Document:

Exhibit 10.1

  

  EXECUTION VERSION

  

   

  

  
     

    

    
      

     

    

    $600,000,000

    

    

    

    

    CREDIT AGREEMENT

    

    

    dated as of September 27, 2019

    

    

    among,

    

    

    WESTROCK SOUTHEAST, LLC,

    as the Borrower,

    

    

    THE GUARANTORS FROM TIME TO TIME PARTY HERETO,

    

    

    THE LENDERS PARTIES HERETO,

    

    

    and

    

    

    COBANK, ACB,

    as Administrative Agent

    

    

    
      

    

    

    COBANK, ACB,

    as Lead Arranger and Book Runner

    

    

    
      
        

    

    
    

    

     

    TABLE OF CONTENTS

    

    

    	
            ARTICLE I DEFINITIONS

          	
            1

          
	 	 
	
            1.1

          	
            Definitions

          	
            1

          
	
            1.2

          	
            Computation of Time Periods

          	
            30

          
	
            1.3

          	
            Accounting Terms

          	
            30

          
	
            1.4

          	
            Terms Generally

          	
            32

          
	 
	
            ARTICLE II CREDIT FACILITY

          	
            32

          
	 	 
	
            2.1

          	
            [Reserved]

          	
            32

          
	
            2.2

          	
            [Reserved]

          	
            32

          
	
            2.3

          	
            [Reserved]

          	
            32

          
	
            2.4

          	
            Closing Date Term Loan

          	
            32

          
	
            2.5

          	
            [Reserved]

          	
            33

          
	
            2.6

          	
            [Reserved]

          	
            33

          
	
            2.7

          	
            [Reserved]

          	
            33

          
	
            2.8

          	
            [Reserved]

          	
            33

          
	
            2.9

          	
            Default Rate

          	
            33

          
	
            2.10

          	
            Conversion Options

          	
            33

          
	
            2.11

          	
            Prepayments

          	
            34

          
	
            2.12

          	
            [Reserved]

          	
            37

          
	
            2.13

          	
            Fees

          	
            37

          
	
            2.14

          	
            Computation of Interest and Fees

          	
            37

          
	
            2.15

          	
            Pro Rata Treatment and Payments

          	
            38

          
	
            2.16

          	
            Non-Receipt of Funds by the Administrative Agent

          	
            40

          
	
            2.17

          	
            Inability to Determine Interest Rate

          	
            41

          
	
            2.18

          	
            Illegality

          	
            42

          
	
            2.19

          	
            Requirements of Law

          	
            42

          
	
            2.20

          	
            Indemnity

          	
            44

          
	
            2.21

          	
            Taxes

          	
            44

          
	
            2.22

          	
            [Reserved]

          	
            47

          
	
            2.23

          	
            Replacement of Lenders

          	
            47

          
	
            2.24

          	
            [Reserved]

          	
            48

          
	
            2.25

          	
            Defaulting Lenders

          	
            48

          
	
            2.26

          	
            Incremental Term Loans

          	
            49

          
	 	 	 
	
            ARTICLE III REPRESENTATIONS AND WARRANTIES

          	
            52

          
	 	 
	
            3.1

          	
            Corporate Existence; Compliance with Law

          	
            52

          
	
            3.2

          	
            Corporate Power; Authorization

          	
            52

          
	
            3.3

          	
            Enforceable Obligations

          	
            52

          
	
            3.4

          	
            No Legal Bar

          	
            52

          
	
            3.5

          	
            No Material Litigation

          	
            53

          
	
            3.6

          	
            Investment Company Act

          	
            53

          
	
            3.7

          	
            Margin Regulations

          	
            53

          
	
            3.8

          	
            Compliance with Environmental Laws

          	
            53

          
	
            3.9

          	
            Subsidiaries

          	
            54

          
	
            3.10

          	
            Financial Statements, Fiscal Year and Fiscal Quarters

          	
            54

          
	
            3.11

          	
            ERISA

          	
            54

          
	
            3.12

          	
            Accuracy and Completeness of Information

          	
            55

          

    

    

    
      i

      
        

    

    

    

    

    

    	
            3.13

          	
            Compliance with Trading with the Enemy Act, OFAC Rules and Regulations, Patriot Act and FCPA

          	
            55

          
	
            3.14

          	
            Use of Proceeds

          	
            56

          
	 	 	 
	
            ARTICLE IV CONDITIONS PRECEDENT

          	
            56

          
	 	 
	
            4.1

          	
            Conditions to Closing Date and Initial Term Loans

          	
            58

          
	 	 	 
	
            ARTICLE V AFFIRMATIVE COVENANTS

          	
            58

          
	 	 
	
            5.1

          	
            Corporate Existence, Etc

          	
            59

          
	
            5.2

          	
            Compliance with Laws, Etc

          	
            59

          
	
            5.3

          	
            Payment of Taxes and Claims

          	
            59

          
	
            5.4

          	
            Keeping of Books

          	
            59

          
	
            5.5

          	
            Visitation, Inspection, Etc

          	
            59

          
	
            5.6

          	
            Insurance; Maintenance of Properties and Licenses

          	
            59

          
	
            5.7

          	
            Financial Reports; Other Notices

          	
            60

          
	
            5.8

          	
            Notices Under Certain Other Indebtedness

          	
            62

          
	
            5.9

          	
            Notice of Litigation

          	
            62

          
	
            5.10

          	
            Additional Guarantors

          	
            62

          
	
            5.11

          	
            Use of Proceeds

          	
            63

          
	 	 	 
	
            ARTICLE VI NEGATIVE COVENANTS

          	
            63

          
	 	 
	
            6.1

          	
            Financial Requirements

          	
            63

          
	
            6.2

          	
            Liens

          	
            64

          
	
            6.3

          	
            Subsidiary Indebtedness

          	
            66

          
	
            6.4

          	
            Merger and Sale of Assets

          	
            67

          
	 	 	 
	
            ARTICLE VII EVENTS OF DEFAULT

          	
            69

          
	 	 
	
            7.1

          	
            Events of Default

          	
            69

          
	
            7.2

          	
            Acceleration; Remedies

          	
            72

          
	 	 	 
	
            ARTICLE VIII AGENCY PROVISIONS

          	
            72

          
	 	 
	
            8.1

          	
            Appointment

          	
            72

          
	
            8.2

          	
            Delegation of Duties

          	
            73

          
	
            8.3

          	
            Exculpatory Provisions

          	
            73

          
	
            8.4

          	
            Reliance by Administrative Agent

          	
            74

          
	
            8.5

          	
            Notice of Default

          	
            74

          
	
            8.6

          	
            Non-Reliance on Administrative Agent and Other Lenders

          	
            74

          
	
            8.7

          	
            Administrative Agent in its Individual Capacity

          	
            75

          
	
            8.8

          	
            Successor Agent

          	
            75

          
	
            8.9

          	
            Patriot Act Notice

          	
            75

          
	
            8.10

          	
            Guaranty and Borrower Matters

          	
            76

          
	
            8.11

          	
            Withholding

          	
            76

          
	 	 	 
	
            ARTICLE IX MISCELLANEOUS

          	
            78

          
	 	 
	
            9.1

          	
            Amendments and Waivers

          	
            78

          
	
            9.2

          	
            Notices

          	
            81

          
	
            9.3

          	
            No Waiver; Cumulative Remedies

          	
            82

          
	
            9.4

          	
            Survival of Representations and Warranties

          	
            82

          
	
            9.5

          	
            Payment of Expenses

          	
            82

          
	
            9.6

          	
            Successors and Assigns; Participations; Purchasing Lenders

          	
            84

          
	
            9.7

          	
            Adjustments; Set-off

          	
            88

          

    

    

    
      ii

      
        

    

    

    

    

    

    	
            9.8

          	
            Table of Contents and Section Headings

          	
            89

          
	
            9.9

          	
            Counterparts; Electronic Execution

          	
            89

          
	
            9.10

          	
            Severability

          	
            89

          
	
            9.11

          	
            Integration

          	
            89

          
	
            9.12

          	
            Governing Law

          	
            89

          
	
            9.13

          	
            Consent to Jurisdiction and Service of Process

          	
            89

          
	
            9.14

          	
            Confidentiality

          	
            90

          
	
            9.15

          	
            Acknowledgments

          	
            91

          
	
            9.16

          	
            Waivers of Jury Trial

          	
            91

          
	
            9.17

          	
            [Reserved]

          	
            91

          
	
            9.18

          	
            Subordination of Intercompany Debt

          	
            91

          
	
            9.19

          	
            Acknowledgment and Consent to Bail-In of EEA Financial Institutions

          	
            91

          
	
            9.20

          	
            Farm Credit Equities

          	
            92

          
	
            9.21

          	
            Most Favored Lender Provisions

          	
            94

          
	 	 	 
	
            ARTICLE X GUARANTY OF BORROWER OBLIGATIONS

          	
            94

          
	 	 
	
            10.1

          	
            The Guaranty

          	
            94

          
	
            10.2

          	
            Bankruptcy

          	
            95

          
	
            10.3

          	
            Nature of Liability

          	
            95

          
	
            10.4

          	
            Independent Obligation

          	
            96

          
	
            10.5

          	
            Authorization

          	
            96

          
	
            10.6

          	
            Reliance

          	
            96

          
	
            10.7

          	
            Waiver

          	
            96

          
	
            10.8

          	
            Limitation on Enforcement

          	
            97

          
	
            10.9

          	
            Confirmation of Payment

          	
            98

          
	
            10.10

          	
            Keepwell

          	
            98

          

    

    

    
      iii

      
        

    

    

    

    	
            EXHIBITS

          	 
	 	 
	
            Exhibit A

          	
            [Reserved]

          
	
            Exhibit B

          	
            Form of Notice of Borrowing

          
	
            Exhibit C

          	
            Form of Notice of Conversion/Extension

          
	
            Exhibit D

          	
            Form of Designation Notice

          
	
            Exhibit E

          	
            Form of Closing Date Term Loan Note

          
	
            Exhibit F

          	
            Form of Tax Exempt Certificate

          
	
            Exhibit G

          	
            Form of Officer’s Compliance Certificate

          
	
            Exhibit H

          	
            Form of Joinder Agreement

          
	
            Exhibit I

          	
            Form of Assignment and Assumption

          
	
            Exhibit J

          	
            Form of Discounted Prepayment Option Notice

          
	
            Exhibit K

          	
            Form of Lender Participation Notice

          
	
            Exhibit L

          	
            Form of Discounted Voluntary Prepayment Notice

          
	 	 
	 	 
	
            SCHEDULES

          	 
	 	 
	
            Schedule 1.1(a)(i)

          	
            Existing MWV Notes

          
	
            Schedule 1.1(a)(ii)

          	
            Existing RKT Senior Notes

          
	
            Schedule 2.1(a)

          	
            Lenders, Voting Participants and Commitments

          
	
            Schedule 9.2

          	
            Lending Offices

          

    

    

    
      iv

      
        

    

    

    

     

    CREDIT AGREEMENT

    

    

    THIS CREDIT AGREEMENT, dated as of September 27, 2019 (this “Agreement” or “Credit Agreement”), is by and among WESTROCK SOUTHEAST, LLC, a Delaware limited liability company (“WRK Southeast”), WESTROCK COMPANY, a Delaware corporation (the “Parent”), WESTROCK RKT, LLC, a Georgia limited liability company (“RKT”), WRKCO INC., a Delaware corporation (“WRKCo”) and WESTROCK MWV, LLC,
      a Delaware limited liability company (“MWV” and, together with RKT, WRKCo and the Parent, the “Initial
          Guarantors”), the lenders named herein and such other lenders that hereafter become parties hereto, and COBANK, ACB, as Administrative Agent for
      the Lenders (in such capacity, the “Administrative Agent”).

    

    

    W I T N E S S E T H

    

    

    WHEREAS, the Borrower has requested that the Lenders provide
      a term loan facility for the purposes hereinafter set forth; and

    

    

    WHEREAS, the Lenders have agreed to make the requested term
      loan facility available to the Borrower on the terms and conditions hereinafter set forth.

    

    

    NOW, THEREFORE, IN CONSIDERATION of the premises and other
      good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

    

    

    ARTICLE I

      

      DEFINITIONS

    

    

    1.1          Definitions.

    

    

    As used in this Credit Agreement, the following terms have the meanings specified below unless the context otherwise requires:

    

    

    “Acceptable Price” has the meaning specified in Section 2.11(c)(iii).

    

    

    “Acceptance Date” has the meaning specified in Section 2.11(c)(ii).

    

    

    “Acquisition” means any acquisition, whether by stock purchase, asset
      purchase, merger, amalgamation, consolidation or otherwise, of a Person or a business line of a Person.

    

    

    “Additional Credit Party” means each Person that becomes a Guarantor by
      execution of a Joinder Agreement in accordance with Section 5.10.

    

    

    “Administrative Agent” has the meaning set forth in the introductory
      paragraph hereof, together with any successors or assigns.

    

    

    “Administrative Questionnaire” means an administrative questionnaire in a
      form supplied by the Administrative Agent.

    

    

    “Affiliate” means as to any Person, any other Person which, directly or
      indirectly, is in control of, is controlled by, or is under common control with, such Person.  For purposes of this definition, a Person shall be deemed to be “controlled by” a Person if such Person possesses, directly or indirectly, power either

    

    

    
      
        

    

    
    

    

     

    (i) to vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction of the
      management and policies of such Person whether by contract or otherwise.

    

    

    “Agreement” has the meaning set forth in the introductory paragraph
      hereof.

    

    

    “Alternate Base Rate” means the rate per annum determined by the
      Administrative Agent on the first Business Day of each week or more frequently, in the sole discretion of the Administrative Agent, as the highest of (i) the Prime Rate, (ii) the Federal Funds Rate plus 1⁄2 of 1.00% and (iii) the LIBOR Rate for a
      one-month interest period plus 1.00%, in each case as of such date.  If at any time the Administrative Agent shall have reasonably determined (which determination shall be conclusive absent manifest error) that it is unable after due inquiry to
      ascertain the Federal Funds Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms hereof, then the Alternate Base Rate shall be determined without regard to
      clause (ii) of the first sentence of this definition until the circumstances giving rise to such inability no longer exist.  If at any time the Administrative Agent shall have reasonably determined (which determination shall be conclusive absent
      manifest error) that it is unable after due inquire to ascertain LIBOR for any reason, then the Alternative Base Rate shall be determined without regard to clause (iii) of the first sentence of this definition until the circumstances giving rise to
      such inability no longer exist. Any change in the Alternate Base Rate due to a change in the calculation thereof shall be effective at the opening of business on the first Business Day of each week or, if determined more frequently, at the opening of
      business on the first Business Day immediately following the date of such determination and without necessity of notice being provided to the Borrower or any other Person.

    

    

     “Anti-Corruption Laws” means all laws, rules, and regulations of any
      jurisdiction applicable to the Parent or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.

    

    

    “Applicable Discount” has the meaning specified in Section 2.11(c)(iii).

    

    

    “Applicable Percentage” means, for any day,  the percentages per annum
      set forth in the table below corresponding with the then applicable Level, which will be the lower of (a) the applicable Level determined by reference to the Leverage Ratio and (b) the applicable Level determined by reference to the Rating (the “Ratings Level”), such that Level I is the lowest Level and Level IV is the highest Level; provided
      that, prior to five (5) Business Days after the delivery of financial statements for the period ending September 30, 2019 in accordance with the provisions of Section 5.7, the applicable Level shall be Level I.

    

    

    For purposes of the foregoing, (a) (i) if the applicable Ratings established by Moody’s and S&P are different but correspond to consecutive
      pricing levels, then the Ratings Level will be based on the higher applicable Rating (e.g., if Moody’s applicable Rating corresponds to Level I and S&P’s applicable Rating corresponds to Level II, then the Ratings Level will be Level I), and (ii)
      if the applicable Ratings established by Moody’s and S&P are more than one pricing level apart, then the Ratings Level will be based on the rating which is one level higher than the lower rating (e.g., if Moody’s and S&P’s applicable Ratings
      correspond to Levels I and IV, respectively, then the Ratings Level will be Level III), (b) in the event that either S&P or Moody’s (but not both) shall no longer issue a Rating, the Ratings Level shall be determined by the remaining Rating, and
      (c) in the event that neither S&P nor Moody’s issues a Rating, unless and until the date, if any, that the Parent and the Required Lenders agree on a different arrangement, the existing Ratings Level shall continue in effect for the 60-day period
      immediately following such event, and subsequent to such period the Ratings Level shall be Level IV.

    

    

    
      2

      
        

    

    

    

     

    

    

    	
            Level

          	
            Leverage

              Ratio

          	
            Rating

              (S&P/Moody’s)

          	
            Applicable

              Percentage for

              LIBOR Rate

              Loans

          	
            Applicable

              Percentage

              for Base

              Rate Loans

          
	
            I

          	
            < 2.50 to 1.00

          	
            BBB / Baa2

              (or better)

          	
            1.500%

          	
            0.500%

          
	
            II

          	
            > 2.50 to 1.00 but < 3.00 to 1.00

          	
            BBB- / Baa3

          	
            1.625%

          	
            0.625%

          
	
            III

          	
            > 3.00 to 1.00 but < 3.25 to 1.00

          	
            BB+ / Ba1

          	
            1.875%

          	
            0.875%

          
	
            IV

          	
            > 3.25 to 1.00

          	
            BB / Ba2 (or worse)

          	
            2.125%

          	
            1.125%

          

    

    

    The Applicable Percentage shall, in each case, be determined and adjusted quarterly on the date five (5) Business Days after the date on which the
      Administrative Agent has received from the Parent the financial information and certifications required to be delivered to the Administrative Agent and the Lenders in accordance with the provisions of Section 5.7 (each an “Interest Determination Date”).  Such Applicable Percentage shall be effective from such Interest Determination Date
      until the next such Interest Determination Date.  After the Closing Date, if the Credit Parties shall fail to provide the Required Financial Information for any Fiscal Quarter or Fiscal Year, the Applicable Percentage from such Interest Determination
      Date shall, on the date five (5) Business Days after the date by which the Credit Parties were so required to provide such Required Financial Information to the Administrative Agent and the Lenders, be based on Level IV until such time as such
      Required Financial Information is provided, whereupon the Level shall be determined by the then current Leverage Ratio.  In the event that any Required Financial Information that is delivered to the Administrative Agent is shown to be inaccurate in a
      manner that results in the miscalculation of the Leverage Ratio (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a
      higher Applicable Percentage for any period (an “Applicable Period”) than the Applicable Percentage applied for such Applicable Period, then the Credit Parties shall
      immediately (i) deliver to the Administrative Agent corrected Required Financial Information for such Applicable Period, (ii) determine the Applicable Percentage for such Applicable Period based upon the corrected Required Financial Information
      (which Applicable Percentage shall be made effective immediately in the current period, to the extent applicable) and (iii) immediately pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable
      Percentage for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 2.14(a).  It is acknowledged and
      agreed that nothing contained herein shall limit the rights of the Administrative Agent and the Lenders under the Credit Documents, including their rights under Sections 2.9
      and 7.2.

    

    

     “Applicable Period” has the meaning set forth in the definition of
      “Applicable Percentage.”

    

    

    “Approved Fund” means any Fund that is administered, managed or
      underwritten by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

    

    

    “Assignment and Assumption” means an Assignment and Assumption
      substantially in the form of Exhibit I.

    

    

    
      3

      
        

    

    

    

    

    

    “Bail-In Action” means the exercise of any Write-Down and Conversion
      Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

    

    

    “Bail-In Legislation” means, with respect to any EEA Member Country
      implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

    

    

    “Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United
      States Code, as amended, modified, succeeded or replaced from time to time.

    

    

    “Base Rate Loans” means all Loans accruing interest based on the
      Alternate Base Rate.

    

    

    “Beneficial Ownership Certification” means a certification regarding
      beneficial ownership required by the Beneficial Ownership Regulation.

    

    

    “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

    

    

    “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in
      ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the
      assets of any such “employee benefit plan” or “plan”.

    

    

    “BofA Term Loan Agreement” means the Credit Agreement dated as of June 7,
      2019 among WRKCo, as borrower, the guarantors from time to time party thereto, and Bank of America, N.A., as administrative agent.

    

    

    “Borrower” means (a) initially, WRK Southeast and (b) any other Person
      that becomes the Borrower in accordance with Section 2.26(d), Section 6.4(a) or Section 9.20(d).

    

    

    “Borrowing Minimum” means (a) in the case of LIBOR Rate Loans, $2,000,000
      and (b) in the case of Base Rate Loans, $1,000,000.

    

    

    “Borrowing Multiple” means $1,000,000.

    

    

    “Business Day” means a day other than a Saturday, Sunday or other day on
      which commercial banks in Greenwood Village, Colorado or New York, New York are authorized or required by law to close; provided, however, that when used in connection with a rate determination, borrowing or payment in respect of a LIBOR Rate Loan, the term “Business Day” shall also exclude any day on which banks in London,
      England are not open for dealings in deposits of U.S. Dollars in the London interbank market.

    

    

    “Calculation Date” means the date of the applicable Specified Transaction
      which gives rise to the requirement to calculate the financial covenants set forth in Section 6.1(a) and (b) or

      the Leverage Ratio, in each case on a Pro Forma Basis.

    

    

    “Calculation Period” means, in respect of any Calculation Date, the
      period of four Fiscal Quarters ended as of the last day of the most recent Fiscal Quarter preceding such Calculation Date for which the Administrative Agent shall have received the Required Financial Information.

    

    

    
      4

      
        

    

    

    

    “Canadian AML Acts” means applicable Canadian law regarding anti-money
      laundering, anti-terrorist financing, government sanction and “know your client” matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).

    

    

    “Capital Assets” means, collectively, for any Person, all fixed assets of
      such Person, whether tangible or intangible determined in accordance with GAAP.

    

    

    “Capital Lease” means, as applied to any Person, any lease of any
      Property (whether real, personal or mixed) by such Person as lessee which would, in accordance with GAAP as of the Closing Date, be required to be classified and accounted for as a capital lease on a balance sheet of such Person, other than, in the
      case of a Consolidated Company, any such lease under which another Consolidated Company is the lessor.

    

    

    “Capital Stock” means (i) in the case of a corporation, capital stock,
      (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership, units or partnership interests (whether
      general or limited), (iv) in the case of a limited liability company, membership interests and (v) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets of,
      the issuing Person.

    

    

    “Cash Management Agreement” means any agreement to provide cash
      management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements.

    

    

    “Cash Management Bank” means any Person that, (i)(a) at the time it
      enters into a Cash Management Agreement, is a Lender, the Administrative Agent or an Affiliate of a Lender or the Administrative Agent or (b) is a Lender, the Administrative Agent or an Affiliate of a Lender or the Administrative Agent on the Closing
      Date and the Cash Management Agreement to which such Person is a party was entered into on or prior to the Closing Date (even if such Person ceases to be a Lender or the Administrative Agent or such Person’s Affiliate ceased to be a Lender or the
      Administrative Agent), in each case (a) or (b) in its capacity as a party to such Cash Management Agreement; provided, in the case of a Cash Management Agreement with a
      Person who is no longer a Lender, such Person shall be considered a Cash Management Bank only through the stated maturity date (without extension or renewal or increase in amount) of such Cash Management Agreement and (ii) to the extent it is not a
      Lender, has provided the Administrative Agent with a fully executed Designation Notice, substantially in the form of Exhibit D.

    

    

    “Change in Control” means (i) as applied to the Parent, any Person or
      “Group” (as defined in Section 13(d)(3) of the Exchange Act, but excluding (A) any employee benefit or stock ownership plans of the Parent or any of its Subsidiaries, and (B) members of the Board of Directors and executive officers of the Parent as
      of the Closing Date, members of the immediate families of such members and executive officers, and family trusts and partnerships established by or for the benefit of any of the foregoing individuals) shall have acquired more than fifty percent
      (50%) of the combined voting power of all classes of common stock of the Parent, except that the Parent’s purchase of its common stock outstanding on the Closing Date which results in one or more of the Parent’s shareholders of record as of the
      Closing Date controlling more than fifty percent (50%) of the combined voting power of all classes of the common stock of the Parent shall not constitute an acquisition hereunder and (ii) subject to Section 9.20(d) (and except as otherwise permitted under Section 6.4(a)), the Borrower shall cease to be a Wholly-Owned Subsidiary of the
      Parent.

    

    

    “Class” means (i) with respect to any Commitment, its character as a
      Closing Date Term Loan Commitment or an Incremental Term Loan Commitment of a particular series, (ii) with respect to any Loan,

    

    

    
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    its character as a Closing Date Term Loan or an Incremental Term Loan of a particular series and (iii) with respect to any Lender, its character as a Lender holding
      Commitments or Loans of a particular Class.

    

    

     “Closing Date” means the date hereof.

    

    

    “Closing Date Term Loan” has the meaning set forth in Section 2.4(a).

    

    

    “Closing Date Term Loan Commitment” means, with respect to each Closing
      Date Term Loan Lender, the commitment of such Closing Date Term Loan Lender to make its portion of the Closing Date Term Loan in a principal amount equal to such Closing Date Term Loan Lender’s Closing Date Term Loan Commitment Percentage of the
      Closing Date Term Loan Committed Amount.

    

    

    “Closing Date Term Loan Commitment Percentage” means, for any Closing
      Date Term Loan Lender, the percentage identified as its Closing Date Term Loan Commitment Percentage on Schedule 2.1(a), as such percentage may be modified in connection
      with any Incremental Term Loan Commitment and/or any assignment made in accordance with the provisions of Section 9.6(b).

    

    

    “Closing Date Term Loan Committed Amount” has the meaning set forth in Section 2.4(a).

    

    

    “Closing Date Term Loan Lender” means, as of any date of determination,
      any Lender that holds a Closing Date Term Loan Commitment or a portion of the outstanding Closing Date Term Loan on such date.

    

    

    “Closing Date Term Loan Note” or “Closing Date Term Loan Notes” means the promissory notes of the Borrower in favor of each of the Closing Date Term Loan Lenders that requests a promissory note evidencing the portion of the Closing
      Date Term Loan provided pursuant to Section 2.4(d), individually or collectively, as appropriate, as such promissory notes may be amended, modified, restated, supplemented,
      extended, renewed or replaced from time to time.

    

    

    “CoBank” means CoBank, ACB, and its successors.

    

    

    “Code” means the Internal Revenue Code of 1986, as amended, and the rules
      and regulations promulgated thereunder.

    

    

    “Collateralized Bonds” means the Solid Waste Disposal Facility Revenue
      Bonds, Series 1997A, issued by the City of Wickliffe, Kentucky, and maturing on January 15, 2027.

    

    

    “Commitment” means the Closing Date Term Loan Commitment and/or any
      Incremental Term Loan Commitment, individually or collectively, as appropriate.

    

    

    “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1
      et seq.), as amended from time to time, and any successor statute.

    

    

    “Consolidated Companies” means, collectively, the Parent, the Borrower,
      all of the other Restricted Subsidiaries, each Permitted Securitization Subsidiary and, to the extent required to be consolidated with the Parent under GAAP, any Joint Venture.

    

    

    “Consolidated Company Investment” has the meaning set forth in the
      definition of “EBITDA.”

    

    

    “Consolidated Funded Debt” means the Funded Debt of the Consolidated
      Companies on a consolidated basis.

    

    

    
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    “Consolidated Interest Coverage Ratio” means, as of any date of
      determination, the ratio of (i) EBITDA for the period of the four prior Fiscal Quarters ending on such date to (ii) Consolidated Interest Expense paid or payable in cash during such period (together with any sale discounts given in connection with
      sales of accounts receivable and/or inventory by the Consolidated Companies during such period).

    

    

    “Consolidated Interest Expense” means, for any period, all Interest
      Expense of the Consolidated Companies net of interest income and income from corporate-owned life insurance programs (excluding (i) deferred financing costs included in amortization, (ii) interest expense in respect of insurance premiums, (iii)
      interest expense in respect of Indebtedness that is non-recourse to the Parent and its Restricted Subsidiaries under the laws of the applicable jurisdiction, except for Standard Securitization Undertakings, (iv) interest expense in respect of the
      write-up or write-down of the fair market value of Indebtedness and (v) any interest expense attributable to the KapStone Paper Chip Mill Contracts) of the Consolidated Companies determined on a consolidated basis in accordance with GAAP.

    

    

    “Consolidated Net Income” means the consolidated net income of the
      Consolidated Companies on a consolidated basis as defined according to GAAP before giving effect to any non-controlling interests; provided that there shall be excluded
      from Consolidated Net Income (in each case, to the extent included in consolidated net income of the Consolidated Companies) (i) any net loss or net income of any Unrestricted Subsidiary that is not a Consolidated Company and the proportionate share
      of any net loss or net income of any Joint Venture that is a Consolidated Company attributable to a Person other than a Consolidated Company, (ii) the net income or loss of any Consolidated Company for any period prior to the date it became a
      Consolidated Company as a result of any Consolidated Company Investment, (iii) the gain or loss (net of any tax effect) resulting from the sale, transfer or other disposition of any Capital Assets by the Consolidated Companies other than in the
      ordinary course of business of the Consolidated Companies, (iv) any expense in respect of severance payments to the extent paid from the assets of any Plan, (v) other extraordinary items, as defined by GAAP, of the Consolidated Companies and (vi) any
      interest expense attributable to the KapStone Paper Chip Mill Contracts.

    

    

    “Consolidated Net Tangible Assets” means, as of any date of
      determination, with respect to the Consolidated Companies, total assets minus goodwill, other intangible assets and current liabilities (other than current
      maturities of long term debt and other short term Funded Debt), all as determined in accordance with GAAP on a consolidated basis and any Consolidated Net Tangible Assets attributable to the MWV SPE Assets.

    

    

    “Contractual Obligation” of any Person means any provision of any
      security issued by such Person or of any agreement, instrument or undertaking under which such Person is obligated or by which it or any of the property owned by it is bound.

    

    

    “Copyright Licenses” means any written agreement, naming any Credit Party
      as licensor, granting any right under any Copyright.

    

    

    “Copyrights” means (a) all copyrights, now existing or hereafter created
      or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Copyright Office or in any similar office or agency of the United States, any State thereof or any other country or any
      political subdivision thereof, or otherwise, and (b) all renewals thereof.

    

    

    “Credit Agreement” has the meaning set forth in the introductory
      paragraph hereof.

    

    

    “Credit Documents” means a collective reference to this Credit Agreement,
      the Notes, the Fee Letter, any Joinder Agreement and all other related agreements and documents issued or delivered

    

    

    
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    hereunder or thereunder or pursuant hereto or thereto (excluding, however, any Guaranteed Hedging Agreement and any Guaranteed Cash Management Agreement).

    

    

    “Credit Party” means any of the Parent, any other Guarantor or the
      Borrower.

    

    

    “Credit Party Obligations” means, without duplication, (i) all of the
      obligations of the Credit Parties to the Lenders and the Administrative Agent, whenever arising, under this Credit Agreement and the other Credit Documents (including any interest accruing after the occurrence of a filing of a petition of bankruptcy
      under the Bankruptcy Code with respect to any Credit Party, regardless of whether such interest is an allowed claim under the Bankruptcy Code) and (ii) all liabilities and obligations, whenever arising, owing from any Credit Party or any of its
      Subsidiaries to any Hedging Agreement Provider under any Guaranteed Hedging Agreement or to any Cash Management Bank under any Guaranteed Cash Management Agreement.  Notwithstanding anything to the contrary contained in this Credit Agreement or any
      provision of any other Credit Document, Credit Party Obligations shall not extend to or include any Excluded Swap Obligation.

    

    

    “DDTL Agreement” means the Credit Agreement dated as of March 7, 2018
      among the Parent (as successor to Whiskey Holdco, Inc.), as borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent.

    

    

    “Debt to Capitalization Ratio” means, as of the last day of any Fiscal
      Quarter, the ratio (expressed as a percentage) of (a)(i) Total Funded Debt minus (ii) the aggregate amount of cash on the consolidated balance sheet of the
      Parent and its Restricted Subsidiaries attributable to the net proceeds of an issuance or incurrence of Indebtedness that constitutes Refinancing Indebtedness in respect of existing Indebtedness maturing within 180 days of such issuance or
      incurrence, to (b) the sum of (i)(x) Total Funded Debt minus (y) the aggregate amount of cash on the consolidated balance sheet of the Parent and its
      Restricted Subsidiaries attributable to the net proceeds of an issuance or incurrence of Indebtedness that constitutes Refinancing Indebtedness in respect of existing Indebtedness maturing within 180 days of such issuance or incurrence plus (ii) the
      Equity Capitalization plus (iii) deferred Taxes of the Parent and its consolidated Subsidiaries, each as of the last day of such Fiscal Quarter.

    

    

    “Default” means any event, act or condition which with notice or lapse of
      time, or both, would constitute an Event of Default.

    

    

    “Defaulting Lender” means, at any time, any Lender that, at such time,
      (a) has failed to fund any portion of any Term Loan required to be funded by it hereunder within two Business Days of the date required to be funded by it hereunder unless such Lender notifies the Administrative Agent and the Parent in writing that
      such failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not
      been satisfied, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, unless such amount is the subject of a good faith
      dispute, (c) has notified any Credit Party, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does
      not intend to comply or has failed to comply with its funding obligations under this Agreement or under other agreements generally in which it commits or is obligated to extend credit, or (d) has become or is, or has a direct or indirect parent
      company that has become or is, insolvent or has become, or has a direct or indirect parent company that has become,  the subject of a bankruptcy or insolvency proceeding, or has had, or has a direct or indirect parent company that has had, a
      receiver, conservator, trustee or custodian appointed for it, or has taken, or has a direct or indirect parent company that has taken, any action in furtherance of, or indicating its consent to, approval of or acquiescence in any

    

    

    
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    such proceeding or appointment, or has become or has a direct or indirect parent company that has become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of (x) the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof by a
      Governmental Authority or (y) in the case of a solvent Person, the precautionary appointment of an administrator, guardian, custodian or other similar official by a Governmental Authority under or based on the applicable law of the country where such
      Person is subject to home jurisdiction supervision if any applicable law requires that such appointment not be publicly disclosed, in any such case, so long as such ownership interest or appointment, as applicable, does not result in or provide such
      Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
      any contracts or agreements made with such Lender.

    

    

    “Discount Range” has the meaning specified in Section 2.11(c)(ii).

    

    

    “Discounted Prepayment Option Notice” means a Discounted Prepayment
      Option Notice substantially in the form of Exhibit J.

    

    

    “Discounted Voluntary Prepayment” has the meaning specified in Section 2.11(c)(i).

    

    

    “Discounted Voluntary Prepayment Notice” means a Discounted Voluntary
      Prepayment Notice substantially in the form of Exhibit L.

    

    

    “Disqualified Institution” means (a) certain banks, financial
      institutions and other institutional lenders or investors or any competitors of the Parent that, in each case, have been specified by name to the Administrative Agent by the Parent in writing prior to the Closing Date (collectively, the “Identified Institutions”) and (b) with respect to such Identified Institutions, Persons (such Persons, “Known
          Affiliates”) that are Affiliates of such Identified Institutions readily identifiable as such by the name of such Person, but excluding any Person that is a bona fide debt fund or investment vehicle that is engaged in making,
      purchasing, holding or otherwise investing in loans, bonds or similar extensions of credit or securities in the ordinary course of business; provided that, upon reasonable
      notice to the Administrative Agent after the Closing Date, the Parent shall be permitted to supplement in writing the list of Persons that are Disqualified Institutions with the name of any Person that is or becomes a competitor of the Parent or any
      of its Restricted Subsidiaries or a Known Affiliate of one of the competitors of the Parent or any of its Restricted Subsidiaries, which supplement shall be in the form of a list of names provided to the Administrative Agent and shall become
      effective upon delivery to the Administrative Agent, but which supplement shall not apply retroactively to disqualify any persons that have previously acquired an interest in respect of the Loans or Commitments hereunder.

    

    

    “Domestic Subsidiary” means any Subsidiary that is organized and existing
      under the laws of the United States, any state thereof or the District of Columbia.

    

    

    “EBITDA” means for any fiscal period, Consolidated Net Income for such
      period plus (a) the following (without duplication) to the extent deducted in determining such Consolidated Net Income, in each case as determined for the Consolidated
      Companies in accordance with GAAP for the applicable period: (i) Consolidated Interest Expense, (ii) consolidated tax expenses, including all federal, state, provincial, local income and similar taxes (provided that, if the entry for consolidated tax expenses increases (rather than decreases) Consolidated Net Income for such fiscal period, then EBITDA shall be reduced by the amount of consolidated tax expenses
      for such fiscal period), (iii) depreciation and amortization expenses, (iv) all charges and expenses for financing fees and expenses and write-offs of deferred financing fees and expenses, remaining portions of original issue discount on prepayment
      of Indebtedness, premiums paid  in respect of prepayment of Indebtedness, and commitment fees (including bridge fees and ticking

    

    

    
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    fees but excluding, for the avoidance of doubt, periodic revolver drawn or unused line fees) in respect of financing commitments, (v) all charges and expenses associated
      with the write up of inventory acquired in Acquisitions or in any other Investments that become Consolidated Companies (or Property of Consolidated Companies, including by way of merger, consolidation or amalgamation) (such Acquisitions or
      Investments, “Consolidated Company Investments”), in each case as required by Accounting Standards Codification (“ASC”) 805 – “Business Combinations”, (vi) all other non-cash charges, including non-cash charges for the impairment of goodwill taken pursuant to ASC 350 – “Intangibles - Goodwill and Other”, acquisition-related expenses
      taken pursuant to ASC 805 (whether consummated or not), stock-based compensation and restructuring and other charges, (vii) all legal, accounting and other professional advisory fees and expenses incurred in respect of Consolidated Company
      Investments and related financing transactions, (viii) (A) all expenses related to payments made to officers and employees, including any applicable excise taxes, of the acquired companies and businesses in any Consolidated Company Investment and
      other payments due in respect of employment agreements entered into as provided in the agreements relating to any Consolidated Company Investment, and retention bonuses and other transition and integration costs, including information technology
      transition costs, related to any Consolidated Company Investment, (B) change of control expenses of the acquired companies and businesses in any Consolidated Company Investment, (C) all non-recurring cash expenses taken in respect of any
      multi-employer and defined benefit pension plan obligations (without duplication) that are not related to plant and other facilities closures and (D) all cash acquisition-related expenses taken pursuant to ASC 805 (whether consummated or not), all
      cash charges and expenses for plant and other facility closures (whether complete or partial) and other cash restructuring charges, labor disruption charges and officer payments in connection with any Consolidated Company Investment or associated
      with efforts to achieve EBITDA synergies or improvements; provided that the amount added back under this clause (viii) shall not exceed 10% of EBITDA (calculated prior to
      such addback), in each case in the aggregate for any period of four consecutive Fiscal Quarters, (ix) run-rate synergies expected to be achieved within 12 months following the end of such period due to any Consolidated Company Investment as a result
      of specified actions taken or expected in good faith to be taken (calculated on a pro forma basis as though such synergies had been realized on the first day of such period) and not already included in EBITDA; provided that (A) the aggregate initial estimated run-rate synergies for any Consolidated Company Investment with respect to which an add-back is made pursuant to this clause (ix) during any period of
      four consecutive Fiscal Quarters shall not exceed 10% of EBITDA (calculated prior to such addback) and (B) the aggregate add-back that may be made pursuant to this clause (ix) in respect of the expected run-rate synergies for any Consolidated Company
      Investment shall not exceed, for the four consecutive Fiscal Quarter period ending (v) on the last day of the first Fiscal Quarter ending after the date of such Consolidated Company Investment, 100% of the initial estimated run-rate synergies thereof
      (or such lesser amount necessary to comply with the immediately preceding clause (A)), (w) on the last day of the second Fiscal Quarter ending after the date of such Consolidated Company Investment, 75% of the initial estimated run-rate synergies
      thereof (or such lesser amount necessary to comply with the immediately preceding clause (A)), (x) on the last day of the third Fiscal Quarter ending after the date of such Consolidated Company Investment, 50% of the initial estimated run-rate
      synergies thereof (or such lesser amount necessary to comply with the immediately preceding clause (A)), (y) on the last day of the fourth Fiscal Quarter ending after the date of such Consolidated Company Investment, 25% of the initial estimated
      run-rate synergies thereof (or such lesser amount necessary to comply with the immediately preceding clause (A)), and (z) on the last day of each subsequent Fiscal Quarter, 0% of the initial estimate run-rate synergies thereof and (C) such synergies
      are reasonably identifiable, factually supportable and certified by the chief executive officer or the chief financial officer of the Parent and acceptable to the Administrative Agent (not to be unreasonably withheld) (it is understood and agreed
      that “run-rate” means the full recurring benefit for a period that is associated with any action taken or expected to be taken provided that such benefit is expected to be realized within 12 months of taking such action), (x) all non-recurring cash
      expenses taken in respect of any multi-employer and defined benefit pension plan obligations (without duplication) that are related to plant and other facilities closures (whether complete or partial), (xi) business interruption insurance items and
      other

    

    

    
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    expenses, in each case during such period that the Parent believes, in good faith, shall be reimbursed by a third party (including through insurance or indemnity
      payments) not later than 365 days after the last day of the Fiscal Quarter for which an add back is first taken under this clause (xi) for such item or expense (provided
      that, if such item or expense has not been reimbursed, in whole or in part, on or prior to such 365th day, then EBITDA for the period next ending after such 365th day shall be reduced by an amount equal to the excess of the add-back taken for such
      item or expense pursuant to this clause (xi) over the amount, if any, that is reimbursed with respect to such item or expense on or prior to such 365th day), and (xii) all sale discounts given in connection with sales of accounts receivables and/or
      inventory, plus (b) cash distributions of earnings of Unrestricted Subsidiaries made to a Consolidated Company to the extent previously excluded in the determination of
      Consolidated Net Income by virtue of clause (i) of the definition of Consolidated Net Income, minus (c) the following (without duplication) to the extent added in
      determining such Consolidated Net Income, in each case as determined for the Consolidated Companies in accordance with GAAP for the applicable period:  all non-cash gains (other than any such non-cash gains (i) in respect of which cash was received
      in a prior period or will be received in a future period and (ii) that represent the reversal of any accrual in a prior period for, or the reversal of any cash reserves established in any prior period for, anticipated cash charges).

    

    

    “EEA Financial Institution” means (a) any credit institution or
      investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
      definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

    

    

    “EEA Member Country” means any of the member states of the European
      Union, Iceland, Liechtenstein, and Norway.

    

    

    “EEA Resolution Authority” means any public administrative authority or
      any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

    

    

    “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender,
      (c) an Approved Fund and (d) any other Person (other than (i) a natural person or (ii) a Disqualified Institution to the extent that the list of Disqualified Institutions has been provided to the Lenders at the Parent’s request); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include any Defaulting Lender, any Credit Party or any of the Credit Party’s Affiliates or
      Subsidiaries.

    

    

    “Environment” means indoor air, ambient air, surface water, groundwater,
      drinking water, land surface, subsurface strata, and natural resources such as wetlands, flora and fauna.

    

    

    “Environmental Laws” means any and all applicable foreign, federal,
      state, provincial, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common law) regulating, relating to or imposing liability
      or standards of conduct concerning protection of human health or the Environment, as now or is at any relevant time in effect during the term of this Credit Agreement.

    

    

    “Equity Capitalization” means as of the date of its determination,
      consolidated shareholders’ equity of the Parent and its consolidated Subsidiaries, as determined in accordance with GAAP.

    

    

    “ERISA” means the Employee Retirement Income Security Act of 1974, as
      amended, and any successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same may be in

    

    

    
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    effect from time to time.  References to sections of ERISA shall be construed also to refer to any successor sections.

    

    

    “ERISA Affiliate” means an entity which is under common control with any
      Credit Party within the meaning of Section 4001(a)(14) of ERISA, or is a member of a group which includes any Credit Party and which is treated as a single employer under subsection (b) or (c) of Section 414 of the Code.

    

    

    “ERISA Event” means (a) a Reportable Event with respect to a Pension
      Plan; (b) with respect to any Pension Plan, the failure to satisfy the minimum funding standard under Section 412 of the Code and Section 302 of ERISA, whether or not waived; (c) a withdrawal by the Parent or any ERISA Affiliate from a Pension Plan
      subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (d) a complete or
      partial withdrawal, within the meaning of Section 4203 or 4205 of ERISA, by the Parent or any ERISA Affiliate from a Multiemployer Plan or the receipt by any Credit Party or any ERISA Affiliate of notification that a Multiemployer Plan is insolvent,
      within the meaning of Title IV of ERISA or in “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (e) the filing of a notice with the PBGC of intent to terminate a Pension Plan in a distress
      termination described in Section 4041(c) of ERISA or the commencement of proceedings by the PBGC to terminate or to appoint a trustee to administer a Pension Plan; or (f) the imposition of any liability under Title IV of ERISA with respect to the
      termination of any Pension Plan upon the Parent or any ERISA Affiliate.

    

    

    “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation
      Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

    

    

    “Eurodollar Reserve Percentage” means for any day, the percentage which
      is in effect for such day as prescribed by the Federal Reserve Board (or any successor) for determining the maximum reserve requirement (including any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities, as defined in
      Regulation D of such Board as in effect from time to time, or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.

    

    

    “Event of Default” has the meaning set forth in Section 7.1.

    

    

    “Exchange Act” means Securities Exchange Act of 1934, as amended.

    

    

    “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap
      Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
      Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the
      regulations thereunder at the time the Guaranty of such Guarantor becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the
      portion of such Swap Obligation that is attributable to swaps for which such Guaranty is or becomes illegal.

    

    

    “Excluded Taxes” means, with respect to the Administrative Agent, any
      Lender or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) any Tax on such recipient’s net income or profits (or franchise Tax or branch profits
      Tax), in each case (a) imposed by a jurisdiction as a result of such recipient being organized or having its principal office or applicable lending office in such jurisdiction or (b) that is an Other Connection Tax, (ii) solely with respect to any
      Loans or advances to the Borrower, any U.S. federal

    

    

    
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    withholding Tax imposed on amounts payable to a Lender (other than any Lender becoming a party hereto pursuant to a request under Section 2.23) with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (A) such Lender acquired such interest in the applicable Commitment or, if
      such Lender did not fund the applicable Loan pursuant to a prior Commitment, on the date such Lender acquired its interest in such Loan or (B) such Lender designates a new lending office, except in each case to the extent that amounts with respect to
      such Taxes were payable under Section 2.21 either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or such
      Lender immediately before it changed its lending office, (iii) any withholding Taxes attributable to a Lender’s failure to comply with Section 2.21(d) and (iv) any Tax
      imposed under FATCA.

    

    

    “Existing Credit Agreement” means the Credit Agreement dated as of July
      1, 2015 (as amended, supplemented or otherwise modified from time to time), among the Parent, WestRock CP, LLC, a Delaware limited liability company, WestRock Converting, LLC (f/k/a WestRock Converting Company), a Georgia limited liability company,
      WestRock Virginia, LLC (f/k/a WestRock Virginia Corporation), a Delaware limited liability company, as borrowers, the other guarantors from time to time party thereto, the lenders from time to time party thereto, and CoBank, as administrative agent.

    

    

     “Existing MWV Notes” means, collectively, the notes of MWV set forth on
      Schedule 1.1(a)(i).

    

    

    “Existing RKT Senior Notes” means, collectively, the notes of RKT set
      forth on Schedule 1.1(a)(ii).

    

    

    “Existing Senior Notes” means, collectively, the Existing MWV Notes and
      the Existing RKT Senior Notes.

    

    

     “Extension of Credit” means, as to any Lender, the making of a Loan by
      such Lender.

    

    

    “Farm Credit Equity Documents” has the meaning given such term in Section 9.20(a).

    

    

    “Farm Credit Equities” has the meaning specified in Section 9.20(a).

    

    

    “Farm Credit Lender” means a federally chartered Farm Credit System
      lending institution organized under the Farm Credit Act of 1971.

    

    

    “FATCA” means Sections 1471 through 1474 of the Code as of the Closing
      Date (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future Treasury regulations or other official administrative interpretations thereof, any agreements
      entered into pursuant to current Section 1471(b)(1) of the Code (and any amended or successor version described above) and any intergovernmental agreements implementing the foregoing.

    

    

    “Federal Funds Rate” means, for any day, the rate of interest per annum
      (rounded upwards, if necessary, to the nearest whole multiple of 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System of the United States on such day, as published
      by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (i) if such day is not a Business Day, the Federal Funds Rate for such
      day shall be such rate on such transactions on the next preceding Business Day and (ii) if no such rate is so published on such next preceding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Administrative
      Agent on such day on such transactions as reasonably determined by the Administrative Agent.  Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

    

    

    
      13

      
        

    

    

    

    

    

    “Fee Letter” means the Fee Letter dated as of September 4, 2019, between
      the Parent and CoBank, as amended, restated, modified or supplemented from time to time.

    

    

    “Fees” means all fees payable pursuant to Section 2.13.

    

    

    “Fiscal Quarter” means any fiscal quarter of the SEC Filer.

    

    

    “Fiscal Year” means any fiscal year of the SEC Filer.

    

    

    “Foreign Plan” means each employee benefit plan (within the meaning of
      Section 3(3) of ERISA, whether or not subject to ERISA) maintained or contributed to by any Credit Party or any of its Subsidiaries or in respect of which any Credit Party or any of its Subsidiaries is obligated to make contributions, in each case,
      for the benefit of employees of any Credit Party or any of its Subsidiaries other than those employed within the United States, other than a plan maintained exclusively by a Governmental Authority.

    

    

    “Foreign Plan Event” means, with respect to any Foreign Plan, (A) the
      failure to make or, if applicable, accrue in accordance with applicable accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan; (B) the failure to register or loss of good standing
      with applicable regulatory or tax authorities of any such Foreign Plan required to be registered or registered to maintain advantageous tax status; or (C) the failure of any Foreign Plan to comply with any provisions of applicable law and regulations
      or with the material terms of such Foreign Plan.

    

    

    “Foreign Subsidiary” means any Subsidiary that is not a Domestic
      Subsidiary.

    

    

    “Fund” means any Person (other than a natural person) that is (or will
      be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

    

    

    “Funded Debt” means, with respect to any Person, without duplication,
      (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person under conditional sale or other title retention agreements
      relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (iv) all obligations of such Person incurred, issued or assumed
      as the deferred purchase price of property or services purchased by such Person (other than trade debt and other accrued obligations incurred in the ordinary course of business and due within six (6) months of the incurrence thereof) that would
      appear as liabilities on a balance sheet of such Person, (v) the principal portion of all obligations of such Person under Capital Leases, (vi) the maximum amount of all letters of credit issued or bankers’ acceptances facilities created for the
      account of such Person (other than letters of credit issued for the account of such Person in support of industrial revenue or development bonds that are already included as Indebtedness of such Person under clause (ii) above) and, without
      duplication, all drafts drawn thereunder (to the extent unreimbursed), (vii) all preferred Capital Stock or other equity interests issued by such Person and which by the terms thereof could be (at the request of the holders thereof or otherwise)
      subject to (A) mandatory sinking fund payments prior to the date six (6) months after the Latest Maturity Date, (B) redemption prior to the date six (6) months after the Latest Maturity Date or (C) other acceleration prior to the date six (6) months
      after the Latest Maturity Date, (viii) the principal balance outstanding under any Synthetic Lease, (ix) all Indebtedness of others of the type described in clauses (i) through (viii) hereof (which, for purposes of clarity, will not include any of
      the items described in clause (A)(I) through (A)(XII) below) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from,
      property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed and (x) all Guaranty Obligations of such Person

    

    

    
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    with respect to Indebtedness of another Person of the type described in clauses (i) through (ix) hereof (which, for purposes of clarity, will not include any of the
      items described in clause (A)(I) through (A)(XII) below); provided, however, that (A) in the
      case of the Consolidated Companies, Funded Debt shall not include (I) intercorporate obligations solely among the Consolidated Companies, (II) lease obligations pledged as collateral to secure industrial development bonds, (III) hedge adjustments
      resulting from terminated fair value interest rate derivatives, (IV) Indebtedness that is non-recourse to such Person under the laws of the applicable jurisdiction (except for Standard Securitization Undertakings), including installment notes issued
      in timber transactions in the ordinary course of business of the Consolidated Companies, (V) guarantees of the debt of suppliers and vendors incurred in the ordinary course of business of the Consolidated Companies to the extent that the obligations
      thereunder do not exceed, in the aggregate, $35,000,000, (VI) trade payables re-characterized as Indebtedness in accordance with GAAP under travel and expense reimbursement cards, procurement cards, supply chain finance and similar programs to the
      extent that the obligations thereunder are satisfied within 180 days of their incurrence under the applicable program, (VII) any obligation in respect of earn-outs, purchase price adjustments or similar acquisition consideration arrangements except
      to the extent such obligation is no longer contingent and appears as a liability on the balance sheet of the Consolidated Companies in accordance with GAAP, (VIII) any industrial development bonds or similar instruments with respect to which both the
      debtor and the investor are Consolidated Companies, (IX) any industrial revenue or development bonds that have been redeemed, repurchased or defeased by the Consolidated Companies or otherwise (and any other Indebtedness, including Guaranty
      Obligations, in respect of such bonds), (X) the portion of any industrial revenue or development bonds that have been cash collateralized (and any other Indebtedness, including Guaranty Obligations, in respect of such portion of such bonds) (it being
      understood and agreed that the carveout in this clause (X) shall include the aggregate principal amount of the Collateralized Bonds that is outstanding as of the Closing Date (and any other Indebtedness, including Guaranty Obligations, in respect of
      such bonds)),  (XI) obligations with respect to insurance policy loans to the extent offset by the assets of the applicable insurance policies and (XII) financing liabilities arising under the KapStone Paper Chip Mill Contracts (in an amount, as of
      December 31, 2017, of approximately $86,000,000, as such amounts may increase or decrease in accordance with the terms of the KapStone Paper Chip Mill Contracts), (B) the Funded Debt of any Person shall include the Funded Debt of any other entity
      that is not a Consolidated Company (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to
      the extent the terms of such Funded Debt expressly provide that such Person is not liable therefor and (C) with respect to any Funded Debt of any Consolidated Company that is a partnership or Joint Venture, the Funded Debt of such partnership or
      Joint Venture shall be limited to the product of the Ownership Share of the Credit Parties and their Restricted Subsidiaries in such partnership or Joint Venture multiplied by the principal amount of such Funded Debt, unless a larger amount of such
      Funded Debt is recourse to a Credit Party or any Restricted Subsidiary (in which event such larger amount of such Funded Debt shall constitute Funded Debt).

    

    

     “GAAP” means generally accepted accounting principles in the United
      States applied on a consistent basis and subject to the terms of Section 1.3.

    

    

    “Governmental Authority” means any nation or government, any state or
      other political subdivision thereof and any entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (including any supra-national bodies such as the European Union or the
      European Central Bank).

    

    

    “Guaranteed Cash Management Agreement” means any Cash Management
      Agreement that is entered into by and between any Credit Party and any Cash Management Bank, as amended, restated, amended and restated, modified, supplemented or extended from time to time.

    

    

    
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    “Guaranteed Hedging Agreement” means any Hedging Agreement between a
      Credit Party and a Hedging Agreement Provider, as amended, restated, amended and restated, modified, supplemented or extended from time to time.

    

    

    “Guarantors” means the Initial Guarantors and any Additional Credit
      Party.

    

    

    “Guaranty” means the guaranty of the Guarantors set forth in Article X.

    

    

    “Guaranty Obligations” means, with respect to any Person, without
      duplication, any obligations of such Person (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner,
      whether direct or indirect, and including any obligation, whether or not contingent, (i) to purchase any such Indebtedness or any property constituting security therefor, (ii) to advance or provide funds or other support for the payment or purchase
      of any such Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person (including keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements) for the benefit of
      any holder of Indebtedness of such other Person, (iii) to lease or purchase Property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (iv) to otherwise assure or hold harmless the holder of such
      Indebtedness against loss in respect thereof.  The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if
      larger) of the Indebtedness in respect of which such Guaranty Obligation is made.

    

    

    “Hazardous Substances” means any substance, waste, chemical, pollutant or
      contaminant, material or compound in any form, including petroleum, crude oil or any fraction thereof, asbestos or asbestos containing materials, or polychlorinated biphenyls, that is regulated pursuant to any Environmental Law.

    

    

    “Hedging Agreement Provider” means any Person that (i) to the extent it
      is not a Lender, has provided the Administrative Agent with a fully executed Designation Notice, substantially in the form of Exhibit D and (ii) enters into a Hedging
      Agreement with a Credit Party or any of its Subsidiaries that is permitted by Section 6.3 to the extent that (a) such Person is a Lender, the Administrative Agent, an
      Affiliate of a Lender or the Administrative Agent or any other Person that was a Lender or the Administrative Agent (or an Affiliate of a Lender or the Administrative Agent) at the time it entered into the Hedging Agreement but has ceased to be a
      Lender or the Administrative Agent (or whose Affiliate has ceased to be a Lender or the Administrative Agent) under the Credit Agreement or (b) such Person is a Lender, the Administrative Agent or an Affiliate of a Lender or the Administrative Agent
      on the Closing Date and the Hedging Agreement to which such Person is a party was entered into on or prior to the Closing Date (even if such Person ceases to be a Lender or the Administrative Agent or such Person’s Affiliate ceased to be a Lender or
      the Administrative Agent); provided, in the case of a Guaranteed Hedging Agreement with a Person who is no longer a Lender, such Person shall be considered a Hedging
      Agreement Provider only through the stated maturity date (without extension or renewal or increase in notional amount) of such Guaranteed Hedging Agreement.

    

    

    “Hedging Agreements” means, with respect to any Person, any agreement
      entered into to protect such Person against fluctuations in interest rates, or currency or raw materials values, including any interest rate swap, cap or collar agreement or similar arrangement between such Person and one or more counterparties, any
      foreign currency exchange agreement, currency protection agreements, commodity purchase or option agreements or other interest or exchange rate or commodity price hedging agreements, but excluding (i) any purchase, sale or option agreement relating
      to commodities used in the ordinary course of such Person’s business and (ii) any agreement existing as of the Closing Date or entered into after the

    

    

    
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    Closing Date in accordance with the historical practices of the Consolidated Companies related to the fiber trading and fiber brokerage business of such Persons.

    

    

    “Identified Institutions” has the meaning set forth in the definition of
      “Disqualified Institutions”.

    

    

    “Immaterial Subsidiary” means any Restricted Subsidiary (other than the
      Borrower) where (a) the Consolidated Net Tangible Assets of such Restricted Subsidiary are less than 5.0% of the Consolidated Net Tangible Assets of the Consolidated Companies as of the end of the most recent full Fiscal Quarter for which internal
      financial statements are available immediately preceding the date of determination and (b) the EBITDA of such Restricted Subsidiary is less than 5.0% of the EBITDA of the Consolidated Companies as of the end of the four most recent full Fiscal
      Quarters, treated as one period, for which internal financial statements are available immediately preceding the date of determination, in each of the foregoing clauses (a) and (b), determined in accordance with GAAP; provided that Immaterial Subsidiaries may not in the aggregate have (x) Consolidated Net Tangible Assets
      constituting in excess of 15.0% of the Consolidated Net Tangible Assets of the Consolidated Companies as of the end of the most recent full Fiscal Quarter for which internal financial statements are available immediately preceding the date of
      determination or (y) EBITDA constituting in excess of 15.0% of the EBITDA of the Consolidated Companies as of the end of the four most recent full Fiscal Quarters, treated as one period, for which internal financial statements are available
      immediately preceding the date of determination, in each of the foregoing clauses (x) and (y), determined in accordance with GAAP (and, in the event that the Consolidated Net Tangible Assets and/or the EBITDA of all Immaterial Subsidiaries exceed the
      thresholds specified in the foregoing clauses (x) and (y), as applicable, one or more of the Restricted Subsidiaries that would otherwise have qualified as Immaterial Subsidiaries shall be deemed to be Material Subsidiaries in descending order based
      on the amounts of their respective Consolidated Net Tangible Assets or EBITDA, as the case may be, until such excess has been eliminated).

    

    

    “Increased Amount Date” has the meaning assigned thereto in Section 2.26(a).

    

    

    “Incremental Term Loan” has the meaning assigned thereto in Section 2.26(a)(i).

    

    

    “Incremental Term Loan Lender” means a Lender with an Incremental Term
      Loan Commitment or an outstanding Incremental Term Loan.

    

    

    “Incremental Term Loan Commitment” has the meaning assigned thereto in Section 2.26(a)(i).

    

    

    “Incremental Term Loan Note” or “Incremental Term Loan Notes” means the promissory notes of the Borrower in favor of each of the Incremental Term Loan Lenders that requests a promissory note evidencing the portion of the Incremental
      Term Loans provided pursuant to Section 2.26, individually or collectively, as appropriate, as such promissory notes may be amended, modified, restated, supplemented,
      extended, renewed or replaced from time to time.

    

    

    “Indebtedness” means, with respect to any Person, without duplication,
      (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person under conditional sale or other title retention agreements
      relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (iv) all obligations of such Person issued or assumed as the
      deferred purchase price of property or services purchased by such Person (other than trade debt and other accrued obligations incurred in the ordinary course of business and due within six (6) months of the incurrence thereof) that would appear as
      liabilities on a balance sheet of such Person, (v) all obligations of such Person under take-or-pay or similar arrangements or under commodities agreements (excluding (a) any purchase, sale or option agreement relating to commodities

    

    

    
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    used in the ordinary course of such Person’s business and (b) any agreement existing as of the Closing Date or entered into after the Closing Date in the ordinary course
      of business of the Credit Parties and the Restricted Subsidiaries related to the fiber trading and fiber brokerage businesses (other than any agreement entered into for speculative purposes) of such Persons), (vi) all Indebtedness of others (which,
      for purposes of clarity, will not include any of the items described in clauses (A)(I) through (A)(XII) below) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or
      payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed; provided that
      so long as such Indebtedness is non-recourse to such Person, only the portion of such obligations which is secured shall constitute Indebtedness hereunder, (vii) all Guaranty Obligations of such Person with respect to Indebtedness of another Person
      (which, for purposes of clarity, will not include any of the items described in clauses (A)(I) through (A)(XII) below), (viii) the principal portion of all obligations of such Person under Capital Leases plus any accrued interest thereon, (ix) all
      obligations of such Person under Hedging Agreements to the extent required to be accounted for as a liability under GAAP, excluding any portion thereof which would be accounted for as interest expense under GAAP, (x) the maximum amount of all letters
      of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (xi) all preferred Capital Stock or other equity interests issued by such
      Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to (A) mandatory sinking fund payments prior to the date six (6) months after the Latest Maturity Date, (B) redemption prior to the date six
      (6) months after the Latest Maturity Date or (C) other acceleration prior to the date six (6) months after the Latest Maturity Date and (xii) the principal balance outstanding under any Synthetic Lease plus any accrued interest thereon; provided, however, that (A) in the case of the Consolidated Companies, Indebtedness shall not
      include (I) intercorporate obligations solely among the Consolidated Companies, (II) lease obligations pledged as collateral to secure industrial development bonds, (III) hedge adjustments resulting from terminated fair value interest rate
      derivatives, (IV) non-recourse installment notes issued in timber transactions in the ordinary course of business of the Consolidated Companies, (V) guarantees of the debt of suppliers and vendors incurred in the ordinary course of business of the
      Consolidated Companies to the extent that the obligations thereunder do not exceed, in the aggregate, $35,000,000, (VI) trade payables re-characterized as Indebtedness in accordance with GAAP under travel and expense reimbursement cards, procurement
      cards, supply chain finance and similar programs to the extent that the obligations thereunder are satisfied within 180 days of their incurrence under the applicable program, (VII) any obligations in respect of earn-outs, purchase price adjustments
      or similar acquisition consideration arrangements except to the extent such obligation is no longer contingent and appears as a liability on the balance sheet of the Consolidated Companies in accordance with GAAP, (VIII) any industrial development
      bonds or similar instruments with respect to which both the debtor and the investor are Consolidated Companies, (IX) any industrial revenue or development bonds that have been redeemed, repurchased or defeased by the Consolidated Companies or
      otherwise (and any other Indebtedness, including Guaranty Obligations, in respect of such bonds), (X) the portion of any industrial revenue or development bonds that have been cash collateralized (and any other Indebtedness, including Guaranty
      Obligations, in respect of such portion of such bonds) (it being understood and agreed that the carveout in this clause (X) shall include the aggregate principal amount of the Collateralized Bonds that is outstanding as of the Closing Date (and any
      other Indebtedness, including Guaranty Obligations, in respect of such bonds)),  (XI) obligations with respect to insurance policy loans to the extent offset by the assets of the applicable insurance policies and (XII) financing liabilities arising
      under the KapStone Paper Chip Mill Contracts (in an amount, as of December 31, 2017, of approximately $86,000,000, as such amounts may increase or decrease in accordance with the terms of the KapStone Paper Chip Mill Contracts), (B) the Indebtedness
      of any Person shall include the Indebtedness of any other entity that is not a Consolidated Company (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
      ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor and (C) with respect to any Indebtedness of any Consolidated Company

    

    

    
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    that is a partnership or Joint Venture, the Indebtedness of such partnership or Joint Venture shall be limited to the product of the Ownership Share of the Credit
      Parties and their Restricted Subsidiaries in such partnership or Joint Venture multiplied by the principal amount of such Indebtedness, unless a larger amount of such Indebtedness is recourse to a Credit Party or any Restricted Subsidiary (in which
      event such larger amount of such Indebtedness shall constitute Indebtedness).

    

    

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

    

    

    “Indemnitee” has the meaning set forth in Section 9.5(b).

    

    

    “Information” has the meaning set forth in Section 9.14.

    

    

    “Information Materials” has the meaning set forth in Section 5.7.

    

    

    “Initial Guarantors” has the meaning set forth in the introductory
      paragraph hereof.

    

    

    “Intellectual Property” means all Copyrights, Copyright Licenses,
      Patents, Patent Licenses, Trademarks and Trademark Licenses.

    

    

    “Intercompany Debt” has the meaning set forth in Section 9.18.

    

    

    “Interest Determination Date” has the meaning set forth in the definition
      of “Applicable Percentage”.

    

    

    “Interest Expense” means, with respect to any Person for any period, the
      sum of the amount of interest paid or accrued in respect of such period.

    

    

    “Interest Payment Date” means (a) as to any Base Rate Loan, the last day
      of each March, June, September and December and the Maturity Date of the applicable Class of Loans, (b) as to any LIBOR Rate Loan having an Interest Period of three (3) months or less, the last day of such Interest Period, and (c) as to any LIBOR
      Rate Loan having an Interest Period longer than three (3) months, each day which is three (3) months after the first day of such Interest Period and the last day of such Interest Period.

    

    

    “Interest Period” means, as to any LIBOR Rate Loan, a period of one (1),
      two (2), three (3) or six (6) months duration (or any other period if agreed to by each applicable Lender), as the Borrower may elect, commencing in each case, on the date of the borrowing (including conversions, extensions and renewals); provided, however, (i) if any Interest Period would end on a day which is not a Business Day, such
      Interest Period shall be extended to the next succeeding Business Day (except that in the case of LIBOR Rate Loans where the next succeeding Business Day falls in the next succeeding calendar month, then on the next preceding Business Day), (ii) no
      Interest Period with respect to any Class of Loans shall extend beyond the Maturity Date for such Class and (iii) in the case of LIBOR Rate Loans, where an Interest Period begins on a day for which there is no numerically corresponding day in the
      calendar month in which the Interest Period is to end, such Interest Period shall end on the last day of such calendar month; provided, however, (A) if the Borrower shall fail to give notice as provided above, the Borrower shall be deemed to have selected a Base Rate Loan and (B) no more than twelve (12) LIBOR Rate Loans may be in
      effect at any time.  For purposes hereof, LIBOR Rate Loans with different Interest Periods shall be considered as separate LIBOR Rate Loans, even if they shall begin on the same date, although borrowings, extensions and conversions may, in accordance
      with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new LIBOR Rate Loan with a single Interest Period.

    

    

    
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    “Investment” means, as to any Person, any direct or indirect acquisition
      or investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person or (b) the purchase or other acquisition (in one transaction or a series of transactions) of assets of
      another Person that constitute a business unit.

    

    

    “Investment Purpose” means the financing (or refinancing) of investments
      by any Credit Party (or any of their respective predecessors) in mills that are located in rural areas with populations of no more than 20,000 and that utilize waste and waste product (through the recycling of fiber) as inputs for their operations.

    

    

    “IRS” means the United States Internal Revenue Service.

    

    

    “Joinder Agreement” means a Joinder Agreement in substantially the form
      of Exhibit H, executed and delivered by each Person who becomes a Guarantor in accordance with the provisions of Section 5.10.

    

    

    “Joint Venture” means, with respect to any Person, any corporation or
      other entity (including limited liability companies, partnerships, joint ventures, and associations) regardless of its jurisdiction of organization or formation, of which some but less than 100% of the total combined voting power of all classes of
      Voting Stock or other ownership interests, at the time as of which any determination is being made, is owned by such Person, either directly or indirectly through one or more Subsidiaries of such Person.

    

    

    “KapStone” means KapStone Paper and Packaging Corporation, a Delaware
      corporation.

    

    

    “KapStone Combination” means, collectively, the KapStone Merger and the
      WestRock Merger.

    

    

    “KapStone Merger” means the merger of KapStone and Kola Merger Sub, Inc.,
      a Delaware corporation, pursuant to the KapStone Merger Agreement, pursuant to which KapStone was the surviving corporation.

    

    

    “KapStone Paper Chip Mill Contracts” means the non-cancellable contracts
      entered into by KapStone in 2015 to construct facilities to produce wood chips for use at KapStone’s Charleston and Roanoke Rapids paper chip mills.

    

    

    “Known Affiliates” has the meaning set forth in the definition of
      “Disqualified Institutions”.

    

    

    “Latest Maturing Loan” means the Term Loan incurred and outstanding under
      this Credit Agreement with the Latest Maturity Date.

    

    

    “Latest Maturity Date” means the latest maturity date of any Term Loan
      incurred and outstanding under this Credit Agreement at any given time after giving effect to any renewal, refinancing, refunding or extension of Loans incurred or outstanding pursuant to this Credit Agreement.

    

    

    “Lead Arranger” means CoBank in its capacity as the sole lead arranger
      with respect to this Agreement.

    

    

    “Lender Joinder Agreement” means a joinder agreement in form and
      substance reasonably satisfactory to the Administrative Agent delivered in connection with Section 2.26.

    

    

    “Lender Participation Notice” means a Lender Participation Notice
      substantially in the form of Exhibit K.

    

    

    
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    “Lenders” means each of the Persons identified as a “Lender” on the
      signature pages hereto, and their respective successors and assigns and any Incremental Term Loan Lender.

    

    

    “Lending Office” means initially, the office of each Lender designated as
      such Lender’s Lending Office shown on Schedule 9.2; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative
      Agent and the Parent as the office of such Lender at which Loans of such Lender are to be made.

    

    

    “Leverage Ratio” means, as of any date of determination, the ratio of
      (a)(i) Total Funded Debt as of such date minus (ii) the aggregate amount of cash on the consolidated balance sheet of the Parent and its Restricted
      Subsidiaries attributable to the net proceeds of an issuance or incurrence of Indebtedness that constitutes Refinancing Indebtedness in respect of existing Indebtedness maturing within 180 days of such issuance or incurrence, to (b) EBITDA for the
      period of the four prior Fiscal Quarters ending on such date.

    

    

    “LIBOR” means for any LIBOR Rate Loan made to the Borrower for any
      Interest Period therefor, the rate per annum reported by Bloomberg Information Services (or any successor or substitute service comparable thereto, as determined by the Administrative Agent from time to time, that provides quotations of interest
      rates applicable to U.S. Dollar deposits in the London interbank market) as the London interbank offered rate for deposits in U.S. Dollars at approximately 11:00 a.m. (London time) two (2) London Business Days prior to the first day of such Interest
      Period for a term comparable to such Interest Period.

    

    

    Notwithstanding the foregoing, in no event shall LIBOR be less than 0.00% per annum.

    

    

    “LIBOR Rate” means a rate per annum determined by the Administrative Agent pursuant to the following formula:

    

    

    	
            LIBOR Rate =

          	
            LIBOR

          
	 	
            1.00 - Eurodollar Reserve Percentage

          

    

    

    “LIBOR Rate Loan” means any Loan bearing interest at a rate determined by
      reference to the LIBOR Rate.

    

    

    “License” has the meaning set forth in Section 5.6(c).

    

    

    “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
      arrangement, security interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of any kind in the nature of a security interest (including any conditional sale or other title retention agreement and any lease in the nature
      thereof).

    

    

    “Loan” or “Loans”
      means a Closing Date Term Loan or an Incremental Term Loan, as appropriate.

    

    

    “London Business Day” means a day other than a day on which banks in
      London, England are not open for dealings in deposits of U.S. Dollars in the London interbank market.

    

    

    “Material Adverse Effect” means (a) a material adverse change in, or a
      material adverse effect upon, the operations, business, properties, liabilities or financial condition of the Parent and its Restricted Subsidiaries taken as a whole; (b) a material impairment of the ability of the Credit Parties, taken as a whole,
      to perform their obligations under any Credit Document; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Credit Parties, taken as a whole, of the Credit Documents.

    

    

    
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    “Material Contract” means any contract or other arrangement to which the
      Parent or any of its Subsidiaries is a party that is required to be filed with the SEC.

    

    

    “Material Subsidiary” means each Restricted Subsidiary that is not an
      Immaterial Subsidiary.

    

    

    “Maturity Date” means (a) with respect to the Closing Date Term Loans,
      the date that is seven (7) years after the Closing Date and (b) with respect to any series of Incremental Term Loans, the date specified as the Maturity Date of such series of Incremental Term Loans in the applicable Lender Joinder Agreement.

    

    

    “MNPI” has the meaning specified in Section 2.11(c)(i).

    

    

    “Moody’s” means Moody’s Investors Service, Inc., or any successor or
      assignee of the business of such company in the business of rating securities.

    

    

    “Multiemployer Plan” means any employee benefit plan of the type defined
      in Section 3(37) of ERISA or described in Section 4001(a)(3) of ERISA and that is subject to ERISA, to which the Parent or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been
      obligated to make contributions.

    

    

    “MWV” has the meaning set forth in the introductory paragraph hereof.

    

    

     “MWV SPE Assets” means the Timber Note assets held by MeadWestvaco Timber Note Holding Co. II, LLC, MeadWestvaco Timber Note Holding LLC or any other Restricted Subsidiary.

    

    

    “Non-Core MWV Businesses” means each of (a) the Specialty Chemicals
      business of MWV and (b) Community Development and Land Management business of MWV.

    

    

    “Note” or “Notes”
      means the Closing Date Term Loan Notes and/or the Incremental Term Loan Notes, collectively, separately or individually, as appropriate.

    

    

    “Notice of Borrowing” means a request for the Closing Date Term Loan
      pursuant to Section 2.4.  A Form of Notice of Borrowing is attached as Exhibit B.

    

    

    “Notice of Conversion/Extension” means the written notice of
      (i) conversion of a LIBOR Rate Loan to a Base Rate Loan, (ii) conversion of a Base Rate Loan to a LIBOR Rate Loan or (iii) extension of a LIBOR Rate Loan, as appropriate, in each case substantially in the form of Exhibit C.

    

    

    “OFAC” has the meaning set forth in Section 3.13(a).

    

    

    “Offered Loans” has the meaning specified in Section 2.11(c)(iii).

    

    

    “Other Connection Taxes” means, with respect to the Administrative Agent,
      any Lender or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, Taxes imposed as a result of any present or former connection between such recipient and
      the jurisdiction imposing such Tax (other than any connection arising solely from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under,
      engaged in any other transaction pursuant to and/or enforced, any Credit Documents).

    

    

    “Other Parties” has the meaning specified in Section 10.7(c).

    

    

    
      22

      
        

    

    

    

    “Other Taxes” means all present or future stamp or documentary Taxes or
      any other excise or property Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document, except any
      such Taxes that are Other Connection Taxes imposed with respect to an assignment of Loans (other than an assignment made pursuant to Section 2.23).

    

    

    “Ownership Share” means, with respect to any Joint Venture, a Credit
      Party’s or any Restricted Subsidiary’s relative equity ownership (calculated as a percentage) in such Joint Venture determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation,
      articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Joint Venture.

    

    

    “Parent” has the meaning set forth in the introductory paragraph hereof.

    

    

    “Participant” has the meaning set forth in Section 9.6(d).

    

    

    “Participant Register” has the meaning set forth in Section 9.6(d).

    

    

    “Patent License” means all agreements, whether written or oral, providing
      for the grant by or to a Credit Party of any right to manufacture, use or sell any invention covered by a Patent.

    

    

    “Patents” means (a) all letters patent of the United States or any other
      country and all reissues and extensions thereof, and (b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof.

    

    

    “Patriot Act” means the USA PATRIOT Act, Title III of Pub.  L.  107-56,
      signed into law October 26, 2001.

    

    

    “PBGC” means the Pension Benefit Guaranty Corporation established
      pursuant to Subtitle A of Title IV of ERISA and any successor entity performing similar functions.

    

    

    “Pension Plan” means any “employee pension benefit plan” (as such term is
      defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Parent or any ERISA Affiliate or to which the Parent or any ERISA Affiliate contributes or has an
      obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five (5) plan years.

    

    

    “Permitted Securitization Entity” means a Person (other than a Permitted
      Securitization Subsidiary, individual or Governmental Authority) that was established by a financial institution or Affiliate thereof to purchase or otherwise acquire assets for the principal purpose of securitization, and which purchase
      or acquisition of such assets is funded through the issuance of securities by such Person or by such Person incurring indebtedness; provided that a financial institution or
      Affiliate of a financial institution that purchases or acquires assets for the principal purpose of securitization shall also be considered a Permitted Securitization Entity.

    

    

    “Permitted Securitization Subsidiary” means any Subsidiary that (i) is
      directly or indirectly wholly-owned by the Parent, (ii) is formed and operated solely for purposes of a Permitted Securitization Transaction, (iii) is formed to qualify as a “bankruptcy remote” entity, (iv) has organizational documents which limit
      the permitted activities of such Permitted Securitization Subsidiary to the acquisition of Securitization Assets from the Parent or one or more of its Subsidiaries, the securitization of such

    

    

    
      23

      
        

    

    

    

    Securitization Assets and activities necessary or incidental to the foregoing, (v) if organized within the United States, is organized so as to meet S&P’s
      requirements for special purpose entities engaged in the securitization of assets, (vi) if organized within Canada or any province or territory thereof, is organized so as to meet the requirements for special purpose entities engaged in the
      securitization of assets by any recognized rating agency operating in such jurisdiction and (vii) if organized outside the United States and Canada (and any province or territory thereof), is organized so as to meet the requirements for special
      purpose entities engaged in the securitization of assets by any recognized rating agency operating in such jurisdiction; provided that if no requirements for special
      purpose entities exist in such jurisdiction, the Parent shall certify to the Administrative Agent that no recognized rating agency is operating in such jurisdiction that customarily rates securitization transactions.

    

    

    “Permitted Securitization Transaction” means (a) the transfer by the
      Parent or one or more of its Restricted Subsidiaries of Securitization Assets to one or more (x) Permitted Securitization Subsidiaries or (y) Permitted Securitization Entities and, in each case, the related financing of such Securitization Assets; provided that, in each case, (i) such transaction is the subject of a favorable legal opinion as to the “true sale” of the applicable Securitization Assets under the laws of the
      applicable jurisdiction and (ii) such transaction is non-recourse to the Parent and its Restricted Subsidiaries under the laws of the applicable jurisdiction, except for Standard Securitization Undertakings, (b) any credit facility backed or secured
      by Receivables or any other Securitization Assets of the Consolidated Companies among one or more Consolidated Companies and a financial institution, which credit facility is non-recourse to the Parent and its Restricted Subsidiaries under the laws
      of the applicable jurisdiction, except for Standard Securitization Undertakings or (c) any other arrangement or agreement in respect of a “true sale” (or any similar concept in the applicable jurisdiction) of Receivables or any other Securitization
      Assets in accordance with the laws of the United States or any State thereof, Canada, any province or territory of Canada or other applicable jurisdiction.

    

    

    “Person” means any individual, partnership, joint venture, firm,
      corporation, limited liability company, association, trust or other enterprise (whether or not incorporated) or any Governmental Authority.

    

    

    “Plan” means any employee benefit plan (as defined in Section 3(3) of
      ERISA) which is covered by ERISA and with respect to which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
      ERISA.

    

    

    “Prime Rate” means a variable rate of interest per annum equal to the
      “U.S. prime rate” as reported on such day in the Money Rates Section of the Eastern Edition of The Wall Street Journal, or if the Eastern Edition of The Wall Street Journal is not published on such day, such rate as last published in the Eastern
      Edition of The Wall Street Journal.

    

    

    “Priority Debt Basket” shall mean, at any time, (I) in the case of Section 6.2(w), (a) an amount equal to 10% of Consolidated Net Tangible Assets as of the last day of the most recently ended Fiscal Quarter, less without duplication (b) (i) solely to the extent in excess of the amount in clause (a) above the aggregate principal amount of Indebtedness incurred under Section 6.3(c) then outstanding plus (ii) the aggregate amount of obligations (or, if applicable, the fair market value of
      inventory) secured by Liens under Section 6.2(w) then outstanding and (II) in the case of Section 6.3(c),
      (a) an amount equal to 20% of Consolidated Net Tangible Assets as of the last day of the most recently ended Fiscal Quarter, less without duplication (b) (i) the aggregate
      principal amount of Indebtedness incurred under Section 6.3(c) then outstanding plus (ii) the
      aggregate amount of obligations (or, if applicable, the fair market value of inventory) secured by Liens under Section 6.2(w) then outstanding.  In the event that any
      Indebtedness would otherwise count against both the basket in Section 6.3(c) and the basket in Section
          6.2(w), such

    

    

    
      24

      
        

    

    

    

    Indebtedness shall be counted, for purposes of calculating the size of the Priority Debt Basket under each of clauses (I) and (II) of this definition, as outstanding
      only under Section 6.2(w) (and, for purposes of clarity, shall not be counted as outstanding under Section

          6.3(c)).

    

    

    “Private Information” has the meaning set forth in Section 5.7.

    

    

    “Pro Forma Basis” means, in connection with the calculation as of the
      applicable Calculation Date (utilizing the principles set forth in Section 1.3(iii)) of the financial covenants set forth in Section 6.1(a) and (b) or the Leverage Ratio in respect of a proposed transaction or designation of a Restricted Subsidiary as an
      Unrestricted Subsidiary (a “Specified Transaction”), the making of such calculation after giving effect on a pro forma basis to:

    

    

    (a)          the consummation of such Specified
        Transaction as of the first day of the applicable Calculation Period;

    

    

    (b)        the assumption, incurrence or
        issuance of any Indebtedness of a Consolidated Company (including any Person which became a Consolidated Company pursuant to or in connection with such Specified Transaction) in connection with such Specified Transaction, as if such Indebtedness
        had been assumed, incurred or issued (and the proceeds thereof applied) on the first day of such Calculation Period (with any such Indebtedness bearing interest at a floating rate being deemed to have an implied rate of interest for the applicable
        period equal to the rate which is or would be in effect with respect to such Indebtedness as of the applicable Calculation Date);

    

    

    (c)          the permanent repayment,
        retirement or redemption of any Indebtedness (other than revolving Indebtedness, except to the extent accompanied by a permanent commitment reduction) by a Consolidated Company (including any Person which became a Consolidated Company pursuant to
        or in connection with such Specified Transaction) in connection with such Specified Transaction, as if such Indebtedness had been repaid, retired or redeemed on the first day of such Calculation Period;

    

    

    (d)         other than in connection with such
        Specified Transaction, any assumption, incurrence or issuance of any Indebtedness by a Consolidated Company after the first day of the applicable Calculation Period, as if such Indebtedness had been assumed, incurred or issued (and the proceeds
        thereof applied) on the first day of such Calculation Period (with any such Indebtedness so incurred or issued bearing interest at a floating rate being deemed to have an implied rate of interest for the applicable period equal to the rate which is
        or would be in effect with respect to such Indebtedness as of the applicable Calculation Date, and with any such Indebtedness so assumed bearing interest at a floating rate being calculated using the actual interest rate in effect during such
        period); and

    

    

    (e)        other than in connection with such
        Specified Transaction, the permanent repayment, retirement or redemption of any Indebtedness (other than revolving Indebtedness, except to the extent accompanied by a permanent commitment reduction) by a Consolidated Company after the first day of
        the applicable Calculation Period, as if such Indebtedness had been repaid, retired or redeemed on the first day of such Calculation Period.

    

    

    “Pro Forma Compliance Certificate” means a certificate of a Responsible
      Officer of the Parent delivered to the Administrative Agent in connection with a Specified Transaction, such certificate to contain reasonably detailed calculations satisfactory to the Administrative Agent, upon giving effect to the applicable
      Specified Transaction on a Pro Forma Basis, of the financial covenants set forth in Section 6.1(a) and (b)
      for the applicable Calculation Period.

    

    

    
      25

      
        

    

    

    

    “Property” means any interest in any kind of property or asset, whether
      real, personal or mixed, or tangible or intangible.

    

    

    “Proposed Discounted Prepayment Amount” has the meaning specified in Section 2.11(c)(ii).

    

    

    “Pro Rata Additional Borrower” means any Borrower (as defined in the Pro
      Rata Credit Agreement).

    

    

     “Pro Rata Credit Agreement” means the Credit Agreement dated as of July
      1, 2015, among the Parent, as parent borrower, RockTenn Company of Canada Holdings Corp./Compagnie de Holdings RockTenn du Canada Corp., as Canadian borrower, the subsidiary borrowers party thereto, RKT and MWV, as initial guarantors, the lenders
      from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent and multicurrency agent.

    

    

    “PTE” means a prohibited transaction class exemption issued by the U.S.
      Department of Labor, as any such exemption may be amended from time to time.

    

    

     “Public Information” has the meaning set forth in Section 5.7.

    

    

    “Purchasing Borrower Party” means the Parent or any of its Subsidiaries.

    

    

    “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each
      Credit Party that has total assets exceeding $10,000,000 at the time the relevant Guaranty becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act
      or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

    

    

    “Qualifying Lenders” has the meaning specified in Section 2.11(c)(iv).

    

    

    “Qualifying Loans” has the meaning specified in Section 2.11(c)(iv).

    

    

    “Rating” means the Parent’s long-term senior unsecured
      non-credit-enhanced debt rating as was most recently announced by S&P or Moody’s, as applicable.

    

    

    “Ratings Level” has the meaning set forth in the definition of
      “Applicable Percentage”.

    

    

    “Receivables” has the meaning set forth in the definition of
      “Securitization Assets”.

    

    

    “Refinanced Term Loan” has the meaning set forth in Section 9.1.

    

    

    “Refinancing Indebtedness” means, with respect to any Indebtedness (the “Existing Indebtedness”), any other Indebtedness that renews, refinances, refunds, replaces or extends such Existing Indebtedness (or any Refinancing Indebtedness in respect
      thereof); provided that the principal amount of such Refinancing Indebtedness shall not exceed the principal amount of such Existing Indebtedness except by an amount no
      greater than accrued and unpaid interest with respect to such Existing Indebtedness and any reasonable fees, premium and expenses relating to such renewal, refinancing, refunding, replacement or extension, unless at the time such Refinancing
      Indebtedness is incurred, such excess amount shall be permitted under Section 6.3 and, if applicable, utilize a basket thereunder.

    

    

    “Register” has the meaning set forth in Section 9.6(c).

    

    

    
      26

      
        

    

    

    

    “Regulation T, U or X” means Regulation T, U or X, respectively, of the
      Board of Governors of the Federal Reserve System as from time to time in effect and any successor to all or a portion thereof.

    

    

    “Related Parties” means, with respect to any Person, such Person’s
      Affiliates and the directors, officers, employees, agents, trustees, managers, advisors, representatives and controlling persons of such Person and of such Person’s Affiliates.

    

    

    “Release” means any release, spill, emission, discharge, deposit,
      disposal, leaking, pumping, pouring, dumping, emptying, injection, migrating or leaching into the Environment, or into or from any building or facility.

    

    

    “Replacement Term Loan” has the meaning set forth in Section 9.1.

    

    

    “Reportable Event” means any of the events set forth in Section 4043(c)
      of ERISA, other than events for which the 30-day notice period has been waived by regulation.

    

    

    “Required Financial Information” means, as to any Fiscal Quarter or
      Fiscal Year, the financial information required by subsections (a) through (c) of Section 5.7 for such Fiscal Quarter or Fiscal Year, as applicable.

    

    

    “Required Lenders” means, at any time, Lenders holding in the aggregate
      more than fifty percent (50%) of the outstanding Term Loans at such time; provided, however,
      that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders, Term Loans owing to such Defaulting Lender.

    

    

    “Requirement of Law” means, as to any Person, the certificate of
      incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
      such Person or any of its material property.

    

    

    “Responsible Officer” means, with respect to any Person, any of the Chief
      Executive Officer, Chief Financial Officer, the Treasurer, the Chief Accounting Officer, or the Controller of such Person (or, if no such Person is specified, of the Parent).

    

    

    “Restricted Subsidiary” means any Subsidiary other than any such
      Subsidiary that is or shall become an Unrestricted Subsidiary as provided herein.

    

    

    “RKT” has the meaning set forth in the introductory paragraph hereof.

    

    

     “S&P” means S&P Global Ratings, a segment of S&P Global
      Inc., and any successor to its rating agency business.

    

    

    “Sanctioned Entity” means (a) a country or a government of a country,
      (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a person or entity resident in or determined to be resident in a country, that is subject to Sanctions.

    

    

    “Sanctioned Person” means (a) a person named on the list of Specially
      Designated Nationals maintained by OFAC, (b) any Person operating, organized or resident in a Sanctioned Entity or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

    

    

    
      27

      
        

    

    

    

    “Sanctions” means all economic or financial sanctions or trade embargoes
      imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, (b) the Canadian government or (c) the United Nations Security Council, the European Union or Her
      Majesty’s Treasury of the United Kingdom.

    

    

    “SEC” means the Securities and Exchange Commission, any successor thereto
      and any analogous Governmental Authority succeeding to any of its principal functions.

    

    

    “SEC Filer” means the Parent or such Restricted Subsidiary that files
      with the SEC the audited and unaudited financial statements of the Parent and its consolidated Subsidiaries.

    

    

    “Securities Act” means the Securities Act of 1933, as amended.

    

    

    “Securitization Assets” means any accounts receivable, notes receivable,
      rights to future lease payments or residuals (collectively, the “Receivables”) owed to or owned by the Parent or any Subsidiary (whether now existing or arising or acquired
      in the future), all collateral securing such Receivables, all contracts and contract rights, purchase orders, records, security interests, financing statements or other documentation in respect of such Receivables and all guarantees, letters of
      credit, insurance or other agreements or arrangements supporting or securing payment in respect of such Receivables, all lockboxes and collection accounts in respect of such Receivables (but only to the extent such lockboxes and collection accounts
      contain only amounts related to such Receivables subject to a Permitted Securitization Transaction), all collections and proceeds of such Receivables and other assets which are of the type customarily granted or transferred in connection with
      securitization transactions involving receivables similar to such Receivables.

    

    

    “Specified Transaction” has the meaning set forth in the definition of
      Pro Forma Basis set forth in this Section 1.1.

    

    

    “Standard Securitization Undertakings” means (i) any obligations and
      undertakings of the Parent or any Restricted Subsidiary on terms and conditions consistent with the sale treatment of Securitization Assets in a transaction that results in a legal “true sale” of Securitization Assets in accordance with the laws of
      the United States, Canada, any province or territory of Canada or other applicable jurisdiction and (ii) any obligations and undertakings of the Parent or any Restricted Subsidiary not inconsistent with the treatment of the transfer of Securitization
      Assets in a transaction as a legal “true sale” and otherwise consistent with customary securitization undertakings in accordance with the laws of the United States, Canada, any province or territory of Canada or other applicable jurisdiction; provided that Standard Securitization Undertakings shall not include any guaranty or other obligation of the Parent and its Restricted Subsidiaries with respect to any
      Securitization Asset that is not collected, not paid or otherwise uncollectible on account of the insolvency, bankruptcy, creditworthiness or financial inability to pay of the applicable obligor with respect to such Securitization Asset.

    

    

    “Subsidiary” means, as to any Person, a corporation, partnership, limited
      liability company or other entity of which shares of stock or other ownership interests having ordinary voting power to elect a majority of the directors or other managers of such corporation, partnership, limited liability company or other entity
      (irrespective of whether or not at the time, any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) are at the time owned by such Person directly or indirectly through one or more
      intermediaries or subsidiaries.  Unless otherwise identified, “Subsidiary” or “Subsidiaries” means Subsidiaries of the Parent.

    

    

    “Successor Borrower” has the meaning set forth in Section 6.4(a).

    

    

    
      28

      
        

    

    

    

    “Successor Parent” has the meaning set forth in Section 6.4(a).

    

    

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

    

    

    “Synthetic Lease” means any synthetic lease, tax retention operating
      lease or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease under GAAP.

    

    

    “Tax Exempt Certificate” has the meaning set forth in Section 2.21(d).

    

    

    “Taxes” has the meaning set forth in Section 2.21(a).

    

    

    “Term Loan Lenders” means, collectively, the Closing Date Term Loan
      Lenders and the Incremental Term Loan Lenders.

    

    

    “Term Loan Note” means a Closing Date Term Loan Note and/or an
      Incremental Term Loan Note, as appropriate.

    

    

    “Term Loans” means, collectively, Closing Date Term Loans and the
      Incremental Term Loans, and “Term Loan” means any of such Term Loans.

    

    

    “Total Funded Debt” means, without duplication, the sum of: (a)
      Consolidated Funded Debt, (b) with respect to a Permitted Securitization Transaction, (i) if a Permitted Securitization Subsidiary is a party to such Permitted Securitization Transaction, the aggregate principal, stated or invested amount of
      outstanding loans made to the relevant Permitted Securitization Subsidiary under such Permitted Securitization Transaction and (ii) if a Permitted Securitization Entity is a party to such Permitted Securitization Transaction, the aggregate amount of cash consideration received as of the date of such sale or transfer by the Parent and its Restricted Subsidiaries from the sale or transfer of Receivables or
      other Securitization Assets during the applicable calendar month in which such sale or transfer took place under such Permitted Securitization Transaction, and (c) to the extent not otherwise included, the outstanding principal balance of
      Indebtedness under any Permitted Securitization Transaction referenced in clause (b) of the definition thereof.

    

    

    “Trademark License” means any agreement, written or oral, providing for
      the grant by or to a Credit Party of any right to use any Trademark.

    

    

    “Trademarks” means (a) all trademarks, trade names, corporate names,
      company names, business names, fictitious business names, trade dress and service marks, logos and other source or business identifiers, and the goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and
      recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision
      thereof, or otherwise, and (b) all renewals thereof.

    

    

     “Type” means, as to any Loan, its nature as a Base Rate Loan or a LIBOR
      Rate Loan, as the case may be.

    

    

    “U.S. Dollars” and “$” means dollars in lawful currency of the United States of America.

    

    

    
      29

      
        

    

    

    

    “Unrestricted Subsidiary” means (i) any Permitted Securitization
      Subsidiary, (ii) any Joint Venture that is a Subsidiary and (iii) any Subsidiary which, at the option of the Parent, is designated in writing by the Parent to the Administrative Agent as being an Unrestricted Subsidiary; provided that the Parent may designate any such Permitted Securitization Subsidiary or Joint Venture as a Restricted Subsidiary in its discretion.  The Parent may designate a Restricted
      Subsidiary as an Unrestricted Subsidiary at any time so long as (A) no Default or Event of Default is in existence or would be caused by such designation and (B) the Parent supplies to the Administrative Agent a Pro Forma Compliance Certificate
      demonstrating pro forma compliance with the financial covenants in Section 6.1 after giving effect to such designation.

    

    

    “Voting Participant” has the meaning set forth in Section 9.6(d).

    

    

    “Voting Participant Notice” has the meaning set forth in Section 9.6(d).

    

    

    “Voting Stock” means, with respect to any Person, Capital Stock issued by
      such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the
      happening of such a contingency.

    

    

    “WestRock Merger” means the merger of the Parent and Whiskey Merger Sub,
      Inc., a Delaware corporation, pursuant to the KapStone Merger Agreement, pursuant to which the Parent was the surviving corporation.

    

    

     “Wholly-Owned Restricted Subsidiary” means, at any time, any Restricted
      Subsidiary that is a Wholly-Owned Subsidiary.

    

    

    “Wholly-Owned Subsidiary” means, at any time, any Subsidiary of which all
      of the equity interests (except directors’ qualifying shares or shares aggregating less than 1% of the outstanding shares of such Subsidiary which are owned by individuals) and voting interests are owned by any one or more of the Parent and the
      Parent’s other Wholly-Owned Subsidiaries at such time.

    

    

    “Write-Down and Conversion Powers” means, with respect to any EEA
      Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
      Legislation Schedule.

    

    

    “WRK Southeast” has the meaning set forth in the introductory paragraph
      hereof.

    

    

    “WRKCo” has the meaning set forth in the introductory paragraph hereof.

    

    

    1.2          Computation of Time Periods.

    

    

    All time references in this Credit Agreement and the other Credit Documents shall be to New York, New York time unless otherwise indicated.  For
      purposes of computation of periods of time hereunder, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.”

    

    

    1.3          Accounting Terms.

    

    

    (i)          Unless otherwise specified herein,
        all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP applied on a basis consistent
        with the most recent audited consolidated financial statements

    

    

    
      30

      
        

    

    

    

    of the Parent delivered to the Lenders; provided that, if the Parent
      shall notify the Administrative Agent that it wishes to amend any covenant in Section 6.1 or the definition of Leverage Ratio (or any component thereof) to eliminate the
      effect of any change in GAAP on the operation of such covenant or such ratio (or if the Administrative Agent notifies the Parent that the Required Lenders wish to amend Section 6.1
      or the definition of Leverage Ratio (or any component thereof) for such purpose), then the Parent’s compliance with such covenant shall be determined on the basis of GAAP in effect and as adopted by the Parent on December 31, 2017 (which, for the
      avoidance of doubt, shall exclude any prospective changes to lease accounting under GAAP), until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Parent and the Required Lenders.

    

    

    (ii)         The Parent shall deliver to the
        Administrative Agent and each Lender at the same time as the delivery of any Required Financial Information, (a) a description in reasonable detail of any material change in the application of accounting principles employed in the preparation of
        such financial statements from those applied in the most recently preceding quarterly or annual financial statements as to which no objection shall have been made in accordance with the provisions above and (b) a reasonable estimate of the effect
        on the financial statements on account of such changes in application (it being understood that the requirement in this subsection (ii) shall be satisfied if the information required by clauses (a) and (b) above are included the applicable Required
        Financial Information).

    

    

    (iii)       Notwithstanding the above, the
        parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any applicable period with the financial covenants set forth in Section 6.1
        or in determining the Leverage Ratio for any applicable period (including for purposes of the definitions of “Applicable Percentage,” “Consolidated Interest Expense,” “EBITDA,” “Pro Forma Basis” and “Total Funded Debt” set forth in Section 1.1), if any Acquisition or disposition of Property, in each case involving consideration in excess of $50,000,000, occurred during such period, such calculations with
        respect to such period shall be made on a Pro Forma Basis. For the avoidance of doubt, all determinations of Consolidated Funded Debt, Consolidated Interest Expense, Consolidated Net Income, Consolidated Net Tangible Assets, EBITDA, Funded Debt,
        Interest Expense and Total Funded Debt shall be made after giving pro forma effect to the KapStone Combination, except as otherwise expressly stated herein.

    

    

    (iv)        Notwithstanding anything herein to
        the contrary, the parties hereto acknowledge and agree that after the Credit Parties’ obligations with respect to a series of debt securities are deemed to be no longer outstanding under an indenture or other operative document governing such debt
        securities (including due to having paid or irrevocably deposited funds sufficient to pay the entire Indebtedness represented by such debt securities at a given date), (A) such debt securities will thereafter be deemed to be no longer “outstanding”
        for purposes of all calculations made under this Credit Agreement and (B) any interest expense attributable to such debt securities will thereafter be deemed not to constitute Interest Expense for purposes of all calculations made under this
        Agreement.

    

    

    (v)        Notwithstanding anything to the
        contrary contained herein, only those leases (assuming for purposes hereof that they were in existence on the date hereof) that would have constituted Capital Leases as of December 31, 2017, shall be considered

    

    

    
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    Capital Leases hereunder and all calculations and deliverables under this Agreement or any other Credit Document shall be made or delivered, as
      applicable, in accordance therewith.

    

    

    1.4         Terms Generally; Construction.

    

    

    The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any
      pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same
      meaning and effect as the word “shall”.  Unless the context requires otherwise or except as expressly provided herein, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
      agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any definition of or
      reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), unless otherwise expressly stated to the
      contrary, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
      entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words
      “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

    

    

    ARTICLE II

      

      CREDIT FACILITY

    

    

    2.1          [Reserved].

    

    

    2.2          [Reserved].

    

    

    2.3          [Reserved].

    

    

    2.4          Closing Date Term Loan.

    

    

    (a)          Closing Date Term Loan.  Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Closing Date Term Loan Lender severally agrees to
        make available to the Borrower on the Closing Date such Closing Date Term Loan Lender’s Closing Date Term Loan Commitment Percentage of a term loan in U.S. Dollars (the “Closing Date
            Term Loan”) in the aggregate principal amount of SIX HUNDRED MILLION U.S. DOLLARS ($600,000,000) (the “Closing Date Term Loan Committed Amount”) for the purposes hereinafter set forth.  The Closing Date Term Loan may consist of Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the
        Borrower may request in its Notice of Borrowing.  Amounts repaid or prepaid on the Closing Date Term Loan may not be reborrowed.

    

    

    (b)          Repayment of Closing Date Term Loan.  The principal amount of the Closing Date Term Loan shall be repaid on the Maturity Date.

    

    

    (c)          Interest on the Closing Date Term Loan.  Subject to the provisions of Sections 2.9 and 2.14, the Closing Date Term Loan shall bear interest as follows:

    

    

    
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    (i)          Base Rate Loans.  During such periods as the Closing Date Term Loan shall be comprised of Base Rate Loans, each such Base Rate Loan shall bear interest at a per annum rate equal to the sum of the
        Alternate Base Rate plus the Applicable Percentage; and

    

    

    (ii)         LIBOR Rate Loans.  During such periods as the Closing Date Term Loan shall be comprised of LIBOR Rate Loans, each such LIBOR Rate Loan shall bear interest at a per annum rate equal to the sum of the
        LIBOR Rate plus the Applicable Percentage.

    

    

    Interest on the Closing Date Term Loan shall be payable in arrears on each Interest Payment Date.

    

    

    (d)         Closing Date Term Loan Notes.  The Borrower’s obligation to pay each Closing Date Term Loan Lender’s Closing Date Term Loan shall be evidenced, upon such Closing Date Term Loan Lender’s request, by a
        Closing Date Term Loan Note made payable to such Lender in substantially the form of Exhibit E.

    

    

    2.5          [Reserved].

    

    

    2.6          [Reserved].

    

    

    2.7          [Reserved].

    

    

    2.8          [Reserved].

    

    

    2.9          Default Rate.

    

    

    If any principal of or interest on any Loan or any fee or other amount payable by any Credit Party hereunder is not paid when due, whether at stated
      maturity, upon acceleration or otherwise, such overdue amount shall bear interest, payable on demand, at a per annum rate two percent (2%) greater than the interest rate which would otherwise be applicable (or if no rate is applicable, whether in
      respect of interest, fees or other amounts, then two percent (2%) greater than the Alternate Base Rate plus the Applicable Percentage).

    

    

    2.10          Conversion Options.

    

    

    (a)        The Borrower may elect from time to
        time to convert Base Rate Loans to LIBOR Rate Loans and/or LIBOR Rate Loans to Base Rate Loans, by delivering a Notice of Conversion/Extension to the Administrative Agent at least three (3) Business Days’ prior to the proposed date of conversion. 
        If the date upon which a Base Rate Loan is to be converted to a LIBOR Rate Loan or a LIBOR Rate Loans is to be converted to a Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during
        the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were a Base Rate Loan or LIBOR Rate Loan, as applicable.  All or any part of outstanding Base Rate Loans and LIBOR Rate Loans
        may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing
        except with the consent of the Required Lenders, and (ii) partial conversions shall be in a minimum aggregate principal amount of the Borrowing Minimum or a whole multiple amount of the Borrowing Multiple in excess thereof.

    

    

    (b)         Any LIBOR Rate Loan may be
        continued as such upon the expiration of an Interest Period with respect thereto by compliance by the Borrower with the notice provisions contained in Section 2.10(a); provided, that no LIBOR Rate Loan may be continued as such when any Default

    

    

    
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    or Event of Default has occurred and is continuing, except with the consent of the Required Lenders, in which case such LIBOR Rate Loan shall be
      automatically converted to a Base Rate Loan at the end of the applicable Interest Period with respect thereto.  If the Borrower shall fail to give timely notice of an election to continue a LIBOR Rate Loan, or the continuation of LIBOR Rate Loans is
      not permitted hereunder, such LIBOR Rate Loans shall be automatically converted to a Base Rate Loan at the end of the applicable Interest Period with respect thereto.

    

    

    2.11          Prepayments.

    

    

    (a)         Voluntary Prepayments.  Term Loans may be repaid in whole or in part without premium or penalty; provided that (i) LIBOR
        Rate Loans may be repaid only upon three (3) Business Days’ prior written notice to the Administrative Agent, (ii) repayments of LIBOR Rate Loans must be accompanied by payment of any amounts owing under Section 2.20 and (iii) partial repayments of Loans shall be in minimum principal amount of the Borrowing Minimum, and in integral multiples of the Borrowing Multiple in excess thereof.  To the extent that the
        Borrower elects to prepay the Closing Date Term Loan or, if applicable, any Incremental Term Loans, amounts prepaid under this Section 2.11(a) shall be applied to such
        Term Loans (to the remaining principal installments thereof, if any, as directed by the Borrower) first ratably to any Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities.  All prepayments under this Section 2.11(a) shall be subject to Section 2.20, but otherwise without premium or penalty. 
        Interest on the principal amount prepaid shall be payable on the next occurring Interest Payment Date that would have occurred had such Loan not been prepaid or, at the request of the Administrative Agent in the case of a prepayment under this
        clause (a) or clause (b) below, interest on the principal amount prepaid shall be payable on any date that a prepayment is made hereunder through the date of prepayment.  Amounts prepaid on the Term Loans may not be reborrowed.  Each notice
        delivered by the Borrower pursuant to this Section 2.11(a) shall be revocable by the Borrower (by notice to the Administrative Agent on or prior to the proposed
        prepayment date specified therein).

    

    

    (b)          [Reserved].

    

    

    (c)          Discounted Prepayments.

    

    

    (i)          Notwithstanding anything to the
        contrary in Section 2.11(a) or 2.15 (which provisions shall not be applicable to this Section 2.11(c)) or any other provision of this Agreement, any Purchasing Borrower Party shall have the right at any time and from time to time to prepay Term Loans of any
        Class to the Lenders at a discount to the par value of such Loans and on a non pro rata basis (each, a “Discounted Voluntary Prepayment”) pursuant to the procedures
        described in this Section 2.11(c) (it being understood that such prepayment may be made with either debt or cash); provided that (A) no Discounted Voluntary Prepayment shall be made from the proceeds of any revolving credit loan or swingline loan under the credit facilities under the Pro Rata Credit Agreement, (B) any Discounted
        Voluntary Prepayment shall be offered to all Lenders with Term Loans on a pro rata basis and (C) such Purchasing Borrower Party shall deliver to the Administrative Agent a certificate stating that (1) no Default or Event of Default has occurred and
        is continuing or would result from the Discounted Voluntary Prepayment (after giving effect to any related waivers or amendments obtained in connection with such Discounted Voluntary Prepayment), (2) each of the conditions to such Discounted
        Voluntary Prepayment contained in this Section 2.11(c) has been satisfied and (3) except as previously disclosed in writing to the Administrative Agent and the Term Loan
        Lenders, such Purchasing Borrower Party does not have, as of the date of each Discounted

    

    

    
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    Prepayment Option Notice and each Discounted Voluntary Prepayment Notice, any material non-public information (“MNPI”) with respect to the Parent or any of its Subsidiaries that has not been disclosed to the Lenders (other than Lenders that do not wish to receive MNPI with respect to the Parent, any of its
      Subsidiaries or Affiliates) prior to such time that could reasonably be expected to have a material effect upon, or otherwise be material to, a Term Loan Lender’s decision to offer Term Loans to the Purchasing Borrower Party to be repaid, except to
      the extent that such Term Loan Lender has entered into a customary “big boy” letter with the Parent.

    

    

    (ii)       To the extent a Purchasing Borrower
        Party seeks to make a Discounted Voluntary Prepayment, such Purchasing Borrower Party will provide a Discounted Prepayment Option Notice that such Purchasing Borrower Party desires to prepay Term Loans of the Class specified therein in an aggregate
        principal amount specified therein by the Purchasing Borrower Party (each, a “Proposed Discounted Prepayment Amount”), in each case at a discount to the par value of such
        Term Loans as specified below.  The Proposed Discounted Prepayment Amount of Term Loans shall not be less than $5,000,000.  The Discounted Prepayment Option Notice shall further specify with respect to the proposed Discounted Voluntary Prepayment: 
        (A) the Proposed Discounted Prepayment Amount of Term Loans, (B) a discount range (which may be a single percentage) selected by the Purchasing Borrower Party with respect to such proposed Discounted Voluntary Prepayment (representing the
        percentage of par of the principal amount of Term Loans to be prepaid) (the “Discount Range”), and (C) the date by which Lenders are required to indicate their election to
        participate in such proposed Discounted Voluntary Prepayment which shall be at least five Business Days following the date of the Discounted Prepayment Option Notice (the “Acceptance
            Date”).

    

    

    (iii)        Upon receipt of a Discounted
        Prepayment Option Notice in accordance with Section 2.11(c)(ii), the Administrative Agent shall promptly notify each Term Loan Lender of the applicable Class thereof.  On
        or prior to the Acceptance Date, each such Lender may specify by Lender Participation Notice to the Administrative Agent (A) a minimum price (the “Acceptable Price”)
        within the Discount Range (for example, 80% of the par value of the Loans to be prepaid) and (B) a maximum principal amount (subject to rounding requirements specified by the Administrative Agent) of Term Loans with respect to which such Lender is
        willing to permit a Discounted Voluntary Prepayment at the Acceptable Price (“Offered Loans”).  Based on the Acceptable Prices and principal amounts of Term Loans
        specified by the Lenders in the applicable Lender Participation Notice, the Administrative Agent, in consultation with the Purchasing Borrower Party, shall determine the applicable discount for Term Loans (the “Applicable Discount”), which Applicable Discount shall be (A) the percentage specified by the Purchasing Borrower Party if the Purchasing Borrower Party has selected a single percentage pursuant to Section 2.11(c)(ii) for the Discounted Voluntary Prepayment or (B) otherwise, the lowest Acceptable Price at which the Purchasing Borrower Party can pay the Proposed
        Discounted Prepayment Amount in full (determined by adding the principal amounts of Offered Loans commencing with the Offered Loans with the lowest Acceptable Price); provided, however, that in the event that such Proposed Discounted Prepayment Amount cannot be
        repaid in full at any Acceptable Price, the Applicable Discount shall be the highest Acceptable Price specified by the Lenders that is within the Discount Range.  The Applicable Discount shall be applicable for all Lenders who have offered to
        participate in the Discounted Voluntary Prepayment and have Qualifying Loans.  Any Lender with outstanding Term Loans whose Lender Participation Notice is not received by the Administrative Agent by the Acceptance Date shall be deemed to have
        declined to accept

    

    

    
      35

      
        

    

    

    

    a Discounted Voluntary Prepayment of any of its Term Loans at any discount to their par value within the Applicable Discount.  For the avoidance of
      doubt, any Term Loans redeemed by the Parent pursuant to a Discounted Voluntary Prepayment shall immediately cease to be outstanding.

    

    

    (iv)        The Purchasing Borrower Party
        shall make a Discounted Voluntary Prepayment by prepaying those Term Loans (or the respective portions thereof) offered by the Lenders (“Qualifying Lenders”) that specify
        an Acceptable Price that is equal to or lower than the Applicable Discount (“Qualifying Loans”) at the Applicable Discount; provided that if the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such
        time) would exceed the amount of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the Applicable Discount, the Purchasing Borrower Party shall prepay such Qualifying
        Loans ratably among the Qualifying Lenders based on their respective principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Administrative Agent).  If the aggregate proceeds required to prepay all Qualifying
        Loans (disregarding any interest payable at such time) would be less than the amount of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the Applicable Discount, the
        Purchasing Borrower Party shall prepay all Qualifying Loans.

    

    

    (v)        Each Discounted Voluntary
        Prepayment shall be made within four Business Days of the Acceptance Date (or such other date as the Administrative Agent shall reasonably agree, given the time required to calculate the Applicable Discount and determine the amount and holders of
        Qualifying Loans), without premium or penalty (but subject to Section 2.19), upon irrevocable notice in the form of a Discounted Voluntary Prepayment Notice, delivered to
        the Administrative Agent no later than 1:00 p.m. (New York City time), three Business Days prior to the date of such Discounted Voluntary Prepayment, which notice shall specify the date and amount of the Discounted Voluntary Prepayment and the
        Applicable Discount determined by the Administrative Agent.  Upon receipt of any Discounted Voluntary Prepayment Notice, the Administrative Agent shall promptly notify each relevant Lender thereof.  If any Discounted Voluntary Prepayment Notice is
        given, the amount specified in such notice shall be due and payable to the applicable Lenders, subject to the Applicable Discount on the applicable Loans, on the date specified therein together with accrued interest (on the par principal amount) to
        but not including such date on the amount prepaid.

    

    

    (vi)       To the extent not expressly
        provided for herein, each Discounted Voluntary Prepayment shall be consummated pursuant to reasonable procedures (including as to timing, rounding and calculation of Applicable Discount in accordance with Section 2.11(c)(iii) above) established by the Administrative Agent in consultation with the Parent.

    

    

    (vii)       Prior to the delivery of a
        Discounted Voluntary Prepayment Notice, upon written notice to the Administrative Agent, the Purchasing Borrower Party may withdraw its offer to make a Discounted Voluntary Prepayment pursuant to any Discounted Prepayment Option Notice.

    

    

    (viii)     The aggregate principal amount of
        the Term Loans of the applicable Class outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans of such Class prepaid on the date of any such Discounted Voluntary Prepayment.

    

    

    
      36

      
        

    

    

    

    (ix)      Each prepayment of the outstanding
        Term Loans of any Class pursuant to this Section 2.11(c) shall be applied at par to the remaining principal repayment installments of the Term Loans of such Class, if
        any, pro rata among such installments for the respective class.

    

    

    (x)          For the avoidance of doubt, it is
        within each Lender’s sole and absolute discretion whether to accept a Discounted Voluntary Prepayment.

    

    

    2.12          [Reserved].

    

    

    2.13          Fees.

    

    

    (a)          [Reserved].

    

    

    (b)         The Credit Parties agree to pay to
        the Administrative Agent the annual administrative agent fee as described in the Fee Letter.

    

    

    2.14          Computation of Interest and Fees.

    

    

    (a)          Interest on each Base Rate Loan
        shall be due and payable in arrears on each Interest Payment Date applicable to such Loan; and interest on each LIBOR Rate Loan shall be due and payable on each Interest Payment Date applicable to such Loan.  Interest payable hereunder with respect
        to Base Rate Loans accruing interest at the Prime Rate shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed.  All other fees, interest and all other amounts payable hereunder shall be
        calculated on the basis of a 360 day year for the actual days elapsed.  The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a LIBOR Rate on the Business Day of the determination
        thereof.  Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day on which such change in the Alternate Base Rate shall become effective.  The
        Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change.

    

    

    (b)          Each determination of an interest
        rate by the Administrative Agent pursuant to any provision of this Credit Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error.  The Administrative Agent shall, at the request of the Borrower,
        deliver to the Borrower a statement showing the computations used by the Administrative Agent in determining any interest rate.

    

    

    (c)          It is the intent of the
        Administrative Agent, the Lenders and the Credit Parties to conform to and contract in strict compliance with applicable usury law from time to time in effect.  All agreements between or among the Administrative Agent, the Lenders and the Credit
        Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral.  In no way, nor in any event or contingency (including
        prepayment or acceleration of the maturity of any Credit Party Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount
        permissible under applicable law.  If, from any possible construction of any of the Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to
        the provisions of this subsection and such interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable law, without the necessity of execution of any amendment or new document.  If the Administrative

    

    

    
      37

      
        

    

    

    

    Agent or any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart
      from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the
      payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans.  The right to demand payment of the Loans or any other
      Indebtedness evidenced by any of the Credit Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event
      of such demand.  All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or
      extension) of the Loans so that the amount of interest on account of such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable law.

    

    

    2.15          Pro Rata Treatment and Payments.

    

    

    (a)         Pro Rata Distribution of Payments.  Each payment on account of an amount due from the Borrower hereunder or under any other Credit Document shall be made by the Borrower to the Administrative Agent
        for the pro rata account of the Lenders entitled to receive such payment as provided herein
        in the currency in which such amount is denominated and in such funds as are customary at the place and time of payment for the settlement of international payments in such currency.  Upon request, the Administrative Agent will give the Borrower a
        statement showing the computation used in calculating such amount, which statement shall be presumptively correct in the absence of manifest error.  The obligation of the Borrower to make each payment on account of such amount in the currency in
        which such amount is denominated shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment, which is expressed in or converted into any other currency, except to the extent such tender or recovery shall result in
        the actual receipt by the Administrative Agent of the full amount in the appropriate currency payable hereunder.

    

    

    (b)         Application of Payments Prior to Exercise of Remedies.  Unless otherwise specified in this Credit Agreement, each payment under this Credit Agreement or any Note shall be applied (i) first, to interest then due and owing hereunder and under the Notes of the Borrower and (ii) second,
        to principal then due and owing hereunder and under the Notes of the Borrower.    Each payment (other than voluntary repayments) by the Borrower on account of principal of and interest on the Term Loans shall be made pro rata according to the respective amounts due and owing hereunder.  Each voluntary repayment on account of principal of
        the Loans shall be applied in accordance with Section 2.11(a).  All payments (including prepayments) to be made by the Credit Parties on account of principal, interest
        and fees shall be made without defense, set-off or counterclaim and shall be made to the Administrative Agent for the account of the Lenders (except as provided in Section 2.25(b))
        at the Administrative Agent’s office specified in Section 9.2 and shall be made in U.S. Dollars not later than 12:00 p.m. on the date when due.  The Administrative Agent
        shall distribute such payments to the Lenders entitled thereto promptly upon receipt in like funds as received.  If any payment hereunder (other than payments on the LIBOR Rate Loans) becomes due and payable on a day other than a Business Day, such
        payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.  If any payment on a LIBOR Rate Loan becomes due and
        payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to

    

    

    
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    extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.

    

    

    (c)         Allocation of Payments After Exercise of Remedies.  Notwithstanding any other provision of this Credit Agreement to the contrary, after the exercise of remedies (other than the invocation of default
        interest pursuant to Section 2.9) by the Administrative Agent pursuant to Section 7.2 (or
        after the Commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section), all amounts
        collected or received by the Administrative Agent or any Lender on account of the Credit Party Obligations or any other amounts outstanding under any of the Credit Documents shall be paid over or delivered as follows:

    

    

    FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of the
      Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents;

    

    

    SECOND, to payment of any fees owed to the Administrative Agent;

    

    

    THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of each of the
      Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Party Obligations owing to such Lender;

    

    

    FOURTH, to the payment of all of the Credit Party Obligations consisting of accrued fees and interest, and including, with respect
      to any Guaranteed Hedging Agreement and/or any Guaranteed Cash Management Agreement, any fees, premiums and scheduled periodic payments due under such Guaranteed Hedging Agreement and/or Guaranteed Cash Management Agreement and any interest accrued
      thereon;

    

    

    FIFTH, to the payment of the outstanding principal amount of the Credit Party Obligations, and including with respect to any
      Guaranteed Hedging Agreement and/or any Guaranteed Cash Management Agreement, any breakage, termination or other payments due under such Guaranteed Hedging Agreement and any interest accrued thereon;

    

    

    SIXTH, to all other Credit Party Obligations and other obligations which shall have become due and payable under the Credit
      Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and

    

    

    SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

    

    

    In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category
      and (ii) each of the Lenders, Cash Management Banks and/or Hedging Agreement Providers shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans held by such Lender or the outstanding obligations
      payable to such Hedging Agreement Provider and/or Cash Management Bank bears to the aggregate then outstanding Loans and obligations payable under all Hedging Agreements with a Hedging Agreement Provider and/or Cash Management Agreements with a Cash
      Management Bank) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH” and “SIXTH” above.

    

    

    The Administrative Agent shall not be deemed to have notice of the existence of, notice of any Credit Party Obligations owed to, or be responsible for
      any distribution to, any Hedging Agreement

    

    

    
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    Provider and/or Cash Management Bank for any purposes of this Agreement unless such amounts have been notified in writing to the Administrative Agent by the Parent and,
      as applicable, such Hedging Agreement Provider or Cash Management Bank.

    

    

    (d)        Defaulting Lenders.  Notwithstanding the foregoing clauses (a), (b) and (c), if there exists a Defaulting Lender, each payment by the Credit Parties to such Defaulting Lender hereunder shall be
        applied in accordance with Section 2.25(b).

    

    

    2.16       Non-Receipt of Funds by the Administrative Agent.

    

    

    (a)          Funding by Lenders; Presumption by the Administrative Agent.  Unless the Administrative Agent shall have been notified in writing by a Lender prior to the date a Loan is to be made by such Lender
        (which notice shall be effective upon receipt) that such Lender does not intend to make the proceeds of such Loan available to the Administrative Agent, the Administrative Agent may assume that such Lender has made such proceeds available to the
        Administrative Agent on such date, and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrower a corresponding amount.  If such corresponding amount is not in fact made available
        to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender.  If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the
        Administrative Agent will promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent.  The Administrative Agent shall also be entitled to recover from the Lender or the Borrower, as
        the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the
        Administrative Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for the applicable borrowing pursuant to the Notice of Borrowing and (ii) from a Lender at the Federal Funds Rate.

    

    

    (b)        Payments by Borrower; Presumptions by Agent.  Unless the Administrative Agent shall have been notified in writing by the Borrower, prior to the date on which any payment is due from it hereunder
        (which notice shall be effective upon receipt) that the Borrower does not intend to make such payment, the Administrative Agent may assume that the Borrower has made such payment when due, and the Administrative Agent may in reliance upon such
        assumption (but shall not be required to) make available to each Lender on such payment date an amount equal to the portion of such assumed payment to which such Lender is entitled hereunder, and if the Borrower has not in fact made such payment to
        the Administrative Agent, such Lender shall, on demand, repay to the Administrative Agent the amount made available to such Lender.  If such amount is repaid to the Administrative Agent on a date after the date such amount was made available to
        such Lender, such Lender shall pay to the Administrative Agent on demand interest on such amount in respect of each day from the date such amount was made available by the Administrative Agent at a per annum rate equal to, if repaid to the
        Administrative Agent within two (2) days from the date such amount was made available by the Administrative Agent, the Federal Funds Rate, and thereafter at a rate equal to the Alternate Base Rate.

    

    

    (c)          Evidence of Amounts Owed.  A certificate of the Administrative Agent submitted to the Borrower or any Lender with respect to any amount owing under this Section 2.16 shall be conclusive in the absence of manifest error.

    

    

    (d)        Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing

    

    

    
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    provisions of this Article II, and such funds are not made available to
      the Borrower by the Administrative Agent because the conditions to the applicable Extension of Credit set forth in Article IV are not satisfied or waived in accordance with
      the terms thereof, the Administrative Agent shall forthwith return such funds (in like funds as received from such Lender) to such Lender, without interest.

    

    

    (e)         Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 9.5(c)
        are several and not joint.  The failure of any Lender to make any Loan or to make any such payment under Section 9.5(c) on any date required hereunder shall not relieve
        any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section 9.5(c).

    

    

    (f)          Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has
        obtained or will obtain the funds for any Loan in any particular place or manner.

    

    

    2.17       Inability to Determine Interest Rate.

    

    

    Notwithstanding any other provision of this Credit Agreement, if (a) the Administrative Agent shall reasonably determine (which determination shall be
      conclusive and binding absent manifest error) that, by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist for ascertaining the LIBOR Rate for such Interest Period, or (b) the Required Lenders shall
      reasonably determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of funding LIBOR Rate Loans that the Borrower has requested be
      outstanding as a LIBOR tranche during such Interest Period, then the Administrative Agent shall forthwith give telephone notice of such determination, confirmed in writing, to the Borrower and the Lenders at least two (2) Business Days prior to the
      first day of such Interest Period.  If such notice is given, (a) any affected LIBOR Rate Loans requested to be made by the Borrower on the first day of such Interest Period shall be made, at the sole option of the Borrower, as Base Rate Loans or such
      request shall be cancelled and (b) any affected Loans that were to have been converted at the request of the Borrower on the first day of such Interest Period to or continued as LIBOR Rate Loans shall be converted to or continued as Base Rate Loans. 
      Until any such notice has been withdrawn by the Administrative Agent, no further Loans shall be made as, continued as, or converted into, LIBOR Rate Loans for the Interest Periods so affected.

    

    

    If at any time the Administrative Agent determines (which determination shall be final and conclusive and binding on all parties hereto absent
      manifest error), or the Borrower or the Required Lenders notify the Administrative Agent (with in the case of the Required Lenders, a copy to the Borrower) that the Borrower or the Required Lenders (as applicable) shall have determined (which
      determination likewise shall be final and conclusive and binding upon all parties hereto absent manifest error) that (a) the circumstances set forth in clause (a) of the immediately preceding paragraph have arisen and such circumstances are unlikely
      to be temporary, (b) the circumstances set forth in clause (a) of the immediately preceding paragraph have not arisen but the supervisor for the administrator of LIBOR or a Governmental Authority having or purporting to have jurisdiction over the
      Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans or (c) syndicated credit facilities among national and/or regional banks active in leading
      and participating in such facilities currently being executed, or that include language similar to that contained in the first paragraph of this Section 2.17, are being
      executed or amended (as applicable) to incorporate or adopt a new interest rate to replace the LIBOR Rate for determining interest rates for loans, then the Administrative Agent and the Parent shall endeavor to establish an alternate rate of interest
      to LIBOR that

    

    

    
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    gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time and shall
      enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the
      Applicable Percentage); provided that, to the extent such market practice is not administratively feasible for the Administrative Agent, such alternative rate of interest
      to LIBOR shall be applied as otherwise reasonably determined by the Administrative Agent and the Parent (it being understood that any such modification to application by the Administrative Agent made as so determined shall not require the consent of,
      or consultation with, any of the Lenders).  Notwithstanding anything to the contrary in Section 9.1, such amendment shall become effective without any further action or
      consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within ten Business Days of the date written notice of such alternate rate of interest is provided to the Lenders, a written notice from the
      Required Lenders stating that such Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this paragraph of this Section 2.17
      (but, in the case of the circumstances described in clause (b) of the first sentence of this paragraph of this Section 2.17, only to the extent LIBOR for the applicable
      currency and such Interest Period is not available or published at such time on a current basis), (x) any Notice of Conversion/Extension that requests the conversion of any borrowing of Loans to, or continuation of any borrowing of Loans as, a
      borrowing of LIBOR Rate Loans shall be ineffective and (y) if any Notice of Borrowing requests a borrowing of LIBOR Rate Loans, such borrowing shall be made as a borrowing of Base Rate Loans; provided that, if such alternate rate of interest shall be less than zero, then such rate shall be deemed to be zero for the purposes of this Agreement.

    

    

    2.18       Illegality.

    

    

    Notwithstanding any other provision of this Credit Agreement, if the adoption of or any change in any Requirement of Law or in the interpretation or
      application thereof by the relevant Governmental Authority to any Lender shall make it unlawful for such Lender or its Lending Office to make or maintain LIBOR Rate Loans, as contemplated by this Credit Agreement or to obtain in the applicable
      interbank market through its Lending Office the funds with which to make such Loans, (a) such Lender shall promptly notify the Administrative Agent and the Borrower thereof, (b) the commitment of such Lender hereunder to make LIBOR Rate Loans or
      continue LIBOR Rate Loans as such shall forthwith be suspended until the Administrative Agent shall give notice that the condition or situation which gave rise to the suspension shall no longer exist and (c) such Lender’s Loans then outstanding as
      LIBOR Rate Loans, if any, shall be converted to Base Rate Loans on the last day of the Interest Period for such Loans or within such earlier period as required by law.  The Borrower hereby agrees promptly to pay any Lender, upon its demand, any
      additional amounts necessary to compensate such Lender for actual and direct costs (but not including anticipated profits) reasonably incurred by such Lender including any interest or fees payable by such Lender to lenders of funds obtained by it in
      order to make or maintain its LIBOR Rate Loans hereunder.  A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent to the Borrower shall be conclusive in the absence of
      manifest error.  Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Lending Office) to avoid or to minimize any amounts which may otherwise be payable pursuant to this Section; provided, however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or
      regulatory burdens deemed by such Lender in its sole discretion to be material.

    

    

    2.19       Requirements of Law.

    

    

    (a)        If the adoption of or any change in
        any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the
        Closing Date:

    

    

    
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    (i)          shall subject any Lender to any
        Tax of any kind whatsoever with respect to this Agreement or any LIBOR Rate Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for any Indemnified Taxes indemnifiable under Section 2.21 or any Excluded Taxes);

    

    

    (ii)         shall impose, modify or hold
        applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by,
        any office of any Lender which is not otherwise included in the determination of the LIBOR Rate hereunder; or

    

    

    (iii)        shall impose on such Lender any
        other condition;

    

    

    and the result of any of the foregoing is to increase the cost to such Lender of making or maintaining LIBOR Rate Loans, or to reduce any amount receivable hereunder or
      under any Note, then, in any such case, the Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such additional cost or reduced amount receivable which such Lender reasonably deems
      to be material as determined by such Lender.  A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent to the Borrower shall be conclusive in the absence of manifest
      error.  Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Lending Office) to avoid or to minimize any amounts which might otherwise be payable pursuant to this subsection (a); provided, however, that such efforts
      shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be material.  Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform
      and Consumer Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in connection therewith as well as (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
      Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a change in “Requirement of Law,” regardless of the date
      enacted, adopted or issued.

    

    

    (b)        If any Lender shall have reasonably
        determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request
        or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the Closing Date does or shall have the effect of reducing the rate of return on such
        Lender’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such
        Lender’s or such corporation’s policies with respect to capital adequacy or liquidity) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such
        Lender, the Borrower shall pay to such Lender such additional amount as shall be certified by such Lender as being required to compensate it for such reduction (but, in the case of outstanding Base Rate Loans, without duplication of any amounts
        already recovered by a Lender by reason of an adjustment in the Alternate Base Rate).  Such a certificate as to any additional amounts payable under this Section submitted by a Lender (which certificate shall include a description of the basis for
        the computation), through the Administrative Agent to the Borrower shall be conclusive absent manifest error.

    

    

    
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    (c)         Failure or delay on the part of
        any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.19 shall not constitute a waiver of such Lender’s right to demand such
        compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 2.19 for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender, as the case may be, notifies the Borrower of the Requirement of Law
        giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period
        referred to above shall be extended to include the period of retroactive effect thereof).

    

    

    (d)          The agreements in this Section 2.19 shall survive the termination of this Credit Agreement and payment of the Notes and all other amounts payable hereunder.

    

    

    2.20       Indemnity.

    

    

    The Borrower hereby agrees to indemnify each Lender and to hold such Lender harmless from any funding loss or expense which such Lender may sustain or
      incur as a consequence of (a) default by the Borrower in payment of the principal amount of or interest on any Loan by such Lender in accordance with the terms hereof, (b) default by the Borrower in accepting a borrowing after the Borrower has given
      a notice in accordance with the terms hereof, (c) default by the Borrower in making any repayment after the Borrower has given a notice in accordance with the terms hereof, and/or (d) the making by the Borrower of a repayment or prepayment of a Loan,
      or the conversion thereof, on a day which is not the last day of the Interest Period with respect thereto, in each case including any such loss or expense arising from interest or fees payable by such Lender to lenders of funds obtained by it in
      order to maintain its Loans hereunder to the extent not received by such Lender in connection with the re-employment of such funds (but excluding loss of anticipated profits).  A certificate as to any additional amounts payable pursuant to this
      Section submitted by any Lender, through the Administrative Agent to the Borrower (which certificate must be delivered to the Administrative Agent within thirty (30) days following such default, repayment, prepayment or conversion and shall set forth
      the basis for requesting such amounts in reasonable detail) shall be conclusive in the absence of manifest error.  The agreements in this Section 2.20 shall survive
      termination of this Credit Agreement and payment of the Notes and all other amounts payable hereunder.

    

    

    2.21       Taxes.

    

    

    (a)        All payments made by any Credit
        Party hereunder or under any Credit Document will be, except as required by applicable law, made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments or other charges
        of whatever nature now or hereafter imposed by any Governmental Authority or by any political subdivision or taxing authority thereof or therein, including all interest, penalties and additions to tax with respect thereto (“Taxes”).  If any Credit Party, the Administrative Agent or any other applicable withholding agent is required by law to make any deduction or withholding on account of any Taxes from or in
        respect of any sum paid or payable by any Credit Party to any Lender or the Administrative Agent under any of the Credit Documents, then the applicable withholding agent shall make such deduction or withholding and shall timely pay the full amount
        deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, the sum payable by the applicable Credit Party to such Lender or the Administrative Agent shall be increased by
        such Credit Party to the extent necessary to ensure that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.21) each Lender (or, in the case of a payment made to the Administrative Agent for its own account, the Administrative Agent)

    

    

    
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    receives an amount equal to the sum it would have received had no such deduction or withholding been made. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 2.21,
      such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
      reasonably satisfactory to the Administrative Agent.

    

    

    (b)          In addition, the Borrower shall
        pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

    

    

    (c)         The Credit Parties shall, jointly
        and severally, indemnify and hold harmless each Lender and the Administrative Agent, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes (including any Indemnified Taxes imposed on or attributable to amounts
        payable under this Section 2.21) paid or payable by such Lender or the Administrative Agent, whether or not such Indemnified Taxes were correctly or legally imposed or
        asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability prepared in good faith and delivered by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own
        behalf or on behalf of another Lender, shall be conclusive absent manifest error.

    

    

    (d)         Any Lender that is entitled to an
        exemption from or reduction of withholding Tax with respect to any payments made under any Credit Document shall deliver to the Parent and the Administrative Agent, at the time or times reasonably requested by the Parent or the Administrative
        Agent, such properly completed and executed documentation reasonably requested by the Parent or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if
        reasonably requested by the Parent or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Parent or the Administrative Agent as will enable the Parent or the Administrative
        Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such
        documentation (other than any documentation relating to U.S. federal withholding Taxes) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
        cost or expense or would materially prejudice the legal or commercial position of such Lender.  Each Lender hereby authorizes the Administrative Agent to deliver to the Parent and to any successor Administrative Agent any documentation provided to
        the Administrative Agent pursuant to this Section 2.21(d).

    

    

    Without limiting the generality of the foregoing,

    

    

    (1)          Each Lender that is a “United
        States person” (as such term is defined in Section 7701(a)(30) of the Code) shall deliver to the Parent and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time
        thereafter upon the reasonable request of the Parent or the Administrative Agent), two executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding.

    

    

    (2)         Each Lender that is not a “United
        States person” (as such term is defined in Section 7701(a)(30) of the Code) agrees to deliver to the Parent and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement

    

    

    
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    (and from time to time thereafter upon the reasonable request of the Parent or the Administrative Agent), whichever of the following is applicable:

    

    

    (i)          two executed originals of IRS
        Form W-8BEN or W-8BEN-E (or successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party,

    

    

    (ii)         two executed originals of IRS
        Form W-8ECI (or successor forms),

    

    

    (iii)       in the case of a Lender claiming
        the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of the Code, (x) two executed originals of a certificate substantially in the form of Exhibit

            F (any such certificate, a “Tax Exempt Certificate”) and (y) two executed originals of  IRS Form W-8BEN or W-8BEN-E (or successor forms),

    

    

    (iv)       to the extent a Lender is not the
        beneficial owner (for example, where the Lender is a partnership or a participating Lender), IRS Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, Tax Exempt Certificate, Form W-9, Form W-8IMY or
        any other required information (or any successor forms) from each beneficial owner that would be required under this Section 2.21(d) if such beneficial owner were a
        Lender, as applicable (provided that if the Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the Tax Exempt Certificate may be provided by such
        Lender on behalf of such direct or indirect partners(s)), or

    

    

    (v)       two executed originals of any other
        form prescribed by applicable U.S. federal income Tax laws (including the Treasury Regulations) as a basis for claiming a complete exemption from, or a reduction in, United States federal withholding Tax on any payments to such Lender under the
        Credit Documents.

    

    

    (3)         If a payment made to a Lender
        under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the
        Code, as applicable), such Lender shall deliver to the Parent and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Parent or the Administrative Agent such documentation prescribed
        by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Parent or the Administrative Agent as may be necessary for the Parent and the Administrative Agent to
        comply with their FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and to determine the amount, if any, to deduct and withhold from such payment.

    

    

    In addition, each Lender agrees that, whenever a lapse in time or change in circumstances renders any such documentation (including any specific
      documentation required in this Section 2.21(d)) obsolete, expired or inaccurate in any respect, it shall deliver promptly to the Parent and the Administrative Agent updated
      or other appropriate documentation (including any new documentation reasonably requested by the Parent or the Administrative Agent) or promptly notify the Parent and the Administrative Agent in writing of its legal ineligibility to do so.

    

    

    
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    Notwithstanding anything to the contrary in this Section 2.21(d), no
      Lender shall be required to deliver any documentation that it is not legally eligible to deliver.

    

    

    (e)        Each Lender that requests
        reimbursement for amounts owing pursuant to this Section 2.21 agrees to use reasonable efforts (including reasonable efforts to change its lending office) to avoid or to
        minimize any amounts which might otherwise be payable pursuant to this Section 2.21; provided,
        however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole
        discretion to be material.

    

    

    (f)         If the Administrative Agent or any
        Lender determines, in its good faith discretion, that it has received a refund of any Indemnified Taxes as to which it has been indemnified by a Credit Party or with respect to which a Credit Party has paid additional amounts pursuant to this Section 2.21, it shall promptly pay to the relevant Credit Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid,
        by the Credit Party under this Section 2.21 with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes
        imposed with respect to such refund) of the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the applicable Credit Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Credit Party (plus any penalties, interest or
        other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.  This subsection shall
        not be construed to interfere with the right of a Lender or the Administrative Agent to arrange its Tax affairs in whatever manner it thinks fit nor oblige any Lender or the Administrative Agent to disclose any information relating to its Tax
        affairs or any computations in respect thereof or require any Lender or the Administrative Agent to do anything that would prejudice its ability to benefit from any other refunds, credits, reliefs, remissions or repayments to which it may be
        entitled.  Notwithstanding anything to the contrary, in no event will any Lender be required to pay any amount to a Credit Party the payment of which would place such Lender in a less favorable net after-tax position than it would have been in if
        the additional amounts or indemnification payments giving rise to such refund of any Indemnified Taxes had never been paid.

    

    

    (g)       The agreements in this Section 2.21 shall survive the termination of this Credit Agreement, the payment of the Notes and all other amounts payable hereunder, the resignation of the Administrative
        Agent and any assignment of rights by, or replacement of, any Lender.

    

    

    2.22       [Reserved].

    

    

    2.23       Replacement of Lenders.

    

    

    The Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.18, Section 2.19 or Section 2.21 or
      (b) is a Defaulting Lender hereunder; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be
      continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have taken no action under Section 2.18, Section 2.19(a) or Section 2.21(e), as applicable, so as to eliminate the continued need for payment of amounts owing
      pursuant to Section 2.18, Section 2.19 or Section 2.21, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be liable to such
      replaced Lender under Section 2.20 if any LIBOR Rate Loan owing to such replaced Lender shall be

    

    

    
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    purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement shall be a financial institution that, if not already a Lender, shall
      be reasonably acceptable to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 9.6
      (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein), (viii) with respect to payments due through such time as such
      replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.18, 2.19 or 2.21, as the case may be and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the
      Administrative Agent or any other Lender shall have against the replaced Lender.  In the event any replaced Lender fails to execute the agreements required under Section 9.6
      in connection with an assignment pursuant to this Section 2.23, the Borrower may, upon two (2) Business Days’ prior notice to such replaced Lender, execute such agreements
      on behalf of such replaced Lender.  A Lender shall not be required to be replaced if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such replacement cease to apply.

    

    

    2.24       [Reserved].

    

    

    2.25       Defaulting Lenders.

    

    

    Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender
      is no longer a Defaulting Lender, to the extent permitted by applicable law:

    

    

    (a)         Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.1.

    

    

    (b)        Reallocation of Payments.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at
        maturity, or otherwise, and including any amounts made available to the Administrative Agent for the account of such Defaulting Lender pursuant to Section 9.7), shall be
        applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
        Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
        such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the
        Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the Administrative Agent or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by the Administrative Agent or any Lender against
        such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to
        the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
        Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction.  Any payments, prepayments or other amounts paid or payable
        to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.25(b) shall be deemed
        paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

    

    

    
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    (c)         Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in writing in their good faith judgment that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the
        Administrative Agent will so notify the parties hereto, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
        retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
        of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.

    

    

    2.26       Incremental Term Loans.

    

    

    (a)        At any time, the Borrower may by
        written notice to the Administrative Agent elect to request the establishment of one or more incremental term loan commitments (any such incremental term loan commitment, which may be part of an existing tranche, an “Incremental Term Loan Commitment”) to make an incremental term loan (any such incremental term loan, an “Incremental Term Loan”);

        provided that the total aggregate amount for all such Incremental Term Loan Commitments shall not exceed $300,000,000.  Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that any Incremental Term Loan Commitment shall be effective, which shall be a date not less than ten (10) Business Days
        after the date on which such notice is delivered to Administrative Agent.  The Borrower may invite any Lender, any Affiliate of any Lender and/or any Approved Fund, and/or any other Person reasonably satisfactory to the Administrative Agent, to
        provide an Incremental Term Loan Commitment (any such Person, an “Incremental Term Loan Lender”).  Any Lender or any Incremental Term Loan Lender offered or approached to
        provide all or a portion of any Incremental Term Loan Commitment may elect or decline, in its sole discretion, to provide such Incremental Term Loan Commitment.  Any Incremental Term Loan Commitment shall become effective as of such Increased
        Amount Date; provided that:

    

    

    (A)         no Default or Event of Default
        shall exist on such Increased Amount Date before or after giving effect to (1) any Incremental Term Loan Commitment and (2) the making of any Incremental Term Loans pursuant thereto (except in connection with any Consolidated Company Investment; provided that in such case, no Event of Default under Sections 7.1(a) or (g) shall exist after giving effect thereto);

    

    

    (B)        the representations and warranties
        made by the Credit Parties herein or in any other Credit Document or which are contained in any certificate furnished at any time under or in connection herewith or therewith shall be true and correct in all material respects (except to the extent
        that any such representation or warranty is qualified by materiality, in which case such representation and warranty shall be true and correct) on and as of the date of such Increased Amount Date as if made on and as of such date (except for those
        which expressly relate to an earlier date) (except in connection with any Consolidated Company Investment not prohibited hereunder; provided that in such case, the
        representations and warranties set forth in Sections 3.1(i), 3.2, 3.3, 3.4, 3.6, 3.7 and 3.13 with respect to the Parent and its Subsidiaries (on a pro forma basis giving effect
        to such Acquisition), and customary specified acquisition agreement representations and warranties with respect to the entity and/or assets to be acquired, shall be true and correct in all material respects on and as of such Increased Amount Date);

    

    

    (C)         the Administrative Agent and the
        Lenders shall have received from the Borrower a Pro Forma Compliance Certificate demonstrating that the Credit Parties will

    

    

    
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    be in compliance on a pro forma basis with the financial covenants set forth in Section 6.1
      after giving effect to (1) any Incremental Term Loan Commitment, (2) the making of any Incremental Term Loans pursuant thereto and (3) any Consolidated Company Investment consummated in connection therewith; provided that if such Incremental Term Loans are incurred in connection with a Consolidated Company Investment or an irrevocable redemption or repayment of Indebtedness, compliance with the financial
      covenants set forth in Section 6.1 may be determined, at the option of the Parent, at the time of signing the applicable acquisition agreement or the date of irrevocable
      notice of redemption or repayment, as applicable (in which case, such Incremental Term Loans will be deemed outstanding for purposes of calculating the maximum amount of Indebtedness that can be incurred under any leverage-based test hereunder); provided further, that if the Parent has made such election, in connection with the calculation of
      any financial ratio (other than the financial covenants set forth in Section 6.1) on or following such date and prior to the earlier of the date on which such Consolidated
      Company Investment is consummated or the definitive agreement for such Consolidated Company Investment is terminated or such redemption or repayment is made, as applicable, any such ratio shall be calculated on a Pro Forma Basis assuming such
      Consolidated Company Investment, redemption or repayment and other pro forma events in connection therewith (including any incurrence of Indebtedness) have been consummated, except to the extent such calculation would result in a lower leverage ratio
      than would apply if such calculation was made without giving pro forma effect to such Consolidated Company Investment, redemption, repayment, other pro forma events and Indebtedness;

    

    

    (D)         the proceeds of any Incremental
        Term Loans shall be used solely for the Investment Purpose;

    

    

    (E)         each Incremental Term Loan
        Commitment (and the Incremental Term Loans made thereunder) shall constitute obligations of the Borrower and shall be guaranteed with the other Extensions of Credit on a pari passu basis;

    

    

    (F)          in the case of each Incremental
        Term Loan (the terms of which shall be set forth in the relevant Lender Joinder Agreement):

    

    

    (w)       such Incremental Term Loan will
        mature and amortize in a manner reasonably acceptable to the Administrative Agent, the Incremental Term Loan Lenders making such Incremental Term Loan and the Borrower, but will not in any event have a shorter weighted average life to maturity than
        the remaining weighted average life to maturity of the Latest Maturing Loan or a maturity date earlier than the Latest Maturity Date;

    

    

    (x)        the Applicable Percentage and
        pricing grid, if applicable, for such Incremental Term Loan shall be determined by the applicable Incremental Term Loan Lenders and the Borrower on the applicable Increased Amount Date;

    

    

    (y)        all other terms and conditions
        applicable to any Incremental Term Loan, to the extent not consistent with the terms and conditions applicable to the existing Term Loan, shall be reasonably satisfactory to the Administrative Agent; and

    

    

    (z)         such Incremental Term Loans shall
        be made available only to the Borrower and only in U.S. Dollars;

    

    

    
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    it being understood that, to the extent any financial maintenance covenant is added for the benefit of any Incremental Term Loan Commitment or any
      Incremental Term Loans, no consent with respect to such financial maintenance covenant shall be required from the Administrative Agent or any existing Lender so long as such financial maintenance covenant is added to this Agreement for the benefit of
      the existing Commitments and Loans;

    

    

    (G)          any Incremental Term Loan Lender
        making any Incremental Term Loan shall be entitled to the same voting rights as the existing Term Loan Lenders under the Term Loans and each Incremental Term Loan shall receive proceeds of prepayments on the same basis as the existing Term Loans
        (such prepayments to be shared pro rata on the basis of the original aggregate funded amount thereof among the existing Term Loans and the Incremental Term Loans);

    

    

    (H)          such Incremental Term Loan
        Commitments shall be effected pursuant to one or more Lender Joinder Agreements executed and delivered by the Borrower, the Administrative Agent and the applicable Incremental Term Loan Lenders (which Lender Joinder Agreement may, without the
        consent of any other Lenders or Credit Parties, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to effect the provisions of
        this Section 2.26); and

    

    

    (I)          the Credit Parties shall deliver
        or cause to be delivered any customary legal opinions or other customary closing documents (including a resolution duly adopted by the board of directors (or equivalent governing body) of each Credit Party authorizing such Incremental Term Loan)
        reasonably requested by Administrative Agent in connection with any such transaction.

    

    

    (b)         (i)          The Incremental Term Loans shall be deemed to be Term Loans; provided that such Incremental Term Loan may be
        designated as a separate tranche of Term Loans for all purposes of this Credit Agreement.

    

    

    (ii)          The Incremental Term Loan Lenders
        shall be included in any determination of the Required Lenders, and the Incremental Term Loan Lenders will not constitute a separate voting class for any purposes under this Credit Agreement.

    

    

    (c)         On any Increased Amount Date on
        which any Incremental Term Loan Commitment becomes effective, subject to the foregoing terms and conditions, each Incremental Term Loan Lender with an Incremental Term Loan Commitment shall make an Incremental Term Loan to the Borrower in an amount
        equal to its Incremental Term Loan Commitment and shall become a Term Loan Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loan made pursuant thereto.

    

    

    (d)         Notwithstanding any provision to
        the contrary contained herein, if a Subsidiary (other than the Borrower) shall, at the time of any proposed Incremental Term Loan, own assets consistent with those set forth in the Investment Purpose, and which the Administrative Agent deems
        eligible assets for purposes of this Agreement, then, at the Parent’s sole election, such Subsidiary may be joined as an additional borrower under this Agreement, subject to joinder documentation and related terms and conditions to be agreed upon
        by the Administrative Agent and the Credit Parties; provided that, it is understood and agreed that such joinder may be a condition precedent to the closing and funding
        of the proposed Incremental Term Loan if so requested by the financial institutions providing the proposed Incremental Term Loans.

    

    

    
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    ARTICLE III

      

      REPRESENTATIONS AND WARRANTIES

    

    

    To induce the Lenders to enter into this Credit Agreement and to make Loans herein provided for, the Credit Parties hereby represent and warrant to
      the Administrative Agent and to each Lender that:

    

    

    3.1         Corporate Existence; Compliance with Law.

    

    

    The Parent and each of its Subsidiaries is a corporation or other legal entity duly organized, validly existing and (to the extent the concept is
      applicable in such jurisdiction) in good standing under the laws of its jurisdiction of organization, except where the failure to be in good standing would not reasonably be likely to have a Material Adverse Effect.  The Parent and each of its
      Subsidiaries (i) has the corporate power and authority and the legal right to own and operate its property and to conduct its business, (ii) is duly qualified as a foreign corporation or other legal entity and in good standing under the laws of each
      jurisdiction where its ownership of property or the conduct of its business requires such qualification, and (iii) is in compliance with all Requirements of Law, except where (a) the failure to have such power, authority and legal right as set forth
      in clause (i) hereof, (b) the failure to be so qualified or in good standing as set forth in clause (ii) hereof, or (c) the failure to comply with Requirements of Law as set forth in clause (iii) hereof, is not reasonably likely, in the aggregate, to
      have a Material Adverse Effect.  No Credit Party is an EEA Financial Institution.

    

    

    3.2         Corporate Power; Authorization.

    

    

    Each of the Credit Parties has the corporate power and authority to make, deliver and perform the Credit Documents to which it is a party and has
      taken all necessary corporate action to authorize the execution, delivery and performance of such Credit Documents.  No consent or authorization of, or filing with, any Person (including any Governmental Authority), is required in connection with the
      execution, delivery or performance by a Credit Party, or the validity or enforceability against a Credit Party, of the Credit Documents, other than such consents, authorizations or filings which have been made or obtained and those consents,
      authorizations and filings the failure of which to make or obtain would not reasonably be likely to have a Material Adverse Effect.

    

    

    3.3          Enforceable Obligations.

    

    

    This Agreement has been duly executed and delivered by the Parent, the Borrower, RKT, WRKCo and MWV, and each other Credit Document will be duly
      executed and delivered, by each Credit Party party thereto, as applicable, and this Credit Agreement constitutes, and each other Credit Document when executed and delivered will constitute, legal, valid and binding obligations of each Credit Party
      executing the same, enforceable against such Credit Party in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’
      rights generally and by general principles of equity.

    

    

    3.4          No Legal Bar.

    

    

    The execution, delivery and performance by each Credit Party of the Credit Documents to which it is a party will not (a) violate (i) such Person’s
      articles or certificate of incorporation (or equivalent formation document), bylaws or other organizational or governing documents or (ii) any Requirement of Law or (b) cause a breach or default under any of their respective Material Contracts,
      except, with respect

    

    

    
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    to any violation, breach or default referred to in clause (a)(ii) or (b), to the extent that such violation, breach or default would not reasonably be likely to have a
      Material Adverse Effect.

    

    

    3.5          No Material Litigation.

    

    

    No litigation, investigation or proceeding of or before any court, tribunal, arbitrator or governmental authority is pending or, to the knowledge of
      any Responsible Officer, threatened in writing by or against any Credit Party or any of the Restricted Subsidiaries, or against any of their respective properties or revenues, existing or future (a) that is adverse in any material respect to the
      interests of the Lenders with respect to any Credit Document or any of the transactions contemplated hereby or thereby, or (b) that is reasonably likely to have a Material Adverse Effect.

    

    

    3.6          Investment Company Act.

    

    

    None of the Credit Parties nor any Restricted Subsidiary is an “investment company” registered or required to be registered under the Investment
      Company Act of 1940, as amended, and is not controlled by such a company.

    

    

    3.7          Margin Regulations.

    

    

    No part of the proceeds of the Loans hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin stock”
      within the meaning of Regulation U.  Neither the execution and delivery hereof by the Credit Parties, nor the performance by them of any of the transactions contemplated by this Credit Agreement (including the direct or indirect use of the proceeds
      of the Loans) will violate or result in a violation of Regulation T, U or X.

    

    

    3.8          Compliance with Environmental Laws.  Except for any matters that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect:

    

    

    (a)         None of the Credit Parties nor any
        of the Restricted Subsidiaries has received from any third party any notices of claims or potential liability under, or notices of failure to comply with, any Environmental Laws.

    

    

    (b)        None of the Credit Parties nor any
        of the Restricted Subsidiaries has received any notice of violation, or notice of any action, either judicial or administrative, from any Governmental Authority relating to the actual or alleged violation of any Environmental Law, including any
        such notice of violation or action based upon any actual or alleged Release or threat of Release of any Hazardous Substances by a Credit Party or any of the Restricted Subsidiaries or its employees or agents, or as to the existence of any
        contamination at any location for which a Credit Party or any Restricted Subsidiary is or is alleged to be responsible.

    

    

    (c)         None of the Credit Parties nor any
        of the Restricted Subsidiaries, nor, to the knowledge of any Credit Party, any other Person, has caused any Release or threat of Release of any Hazardous Substance, with respect to any real property currently or formerly owned, leased or operated
        by a Credit Party or any Restricted Subsidiary or has violated any Environmental Law, that is reasonably likely to result in penalties, fines, claims or other liabilities to a Credit Party or any Restricted Subsidiary pursuant to any Environmental
        Law.

    

    

    (d)         The Credit Parties and the
        Restricted Subsidiaries and their respective operations are in

    

    

    
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    compliance with all Environmental Laws, and have obtained, maintained and are in compliance with all necessary governmental permits, licenses and
      approvals required under Environmental Law for the operations conducted on their respective properties.

    

    

    3.9          [Reserved].

    

    

    3.10        Financial Statements, Fiscal Year and Fiscal Quarters.

    

    

    (a)         The Parent has furnished to the
        Administrative Agent and the Lenders (i) copies of audited consolidated financial statements of the Parent and its Subsidiaries for the fiscal year ended September 30, 2018, audited by independent public accountants of recognized national standing
        and prepared in conformity with GAAP and (ii) copies of interim unaudited condensed consolidated balance sheets, statements of operations and statements of cash flows of the Parent and its Subsidiaries as of and for December 31, 2018, March 31,
        2019 and June 30, 2019.

    

    

    (b)        The financial statements referenced
        in subsection (a) fairly present in all material respects the consolidated financial condition of the Parent and its Subsidiaries as at the dates thereof and the results
        of operations for such periods in conformity with GAAP consistently applied (subject, in the case of the quarterly financial statements, to normal year-end audit adjustments and the absence of certain notes).  The Credit Parties and the Restricted
        Subsidiaries taken as a whole did not have any material contingent obligations, contingent liabilities, or material liabilities for known taxes, long-term leases or unusual forward or long-term commitments required to be reflected in the foregoing
        financial statements or the notes thereto that are not so reflected.

    

    

    (c)          [Reserved].

    

    

    (d)          [Reserved].

    

    

    (e)          Since September 30, 2018, there
        has been no change with respect to the Consolidated Companies taken as a whole which has had or is reasonably likely to have a Material Adverse Effect.

    

    

    3.11        ERISA.

    

    

    (a)          Compliance.  Each Plan maintained by the Credit Parties and the Restricted Subsidiaries has at all times been maintained, by its terms and in operation, in compliance with all applicable laws, except
        for such instances of non-compliance that, individually or in the aggregate, are not reasonably likely to have a Material Adverse Effect.

    

    

    (b)         Liabilities.  None of the Credit Parties nor the Restricted Subsidiaries is subject to any liabilities (including withdrawal liabilities) with respect to any Plans of the Credit Parties, the
        Restricted Subsidiaries and their ERISA Affiliates arising from Titles I or IV of ERISA, other than obligations to fund benefits under an ongoing Plan and to pay current contributions, expenses and premiums with respect to such Plans, except for
        such liabilities that, individually or in the aggregate, are not reasonably likely to have a Material Adverse Effect.

    

    

    (c)         Funding.  Each Credit Party and each Restricted Subsidiary and, with respect to any Plan which is subject to Title IV of ERISA, each of their respective ERISA Affiliates, have made full and timely
        payment of all amounts (A) required to be contributed under the terms of each Plan and applicable law, and (B) required to be paid as expenses (including PBGC or other

    

    

    
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    premiums) of each Plan, except for failures to pay such amounts (including any penalties attributable to such amounts) that, individually or in the
      aggregate are not reasonably likely to have a Material Adverse Effect.

    

    

    (d)          ERISA Event or Foreign Plan Event.  No ERISA Event or Foreign Plan Event has occurred or is reasonably expected to occur, except for such ERISA Events and Foreign Plan Events that, individually or in
        the aggregate, are not reasonably likely to have a Material Adverse Effect.

    

    

    3.12        Accuracy and Completeness of Information.

    

    

    None of the written reports, financial statements, certificates, or final schedules to this Agreement or any other Credit Document heretofore, contemporaneously or
      hereafter furnished by or on behalf of any Credit Party or any of its Subsidiaries to the Administrative Agent, the Lead Arrangers or any Lender for purposes of or in connection with this Credit Agreement or any other Credit Document, or any
      transaction contemplated hereby or thereby, when taken as a whole, contains as of the date of such report, financial statement, certificate or schedule or, with respect to any such items so furnished on or prior to the Closing Date, as of the Closing
      Date any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to forecasts or projected financial information, the Credit Parties represent only that such information was prepared in good faith based upon assumptions believed by them to be reasonable at the
      time made, at the time so furnished and, with respect to any such items so furnished on or prior to the Closing Date, as of the Closing Date (it being understood that such forecasts and projections may vary from actual results and that such variances
      may be material).  The information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects as of the Closing Date.

    

    

    3.13       Compliance with Trading with the Enemy Act, OFAC Rules and Regulations, Patriot Act and FCPA.

    

    

    (a)        Neither any Credit Party nor any of
        its Subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended.  Neither any Credit Party nor any or its Subsidiaries is in violation of (i) the Trading with the Enemy Act, as amended, (ii) any of the foreign assets control regulations of the Office of Foreign
        Assets Control of the United States Treasury Department (“OFAC”) (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating
        thereto, (iii) the Patriot Act or (iv) the Canadian AML Acts.  None of the Credit Parties (A) is subject to sanctions administered by OFAC or the U.S. Department of State or (B) to the best of its knowledge, engages in any dealings or transactions,
        or is otherwise associated, with any person subject to such sanctions.

    

    

    (b)         None of the Credit Parties or
        their Subsidiaries or, to the knowledge of the Credit Parties, their respective Affiliates, directors, officers, employees or agents is in violation of any Sanctions.

    

    

    (c)         None of the Credit Parties or
        their Subsidiaries or their respective Affiliates, directors, officers, employees or agents (i) is a Sanctioned Person or a Sanctioned Entity, (ii) has more than 15% of its assets located in Sanctioned Entities, or (iii) derives more than 15% of
        its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Entities.  The proceeds of any Loan will not be used and have not been used, in each case directly by any Credit Party or any of its Subsidiaries or, to
        the knowledge of the Credit Parties, indirectly

    

    

    
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    by any other Person, to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned
      Entity.

    

    

    (d)         Each of the Credit Parties and
        their Subsidiaries and, to the knowledge of the Credit Parties, their respective directors, officers, employees or agents is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq. and any applicable foreign counterpart thereto.  None of the Credit Parties or their Subsidiaries or, to the knowledge of the Credit Parties, their respective directors, officers, employees
        or agents has made and no proceeds of any Loan will be used, in each case directly by any Credit Party or any of its Subsidiaries or, to the knowledge of the Credit Parties, indirectly by any other Person, to make a payment, offering, or promise to
        pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign
        political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business
        wrongfully to such Credit Party or its Subsidiary or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq. or
        any applicable foreign counterpart thereto.

    

    

    3.14       Use of Proceeds.

    

    

    The Extensions of Credit will be used solely for the Investment Purpose and, in the case of the Closing Date Term Loans, to refinance the term loan
      outstanding under the Existing Credit Agreement, the proceeds of which Existing Credit Agreement were used for the Investment Purpose (as defined and described in the Existing Credit Agreement).

    

    

    ARTICLE IV

      

      CONDITIONS PRECEDENT

    

    

    4.1          Conditions to Closing Date and Initial Term Loans.

    

    

    This Credit Agreement shall become effective upon, and the obligation of each Lender to make the initial Revolving Loans and the Term Loans on the
      Closing Date is subject to, the satisfaction of the following conditions precedent:

    

    

    (a)         Execution of Credit Agreement and Credit Documents.  Receipt by the Administrative Agent of (i) for the account of each Closing Date Term Loan Lender that makes a request therefor, a Closing Date
        Term Loan Note and (ii) a fully-executed counterpart of this Credit Agreement; in each case executed by a duly authorized officer of each party thereto and in each case conforming to the requirements of this Credit Agreement.

    

    

    (b)        Legal Opinion.  Receipt by the Administrative Agent of the following legal opinions of counsel to the Credit Parties, in form and substance reasonably acceptable to the Administrative Agent:

    

    

    (i)          a legal opinion of Cravath, Swaine
        & Moore LLP, special New York counsel to the Credit Parties, providing customary opinions regarding valid existence, good standing and organizational power and authority of the Credit Parties organized in New York and Delaware, the Investment
        Company Act of 1940, as amended, no conflicts with/no creation of liens under material contracts, enforceability of the Credit Documents, no conflicts with or consents under New York law or Delaware corporate/limited liability

    

    

    
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    company law, due authorization, execution and delivery of the Credit Documents by the Credit Parties organized in New York and Delaware and no
      conflicts with organizational documents of the Credit Parties existing as of the Closing Date organized in New York and Delaware; and

    

    

    (ii)         legal opinion of the general
        counsel of the Parent, providing customary opinions regarding valid existence, good standing and organizational power and authority of the Credit Parties organized in Georgia, no conflicts with or consents under Georgia law, due authorization,
        execution and delivery of the Credit Documents by the Credit Parties existing as of the Closing Date organized in Georgia, no conflicts with organizational documents of the Credit Parties organized in Georgia, and no material litigation.

    

    

    (c)          Corporate Documents.  Receipt by the Administrative Agent of the following (or their equivalent), each (other than with respect to clause (iv)) certified by the secretary or assistant secretary of
        the applicable Credit Party as of the Closing Date to be true and correct and in force and effect pursuant to a certificate in a form reasonably satisfactory to the Administrative Agent:

    

    

    (i)          Articles of Incorporation.  Copies of the articles of incorporation or charter documents of each Credit Party certified to be true and complete as of a recent date by the appropriate Governmental
        Authority of the state of its organization.

    

    

    (ii)        Resolutions.  Copies of resolutions of the board of directors or comparable managing body of each Credit Party approving and adopting the respective Credit Documents (including the transactions
        contemplated therein) and authorizing execution and delivery thereof.

    

    

    (iii)         Bylaws.  Copies of the bylaws, operating agreement or partnership agreement of each Credit Party.

    

    

    (iv)         Good Standing.  Copies, where applicable, of certificates of good standing, existence or its equivalent of each Credit Party in its state or province of organization, certified as of a recent date by
        the appropriate Governmental Authorities of the applicable state or province of organization.

    

    

    (d)         Officer’s Certificate.  Receipt by the Administrative Agent of a certificate, in form and substance reasonably satisfactory to it, of a Responsible Officer certifying that after giving effect to each
        of the transactions contemplated by this Credit Agreement, the Credit Parties taken as a whole are solvent as of the Closing Date.

    

    

    (e)          [Reserved].

    

    

    (f)         Financial Information.  Receipt by the Administrative Agent of the financial information described Section 3.10(a) (for
        the avoidance of doubt, the Administrative Agent hereby acknowledges receipt of the financial information described in Section 3.10(a)).

    

    

    (g)        Termination of Existing Credit Agreement.  The Administrative Agent shall have received evidence, in form and substance reasonably satisfactory to the Administrative Agent, that all principal,
        interest and other amounts outstanding in connection with the Existing Credit Agreement has been or substantially concurrently with the Closing Date is being repaid in full and terminated and all Liens relating thereto shall have been terminated
        and released (or arrangements reasonably satisfactory to the Administrative Agent shall have been made therefor).

    

    

    
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    (h)         Fees.  Receipt by the Administrative Agent and the Lenders of all fees, if any, then owing pursuant to the Fee Letter or pursuant to any other Credit Document, which fees may be paid or netted from
        the proceeds of the initial Extension of Credit hereunder.

    

    

    (i)          [Reserved].

    

    

    (j)          Patriot Act.  Each of the Lenders shall have received, at least three (3) days prior to the Closing Date (to the extent reasonably requested on a timely basis at least seven (7) days prior to the
        Closing Date), all documentation and other information required by the applicable Governmental Authorities under applicable “know your customer” and
        anti-money laundering rules and regulations, including the Patriot Act;

    

    

    (k)          Beneficial Ownership Certification.  If the Borrower qualifies as a “legal entity
          customer” under the Beneficial Ownership Regulation, receipt by the Administrative Agent and each Lender, to the extent requested by the Administrative Agent or such Lender at least five (5) Business Days prior to the Closing Date, of a
          Beneficial Ownership Certification in relation to the Borrower.

    

    

    (l)         Representations and Warranties.  The representations and warranties made by the Credit Parties herein or in any other Credit Document or which are contained in any certificate furnished at any time
        under or in connection herewith or therewith shall be true and correct in all material respects (except to the extent that any such representation or warranty is qualified by materiality, in which case such representation and warranty shall be true
        and correct) on and as of the date of such Extension of Credit as if made on and as of such date (except for those which expressly relate to an earlier date).

    

    

    (m)        No Default or Event of Default.  No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date.

    

    

    (n)          [Reserved].

    

    

    (o)          Equity Investment.  The Administrative Agent shall have received evidence that the Borrower has made a minimum equity investment of $1,000 in CoBank.

    

    

    (p)          [Reserved].

    

    

    (q)          Delivery of Notice of Borrowing.  The Administrative Agent shall have received a completed Notice of Borrowing with respect to the Closing Date Term Loan, which shall include (i) a certification from
        the Borrower as to the use of proceeds of the Closing Date Term Loan consistent with the Investment Purpose and (ii) an authorization as to the account to which the net proceeds of the Closing Date Term Loan are to be disbursed.

    

    

    ARTICLE V

      

      AFFIRMATIVE COVENANTS

    

    

    The Credit Parties covenant and agree that on the Closing Date, and so long as this Credit Agreement is in effect and until the Commitments have been
      terminated, no Loans remain outstanding and all amounts owing hereunder or under any other Credit Document or in connection herewith or therewith (other than contingent indemnity obligations) have been paid in full, the Credit Parties shall:

    

    

    
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    5.1          Corporate Existence, Etc..

    

    

    Preserve and maintain, and cause each of the Material Subsidiaries to preserve and maintain, its corporate existence (except as otherwise permitted
      pursuant to Section 6.4), its material rights, franchises, licenses, permits, consents, approvals and contracts, and its material trade names, service marks and other
      Intellectual Property (for the scheduled duration thereof), in each case material to the normal conduct of its business, and its qualification to do business as a foreign corporation in all jurisdictions where it conducts business or other activities
      making such qualification necessary, where the failure to be so qualified is reasonably likely to have a Material Adverse Effect.

    

    

    5.2          Compliance with Laws, Etc..

    

    

    Comply, and cause each of the Restricted Subsidiaries to comply, with all Requirements of Law (including all Environmental Laws, ERISA, the Trading
      with the Enemy Act, OFAC, the Patriot Act and the Canadian AML Acts, each as amended) and Contractual Obligations applicable to or binding on any of them where the failure to comply with such Requirements of Law and Contractual Obligations is
      reasonably likely to have a Material Adverse Effect.  Each of the Credit Parties will maintain in effect and enforce policies and procedures designed to ensure compliance by the Credit Parties, their Subsidiaries and their respective directors,
      officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

    

    

    5.3          Payment of Taxes and Claims.

    

    

    File and cause each Restricted Subsidiary to file all Tax returns that are required to be filed by each of them and pay, collect, withhold and remit
      all Taxes that have become due pursuant to such returns or pursuant to any assessment in respect thereof received by a Credit Party or any Restricted Subsidiary, and each Credit Party and each Restricted Subsidiary will pay or cause to be paid all
      other Taxes due and payable (whether or not shown on a Tax return) before the same become delinquent, except, in each case, (i) such Taxes as are being contested in good faith by appropriate and timely proceedings and as to which adequate reserves
      have been established in accordance with GAAP or (ii) where failure to take the foregoing actions, individually or in the aggregate, is not reasonably likely to have a Material Adverse Effect.

    

    

    5.4          Keeping of Books.

    

    

    Keep, and cause each of the Restricted Subsidiaries to keep, proper books of record and account, containing complete and accurate entries of all their
      respective financial and business transactions.

    

    

    5.5          Visitation, Inspection, Etc..

    

    

    Permit, and cause each of the Restricted Subsidiaries to permit, any representative of the Administrative Agent or, during the continuance of an Event
      of Default, any Lender, at the Administrative Agent’s or such Lender’s expense, to visit and inspect any of its property, to examine its books and records and to make copies and take extracts therefrom, and to discuss its affairs, finances and
      accounts with its officers, all at such reasonable times during normal business hours of such Credit Party or the applicable Restricted Subsidiary, as the case may be, after reasonable prior notice to the Parent; provided, however, that unless an Event of Default has occurred and is continuing, such visits and inspections can occur no
      more frequently than once per year.

    

    

    5.6          Insurance; Maintenance of Properties and Licenses.

    

    

    (a)         Maintain or cause to be maintained
        with financially sound and reputable insurers or through self insurance, risk retention or risk transfer programs, insurance with respect to its

    

    

    
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    properties and business, and the properties and business of the Restricted Subsidiaries, against loss or damage of the kinds that the Parent in its
      judgment deems reasonable, such insurance to be of such types and in such amounts and subject to such deductibles and self-insurance programs as the Parent in its judgment deems reasonable.

    

    

    (b)         Cause, and cause each Restricted
        Subsidiary to cause, all properties material to the conduct of its business to be maintained and kept in good condition, repair and working order, ordinary wear and tear excepted, and supplied with all necessary equipment and will cause to be made
        all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of any Credit Party may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at
        all times except as would not, individually or in the aggregate, have a Material Adverse Effect; provided, however,
        that nothing in this Section 5.6(b) shall prevent a Credit Party from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the
        judgment of the Parent, desirable in the conduct of its business or the business of any Credit Party or any of the Restricted Subsidiaries.

    

    

    (c)       Maintain, in full force and effect
        in all material respects, each and every material license, permit, certification, qualification, approval or franchise issued by any Governmental Authority (each a “License”)

        required for each of the Credit Parties to conduct their respective businesses as presently conducted except as would not, individually or in the aggregate, have a Material Adverse Effect; provided, however, that nothing in this Section 5.6(c) shall
        prevent a Credit Party from discontinuing the operation or maintenance of any such License if such discontinuance is, in the judgment, of the Parent, desirable in the conduct of its business or business of any Credit Party or any of the Restricted
        Subsidiaries.

    

    

    5.7          Financial Reports; Other Notices.

    

    

    Furnish to the Administrative Agent (for delivery to each Lender):

    

    

    (a)          after the end of each of the first
        three quarterly accounting periods of each of its Fiscal Years (commencing with the Fiscal Quarter ending on the last day of the first Fiscal Quarter ending after the Closing Date), as soon as prepared, but in any event at the same time the SEC
        Filer files or is (or would be) required to file the same with the SEC, the quarterly unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries as of the end of such Fiscal Quarter and the related unaudited consolidated
        statements of income and cash flows (together with all footnotes thereto) of the Parent and its consolidated Subsidiaries for such Fiscal Quarter and the then elapsed portion of such Fiscal Year, setting forth in each case in comparative form the
        figures for the corresponding quarter and the corresponding portion of the SEC Filer’s previous Fiscal Year, accompanied by a certificate, dated the date of furnishing, signed by a Responsible Officer of the SEC Filer to the effect that such
        financial statements accurately present in all material respects the consolidated financial condition of the Parent and its consolidated Subsidiaries and that such financial statements have been prepared in accordance with GAAP consistently applied
        (subject to year-end adjustments); provided, however, during any period that the Parent has
        consolidated Subsidiaries which are not Consolidated Companies, the Parent shall also provide such financial information in a form sufficient to enable the Administrative Agent and the Lenders to determine the compliance of the Credit Parties with
        the terms of this Credit Agreement with respect to the Consolidated Companies;

    

    

    (b)         after the end of each of its
        Fiscal Years (commencing with the first Fiscal Year ending after the Closing Date), as soon as prepared, but in any event at the same time the SEC Filer files or is (or would be) required to file the same with the SEC, the annual audited report for
        that

    

    

    
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    Fiscal Year for the Parent and its consolidated Subsidiaries, containing a consolidated balance sheet of the Parent and its consolidated Subsidiaries
      as of the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows (together with all footnotes thereto) of the Parent and its consolidated Subsidiaries for such Fiscal Year, setting forth in each
      case in comparative form the figures for the previous Fiscal Year (which financial statements shall be reported on by the SEC Filer’s independent certified public accountants, such report to state that such financial statements fairly present in all
      material respects the consolidated financial condition and results of operation of the Parent and its consolidated Subsidiaries in accordance with GAAP, and which shall not be subject to any “going concern” or like qualification, exception,
      assumption or explanatory language (other than solely as a result of a maturity date in respect of any Term Loans) or any qualification, exception, assumption or explanatory language as to the scope of such audit); provided, however, during any period that the Parent has consolidated Subsidiaries which are not Consolidated Companies,
      the Parent shall also provide such financial information in a form sufficient to enable the Administrative Agent and the Lenders to determine the compliance of the Credit Parties with the terms of this Credit Agreement with respect to the
      Consolidated Companies;

    

    

    (c)          not later than five days after the
        delivery of the financial statements described in Section 5.7(a) and (b) above, commencing
        with such financial statements for the earlier of the first Fiscal Quarter and the first Fiscal Year ending after the Closing Date, a certificate of a Responsible Officer substantially in the form of Exhibit G, stating that, to the best of such Responsible Officer’s knowledge, each of the Credit Parties during such period observed or performed in all material respects all of its covenants and other
        agreements, and satisfied in all material respects every condition, contained in this Credit Agreement to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default
        except as specified in such certificate and such certificate shall include (i) the calculations in reasonable detail required to indicate compliance with Section 6.1 as
        of the last day of such period and that the financial information provided has been prepared in accordance with GAAP applied consistently for the periods related thereto and (ii) a schedule that includes actual actions taken and run-rate synergies
        achieved versus actions scheduled and associated estimated run-rate synergies pursuant to clause (ix) in the definition of EBITDA;

    

    

    (d)          promptly upon the filing thereof
        or otherwise becoming available, copies of all financial statements, annual, quarterly and special reports, proxy statements and notices sent or made available generally by the Parent to its public security holders, of all regular and periodic
        reports and all registration statements and prospectuses, if any, filed by any of them with any securities exchange or with the SEC;

    

    

    (e)          as soon as possible and in any
        event within thirty (30) days after a Credit Party or any Restricted Subsidiary knows or has reason to know that any ERISA Event or Foreign Plan Event with respect to any Plan or Foreign Plan has occurred and such ERISA Event or Foreign Plan Event
        involves a matter that has had, or is reasonably likely to have, a Material Adverse Effect, a statement of a Responsible Officer  setting forth details as to such ERISA Event or Foreign Plan Event and the action which such Credit Party or such
        Restricted Subsidiary proposes to take with respect thereto;

    

    

    (f)          [reserved];

    

    

    (g)          prompt written notice of the
        occurrence of any Default or Event of Default;

    

    

    (h)          prompt written notice of the
        occurrence of any Material Adverse Effect;

    

    

    
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    (i)          a copy of any material notice to
        the holders of (or any trustee with respect to) the Existing Senior Notes;

    

    

    (j)          with reasonable promptness, (x)
        such other information relating to each Credit Party’s performance of this Credit Agreement or its financial condition as may reasonably be requested from time to time by the Administrative Agent (at the request of any Lender) and (y) all
        documentation and other information required by the applicable Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, or applicable anti-corruption statutes,
        including the Foreign Corrupt Practices Act, that is reasonably requested from time to time by the Administrative Agent or any Lender; and

    

    

    (k)          to the extent the Borrower
        qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, an updated Beneficial Ownership Certification as promptly as practicable following any change in the information provided in the Beneficial Ownership Certification
        delivered to any Lender in relation to the Borrower that would result in a change to the list of beneficial owners identified in such certification.

    

    

    The Credit Parties will cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by
      or on behalf of the Credit Parties to the Administrative Agent and Lenders (collectively, “Information Materials”) pursuant to this Article V; provided that upon the filing by the Credit Parties of the items referenced in Section 5.7(a), 5.7(b) or 5.7(d) with the SEC
      for public availability, the Credit Parties, with respect to such items so filed, shall not be required to separately furnish such items to the Administrative Agent and Lenders.  In addition, the Credit Parties will designate Information Materials
      (i) that are either available to the public or not material with respect to the Credit Parties and their Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (ii) that are not Public Information as “Private Information”.

    

    

    5.8          Notices Under Certain Other Indebtedness.

    

    

    Promptly following its receipt thereof, the Parent shall furnish the Administrative Agent a copy of any notice received by it, any Credit Party or any
      of the Restricted Subsidiaries from the holder(s) of Indebtedness (or from any trustee, agent, attorney, or other party acting on behalf of such holder(s)) which, in the aggregate, exceeds $200,000,000, where such notice states or claims the
      existence or occurrence of any default or event of default with respect to such Indebtedness under the terms of any indenture, loan or credit agreement, debenture, note, or other document evidencing or governing such Indebtedness.

    

    

    5.9          Notice of Litigation.

    

    

    Notify the Administrative Agent of any actions, suits or proceedings instituted by any Person against a Credit Party or any Restricted Subsidiary
      where the uninsured portion of the money damages sought (which shall include any deductible amount to be paid by such Credit Party or such Restricted Subsidiary) is reasonably likely to have a Material Adverse Effect.  Said notice is to be given
      promptly, and is to specify the amount of damages being claimed or other relief being sought, the nature of the claim, the Person instituting the action, suit or proceeding, and any other significant features of the claim.

    

    

    5.10          Additional Guarantors.

    

    

    (a)         If any Wholly-Owned Restricted
        Subsidiary that is a Domestic Subsidiary (a “Wholly-Owned Domestic Restricted Subsidiary”) (x) provides a guarantee with respect to any Indebtedness of the Parent, RKT,
        WRKCo or MWV in a Dollar Amount which, in the aggregate,

    

    

    
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    exceeds U.S.$200,000,000 (including, without limitation, the Pro Rata Credit Agreement, the DDTL Agreement and the BofA Term Loan Agreement) and (y)
      is not a Guarantor at such time, the Parent shall cause such Wholly-Owned Domestic Restricted Subsidiary to become a Guarantor of the Credit Party Obligations.  The Credit Parties may, in their sole and absolute discretion, elect to cause a
      Restricted Subsidiary to become a Guarantor of the Credit Party Obligations by executing a Joinder Agreement.  Upon the execution and delivery by such Subsidiary of a Joinder Agreement, such Restricted Subsidiary shall be deemed to be a Credit Party
      hereunder, and each reference in this Agreement to a “Credit Party” shall also mean and be a reference to such Restricted Subsidiary, for so long as such Joinder Agreement is in effect.

    

    

    (b)          In the case of each Restricted
        Subsidiary that becomes a Guarantor in accordance with clause (a) above, the Credit Parties shall ensure that before the execution of any Joinder Agreement, the Administrative Agent receives the items referred to in Section 4.1(a) in respect of such Guarantor, and a certificate of a Responsible Officer with respect to the representations and warranties in Article III.

    

    

    5.11          Use of Proceeds.

    

    

    Use the Loans (including the Incremental Loans) solely for the purposes provided in Section

          3.14.  The Borrower will not request any Extension of Credit, and no Credit Party shall use directly or, to its knowledge, indirectly, and shall procure that its Subsidiaries and its or their respective directors, officers, employees
      and agents shall not use directly or, to its knowledge, indirectly, the proceeds of any Extension of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any
      Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Entity, to the extent such activities,
      businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, Canada (or any province or territory thereof) or in a European Union member state, or (C) in any manner that would result in
      the violation of any Sanctions applicable to any party hereto.

    

    

    ARTICLE VI

      

      NEGATIVE COVENANTS

    

    

    The Credit Parties covenant and agree that on the Closing Date, and so long as this Credit Agreement is in effect and until the Commitments have been
      terminated, no Loans remain outstanding and all amounts owing hereunder or under any other Credit Document or in connection herewith or therewith (other than contingent indemnity obligations) have been paid in full:

    

    

    6.1          Financial Requirements.

    

    

    The Credit Parties will not:

    

    

    (a)         Debt to Capitalization Ratio.  Suffer or permit the Debt to Capitalization Ratio as of the last day of each full Fiscal Quarter ending on or after September 30, 2019 to be greater than 0.60:1.00; provided, however, that if Section 6.1(a) of each Specified Credit Agreement is amended to
        increase the maximum Debt to Capitalization Ratio permitted thereunder, then the Debt to Capitalization Ratio Level shall automatically be increased to the lesser of (x) 0.65:1.00 and (y) the maximum Debt to Capitalization Ratio permitted under
        Section 6.1(a) of each Specified Credit Agreement, as so amended. For purposes hereof, “Specified Credit Agreement” means, at any time, each of the DDTL Agreement, the BofA Term Loan Agreement and the Pro Rata Credit Agreement

    

    

    
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    if, with respect to any such agreement, loans and/or commitments are then outstanding under such agreement at such time.

    

    

    (b)          Consolidated Interest Coverage Ratio.  Suffer or permit the Consolidated Interest Coverage Ratio as of the last day of each full Fiscal Quarter ending on or after September 30, 2019, as calculated
        for a period consisting of the four preceding Fiscal Quarters, to be less than 2.50:1.00.

    

    

    6.2          Liens.

    

    

    The Credit Parties will not, and will not permit any Restricted Subsidiary to, create, assume or suffer to exist any Lien upon any of their respective
      Properties whether now owned or hereafter acquired; provided, however, that this Section 6.2 shall not apply to the following:

    

    

    (a)         any Lien for Taxes not yet due or
        Taxes or assessments or other governmental charges which are being actively contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP;

    

    

    (b)         any Liens, pledges or deposits (i)
        in connection with worker’s compensation, social security, health, disability or other employee benefits, or property, casualty or liability insurance, assessments or other similar charges or deposits incidental to the conduct of the business of a
        Credit Party or any Restricted Subsidiary (including security deposits posted with landlords and utility companies) or the ownership of any of their assets or properties which were not incurred in connection with the borrowing of money or the
        obtaining of advances or credit and which do not in the aggregate materially detract from the value of their Properties or materially impair the use thereof in the operation of their businesses and (ii) in respect of letters of credit, bank
        guarantees or similar instruments issued for the account of any Credit Party in the ordinary course of business supporting obligations of the type set forth in clause (i) above;

    

    

    (c)         statutory Liens of carriers,
        warehousemen, mechanics, materialmen and other Liens imposed by law created in the ordinary course of business for amounts not overdue by more than 30 days, or which are being contested in good faith by appropriate proceedings and for which
        adequate reserves have been established, or which are not material in amount;

    

    

    (d)         pledges or deposits for the
        purpose of securing a stay or discharge in the course of any legal proceeding and judgment liens in respect of judgments that do not constitute an Event of Default under Section
            7.1(i);

    

    

    (e)         Liens consisting of encumbrances
        in the nature of zoning restrictions, easements, rights and restrictions on real property and statutory Liens of landlords and lessors which in each case do not materially impair the use of any material Property;

    

    

    (f)          any Lien in favor of the United
        States of America or any department or agency thereof, or in favor of any state government or political subdivision thereof, or in favor of a prime contractor under a government contract of the United States, or of any state government or any
        political subdivision thereof, and, in each case, resulting from acceptance of partial, progress, advance or other payments in the ordinary course of business under government contracts of the United States, or of any state government or any
        political subdivision thereof, or subcontracts thereunder and which do not materially impair the use of such Property as currently being utilized by a Credit Party or any Restricted Subsidiary;

    

    

    
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    (g)        any Lien securing any debt
        securities issued (including via exchange offer and regardless of when issued) in the capital markets if and to the extent that the Credit Party Obligations under this Agreement are concurrently secured by a Lien equal and ratable with the Lien
        securing such debt securities;

    

    

    (h)         Liens (i)(A) existing on the
        Closing Date securing industrial development bonds and Indebtedness of Foreign Subsidiaries in an aggregate principal amount not to exceed $325,000,000 and (B) securing Refinancing Indebtedness in respect of Indebtedness referenced in clause (i)(A)
        above and (ii) securing any industrial development bonds or similar instruments with respect to which both the debtor and the investor are Consolidated Companies;

    

    

    (i)        (i) Liens existing or deemed to
        exist in connection with any Permitted Securitization Transaction, but only to the extent that any such Lien relates to the applicable Securitization Assets or other accounts receivable and other assets (together with related rights and proceeds)
        sold, contributed, financed or otherwise conveyed or pledged pursuant to such transactions and (ii) Liens existing or deemed to exist in connection with any inventory financing arrangement so long as the fair market value of the inventory on which
        such Liens exist pursuant to this subsection (i)(ii) does not exceed $250,000,000 at any time;

    

    

    (j)         any interest of a lessor,
        licensor, sublessor or sublicensor (or of a lessee, licensee, sublessee or sublicensee) under, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases,
        licenses, subleases and sublicenses not prohibited by this Agreement;

    

    

    (k)         any interest of title of an owner
        of equipment or inventory on loan or consignment to, or subject to any title retention or similar arrangement with, a Credit Party, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign
        jurisdictions) relating to such arrangements entered into in the ordinary course of business (but excluding any general inventory financing);

    

    

    (l)          banker’s liens, rights of set-off
        or similar rights and remedies as to deposit accounts or other funds maintained with depositary institutions and securities accounts and other financial assets maintained with a securities intermediary; provided that such deposit accounts or other funds and securities accounts or other financial assets are not established or deposited for the purpose of providing collateral for any Indebtedness and are not
        subject to restrictions on access by any Credit Party in excess of those required by applicable banking regulations;

    

    

    (m)       Liens of a collecting bank arising
        in the ordinary course of business under Section 4-208 (or the applicable corresponding section) of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon;

    

    

    (n)         Liens in favor of customs and
        revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

    

    

    (o)         Liens that are contractual rights
        of set-off not securing any Indebtedness;

    

    

    (p)         Liens (i) solely on any cash
        earnest money deposits, escrow arrangements or similar arrangements made by any Credit Party in connection with a letter of intent or purchase agreement for an Acquisition or other transaction not prohibited hereunder and (ii) consisting of an
        agreement to dispose of any Property in a disposition not prohibited hereunder, including customary rights and restrictions contained in such an agreement;

    

    

    
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    (q)          Liens on any Property of a Credit
        Party in favor of any other Credit Party or Restricted Subsidiary;

    

    

    (r)          any restriction or encumbrance
        with respect to the pledge or transfer of the Capital Stock of any Joint Venture;

    

    

    (s)          Liens securing insurance premium
        financing arrangements;

    

    

    (t)          any Lien renewing, extending,
        refinancing or refunding any Lien permitted by subsection (g) or (h) above; provided that (i) the Property covered thereby is not increased, (ii) the amount secured or benefited thereby is not increased, (iii) the direct or any contingent obligor with
        respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 6.3;

    

    

    (u)         Liens on cash, deposits or other
        collateral granted in favor of the Swingline Lender or the Issuing Lender (in each case, as defined in the Pro Rata Credit Agreement) to cash collateralize any Defaulting Lender’s (as defined in the Pro Rata Credit Agreement) participation in
        Letters of Credit or Swingline Loans (in each case, as defined in the Pro Rata Credit Agreement);

    

    

    (v)         subject to Section 9.21, Liens on cash or deposits granted to any Agent or Issuing Lender (in each case, as defined in the Pro Rata Credit Agreement) in accordance with the terms of the
        Pro Rata Credit Agreement to cash collateralize any of the Credit Party Obligations (as defined in the Pro Rata Credit Agreement); and

    

    

    (w)        other Liens in addition to those
        permitted by subsections (a) through (v) above; provided that, at the time of incurrence of any Lien under this subsection (w), the aggregate outstanding principal amount of all obligations secured by such Lien (or in the case of Liens on inventory in
        connection with an inventory financing arrangement, which Liens are not otherwise permitted by subsection (i) of this Section 6.2, the fair market value of the inventory
        on which such Liens exist) shall not exceed the Priority Debt Basket at such time (determined prior to giving effect to the incurrence of such Lien).

    

    

    6.3          Subsidiary Indebtedness.

    

    

    The Credit Parties will not permit any of the Restricted Subsidiaries (other than the Credit Parties (except as set forth in Section 6.3(c)(ii)) and the Pro Rata Additional Borrowers) to create, incur, assume or suffer to exist any Indebtedness except:

    

    

    (a)          (A) Indebtedness existing as of
        the Closing Date in respect of industrial development bonds and Indebtedness of Foreign Subsidiaries in an aggregate amount not to exceed $325,000,000 and (B) Refinancing Indebtedness in respect of Indebtedness incurred under clause (A) above;

    

    

    (b)          Indebtedness of any Restricted
        Subsidiary owing to a Credit Party or any Restricted Subsidiary;

    

    

    (c)          other Indebtedness (whether
        secured or unsecured); provided that (i) at the time of incurrence of any Indebtedness under this subsection (c), the aggregate principal amount of such Indebtedness does
        not exceed the Priority Debt Basket at such time (determined prior to giving effect to the incurrence of such Indebtedness) and (ii) for the avoidance of doubt, any Indebtedness under this Agreement shall be considered Indebtedness incurred
        pursuant to this clause (c);

    

    

    
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    (d)        Indebtedness and obligations owing
        under Hedging Agreements and/or Cash Management Agreements so long as such Hedging Agreements and/or Cash Management Agreements are not entered into for speculative purposes;

    

    

    (e)         Guaranty Obligations of any
        Restricted Subsidiary in respect of Indebtedness of the Parent or any other Restricted Subsidiary to the extent such Indebtedness is permitted to exist or be incurred pursuant to this Section 6.3;

    

    

    (f)          obligations of any Restricted
        Subsidiary in connection with (i) any Permitted Securitization Transaction, to the extent such obligations constitute Indebtedness and (ii) any inventory financing arrangements so long as the aggregate principal amount Indebtedness in respect
        thereof incurred under this subsection(f)(ii) does not exceed $250,000,000 at any time outstanding;

    

    

    (g)       Indebtedness of any Restricted
        Subsidiary consisting of completion guarantees, performance bonds, surety bonds or customs bonds incurred in the ordinary course of business;

    

    

    (h)        Indebtedness owed to any Person
        (including obligations in respect of letters of credit, bank guarantees and similar instruments for the benefit of such Person) providing workers’ compensation, social security, health, disability or other employee benefits or property, casualty or
        liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business;

    

    

    (i)          Indebtedness owed in respect of
        any overdrafts and related liabilities arising from treasury, depositary and cash management services or in connection with any automated clearinghouse transfers of funds; provided
        that such Indebtedness shall be repaid in full within five Business Days of the incurrence thereof;

    

    

    (j)          Indebtedness in respect of
        judgments that do not constitute an Event of Default under Section 7.1(i);

    

    

    (k)          Indebtedness consisting of the
        financing of insurance premiums with the providers of such insurance or their Affiliates;

    

    

    (l)          [reserved]; and

    

    

    (m)         Indebtedness of any Restricted
        Subsidiary that is a Foreign Subsidiary in an aggregate amount not to exceed $600,000,000.

    

    

    6.4          Merger and Sale of Assets.

    

    

    The Credit Parties will not, and will not permit any Restricted Subsidiary to, dissolve, wind-up, merge, amalgamate or consolidate with any other
      Person or sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or substantially all of the business or assets of the Credit Parties and their respective Restricted Subsidiaries (taken as a whole), whether
      now owned or hereafter acquired (excluding any inventory or other assets sold or disposed of in the ordinary course of business); provided that, notwithstanding any of the
      foregoing limitations, the Credit Parties and the Restricted Subsidiaries may take the following actions:

    

    

    (a)        (i) if no Event of Default shall
        then exist or immediately thereafter will exist, the Borrower may merge, amalgamate or consolidate with any Person so long as (A) the Borrower is the surviving entity or (B) the surviving entity (the “Successor Borrower”) (x) is organized under

    

    

    
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    the laws of the United States or any State thereof, (y) expressly assumes the Borrower’s obligations under this Agreement and the other Credit
      Documents to which the Borrower is a party pursuant to a supplement hereto or thereto, as applicable, in form and substance reasonably satisfactory to the Administrative Agent and (z) each Guarantor of the Credit Party Obligations of the Borrower
      shall have confirmed that its obligations hereunder in respect of such Credit Party Obligations shall apply to the Successor Borrower’s obligations under this Agreement (it being understood that, if the foregoing conditions in clauses (x) through (z)
      are satisfied, then the Successor Borrower will automatically succeed to, and be substituted for, the Borrower under this Agreement); provided, however, that the Borrower shall have provided not less than five Business Days’ notice of any merger, amalgamation or consolidation of the Borrower, and the Borrower or Successor Borrower shall,
      promptly upon the request of the Administrative Agent or any Lender, supply any documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out
      and be satisfied (1) it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations) and (2) any Successor Borrower qualifies as a directly eligible borrower of the Farm Credit
      Lenders then party to this Agreement (or, if applicable, replacement Farm Credit Lenders who have agreed to purchase the outstanding Loans and Commitments of such existing Farm Credit Lenders in accordance with the assignment provisions of Section 9.6(b)), (ii) any Restricted Subsidiary may merge, amalgamate or consolidate with a Credit Party if such Credit Party is the surviving entity, (iii) any Restricted
      Subsidiary (other than the Borrower) may merge, amalgamate or consolidate with any other Person (other than a Credit Party); provided that a Restricted Subsidiary shall be
      the continuing or surviving entity and to the extent such continuing or surviving Restricted Subsidiary assumes the obligations under any Existing Senior Notes, such Restricted Subsidiary shall become a Guarantor of the Credit Party Obligations and
      deliver an executed Joinder Agreement and the documents required pursuant to Section 5.10(b), (iv) any Restricted Subsidiary (other than the Borrower) may merge or
      amalgamate with any Person that is not a Restricted Subsidiary in connection with a sale of Property permitted under this Section 6.4, (v) any Restricted Subsidiary (other
      than the Borrower) may be dissolved so long as the property and assets of such Restricted Subsidiary are transferred to the Parent, the Borrower or any other Restricted Subsidiary and (vi) the Parent may merge, amalgamate or consolidate with any
      Person so long as (A) the Parent is the surviving entity or (B) the surviving entity (the “Successor Parent”) (x) is organized under the laws of the United States or any
      State thereof and (y) expressly assumes the Parent’s obligations under this Agreement and the other Credit Documents to which the Parent is a party pursuant to a supplement hereto or thereto, as applicable, in form and substance reasonably
      satisfactory to the Administrative Agent (it being understood that, if the foregoing conditions in clauses (x) and (y) are satisfied, then the Successor Parent will automatically succeed to, and be substituted for, the Parent under this Agreement; provided, however, that the Parent shall have provided not less than five Business Days’ notice of
      any merger, amalgamation or consolidation of the Parent, and the Parent or the Successor Parent shall, promptly upon the request of the Administrative Agent or any Lender, supply any documentation and other evidence as is reasonably requested by the
      Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and
      regulations;

    

    

    (b)         any Restricted Subsidiary may
        sell, lease, transfer or otherwise dispose of any or all of its Property to (i) the Borrower, (ii) any Guarantor or (iii) any Restricted Subsidiary; provided that, with
        respect to transfers described in clause (iii), upon completion of such transaction (A) there shall exist no Default or Event of Default and (B) the Subsidiary to which the Restricted Subsidiary’s Property is sold, leased, transferred or otherwise
        disposed shall be a Restricted Subsidiary and, if such Restricted Subsidiary is a Guarantor, a Guarantor;

    

    

    
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    (c)         any Restricted Subsidiary (other
        than the Borrower) may liquidate or dissolve if the Parent determines in good faith that such liquidation or dissolution is in the best interests of the Parent and is not materially disadvantageous to the Lenders;

    

    

    (d)          the Parent and its Restricted
        Subsidiaries may sell, transfer or otherwise dispose of or wind down the Non-Core MWV Businesses;

    

    

    (e)          [reserved]; and

    

    

    (f)          the Parent and its Restricted
        Subsidiaries (other than the Borrower) may consummate any other transaction permitted under Section 6.4 of the Pro Rata Credit Agreement as in effect on the Closing Date; provided,
        however, that if the Parent is the subject of any merger, amalgamation or consolidation, it shall have provided not less than five Business Days’ notice of such merger,
        amalgamation or consolidation, and the Parent (or its successor) shall, promptly upon the request of the Administrative Agent or any Lender, supply any documentation and other evidence as is reasonably requested by the Administrative Agent or any
        Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations.

    

    

    ARTICLE VII

      

      EVENTS OF DEFAULT

    

    

    7.1          Events of Default.

    

    

    An Event of Default shall exist upon the occurrence of any of the following specified events (each an “Event of Default”):

    

    

    (a)          Payments.  The Borrower shall fail to make when due (including by mandatory prepayment) any principal payment with respect to the Loans, or any Credit Party shall fail to make any payment of
        interest, fee or other amount payable hereunder within three (3) Business Days of the due date thereof; or

    

    

    (b)         Covenants Without Notice.  Any Credit Party shall fail to observe or perform any covenant or agreement contained in Section 5.1
        (as to maintenance of existence of the Borrower or the Parent), subsections (g) and (h) of Section 5.7, Section 5.8, Section 5.9,
        Section 5.11 or Article VI; or

    

    

    (c)          Other Covenants.  Any Credit Party shall fail to observe or perform any covenant or agreement contained in this Agreement or any other Credit Document, other than those referred to in subsections (a) and (b) of Section 7.1,
        and such failure shall remain unremedied for thirty (30) days after the earlier of (i) a Responsible Officer of a Credit Party obtaining knowledge thereof, or (ii) written notice thereof shall have been given to the Parent by the Administrative
        Agent or any Lender; or

    

    

    (d)         Representations.  Any representation or warranty made or deemed to be made by a Credit Party or by any of its officers under this Agreement or any other Credit Document (including the Schedules
        attached hereto and thereto), or in any certificate or other document submitted to the Administrative Agent or the Lenders by any such Person pursuant to the terms of

    

    

    
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    this Agreement or any other Credit Document, shall be incorrect in any material respect when made or deemed to be made or submitted; or

    

    

    (e)         Non-Payments of Other Indebtedness.  Any Credit Party or any Restricted Subsidiary shall fail to make when due (whether at stated maturity, by acceleration, on demand or otherwise, and after giving
        effect to any applicable grace period) any payment of principal of or interest on any Indebtedness (other than the Credit Party Obligations) exceeding $200,000,000 individually or in the aggregate; or

    

    

    (f)         Defaults Under Other Agreements.  Any Credit Party or any Restricted Subsidiary shall (i) fail to observe or perform within any applicable grace period any covenants or agreements contained in any
        agreements or instruments relating to any of its Indebtedness (other than the Credit Documents) the principal amount of which exceeds $200,000,000 individually or in the aggregate, or any other event shall occur if the effect of such failure or
        other event is to accelerate, or to permit the holder of such Indebtedness or any other Person to accelerate, the maturity of such Indebtedness; or (ii) breach or default any Hedging Agreement and/or Cash Management Agreement (subject to any
        applicable cure periods) the termination value owed by such Credit Party or Restricted Subsidiary as a result thereof shall exceed $200,000,000 if the effect of such breach or default is to terminate such Hedging Agreement or to permit the
        applicable counterparty to such Hedging Agreement to terminate such Hedging Agreement; provided that this clause (f) shall not apply to (x) any secured Indebtedness that
        becomes due as a result of the voluntary sale, transfer or other disposition of the assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement) so long as such Indebtedness is
        paid or (y) any Indebtedness that becomes due as a result of a voluntary refinancing thereof not prohibited under this Agreement; or

    

    

    (g)         Bankruptcy.  Any Credit Party or any Material Subsidiary shall commence a voluntary case concerning itself under the Bankruptcy Code or applicable foreign bankruptcy, reorganization, arrangement,
        adjustment of debt, relief of debtors, dissolution, insolvency or liquidation laws; or makes a proposal to its creditors or files notice of its intention to do so, institutes any other proceeding under applicable law seeking to adjudicate it a
        bankrupt or an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors, composition of it or its debts or any other similar
        relief; or an involuntary case for bankruptcy is commenced against any Credit Party or any Material Subsidiary and the petition is not controverted within thirty (30) days, or is not dismissed within sixty (60) days, after commencement of the case;
        or a custodian (as defined in the Bankruptcy Code), receiver, receiver-manager, trustee or similar official under applicable foreign bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or
        liquidation laws is appointed for, or takes charge of, all or any substantial part of the property of any Credit Party or any Material Subsidiary; or a Credit Party or a Material Subsidiary commences proceedings of its own bankruptcy or insolvency
        or to be granted a suspension of payments or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction, whether now or hereafter in
        effect, relating to any Credit Party or any Material Subsidiary  or there is commenced against any Credit Party or any Material Subsidiary  any such proceeding which remains undismissed for a period of sixty (60) days; or any Credit Party or any
        Material Subsidiary  is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or any Credit Party or any Material Subsidiary  suffers any appointment of any custodian, receiver,
        receiver-manager, trustee or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of sixty (60) days; or any Credit Party or any Material Subsidiary makes a general assignment for the benefit of
        creditors; or any Credit

    

    

    
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    Party or any Material Subsidiary shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they
      become due; or any Credit Party or any Material Subsidiary shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; or any Credit Party or any Material Subsidiary shall by any act or failure to act
      indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate action is taken by any Credit Party or any Material Subsidiary for the purpose of effecting any of the foregoing; or

    

    

    (h)          ERISA.  A Plan of a Credit Party or any Restricted Subsidiary or a Plan subject to Title IV of ERISA of any of its ERISA Affiliates:

    

    

    (i)         shall fail to be funded in
        accordance with the minimum funding standard required by applicable law, the terms of such Plan, Section 412 of the Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted with respect to such Plan under
        applicable law, the terms of such Plan or Section 412 of the Code or Section 302 of ERISA;

    

    

    (ii)          is being, or has been, terminated
        or the subject of termination proceedings under applicable law or the terms of such Plan; or

    

    

    (iii)       results in a liability of a Credit
        Party or any Restricted Subsidiary under applicable law, the terms of such Plan, or Title IV of ERISA, other than liabilities for benefits in the ordinary course;

    

    

    and there shall result from any such failure, waiver,  termination or other event a liability to the PBGC or such Plan that would have a Material
      Adverse Effect; or a Foreign Plan Event occurs that would have a Material Adverse Effect; or

    

    

    (i)          Money Judgment.  Judgments or orders for the payment of money (net of any amounts paid by an independent third party insurance company or surety or fully covered by independent third party insurance
        or surety bond issued by a company with an AM Best rating in one of the two highest categories as to which the relevant insurance company or surety does not dispute coverage) in excess of $200,000,000 individually or in the aggregate or otherwise
        having a Material Adverse Effect shall be rendered against any Credit Party or any Restricted Subsidiary, and such judgment or order shall continue unsatisfied (in the case of a money judgment) and in effect for a period of thirty (30) days during
        which execution shall not be effectively stayed or deferred (whether by action of a court, by agreement or otherwise); or

    

    

    (j)          Default Under other Credit Documents; The Guaranty.  (a) There shall exist or occur any “Event of Default” as provided under the terms of any Credit Document, or any Credit Document ceases to be in
        full force and effect or the validity or enforceability thereof is disaffirmed by or on behalf of any Credit Party, or at any time it is or becomes unlawful for any Credit Party to perform or comply with its obligations under any Credit Document,
        or the obligations of any Credit Party under any Credit Document are not or cease to be legal, valid and binding on any Credit Party; or (b) without limiting the foregoing, the Guaranty or any provision thereof shall cease to be in full force and
        effect or any Guarantor or any Person acting by or on behalf of any Guarantor shall deny or disaffirm any Guarantor’s obligations under the Guaranty; or

    

    

    (k)          Change in Control.  A Change in Control shall occur; or

    

    

    
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    (l)          Securitization Events.  There shall occur any breach of any covenant by any Credit Party, any Restricted Subsidiary or any Permitted Securitization Subsidiary contained in any agreement relating to
        Permitted Securitization Transaction causing or permitting the acceleration of the obligations thereunder or requiring the prepayment of such obligations or termination of such securitization program prior to its stated maturity or term; provided, however, such breach shall not constitute an Event of Default unless any Credit Parties
        shall have payment obligations or liabilities under such Permitted Securitization Transaction that have had or are reasonably expected to have a Material Adverse Effect.

    

    

    7.2          Acceleration; Remedies.

    

    

    Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, or upon the request and direction of the Required
      Lenders shall, by written notice to the Borrower take any of the following actions (including any combination of such actions):

    

    

    (a)          Termination of Commitments.  Declare the Commitments terminated whereupon the Commitments shall be immediately terminated.

    

    

    (b)          Acceleration; Demand.  Declare the unpaid principal of and any accrued interest in respect of all Loans and any and all other indebtedness or obligations (including fees) of any and every kind owing
        by any Credit Party to the Administrative Agent and/or any of the Lenders hereunder to be due, whereupon the same shall be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived
        by each Credit Party.

    

    

    (c)          Enforcement of Rights.  Exercise any and all rights and remedies created and existing under the Credit Documents, whether at law or in equity.

    

    

    (d)          Rights Under Applicable Law.  Exercise any and all rights and remedies available to the Administrative Agent or the Lenders under applicable law.

    

    

    Notwithstanding the foregoing, if an Event of Default specified in Section 7.1(g)
      shall occur, then the Commitments shall automatically terminate and all Loans, all accrued interest in respect thereof, all accrued and unpaid Fees and other indebtedness or obligations owing to the Administrative Agent and/or any of the Lenders
      hereunder automatically shall immediately become due and payable without presentment, demand, protest or the giving of any notice or other action by the Administrative Agent or the Lenders, all of which are hereby waived by the Credit Parties.

    

    

    ARTICLE VIII

      

      AGENCY PROVISIONS

    

    

    8.1         Appointment.

    

    

    Each Lender hereby irrevocably designates and appoints CoBank as the Administrative Agent of such Lender under this Credit Agreement, and each such
      Lender irrevocably authorizes CoBank, as the Administrative Agent for such Lender, to take such action on its behalf under the provisions of this Credit Agreement and to exercise such powers and perform such duties as are expressly delegated to the
      Administrative Agent by the terms of this Credit Agreement, together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary elsewhere in this Credit Agreement, none of the Administrative Agent
      shall have any duties or responsibilities, except those

    

    

    
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    expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
      shall be read into this Credit Agreement or otherwise exist against the Administrative Agent.

    

    

    8.2         Delegation of Duties.

    

    

    Anything herein to the contrary, notwithstanding, none of the bookrunners, arrangers or other agents listed on the cover page hereof shall have any
      powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

    

    

    The Administrative Agent may execute any of its duties under this Credit Agreement by or through agents or attorneys-in-fact and shall be entitled to
      advice of counsel concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by them with reasonable care.  Without limiting the
      foregoing, the Administrative Agent may appoint one of its Affiliates as its agent to perform its functions hereunder relating to the advancing of funds to the Borrower and distribution of funds to the Lenders and to perform other functions of the
      Administrative Agent hereunder.

    

    

    8.3         Exculpatory Provisions.

    

    

    The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents.  Without
      limiting the generality of the foregoing, the Administrative Agent:

    

    

    (a)          shall not be subject to any
        fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

    

    

    (b)         shall not have any duty to take
        any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the
        Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents); provided that the
        Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document or applicable law; and

    

    

    (c)         shall not, except as expressly set
        forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained by the Person
        serving as the Administrative Agent or any of its Affiliates in any capacity.

    

    

    No Agent shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number
      or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.1
      and 7.2) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction pursuant to a final non-appealable
      judgment.

    

    

    The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made
      in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any
      of the

    

    

    
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    covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
      genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or
      elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

    

    

    8.4         Reliance by Administrative Agent.

    

    

    The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
      consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the
      proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance
      with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall
      have received notice to the contrary from such Lender prior to the making of such Loan.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and
      shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

    

    

    8.5          Notice of Default.

    

    

    The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the
      Administrative Agent has received notice from a Lender or the Parent referring to this Credit Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”.  In the event that the Administrative Agent
      receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders.  The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required
      Lenders; provided, however, that unless and until the Administrative Agent shall have received
      such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders
      except to the extent that this Credit Agreement expressly requires that such action be taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or all of the Lenders, as the case may be.

    

    

    8.6          Non-Reliance on Administrative Agent and Other Lenders.

    

    

    Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
      Affiliates has made any representation or warranty to it and that no act by the Administrative Agent hereinafter taken, including any review of the affairs of the Credit Parties, shall be deemed to constitute any representation or warranty by the
      Administrative Agent to any Lender.  Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed
      appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Credit Parties and made its own decision to make its Loans hereunder and enter into this
      Credit Agreement.  Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
      its own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and

    

    

    
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    other condition and creditworthiness of the Credit Parties.  Except for notices, reports and other documents expressly required to be furnished to the Lenders by the
      Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects
      or creditworthiness of the Credit Parties which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.

    

    

    8.7         Administrative Agent in its Individual Capacity.

    

    

    The Administrative Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Credit
      Parties as though the Administrative Agent were not the Administrative Agent hereunder.  With respect to its Loans made or renewed by it and any Note issued to it, the Administrative Agent shall have the same rights and powers under this Credit
      Agreement as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity.

    

    

    8.8         Successor Administrative Agent.

    

    

    The Administrative Agent may resign as the Administrative Agent upon thirty (30) days’ prior notice to the Parent and the Lenders.  If the
      Administrative Agent shall resign as the Administrative Agent under this Credit Agreement and the other Credit Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall be
      approved by the Parent (so long as no Event of Default has occurred and is continuing), whereupon such successor agent shall succeed to the rights, powers and duties of the resigning Administrative Agent, and the term “Administrative Agent” shall
      mean such successor agent effective upon such appointment and approval, and the resigning Administrative Agent’s rights, powers and duties as the Administrative Agent shall be terminated, without any other or further act or deed on the part of such
      former Administrative Agent or any of the parties to this Credit Agreement or any holders of the Notes or Credit Party Obligations; provided that if the Required Lenders appoint a Defaulting Lender, then such Lender shall not succeed to the rights,
      powers and duties of the resigning Administrative Agent.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the resigning Administrative Agent gives notice
      of its resignation, then the resigning Administrative Agent may on behalf of the Lenders, appoint a successor Agent, which successor Administrative Agent shall be approved by the Parent; provided
      that if the resigning Administrative Agent appoints a Defaulting Lender as the successor Administrative Agent, then such Lender shall not succeed to the rights, powers and duties of the resigning Administrative Agent; provided further that if the resigning Administrative Agent shall notify the Parent and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless
      become effective in accordance with such notice and (a) the resigning Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents and (b) all payments, communications and determinations
      provided to be made by, to or through the resigning Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section.

    

    

    After any retiring Administrative Agent’s resignation as the Administrative Agent, the provisions of this Article VIII and Section 9.5 shall inure to its benefit (and the benefit of its sub-agents and Related Parties) as to any actions taken
      or omitted to be taken by it while it was the Administrative Agent under this Credit Agreement.

    

    

    8.9         Patriot Act Notice.

    

    

    
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    Each Lender and the Administrative Agent (for itself and not on behalf of any other party) hereby notifies the Credit Parties that, pursuant to the
      requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party, and other information that will allow such Lender or the
      Administrative Agent, as applicable, to identify such Credit Party in accordance with the Patriot Act.

    

    

    8.10       Guaranty and Borrower Matters.

    

    

    (a)          The Lenders irrevocably authorize
        and direct each of the Administrative Agent and without any consent or action by any Lender:

    

    

    (i)          to release any Guarantor from its
        obligations under the applicable Guaranty if such Person ceases to be a Restricted Subsidiary as a result of a transaction permitted hereunder; provided that, it is
        understood and agreed that this Section 8.10(a)(i) shall not permit the release of the Parent from its obligations under the Guaranty;

    

    

    (ii)          in the case of the Guaranty of
        RKT, to release the Guaranty of RKT when all Existing RKT Senior Notes have been redeemed, repurchased or defeased (including any refinancing or replacement of such Indebtedness with Indebtedness of the Parent that is not guaranteed by RKT);

    

    

    (iii)        in the case of the Guaranty of
        MWV, to release the Guaranty of MWV when all Existing MWV Notes have been redeemed, repurchased or defeased (including any refinancing or replacement of such Indebtedness with Indebtedness of the Parent that is not guaranteed by MWV); and

    

    

    (iv)         to release WRK Southeast as the
        Borrower in accordance with the terms of Section 9.20(d).

    

    

    (b)         Immediately upon the occurrence of
        any event set forth in paragraph (a) of this Section 8.10, the applicable Guaranty shall automatically be released.

    

    

    (c)        In connection with a release
        pursuant to this Section 8.10, the Administrative Agent shall promptly execute and deliver to the applicable Credit Party, at the Borrower’s expense, all documents that
        the applicable Credit Party shall reasonably request to evidence such release.  Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor (or, if
        applicable, WRK Southeast) from its obligations under the Guaranty (or, if applicable, obligations as the Borrower under this Credit Agreement and the other Credit Documents) pursuant to this Section 8.10; provided, however, that the Administrative Agent may
        not decline to release any guarantee (or, if applicable, WRK Southeast) pursuant to this Section 8.10 due to the absence of any such confirmation.

    

    

    8.11       Withholding.

    

    

    To the extent required by any applicable law (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold from any
      payment to any Lender under any Credit Document an amount equal to any applicable withholding Tax.  If the IRS or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold Tax from any amount paid to or
      for the account of any Lender for any reason (including because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify the Administrative Agent

    

    

    
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    of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective), such Lender shall indemnify and hold harmless the
      Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Credit Parties and without limiting or expanding the obligation of the Credit Parties to do so) for all amounts paid, directly or indirectly, by
      the Administrative Agent as Tax or otherwise, including any penalties, additions to Tax or interest thereon, together with all expenses incurred, including legal expenses and any out-of-pocket expenses, whether or not such Tax was correctly or
      legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby
      authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Credit Document against any amount due to the Administrative Agent under this Section 8.11.  The agreements in this Section 8.11 shall survive the resignation and/or replacement of the
      Administrative Agent, any assignment of rights by, or the replacement of a Lender, the termination of the Loans and the repayment, satisfaction or discharge of all obligations under this Agreement.

    

    

    8.12       Certain ERISA Matters.

    

    

    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person
      became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and the Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of
      the Borrower or any other Credit Party, that at least one of the following is and will be true:

    

    

    (i)          such Lender is not using “plan
        assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments
        or this Agreement;

    

    

    (ii)        the transaction exemption set
        forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general
        accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
        for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement;

    

    

    (iii)       (A) such Lender is an investment
        fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and
        perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I
        of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the
        Commitments and this Agreement; or

    

    

    (iv)         such other representation,
        warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

    

    

    
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    In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided
      another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
      from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
      Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement
      (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement or any documents related hereto or thereto).

    

    

    ARTICLE IX

      

      MISCELLANEOUS

    

    

    9.1         Amendments and Waivers.

    

    

    Neither this Credit Agreement, nor any of the other Credit Documents, nor any terms hereof or thereof may be amended, supplemented, waived or modified
      except in accordance with the provisions of this Section.  The Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with the Credit Parties written amendments,
      supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Credit Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties
      hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders may specify in such instrument, any of the requirements of this Credit Agreement or the other Credit Documents or any Default or Event of Default and its
      consequences; provided that no such waiver and no such amendment, waiver, supplement, modification or release shall:

    

    

    (i)          reduce the amount or extend the
        scheduled date of maturity of any Loan or Note or any installment thereon, or reduce the stated rate of any interest or fee payable hereunder (except in connection with a waiver of interest at the increased post-default rate or as a result of any
        change in the definition of “Leverage Ratio” or any component thereof) or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender’s or Voting Participant’s Commitment, in each case without
        the written consent of each Lender directly affected thereby; or

    

    

    (ii)         amend, modify or waive any
        provision of this Section 9.1 or reduce the percentage specified in the definition of Required Lenders without the written consent of each Lender directly affected
        thereby; or

    

    

    (iii)        amend, modify or waive any
        provision of Article VIII without the written consent of the then Administrative Agent; or

    

    

    (iv)        release all or substantially all
        of the Guarantors from their obligations under the Guaranty (other than as permitted hereunder) or all or substantially all of the value of the Guaranty provided by all of the Guarantors, without the written consent of all the Lenders; or

    

    

    
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    (v)          amend, modify or waive any
        provision of the Credit Documents requiring consent, approval or request of the Required Lenders or all Lenders, without the written consent of the Required Lenders or of all Lenders as appropriate; or

    

    

    (vi)        amend or modify the definition of
        “Credit Party Obligations” to delete or exclude any obligation or liability or any Person described therein without the written consent of each Lender directly affected thereby; or

    

    

    (vii)       amend, modify or waive the order
        in which Credit Party Obligations are paid in Section 2.15(b) or (c) without the written
        consent of each Lender directly affected thereby; or

    

    

    (viii)      subordinate the Commitments and/or
        Loans to any other Indebtedness without the written consent of all Lenders;

    

    

    provided, further,
      that no amendment, waiver or consent affecting the rights or duties of the Administrative Agent under any Credit Document shall in any event be effective, unless in writing and signed by the Administrative Agent in addition to the Lenders required
      hereinabove to take such action.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except those affecting it referred to in clause (i)
      above.

    

    

    Notwithstanding anything in any Credit Document to the contrary, under no circumstances shall any Hedging Agreement Provider or Cash Management Bank
      have any voting rights under the Credit Documents.

    

    

    Any such waiver, any such amendment, supplement or modification and any such release shall apply equally to each of the Lenders and shall be binding
      upon the Borrower, the Lenders, the other Credit Parties, the Administrative Agent and all future holders of the Notes or Credit Party Obligations.  In the case of any waiver, the Borrower, the other Credit Parties, the Lenders and the Administrative
      Agent shall be restored to their former position and rights hereunder and under the outstanding Loans and Notes and other Credit Documents, and any Default or Event of Default permanently waived shall be deemed to be cured and not continuing; but no
      such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.

    

    

    Notwithstanding any of the foregoing to the contrary, the consent of the Credit Parties shall not be required for any amendment, modification or
      waiver of the provisions of Article VIII (other than the provisions of Section 8.9 and Section 8.10); provided, however,
      that the Administrative Agent will provide written notice to the Borrower of any such amendment, modification or waiver.  In addition, notwithstanding the foregoing, this Agreement and any other Credit Document may be amended by an agreement in
      writing entered into by the Credit Parties and the Administrative Agent to cure any ambiguity, omission, mistake, defect or inconsistency so long as, in each case, the Lenders shall have received at least five Business Days prior written notice
      thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment.

    

    

    In addition, notwithstanding any of the foregoing to the contrary, this Agreement may be amended with the written consent of the Administrative Agent,
      the Credit Parties and the Lenders providing the relevant Replacement Term Loan to permit the refinancing of all outstanding amounts under the Term Loans (“Refinanced Term Loan”)

      with a replacement term loan tranche denominated in U.S. Dollars (“Replacement Term Loan”) hereunder; provided
      that (a) the aggregate principal amount of such Replacement Term Loan shall not exceed the aggregate principal amount of such Refinanced Term Loan,

    

    

    
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    (b) the weighted average life to maturity of such Replacement Term Loan shall not be shorter than the weighted average life to maturity of such Refinanced Term Loan at
      the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the Term Loans) and (c) all other terms (other than interest rate margins) applicable to such
      Replacement Term Loan shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loan than those applicable to such Refinanced Term Loan, except to the extent necessary to provide for covenants and other
      terms applicable to any period after the Latest Maturity Date in effect immediately prior to such refinancing.

    

    

    Notwithstanding anything in this Credit Agreement to the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf,
      and without further consent, to enter into amendments or modifications to this Agreement (including amendments to this Section 9.1) or any of the other Credit Documents or
      to enter into additional Credit Documents as the Administrative Agent reasonably deems appropriate in order to effectuate the terms of Section 2.3(a) or Section 2.26 (including as applicable, (1) to permit the Incremental Term Loans to share ratably in the benefits of this Credit Agreement and the other Credit Documents and
      (2) to include the Incremental Term Loan Commitments or outstanding Incremental Term Loans in any determination of (i) Required Lenders or (ii) similar required lender terms applicable thereto); provided that no amendment or modification shall result in any increase in the amount of any Lender’s Commitment or any increase in any Lender’s Closing Date Term Loan Commitment Percentage, in each case, without the written
      consent of such affected Lender.

    

    

    Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above, (A) each Lender is entitled to
      vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein solely
      with respect to approving the terms of any such bankruptcy reorganization plan and (B) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding.

    

    

    The Borrower shall be permitted to replace with a replacement financial institution acceptable to the Administrative Agent (such consent not to be
      unreasonably withheld or delayed) any Lender that fails to consent to any proposed amendment, modification, termination, waiver or consent with respect to any provision hereof or of any other Credit Document that requires the unanimous approval of
      all of the Lenders, the approval of all of the Lenders affected thereby or the approval of a class of Lenders, in each case in accordance with the terms of this Section 9.1,
      so long as the consent of the Required Lenders (or, in the case of any proposed amendment, modification, termination, waiver or consent that requires the approval of a class of Lenders, of Lenders holding a majority in interest of the outstanding
      Loans and unused Commitments in respect of such class) shall have been obtained with respect to such amendment, modification, termination, waiver or consent; provided that
      (1) such replacement does not conflict with any Requirement of Law, (2) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (3) the
      replacement financial institution shall approve the proposed amendment, modification, termination, waiver or consent and together with all other replacement financial institutions is sufficient to pass the proposed amendment, modification,
      termination, waiver or consent, (4) the Borrower shall be liable to such replaced Lender under Section 2.20 if any LIBOR Rate Loan owing to such replaced Lender shall be
      purchased other than on the last day of the Interest Period relating thereto, (5) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 9.6
      (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein), (6)  the Borrower shall pay to the replaced Lender all
      additional amounts (if any) required pursuant to Section 2.18, 2.19 or 2.21, as the case may be, (7) the Borrower provides at least three (3) Business Days’ prior notice to such replaced Lender, and (8) any such replacement shall not be deemed to
      be a waiver of any rights that the Credit Parties, the Administrative Agent or any other Lender shall have against the replaced Lender.  In the event any replaced Lender fails

    

    

    
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    to execute the agreements required under Section 9.6 in connection with an assignment
      pursuant to this Section 9.1, the Borrower may, upon two (2) Business Days’ prior notice to such replaced Lender, execute such agreements on behalf of such replaced
      Lender.  A Lender shall not be required to be replaced if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such replacement cease to apply.

    

    

    9.2         Notices.

    

    

    (a)         All notices, requests and demands
        to or upon the respective parties hereto to be effective shall be in writing (including by facsimile or other electronic communications as provided below), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or
        made (a) when delivered by hand, (b) when transmitted via facsimile to the number set out herein, (c) the day following the day on which the same has been delivered prepaid (or pursuant to an invoice arrangement) to a reputable national overnight
        air courier service, or (d) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case addressed as follows in the case of the Borrower, the other Credit Parties, the
        Administrative Agent, and the Lenders, or to such other address as may be hereafter notified by the respective parties hereto and any future holders of the Notes and Credit Party Obligations:

    

    

    if to any of the Credit Parties

    

    

    c/o WestRock Company

    1000 Abernathy Road NE

    Atlanta, GA 30328

    Attention:          [Chief Financial Officer]

    Telecopier:        (770) 263-3582

    Telephone:        (678) 291-7700

    

    

    With a copy to:

    

    

    WestRock Company

    1000 Abernathy Road NE

    Atlanta, GA 30328

    Attention:          General Counsel

    Telecopier:        (770) 263-3582

    Telephone:        (678) 291-7456

    

    

    if to the Administrative Agent:

    

    

    CoBank, ACB

    6340 S. Fiddlers Green Circle

    Greenwood Village, CO 80111

    Attention:          Credit Information Services

    Telecopier:        (303) 224-6101

    E-mail address: CIServices@cobank.com

    

    

    With a copy to:

    

    

    CoBank, ACB

    6340 S. Fiddlers Green Circle

    Greenwood Village, CO 80111

    

    

    
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    Attention:          Michael Tousignant

    Telephone:        (303) 694-5838

    E-mail address: TousigM@cobank.com

    

    

    If to any Lender:             To the address set
        forth on the Register

    

    

    (b)         Notices and other communications
        to the Lenders or the Administrative Agent hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent.  The Administrative
        Agent or the Credit Parties may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Notwithstanding the foregoing, notices, requests and demands delivered pursuant to the requirements of Article II shall be
        deemed to have been duly given or made when transmitted via e-mail to the e-mail address of the Administrative Agent set forth in Section 9.2(a).

    

    

    Unless the Administrative Agent otherwise prescribe, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
      sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided
      that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and
      (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or
      communication is available and identifying the website address therefor.

    

    

    9.3         No Waiver; Cumulative Remedies.

    

    

    No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege
      hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 
      The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

    

    

    9.4         Survival of Representations and Warranties.

    

    

    All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith
      shall survive the execution and delivery of this Credit Agreement and the Notes and the making of the Loans; provided that all such representations and warranties shall
      terminate on the date upon which all Credit Party Obligations (other than contingent indemnity obligations) have been paid in full.

    

    

    9.5         Payment of Expenses.

    

    

    (a)         Costs and Expenses.  The Credit Parties shall pay (i) all reasonable, documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges
        and disbursements of counsel for the Administrative Agent) in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit
        Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the

    

    

    
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    transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent and each
      Lender (including the fees, charges and disbursements of counsel for any of the Administrative Agent or Lenders), and all fees and time charges for attorneys who may be employees of any of the Administrative Agent or Lenders, in connection with the
      enforcement or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses
      incurred during any workout, restructuring or negotiations in respect of such Credit Documents or Loans.

    

    

    (b)         Indemnification by the Credit Parties.  The Credit Parties shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons
        (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, penalties, damages, liabilities and related
        expenses (including the fees, charges and disbursements of one firm of counsel for all such Indemnitees, taken as a whole, and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single firm of
        special counsel acting in multiple jurisdictions) for all such Indemnitees, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict informs the Parent of such conflict and
        thereafter retains its own counsel, of another firm of counsel for such affected Indemnitee and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single firm of special counsel acting in multiple
        jurisdictions) for such affected Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Credit Party arising out of, in connection with, or as a result of (i) the execution or
        delivery of this Agreement, any other Credit Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the
        transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release or threat of Release of Hazardous Substances on, at, under or from any property owned,
        leased or operated by any Credit Party or any of its Subsidiaries, or any liability under Environmental Law related in any way to any Credit Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
        proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Credit Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined
        by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (1) the gross negligence, bad faith or willful misconduct of such Indemnitee or (2) a claim brought by a Credit Party or any Subsidiary against such
        Indemnitee for material breach in bad faith of such Indemnitee’s obligations hereunder or (B) result from a proceeding that does not involve an act or omission by a Credit Party or any of its Affiliates and that is brought by an Indemnitee against
        any other Indemnitee (other than claims against any arranger, bookrunner or agent hereunder in its capacity or in fulfilling its roles as an arranger, bookrunner or agent hereunder or any similar role with respect to the credit facilities
        hereunder).  Notwithstanding the foregoing, this Section 9.5(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages
        arising from any non-Tax claim.

    

    

    (c)         Reimbursement by Lenders.  To the extent that the Credit Parties for any reason fail to indefeasibly pay any amount required under subsections (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party thereof, each Lender
        severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable

    

    

    
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    unreimbursed expense or indemnity payment is sought and based on the aggregate principal amount of all Loans and unused Commitments then outstanding)
      of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
      asserted against the Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party thereof acting for the Administrative Agent (or any such sub-agent) in connection with such capacity.  The agreements in this Section 9.5(c) shall survive the termination of this Credit Agreement and payment of the Notes and all other amounts payable hereunder.

    

    

    (d)        Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, the Credit Parties shall not assert, and hereby waive, any claim against any Indemnitee, 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, any other Credit Document or any agreement or instrument
        contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above
        shall be liable for any damages arising from the transmission of any information or other materials through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or
        the transactions contemplated hereby or thereby.

    

    

    (e)          Payments.  All amounts due under this Section shall be payable promptly/not later than five (5) days after demand therefor.

    

    

    9.6          Successors and Assigns; Participations; Purchasing Lenders.

    

    

    (a)         Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,
        except that neither the Borrower nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or
        otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way
        of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the
        restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement,
        expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or
        by reason of this Agreement.

    

    

    (b)        Assignments by Lenders.  Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its
        Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:

    

    

    (i)           Minimum Amounts.

    

    

    (A)         in the case of an assignment of
        the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an

    

    

    
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    assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

    

    

    (B)        in any case not described in
        subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable
        Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the
        Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $1,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is
        continuing, the Parent otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that the Parent shall be deemed to have given its
        consent ten (10) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative Agent) of an assignment unless it shall object thereto by written notice to the Administrative Agent prior
        to such tenth (10th) Business Day.

    

    

    (ii)         Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the
        Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Types on a non-pro rata basis.

    

    

    (iii)         Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B)
        of this Section and, in addition:

    

    

    (A)        the consent of the Parent (such
        consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;
        provided, that the Parent shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten
        (10) Business Days after having received notice thereof; and

    

    

    (B)        the consent of the Administrative
        Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Term Loan or an Incremental Term Loan Commitment to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund.

    

    

    (iv)         Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500
        (unless waived by the Administrative Agent in its sole discretion) and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

    

    

    (v)          No Assignment to a Credit Party.  No such assignment shall be made to any Credit Party or any of Credit Party’s Affiliates or Subsidiaries.

    

    

    (vi)         No Assignment to Natural Persons and Disqualified Institutions.  No such assignment shall be made to a natural person (or a holding company, investment vehicle or trust for, or owned and operated for
        the primary benefit of, a natural person) or a

    

    

    
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    Disqualified Institution on the most recent list of Disqualified Institutions made available to the Lenders at the request of the Parent prior to the
      date of such assignment.

    

    

    Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
      Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
      (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.18 and 9.5 with respect to facts and circumstances occurring prior to the effective date
      of such assignment.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
      rights and obligations in accordance with subsection (d) of this Section.

    

    

    The Administrative Agent shall not have any responsibility or liability for monitoring the list or identities of, or enforcing provisions relating to,
      Disqualified Institutions.

    

    

    (c)          Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in Denver, Colorado a copy of each Assignment and
        Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans owing to, each Lender pursuant to the terms hereof
        from time to time (the “Register”).  The entries in the Register shall be conclusive, in the absence of manifest error, and the Credit Parties, the Administrative Agent
        and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for
        inspection by the Borrower and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

    

    

    (d)          Participations.  Any Lender may at any time, without the consent of, or notice to, the Credit Parties or the Administrative Agent, sell participations to any Person (other than a natural person (or a
        holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) or any Credit Party or any Credit Party’s Affiliates or Subsidiaries or any Disqualified Institution on the most recent list of
        Disqualified Institutions made available to the Lenders at the request of the Parent prior to the date of such assignment) (each, a “Participant”) in all or a portion of
        such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s
        obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Credit Parties, the Administrative Agent and the Lenders
        shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.

    

    

    Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
      enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that
      such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that affects such Participant.  Subject to subsection (e) of
      this Section, the Credit Parties agree that each Participant shall be entitled to the benefits of Sections 2.19 and 2.21 (subject to the requirements and limitations of such Sections and Section 2.23 and it being understood that a Participant

    

    

    
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    shall be required to deliver the documentation required under Section 2.21(d) to only the
      participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section.  To the extent
      permitted by law, each Participant also shall be entitled to the benefits of Section 9.7 as though it were a Lender, provided such Participant agrees to be subject to Section 2.16 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a
      register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”).  The entries in the Participant Register shall be conclusive (absent manifest error) and such Lender (and the Borrower, to the extent that the Participant requests payment from
      the Borrower) shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  The portion of the Participant Register
      relating to any Participant requesting payment from the Borrower under the Credit Documents shall be made available to the Borrower upon reasonable request.  Except as provided in the preceding sentence, a Lender shall not be required to disclose its
      Participant Register to the Borrower or any other Person except to the extent required in connection with a Tax audit or inquiry to establish that the Loans hereunder are in registered form for U.S. federal income tax purposes.

    

    

    Notwithstanding the preceding paragraph, any Participant that is a Farm Credit Lender that (i) has purchased a participation in a minimum amount of
      $7,000,000, (ii) has been designated as a “Voting Participant” in a notice (a “Voting Participant Notice”) sent by the relevant Lender to the Administrative Agent and (iii)
      receives, prior to becoming a “Voting Participant,” the consent of the Administrative Agent and the Parent (each such consent to be required only to the extent and under the circumstances it would be required if such Voting Participant were to become
      a Lender pursuant to an assignment in accordance with clause (b)) (a “Voting Participant”), shall be entitled to vote as if such Voting Participant were a Lender on all
      matters subject to a vote by the Lenders and the voting rights of the selling Lender shall be correspondingly reduced, on a U.S. Dollar-for-U.S. Dollar basis.  Each Voting Participant Notice shall include, with respect to each Voting Participant, the
      information that would be included by a prospective Lender in an Assignment and Assumption.  Notwithstanding the foregoing, each Farm Credit Lender designated as a Voting Participant in Schedule

          2.1(a) hereto shall be a Voting Participant without delivery of a Voting Participant Notice and without the prior written consent of the Parent and the Administrative Agent.  The selling Lender and the Voting Participant shall notify
      the Administrative Agent and the Borrower within three (3) Business Days of any termination, reduction or increase of the amount of, such participation.  The Credit Parties and the Administrative Agent shall be entitled to conclusively rely on
      information contained in Voting Participant Notices and all other notices delivered pursuant hereto.  The voting rights of each Voting Participant are solely for the benefit of such Voting Participant and shall not inure to any assignee or
      participant of such Voting Participant that is not itself a Voting Participant.

    

    

    (e)          Limitations upon Participant Rights.  A Participant shall not be entitled to receive any greater payment under Sections 2.19
        and 2.21 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
        to such Participant is made with the Borrower’s prior written consent or the entitlement to a greater payment results from a change in law after the date such Participant became a participant.

    

    

    (f)         Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge
        or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
        or substitute any such pledgee or assignee for such Lender as a party hereto.

    

    

    
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    9.7         Adjustments; Set-off.

    

    

    (a)         If an Event of Default shall have
        occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or
        demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Credit Party
        against any and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Credit Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this
        Agreement or any other Credit Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or
        obligated on such indebtedness.  The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have.  Each Lender agrees to
        notify the Parent and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity
        of such setoff and application.

    

    

    (b)        If any Lender shall, by exercising
        any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of
        its Loans and accrued interest thereon or other such obligations greater than its pro rata
        share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations in the Loans and such other obligations of the
        other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the applicable Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their
        respective Loans and other amounts owing them, provided that:

    

    

    (i)        if any such participations are
        purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

    

    

    (ii)          the provisions of this subsection
        shall not be construed to apply to (A) any payment made by a Credit Party pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a
        participation in any of its Loans to any assignee or participant, other than to any Credit Party or any Subsidiary thereof (as to which the provisions of this subsection shall apply).

    

    

    (c)          Each Credit Party consents to the
        foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with
        respect to such participation as fully as if such Lender were a direct creditor of each Credit Party in the amount of such participation.

    

    

    9.8          Table of Contents and Section Headings.

    

    

    The table of contents and the Section and subsection headings herein are intended for convenience only and shall be ignored in construing this Credit
      Agreement.

    

    

    
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    9.9          Counterparts; Electronic Execution.

    

    

    (a)         This Credit Agreement may be
        executed by one or more of the parties to this Credit Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same agreement.

    

    

    (b)         The words “execution,” “signed,”
        “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
        manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
        State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

    

    

    9.10       Severability.

    

    

    Any provision of this Credit Agreement 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 hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
      jurisdiction.

    

    

    9.11        Integration.

    

    

    This Credit Agreement, the other Credit Documents and the Farm Credit Equity Documents represent the agreement of the Credit Parties, the
      Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the Credit Parties or any Lender relative to the subject matter hereof
      not expressly set forth or referred to herein or in the other Credit Documents.

    

    

    9.12       Governing Law.

    

    

    THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS (EXCEPT AS OTHERWISE PROVIDED THEREIN) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
      CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

    

    

    9.13        Consent to Jurisdiction and Service of Process.

    

    

    The Borrower and each other Credit Party and each other party hereto irrevocably and unconditionally submits, for itself and its property, with
      respect to this Credit Agreement, any Note or any of the other Credit Documents and all judicial proceedings in respect thereof to the exclusive jurisdiction of the courts of the State of New York in New York County in the Borough of Manhattan or, if
      under applicable law exclusive jurisdiction is vested in the federal courts, the United States District Court for the Southern District of New York (and appellate courts thereof), and, by execution and delivery of this Credit Agreement, the Borrower
      and the other Credit Parties (i) accepts, for itself and in connection with its properties, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts and irrevocably agrees to be bound by any final judgment rendered thereby in
      connection with this Credit Agreement, any Note or any other Credit Document from which no appeal has been taken or is available; (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave
      from any such court; and (iii) agrees that it will not bring or support any action, cause of action, claim, cross-claim

    

    

    
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    or third-party claim of any kind or description, whether in law or in equity, whether in contract or in tort or otherwise, against any person in any way relating to this
      Credit Agreement, any Note or any other Credit Document in any forum other than the Supreme Court of the State of New York in New York County in the Borough of Manhattan or, if under applicable law exclusive jurisdiction is vested in the federal
      courts, the United States District Court for the Southern District of New York (and appellate courts thereof).  The Borrower and the other Credit Parties irrevocably agrees that all service of process in any such proceedings in any such court may be
      effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to it at its address set forth in Section 9.2
      or at such other address of which the Administrative Agent shall have been notified pursuant thereto, such service being hereby acknowledged by the Borrower and the other Credit Parties to be effective and binding service in every respect.  Each of
      the Credit Parties, the Administrative Agent and the Lenders irrevocably waives any objection, including any objection to the laying of venue based on the grounds of forum non conveniens which it may now or hereafter have to the bringing of any such
      action or proceeding in any such jurisdiction.

    

    

    9.14       Confidentiality.

    

    

    Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed
      (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives who shall maintain the confidential nature of such Information, (b) to the extent requested by any
      regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or
      similar legal process (in which case the Administrative Agent or such Lender shall promptly notify the Parent in advance to the extent lawfully permitted to do so and practicable), (d) to any other party hereto, (e) in connection with the exercise of
      any remedies hereunder, under any other Credit Document, Guaranteed Hedging Agreement or Guaranteed Cash Management Agreement or any action or proceeding relating to this Agreement, any other Credit Document, Guaranteed Hedging Agreement or
      Guaranteed Cash Management Agreement or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective
      assignee of or Participant in, any of its rights or obligations under this Agreement, (g) to (i) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to a Credit Party and its obligations, (ii) an
      investor or prospective investor in securities issued by an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such securities issued by the Approved Fund, (iii) a trustee, collateral
      manager, servicer, backup servicer, noteholder or secured party in connection with the administration, servicing and reporting on the assets serving as collateral for securities issued by an Approved Fund, or (iv) a nationally recognized rating
      agency that requires access to information regarding the Credit Parties, the Loans and Credit Documents in connection with ratings issued in respect of securities issued by an Approved Fund (in each case, it being understood that the Persons to whom
      such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (h) with the consent of the Parent or (i) to the extent such Information (x) becomes publicly available
      other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Credit Parties that is not, to the
      Administrative Agent’s or Lender’s knowledge, subject to a confidentiality obligation to the Parent or any of its Affiliates with respect to such Information.  For purposes of this Section, “Information” means all information received from any Credit Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or any of their respective businesses, other than any such information that is
      available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Credit Party or any Subsidiary thereof; provided that, in the case
      of information received from a Credit Party or any Subsidiary thereof after the Closing Date, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as
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    this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of
      such Information as such Person would accord to its own confidential information.

    

    

    9.15       Acknowledgments.

    

    

    The Borrower and the other Credit Parties each hereby acknowledges that:

    

    

    (a)          it has been advised by counsel in
        the negotiation, execution and delivery of each Credit Document;

    

    

    (b)         neither the Administrative Agent
        nor any Lender has any fiduciary relationship with or duty to the Borrower or any other Credit Party arising out of or in connection with this Credit Agreement and the relationship between the Administrative Agent and the Lenders, on one hand, and
        the Borrower and the other Credit Parties, on the other hand, in connection herewith is solely that of debtor and creditor;

    

    

    (c)         the Administrative Agent, each
        Lender and their respective Affiliates may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their Affiliates; and

    

    

    (d)          no joint venture exists among the
        Lenders or among the Credit Parties and the Lenders.

    

    

    9.16       Waivers of Jury Trial.

    

    

    THE BORROWER, THE OTHER CREDIT PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE EXTENT PERMITTED
      BY APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

    

    

    9.17       [Reserved].

    

    

    9.18       Subordination of Intercompany Debt.

    

    

    Each Credit Party agrees that all intercompany Indebtedness among Credit Parties (the “Intercompany

          Debt”) is subordinated in right of payment, to the prior payment in full of all Credit Party Obligations.  Notwithstanding any provision of this Agreement to the contrary, so long as no Event of Default has occurred and is continuing,
      the Credit Parties may make and receive payments with respect to the Intercompany Debt to the extent otherwise permitted by this Agreement; provided, that in the event of
      and during the continuation of any Event of Default, no payment shall be made by or on behalf of any Credit Party on account of any Intercompany Debt other than payments to the Borrower.  In the event that any Credit Party other than the Borrower
      receives any payment of any Intercompany Debt at a time when such payment is prohibited by this Section 9.18, such payment shall be held by such Credit Party, in trust for
      the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the Administrative Agent.

    

    

    9.19       Acknowledgment and Consent to Bail-In of EEA Financial Institutions.

    

    

    
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    Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each
      party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and
      agrees and consents to, and acknowledges and agrees to be bound by:

    

    

    (a)        the application of any Write-Down
        and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

    

    

    (b)         the effects of any Bail-In Action
        on any such liability, including, if applicable:

    

    

    (i)          a reduction in full or in part or
        cancellation of any such liability;

    

    

    (ii)         a conversion of all, or a portion
        of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of
        ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or

    

    

    (iii)        the variation of the terms of
        such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

    

    

    9.20       Farm Credit Equities.

    

    

    (a)         So long as (i) a Farm Credit Lender is a Lender or
        Voting Participant hereunder and (ii) such Farm Credit Lender has notified the Borrower that the Borrower is eligible to receive patronage distributions directly from such Farm Credit Lender or one of its Affiliates on account of the Loans made (or
        participated in) by such Farm Credit Lender hereunder, the Borrower will acquire (and such Farm Credit Lender will make available to the Borrower for purchase) equity in such Farm Credit Lender or one of its Affiliates in such amounts and at such
        times as such Farm Credit Lender may require in accordance with such Farm Credit Lender’s or its Affiliates’ bylaws and capital plan or similar documents (as each may be amended from time to time), provided that the maximum amount of equity that the Borrower may be required to purchase in such Farm Credit Lender or its Affiliate in connection with the portion of the Loans made by such Farm Credit Lender shall not
        exceed the maximum amount permitted by the applicable bylaws, capital plan and related documents (x) as in effect (and in the form provided to the Borrower) on the Closing Date or (y) in the case of a Farm Credit Lender that becomes a Lender or
        Voting Participant as a result of an assignment or sale of participation, as in effect (and in the form provided to the Borrower) at the time of the closing of the related assignment or sale of participation.  CoBank confirms delivery to the
        Borrower, and the Borrower acknowledges receipt, of the documents from CoBank as of the Closing Date (and will upon reasonable request, and subject to the Borrower’s consent to such assignment or sale of a participation by such Farm Credit Lender
        pursuant to Section 9.6(b), acknowledge receipt of  any similar documents delivered to the Borrower by a Farm Credit Lender that becomes a Lender or Voting Participant as
        a result of an assignment or sale of a participation after the Closing Date; provided that such Farm Credit Lender confirms delivery of such documents to the Borrower)
        (the “Farm Credit Equity Documents”), which describe the nature of the stock and/or other equities in a Farm Credit Lender or its Affiliate required to be acquired by the
        Borrower in connection with the Loans made (or participated in) by such Farm Credit Lender (the “Farm Credit Equities”), as well as applicable capitalization requirements,
        and the Borrower agrees to be bound by the terms thereof.  CoBank acknowledges and agrees that the amount of the Farm Credit Equities of CoBank acquired by the Borrower on or prior to the Closing Date satisfies the

    

    

    
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    requirements of this Section 9.20 in respect of the Closing Date Term Loan Commitments as
      of the Closing Date.

    

    

    (b)         Each party hereto acknowledges that each Farm Credit
        Lender’s (or its Affiliate’s) bylaws, capital plan and similar documents (as each may be amended from time to time) shall govern (x) the rights and obligations of the parties with respect to the Farm Credit Equities and any patronage refunds or
        other distributions made on account thereof or on account of the Borrower’s patronage with such Farm Credit Lender or its Affiliate, (y) the Borrower’s eligibility for patronage distributions from such Farm Credit Lender or its Affiliate (in the
        form of Farm Credit Equities and cash) and (z) patronage distributions, if any, in the event of a sale of a participation interest.  Each Farm Credit Lender reserves the right to assign or sell participations in all or any part of its Commitments
        or outstanding Loans hereunder on a non-patronage basis in accordance with Section 9.6(b); provided
        that if the Parent’s consent to such assignment or sale of a participation by such Farm Credit Lender is required pursuant to Section 9.6(b) or Section 9.6(d), as applicable, the parties hereto agree that, solely with respect to the Parent’s
        ability to reasonably withhold consent to such transfer because of an expected reduction in patronage distributions to the Borrower (it being understood and agreed that the Parent may have another basis for reasonably withholding consent to such
        transfer), (A) if the transferring Farm Credit Lender has not delivered a Farm Credit Lender Transfer Certificate (as defined below) to the Borrower, then the Parent may withhold its consent to such assignment or sale in its sole discretion (and in
        such case, the Parent shall be deemed to have acted reasonably), and (B) if the transferring Farm Credit Lender has delivered a Farm Credit Lender Transfer Certificate to the Borrower, then the Parent may not withhold its consent to such assignment
        or sale (and any such withholding of consent shall be deemed unreasonable).  For purposes hereof, “Farm Credit Lender Transfer Certificate” means a certificate executed by
        an officer of the transferring Farm Credit Lender and certifying to the Borrower that such transferring Farm Credit Lender has used commercially reasonable efforts to consummate the relevant assignment or sale or a participation with another entity
        that would be expected to make patronage distributions to the Borrower on a going forward basis that are consistent with (or better than) those that the Borrower could reasonably have expected to have received from such transferring Farm Credit
        Lender.

    

    

    (c)          Each party hereto acknowledges that each Farm Credit
        Lender or its Affiliate has a statutory lien pursuant to the Farm Credit Act of 1971 (as may be amended from time to time) on all Farm Credit Equities of such Person that the Borrower may now own or hereafter acquire, which statutory lien shall be
        for such Farm Credit Lender’s (or its Affiliate’s) sole and exclusive benefit.  The Farm Credit Equities of a particular Farm Credit Lender or its Affiliate shall not constitute security for the Credit Party Obligations due to any other Lender.  To
        the extent that any of the Credit Documents create a Lien on the Farm Credit Equities of a Farm Credit Lender or its Affiliate or on patronage accrued by such Farm Credit Lender or its Affiliate for the account of the Borrower (including, in each
        case, proceeds thereof), such Lien shall be for such Farm Credit Lender’s (or its Affiliate’s) sole and exclusive benefit and shall not be subject to pro rata sharing hereunder.  Neither the Farm Credit Equities nor any accrued patronage shall be
        offset against the Credit Party Obligations except that, in the event of an Event of Default, a Farm Credit Lender may elect, solely at its discretion, to apply the cash portion of any patronage distribution or retirement of equity to amounts owed
        to such Farm Credit Lender under this Agreement, whether or not such amounts are currently due and payable.  The Borrower acknowledges that any corresponding tax liability associated with such application is the sole responsibility of the
        Borrower.  No Farm Credit Lender or its Affiliate shall have an obligation to retire the Farm Credit Equities of such Farm Credit Lender or Affiliate upon any Event of Default, Default or any other default by the Borrower or any other Credit Party,
        or at any other time, either for application to the Credit Obligations or otherwise.

    

    

    (d)          For so long as any Loans remain outstanding, the
        Borrower agrees to maintain ownership of the mills and assets that were the subject of the investments referred to in the definition of “Investment Purpose” (or similar assets reasonably acceptable to CoBank; provided that, notwithstanding

    

    

    
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    the foregoing, (i) WRK Southeast may (without additional consent from the Administrative Agent or any Lender) transfer its Dublin, Georgia mill to another Wholly-Owned
      Subsidiary (whether newly formed or previously existing), so long as such Subsidiary has signed a joinder agreement to become the Borrower (effective as of the date it acquires the Dublin, Georgia mill) in a form reasonably acceptable to the
      Administrative Agent and otherwise has satisfied all applicable requirements for a Successor Borrower pursuant to Section 6.4(a) and (ii) effective immediately after the
      transfer of the Dublin, Georgia mill in accordance with clause (i) of this Section 9.20(d)
      (and the effectiveness of the joinder agreement signed by the new Borrower), WRK Southeast shall be automatically (and without additional consent from the Administrative Agent or any Lender) released as the Borrower and, thereafter, shall not
      constitute the Borrower for any purpose of this Agreement or any other Credit Document.

    

    

    9.21       Most Favored Lender Provisions.

    

    

    If at any time the Pro Rata Credit Agreement, the BofA Term Loan Agreement, the DDTL Agreement or any other Credit Document (as defined in the Pro
      Rata Credit Agreement, the BofA Term Loan Agreement or the DDTL Agreement, as applicable), or the documentation for any replacement credit facilities therefor, includes (a) representations and warranties, covenants or events of default (including
      related definitions) in favor of a Lender (as defined in the Pro Rata Credit Agreement, the BofA Term Loan Agreement or the DDTL Agreement, as applicable), or lender under any such replacement credit facilities, that are not provided for in this
      Agreement or the other Credit Documents, (b) representations and warranties, covenants or events of default (including related definitions) in favor of a Lender (as defined in the Pro Rata Credit Agreement, the BofA Term Loan Agreement or the DDTL
      Agreement, as applicable), or lender under any such replacement credit facilities, that are more restrictive than the same or similar provisions provided for in this Agreement and the other Credit Documents and/or (c) requirements for the credit
      facilities under the Pro Rata Credit Agreement, the BofA Term Loan Agreement or the DDTL Agreement to be secured by collateral or guaranteed by Domestic Subsidiaries of the Parent that are not already Guarantors (any or all of the foregoing,
      collectively, the “Most Favored Lender Provisions”) (in the case of each of the Most Favored Lender Provisions, other than any differences between the Pro Rata Credit
      Agreement, the BofA Term Loan Agreement, the DDTL Agreement and the other Credit Documents (as defined in the Pro Rata Credit Agreement, the BofA Term Loan Agreement or the DDTL Agreement, as applicable)), on the one hand, and this Agreement and the
      other Credit Documents, on the other hand, existing as of the Closing Date (or otherwise consistent with such differences)), then (i) such Most Favored Lender Provisions shall immediately and automatically be deemed incorporated into this Agreement
      and the other Credit Documents as if set forth fully herein and therein, mutatis mutandis, and no such incorporated provision may thereafter be waived, amended
      or modified except pursuant to the provisions of Section 9.1, and (ii) the Borrower and the Guarantors shall promptly, and in any event within five (5) days after entering
      into any such Most Favored Lender Provisions, so advise the Administrative Agent in writing.  Thereafter, upon the request of the Required Lenders, the Borrower and the Guarantors shall enter into an amendment to this Agreement and, if applicable,
      the other Credit Documents evidencing the incorporation of such Most Favored Lender Provisions, it being agreed that any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation described in
      clause (i) of the immediately preceding sentence.

    

    

    ARTICLE X

      

      GUARANTY OF BORROWER OBLIGATIONS

    

    

    10.1       The Guaranty.

    

    

    In order to induce the Lenders to enter into this Credit Agreement, any Hedging Agreement Provider to enter into any Guaranteed Hedging Agreement and
      any Cash Management Bank to enter into

    

    

    
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    any Guaranteed Cash Management Agreement and to extend credit hereunder and thereunder and in recognition of the direct benefits to be received by the Guarantors from
      the Extensions of Credit hereunder, under any Guaranteed Hedging Agreement and under any Guaranteed Cash Management Agreement, each of the Guarantors hereby agrees with the Administrative Agent and the Lenders as follows:  such Guarantor hereby
      unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and all Credit Party Obligations.  If any
      or all of Credit Party Obligations become due and payable hereunder or under any Guaranteed Hedging Agreement or under any Guaranteed Cash Management Agreement, each Guarantor unconditionally promises to pay such Credit Party Obligations to the
      Administrative Agent, the Lenders, the Hedging Agreement Providers, the Cash Management Banks or their respective order, on demand, together with any and all reasonable expenses which may be incurred by the Administrative Agent or the Lenders in
      collecting any of such Credit Party Obligations.

    

    

    Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the obligations of a Guarantor
      shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable state, federal or provincial law relating to fraudulent conveyances or transfers) then the obligations of each such Guarantor hereunder shall be
      limited to the maximum amount that is permissible under applicable law (whether federal, state or provincial and including the Bankruptcy Code).

    

    

    10.2       Bankruptcy.

    

    

    Additionally, each of the Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and all Credit Party
      Obligations to the Lenders, any Cash Management Bank and any Hedging Agreement Provider whether or not due or payable by the Borrower upon the occurrence of any of the events specified in Section 7.1(g), and unconditionally promises to pay such Credit Party Obligations to the Administrative Agent for the account of the Lenders, to any such Cash Management Bank and to any such Hedging Agreement Provider, or
      order, on demand, in lawful money of the United States upon any such occurrence.  Each of the Guarantors further agrees that to the extent that the Borrower or a Guarantor shall make a payment or a transfer of an interest in any property to the
      Administrative Agent, any Lender, any Cash Management Bank or any Hedging Agreement Provider, which payment or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or
      required to be repaid to the Borrower or a Guarantor, the estate of the Borrower or a Guarantor, a trustee, receiver or any other party under any bankruptcy law, state, provincial or federal law, common law or equitable cause, then to the extent of
      such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made.

    

    

    10.3       Nature of Liability.

    

    

    The liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the Credit Party Obligations whether
      executed by any such Guarantor, any other guarantor or by any other party, and no Guarantor’s liability hereunder shall be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other
      continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Credit Party Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution,
      termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to the Administrative Agent, any Lender, any Cash Management Bank or any Hedging Agreement Provider on the Credit Party Obligations which the
      Administrative Agent, such Lender, such Cash Management Bank or such Hedging Agreement Provider repays the Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each of the

    

    

    
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    Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding.

    

    

    10.4       Independent Obligation.

    

    

    The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor or the Borrower, and a separate action or
      actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrower and whether or not any other Guarantor or the Borrower is joined in any such action or actions.

    

    

    10.5       Authorization.

    

    

    Each of the Guarantors authorizes the Administrative Agent, each Lender, each Cash Management Bank and each Hedging Agreement Provider, without notice
      or demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for
      payment of, or otherwise change the terms of the Credit Party Obligations or any part thereof in accordance with this Agreement, any Guaranteed Cash Management Agreement and any Guaranteed Hedging Agreement, as applicable, including any increase or
      decrease of the rate of interest thereon, (b) take and hold security from any Guarantor or any other party for the payment of the Guaranty under this Article X or the Credit Party Obligations and exchange, enforce waive and release any such security,
      (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders in their discretion may determine and (d) release or substitute any one or more endorsers, Guarantors, Borrower or other obligors.

    

    

    10.6       Reliance.

    

    

    It is not necessary for the Administrative Agent, the Lenders, any Cash Management Bank or any Hedging Agreement Provider to inquire into the capacity
      or powers of the Borrower or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Credit Party Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed
      hereunder.

    

    

    10.7       Waiver.

    

    

    (a)          Each of the Guarantors waives any
        right (except as shall be required by applicable statute and cannot be waived) to require the Administrative Agent, any Lender, any Cash Management Bank or any Hedging Agreement Provider to (i) proceed against the Borrower, any other guarantor or
        any other party, (ii) proceed against or exhaust any security held from the Borrower, any other guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent’s, any Lender’s, any Cash Management Bank’s or any Hedging
        Agreement Provider’s power whatsoever.  Each of the Guarantors waives any defense based on or arising out of any defense of the Borrower, any other guarantor or any other party other than payment in full of the Credit Party Obligations (other than
        contingent indemnity obligations), including any defense based on or arising out of (i) the disability of the Borrower, any other Guarantor or any other party, (ii) the unenforceability of the Credit Party Obligations or any part thereof from any
        cause, (iii) the cessation from any cause of the liability of the Borrower other than payment in full of the Credit Party Obligations of the Borrower (other than contingent indemnity obligations), (iv) any amendment, waiver or modification of the
        Credit Party Obligations, (v) any substitution, release, exchange or impairment of any security for any of the Credit Party Obligations, (vi) any change in the corporate existence or structure of the Borrower or any other Guarantor, (vii) any
        claims or

    

    

    
      96

      
        

    

    

    

    

    

    rights of set off that such Guarantor may have, and/or (viii) any Requirement of Law or order of any Governmental Authority affecting any term of the
      Credit Party Obligations.  The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent by one or more judicial or nonjudicial sales (to the extent such sale is permitted by applicable law), or exercise
      any other right or remedy the Administrative Agent or any Lender may have against the Borrower or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Credit
      Party Obligations of the Borrower have been paid in full and the Commitments have been terminated.  Each of the Guarantors waives any defense arising out of any such election by any of the Administrative Agent or Lenders, even though such election
      operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantors against the Borrower or any other party or any security.

    

    

    (b)         Each of the Guarantors waives all
        presentments, demands for performance, protests and notices, including notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of the Guaranty under this Article X, and notices of the existence, creation or
        incurring of new or additional Credit Party Obligations.  Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of
        nonpayment of the Credit Party Obligations and the nature, scope and extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such Guarantor
        of information known to it regarding such circumstances or risks.

    

    

    (c)         Each of the Guarantors hereby
        agrees it will not exercise any rights of subrogation which it may at any time otherwise have as a result of the Guaranty under this Article X (whether contractual, under Section 509 of the Bankruptcy Code, or otherwise) to the claims of the
        Lenders, any Cash Management Bank or any Hedging Agreement Provider (collectively, the “Other Parties”) against the Borrower or any other guarantor of the Credit Party
        Obligations owing to the Lenders, such Cash Management Bank or such Hedging Agreement Provider and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from any Other Party which it may at any time otherwise
        have as a result of the Guaranty under this Article X until such time as the Credit Party Obligations shall have been paid in full and the Commitments have been terminated.  Each of the Guarantors hereby further agrees not to exercise any right to
        enforce any other remedy which the Administrative Agent, the Lenders, any Cash Management Bank or any Hedging Agreement Provider now have or may hereafter have against any Other Party, any endorser or any other guarantor of all or any part of the
        Credit Party Obligations and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders, the Cash Management Banks and/or the Hedging Agreement Providers to secure payment of the Credit
        Party Obligations until such time as the Credit Party Obligations (other than contingent indemnity obligations) shall have been paid in full and the Commitments have been terminated.

    

    

    10.8       Limitation on Enforcement.

    

    

    The Lenders, the Cash Management Bank and the Hedging Agreement Providers agree that the Guaranty under this Article X may be enforced only by the
      action of the Administrative Agent acting upon the instructions of the Required Lenders and that no Lender, Cash Management Bank or Hedging Agreement Provider shall have any right individually to seek to enforce or to enforce the Guaranty under this
      Article X, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders under the terms of this Credit Agreement.  The Lenders, the Cash Management Banks and the Hedging
      Agreement Providers further agree that the Guaranty under this Article X may not be enforced against any director, officer, employee or stockholder of the Guarantors.

    

    

    
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    10.9       Confirmation of Payment.

    

    

    The Administrative Agent and the Lenders will, upon request after payment of the Credit Party Obligations which are the subject of the Guaranty under
      this Article X, confirm to the Borrower, the Guarantors or any other Person that such Credit Party Obligations have been paid, subject to the provisions of Section 10.2.

    

    

    10.10     Keepwell.

    

    

    Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other
      support as may be needed from time to time by each other Credit Party to honor all of its obligations under the Guaranty under this Article X in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable
      under this Section 10.10 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.10, or otherwise under the Guaranty under this Article X, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The
      obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the termination of this Agreement or the release of such Guarantor in accordance with Section 8.11.  Each Qualified ECP Guarantor intends that this Section 10.10 constitute, and this Section 10.10 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

    

    

    [Signature Pages Follow]

    

    

    
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    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

    

    

    
      	BORROWER: 

            	 	 	WESTROCK SOUTHEAST, LLC 

            	 
	 	 	 	 	 
	
              

              

            	 	 	
              By:

            	/s/ John D. Stakel 

            	 
	
              

              

            	 	 	
              Name:

            	John D. Stakel 

            	 
	
              

              

            	 	 	
              Title:

            	Senior Vice President and Treasurer 

            	 

    

    

    

    
      	GUARANTORS: 

            	 	 	WESTROCK COMPANY 

            	 
	 	 	 	 	 
	
              

              

            	 	 	
              By:

              

            	/s/ John D. Stakel 

            	 
	

            	 	 	
              Name:

            	John D. Stakel 

            	 
	
              

              

            	 	 	
              Title:

            	Senior Vice President and Treasurer 

            	 

    

    

    

    
      	 	WESTROCK RKT COMPANY

            	 
	 	 	 	 
	
              

              

            	
              By: 

            	/s/ John D. Stakel  

            	 
	 	 	Name:	John D. Stakel

            	 
	 	 	Title:	Senior Vice President and Treasurer 

            	 
	 	 	 	 

    

    
      	 	WESTROCK MWV, LLC

              	 
	 	 	 	 
	

            	
              By: 

            	/s/ John D. Stakel 

            	 
	 	 	Name:	John D. Stakel 

            	 
	 	 	Title:	Senior Vice President and Treasurer 

            	 
	 	 	 	 

    

    
      	

            	WRKCO INC.

            	 
	 	 	 	 
	

            	
              By: 

            	/s/ John D. Stakel

            	 
	 	 	Name:	John D. Stakel 

            	 
	 	 	Title:	Senior Vice President and Treasurer 

            	 
	 	 	 	 

      

      

      

      

      
        
          

      

      

      

      

      
        	ADMINISTRATIVE AGENT: 

              	 	 	
                COBANK, ACB, 

                

                as Administrative Agent

                

              	 
	 	 	 	 	 
	

              	 	 	
                By:

                

              	/s/ Dan Terrill 

              	 
	

              	 	 	
                Name:

              	Dan Terrill 

              	 
	
                

                

              	 	 	
                Title:

              	Vice PresidentEX-4.1

 Exhibit 4.1 

THIRD SUPPLEMENTAL INDENTURE 

between 
 PENNANTPARK INVESTMENT
CORPORATION 
 and 
 AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC, 
 as Trustee 

Dated as of September 27, 2019 

THIRD SUPPLEMENTAL INDENTURE 
 THIS THIRD
SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of September 27, 2019, is between PennantPark Investment Corporation, a Maryland corporation (the “Company”), and American Stock Transfer &
Trust Company, LLC, as trustee (the “Trustee”). All capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Base Indenture (as defined below). 

RECITALS OF THE COMPANY 
 WHEREAS, the Company
and the Trustee executed and delivered an Indenture, dated as of January 22, 2013 (the “Base Indenture,” and, as supplemented by this Third Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company
from time to time of the Company’s debt securities (the “Securities”) evidencing its unsecured indebtedness, to be issued in one or more series as provided in the Base Indenture; 

WHEREAS, the Company desires to issue and sell up to $75,000,000 aggregate principal amount (including up to $11,250,000 aggregate principal amount pursuant
to the underwriters’ overallotment option) of the Company’s 5.50% Notes due 2024 (the “Notes”); 
 WHEREAS, Sections 901(5) and 901(7)
of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Base Indenture when there is no Security Outstanding of any series created prior to the execution of a supplemental
indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Base Indenture; 

WHEREAS, the Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture
for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future Supplemental Indenture”)); and 

WHEREAS, the Company has duly authorized the execution and delivery of this Third Supplemental Indenture to provide for the issuance of the Notes and all acts
and things necessary to make this Third Supplemental Indenture a valid and legally binding obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been done and performed; 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in
consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 
 TERMS OF THE NOTES 

Section 1.01. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) The Notes shall constitute a series of Securities having the title “5.50% Notes due 2024” and shall be designated as Senior Securities under the
Indenture. The Notes shall bear a CUSIP number of 708062 401 and an ISIN number of US7080624015. 

 (b) The aggregate principal amount of the Notes that may be initially authenticated and delivered under the
Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture) shall be up to $75,000,000 aggregate
principal amount (including up to $11,250,000 aggregate principal amount pursuant to the underwriters’ overallotment option). Under a Board Resolution, Officer’s Certificate pursuant to Board Resolutions or an indenture supplement, the
Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case, “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Notes. Any
Additional Notes and the existing Notes shall constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires. 

(c) The entire outstanding principal of the Notes shall be payable on October 15, 2024. 

(d) The rate at which the Notes shall bear interest shall be 5.50% per annum (the “Applicable Interest Rate”). The date from which interest
shall accrue on the Notes shall be September 27, 2019, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be
January 15, April 15, July 15 and October 15 of each year, commencing January 15, 2020 (provided, that if an Interest Payment Date falls on a day that is not a Business Day in The City of New York, then the
applicable interest payment shall be made on the next succeeding Business Day and no additional interest shall accrue as a result of such delayed payment); the initial interest period shall be the period from, and including, September 27, 2019
(or the most recent Interest Payment Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods shall be the periods from, and including, an Interest Payment Date
to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, shall be paid to the Person in whose name the Note (or one
or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be January 3, April 3, July 3 and October 3 of each year, commencing January 3, 2020
(provided, that if a Regular Record Date falls on a day that is not a Business Day in The City of New York, then that Regular Record Date shall be the next succeeding Business Day), as the case may be, next preceding such Interest Payment
Date. Payment of principal of (and premium, if any) and any such interest on the Notes shall be made at the Corporate Trust Office of the Trustee in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

(e) The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s certificate of
authentication thereon shall be substantially in the form of Exhibit A to this Third Supplemental Indenture. Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent
the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with
Sections 203 and 305 of the Base Indenture. 
 (f) The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company,
New York, New York. The Security Registrar with respect to the Global Notes shall be the Trustee. 
 (g) The Notes shall be defeasible pursuant to
Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section 1403 of the Base Indenture shall apply to the covenants contained in Sections 1008 and 1009 of the Indenture. 

  
 2 

 (h) The Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows: 

(i) The Notes shall be redeemable in whole or in part, at any time or from time to time, at the option of the Company, on or after October 15, 2021, at a
redemption price of $25 per Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the Redemption Date. 

(ii) Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing
next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the
Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture and the delivery of such shall be subject to the terms of the Indenture. 

(iii) Any exercise of the Company’s option to redeem the Notes shall be done in compliance with the Investment Company Act (as defined below). 

(iv) If the Company elects to redeem only a portion of the Notes, the Trustee shall determine the method for selecting the particular Notes to be redeemed, in
accordance with the Investment Company Act. 
 (v) Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest
shall cease to accrue on the Notes called for redemption hereunder. 
 (i) The Notes shall not be subject to any sinking fund pursuant to Section 1201
of the Base Indenture. 
 (j) The Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof. 

(k) Holders of the Notes shall not have the option to have the Notes repaid prior to the Stated Maturity. 

ARTICLE II 
 DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION 
 Section 2.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by replacing the definition of “Subsidiary” in Section 101 with the
following: 
 “‘Subsidiary’ means, with respect to any Person, any corporation, partnership, joint venture, limited liability company
or other business entity of which a majority of the outstanding shares or other interests having voting power is at the time directly or indirectly owned or controlled by such Person or one or more of the Subsidiaries of such Person. Unless the
context otherwise requires, all references to Subsidiary or Subsidiaries under this Indenture shall refer to Subsidiaries of the Company.” 

Section 2.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to Section 101 in appropriate alphabetical sequence, as follows: 

“‘GAAP’ means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.” 

“‘Investment Company Act’ means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations
promulgated thereunder, to the extent applicable, and any statute successor thereto.” 

  
 3 

 ARTICLE III 

REMEDIES 
 Section 3.01. Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 501 of the Base Indenture shall be amended
by replacing clause (2) thereof in its entirety with the following: 
 “(2) default in the payment of the principal (or premium, if any) of any
Note when it becomes due and payable at its Maturity; or” 
 ARTICLE IV 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 

Section 4.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 801 of the Base Indenture shall be amended by replacing clause (3) thereof in its entirety with the following: 

“(3) [RESERVED]; and” 
 ARTICLE V 

SUPPLEMENTAL INDENTURES 
 Section 5.01.
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 901 of the Base Indenture
shall be amended by replacing clause (6) thereof in its entirety with the following: 
 “(6) to secure the Securities pursuant to the requirements
of Section 801 or otherwise; or” 
 ARTICLE VI 

COVENANTS 
 Section 6.01. Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by
replacing Section 1006 thereof in its entirety with the following: 
 “Section 1006. [RESERVED]” 

Section 6.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by replacing Section 1007 thereof in its entirety with the following: 

“Section 1007. Waiver of Certain Covenants.  

The Company may omit in any particular instance to comply with any covenant or condition, as specified pursuant to Section 301(15), for Securities of any
series, in any covenants of the Company added to Article Ten pursuant to Section 301(14) or Section 301(15) in connection with the Securities of a series, if before or after the time for such compliance the Holders of at least a majority
in aggregate principal amount of all Outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or
affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full
force and effect.” 
 Section 6.03. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but
no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections 1008, 1009, 1010 and 1011 thereto, each as set forth below:

 “Section 1008. Section 18(a)(1)(A) of the Investment Company Act.  

The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject to,
Section 18(a)(1)(A) of the Investment Company Act as modified by Section 61(a)(1) and (2) of the Investment Company Act, each as in effect from time to time or any successor provisions thereto of the Investment Company Act, as such
obligations may be amended or superseded, giving effect to any exemptive relief granted to the Company by the Commission.” 

  
 4 

 “Section 1009. Commission Reports and Reports to Holders.  

If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended, to file
any periodic reports with the Commission, the Company agrees to publish on its website and to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of the
each fiscal year of the Company, audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited
interim consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP.” 

“Section 1010. Listing of the Notes. 

The Company agrees to use its best efforts to (i) effect, within 30 days of issuance and delivery of the Notes, the listing of the Notes on the Nasdaq
Global Select Market and (ii) maintain the listing of the Notes on the Nasdaq Global Select Market.” 
 “Section 1011.
Certificated Notes. 
 The Notes shall be eligible for the Direct Registration System service offered by DTC and may be represented in the form of
uncertificated or certificated notes; provided, however, that any holder of certificated Notes and, upon request, every holder of uncertificated Notes shall be entitled to have a certificate for Notes signed by, or in the name of, the
Company.” 
 ARTICLE VII 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 7.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Fourteen of the Base Indenture shall be amended by replacing Section 1403 thereof in its entirety with the following: 

“Section 1403. Covenant Defeasance. 

Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, if specified pursuant to
Section 301, its obligations under any other covenant, with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter,
“covenant defeasance”), and such Securities and any coupons appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities
and any coupons appertaining thereto, the Company may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason
of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute
a Default or an Event of Default under Section 501(4) or 501(7) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected
thereby. Following a covenant defeasance, payment of such Securities may not be accelerated because of an Event of Default solely by reference to such Sections specified above in this Section 1503.” 

  
 5 

 ARTICLE VIII 

MISCELLANEOUS 
 Section 8.01. This Third
Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. This Third Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are
required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. 
 Section 8.02. In case any provision in
this Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 8.03. This Third Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same Third Supplemental Indenture. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other
electronic means shall constitute effective execution and delivery of this Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed
to be their original signatures for all purposes. 
 Section 8.04. The Base Indenture, as supplemented and amended by this Third Supplemental
Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions included in this Third
Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Third Supplemental
Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Third Supplemental Indenture. 

Section 8.05. The provisions of this Third Supplemental Indenture shall become effective as of the date hereof. 

Section 8.06. Notwithstanding anything else to the contrary herein, the terms and provisions of this Third Supplemental Indenture shall apply only to the
Notes and shall not apply to any other series of Securities under the Indenture and this Third Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of
Securities under the Indenture, whether now or hereafter issued and Outstanding. 
 Section 8.07. The recitals contained herein and in the Notes,
except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Third Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Third Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its
obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as
of the date first above written. 
  

			
	PENNANTPARK INVESTMENT CORPORATION
		
	By:	 	 /s/ Arthur H. Penn

	Name:	 	Arthur H. Penn
	Title:	 	Chief Executive Officer
	
	 AMERICAN STOCK TRANSFER & TRUST

COMPANY, LLC, as Trustee

		
	By:	 	 /s/ Paul H. Kim

	Name:	 	Paul H. Kim
	Title:	 	Assistant General Counsel

 [Signature Page to Supplemental Indenture] 

 EXHIBIT A 

[FORM OF GLOBAL NOTE] 
 THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER DEFINED AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND SUCH CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

PennantPark Investment Corporation 
  

			
	No. 1	  	$
 CUSIP No. 708062 401

ISIN No. US7080624015

 5.50% Notes due 2024 

PennantPark Investment Corporation, a corporation duly organized and existing under the laws of the State of Maryland (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of (U.S.
$                 ) on October 15, 2024, and to pay interest thereon from September 27, 2019 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, quarterly on January 15, April 15, July 15 and October 15 of each year, commencing January 15, 2020 (provided, that if an Interest Payment Date falls on a day that is not a Business
Day in The City of New York, then the applicable interest payment shall be made on the next succeeding Business Day and no additional interest shall accrue as a result of such delayed payment), at the rate of 5.50% per annum, until the
principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security is
registered at the close of business on the Regular Record Date for such interest, which shall be January 3, April 3, July 3 and October 3 of each year, commencing January 3, 2020 (provided, that if a Regular Record
Date falls on a day that is not a Business Day in The City of New York, then that Regular Record Date shall be the next succeeding Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a
series. 
 Payment of the principal of (and premium, if any) and any such interest on this Security shall be made at the Corporate Trust Office of the
Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

  
 A-1 

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the undersigned officer.

  

			
	PENNANTPARK INVESTMENT CORPORATION

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 Attest 
  

			
	By:	 	  

	Name:
	Title:
	
	Dated:

  
 A-3 

 This is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
  

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 A-4 

 PennantPark Investment Corporation 

5.50% Notes due 2024 
 This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of January 22, 2013 (herein called the “Base Indenture”),
between the Company and American Stock Transfer & Trust Company, LLC, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered, as supplemented by the Third Supplemental Indenture, dated as of September 27, 2019 (the “Third Supplemental Indenture” and, together with the Base Indenture, herein called the “Indenture”). In the event of any
conflict between the Base Indenture and the Third Supplemental Indenture, the Third Supplemental Indenture shall govern and control. 
 This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $                . Under a Board Resolution, an Officer’s
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case, “Additional
Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the existing Securities shall constitute a single series under the Indenture and all references to the
relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. 
 The Securities of this series are subject to redemption in whole or in part at any time or from time to time, at the option of
the Company, on or after October 15, 2021, at a redemption price of $25 per security plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. 

Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing
next-day delivery, to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the
Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture. 
 Any exercise of the
Company’s option to redeem the Securities shall be done in compliance with the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute
successor thereto (the “Investment Company Act”). 
 If the Company elects to redeem only a portion of the Securities, the Trustee shall determine
the method for selecting the particular Securities to be redeemed, in accordance with the Investment Company Act, and the rules and regulations promulgated thereunder, to the extent applicable. In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Securities called for
redemption. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 Holders of Securities
do not have the option to have the Securities repaid prior to October 15, 2024. 
 If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

  
 A-5 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a
majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (1) such Holder shall have previously given the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, (2) the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee, (3) such Holder offered the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request,
(4) for sixty (60) days after receipt of such notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and (5) the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but
the Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 The Indenture and this Security shall be governed
by and construed in accordance with the laws of the State of New York. 

  
 A-6

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