the Guarantor shall be sent care of the Borrowers at their address set forth in the Credit Agreement and all notices to
the Administrative Agent shall be sent as provided in the Credit Agreement. 
 SECTION 4.4 No Waiver; Remedies. No
failure on the part of the Administrative Agent or any other Lender Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any
other or further exercise thereof or the exercise of any other right. The Administrative Agent and each other Lender Party shall have all remedies available at law or equity, including without limitation, the remedy of specific performance for any
breach of any provision hereof. The remedies herein provided are cumulative and not exclusive of any remedies provided by law or equity. 

  
 -7- 

 SECTION 4.5 Right to Set-Off. Upon the occurrence and during the continuance of any
Event of Default, the Administrative Agent and each other Lender Party are hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by the Administrative Agent or any such Lender Party, as the case may be, to or for the credit or the account of the Guarantor against any and all of the Guaranteed
Obligations now or hereafter existing under this Guaranty, irrespective of whether the Administrative Agent or any such Lender Party shall have made any demand under this Guaranty. Each Lender Party agrees promptly to notify the Guarantor, the
Borrowers and the Administrative Agent after any such set-off and application made by the Administrative Agent or any such Lender Party, provided that the failure to give such notice shall not affect the validity of such set-off and
application. The rights of the Administrative Agent and each other Lender Party under this Section are in addition to other rights and remedies (including other rights of set-off) which the Administrative Agent or any of the other Lender Parties may
have. 
 SECTION 4.6 Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Guaranty or affecting the validity or enforceability of such provisions in any other
jurisdiction. 
 SECTION 4.7 Counterparts. This Guaranty 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 but one and the same agreement. 
 SECTION 4.8 Governing
Law; Entire Agreement. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. THIS GUARANTY AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 
 SECTION 4.9
Waiver of Jury Trial. THE GUARANTOR AND EACH LENDER PARTY HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH THIS GUARANTY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY LENDER PARTY OR THE GUARANTOR. THE GUARANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT
CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT ENTERING INTO THIS GUARANTY. 

  
 -8- 

 SECTION 4.10 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS GUARANTY OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF, ANY LENDER PARTY OR THE GUARANTOR SHALL BE BROUGHT AND MAINTAINED IN THE FEDERAL
AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN OF THE STATE OF NEW YORK. THE GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. EACH LENDER PARTY AND THE GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL
SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. THE GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL
PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE GUARANTOR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY
WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTY. 
 SECTION 4.11 Waiver of Certain Claims. TO
THE EXTENT PERMITTED BY APPLICABLE LAW, THE GUARANTOR SHALL NOT ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST EACH LENDER PARTY ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL
DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS GUARANTY OR ANY INSTRUMENT CONTEMPLATED HEREBY. 
 SECTION 4.12
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In the event an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if
drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Guaranty. 

SECTION 4.13 No Novation. The amendment and restatement of the Original Guaranty by this agreement shall not constitute a
novation or termination of the obligations and covenants of the Guarantor thereunder, but shall constitute an amendment and restatement of the obligations and covenants of the Guarantor under the Original Guaranty and this Guaranty hereby reaffirms
all such obligations and covenants under the Original Guaranty as amended and restated hereby.  

  
 -9- 

 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and
delivered by its officer thereunto duly authorized as of the date and year first above written. 
  

					
	CATCHMARK TIMBER TRUST, INC., f/k/a WELLS TIMBERLAND REIT, INC.
		
	By:	 	 /s/ Brian M. Davis

		 	Name:	 	Brian M. Davis
		 	Title:	 	Senior Vice President and
		 		 	Chief Financial Officer

 Acknowledged and Accepted: 
  

					
	COBANK, ACB,
	  as Administrative Agent
		
	By:	 	 /s/ Zachary Carpenter

		 	Name:	 	Zachary Carpenter
		 	Title:	 	Vice President

  

CATCHMARK TIMBER LIMITED GUARANTY 

SIGNATURE PAGE

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