Document:

EX-10.1

 Exhibit 10.1 

EIGHTH AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT 

THIS EIGHTH AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Amendment”) dated as of
December 1, 2022, is by and among POTLATCHDELTIC CORPORATION, a Delaware corporation (“PotlatchDeltic”), POTLATCHDELTIC FOREST HOLDINGS, INC., a Delaware corporation (“Potlatch Forest”) and
POTLATCHDELTIC LAND & LUMBER, LLC, a Delaware limited liability company and a taxable REIT subsidiary of PotlatchDeltic (“Potlatch Land & Lumber”, and, together with
PotlatchDeltic and Potlatch Forest, the “Borrowers”), the Guarantors party hereto, the Lenders identified on the signature pages hereto, the Voting Participants identified on the signature pages hereto and NORTHWEST FARM CREDIT
SERVICES, PCA, as Administrative Agent (in such capacity, the “Administrative Agent”). 
 W I T N E S S E T H 

WHEREAS, term loan facilities have been established in favor of the Borrowers pursuant to the terms of that certain Second
Amended and Restated Term Loan Agreement dated as of March 22, 2018 (as amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Existing Term Loan Agreement” and
as amended by this Amendment, the “Amended Term Loan Agreement”) among the Borrowers, the guarantors from time to time party thereto (the “Guarantors”), the Lenders from time to time party thereto (the
“Lenders”) and the Administrative Agent; 
 WHEREAS, the Borrowers have requested that the Lenders amend
the Existing Term Loan Agreement to provide for the making of a $40,000,000 Term Loan (the “Term Loan S”) to the Borrowers; and 

WHEREAS, the Lenders party hereto have agreed to provide the Term Loan S and to amend the Existing Term Loan Agreement on the
terms and subject to the conditions set forth herein. 
 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: 

1.      Defined Terms. Capitalized terms used herein but not otherwise defined herein
shall have the meanings provided to such terms in the Amended Term Loan Agreement. 

2.      Amendment. Subject to the satisfaction of the conditions precedent set forth in
Section 3 hereof, the Existing Term Loan Agreement is hereby amended as follows: 

(a)      The Existing Term Loan Agreement (excluding the schedules and exhibits
thereto unless otherwise noted below) is amended and restated in its entirety to read in the form attached hereto as Annex A. The parties hereto agree that, on and as of the date hereof, all Obligations outstanding on and as of the Eighth
Amendment Effective Date shall in all respects be continuing and shall be deemed to be Obligations pursuant to the Amended Term Loan Agreement. Except as expressly modified and amended by this Amendment,

 
all of the terms, provisions and conditions of the Loan Documents shall remain unchanged and in full force and effect. The Loan Documents and any and all other documents heretofore, now or
hereafter executed and delivered pursuant to the terms of the Existing Term Loan Agreement are hereby amended so that any reference to the Existing Term Loan Agreement shall mean a reference to the Amended Term Loan Agreement. The Amended Term Loan
Agreement is not a novation of the Existing Term Loan Agreement. 
 (b)      Schedule
2.01 to the Existing Term Loan Agreement is hereby amended to be supplemented with the information set forth on Schedule 2.01 attached hereto. 

3.       Conditions Precedent. This Amendment shall become effective upon the
satisfaction of the following conditions: 
 (a)     Receipt by the Administrative
Agent of counterparts of this Amendment duly executed by the Borrowers, the Guarantors, the Administrative Agent, the Required Lenders, the Voting Participants and each Lender with a Term Loan S Commitment; 

(b)        Receipt by the Administrative Agent of the following: 

(i)      a certificate of each Loan Party dated as of the Eighth Amendment
Effective Date signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to the Term Loan S, as well as such documents and certifications as the
Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in the jurisdiction of its incorporation or organization and
(B) certifying that, before and after giving effect to the Term Loan S, (x) the representations and warranties contained in Article V of the Amended Term Loan Agreement and the other Loan Documents are true and correct as of such date, and
except that for purposes hereof, the representations and warranties contained in subsections (a) and (b) of Section 5.01 of the Amended Term Loan Agreement shall be deemed to refer to the most recent financial statements furnished pursuant
to subsections (a) and (b), respectively, of Section 6.01 of the Amended Term Loan Agreement, and (y) no Default exists; 

(ii)      a Note executed by each of the Borrowers in favor of each Lender
requesting a Note for the Term Loan S; and 
 (iii)      (A) a legal opinion
of Michele L. Tyler, Vice President, General Counsel and Corporate Secretary of the Borrowers and Guarantors, and (B) a legal opinion of Perkins Coie LLP, special counsel to the Borrowers, in each case dated as of the Eighth Amendment Effective
Date and in form and substance reasonably satisfactory to the Administrative Agent. 

(c)      The payment by the Borrowers of all fees and expenses due and payable
as of the Eighth Amendment Effective Date, including the reasonable out-of-pocket costs and expenses of the Administrative Agent and the reasonable fees and expenses of
Moore & Van Allen PLLC, special counsel to the Administrative Agent. 

  
 2 

 4.        Representations and
Warranties. The Loan Parties hereby, jointly and severally, represent and warrant that: 

(a)      the representations and warranties contained in Article V of the
Amended Term Loan Agreement are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date, and
except that for purposes hereof, the representations and warranties contained in Sections 5.01(a) and (b) of the Amended Term Loan Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01 of the Amended Term Loan Agreement, 

(b)      no Default exists under the Amended Term Loan
Agreement on and as of the date hereof and after giving effect to this Amendment, 

(c)      this Amendment has been duly executed and delivered
by each Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(d)      this Amendment constitutes the legal, valid and binding obligation of
each Loan Party, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(e)      the execution, delivery and performance of this Amendment by each Loan
Party will not: (i) contravene the terms of any provision of its articles or certificate of incorporation or bylaws or other organizational or governing documents of such Loan Party; (ii) violate, contravene or materially conflict with any
Law or any other law, regulation (including, without limitation, Regulation U or Regulation X), order, writ, judgment, injunction, decree or permit applicable to it, (iii) violate, contravene or conflict with contractual provisions of, or cause
an event of default under, any material indenture, loan agreement, mortgage, deed of trust, contract or other agreement or instrument to which it is a party or by which it may be bound or (iv) result in or require the creation of any Lien upon
or with respect to its properties. 

5.      No Other Changes; Ratification. Except as expressly
modified or waived hereby, all of the terms and provisions of the Amended Term Loan Agreement (including the schedules and exhibits thereto) and the other Loan Documents shall remain in full force and effect. The term “this Agreement” or
“Term Loan Agreement” and all similar references as used in each of the Loan Documents shall hereafter mean the Amended Term Loan Agreement as amended by this Amendment. Except as herein specifically agreed, the Amended Term Loan Agreement
is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

  
 3 

 6.      Counterparts; Facsimile/Email.
This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such
counterpart. Delivery of an executed counterpart of this Amendment by telecopy or electronic mail by any party hereto shall be effective as such party’s original executed counterpart. 

7.      Loan Modification. By its execution of this Amendment, the Borrowers hereby
authorize the Administrative Agent to consider this Amendment its application for loan modification on the terms and conditions set forth herein. 

8.      Governing Law. This Amendment shall be deemed to be a contract made under, and
for all purposes shall be construed in accordance with, the laws of the State of New York. 

9.      Entirety. This Amendment and the other Loan Documents embody the entire agreement
between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. These Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties. There are no oral agreements between the parties. 

10.      Loan Document. This Amendment is a Loan Document. 

[SIGNATURE PAGES FOLLOW] 

  
 4 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of
this Amendment to be duly executed and delivered as of the date first above written. 
  

							
	 BORROWERS:
	 		 	 POTLATCHDELTIC CORPORATION,

		 		 	 a Delaware corporation

				
		 		 	 By:
	 	 /s/ Jerald W. Richards

		 		 	 Name: Jerald W. Richards

		 		 	 Title: Vice President and Chief Financial Officer

			
		 		 	 POTLATCHDELTIC FOREST HOLDINGS, INC.,

		 		 	 a Delaware corporation

				
		 		 	 By:
	 	 /s/ Jerald W. Richards

		 		 	 Name: Jerald W. Richards

		 		 	 Title: Vice President and Chief Financial Officer

			
		 		 	 POTLATCHDELTIC LAND & LUMBER, LLC,

		 		 	 a Delaware limited liability company

				
		 		 	 By:
	 	 /s/ Jerald W. Richards

		 		 	 Name: Jerald W. Richards

		 		 	 Title: Vice President and Chief Financial Officer

  
 5 

							
	 GUARANTORS:
	 		 	POTLATCHDELTIC TIMBER, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ Jerald W. Richards

		 		 	Name: Jerald W. Richards
		 		 	Title: Vice President and Chief Financial Officer
			
		 		 	POTLATCH TIMBERLANDS, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ Jerald W. Richards

		 		 	Name: Jerald W. Richards
		 		 	Title: Vice President and Chief Financial Officer
			
		 		 	POTLATCH LAKE STATES TIMBERLANDS, LLC
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ Jerald W. Richards

		 		 	Name: Jerald W. Richards
		 		 	Title: Vice President and Chief Financial Officer
			
		 		 	POTLATCH MINNESOTA TIMBERLANDS, LLC
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ Jerald W. Richards

		 		 	Name: Jerald W. Richards
		 		 	Title: Vice President and Chief Financial Officer
			
		 		 	POTLATCHDELTIC MANUFACTURING, LLC
		 		 	an Arkansas limited liability company
				
		 		 	By:	 	 /s/ Jerald W. Richards

		 		 	Name: Jerald W. Richards
		 		 	Title: Vice President and Chief Financial Officer

  
 6 

							
		 		 	 HORIZON MERGER SUB 2022, LLC,

a Delaware limited liability company

				
		 		 	By:	 	 /s/ Jerald W. Richards

		 		 	Name: Jerald W. Richards
		 		 	Title: Vice President and Chief Financial Officer

  
 7 

							
	 ADMINISTRATIVE AGENT

AND LENDERS:
	 		 	 NORTHWEST FARM CREDIT SERVICES, PCA,

as Administrative Agent and a Lender

				
		 		 	 By:
	 	 /s/ Ryan Stipe

		 		 	 Name: Ryan Stipe

		 		 	 Title:   Relationship Manager, VP

  
 8 

							
		 		 	AMERICAN AGCREDIT, PCA, as a Lender
				
		 		 	By:	 	 /s/ Michael J. Balok

		 		 	Name: Michael J. Balok
		 		 	Title:   Vice President/Relationship Manager – Capital Markets
			
		 		 	AMERICAN AGCREDIT, FLCA, as a Lender and Voting Participant
				
		 		 	By:	 	 /s/ Michael J. Balok

		 		 	Name: Michael J. Balok
		 		 	Title:   Vice President/Relationship Manager – Capital Markets

  
 9 

							
		 		 	 COBANK, FCB,

as a Voting Participant

				
		 		 	 By:
	 	 /s/ Robert Prickett

		 		 	 Name: Robert Prickett

		 		 	 Title:   Vice President

  
 10 

							
		 		 	 FARM CREDIT EAST, ACA,
 as a
Voting Participant

				
		 		 	 By:
	 	 /s/ Benjamin Thompson

		 		 	 Name: Benjamin Thompson

		 		 	 Title:   Vice President

  
 11 

							
		 		 	 FARM CREDIT SERVICES OF AMERICA, FLCA,

as a Voting Participant

				
		 		 	 By:
	 	 /s/ Nicholas King

		 		 	 Name: Nicholas King

		 		 	 Title:   Vice President

  
 12 

							
		 		 	 FARM CREDIT WEST, FLCA,
 as a
Voting Participant

				
		 		 	 By:
	 	 /s/ Robert Stornetta

		 		 	 Name: Robert Stornetta

		 		 	 Title:   Vice President, Capital Markets

  
 13 

							
		 		 	 FARM CREDIT MID-AMERICA, FLCA,

as a Voting Participant

				
		 		 	By:	 	 /s/ Courtney Vance

		 		 	Name: Courtney Vance
		 		 	Title:   Credit Officer - Food and Agribusiness

  
 14 

							
		 		 	 CAPITAL FARM CREDIT, FLCA,

		 		 	 as a Voting Participant

				
		 		 	 By:
	 	 /s/ Amy Drazin

		 		 	 Name: Amy Drazin

		 		 	 Title:   Vice President

  
 15 

							
		 		 	 AGFIRST FARM CREDIT BANK,
 as
a Voting Participant

				
		 		 	By:	 	 /s/ J. Michael Mancini, Jr.

		 		 	Name: J. Michael Mancini, Jr.
		 		 	Title:   SVP, Capital Markets

  
 16 

							
		 		 	AGCOUNTRY FARM CREDIT SERVICES, FLCA (f/k/a FCS Commercial Finance Group, for AgCountry Farm Credit Services, FLCA),
		 		 	as a Voting Participant
				
		 		 	By:	 	 /s/ Lisa Caswell

		 		 	Name: Lisa Caswell
		 		 	Title: Vice President

  
 17 

 
			
	 AGRIBANK, FCB,
 as a Voting
Participant

		
	By:	 	 /s/ Blake Nelson

	Name:  Blake Nelson
	Title:    Lending Officer

  
 18 

 
			
	 FARM CREDIT SERVICES OF WESTERN ARKANSAS, FLCA,

as a Voting Participant

		
	 By:
	 	 /s/ Charlie McConnell

	 Name:  Charlie McConnell

	 Title:    SVP – Chief Lending Officer

  
 19 

 
			
	 FRESNO-MADERA FEDERAL LAND BANK ASSOCIATION, FLCA,

as a Voting Participant

		
	By:	 	 /s/ Daniel Kiggins

	Name:  Daniel Kiggins
	Title:    SVP

  
 20 

 
			
	 WESTERN AGCREDIT, FLCA,
 as a
Voting Participant

		
	By:	 	 /s/ Jonathan L. Howard_

	Name:  Jonathan L. Howard
	Title:    Vice President

  
 21 

 
			
	 FARM CREDIT OF NEW MEXICO, FLCA,

as a Voting Participant

		
	By:	 	 /s/ Mitch Selking

	Name:  Mitch Selking
	Title:    Director of Corporate Agribusiness Lending

  
 22 

 
			
	 GREENSTONE FARM CREDIT SERVICES, FLCA,

as a Voting Participant

		
	By:	 	 /s/ Shane Prichard

	Name:  Shane Prichard
	Title:    Vice President – Capital Markets Lending

  
 23 

 
			
	 YOSEMITE LAND BANK, FLCA,
 as
a Voting Participant

		
	By:	 	 /s/ Steven M. Mizuno

	Name:  Steven M. Mizuno
	Title:    SVP – Credit Administration

  
 24 

 
			
	 COMPEER FINANCIAL, FLCA,
 as
a Voting Participant

		
	By:	 	 /s/ Corey J. Waldinger

	Name:  Corey J. Waldinger
	Title:    Managing Director, Capital Markets

  
 25 

 
			
	 FARM CREDIT BANK OF TEXAS,

as a Voting Participant

		
	By:	 	 /s/ John McCarty

	Name:  John McCarty
	Title:    Director, Capital Markets

  
 26 

 ANNEX A TO EIGHTH AMENDMENT 

 
  

 
 SECOND AMENDED AND RESTATED TERM
LOAN AGREEMENT 
 Dated as of March 22, 2018 

(as amended through December 1, 2022) 

among 
 POTLATCHDELTIC
CORPORATION, 
 POTLATCHDELTIC FOREST HOLDINGS, INC. 

and 
 POTLATCHDELTIC
LAND & LUMBER, LLC 
 as Borrowers, 

Certain Material Subsidiaries of the Borrowers 

from time to time party hereto 
 as
Guarantors 
 NORTHWEST FARM CREDIT SERVICES, PCA 

as Administrative Agent 
 THE
LENDERS PARTY HERETO 
 and 

NORTHWEST FARM CREDIT SERVICES, PCA 

as Sole Lead Arranger and Book Manager 
  

 
  

  
 27 

 TABLE OF CONTENTS 
  

							
	 Section
	  		  	 	Page	 
		
	 Article I DEFINITIONS AND ACCOUNTING TERMS
	  	 	34	 
			
	 1.01
	  	Defined Terms	  	 	34	 
	 1.02
	  	Other Interpretive Provisions	  	 	65	 
	 1.03
	  	Accounting Terms	  	 	66	 
	 1.04
	  	Rounding	  	 	67	 
	 1.05
	  	References to Agreements and Laws	  	 	67	 
	 1.06
	  	Times of Day	  	 	67	 
	 1.07
	  	Divisions	  	 	68	 
		
	 Article II COMMITMENTS and BORROWINGS
	  	 	68	 
			
	 2.01
	  	Term Loans	  	 	68	 
	 2.02
	  	Borrowings	  	 	70	 
	 2.03
	  	Prepayments	  	 	71	 
	 2.04
	  	Termination of Commitments	  	 	71	 
	 2.05
	  	Repayment of Loans	  	 	71	 
	 2.06
	  	Interest	  	 	71	 
	 2.07
	  	Fees	  	 	72	 
	 2.08
	  	Computation of Interest and Fees	  	 	72	 
	 2.09
	  	Evidence of Debt	  	 	72	 
	 2.10
	  	Payments Generally	  	 	73	 
	 2.11
	  	Sharing of Payments by Lenders	  	 	75	 
	 2.12
	  	Increase in Commitments	  	 	75	 
	 2.13
	  	Joint and Several Liability of Borrowers	  	 	77	 
	 2.14
	  	Appointment of the Administrative Borrower	  	 	79	 
	 2.15
	  	Defaulting Lenders	  	 	79	 
		
	 Article III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	80	 
			
	 3.01
	  	Taxes	  	 	80	 
	 3.02
	  	Illegality	  	 	85	 
	 3.03
	  	Inability to Determine Rates; Term SOFR Replacement; Term SOFR Reset, Etc.	  	 	86	 
	 3.04
	  	Increased Costs	  	 	89	 
	 3.05
	  	Compensation for Losses	  	 	90	 
	 3.06
	  	Mitigation Obligations; Replacement of Lenders	  	 	91	 
	 3.07
	  	Survival	  	 	91	 
		
	 Article IV CONDITIONS PRECEDENT TO BORROWING
	  	 	91	 
			
	 4.01
	  	Conditions to the Restatement Date	  	 	91	 
	 4.02
	  	Additional Conditions to the Borrowings	  	 	94	 
		
	 Article V REPRESENTATIONS AND WARRANTIES
	  	 	94	 
			
	 5.01
	  	Financial Condition	  	 	95	 
	 5.02
	  	No Material Change; No Internal Control Event	  	 	95	 

  
 28 

							
	 5.03
	  	Organization and Good Standing	  	 	96	 
	 5.04
	  	Power; Authorization; Enforceable Obligations	  	 	96	 
	 5.05
	  	No Conflicts	  	 	96	 
	 5.06
	  	No Default	  	 	97	 
	 5.07
	  	Ownership; Liens	  	 	97	 
	 5.08
	  	Indebtedness	  	 	97	 
	 5.09
	  	Litigation	  	 	97	 
	 5.10
	  	Taxes	  	 	97	 
	 5.11
	  	Compliance with Law	  	 	98	 
	 5.12
	  	ERISA	  	 	98	 
	 5.13
	  	Corporate Structure; Capital Stock, Etc.	  	 	99	 
	 5.14
	  	Governmental Regulations, Etc.	  	 	100	 
	 5.15
	  	Purpose of Loans	  	 	100	 
	 5.16
	  	Environmental Matters	  	 	100	 
	 5.17
	  	Solvency	  	 	101	 
	 5.18
	  	Investments	  	 	101	 
	 5.19
	  	Disclosure	  	 	101	 
	 5.20
	  	No Burdensome Restrictions	  	 	102	 
	 5.21
	  	Brokers’ Fees	  	 	102	 
	 5.22
	  	Labor Matters	  	 	102	 
	 5.23
	  	REIT Status	  	 	102	 
	 5.24
	  	Business Locations	  	 	102	 
	 5.25
	  	Casualty, Etc.	  	 	102	 
	 5.26
	  	Intellectual Property	  	 	102	 
	 5.27
	  	Insurance	  	 	103	 
	 5.28
	  	Anti-Corruption Laws	  	 	103	 
	 5.29
	  	Affected Financial Institution	  	 	103	 
	 5.30
	  	Beneficial Ownership	  	 	103	 
		
	 Article VI AFFIRMATIVE COVENANTS
	  	 	103	 
			
	 6.01
	  	Information Covenants	  	 	103	 
	 6.02
	  	Preservation of Existence, Franchises and REIT Status	  	 	107	 
	 6.03
	  	Books and Records	  	 	107	 
	 6.04
	  	Compliance with Law	  	 	107	 
	 6.05
	  	Payment of Taxes and Other Claims	  	 	108	 
	 6.06
	  	Insurance	  	 	108	 
	 6.07
	  	Maintenance of Property; Management of Timberlands	  	 	108	 
	 6.08
	  	Use of Proceeds	  	 	108	 
	 6.09
	  	Audits/Inspections	  	 	108	 
	 6.10
	  	Financial Covenants	  	 	109	 
	 6.11
	  	Additional Guarantors	  	 	109	 
	 6.12
	  	Performance of Obligations	  	 	109	 
	 6.13
	  	Timberland Valuation Updates	  	 	110	 
	 6.14
	  	Farm Credit Equity	  	 	110	 
	 6.15
	  	Anti-Corruption Laws	  	 	111	 
		
	 Article VII NEGATIVE COVENANTS
	  	 	112	 

  
 29 

							
	 7.01
	  	Indebtedness	  	 	112	 
	 7.02
	  	Liens	  	 	113	 
	 7.03
	  	Nature of Business	  	 	116	 
	 7.04
	  	Consolidation, Merger, Dissolution, etc.	  	 	116	 
	 7.05
	  	Asset Dispositions	  	 	116	 
	 7.06
	  	Investments	  	 	117	 
	 7.07
	  	Restricted Payments	  	 	118	 
	 7.08
	  	Limitation on Actions with Respect to Other Indebtedness	  	 	119	 
	 7.09
	  	Transactions with Affiliates	  	 	119	 
	 7.10
	  	Fiscal Year; Organizational Documents	  	 	120	 
	 7.11
	  	Limitation on Restricted Actions	  	 	120	 
	 7.12
	  	Ownership of Subsidiaries	  	 	120	 
	 7.13
	  	Sale Leasebacks	  	 	121	 
	 7.14
	  	No Further Negative Pledges	  	 	121	 
	 7.15
	  	Subsidiaries	  	 	121	 
	 7.16
	  	Use of Proceeds	  	 	121	 
	 7.17
	  	Sanctions	  	 	121	 
		
	 Article VIII EVENTS OF DEFAULT AND REMEDIES
	  	 	122	 
			
	 8.01
	  	Events of Default	  	 	122	 
	 8.02
	  	Remedies Upon Event of Default	  	 	125	 
	 8.03
	  	Application of Funds	  	 	126	 
		
	 Article IX ADMINISTRATIVE AGENT
	  	 	126	 
			
	 9.01
	  	Appointment and Authority	  	 	127	 
	 9.02
	  	Rights as a Lender	  	 	127	 
	 9.03
	  	Exculpatory Provisions	  	 	128	 
	 9.04
	  	Reliance by Administrative Agent	  	 	127	 
	 9.05
	  	Delegation of Duties	  	 	128	 
	 9.06
	  	Resignation of Administrative Agent	  	 	129	 
	 9.07
	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	130	 
	 9.08
	  	No Other Duties, Etc.	  	 	130	 
	 9.09
	  	Administrative Agent May File Proofs of Claim	  	 	130	 
	 9.10
	  	Guaranty Matters	  	 	131	 
	 9.11
	  	ERISA	  	 	131	 
	 9.12
	  	Erroneous Payments	  	 	133	 
		
	 Article X MISCELLANEOUS
	  	 	135	 
			
	 10.01
	  	Amendments, Etc.	  	 	135	 
	 10.02
	  	Notices; Effectiveness; Electronic Communication	  	 	137	 
	 10.03
	  	No Waiver; Cumulative Remedies; Enforcement	  	 	139	 
	 10.04
	  	Expenses; Indemnity; Damage Waiver	  	 	140	 
	 10.05
	  	Payments Set Aside	  	 	141	 
	 10.06
	  	Successors and Assigns	  	 	142	 
	 10.07
	  	Treatment of Certain Information; Confidentiality	  	 	147	 
	 10.08
	  	Right of Set-off	  	 	148	 
	 10.09
	  	Interest Rate Limitation	  	 	149	 

  
 30 

							
	 10.10
	  	Counterparts; Integration; Effectiveness	  	 	149	 
	 10.11
	  	Survival of Representations and Warranties	  	 	149	 
	 10.12
	  	Severability	  	 	149	 
	 10.13
	  	Replacement of Lenders	  	 	150	 
	 10.14
	  	Governing Law; Jurisdiction ; Etc.	  	 	151	 
	 10.15
	  	Waiver of Jury Trial	  	 	152	 
	 10.16
	  	USA PATRIOT Act	  	 	152	 
	 10.17
	  	No Advisory or Fiduciary Responsibility	  	 	152	 
	 10.18
	  	Electronic Execution of Assignments and Certain Other Documents	  	 	153	 
	 10.19
	  	Most Favored Lender	  	 	153	 
	 10.20
	  	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	  	 	154	 
	 10.21
	  	Rates Disclaimer	  	 	155	 
	 10.22
	  	Amendment and Restatement	  	 	155	 
	 10.23
	  	Acknowledgement Regarding Any Supported QFC	  	 	155	 
		
	 Article XI GUARANTY
	  	 	156	 
			
	 11.01
	  	The Guaranty	  	 	156	 
	 11.02
	  	Obligations Unconditional	  	 	157	 
	 11.03
	  	Reinstatement	  	 	158	 
	 11.04
	  	Certain Additional Waivers	  	 	158	 
	 11.05
	  	Remedies	  	 	158	 
	 11.06
	  	Rights of Contribution	  	 	159	 
	 11.07
	  	Guarantee of Payment; Continuing Guarantee	  	 	159	 
	 11.08
	  	Keepwell	  	 	159	 

  
 31 

 SCHEDULES 
  

					
		 	 2.01
	    	 Commitments and Applicable Percentages

		 	 5.04
	    	 Required Consents, Authorizations, Notices and Filings

		 	 5.09
	    	 Litigation

		 	 5.12
	    	 ERISA

		 	 5.13
	    	 Corporate Structure; Capital Stock, Etc.

		 	 5.16
	    	 Environmental Disclosures

		 	 5.24(a)
	    	 Chief Executive Office, Etc.

		 	 5.24(b)
	    	 Timberlands

		 	 5.24(c)
	    	 Manufacturing Facilities

		 	 6.14
	    	 Farm Credit Equity Documents

		 	 7.01
	    	 Existing Indebtedness

		 	 7.02
	    	 Existing Liens

		 	 7.06
	    	 Existing Investments

		 	 10.02
	    	 Administrative Agent’s Office, Certain Addresses for Notices

 EXHIBITS 

					
		 		    	 Form of

			
		 	 A
	    	 Note

		 	 B
	    	 Compliance Certificate

		 	 C
	    	 Assignment and Assumption

		 	 D
	    	 Joinder Agreement

		 	 E
	    	 U.S. Tax Compliance Certificates

  
 32 

 SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT 

This SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT (“Agreement”) is entered into as of March 22, 2018
among (i) POTLATCHDELTIC CORPORATION (f/k/a Potlatch Corporation), a Delaware corporation and a REIT (“PotlatchDeltic” or the “Company”), (ii) POTLATCHDELTIC FOREST HOLDINGS, INC. (f/k/a Potlatch Forest
Holdings, Inc.), a Delaware corporation (“Potlatch Forest”), (iii) POTLATCHDELTIC LAND & LUMBER, LLC, (f/k/a Potlatch Land & Lumber, LLC) a Delaware limited liability company (“Potlatch
Land & Lumber”), (collectively, the “Borrowers” and each individually, a “Borrower”), (iv) certain Material Subsidiaries of the Borrowers from time to time party hereto as guarantors
(the “Guarantors”), (v) each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and (vi) NORTHWEST FARM CREDIT SERVICES, PCA
(“NWFCS”), as Administrative Agent. 
 PRELIMINARY STATEMENTS 

WHEREAS, an Amended and Restated Credit Agreement dated as of December 5, 2014 was entered into among the
Borrowers, the Guarantors party thereto, the Lenders party thereto and Northwest Farm Credit Services, PCA as Administrative Agent (as amended by that certain First Amendment to Amended and Restated Term Loan Agreement dated as of February 29,
2016, the “Existing Term Loan Agreement”); 
 WHEREAS, pursuant to the Agreement and Plan of Merger
dated as of October 22, 2017 (the “Merger Agreement”), Deltic Timber Corporation (“Deltic”) merged (the “Merger”) with and into PotlatchDeltic Timber, LLC (f/k/a Portland Merger, LLC), a
Delaware limited liability company (“Potlatch Timber”), which is a wholly owned Subsidiary of the Company, with Potlatch Timber continuing as the surviving company, and a wholly owned Subsidiary of the Company; 

WHEREAS, Deltic was the borrower under that certain Term Loan Credit Agreement dated as of August 27, 2015 among
Deltic, the lenders from time to time party thereto and American AgCredit, PCA, as administrative agent (the “Deltic Term Loan Agreement”) pursuant to which $100,000,000 in term loans were made to Deltic (the “Deltic Term
Loan”); 
 WHEREAS, concurrently with the effectiveness of the Merger, the Borrowers assumed, on a joint and
several basis, Deltic’s obligations as a borrower with respect to the Deltic Term Loan under the Deltic Term Loan Agreement; 

WHEREAS, prior to the effectiveness of this Agreement, American AgCredit, PCA assigned (a) its role as
administrative agent under the Deltic Term Loan Agreement and (b) a portion of the Deltic Term Loan, to NWFCS; 

WHEREAS, the Borrowers, NWFCS, as administrative agent under both the Deltic Term Loan Agreement and hereunder, and the
lenders and voting participants under the Deltic Term Loan Agreement desire to continue the Deltic Term Loan as “Term Loan J” hereunder, and to amend and restate the Deltic Term Loan Agreement and other loan documents evidencing the Deltic
Term Loan with this Agreement; 

  
 33 

 WHEREAS, the Borrowers have also requested that the Lenders amend and
restate the Existing Term Loan Agreement, provide two additional term loan facilities to the Borrowers, and continue the Deltic Term Loan as Term Loan J hereunder, and the Lenders have indicated their willingness to so modify and lend, in each case
on terms and subject to the conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

1.01      Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acquisition”, by any Person, means the acquisition by such Person of (i) timber or timberlands or
(ii) all of the Capital Stock or all or substantially all of the Property of another Person or a division or business unit thereof, whether or not involving a merger or consolidation with such other Person. 

“Administrative Agent” means NWFCS in its capacity as administrative agent under any of the Loan Documents,
or any successor administrative agent. 
 “Administrative Agent’s Office” means the Administrative
Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Administrative Borrower and the Lenders. 

“Administrative Borrower” means PotlatchDeltic. 

“Adjusted Term SOFR” means Term SOFR plus the SOFR Adjustment. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative
Agent. 
 “Affected Financial Institution” shall mean (a) any EEA Financial Institution or
(b) any UK Financial Institution. 
 “Affiliate” means, with respect to any Person, another Person
that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.
Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting power for the
election of directors, managing general partners or the equivalent. 

  
 34 

 “Agreement” means this Term Loan Agreement. 

“Applicable Percentage” means with respect to any Lender at any time, and with respect to such Lender’s
Term Loan J Commitment the percentage (carried out to the ninth decimal place) of the aggregate amount of all such Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in
Section 2.15. If the Commitment of each Lender to make Loans has been terminated, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect,
giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable. 
 “Applicable Rate” means, with respect to: 

 

	 	(a)	 the Term Loan G, the fixed rate of 4.49% per annum. 

 

	 	(b)	 the Term Loan H, the fixed rate of 4.64% per annum. 

 

	 	(c)	 the Term Loan I, 1-month Adjusted Term SOFR plus 2.15% per
annum. 

  

	 	(d)	 the Term Loan J, the fixed rate of 4.05% per annum. 

 

	 	(e)	 the Term Loan K, 1-month Adjusted Term SOFR plus 1.95% per
annum. 

  

	 	(f)	 the Term Loan L, 1-month Adjusted Term SOFR plus 1.95% per
annum. 

  

	 	(g)	 the Term Loan M, 1-month Adjusted Term SOFR plus 1.85% per
annum. 

  

	 	(h)	 the Term Loan N, 1-month Adjusted Term SOFR plus 1.85% per
annum. 

  

	 	(i)	 the Term Loan O, 1-month Adjusted Term SOFR plus 2.10% per
annum. 

  

	 	(j)	 the Term Loan P, 1-month Adjusted Term SOFR plus 2.10% per
annum. 

  

	 	(k)	 the Term Loan Q, 1-month Term SOFR plus 2.00% per annum.

  

	 	(l)	 the Term Loan R, 1-month Term SOFR plus 2.00% per annum.

  

	 	(m)	 the Term Loan S, 1-month Term SOFR plus 2.30% per annum.

 “Approved Fund” means any Fund that is administered or managed 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. 

“Arranger” means NWFCS in its capacity as sole lead arranger and sole book manager. 

“Asset Disposition” means any disposition (including pursuant to a Sale and Leaseback Transaction) of any or
all of the Property (including without limitation the Capital Stock of a Subsidiary) of any Consolidated Party whether by sale, lease, licensing, transfer or otherwise, but 

  
 35 

 
other than pursuant to any casualty or condemnation event; provided, however, that (i) the term “Asset Disposition” shall be deemed to include any “Asset
Sale” (or any comparable term) under, and as defined in the documents evidencing or governing any Subordinated Indebtedness and (ii) the term “Asset Disposition” shall not include (a) an Equity Issuance, (b) the sale of
conservation easements or other easements on Timberlands which, individually or in the aggregate, do not impair the value of the Timberlands as commercial timberlands in any material respect or materially detract from the use of the Timberlands, in
each case taken as a whole, as such or the sale of inventory, electricity, timber or other assets, each in the ordinary course of business (other than a sale of a fee interest in Timberlands) and (c) the exchange of Property for similar or
like-kind Property in connection with an exchange under Section 1031 of the Code. 
 “Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit C or any other form (including
electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent. 

“Attorney Costs” means and includes all reasonable fees, expenses and disbursements of any law firm or other
external counsel and, without duplication, the allocated cost of internal legal services and all out-of-pocket expenses and disbursements of internal counsel. 

“Attributable Indebtedness” means, on any date, (a) any Capital Lease, and (b) in respect of any
Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a
Capital Lease. 
 “Audited Financial Statements” means the audited consolidated balance sheets of
PotlatchDeltic and its Subsidiaries as of December 31, 2016 and 2017, and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for the three years ended December 31, 2017 of
PotlatchDeltic and its Subsidiaries, including the notes thereto, included in PotlatchDeltic’s annual report on Form 10-K for the year ended December 31, 2017. 

“Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
 “Bail-In Legislation” means (a) 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 and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking
Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings). 

  
 36 

 “Bankruptcy Code” means Title 11, U.S.C.A., as amended from
time to time or any successor statute thereto. 
 “Base Rate” means, for any day, the greater of
(a) the per annum interest rate equal to the sum of the prime base rate charged on loans at Citibank, N.A. in effect on such day or one Business Day later, as determined by the Administrative Agent in its sole discretion (or, if such rate
ceases to be published, as quoted from other generally available and recognizable source as Administrative Agent may reasonably select) or (b) the sum of the Federal Funds Rate plus 0.50%. Any changes in the Base Rate due to a change in
such Prime Rate or the Federal Funds Rate shall be effective on the effective date of such change in such Prime Rate or the Federal Funds Rate. 

“Beneficial Ownership Certification” shall mean a certification regarding beneficial ownership as required by
the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” shall mean 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”. 

“Borrower Materials” has the meaning specified in Section 6.01. 

“Borrowers” means PotlatchDeltic, Potlatch Forest and Potlatch Land & Lumber and
“Borrower” means any one of them. 
 “Borrowing” means the borrowing of a Term Loan pursuant to
Section 2.01. 
 “Business Day” means any day the Administrative Agent is open
for business in Spokane, Washington, except it shall not include Saturday, Sunday or a day that commercial banks in Spokane, Washington are closed and, if such day relates to any Term SOFR Loan, means any such day that is also a U.S. Government
Securities Business Day. 
 “Capital Lease” means, as applied to any Person, any lease of any Property
(whether real, personal or mixed) by that Person as lessee which, in accordance with GAAP, is required to be accounted for as a capital lease on the balance sheet of that Person. 

“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, 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 distributions of assets of, the
issuing Person. 
 “Cash Equivalents” means, as at any date, (a) securities issued or directly and
fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not

  
 37 

 
more than twelve (12) months from the date of acquisition, (b) Dollar denominated time deposits and certificates of deposit of (i) any Lender, (ii) any domestic commercial
bank of recognized standing having capital and surplus in excess of $500,000,000 or (iii) any bank whose short-term commercial paper rating from S&P is at least A-2 or the equivalent thereof or from
Moody’s is at least P-2 or the equivalent thereof (any such bank being an “Approved Bank”), in each case with maturities of not more than 270 days from the date of acquisition,
(c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated
A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody’s and maturing within six (6) months of the date of
acquisition, (d) repurchase agreements entered into by any Person with a bank or trust company (including any of the Lenders) or recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by
or fully guaranteed by the United States in which such Person shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the
repurchase obligations and (e) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are administered by reputable financial
institutions having capital of at least $500,000,000 and the portfolios of which are limited to Investments of the character described in the foregoing subdivisions (a) through (d). 

“CatchMark” means CatchMark Timber Trust, Inc., a Maryland corporation. 

“CatchMark Merger” has the meaning given to such term in the Seventh Amendment. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the
adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or
(c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (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 in each case be deemed to be a “Change in
Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control” means the occurrence
of any of the following: (i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule l3d-3 under the Securities Exchange Act of 1934) of more than 35% of then outstanding Voting Stock of PotlatchDeltic measured by voting power rather than the number of shares; provided, however, that
for the purposes hereof any Person shall not be deemed to be a “beneficial owner” (as defined in Rule l3d-3 under the Securities Exchange Act of 1934) of shares tendered pursuant to a tender offer or
exchange offer paid by or on behalf of that Person or any Affiliate of that Person until the tendered shares are accepted for purchase or exchange and, provided further, however, that no Person who is a “beneficial
owner” of Voting Stock of PotlatchDeltic as of the Restatement Date (an “Existing  

  
 38 

 
Holder”) or a Permitted Transferee (as hereinafter defined) (collectively a “Permitted Holder”) shall be deemed to have become the “beneficial owner” of
Voting Stock of PotlatchDeltic, as a result of the formation of a “syndicate” or “group” (each within the meaning of Section l3d-3 of the Securities Exchange Act of 1934) with one or more
other Permitted Holders to the extent of the Voting Stock of PotlatchDeltic as to which such other Permitted Holder or Permitted Holders is a “beneficial owner” as of the Restatement Date; (ii) any Borrower shall merge or consolidate
with any Person other than in a transaction permitted under Section 7.04; (iii) Continuing Directors shall fail to constitute a majority of the members of the board of directors of PotlatchDeltic; (iv) any Asset
Disposition shall be made that (of itself or when combined with any or all other Asset Dispositions) constitutes a sale of all or substantially all of the assets of the Borrowers and their Subsidiaries, taken as a whole; (v) any event shall
occur that constitutes a “Change of Control” (or any comparable term) under, and as defined in, the documents evidencing or governing any Subordinated Indebtedness; (vi) any event shall occur that requires any Borrower or any
Subsidiary to repay, redeem, or repurchase (or to offer to repay, redeem or repurchase) any Indebtedness outstanding in a principal amount in excess of $50,000,000 by reason of any change of ownership or control affecting a Borrower or such
Subsidiary; or (vii) PotlatchDeltic shall fail to own, directly or indirectly, 100% of the Voting Stock of each other Borrower and each Guarantor. For the purposes hereof, “Permitted Transferee” shall mean any direct or indirect
transferee of Voting Stock of the Borrowers from an Existing Holder (1) by gift, bequest, distribution from (or deposit into) a trust or other transfer without consideration, (2) by succession or testamentary disposition upon death or
(3) to a spouse or former spouse pursuant to an agreement for division of community property or other property settlement agreement in connection with a marital dissolution or legal separation. A Permitted Transferee shall be deemed to be the
“beneficial owner” of any such Voting Stock as of the Restatement Date. 
 “Code” means the
Internal Revenue Code of 1986, as amended, and all regulations and formal guidance issued thereunder. 

“Commitment” means, with respect to each Lender, its Term Loan K Commitment, Term Loan L Commitment and/or
any Incremental Term Loan Commitment and/or Term Loan M Commitment and/or Term Loan N Commitment and/or Term Loan O Commitment and/or Term Loan P Commitment and/or Term Loan Q Commitment and/or Term Loan R Commitment and/or Term Loan S Commitment,
as applicable. 
 “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. 
 “Company” has the meaning specified in the
introductory paragraph hereto. 
 “Company Owned Life Insurance” means the cash value of life insurance
policies owned by one or more of the Borrowers, net of any applicable loans outstanding under such policies. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit B. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 

  
 39 

 “Consolidated EBITDDA” means, as of any date for the four
fiscal quarter period ending on such date with respect to the Consolidated Parties on a consolidated basis, the sum of (i) Consolidated Net Income, plus (ii) an amount which, in the determination of Consolidated Net Income for such period,
has been deducted for (A) Consolidated Interest Expense, (B) income taxes, (C) depreciation, depletion and amortization expense, (D) any prepayment penalty, make whole premium or loss associated with the Repayment of any
Indebtedness permitted hereunder and (E) non-cash equity compensation expense, plus (iii) the cost basis of any Timberlands and real estate sold. 

“Consolidated Interest Expense” means, as of any date for the four fiscal quarter period ending on such date
with respect to the Consolidated Parties on a consolidated basis, cash interest expense (including the amortization of issue costs, debt discount and premium, the interest component under Capital Leases and the implied interest component under
Synthetic Lease Obligations) net of interest income, all as determined in accordance with GAAP. 
 “Consolidated
Leverage Ratio” means Consolidated Total Funded Indebtedness to Total Asset Value. 
 “Consolidated Net
Income” means, as of any date for the four fiscal quarter period ending on such date with respect to the Consolidated Parties on a consolidated basis, net income (excluding (i) extraordinary items and
(ii) non-cash, non-recurring items) after interest expense, income taxes, depreciation, depletion and amortization expense, all as determined in accordance with
GAAP. 
 “Consolidated Parties” means a collective reference to the Borrowers and their Subsidiaries, and
“Consolidated Party” means any one of them. 
 “Consolidated Parties Pro Rata Share”
means, with respect to any Investment Affiliate, the percentage of the total equity ownership interests held by the Consolidated Parties in the aggregate, in such Investment Affiliate, determined by calculating the greater of (i) the percentage
of the issued and outstanding stock, partnership interests or membership interests in such Investment Affiliate held by the Consolidated Parties in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that
would be received by the Consolidated Parties in the aggregate, upon liquidation of such Investment Affiliate after repayment in full of all Indebtedness of such Investment Affiliate. 

“Consolidated Timberland Value” means, as of any date of determination with respect to the Timberlands, but
excluding any Timberlands subject to a Lien (excluding Permitted Liens but including Liens arising pursuant to Section 7.02(u)), the sum of (a) the aggregate value of such Timberlands as indicated in the most recently
delivered Timberland Valuation Update, minus (b) the aggregate value of any such Timberlands that have been disposed of in accordance with Section 7.05(e) hereof, which value shall be determined by multiplying
the average price per acre for the Timberlands located in the state in which such disposed Timberlands were located as indicated in the most recently delivered Timberland Valuation Update by the acreage that was disposed since the date of the most
recently delivered Timberland Valuation Update, plus (c) in the case of any such newly acquired Timberlands, the value of such newly acquired Timberlands, which value shall be determined based on a Timberland Valuation Update for such
additional 

  
 40 

 
Timberlands, or if no Timberland Valuation Update for such additional Timberlands is available, then such value shall be deemed to be the price paid by the Borrowers or a member of the
Consolidated Parties. 
 “Consolidated Total Funded Indebtedness” means, as of any date of determination,
Funded Indebtedness of the Consolidated Parties on a consolidated basis. 
 “Construction in Progress”
means, as of any date, (a) the construction of a new operating facility or (b) an expansion with greater than $10,000,000.00 of capital expenditures to an existing operating facility. 

“Continuing Directors” means the directors of PotlatchDeltic on the Restatement Date, and each other director
whose election by the board of directors of PotlatchDeltic or whose nomination for election by the stockholders of PotlatchDeltic was approved by a vote of at least a majority of the directors who were either directors on the Restatement Date or
whose election or nomination for election was previously so approved by directors who were Continuing Directors. 

“Control” has the meaning specified in the definition of “Affiliate.” 

“Covered Party” has the meaning specified in Section 10.23. 

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a
lookback) being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the
Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Debt Rating” means, as of any date of determination, the rating as determined by either S&P,
Moody’s or Fitch of the Company’s non-credit enhanced, senior unsecured long-term debt. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect. 
 “Default” means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means
an interest rate equal to the Applicable Rate for each Term Loan plus 2% per annum. 
 “Defaulting
Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder
unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s 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, or (ii) pay to the 

  
 41 

 
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, (b) has notified the Borrowers and the
Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan
hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that they will comply with its
prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrowers), or
(d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or
(iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any
direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest 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. Any determination by the Administrative Agent that a
Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrowers and each other Lender promptly following such
determination. 
 “Deltic Term Loan Agreement” has the meaning specified in the preliminary statements to
this Agreement. 
 “Designated Jurisdiction” means any country or territory to the extent such country or
territory itself is the subject of any Sanction. 
 “Designated Person” has the meaning specified in
Section 7.17. 
 “Dollar” and “$” mean lawful money of the
United States. 
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any
political subdivision of the United States. 
 “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 

  
 42 

 
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. 

“Eighth Amendment” means that certain Eighth Amendment to the Agreement dated as of the Eighth Amendment
Effective Date, by and among the Borrowers, the Guarantors party thereto, the Lenders party thereto, the Voting Participants party thereto and the Administrative Agent. 

“Eighth Amendment Effective Date” means December 1, 2022. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations,
ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the
environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), of a Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Issuance” means any issuance by any Consolidated Party to any Person of (a) shares of its
Capital Stock, (b) any shares of its Capital Stock pursuant to the exercise of options or warrants, (c) any shares of its Capital Stock pursuant to the conversion of any debt securities to equity or (d) any options or warrants
relating to its Capital Stock. The term “Equity Issuance” shall be deemed not to include (i) any Asset Disposition or (ii) issuances pursuant to (x) employee plans of the Borrowers that are in place as of the Restatement
Date to the extent such issuances are permitted pursuant to the documentation governing those plans as in effect as of the Restatement Date or (y) new or amended employee plans of the Borrowers to the extent such issuances are consistent with
past practices of the Borrowers. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

  
 43 

 “ERISA Affiliate” means any trade or business (whether or
not incorporated) under common control with a Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a
Borrower 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; (c) a complete or partial withdrawal by a Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a
notice of intent to terminate, the treatment of a plan amendment as a termination under Sections 4041 or 4041A of ERISA with respect to, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an
event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV
of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Borrower or any ERISA Affiliate. 

“Erroneous Payment” has the meaning specified in Section 9.12. 

“Erroneous Payment Deficiency Assignment” has the meaning specified in
Section 9.12. 
 “Erroneous Payment Impacted Class” has the meaning specified in
Section 9.12. 
 “Erroneous Payment Return Deficiency” has the meaning specified
in Section 9.12. 
 “EU Bail-In
Legislation” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default” has the meaning specified in Section 8.01. 

“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, or the grant by such Guarantor of a security interest to secure, 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 not to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act (determined after giving effect to Section 11.08 and any other “keepwell, support or other agreements” for the benefit of such Guarantor) at the time the Guaranty of, or
the grant of such security interest by, such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion
of such Swap Obligation that is attributable to swaps for which such Guaranty or grant of security interest is or becomes illegal. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to
be withheld or deducted from a payment to a Recipient, (a) Taxes imposed 

  
 44 

 
on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or
having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S.
federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in
the Loan or Commitment (other than pursuant to an assignment request by the Borrowers under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to
Section 3.01(a)(ii) or (c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Term Loan Agreement” has the meaning specified in the introductory paragraph. 

“Farm Credit Administration” means that certain agency known as the Farm Credit Administration that derives
its authority from the Farm Credit Act of 1971, as amended. 
 “Farm Credit Equities” has the meaning
specified in Section 6.14(b). 
 “Farm Credit Lender” means a lending institution
organized and existing pursuant to the provisions of the Farm Credit Act of 1971 and under the regulation of the Farm Credit Administration. 

“Farm Credit System” means any lending institution (including any wholly-owned subsidiaries) governed by the
Farm Credit Administration. 
 “FASB ASC” means the Accounting Standards Codification of the Financial
Accounting Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Federal Funds Rate” means, for any day, the rate per annum equal
to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) 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 as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged on such day on such
transactions as determined by the Administrative Agent. 

  
 45 

 “Fee Letter” means (a) the letter agreement, dated as
of October 17, 2014 and amended and restated as of December 5, 2014, between the Company and the Administrative Agent, (b) the letter agreement, dated as of February 29, 2016, between the Company and the Administrative Agent,
(c) the letter agreement, dated as of January 16, 2018, as amended as of the Restatement Date, between the Company and the Administrative Agent, (d) the letter agreement, dated as of January 30, 2019 between the Company and the
Administrative Agent, (e) the letter agreement, dated as of December 2, 2019 between PotlatchDeltic and the Administrative Agent, (f) the letter agreement, dated as of December 1, 2020, between PotlatchDeltic and the
Administrative Agent, (g) the letter agreement, dated as of December 1, 2021, between PotlatchDeltic and the Administrative Agent, (h) the letter agreement, dated as of September 14, 2022, between PotlatchDeltic and the
Administrative Agent and (i) the letter agreement, dated as of December 1, 2022, between PotlatchDeltic and the Administrative Agent. 

“Fifth Amendment” means that certain Fifth Amendment to the Agreement dated as of December 1, 2021, by
and among the Borrowers, the Guarantors party thereto, the Lenders party thereto, the Voting Participants party thereto and the Administrative Agent. 

“Fifth Amendment Effective Date” means December 1, 2021. 

“First Amendment Effective Date” means January 30, 2019. 

“Fitch” means Fitch, Inc. and any successor thereto. 

“Foreign Lender” means (a) if any Borrower is a U.S. Person, a Lender that is not a U.S. Person, and
(b) if any Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrowers are residents for tax purposes. For purposes of this definition, the United States, each
State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Foreign
Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 
 “Fourth Amendment Effective
Date” means December 1, 2020. 
 “Fourth Amendment” means that certain Fourth Amendment to
the Agreement dated as of December 1, 2020, by and among the Borrowers, the Guarantors party thereto, the Lenders party thereto, the Voting Participants party thereto and the Administrative Agent. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fully Satisfied” means, with respect to the Obligations as of any date, that, as of such date, (a) all
principal of and interest accrued to such date which constitute Obligations shall have been irrevocably paid in full in cash, (b) all fees, expenses and other amounts then due and payable which constitute Obligations shall have been irrevocably
paid in cash, and (c) the Commitments shall have expired or shall have been terminated in full. 

“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 activities. 

  
 46 

 “Funded Indebtedness” means, with respect to any Person,
without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) 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), (d) 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 incurred in the ordinary course of business and due within
six months of the incurrence thereof) which would appear as liabilities on a balance sheet of such Person, (e) the implied principal component of all obligations of such Person under Capital Leases, (f) the maximum amount of all
performance and standby 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), (g) all preferred Capital Stock
issued by such Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption or other acceleration (other than as a result of a Change of Control or an
Asset Disposition that does not in fact result in a redemption of such preferred Capital Stock) at any time prior to the Maturity Date, (h) the principal portion of all obligations of such Person under Synthetic Lease Obligations, (i) all
obligations of such Person to repurchase any securities issued by such Person at any time prior to the Maturity Date which repurchase obligations are related to the issuance thereof, including, without limitation, obligations commonly known as
residual equity appreciation potential shares, (j) the aggregate amount of uncollected accounts receivable of such Person subject at such time to a sale of receivables (or similar transaction) (whether or not such transaction would be reflected
on the balance sheet of such Person in accordance with GAAP), (k) all Funded Indebtedness of others secured by (or for which the holder of such Funded 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, (l) all Guarantees of such Person with respect to Funded Indebtedness of another
Person and (m) the Funded Indebtedness of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer to the extent such Indebtedness is recourse to such Person. 

“GAAP” means generally accepted accounting principles in the United States that are applicable to the
circumstances as of the date of determination, consistently applied. 
 “Governmental Authority” means the
government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Granting Lender” has the meaning specified in Section 10.06(f). 

“Guarantee” means, as to any Person, (a) any obligation (other than endorsements in the ordinary course
of business of negotiable instruments for deposit or collection), contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any 

  
 47 

 
Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such
Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring
the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or
level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such
Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any uncontested Lien on any assets of such Person securing any Indebtedness or other
obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation,
or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee”
as a verb has a corresponding meaning. 
 “Guarantors” means, collectively, each Person that enters into
this Agreement as a Guarantor on the Restatement Date and each other Person that subsequently becomes a Guarantor hereunder pursuant to Section 6.11 by executing a Joinder Agreement in substantially the form of Exhibit
D, and “Guarantor” means any one of them. As of the Restatement Date, the Guarantors are (i) Potlatch Timber, (ii) Potlatch Timberlands, LLC, (iii) Potlatch Lake States Timberlands, LLC, (iv) Potlatch
Minnesota Timberlands, LLC, (v) PotlatchDeltic Manufacturing, LLC and (vi) Horizon Merger Sub 2022, LLC. 

“Guaranty” means the Guaranty made by the Guarantors in favor of the Administrative Agent, on behalf of the
Lenders, pursuant to Article XI hereof. 
 “Hedge Bank” means any Person that, at the time it enters
into a Swap Contract with a Loan Party for a Swap Contract with respect to interest on the Obligations, is a Lender, a Voting Participant, an Affiliate of a Lender or a Voting Participant, the Administrative Agent or an Affiliate of the
Administrative Agent. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and
all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or
wastes of any nature regulated pursuant to any Environmental Law. 
 “Incremental Term Loan” has the
meaning set forth in Section 2.12(a). 
 “Incremental Term Loan Amendment” has
the meaning set forth in Section 2.12(d). 
 “Incremental Term Loan Commitment”
has the meaning set forth in Section 2.12(a). 

  
 48 

 “Incremental Term Loan Effective Date” has the meaning set
forth in Section 2.12(b). 
 “Indebtedness” means, with respect to any Person,
without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person either evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made,
(c) 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), (d) 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 incurred in the ordinary course of business and due
within six months of the incurrence thereof) which would appear as liabilities on a balance sheet of such Person, (e) all obligations of such Person under
take-or-pay or similar arrangements or under commodities agreements under which such Person must make payments notwithstanding the failure of the counter-party to
deliver the goods or services which such counter-party is required to deliver thereunder (and, for the avoidance of doubt shall not include arrangements under which such Person must pay for capacity or availability that must be delivered or made
available to entitle the counter-party to payment, notwithstanding that such Person may not use such capacity or availability), (f) the implied principal component of all obligations of such Person under Capital Leases, (g) all net
obligations of such Person under Swap Contracts, (h) the maximum amount of all performance and standby 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), (i) all preferred Capital Stock issued by such Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments,
redemption or other acceleration (other than as a result of a Change of Control or an Asset Disposition that does not in fact result in a redemption of such preferred Capital Stock) at any time prior to the Maturity Date, (j) the principal
portion of all obligations of such Person under Synthetic Lease Obligations and other Off-Balance Sheet Liabilities (excluding Operating Leases to the extent they would otherwise be included), (k) all
obligations of such Person to repurchase any securities issued by such Person at any time prior to the Maturity Date which repurchase obligations are related to the issuance thereof, including, without limitation, obligations commonly known as
residual equity appreciation potential shares, (l) the aggregate amount of uncollected accounts receivable of such Person subject at such time to a sale of receivables (or similar transaction) (whether or not such transaction would be reflected
on the balance sheet of such Person in accordance with GAAP), (m) all Indebtedness of others 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, (n) all Guarantees of such Person with respect to Indebtedness of another Person and (o) the
Indebtedness of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer to the extent such Indebtedness is recourse to such Person. The amount of any net obligation under any Swap Contract on any
date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such
date. 

  
 49 

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

“Indemnitee” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“Initial Funding Date” means December 19, 2012. 

“Interest Coverage Ratio” means, as of the end of any fiscal quarter of the Consolidated Parties, the ratio
of (a) Consolidated EBITDDA as of such date to (b) Consolidated Interest Expense as of such date. 

“Interest Payment Date” means (a) with respect to the Term Loan G, Term Loan H, the first day of each
January, April, July and October and the Maturity Date, (b) with respect to the Term Loan J, the first day of each March and September and the Maturity Date and (c) with respect to the Term Loan I, Term Loan K, Term Loan L, Term Loan M,
Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R, and Term Loan S the first day of each month and the Maturity Date. 

“Internal Control Event” means a material weakness in, or fraud that involves management or other employees
who have a significant role in, any Borrower’s internal controls over financial reporting, in each case as described in the Securities Laws. 

“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, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of
another Person whether or not constituting a business unit or product line, including the purchase of timber or timberlands but excluding (i) the purchase of inventory and supplies in the ordinary course of business and (ii) any
acquisition of assets to the extent such acquisition is included as a capital expenditure in accordance with GAAP. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
 “Investment Affiliate” means any
Person in which any member of the Consolidated Parties, directly or indirectly, has an ownership interest, whose financial results are not consolidated under GAAP with the financial results of the Consolidated Parties on the consolidated financial
statements of the Consolidated Parties. 
 “Involuntary Disposition” means any loss of, damage to or
destruction of, or any condemnation or other taking for public use of, any Property of any Consolidated Party. 

“IRS” means the United States Internal Revenue Service. 

  
 50 

 “Joinder Agreement” means a Joinder Agreement substantially
in the form of Exhibit D hereto, executed and delivered by a new Guarantor in accordance with the provisions of Section 6.11. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration
thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” has the meaning specified in the introductory paragraph hereto. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such
Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Administrative Borrower and the Administrative Agent. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), other security interest or charge (including any conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing, but excluding operating
leases). 
 “Loan” means the Term Loan G, Term Loan H, Term Loan I, Term Loan J, Term Loan K, Term Loan L,
Term Loan M, Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R, Term Loan S and/or any Incremental Term Loan, as applicable. 

“Loan Documents” means this Agreement, each Note, each Joinder Agreement, the Fee Letter and all other
documents delivered to or by the Administrative Agent or the Lenders in connection herewith or therewith. 
 “Loan
Parties” means, collectively, the Borrowers and each Guarantor. 
 “London Banking Day” means any
day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 

“Manufacturing Facilities” means the forest products manufacturing facilities owned from time to time by the
Loan Parties. 
 “Material Adverse Effect” means (a) a material adverse effect upon the operations,
business, assets, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrowers or the Borrowers and their Subsidiaries taken as a whole; (b) a material impairment of the ability of the Borrowers or the
Borrowers and their Subsidiaries taken as a whole to perform their material obligations under any Loan Document to which they are a party; or (c) a material adverse effect upon the material rights and remedies of the Administrative Agent and
the Lenders under the Loan Documents. 

  
 51 

 “Material Subsidiary” means as of any date of determination
any Subsidiary, that together with its Subsidiaries on a consolidated basis, accounts for (or to which may be attributed) 5% or more of the Total Asset Value of the Consolidated Parties. 

“Maturity Date” means, with respect to: 

 

	 	(a)	 the Term Loan G, December 1, 2023; 

 

	 	(b)	 the Term Loan H, November 1, 2024; 

 

	 	(c)	 the Term Loan I, February 1, 2026; 

 

	 	(d)	 the Term Loan J, August 27, 2025; 

 

	 	(e)	 the Term Loan K, March 22, 2028; 

 

	 	(f)	 the Term Loan L, March 22, 2028; 

 

	 	(g)	 the Term Loan M, January 1, 2029; 

 

	 	(h)	 the Term Loan N, November 1, 2029; 

 

	 	(i)	 the Term Loan O, November 1, 2030; 

 

	 	(j)	 the Term Loan P, November 1, 2031; 

 

	 	(k)	 the Term Loan Q, September 1, 2027; 

 

	 	(l)	 the Term Loan R, September 1, 2030; 

 

	 	(m)	 the Term Loan S, November 1, 2032. 

“Merger” has the meaning specified in the Preliminary Statements to this Agreement. 

“Merger Agreement” has the meaning specified in the Preliminary Statements to this Agreement. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

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

“Multiple Employer Plan” means a Plan (other than a Multiemployer Plan) which any Consolidated Party or any
ERISA Affiliate and at least one employer other than the Consolidated Parties or any ERISA Affiliate are contributing sponsors. 

  
 52 

 “Net Cash Proceeds” means the aggregate cash or Cash
Equivalents proceeds received by any Consolidated Party in respect of any Asset Disposition, net of (a) direct costs (including, without limitation, legal, accounting and investment banking fees, and sales commissions), (b) taxes paid or
payable as a result thereof and (c) the amount necessary to Repay any Indebtedness either secured by a Permitted Lien on the related Property or incurred in connection with the Property that is included in such Asset Disposition; it being
understood that “Net Cash Proceeds” shall include, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration received by any such
Consolidated Party in any Asset Disposition. In addition, the “Net Cash Proceeds” of any Asset Disposition shall include any other amounts which constitute “Net Proceeds” (or any comparable term) of such transaction under, and as
defined in the documents evidencing or governing any Subordinated Indebtedness. 

“Non-Consenting Lender” means any Lender that does not approve any
consent, waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required Lenders. 

“Note” means a promissory note made by the Borrowers in favor of a Lender evidencing Loans made by such
Lender, substantially in the form of Exhibit A. 
 “NWFCS” has the meaning specified in the
introductory paragraph hereto. 
 “Obligations” means all advances to, and debts, liabilities, obligations,
covenants and duties of, any Loan Party (other than any Excluded Swap Obligation) arising under (i) any Loan Document or otherwise with respect to any Term Loan and (ii) any Swap Contract with a Hedge Bank, whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof
of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury of the
United States of America. 
 “Off-Balance Sheet Liabilities” means,
with respect to any Person as of any date of determination thereof, without duplication and to the extent not included as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP: (a) with
respect to any asset securitization or similar transaction (including any accounts receivable purchase facility) (i) the unrecovered investment of purchasers or transferees of assets so transferred and (ii) any other payment, recourse,
repurchase, hold harmless, indemnity or similar obligation of such Person or any of its Subsidiaries in respect of assets transferred or payments made in respect thereof, other than limited recourse provisions that are customary for transactions of
such type and that neither (x) have the effect of limiting the loss or credit risk of such purchasers or transferees with respect to payment or performance by the obligors of the assets so transferred nor (y) impair the characterization of
the transaction as a true sale under applicable Laws (including Debtor Relief Laws); or (b) the monetary obligations under any financing lease (excluding any operating lease) or so-called
“synthetic,” tax retention or off-balance sheet lease transaction which, upon the application of any Debtor Relief Law to such Person or any of its 

  
 53 

 
Subsidiaries, would be characterized as indebtedness; or (c) the monetary obligations under any sale and leaseback transaction which does not create a liability on the consolidated balance
sheet of such Person and its Subsidiaries; or (d) any other monetary obligation arising with respect to any other transaction which (i) upon the application of any Debtor Relief Law to such Person or any of its Subsidiaries, would be
characterized as indebtedness or (ii) is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheet of such Person and its Subsidiaries (for purposes of this clause
(d), any transaction structured to provide tax deductibility as interest expense of any dividend, coupon or other periodic payment will be deemed to be the functional equivalent of a borrowing). 

“Operating Lease” means, as applied to any Person, any lease (including, without limitation, leases which may
be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate
or articles of formation or organization of such entity. 
 “Other Connection Taxes” means, with respect to
any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any
such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.05). 

“Participant” has the meaning specified in Section 10.06(d). 

“Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56. 
 “Payment
Recipient” has the meaning specified in Section 9.12. 
 “PBGC” means
the Pension Benefit Guaranty Corporation. 

  
 54 

 “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 a Borrower or any ERISA Affiliate or to which any Borrower 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 plan years. 

“Permitted Acquisition” means an Acquisition by any Borrower or any Subsidiary of a Borrower that is
permitted pursuant to the terms of Section 7.06(g). 
 “Permitted Asset
Disposition” means any Asset Disposition permitted by Section 7.05. 
 “Permitted
Investments” means, at any time, Investments by the Consolidated Parties permitted to exist at such time pursuant to the terms of Section 7.06. 

“Permitted Liens” means, at any time, Liens in respect of Property of the Consolidated Parties permitted to
exist at such time pursuant to the terms of Section 7.02. 
 “Person” means any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA)
established by a Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 

“Platform” has the meaning specified in Section 6.01. 

“PotlatchDeltic” has the meaning specified in the introductory paragraph hereto. 

“Potlatch Forest” has the meaning specified in the introductory paragraph hereto. 

“Potlatch Timber” has the meaning specified in the preliminary statements to this Agreement. 

“Pro Forma Basis” means, for purposes of calculating (utilizing the principles set forth in
Section 1.03(b)) compliance with each of the financial covenants set forth in Section 6.10(a) and (b) in respect of a proposed transaction, that such transaction shall be deemed to have
occurred as of the first day of the four fiscal-quarter period ending as of the most recent fiscal quarter end preceding the date of such transaction with respect to which the Administrative Agent has received the Required Financial Information. As
used herein, “transaction” shall mean (i) any incurrence or assumption of Indebtedness as referred to in Section 7.01(f), (ii) any Asset Disposition as referred to in
Section 7.05, (iii) any Acquisition as referred to in Section 7.06(g), or (iv) any Restricted Payment as referred to in Section 7.07(c). In connection with any
calculation of the financial covenants set forth in Section 6.10(a) and (b) upon giving effect to a transaction on a Pro Forma Basis: 

(A)      for purposes of any such calculation in respect of any incurrence or
assumption of Indebtedness as referred to in Section 7.01(f), any Indebtedness which is 

  
 55 

 
retired in connection with such transaction shall be excluded and deemed to have been retired as of the first day of the applicable period; 

(B)      for purposes of any such calculation in respect of any Asset Disposition
as referred to in Section 7.05, (1) income statement items (whether positive or negative) attributable to the Property disposed of shall be excluded and (2) any Indebtedness which is retired in connection with
such transaction shall be excluded and deemed to have been retired as of the first day of the applicable period; and 

(C)      for purposes of any such calculation in respect of any Acquisition as
referred to in Section 7.06(g), (1) any Indebtedness incurred by any Consolidated Party in connection with such transaction (x) shall be deemed to have been incurred as of the first day of the applicable period
and (y) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such
Indebtedness as at the relevant date of determination, (2) income statement items (whether positive or negative) attributable to the Person or Property acquired shall be included beginning as of the first day of the applicable period and
(3) pro forma adjustments may be included to the extent that such adjustments would be permitted under GAAP and give effect to events that are (x) directly attributable to such transaction, (y) expected to have a continuing impact on
the Consolidated Parties and (z) factually supportable. 
 (D)      for
purposes of any such calculation in connection with the making of any Restricted Payment referred to in Section 7.07(c), any Indebtedness incurred (or to be incurred) by any Consolidated Party in connection with such
payment or repurchases shall be deemed to have been incurred as of the first day of the applicable period. 
 “Pro
Forma Compliance Certificate” means a certificate of a Responsible Officer of the Administrative Borrower delivered to the Administrative Agent in connection with (i) any incurrence or assumption of Indebtedness as referred to in
Section 7.01(f), (ii) any Asset Disposition as referred to in Section 7.05, (iii) any Acquisition as referred to in Section 7.06(g) and (iv) any Restricted Payment
made pursuant to Section 7.07(c), as applicable, and containing reasonably detailed calculations, upon giving effect to the applicable transaction on a Pro Forma Basis, of the Consolidated Leverage Ratio and the Interest
Coverage Ratio as of the most recent fiscal quarter end preceding the date of the applicable transaction with respect to which the Administrative Agent shall have received the Required Financial Information. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible
or intangible. 
 “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 Lender” has the meaning specified
in Section 6.01. 
 “QFC Credit Support” has the meaning specified in
Section 10.23. 

  
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 “Qualified ECP Guarantor” means, in respect of any Swap
Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guaranty or grant of security interest 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. 
 “Recipient” means the Administrative Agent,
any Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder. 

“Register” has the meaning set forth in Section 10.06(c). 

“REIT” means a Real Estate Investment Trust as defined in Sections
856-860 of the Code. 
 “Related Parties” means, with respect to
any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal
Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. 

“Repay” or “Repayment” means with respect to Indebtedness, to permanently pay, prepay,
redeem, repurchase, retire, defease (including by way of depositing money or securities with the trustee with respect thereto before due for the purpose of paying when due), establish a sinking fund or similar payment or acquire for value. 

“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. 
 “Required Financial Information” means, with respect to
each fiscal period or quarter of the Borrowers, (a) the financial statements required to be delivered pursuant to Section 6.01(a) or (b) for such fiscal period or quarter, and (b) the certificate of a
Responsible Officer of PotlatchDeltic required by Section 6.01(c) to be delivered with the financial statements described in clause (a) above. 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of
(i) the aggregate unused Commitments and (ii) the outstanding Term Loans. The portion of the outstanding Term Loans held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.
With respect to any matter requiring the approval of the Required Lenders, it is understood that Voting Participants shall have the voting rights specified in Section 10.06(d) as to such matter. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a
UK Resolution Authority. 

  
 57 

 “Responsible Officer” of any Person means any of the chief
executive officer, chief operating officer, president, vice president, chief financial officer, treasurer, assistant treasurer or other duly elected officer of such Person. Any document delivered hereunder that is signed by a Responsible Officer of
a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of
such Loan Party. 
 “Restatement Date” means March 22, 2018. 

“Restricted Payment” means (i) any dividend or other payment or distribution, direct or indirect, on
account of any shares of any class of Capital Stock of any Consolidated Party, now or hereafter outstanding (including without limitation any payment in connection with any dissolution, merger, consolidation or disposition involving any Consolidated
Party) to the holders, in their capacity as such, of any shares of any class of Capital Stock of any Consolidated Party, now or hereafter outstanding (other than dividends or distributions payable in Capital Stock of the applicable Person and
dividends or distributions payable (directly or indirectly through Subsidiaries) to a Borrower), (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any
class of Capital Stock of any Consolidated Party, now or hereafter outstanding, (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock
of any Consolidated Party, now or hereafter outstanding, and (iv) any payment or prepayment of principal of, or premium, if any, on (including any redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to)
any Subordinated Indebtedness. Notwithstanding the foregoing, the term Restricted Payment shall not include any redemption of share purchase rights issued pursuant to any customary shareholder rights plan implemented by PotlatchDeltic from time to
time (as the same may be amended from time to time), for a redemption price not to exceed $0.01 per share purchase right. 

“Revolving Credit Agreement” means that certain Third Amended and Restated Credit Agreement (as amended,
restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time) dated as of December 14, 2021, among the Borrowers, the Guarantors from time to time party thereto, KeyBank National Association, as
administrative agent, and the Lenders party thereto. 
 “S&P” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto. 
 “Sale and Leaseback
Transaction” means any arrangement pursuant to which any Consolidated Party, directly or indirectly, becomes liable as lessee, guarantor or other surety with respect to any lease, whether an Operating Lease or a Capital Lease, of any
Property (a) which such Consolidated Party has sold or transferred (or is to sell or transfer) to a Person which is not a Consolidated Party or (b) which such Consolidated Party intends to use for substantially the same purpose as any
other Property which has been sold or transferred (or is to be sold or transferred) by such Consolidated Party to another Person which is not a Consolidated Party in connection with such lease, provided that any transaction that satisfies the
conditions in preceding subsection (a) or (b) shall not constitute a “Sale and Leaseback Transaction” where lessor under such lease is organized under the laws of a jurisdiction outside of the United States, the Property is located in

  
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the United States and the obligations in respect of the lease or incurred in connection therewith for which the Consolidated Party is liable have been defeased. 

“Same Day Funds” means with respect to disbursements and payments in Dollars, immediately available funds.

 “Sanction(s)” means any sanction administered or enforced by OFAC, the United States Department of
State, the United States Treasury, the United Nations Security Council, the European Union or Her Majesty’s Treasury. 

“Sanctions Laws and Regulations” means any applicable sanctions, prohibitions or requirements imposed by any
applicable executive order or by any applicable sanctions program administered by OFAC, the United States Department of State, the United States Treasury, the United Nations Security Council, the European Union or Her Majesty’s Treasury. 

“Sarbanes-Oxley” means the
Sarbanes-Oxley Act of 2002. 
 “Scheduled Unavailability Date” has
the meaning specified in Section 3.03(b)(ii). 
 “SEC” means the Securities and Exchange Commission,
or any Governmental Authority succeeding to any of its principal functions. 
 “Second Amendment” means
that certain Second Amendment to Second Amended and Restated Term Loan Agreement dated as of December 2, 2019, by and among the Borrowers, the Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“Second Amendment Effective Date” means December 2, 2019. 

“Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley
and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect on any
applicable date hereunder. 
 “Seventh Amendment” means that certain Seventh Amendment to Second Amended
and Restated Term Loan Agreement dated as of September 14, 2022, by and among the Borrowers, the Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“Seventh Amendment Effective Date” means September 14, 2022. 

“Single Employer Plan” means any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer
Plan or a Multiple Employer Plan. 
 “Sixth Amendment Effective Date” means February 14, 2022. 

“SOFR” means a rate per annum equal to the secured overnight financing rate as administered by the SOFR
Administrator. 

  
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 “SOFR Adjustment” means (a) for an interest period of
one month, .10% and (b) for an interest period of three months, .15%. 
 “SOFR Administrator” means
the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). 

“Solvent” or “Solvency” means, with respect to any Person as of a particular date, that on
such date (i) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (ii) such Person does not intend to, and does not believe that it will,
incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature in their ordinary course, (iii) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a
transaction, for which such Person’s Property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged or is to engage, (iv) the fair market value
of the Property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person and (v) the present fair market value of the assets of such Person is not less than the amount
that will be required to pay the probable liability of such Person on its debts as they become absolute and matured. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount
which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“SPC” has the meaning specified in Section 10.06(f). 

“Subordinated Indebtedness” means any Indebtedness of the Borrowers which by its terms is subordinated to the
Obligations in a manner and to an extent acceptable to the Required Lenders. 
 “Subsidiary” of a Person
means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more
intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Borrower. 

“Supported QFC” has the meaning specified in Section 10.23. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and 

  
 60 

 
the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any
Master Agreement. 
 “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. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the
effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination
value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the
balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). In no event shall any Operating Lease be construed as a
Synthetic Lease Obligation. 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan G” has the meaning specified in Section 2.01(g). 

“Term Loan H” has the meaning specified in Section 2.01(h). 

“Term Loan I” has the meaning specified in Section 2.01(i). 

“Term Loan J” has the meaning specified in Section 2.01(j). 

“Term Loan K” has the meaning specified in Section 2.01(k). 

“Term Loan K Commitment” means, as to each Lender, its obligations to make its portion of the Term Loan K to
the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Term Loan
L” has the meaning specified in Section 2.01(l). 

  
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 “Term Loan L Commitment” means, as to each Lender, its
obligations to make its portion of the Term Loan L to the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Term Loan M” has the meaning specified in Section 2.01(m). 

“Term Loan M Commitment” means, as to each Lender, its obligations to make its portion of the Term Loan M to
the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Term Loan
N” has the meaning specified in Section 2.01(n). 
 “Term Loan N
Commitment” means, as to each Lender, its obligations to make its portion of the Term Loan N to the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Term Loan O” has the meaning specified in Section 2.01(o). 

“Term Loan O Commitment” means, as to each Lender, its obligations to make its portion of the Term Loan O to
the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Term Loan
P” has the meaning specified in Section 2.01(p). 
 “Term Loan P
Commitment” means, as to each Lender, its obligations to make its portion of the Term Loan P to the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Term Loan Q” has the meaning specified in Section 2.01(q). 

“Term Loan Q Commitment” means, as to each Lender, its obligations to make its portion of the Term Loan Q to
the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Term Loan
R” has the meaning specified in Section 2.01(r). 

  
 62 

 “Term Loan R Commitment” means, as to each Lender, its
obligations to make its portion of the Term Loan R to the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Term Loan S” has the meaning specified in Section 2.01(s). 

“Term Loan S Commitment” means, as to each Lender, its obligations to make its portion of the Term Loan S to
the Borrowers pursuant to Section 2.01 in the principal amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Term
Loans” means, collectively, the Term Loan G, Term Loan H, Term Loan I, Term Loan J, Term Loan K, Term Loan L, Term Loan M, Term Loan N, Term Loan O, and Term Loan P, Term Loan Q, Term Loan R, Term Loan S and any Incremental Term Loans. 

“Term SOFR” means for any calculation with respect to a Loan, the forward-looking term rate based on SOFR, as
published by the Term SOFR Administrator on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such interest period (the
“Term SOFR Index”) as notified by the Administrative Agent; provided, if on any SOFR Determination Day, the forward-looking SOFR term rate for the applicable tenor has not been published by the Term SOFR Administrator prior to the
Administrative Agent’s notice, and the circumstances in Section 3.03(a)(ii) do not exist, then Term SOFR will be the forward-looking SOFR term rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Business Day for which such forward-looking SOFR term rate for such tenor was published by the Term SOFR Administrator. If such rate is less than zero, such rate shall be deemed to be zero; provided
that, (i) solely with respect to the Term Loan I, Term Loan K, Term Loan L, Term Loan M, Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R and Term Loan S, Term SOFR may be less than zero so long as there is a corresponding Swap
Contract in place relating to such Term Loan I, Term Loan K, Term Loan L, Term Loan M, Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R or Term Loan S, as applicable, that does not have a floor of zero (and the Borrowers hereby agree
to provide the Administrative Agent of prompt written notification of the termination of any such corresponding Swap Contract), (ii) if Term SOFR is less than zero as of any Periodic Term SOFR Determination Day, the Applicable Rate for Term Loan I,
Term Loan K, Term Loan L, Term Loan M, Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R or Term Loan S, as applicable, shall be increased by the corresponding percentage that Term SOFR is less than zero (e.g., if Term SOFR is -.07%,
the Applicable Rate shall be increased by .07%) and (iii) if Term SOFR is less than zero as of any Periodic Term SOFR Determination Day and then increases at a subsequent Periodic Term SOFR Determination Day, the Applicable Rate for Term Loan
I, Term Loan K, Term Loan L, Term Loan M, Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R or Term Loan S, as applicable, shall be decreased by the corresponding increase in Term SOFR with the proviso that cumulative decreases in the
Applicable Rate can never exceed cumulative increases in the Applicable Rate solely due to adjustments contemplated by this Term SOFR definition (e.g., the Applicable Rate in the 

  
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preceding example shall be decreased by .07% if Term SOFR is greater than or equal to zero). Once the Administrative Agent provides notice to Borrower of the rate, Term SOFR will not be adjusted
or modified for that given SOFR Determination Date to prevent process, system, technology or other disruptions. For the purposes of this Agreement, the Term Loan Q and Term Loan R Term SOFR Loans will have an interest period of one month (other than
with respect to (x) in each case, the final interest period, which shall commence on the last Interest Payment Date prior to the applicable Maturity Date and end on the applicable Maturity Date, (y) the Term Loan Q and Term Loan R
(i) for which the initial interest period shall begin on the Seventh Amendment Effective Date and shall mature October 1, 2022 and (ii) upon the expiration of such initial interest period, the Term Loan Q and Term Loan R shall
automatically continue as another Term SOFR Loan having an interest period of one month) and Term SOFR will reset on each Interest Payment Date. 

“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor
administrator of the forward-looking SOFR term rate selected by the Lender in its reasonable discretion). 
 “Term
SOFR Index” has the meaning specified in the definition of “Term SOFR”. 
 “Term SOFR
Loans” means the Term Loan I, Term Loan K, Term Loan L, Term Loan M, Term Loan N, Term Loan O and Term Loan P, Term Loan Q, Term Loan R and Term Loan S and any other Loans for which Applicable Rate is determined with 3-month or 1-month Term SOFR. 
 “Term
SOFR Replacement Rate” has the meaning given to such term in Section 3.03(a). 

“Term SOFR Scheduled Unavailability Date” has the meaning given to such term in Section 3.03(a). 

“Timberland Valuation Consultant” means RISI, Inc. or another third party timberland valuation consultant
acceptable to the Administrative Agent. 
 “Timberland Valuation Update” means a valuation of Timberlands
delivered to the Administrative Agent every other year, in accordance with Section 6.13 hereof, which update shall be conducted by the Timberland Valuation Consultant and which shall include, without limitation,
(i) the updated value of the Timberlands based on the current market conditions which shall include an aggregate value for the Timberlands as well as values of the Timberlands by region and (ii) an indication by Timberland Valuation
Consultant of the total acreage comprising the Timberlands, the aggregate value for the Timberlands and the average per acre value for the Timberlands taken as a whole, in each case, in form and detail reasonably satisfactory to the Administrative
Agent. 
 “Timberlands” means all the timberlands from time to time owned by the Loan Parties. 

“Total Asset Value” means, as of any date, (i) the most recent Consolidated Timberland Value, plus
(ii) the GAAP book basis of the Consolidated Parties for Manufacturing Facilities, provided that such amount shall not exceed 10% of Total Asset Value, plus (iii) the GAAP book basis of the Consolidated Parties for Construction in
Progress, provided that such amount shall not exceed 10% of Total Asset Value, plus (iv) the GAAP book basis of the Consolidated Parties Pro Rata Share of all Investment Affiliates, provided that such amount shall not exceed
fifteen percent 

  
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(15%) of Total Asset Value, plus (v) cash, Cash Equivalents, Company Owned Life Insurance (provided that such amount of Company Owned Life Insurance shall not be more than 5% of Total
Asset Value) and marketable securities owned by the Consolidated Parties as of the end of such fiscal quarter. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as
amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority,
which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having
responsibility for the resolution of any UK Financial Institution. 
 “United States” and
“U.S.” mean the United States of America. 
 “U.S. Government Securities Business Day”
means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities. 
 “U.S. Special Resolution Regimes” has the
meaning specified in Section 10.23. 
 “U.S. Tax Compliance Certificate” has the
meaning specified in Section 3.01(e)(i)(B)(III). 
 “Voting Participant” means a Person that satisfies
the criteria set forth in Section 10.06(d). 
 “Write-Down and Conversion Powers”
means (a) 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 and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the
Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

1.02    Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan
Document: 
 (a)      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”

  
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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, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used
in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all
statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from
time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. 
 (b)      In the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through”
means “to and including.” 
 (c)      Section headings herein
and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

1.03    Accounting Terms. 

(a)      Generally. All accounting terms not specifically or completely
defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a
consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of
determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrowers and their respective Subsidiaries shall be deemed to be carried at 100% of the outstanding principal
amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded. 

(b)      Changes in GAAP. If at any time any change in GAAP would affect
the computation of any financial ratio or requirement set forth in any Loan Document, and either the Administrative Borrower or the Required Lenders shall so request, the 

  
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Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP
(subject to the approval of the Required Lenders); provided that, until so amended, (A) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (B) the Administrative
Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, all accounting terms, ratios and calculations shall be determined without giving effect to Accounting Standards Codification 842 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) (and related interpretations) to the extent any lease (or similar arrangement conveying the right to use) would be required to be treated as a
capital lease thereunder where such lease (or similar arrangement) would have been treated as an operating lease under GAAP as in effect immediately prior to the effectiveness of the Accounting Standards Codification 842. 

(c)      Notwithstanding the above, the parties hereto acknowledge and agree
that, for purposes of all calculations made under the financial covenants set forth in Section 6.10 (including without limitation for purposes of the definition of “Pro Forma Basis” set forth in
Section 1.01, (i) after consummation of any Asset Disposition for consideration (cash and non-cash) in excess of $75,000,000 and (ii) after consummation of any Acquisition for an
Investment for consideration (cash and non-cash) in excess of $75,000,000), such calculations shall be made on a Pro Forma Basis. 

1.04    Rounding. 

Any financial ratios required to be maintained by the Borrowers on a consolidated basis pursuant to this Agreement shall be
calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

1.05    References to Agreements and Laws. 

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan
Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions,
supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

1.06    Times of Day. 

Unless otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or standard,
as applicable). 

  
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 1.07    Divisions. 

For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any
comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

 ARTICLE II 

COMMITMENTS AND BORROWINGS 

2.01    Term Loans. 

(a)      [Reserved]. 

(b)      [Reserved]. 

(c)      [Reserved]. 

(d)      [Reserved]. 

(e)      [Reserved]. 

(f)      [Reserved]. 

(g)      Term Loan G. Subject to the terms and conditions set forth
herein, each Lender severally made, on December 5, 2014, its portion of a separate FORTY MILLION DOLLAR ($40,000,000) term loan (identified as Loan 6219592-105 by NWFCS) to the Borrowers in Dollars
(“Term Loan G”). 
 (h)      Term Loan H. Subject to
the terms and conditions set forth herein, each Lender severally made, on December 5, 2014, its portion of a separate ONE HUNDRED TEN MILLION DOLLAR ($110,000,000) term loan (identified as Loan
6219592-106 by NWFCS) to the Borrowers in Dollars (“Term Loan H”). 

(i)      Term Loan I. Subject to the terms and conditions set forth
herein, each Lender severally made, on February 29, 2016, its portion of a separate TWENTY SEVEN MILLION FIVE HUNDRED THOUSAND DOLLAR ($27,500,000) term loan (identified as Loan 6226610 by NWFCS) to the Borrowers in Dollars (“Term Loan
I”). 
 (j)      Term Loan J. Subject to the terms and
conditions set forth in the Deltic Term Loan Agreement, certain of the Lenders made, on August 27, 2015, their portion of a separate ONE HUNDRED MILLION DOLLAR ($100,000,000) term loan (identified as, with respect to the $83,000,000 held by
American AgCredit, PCA, Loan 6238400 and with respect to the $17,000,000 held by NWFCS, Loan 6238383 by NWFCS) to Deltic in 

  
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Dollars (“Term Loan J”). The Term Loan J shall be maintained as a Loan hereunder as of the Restatement Date. 

(k)      Term Loan K. Subject to the terms and conditions set forth
herein, each Lender severally agrees to make, on the Restatement Date, its portion of a separate SIXTY FIVE MILLION DOLLAR ($65,000,000) term loan (identified as Loan 6238401 by NWFCS) to the Borrowers in Dollars in an amount not to exceed such
Lender’s Term Loan K Commitment (“Term Loan K”). 

(l)      Term Loan L. Subject to the terms and conditions set forth
herein, each Lender severally agrees to make, on the Restatement Date, its portion of a separate THIRTY FIVE MILLION DOLLAR ($35,000,000) term loan (identified as Loan 6238520 by NWFCS) to the Borrowers in Dollars in an amount not to exceed such
Lender’s Term Loan L Commitment (“Term Loan L”). 

(m)      Term Loan M. Subject to the terms and conditions set forth
herein, each Lender with a Term Loan M Commitment severally agrees to make, on the First Amendment Effective Date, its portion of a separate ONE HUNDRED AND FIFTY MILLION DOLLAR ($150,000,000) term loan (identified as Loan 6243786 by NWFCS) to the
Borrowers in Dollars in an amount not to exceed such Lender’s Term Loan M Commitment (“Term Loan M”). 

(n)      Term Loan N. Subject to the terms and conditions set forth
herein, each Lender with a Term Loan N Commitment severally agrees to make, on the Second Amendment Effective Date, its portion of a separate FORTY MILLION DOLLAR ($40,000,000) term loan (identified as Loan 6248044 by NWFCS) to the Borrowers in
Dollars in an amount not to exceed such Lender’s Term Loan N Commitment (“Term Loan N”). 

(o)      Term Loan O. Subject to the terms and conditions set forth
herein, each Lender with a Term Loan O Commitment severally agrees to make, on the Fourth Amendment Effective Date, its portion of a separate FORTY-SIX MILLION DOLLAR ($46,000,000) term loan (identified as
Loan 6319980 by NWFCS) to the Borrowers in Dollars in an amount not to exceed such Lender’s Term Loan O Commitment (“Term Loan O”). 

(p)      Term Loan P. Subject to the terms and conditions set forth
herein, each Lender with a Term Loan P Commitment severally agrees to make, on the Fifth Amendment Effective Date, its portion of a separate FORTY MILLION DOLLAR ($40,000,000) term loan (identified as Loan 6388078 by NWFCS) to the Borrowers in
Dollars in an amount not to exceed such Lender’s Term Loan P Commitment (“Term Loan P”). 

(q)      Term Loan Q. Subject to the terms and conditions set forth
herein, each Lender with a Term Loan Q Commitment severally agrees to make, on the Seventh Amendment Effective Date, its portion of a separate ONE HUNDRED THIRTY-EIGHT MILLION SEVEN HUNDRED AND FIFTY THOUSAND DOLLAR ($138,750,000)

  
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term loan (identified as Loan 6362125 by NWFCS) to the Borrowers in Dollars in an amount not to exceed such Lender’s Term Loan Q Commitment (“Term Loan Q”). 

(r)      Term Loan R. Subject to the terms and conditions set forth
herein, each Lender with a Term Loan R Commitment severally agrees to make, on the Seventh Amendment Effective Date, its portion of a separate ONE HUNDRED THIRTY-EIGHT MILLION SEVEN HUNDRED AND FIFTY THOUSAND DOLLAR ($138,750,000) term loan
(identified as Loan 6362133 by NWFCS) to the Borrowers in Dollars in an amount not to exceed such Lender’s Term Loan R Commitment (“Term Loan R”). 

(s)      Term Loan S. Subject to the terms and conditions set forth
herein, each Lender with a Term Loan S Commitment severally agrees to make, on the Eighth Amendment Effective Date, its portion of a separate FORTY MILLION DOLLAR ($40,000,000) term loan (identified as Loan 6322824 by NWFCS) to the Borrowers in
Dollars in an amount not to exceed such Lender’s Term Loan S Commitment (“Term Loan S”). 
 Amounts
repaid on any of the respective Term Loans may not be reborrowed. 
 2.02    Borrowings.

 Each Lender made the amount of its Applicable Percentage of Term Loan G and Term Loan H available to the
Administrative Agent in immediately available funds at the Administrative Agent’s Office on December 5, 2014. Each Lender made the amount of its Applicable Percentage of Term Loan I available to the Administrative Agent in immediately
available funds at the Administrative Agent’s Office on February 29, 2016. Each Loan Notice shall specify (i) the applicable Borrower to which the proceeds of the Loan shall be disbursed, (ii) the requested date of the Borrowing
(which shall be a Business Day), (iii) the principal amount of Loans to be borrowed by such Borrower and (iv) if applicable, the duration of the interest period with respect thereto. Each Lender shall make the amount of its Applicable
Percentage of each of the Term Loan K and the Term Loan L available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the Restatement Date. Each Lender shall make the
amount of its Applicable Percentage of Term Loan M available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the First Amendment Effective Date. Each Lender shall make
the amount of its Applicable Percentage of Term Loan N available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the Second Amendment Effective Date. Each Lender shall
make the amount of its Applicable Percentage of Term Loan O available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the Fourth Amendment Effective Date. Each Lender
shall make the amount of its Applicable Percentage of Term Loan P available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the Fifth Amendment Effective Date. Each
Lender shall make the amount of its Applicable Percentage of each of the Term Loan Q and Term Loan R available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the
Seventh Amendment Effective Date. Each Lender shall make the amount of its Applicable Percentage of the Term Loan S available to the Administrative Agent in 

  
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immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the Eighth Amendment Effective Date. Upon satisfaction of the applicable conditions set forth in
Section 4.02, the Administrative Agent shall make all funds so received available to the applicable Borrower designated to receive the proceeds of the Loan in the Loan Notice in like funds as received by the Administrative
Agent either by (i) crediting the account of the applicable Borrower on the books of NWFCS with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably
acceptable to) the Administrative Agent by the Administrative Borrower. 

2.03    Prepayments. 

The Borrowers may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay a Term Loan in
whole or in part subject to Section 3.05 but otherwise without premium or penalty; provided that (i) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative
Agent not later than 9:00 a.m. three Business Days prior to any date of prepayment and (ii) any prepayment shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof, or, if less, the entire principal
amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable
Percentage of such prepayment. If such notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Term Loan
shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.15, each such prepayment shall be
applied to the applicable Term Loan in accordance with the Lender’s respective Applicable Percentages. 

2.04    Termination of Commitments. 

Each Lender’s respective Commitments shall automatically terminate upon the initial Borrowings of the applicable Term
Loan pursuant to Section 2.01. 
 2.05    Repayment of Loans.

 The Borrowers shall repay to the Lenders the aggregate outstanding principal amount of each Term Loan on the
respective Maturity Date therefor. 
 2.06    Interest. 

(a)      Subject to the provisions of subsection (b) below, each Term Loan
shall bear interest on the outstanding principal amount thereof at the respective Applicable Rate therefor. 

(b)      (i)      If any amount of principal of
any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at an interest rate per annum at all times equal to the Default Rate
to the fullest extent permitted by applicable Laws. 

  
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 (ii)      If any amount
(other than principal of any Loan) payable by the Borrowers under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the
Required Lenders, such amount shall thereafter bear interest at an interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii)      Upon the request of the Required Lenders, while any Event of Default
exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at an interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Laws. 
 (iv)      Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 

(c)      Interest on each Loan shall be due and payable in arrears on each
Interest Payment Date applicable thereto commencing, (x) with respect to the Term Loan P, January 1, 2022, (y) with respect to the Term Loan Q and Term Loan R, October 1, 2022 and (z) with respect to the Term Loan S,
January 1, 2023, in each case, at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding
under any Debtor Relief Law. 
 2.07    Fees. 

The Borrowers shall pay to the Administrative Agent the fees in the amounts and at the times specified in the Fee Letter. Such
fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.08    Computation of Interest and Fees. 

All computations of interest for Loans other than (x) the Term Loan J and (y) Term SOFR Loans shall be made on the
basis of a 365/366 day year and actual days elapsed. All computations of interest for Term SOFR Loans shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest, as
applicable, being paid than if computed on the basis of a 365-day year). All computations of interest for the Term Loan J shall be made on the basis of a year of 360 days consisting of twelve 30-day months. Interest shall accrue on each Loan, for the day on which such Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which such Loan or such portion is paid,
provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee
hereunder shall be conclusive and binding for all purposes, absent manifest error. 

2.09    Evidence of Debt. 

The Term Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of 

  
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business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Term Loans made by the Lenders to the
Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In
the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in
addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 

2.10    Payments Generally. 

(a) All payments to be made by the Borrowers shall be made free and clear of and without condition or
deduction for any counterclaim, defense, recoupment or set-off. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account
of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in Same Day Funds not later than 12:00 noon on the date specified herein. The Administrative Agent will promptly distribute to each
Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m.,
shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next
following Business Day. 

(b)      (i)      Funding by Lenders;
Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of the Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 and may, in reliance upon such assumption, make available to the
Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the
Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus
any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing (it being understood that such customary fees shall not be subject to the indemnification obligations of the Borrowers
pursuant to Section 10.04(b)) and (B) in the case of a payment to be made by the 

  
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Borrowers, the interest rate applicable to the Borrowing. If the Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the
Administrative Agent shall promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii)      Payments by Borrowers; Presumptions by Administrative Agent.
Unless the Administrative Agent shall have received notice from the Administrative Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrowers will not make such
payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrowers have not
in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or the Borrowers with respect to any
amount owing under this subsection (b) shall be conclusive, absent manifest error. 

(c)      If any Lender makes available to the Administrative Agent funds for its
share of a Term Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrowers by the Administrative Agent because the conditions to the Borrowing set forth in
Section 4.02 are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(d)      The obligations of the Lenders hereunder to make a Term Loan and to
make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make its share of a Term Loan or to make any payment under Section 10.04(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 10.04(c). 
 (e)      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. 

  
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 2.11    Sharing of Payments by Lenders.

 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 the portion of a Term Loan made by it, resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Term Loan and accrued interest thereon greater than its pro rata share thereof as
provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in portions of such Term Loan held by 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 Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective portions of the
applicable Term Loan and other amounts owing them, provided that: 

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

(b)      the provisions of this Section shall not be construed to apply to
(y) any payment made by or on behalf of the Borrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or (z) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in all or any part of its portion of the applicable Term Loan to any assignee or participant, other than an assignment to the Borrowers or any of their Subsidiaries
thereof (as to which the provisions of this Section shall apply). 
 Each Loan 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 such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. 

2.12    Increase in Commitments. 

(a)      Provided there exists no Default (and no Default would result
therefrom), upon notice from the Administrative Borrower to the Administrative Agent (which shall promptly notify the Lenders), the Borrowers may from time to time, request a new term loan (an “Incremental Term Loan”) in an
aggregate amount for all such Incremental Term Loans not to exceed $150,000,000; provided, however, that the Borrowers shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect
on a Pro Forma Basis to such Incremental Term Loan, the Loan Parties would be in compliance with the financial covenants set forth in Section 6.10; and provided further that any Term Loan (i) shall rank pari
passu in right of payment with the existing Term Loans and shall have the same benefits of any additional guaranties or collateral and (ii) shall be treated substantially the same as (and in any event no more favorably than) the existing Term
Loans. The applicable Lenders shall approve the 

  
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maturity, amortization, pricing, funding and other terms of such Incremental Term Loan. The aggregate amount of any Incremental Term Loan hereunder shall be in a minimum amount of $10,000,000
(and in integral multiples of $10,000,000 in excess thereof). To achieve the full amount of a requested Incremental Term Loan, the Borrowers may solicit increased commitments from existing Lenders and/or invite additional Eligible Assignees to
become Lenders; provided, however, that no existing Lender shall be obligated and/or required to accept an increase in its Commitment pursuant to this Section 2.12 unless it specifically consents to such increase in
writing. Any Lender or Eligible Assignee agreeing to increase its Commitment or provide a new Commitment pursuant to this Section 2.12 (an “Incremental Term Loan Commitment”) shall, in connection therewith,
deliver to the Administrative Agent a new commitment agreement in form and substance satisfactory to the Administrative Agent and its counsel. 

(b)      If the Commitments are increased in accordance with this Section, the
Administrative Agent and the Borrowers shall determine the effective date (the “Incremental Term Loan Effective Date”) and the final allocation of such Incremental Term Loan. The Administrative Agent shall promptly notify the
Administrative Borrower and the Lenders of the final allocation of such Incremental Term Loan and the Incremental Term Loan Effective Date and Schedule 2.01 hereto shall be deemed amended to reflect such increase and final allocation. As a
condition precedent to such increase, in addition to any deliveries pursuant to subsection (a) above, the Borrowers shall deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent:
(1) a certificate of each Loan Party dated as of the Incremental Term Loan Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by
such Loan Party approving or consenting to such increase, and (ii) certifying that, before and after giving effect to such Incremental Term Loan, (A) the representations and warranties contained in Article V and the other Loan
Documents are true and correct as of such earlier date, and except that for purposes of this Section 2.12, the representations and warranties contained in subsections (a) and (b) of
Section 5.01 shall be deemed to refer to the most recent financial statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, and (B) no Default exists;
(2) a statement of reaffirmation from each Loan Party pursuant to which each such Loan Party ratifies this Agreement and the other Loan Documents and acknowledges and reaffirms that, after giving effect to such increase, it is bound by all
terms of this Agreement and the other Loan Documents; (3) if the Incremental Term Loan is being provided by an existing Lender, and such Lender is then in possession of a Note, then a revised Note in favor of such Lender reflecting such
Lender’s Commitment after giving effect to such increase; (4) if the Incremental Term Loan is being provided by a new Lender, a Note in favor of such Lender if so requested by such Lender; and (5) payment of any applicable fee related
to such increase (including, without limitation, any applicable arrangement, upfront and/or administrative fee). 

(c)      This Section shall supersede any provisions in Sections 2.10 or
10.01 to the contrary. 
 (d)      The Borrowers, Guarantors,
Administrative Agent and the Lenders shall enter into an amendment of this Agreement and the other Loan Documents as necessary to 

  
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evidence such Incremental Term Loan or to have it be guaranteed and secured by the other Loan Documents (the “Incremental Term Loan Amendment”), and all Lenders not providing the
Incremental Term Loan hereby consent to such limited scope amendment without future consent rights, provided that the pricing and maturity shall be determined by the Borrowers and the Lenders. Additionally, the Borrowers, Guarantors and each
Lender shall execute and deliver to Administrative Agent any other documentation as the Administrative Agent shall reasonably specify to evidence, guarantee or secure such Incremental Term Loan. The Incremental Term Loan Amendment, without the
consent of any other Lender, may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, the Lenders and the Borrowers, to implement to terms of
the Incremental Term Loan, including amortization, pricing, maturity, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent, the Lenders and the Borrowers in connection with the
establishment of such Incremental Term Loan. 
 2.13    Joint and Several Liability of
Borrowers. 
 (a)      Each of the Borrowers is accepting joint and
several liability hereunder in consideration of the financial accommodation to be provided by the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of
each of the Borrowers to accept joint and several liability for the obligations of each of them. 

(b)      Each of the Borrowers jointly and severally hereby irrevocably and
unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers with respect to the payment and performance of all of the Obligations arising under
this Agreement and the other Loan Documents, it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of each of the Borrowers without preferences or distinction among them. 

(c)      If and to the extent that any of the Borrowers shall fail to make any
payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such
Obligation. 
 (d)      The obligations of each Borrower under the provisions
of this Section 2.13 constitute full recourse Obligations of such Borrower, enforceable against it to the full extent of its properties and assets. 

(e)      Except as otherwise expressly provided herein, to the extent permitted
by law, each Borrower (in its capacity as a joint and several obligor in respect of the Obligations of the other Borrowers) hereby waives notice of acceptance of its joint and several liability, notice of occurrence of any Default or Event of
Default (except to the extent notice is expressly required to be given pursuant to the terms of this Agreement), or of any demand for any payment under this Agreement, notice of any action at any time taken or omitted by the Administrative Agent or
the Lenders under or in respect of any of 

  
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the Obligations, any requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Agreement. Each Borrower hereby assents to, and
waives notice of, any extension or postponement of the time for the payment of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Administrative Agent or the Lenders at
any time or times in respect of any default by the other Borrowers in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the Administrative Agent or the
Lenders in respect of any of the Obligations hereunder, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of such Obligations or the addition, substitution or release, in whole or
in part, of the other Borrowers. Without limiting the generality of the foregoing, each Borrower (in its capacity as a joint and several obligor in respect of the Obligations of the other Borrowers) assents to any other action or delay in acting or
any failure to act on the part of the Administrative Agent or the Lenders, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable Laws or regulations
thereunder which might, but for the provisions of this Section 2.13, afford grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its Obligations under this
Section 2.13, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied, the Obligations of such Borrower under this Section 2.13 shall not be
discharged except by performance and then only to the extent of such performance. The Obligations of each Borrower under this Section 2.13 shall not be diminished or rendered unenforceable by any winding up, reorganization,
arrangement, liquidation, reconstruction or similar proceeding with respect to any Borrower or a Lender. The joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger,
amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Borrower or any of the Lenders. 

(f)      The provisions of this Section 2.13 are made
for the benefit of the Lenders and their successors and assigns, and may be enforced by them from time to time against any of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Lenders first to marshal
any of its claims or to exercise any of its rights against the other Borrowers or to exhaust any remedies available to it against the other Borrowers or to resort to any other source or means of obtaining payment of any of the Obligations hereunder
or to elect any other remedy. The provisions of this Section 2.13 shall remain in effect until all the Obligations shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof,
made in respect of any of the Obligations is rescinded or must otherwise be restored or returned by the Lenders upon the insolvency, bankruptcy or reorganization of any of the Borrowers, or otherwise, the provisions of this
Section 2.13 will forthwith be reinstated and in effect as though such payment had not been made. 

(g)      Notwithstanding any provision to the contrary contained herein or in
any of the other Loan Documents, to the extent the Obligations of any Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal Law relating to fraudulent
conveyances or 

  
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transfers) then the Obligations of such Borrower hereunder shall be limited to the maximum amount that is permissible under applicable Law (whether federal or state and including, without
limitation, the Bankruptcy Code of the United States). 
 2.14    Appointment of the
Administrative Borrower. 
 Potlatch Forest and Potlatch Land & Lumber hereby appoint the Administrative
Borrower to act as their agent for all purposes under this Agreement (including, without limitation, with respect to all matters related to the borrowing and repayment of Loans) and agree that (a) the Administrative Borrower may execute such
documents on behalf of Potlatch Forest and Potlatch Land & Lumber as the Administrative Borrower deems appropriate in its sole discretion and Potlatch Forest and/or Potlatch Land & Lumber, as applicable, shall be obligated by all
of the terms of any such document executed on its behalf, (b) any notice or communication delivered by the Administrative Agent or the Lender to the Administrative Borrower shall be deemed delivered to Potlatch Forest and Potlatch
Land & Lumber and (c) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the Administrative Borrower on behalf of Potlatch Forest and/or Potlatch
Land & Lumber, as applicable. 
 2.15    Defaulting Lenders. 

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

(i)      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 the definition of “Required Lenders” and Section 10.01. 

(ii)      Defaulting Lender Waterfall. 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, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a
Defaulting Lender pursuant to Section 10.09 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 Borrowers may request (so long as no Default or Event of Default exists), to the funding of the Term 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 Borrowers, to be held in a deposit account and released pro rata in order to satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this 

  
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Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction
obtained by the Borrowers 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. 
 (b)       Defaulting Lender Cure. If the Borrowers and
the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause each Term Loan to be held on a
pro rata basis by the Lenders in accordance with their Applicable Percentages, 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 Borrowers while that 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 that Lender’s having been a Defaulting Lender. 

ARTICLE III 
 TAXES,
YIELD PROTECTION AND ILLEGALITY 
 3.01     Taxes. 

(a)       Payments Free of Taxes; Obligation to Withhold; Payments on Account
of Taxes. 
 (i)       Any and all payments by or on account of any
obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent)
require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the
information and documentation to be delivered pursuant to subsection (e) below. 

(ii)       If any Loan Party or the Administrative Agent shall be required by
the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the
Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the 

  
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Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or
deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to
additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(iii)       If any Loan Party or the Administrative Agent shall be required by
any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to
be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as
necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount
equal to the sum it would have received had no such withholding or deduction been made. 

(b)      Payment of Other Taxes by the Borrowers. Without limiting the
provisions of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Laws, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes. 
 (c)      Tax Indemnifications. 

(i)      Each of the Loan Parties shall, and does hereby, jointly and severally
indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Administrative Borrower by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the Administrative Agent,
and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii)
below. 

  
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 (ii)      Each Lender shall,
and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan
Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any
Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative
Agent under this clause (ii). 

(d)      Evidence of Payments. Upon request by the Administrative
Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrowers or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Administrative Borrower
shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Administrative Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Borrower or the Administrative Agent, as the case may be. 

(e)      Status of Lenders; Tax Documentation. 

(i)      Any Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Loan Document shall deliver to the Administrative Borrower and the Administrative Agent, at the time or times reasonably requested by the Administrative Borrower or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Administrative Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any
Lender, if reasonably requested by the Administrative Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Administrative Borrower or the Administrative Agent as
will enable the Borrowers 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 

  
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and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required
if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

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

(I)      in the case of a Foreign Lender claiming the benefits of an income tax
treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Administrative Borrower or the Administrative Agent) of an executed IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or
W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article
of such tax treaty; 
 (II)      executed originals of IRS Form W-8ECI; 
 (III)    in the case of a Foreign Lender
claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign
Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of 

  
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any such Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E; or 

(IV)      to the extent a Foreign Lender is not the beneficial owner, an
electronic copy (or an original if requested by the Administrative Borrower or the Administrative Agent) of an executed of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner; 

(C)      any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the Administrative Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Administrative Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Administrative Borrower or the Administrative Agent) of any other form prescribed by
applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrowers or the Administrative
Agent to determine the withholding or deduction required to be made; and 

(D)      if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Administrative Borrower and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Administrative Borrower or the Administrative Agent such documentation prescribed by
applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Administrative Borrower or the Administrative Agent as may be necessary for the Borrowers and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to 

  
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determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 (iii)      Each Lender agrees that if any form or certification
it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Administrative Borrower and the
Administrative Agent in writing of its legal inability to do so. 

(f)      Treatment of Certain Refunds. Unless required by applicable
Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such
Lender, as the case may be. If any Recipient determines, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this
Section 3.01, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this Section 3.01
with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will
the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such
Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection shall not be construed to require any Recipient to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to any Loan Party or any other Person. 

(g)      Survival. Each party’s obligations under this
Section 3.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all other Obligations. 
 3.02      Illegality. 

If any Lender reasonably determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it
is unlawful, for any Lender to make, maintain or fund Loans whose interest is determined by reference to Term SOFR, or to determine or charge interest rates based upon Term SOFR, or any Governmental Authority has imposed material restrictions on the
authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Administrative Borrower through the Administrative Agent, any obligation of such Lender to
make or continue Term SOFR Loans, 

  
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as applicable, shall be suspended until such Lender notifies the Administrative Agent and the Administrative Borrower that the circumstances giving rise to such determination no longer exist,
which such Lender agrees to do promptly after permitted by applicable Laws. Upon receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Term
SOFR Loans of such Lender to a fixed rate Applicable Rate to be agreed upon by the Administrative Agent and Borrower, either on the last day of the interest period therefor, if such Lender may lawfully continue to maintain such Term SOFR Loans to
such day, or immediately, if such Lender may not lawfully continue to maintain such Term SOFR Loans, and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon Term SOFR, the Administrative
Agent shall during the period of such suspension compute the fixed Applicable Rate applicable to such Lender without reference to the Term SOFR component thereof, as applicable until the Administrative Agent is advised in writing by such Lender that
it is no longer illegal for such Lender to determine or charge interest rates based upon Term SOFR. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. 

3.03    Inability to Determine Rates; Term SOFR Replacement; Term SOFR Reset, Etc. 

(a)      Term SOFR Illegality; etc. (i) If the Administrative Agent
shall have determined (which determination shall be conclusive and binding) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining Term SOFR or SOFR during the term of this
Agreement, including, without limitation, if Term SOFR or SOFR has been discontinued, is no longer being published or is no longer recognized as an industry standard benchmark interest rate, the Administrative Agent shall choose a new index or index
source which it determines, in its sole discretion, is comparable to be effective upon notification thereof to the Borrower and Lenders. 

(ii)       Notwithstanding anything to the contrary contained in this Agreement
or any other Loan Document, but without limiting Section 3.03(a)(i) above, if the Administrative Agent shall have determined (which determination likewise shall be final and conclusive and binding upon all parties hereto),
that (x) the circumstances described in Section 3.03(a)(i) have arisen and that such circumstances are unlikely to be temporary, or (y) the Term SOFR Administrator 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 Term SOFR (generally) or Term SOFR as published by the Term SOFR Administrator shall no longer be made available, or used for
determining interest rates for loans (such specific date, the “Term SOFR Scheduled Unavailability Date”), then, reasonably promptly after such determination by the Administrative Agent and the Borrower may amend this Agreement to
replace Term SOFR with an alternate rate of interest, giving due consideration to any evolving or then existing convention for similar Dollar denominated credit facilities for such alternative rates of interest (any such proposed rate, a
“Term SOFR Replacement Rate”), and make such other related changes to this Agreement and the other Loan Documents to incorporate the Term SOFR Replacement Rate as may be necessary 

  
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or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 3.03(a)(i) (provided, that any definition of the Term SOFR
Replacement Rate shall specify that in no event shall such Term SOFR Replacement Rate be less than zero for purposes of this Agreement, provided that, (i) solely with respect to the Term Loan I, Term Loan K, Term Loan L, Term Loan M,
Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R and Term Loan S, the Term SOFR Replacement may be less than zero so long as there is a corresponding Swap Contract in place relating to such Term Loan I, Term Loan K, Term Loan L, Term
Loan M, Term Loan N, Term Loan O, Term Loan P, Term Loan Q, Term Loan R or Term Loan S, as applicable, that does not have a floor of zero (and the Borrowers hereby agree to provide the Administrative Agent of prompt written notification of the
termination of any such corresponding Swap Contract)). Any such amendment will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed
amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. The Term SOFR Replacement Rate shall
be applied in a manner consistent with market practice; provided that, to the extent such market practice is not administratively feasible for the Administrative Agent or a market practice does not exist, such Term SOFR Replacement Rate shall be
applied as otherwise reasonably determined by the Administrative Agent. For the avoidance of doubt, the parties hereto agree that (1) unless and until a Term SOFR Replacement Rate is determined and an amendment to this Agreement is entered into
to effect the provisions of this Section 3.03(a), if the circumstances under clause (x) and (y) of this Section 3.03(a)(ii) exist, the provisions of
Section 3.03(a)(i) shall apply and (2) the Term SOFR Replacement Rate may be a forward-looking term rate based on SOFR published by an administrator other than CME Group Benchmark Administration Limited (CBA) or
successor thereto. 
 (b)      Term SOFR Reset. (i) On the third,
sixth and ninth anniversaries of (A) the Restatement Date, solely with respect to Term Loan G, Term Loan H, Term Loan I, Term Loan J, Term Loan K and Term Loan L, (B) the Second Amendment Effective Date solely with respect to Term Loan N
and (C) the Fourth Amendment Effective Date solely with respect to Term Loan O, (ii) on the third anniversary of the First Amendment Effective Date, on the Sixth Amendment Effective Date and each annual anniversary of the Sixth Amendment
Effective Date thereafter, solely with respect to Term Loan M and (iii) on the fifth anniversary of (A) the Seventh Amendment Effective Date with respect to the Term Loan R and (B) the Eighth Amendment Effective Date with respect to
the Term Loan S (or such other date approximately preceding such date as the Administrative Agent and the Borrowers may agree) (such date, the “Reset Reference Point”) the Administrative Agent (x) shall determine the difference
(in basis points), if any, between the Current Cost of Funds (as defined below) as of such SOFR Reset Reference Point and the Effective Date Cost of Funds (as defined below) and (y) thereafter shall promptly notify the Lenders and the Borrowers
of such difference by delivering a certificate in form and substance mutually acceptable to Administrative Agent and the Borrowers. The all-in interest rate with respect to the applicable Term Loan shall be
increased or decreased by the amount of the difference 

  
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(in a like amount of basis points), which increase or decrease shall commence from and as of such SOFR Reset Reference Point and shall remain in effect until the Maturity Date; provided that it
is acknowledged and agreed that the Administrative Agent will effect such increase or decrease in the form of an adjustment to margin above Term SOFR set forth in the definition of “Applicable Rate” and applicable to each such Term Loan.
As used in this subsection (b): 
 “Current Cost of Funds” means, as of any SOFR Reset Reference
Point, the amount (in basis points), if any, by which (x) the SOFR Floating Note Rate exceeds (y) Daily Simple SOFR, in each case determined as of the date that is two Business Days prior to the SOFR Reset Reference Point. 

“Effective Date Cost of Funds” means (a) with respect to Term Loan G, Term Loan H, Term Loan I, Term
Loan J, Term Loan K and Term Loan L, 19 basis points, (b) with respect to the Term Loan M, 19 basis points, (c) as of the Second Amendment Effective Date with respect to the Term Loan N, 50 basis points, (d) as of the Fourth Amendment
Effective Date with respect to the Term Loan O, 22 basis points, (e) as of the Seventh Amendment Effective Date, 27 basis points. which is the amount by which (x) the SOFR Floating Note Rate exceeded (y) Daily Simple SOFR, in each
case, determined as of the date that was two Business Days prior to the Seventh Amendment Effective Date and (f) as of the Eighth Amendment Effective Date, [ ] basis points. which is the amount by which (x) the SOFR Floating Note Rate
differs from (y) Daily Simple SOFR, in each case, determined as of the date that is two Business Days prior to the Eighth Amendment Effective Date; provided that, with respect to clauses (a), (b), (c) and (d) hereof, the Effective Date
Cost of Funds was originally determined by reference to the LIBOR Floating Note Rate and increased by 15 basis points to reflect the transition from LIBOR to SOFR. 

“LIBOR” means the rate per annum as of 11:00 a.m. (London time) on the day that is two (2) Business Days
prior to the first day of any interest period, as determined by the Administrative Agent, at which deposits in Dollars for the relevant interest period are offered as determined by the ICE Benchmark Administration (or any successor thereto or any
other readily available service selected by the Administrative Agent that has been approved by the ICE Benchmark Administration as an authorized information vendor for purposes of displaying rates). 

“LIBOR Floating Note Rate” means, as of any date of determination, the estimated funding cost (not the actual
sale price), including standard underwriting fees, for new three-year or one-year, as applicable, debt Securities indexed to the one-month LIBOR issued by the Farm
Credit Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., New York City time. 

“SOFR Floating Note Rate” means, as of any date of determination, the estimated funding cost (not the actual
sale price), including the applicable “Farm Credit Floating Rate Funding Index Spread” and standard underwriting fees, for new one-year or three-year, as applicable, debt securities indexed to
overnight SOFR (reset daily, simple average in arrears), as applicable (based on the relevant issue date), and issued by the Farm Credit Funding Corporation into the primary market based on market observations on such date indicated at approximately
9:30 a.m., New York City time; it being understood that such indications represent the Farm Credit Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily

  
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surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other
government- sponsors of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available, for the prior week, on the Farm Credit Funding
Corporation’s website (https://www.farmcreditfunding.com/ffcb_live/dataCenter/fundingCostIndex.html). Notwithstanding the foregoing, if, in connection with the applicable closing date or any Reset Reference Point, new floating rate
(indexed to overnight SOFR) debt securities with a one (1) year or three (3) year term, as applicable, are not then being issued into the primary market by the Farm Credit Funding Corporation, then “SOFR Floating Note Rate” shall
mean NWFCS’ best estimate of the cost of such debt securities based on market observations of synthetic (swaps) floating rate indications for similar debt securities or such other replacement benchmark as the Administrative Agent and the
Borrowers may mutually agree upon. 
 By way of example, assuming the Effective Date Cost of Funds is 15 basis points, (a) if the
Current Cost of Funds as of a Reset Reference Point is 35 basis points, then the all-in interest rate with respect to the applicable Term Loan shall be increased by 20 basis points commencing from and as of
such Reset Reference Point, and (b) if the Current Cost of Funds as of a Reset Reference Point is –5 basis points (i.e., the SOFR Floating Note Rate is 5 basis points less than Daily Simple SOFR, in each case as of such Reset Reference
Point), then the all-in interest rate with respect to the applicable Term Loan shall be decreased (but not below zero) by 20 basis points commencing from and as of such Reset Reference Point. 

3.04    Increased Costs. 

(a)      Increased Costs Generally. If any Change in Law shall: 

(i)      impose, modify or deem applicable any reserve, special deposit,
compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; 

(ii)      subject any Recipient to any Taxes (other than (A) Indemnified
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or 
 (iii)    impose on any Lender
or the London interbank market any other condition, cost or expense affecting this Agreement or Term SOFR Loans made by such Lender; 
 and
the result of any of the foregoing shall be to increase the cost of such Lender making, continuing or maintaining any Loan the interest on which is determined by reference to Term SOFR (or of maintaining its obligation to make any such Loan), or to
reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Borrowers will pay to such Lender, as the case

  
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may be, such additional amount or amounts as will compensate such Lender, as the case may be, for such additional costs incurred or reduction suffered. 

(b)      Capital Requirements. If any Lender determines that any Change
in Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or
on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could
have achieved but for such Change in Law, then from time to time the Borrowers will pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered. 

(c)     Certificates for Reimbursement. A certificate 
of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Administrative Borrower
shall be conclusive absent manifest error. The Borrowers shall pay such Lender, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d)      Delay in Requests. Failure or delay on the part of any Lender to
demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrowers shall not be required
to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender, as the case may be, notifies the Administrative Borrower of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

3.05    Compensation for Losses. 

Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly compensate
such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a)      any payment or prepayment of any Term Loan on a day other than an
Interest Payment Date or the Maturity Date for such Term Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or 

(b)      any failure by the Borrowers (for a reason other than the failure of
such Lender to make a Loan) to borrow any applicable Term Loans on the Restatement Date or to prepay any Loan on the date or in the amount notified by the Administrative Borrower, 

  
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 including any loss or expense arising from the liquidation or reemployment of funds obtained
by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender shall be deemed to have
funded the portion of each Term SOFR Loan made by it at Term SOFR for such Loan by a matching deposit or other borrowing for a comparable amount and for a comparable period, whether or not such Term SOFR Loan was in fact so funded. 

3.06    Mitigation Obligations; Replacement of Lenders. 

(a)      Designation of a Different Lending Office. If any Lender
requests compensation under Section 3.05, or requires the Borrowers to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, then at the request of the Administrative Borrower such Lender shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 3.01, as the case may be, in the future, and (ii) in each case, would not subject such Lender, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender,
as the case may be. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b)      Replacement of Lenders. If any Lender requests compensation
under Section 3.05, or if the Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01 and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 3.06(a), the Borrowers may replace such Lender in accordance
with Section 10.13. 
 3.07    Survival. 

All of the Borrowers’ obligations under this Article III shall survive termination of the Commitments, repayment
of all other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE IV 

CONDITIONS PRECEDENT TO BORROWING 

4.01    Conditions to the Restatement Date. 

The occurrence of the Restatement Date is subject to satisfaction of the following conditions precedent: 

  
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 (a)      Loan Documents,
Organization Documents, Etc. The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of
the signing Loan Party, each dated the Restatement Date (or, in the case of certificates of governmental officials, a recent date before the Restatement Date) and each in form and substance satisfactory to the Administrative Agent, its legal
counsel, the Arranger and each of the Lenders: 
 (i)      executed
counterparts of this Agreement and the other Loan Documents; 
 (ii)      a
Note executed by the Borrowers in favor of each Lender requesting a Note for each applicable Term Loan; 

(ii)      copies of the Organization Documents of each Loan Party certified by
a secretary or assistant secretary of such Loan Party to be true and correct as of the Restatement Date; 

(iii)    such certificates of resolutions or other action, incumbency certificates
(including specimen signatures) and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a
Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party; and 

(iv)      such documents and certifications as the Administrative Agent may
reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in (A) the jurisdiction of its incorporation or organization and (B) each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(b)      Opinions of Counsel. The Administrative Agent shall have
received (i) a legal opinion of Lorrie D. Scott, Vice President, General Counsel and Corporate Secretary of the Borrowers and Guarantors, and (ii) a legal opinion of Perkins Coie LLP, special counsel to the Borrowers, in each case dated as
of the Restatement Date and in form and substance reasonably satisfactory to the Administrative Agent. 

(c)      Officer’s Certificates. The Administrative Agent shall have
received a certificate or certificates executed by a Responsible Officer of the Borrowers as of the Restatement Date, in form and substance satisfactory to the Administrative Agent, (i) stating that (A) the conditions specified in
Sections 4.02(a) and (b) have been satisfied as of the Restatement Date, (B) the Borrowers are in compliance with all existing material financial obligations, (C) all governmental, shareholder and
third party consents and approvals, if any, with respect to the Loan Documents and the transactions contemplated thereby have been obtained (and attaching copies thereof), (D) no action, suit, investigation

  
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or proceeding is pending or threatened in any court or before any arbitrator or governmental instrumentality that purports to affect any Borrower, any Guarantor or any transaction contemplated by
the Loan Documents, if such action, suit, investigation or proceeding could have a Material Adverse Effect, (E) immediately after giving effect to the Loans funded on the Restatement Date, (1) no Default or Event of Default exists and
(2) all representations and warranties contained herein and in the other Loan Documents are true and correct in all material respects, (ii) (A) attaching copies of all consents, licenses and approvals required in connection with the
execution, delivery and performance by the Loan Parties and the validity against the Loan Parties of the Loan Documents to which they are a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that
no such consents, licenses or approvals are so required, and (iii) demonstrating compliance with the financial covenants contained in Section 6.10 on a Pro Forma Basis after giving effect to the funding of all
of the Loans on or about the Restatement Date. 
 (d)   No Material Adverse Change.
There shall not have occurred a material adverse change since December 31, 2017 in the business, assets, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of the Company and its Subsidiaries taken
as a whole or in the facts and information regarding such entities as represented to date. 

(e)      Evidence of Insurance. Receipt by the Administrative Agent of
evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect. 

(f)      Merger. Receipt by the Administrative Agent of the fully
executed Merger Agreement evidencing the Merger of Deltic into Portland Merger LLC, certified by the Borrowers to be true and correct as of the Restatement Date and (ii) evidence that the Merger has occurred in accordance with the terms of the
Merger Agreement. 
 (g)      Intentionally deleted. 

(h)      Fees. Any fees required to be paid to the Administrative Agent,
the Arranger, and/or the Lenders on or before the Restatement Date shall have been paid. 
 (i)
    Attorney Costs. Unless waived by the Administrative Agent, the Borrowers shall have paid all reasonable fees, expenses and disbursements of counsel to the Administrative Agent to the extent invoiced prior to or on
the Restatement Date. 
 (j)      Financial Statements. The
Administrative Agent shall have received the Audited Financial Statements, which statements shall be reasonably satisfactory to the Administrative Agent. 

(k)     Accuracy of Representations and Warranties. The representations and
warranties of the Loan Parties contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and
as of the Restatement Date. 

  
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 (l)      No Default. No
Default shall exist and be continuing as of the Restatement Date. 
 (m)   Waiver of
Borrower Rights. Receipt by the Administrative Agent of the executed Waiver of Borrower Rights. 

(n)    Other. Receipt by the Lenders of such other assurances, certificates,
documents, consents or opinions as the Administrative Agent or the Lenders reasonably may require. 
 Without limiting the
generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this
Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Restatement Date specifying its objection thereto. 

4.02    Additional Conditions to the Borrowings. 

The obligation of each Lender to fund its portion of the applicable Term Loan is subject to the following conditions
precedent: 
 (a)    The representations and warranties of the Borrowers and each other
Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or, in the case of
representations and warranties qualified as to materiality or Material Adverse Effect, in all respects) on and as of the date of the Borrowing, except to the extent that such representations and warranties specifically refer to an earlier date, in
which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in Sections 5.01(a) and (b) shall be deemed to refer to the most recent
financial statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 

(b)     No Default shall exist, or would result from the Borrowing or from the
application of proceeds thereof. 
 (c)   There shall not have been commenced against any
Consolidated Party an involuntary case under any applicable Debtor Relief Law, now or hereafter in effect, or any case, proceeding or other action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of such Person or for any substantial part of its Property or for the winding up or liquidation of its affairs, and such involuntary case or other case, proceeding or other action shall remain undismissed. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

  
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 The Loan Parties, jointly and severally, represent and warrant to the
Administrative Agent and the Lenders that: 
 5.01    Financial Condition. 

(a)    The Audited Financial Statements (i) have been audited by KPMG LLP,
(ii) have been prepared in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein and (iii) present fairly (on the basis disclosed in the footnotes to such financial
statements) in all material respects the consolidated financial condition, results of operations and cash flows of the Consolidated Parties as of such date and for such periods. The unaudited interim balance sheets of the Consolidated Parties as at
the end of, and the related unaudited interim statements of earnings and of cash flows for, each quarterly period ended after December 31, 2017 and prior to the Restatement Date (i) have been prepared in accordance with GAAP consistently
applied throughout the periods covered thereby, except as otherwise expressly noted therein and (ii) present fairly (on the basis disclosed in the footnotes to such financial statements) in all material respects the consolidated financial
condition, results of operations and cash flows of the Consolidated Parties as of such date and for such periods. Except for the Merger, during the period from December 31, 2017 to and including the Restatement Date, there has been no sale,
transfer or other disposition by any Consolidated Party of any material part of the business or property of the Consolidated Parties, taken as a whole, and no purchase or other acquisition by any of them of any business or property (including any
Capital Stock of any other Person) material in relation to the consolidated financial condition of the Consolidated Parties, taken as a whole, in each case, which is not reflected in the foregoing financial statements or in the notes thereto and has
not otherwise been disclosed in writing to the Lenders on or prior to the Restatement Date. As of the Restatement Date, the Borrowers and their Subsidiaries have no material liabilities (contingent or otherwise) that are not reflected in the
foregoing financial statements or in the notes thereto. 

(b)    The financial statements delivered pursuant to
Section 6.01(a) and (b) have been prepared in accordance with GAAP (except as may otherwise be permitted under Section 6.01(a) and (b)) and present fairly (on the basis
disclosed in the footnotes to such financial statements) the consolidated financial condition, results of operations and cash flows of the Consolidated Parties as of such date and for such periods. 

5.02    No Material Change; No Internal Control Event. 

(a)    Since the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect other than facts, circumstances, changes or events which, as of the Restatement Date, have been disclosed in the
Borrowers’ public filings with the SEC (to the extent so disclosed). 

(b)      Since the date of the Audited Financial Statements, no Internal Control
Event has occurred that has not been (i) disclosed to the Administrative Agent and the Lenders and (ii) remedied or otherwise diligently addressed (or is in the process of being 

  
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diligently addressed) by the Borrowers and/or the applicable Loan Party in accordance with recommendations made by the Borrowers’ and/or such Loan Party’s auditors. 

5.03    Organization and Good Standing. 

Each of the Consolidated Parties (a) is duly organized, validly existing and is in good standing under the Laws of the
jurisdiction of its incorporation or organization, (b) has the corporate or other necessary power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in
which it is currently engaged and (c) is duly qualified as a foreign entity and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification,
other than in such jurisdictions where the failure to be so qualified and in good standing would not reasonably be expected to have a Material Adverse Effect. 

5.04    Power; Authorization; Enforceable Obligations. 

Each of the Loan Parties has the corporate or other necessary power and authority, and the legal right, to make, deliver and
perform the Loan Documents to which it is a party, and in the case of the Borrowers, to obtain extensions of credit hereunder, and has taken all necessary corporate or other necessary action to authorize the borrowings and other extensions of credit
on the terms and conditions of this Agreement and to authorize the execution, delivery and performance of the Loan Documents to which it is a party. No consent or authorization of, filing with, notice to or other similar act by or in respect of, any
Governmental Authority or any other Person is required to be obtained or made by or on behalf of any Loan Party in connection with the borrowings or other extensions of credit hereunder or with the execution, delivery, performance, validity or
enforceability of the Loan Documents to which such Loan Party is a party, except for consents, authorizations, notices and filings described in Schedule 5.04, all of which have been obtained or made or have the status
described in such Schedule 5.04. This Agreement has been, and each other Loan Document to which any Loan Party is a party will be, duly executed and delivered on behalf of the Loan Parties. This Agreement constitutes, and
each other Loan Document to which any Loan Party is a party when executed and delivered will constitute, a legal, valid and binding obligation of such Loan Party enforceable against such party in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity
or at law). 
 5.05    No Conflicts. 

Neither the execution and delivery of the Loan Documents, nor the consummation of the transactions contemplated therein, nor
performance of and compliance with the terms and provisions thereof by such Loan Party will (a) violate or conflict with any provision of its articles or certificate of incorporation or bylaws or other organizational or governing documents of
such Person, (b) violate, contravene or materially conflict with any Law or any other law, regulation (including, without limitation, Regulation U or Regulation X), order, writ, judgment, injunction, decree or permit applicable to it,
(c) violate, contravene or conflict with contractual provisions of, or cause an event of default under, any material indenture, loan agreement, mortgage, deed of trust, 

  
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contract or other agreement or instrument to which it is a party or by which it may be bound or (d) result in or require the creation of any Lien upon or with respect to its properties. 

5.06    No Default. 

No Consolidated Party is in default in any respect under any contract, lease, loan agreement, indenture, mortgage, security
agreement or other agreement or obligation to which it is a party or by which any of its properties is bound which default could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred or exists except
as previously disclosed in writing to the Lenders. 
 5.07    Ownership; Liens. 

Each Consolidated Party is the owner of, and has good and marketable title to, all of its respective assets except for defects
in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Property of the Borrowers (including the Timberlands) and their Subsidiaries are not subject to any Lien other than Permitted
Liens. The Timberlands are not subject to any easements which, individually or in the aggregate, impair the value of the Timberlands as commercial timberlands in any material respect or materially detract from the use of the Timberlands, in each
case taken as a whole, as such. 
 5.08    Indebtedness. 

Except as otherwise permitted under Section 7.01, the Consolidated Parties have no Indebtedness.
Without limiting the foregoing, there are no Material Subsidiaries that have incurred any Indebtedness related to the Borrowers, including providing a Guarantee with respect to any Indebtedness of the Borrowers, unless such Material Subsidiary has
become a Guarantor in accordance with Section 6.11. 

5.09    Litigation. 

Schedule 5.09 sets forth any material litigation of the Company and its Subsidiaries on the
Restatement Date. There does not exist any pending or, to the knowledge of the Company, threatened action, suit or legal, equitable, arbitration or administrative proceeding against the Company and its Subsidiaries which could reasonably be expected
to have a Material Adverse Effect, and there has been no adverse change in the status of or in the financial effect on the Company and its Subsidiaries as a result of the matters described in Schedule 5.09. 

5.10    Taxes. 

Each Consolidated Party has filed, or caused to be filed, all material tax returns (Federal, state, local and foreign)
required to be filed and paid (a) all amounts of material taxes shown thereon to be due (including interest and penalties) and (b) all other material taxes, fees, assessments and other governmental charges (including mortgage recording
taxes, documentary stamp taxes and intangibles taxes) owing by it, except for such taxes (i) which are not yet delinquent or (ii) that are being contested in good faith and by proper proceedings, and against which adequate reserves are
being maintained in accordance with GAAP. No Loan Party is aware 

  
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as of the Restatement Date of any proposed material tax assessments against it or any other Consolidated Party. 

5.11    Compliance with Law. 

Each Consolidated Party is in compliance with all Laws and all other laws, rules, regulations, orders and decrees (including
without limitation Environmental Laws) applicable to it, or to its properties, unless such failure to comply could not reasonably be expected to have a Material Adverse Effect. No Law could reasonably be expected to cause a Material Adverse Effect.

 5.12    ERISA. 

Except as disclosed and described in Schedule 5.12 attached hereto: 

(a)      During the five-year period prior to the date on which this
representation is made or deemed made: (i) no ERISA Event has occurred, and, to the best knowledge of the Responsible Officers of the Loan Parties, no event or condition has occurred or exists as a result of which any ERISA Event could
reasonably be expected to occur, with respect to any Plan; (ii) each Plan has been maintained, operated, and funded in compliance with its own terms and in material compliance with the provisions of ERISA, the Code, and any other applicable
Federal or state laws; (iii) no Lien in favor of the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan; and (iv) the minimum required contribution (as defined in Code Section 430(a)) has been
contributed for any Pension Plan except if the failure to make the minimum required contribution could not reasonably be expected to have a Material Adverse Effect. 

(b)      The projected benefit obligation under each Single Employer Plan, as of
the last annual valuation date prior to the date on which this representation is made or deemed made (determined, in each case, in accordance with FASB ASC 715, utilizing the actuarial assumptions used in such Plan’s most recent actuarial
valuation report), did not exceed as of such valuation date the fair market value of the assets of such Plan by more than $150,000,000 in the aggregate for all such Plans. 

(c)      Neither any Consolidated Party nor any ERISA Affiliate has incurred,
or, to the best knowledge of the Responsible Officers of the Loan Parties, could be reasonably expected to incur, any withdrawal liability under ERISA to any Multiemployer Plan or Multiple Employer Plan. Neither any Consolidated Party nor any ERISA
Affiliate would become subject to any withdrawal liability under ERISA if any Consolidated Party or any ERISA Affiliate were to withdraw completely from all Multiemployer Plans and Multiple Employer Plans as of the valuation date most closely
preceding the date on which this representation is made or deemed made. Neither any Consolidated Party nor any ERISA Affiliate has received any notification that any Multiemployer Plan is in reorganization (within the meaning of Section 4241 of
ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA), and no Multiemployer Plan is, to the best knowledge of the Responsible Officers of the Loan Parties,
reasonably expected to be in reorganization, insolvent, or terminated. 

  
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 (d)      No prohibited
transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) other than as exempted under Section 408 of ERISA or breach of fiduciary responsibility has occurred with respect to a Plan which has subjected or
may subject any Consolidated Party or any ERISA Affiliate to any material liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under any agreement or other instrument pursuant to which any
Consolidated Party or any ERISA Affiliate has agreed or is required to indemnify any Person against any such liability. 

(e)       Except as reported in the Audited Financial Statements, neither
any Consolidated Party nor any ERISA Affiliate has any material liability with respect to “expected post-retirement benefit obligations” within the meaning of FASB ASC 715. Each Plan which is a welfare plan (as defined in Section 3(1)
of ERISA) to which Sections 601-609 of ERISA and Section 4980B of the Code apply has been administered in compliance in all material respects of such sections. 

(f)   
Neither the execution and delivery of this Agreement nor the consummation of the financing transactions contemplated hereunder will involve any transaction which is subject to the prohibitions of
Sections 404, 406 or 407 of ERISA or in connection with which a tax could be imposed pursuant to Section 4975 of the Code. The representation by the Loan Parties in the preceding sentence is subject, in the event that the source of the
funds used by the Lenders in connection with this transaction is an insurance company’s general asset account, to the application of Prohibited Transaction Class Exemption 95-60, 60 Fed. Reg. 35,925
(1995), compliance with the regulations issued under Section 401(c)(1)(A) of ERISA, or the issuance of any other prohibited transaction exemption or similar relief, to the effect that assets in an insurance company’s general asset account
do not constitute assets of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Code. 

(g)      Borrower represents and warrants as of the Restatement Date that the
Borrower is not and will not be 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 in connection with the
Loans or the Commitments. 
 5.13    Corporate Structure; Capital Stock, Etc. 

The corporate capital and ownership structure of the Consolidated Parties as of the Restatement Date is as described on
Schedule 5.13. Set forth on Schedule 5.13 is a complete and accurate list as of the Restatement Date with respect to each of the Borrowers’ direct and indirect Subsidiaries of
(i) jurisdiction of incorporation, (ii) number of shares of each class of Capital Stock outstanding, (iii) number and percentage of outstanding shares of each class owned (directly or indirectly) by the Consolidated Parties and
(iv) number and effect, if exercised, of all outstanding options, warrants, rights of conversion or purchase and all other similar rights with respect thereto as of the Restatement Date. The outstanding Capital Stock of all such Persons is
validly issued, fully paid and non-assessable and is owned by the Consolidated Parties, directly or indirectly, in the manner set forth on Schedule 5.13, free and clear of all Liens.
Other than as set forth in Schedule 5.13, none of the Borrowers’ Subsidiaries has outstanding any securities convertible into or exchangeable for its Capital Stock nor does any such Person have outstanding any rights
to 

  
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subscribe for or to purchase or any options for the purchase of, or any agreements providing for the issuance (contingent or otherwise) of, or any calls, commitments or claims of any character
relating to its Capital Stock. 
 5.14    Governmental Regulations, Etc. 

(a)      None of the transactions contemplated by this Agreement (including,
without limitation, the direct or indirect use of the proceeds of the Loans) will violate or result in a violation of the Securities Act, the Securities Exchange Act of 1934 or any of Regulations U and X. If requested by any Lender or the
Administrative Agent, the Borrowers will furnish to the Administrative Agent and each Lender a statement, in conformity with the requirements of FR Form U-1 referred to in Regulation U, that no part of the
proceeds of the Loans will be used, directly or indirectly, for the purpose of “buying” or “carrying” any “margin stock” within the meaning of Regulations U and X, or for the purpose of purchasing or carrying or trading
in any securities. 
 (b)      None of the Consolidated Parties is (i) an
“investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended, (ii) a “holding company” as defined in, or otherwise
subject to regulation under, the Public Utility Holding Company Act of 1935, as amended or (iii) subject to regulation under any other Federal or state statute or regulation which limits its ability to incur Indebtedness. 

5.15    Purpose of Loans. 

The proceeds of (v) the Term Loans (other than the Term Loan I, the Term Loan J, the Term Loan K and the Term Loan L)
hereunder shall be used solely by the Borrowers to fund (or refinance prior fundings for) timberland, timberland lease or timber deed purchases, (w) the Term Loan I hereunder shall be used solely by the Borrowers to refinance existing
Indebtedness, (x) the Term Loan J shall be used solely by the Borrowers to refinance existing Indebtedness, to finance working capital needs, to finance acquisitions and for other general corporate purposes of the Borrowers and their
Subsidiaries, (y) the Term Loan K, the Term Loan L, the Term Loan M, the Term Loan N, the Term Loan O, the Term Loan P and the Term Loan S hereunder shall be used solely by the Borrowers to (i) refinance existing Indebtedness,
(ii) pay fees and expenses incurred in connection herewith, and (iii) for general corporate purposes of the Borrowers and their Subsidiaries and (z) the Term Loan Q and Term Loan R hereunder shall be used solely by the Borrowers to
(i) refinance existing Indebtedness of CatchMark in connection with the CatchMark Merger and (ii) pay fees and expenses incurred in connection herewith. 

5.16    Environmental Matters. 

Except as disclosed and described on Schedule 5.16 or except as could not reasonably be expected to
result in a Material Adverse Effect: 
 (a)      Each of the real Properties
and all operations at the real Properties are in compliance with all applicable Environmental Laws, there is no violation of any Environmental Law with respect to the real Properties or the businesses, and to the best

  
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knowledge of the Responsible Officers of the Loan Parties, there are no conditions relating to the real Properties or the businesses that could give rise to liability under any applicable
Environmental Laws. 
 (b)      None of the real Properties contains, or to
the best knowledge of the Responsible Officers of the Loan Parties, has previously contained, any Hazardous Materials at, on or under the real Properties in amounts or concentrations that constitute or constituted a violation of, or could give rise
to liability under, Environmental Laws. 
 (c)      No Consolidated Party has
received any written or verbal notice of, or inquiry from any Governmental Authority alleging any violation, non-compliance, liability or potential liability pursuant to, or regarding compliance with,
Environmental Laws with regard to any of the real Properties or the businesses, nor does any Responsible Officer of any Loan Party have knowledge or reason to believe that any such notice will be received or is being threatened. 

(d)      Hazardous Materials have not been transported or disposed of from the
real Properties, or generated, treated, stored or disposed of at, on or under any of the real Properties or any other location, in each case by or on behalf of any Consolidated Party in violation of, or in a manner that to the best knowledge of the
Responsible Officers of the Loan Parties could give rise to liability under, any applicable Environmental Law. 

(e)      No judicial proceeding or governmental or administrative action is
pending or, to the best knowledge of the Responsible Officers of the Loan Parties, threatened, under any Environmental Law to which any Consolidated Party is or will be named as a party, nor are there any consent decrees or other decrees, consent
orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Consolidated Parties, the real Properties or the businesses. 

(f)      There has been no release, or threat of release, of Hazardous Materials
at or from the real Properties, or arising from or related to the operations (including, without limitation, disposal) of any Consolidated Party in connection with the real Properties or otherwise in connection with the businesses, in violation of
or in amounts or in a manner that to the best knowledge of the Responsible Officers of the Loan Parties could give rise to liability under Environmental Laws. 

5.17    Solvency. 

The Loan Parties are Solvent on a consolidated basis. 

5.18    Investments. 

All Investments of each Consolidated Party are Permitted Investments. 

5.19    Disclosure. 

  
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 Neither this Agreement nor any financial statements delivered to the Lenders
nor any other document, certificate or statement furnished to the Lenders by or on behalf of any Consolidated Party in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained therein or herein not misleading. 

5.20    No Burdensome Restrictions. 

No Consolidated Party is a party to any agreement or instrument or subject to any other obligation or any charter or corporate
restriction or any provision of any applicable Law which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

5.21    Brokers’ Fees. 

No Consolidated Party has any obligation to any Person in respect of any finder’s, broker’s, investment banking or
other similar fee in connection with any of the transactions contemplated under the Loan Documents. 

5.22    Labor Matters. 

None of the Consolidated Parties has suffered any strikes, walkouts, work stoppages or other material labor difficulty within
the last five years which has had or could reasonably be expected to have a Material Adverse Effect. 

5.23    REIT Status. 

PotlatchDeltic is duly organized as a REIT. 

5.24    Business Locations. 

Set forth on Schedule 5.24(a) is the chief executive office, jurisdiction of incorporation or formation and principal
place of business of each Loan Party as of the Restatement Date. Set forth on Schedule 5.24(b) is a list of all Timberlands that are owned by the Loan Parties as of the Restatement Date, which list sets forth the county and state in
which such Timberlands are located and the approximate acreage in each state. Set forth on Schedule 5.24(c) is a list of all Manufacturing Facilities that are owned by the Loan Parties as of the Restatement Date, which list sets forth the
city, county and state in which each such Manufacturing Facility is located. 
 5.25    Casualty,
Etc. 
 Neither the business nor the properties of any Loan Party or any of its Subsidiaries are affected by any
fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect. 
 5.26    Intellectual
Property. 

  
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 The Consolidated Parties own, or possess the right to use, all of the
trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective
businesses, without conflict with the rights of any other Person. To the best knowledge of the Borrowers, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be
employed, by the Consolidated Parties infringes upon any rights held by any other Person. 

5.27    Insurance. 

The properties of the Consolidated Parties are insured with financially sound and reputable insurance companies not Affiliates
of the Borrowers, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrowers or the applicable Subsidiary
operates. 
 5.28    Anti-Corruption Laws. 

The Borrower and its Subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws and have
instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 

5.29    Affected Financial Institution. 

Neither Borrower nor any other Loan Party is an Affected Financial Institution. 

5.30    Beneficial Ownership. 

As of the Closing Date, the information contained in the Beneficial Ownership Certificate (if any) is true and correct in all
respects. 
 ARTICLE VI 

AFFIRMATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder, or a Term Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, each Loan Party hereby covenants and agrees to the following: 
 6.01    Information
Covenants. 
 The Loan Parties will furnish, or cause to be furnished, to the Administrative Agent and each of the
Lenders: 
 (a)      Annual Financial Statements. As soon as available,
but in any event no later than the earlier of (i) the 90th day after the end of each fiscal year of the Borrowers and (ii) the day that is three (3) Business Days after the date the
Borrowers’ annual report on Form 10-K is required to be filed with the SEC, a consolidated balance sheet of the Consolidated Parties as of the end of such fiscal year, together with related consolidated
statements of 

  
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income, comprehensive income, cash flows and stockholders’ equity for such fiscal year, in each case setting forth in comparative form consolidated figures for the preceding fiscal year, all
such financial information described above to be in reasonable form and detail and audited by independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent and whose opinion shall be to
the effect that such financial statements have been prepared in accordance with GAAP (except for changes with which such accountants concur) and shall not be limited as to the scope of the audit or qualified as to the status of the Consolidated
Parties as a going concern or any other material qualifications or exceptions. 

(b)      Quarterly Financial Statements. As soon as available, but in any
event no later than the earlier of (i) the 45th day after the end of each of the first three fiscal quarters of each fiscal year of the Borrowers and (ii) the day that is three
(3) Business Days after the date the Borrowers’ quarterly report on Form 10-Q is required to be filed with the SEC, a consolidated balance sheet of the Consolidated Parties as of the end of such
fiscal quarter, together with related consolidated statements of income, comprehensive income and cash flows for such fiscal quarter, in each case setting forth in comparative form consolidated figures for (x) the corresponding period of the
preceding fiscal year with respect to the income, comprehensive income and cash flow statements of the Consolidated Parties and (y) the end of the preceding fiscal year with respect to the balance sheet of the Consolidated Parties, all such
financial information described above to be in reasonable form and detail and reasonably acceptable to the Administrative Agent, and accompanied by a certificate of a Responsible Officer of PotlatchDeltic to the effect that such quarterly financial
statements fairly present in all material respects the financial condition of the Consolidated Parties and have been prepared in accordance with GAAP, subject to changes resulting from audit and normal
year-end audit adjustments. 

(c)      Officer’s Compliance Certificate. At the time of delivery
of the financial statements provided for in Sections 6.01(a) and 6.01(b) above, a duly completed Compliance Certificate signed by a Responsible Officer of PotlatchDeltic substantially in the form of
Exhibit B (i) demonstrating compliance with the financial covenants contained in Section 6.10 by calculation thereof as of the end of each such fiscal period and (ii) stating that no
Default or Event of Default exists, or if any Default or Event of Default does exist, specifying the nature and extent thereof and what action the Loan Parties propose to take with respect thereto. 

(d)      Annual Budgets. Within 30 days after the end of each fiscal year
of the Borrowers, beginning with the fiscal year ending December 31, 2018, an annual budget of the Consolidated Parties containing, among other things, pro forma consolidated financial statements (including consolidated income statement,
consolidated balance sheet and consolidated statement of cash flows) for the next fiscal year. 

(e)      Auditor’s Reports. Promptly upon receipt thereof, a copy of
any other report or “management letter” submitted by independent accountants to any Consolidated Party in connection with any annual, interim or special audit of the books of such Person. 

  
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 (f)      Reports.
Promptly upon transmission or receipt thereof, (i) copies of any filings and registrations with, and reports to or from, the SEC, or any successor agency, and copies of all financial statements, proxy statements, notices and reports as any
Consolidated Party shall send to its shareholders or to a holder of any Indebtedness owed by any Consolidated Party in its capacity as such a holder and (ii) upon the reasonable request of the Administrative Agent, all reports and material
written information to and from the United States Environmental Protection Agency, or any state or local agency responsible for environmental matters, the United States Occupational Health and Safety Administration, or any state or local agency
responsible for health and safety matters, or any successor agencies or authorities concerning environmental, health or safety matters. 

(g)      Notices. Upon any Responsible Officer of a Loan Party obtaining
knowledge thereof, the Loan Parties will give written notice to the Administrative Agent and the Lenders (i) immediately of the occurrence of an event or condition consisting of a Default or Event of Default, specifying the nature and existence
thereof and what action the Loan Parties propose to take with respect thereto, (ii) promptly of the occurrence of any of the following with respect to any Consolidated Party: (A) of any matter that has resulted or could be reasonably
expected to result in a Material Adverse Effect including without limitation (I) the pendency or commencement of any litigation, arbitral or governmental proceeding against such Person which if adversely determined is likely to have a Material
Adverse Effect or (II) the institution of any proceedings against such Person with respect to, or the receipt of notice by such Person of potential liability or responsibility for violation, or alleged violation of any Federal, state or local
law, rule or regulation, including but not limited to, Environmental Laws, the violation of which could have a Material Adverse Effect, (B) any material change in accounting policies or financial reporting practices by such Person, (C) the
occurrence of any Internal Control Event or (D) any announcement by Moody’s or S&P of any change or possible change in a Debt Rating and (iii) notice of a change to the list of Manufacturing Facilities contained in Schedule
5.24(c). 
 (h)      ERISA. Upon any Responsible Officer of a Loan
Party obtaining knowledge thereof, the Loan Parties will give written notice to the Administrative Agent promptly (and in any event within fifteen Business Days) of: (i) any event or condition, including, but not limited to, any Reportable
Event, that constitutes, or could reasonably be expected to constitute, an ERISA Event; (ii) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of any withdrawal liability assessed against the Loan
Parties or any ERISA Affiliates, or of a determination that any Multiemployer Plan is in reorganization or insolvent (both within the meaning of Title IV of ERISA); (iii) the failure to make full payment on or before the due date (including
extensions) thereof of all amounts which any Consolidated Party or any ERISA Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the minimum funding standard set forth in ERISA and the Code with respect
thereto; or (iv) any change in the funding status of any Plan, in each case that could reasonably be expected to have a Material Adverse Effect, together with a description of any such event or condition or a copy of any such notice and a
statement by a Responsible Officer of the Borrowers briefly setting forth the details regarding such event, condition, or notice, and the action, if any, which has been or is being taken or is proposed to be taken by the Loan

  
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Parties with respect thereto. Promptly upon request, the Loan Parties shall furnish the Administrative Agent and the Lenders with such additional information concerning any Plan as may be
reasonably requested, including, but not limited to, copies of each annual report/return (Form 5500 series), as well as all schedules and attachments thereto required to be filed with the Department of Labor and/or the IRS pursuant to ERISA and the
Code, respectively, for each “plan year” (within the meaning of Section 3(39) of ERISA). 

(i)      Other Information. With reasonable promptness upon any such
request, such other information regarding the business, properties or financial condition of any Consolidated Party as the Administrative Agent or any Lender may reasonably request. 

Documents required to be delivered pursuant to Section 6.01(a), (b) or (f) (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which PotlatchDeltic posts such documents, or
provides a link thereto on PotlatchDeltic’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrowers’ behalf on SyndTrak, IntraLinks or another
relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) upon written request by the
Administrative Agent, PotlatchDeltic shall deliver paper copies of such documents to the Administrative Agent until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) PotlatchDeltic shall notify
(which may be by facsimile or electronic mail) the Administrative Agent and each Lender of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
Notwithstanding anything contained herein, in every instance PotlatchDeltic shall be required to provide paper copies of the Compliance Certificates required by Section 6.01(c) to the Administrative Agent. Except for such
Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrowers with
any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrowers hereby acknowledge that (a) the Administrative Agent and/or the Arranger will make available to the Lenders
information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on SyndTrak or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders who may have personnel who do not wish to receive material non-public information with respect to the Borrowers or
their Affiliates, or their respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Person’s securities) (each, a “Public Lender”). The
Borrowers hereby agree that they will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all Borrower Materials that are to be made available to
Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public
information (although it may be sensitive and 

  
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proprietary) with respect to the Borrowers or their securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower
Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not
designated “Public Side Information.” 
 6.02    Preservation of Existence, Franchises
and REIT Status. 
 Except as a result of or in connection with a dissolution, merger or disposition of a Subsidiary
not prohibited by Section 7.04 or Section 7.05, each Loan Party will, and will cause each of its Subsidiaries to, do all things necessary to (a) preserve and keep in full force and effect its
existence, (b) where failure to do so could reasonably be expected to have a Material Adverse Effect, preserve and keep in full force and effect its rights, franchises and authority and (c) in the case of PotlatchDeltic, maintain REIT
status. 
 6.03    Books and Records. 

Each Loan Party will, and will cause each of its Subsidiaries to, keep complete and accurate books and records of its
transactions in accordance with GAAP (including the establishment and maintenance of appropriate reserves). 

6.04    Compliance with Law. 

Each Loan Party will, and will cause each of its Subsidiaries to: 

(a)      comply with all Laws applicable to it and its Property if noncompliance
with any such Laws could reasonably be expected to have a Material Adverse Effect. The Borrowers will notify the Administrative Agent and each Lender that previously received a Beneficial Ownership Certification (or a certification that the
Borrowers qualify for an express exclusion to the “legal entity customer” definition under the Beneficial Ownership Regulation) of any change in the information provided in the Beneficial Ownership Certification that would result in a
change to the list of beneficial owners identified therein (or, if applicable, the Borrowers ceasing to fall within an express exclusion to the definition of “legal entity customer” under the Beneficial Ownership Regulation) and
(c) promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or directly to such Lender, as the case may be, any information or documentation requested by it for purposes of complying with
the Beneficial Ownership Regulation. 
 (b)      without limiting the
generality of the foregoing clause (a), comply, and cause all lessees and other Persons operating or occupying its properties to comply with all applicable Environmental Laws and environmental permits; obtain and renew all environmental permits
necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its

  
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properties, in accordance with the requirements of all Environmental Laws if, in each case, such noncompliance, action or inaction (i) could reasonably be expected to have a Material Adverse
Effect or (ii) materially diminishes the Consolidated Timberland Value; provided, however, that neither the Borrowers nor any of their Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action
to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP. 

6.05    Payment of Taxes and Other Claims. 

Each Loan Party will, and will cause each of its Subsidiaries to, pay and discharge (a) all taxes, assessments and
governmental charges or levies imposed upon it, or upon its income or profits, or upon any of its Properties, before they shall become delinquent and (b) all lawful claims (including claims for labor, materials and supplies) which, if unpaid,
might give rise to a Lien upon any of its properties; provided, however, that no Consolidated Party shall be required to pay any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate
proceedings and as to which adequate reserves therefor have been established in accordance with GAAP. 

6.06    Insurance. 

Each Loan Party will, and will cause each of its Subsidiaries to, at all times maintain in full force and effect insurance
(including worker’s compensation insurance, liability insurance, property insurance and business interruption insurance) with financially sound and reputable insurance companies not Affiliates of the Borrowers (excluding the
Borrowers’ mutual insurance arrangement for workers compensation insurance in Idaho), with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts covering such risks and liabilities and with such deductibles or self insurance retentions as are customarily carried under similar circumstances by such other Persons. 

6.07    Maintenance of Property; Management of Timberlands. 

Each Loan Party will, and will cause each of its Subsidiaries to, maintain and preserve its properties and equipment material
to the conduct of its business in good repair, working order and condition, normal wear and tear and Involuntary Dispositions excepted. Each Loan Party will, and will cause each of its Subsidiaries to, manage its Timberlands in accordance with the
guidelines established by either SFI, Inc. or the Forest Stewardship Council. 
 6.08    Use of
Proceeds. 
 The Borrowers will use the proceeds of the Term Loans solely for the purposes set forth in
Section 5.15. 
 6.09    Audits/Inspections. 

  
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 Upon reasonable notice and during normal business hours, each Loan Party
will, and will cause each of its Subsidiaries to, permit representatives appointed by the Administrative Agent or the Required Lenders, including, without limitation, independent accountants, agents, attorneys, and appraisers to visit and inspect
its property, including its books and records, its accounts receivable and inventory, its facilities and its other business assets, and to make photocopies or photographs thereof and to write down and record any information such representative
obtains and shall permit the Administrative Agent or its representatives to investigate and verify the accuracy of information provided to the Lenders and to discuss all such matters with the officers, employees and representatives of such Person;
provided, however, that when an Event of Default has occurred and is continuing, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense
of the Borrowers at any time during normal business hours and, to the extent commercially practicable, with advance notice. 

6.10    Financial Covenants. 

(a)      Interest Coverage Ratio. The Interest Coverage Ratio, as of the
last day of each fiscal quarter of the Consolidated Parties, shall be greater than or equal to 3.00 to 1.00. 

(b)      Leverage Ratio. The Consolidated Leverage Ratio, as of the last
day of each fiscal quarter of the Consolidated Parties, shall not be greater than 40%; provided that, if such ratio is greater than 40.0%, then the Borrowers shall be deemed to be in compliance with this Section 6.10(b) so
long as (a) such ratio does not exceed 50.0% for a period of more than two consecutive fiscal quarters, (b) the Borrowers have not maintained compliance with this Section 6.10(b) in reliance on this proviso more than two times during
the term of this Agreement, (c) such ratio is not greater than 50.0% at any time and (d) the circumstances causing such ratio to exceed 40.0% occurred in the Consolidated Parties’ ordinary course of business and are otherwise
permitted hereunder. 
 6.11    Additional Guarantors. 

The Administrative Borrower shall notify the Administrative Agent at the time that any Person becomes a wholly-owned Material
Subsidiary that has given a guaranty of, or otherwise incurred any Indebtedness related to the Borrowers, and promptly thereafter (and in any event within 30 days), cause each such Person (other than any Foreign Subsidiary to the extent the
joinder as a Guarantor by such Foreign Subsidiary could reasonably be expected to (1) cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed
dividend to such Foreign Subsidiary’s United States parent or (2) result in any material adverse tax consequences) to (i) become a Guarantor by executing and delivering to the Administrative Agent a Joinder Agreement, and
(ii) deliver to the Administrative Agent documents of the types referred to in clauses (iii), (iv) and (v) of Section 4.01(a) and favorable opinions of counsel to such Person (which shall cover, among
other things, the legality, validity, binding effect and enforceability of the documentation referred to herein), all in form, content and scope reasonably satisfactory to the Administrative Agent. 

6.12    Performance of Obligations. 

  
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 Each of the Loan Parties will, and will cause each of its Subsidiaries to,
pay when due all Indebtedness under all material agreements, indentures, mortgages, security agreements or other debt instruments to which it is a party or by which it is bound. 

6.13    Timberland Valuation Updates. 

The Borrowers will obtain, at their expense, and deliver to the Administrative Agent (i) on or before March 31, 2022
(with up to two (2) 30-day extensions of such due date, as approved at the sole discretion of the Administrative Agent) and on or before March 31 of every other year thereafter unless mandated more
frequently by the Required Lenders, a Timberland Valuation Update from the Timberland Valuation Consultant as of the prior December 31 and (ii) on or before the 45th day after the end of each fiscal quarter of the Borrowers, a report or
reports prepared by the Borrowers and in form and substance satisfactory to the Administrative Agent, of harvesting, acquisitions and divestitures of Timberlands as of the last day of the immediately preceding calendar quarter and reflecting the
changes to the Timberlands since the most recently delivered Timberland Valuation Update. The Borrowers and their Subsidiaries will promptly provide the Timberland Valuation Consultant with any information reasonably necessary or requested by such
Timberland Valuation Consultant to complete or perform any Timberland Valuation Update. 

6.14    Farm Credit Equity. 

(a)      The Administrative Borrower will pay for stock or participation
certificates evidencing equity interests in NWFCS and required to be acquired by the Administrative Borrower pursuant to this Section 6.14 upon request of NWFCS. 

(b)      So long as (i) any Farm Credit Lender is a Lender or Voting
Participant hereunder and (ii) such Farm Credit Lender has notified the Borrowers that it is eligible to receive patronage distributions directly from such Farm Credit Lender or one of its Affiliates on account of its portion of a Term Loan
made (or participated in) by such Farm Credit Lender hereunder, the Administrative Borrower will, as a condition to receiving such patronage distributions, acquire equity in such Farm Credit Lender or one of its Affiliates in such amounts and at
such times as such Farm Credit Lender may require in accordance with such Farm Credit Lender’s or its Affiliate’s bylaws and capital plan (as each may be amended from time to time), except that the maximum amount of equity that the
Administrative Borrower may be required to acquire in such Farm Credit Lender or one of its Affiliates in connection with the portion of such Term Loan made by such Farm Credit Lender hereunder may not exceed the maximum amount permitted by the
relevant bylaws and the capital plan (x) at the time this Agreement is entered into 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, at the time
of the closing of the related assignment or sale of participation. The Administrative Borrower acknowledges receipt of the documents described on Schedule 6.14 (the “Farm Credit Equity Documents”), which describe the nature
of all of the Administrative Borrower’s stock and participation certificates in the respective Farm Credit Lenders (or Affiliates thereof) acquired in connection with the Term Loans from the Farm Credit Lenders hereunder (the “Farm
Credit Equities”) as well as relevant capitalization requirements, and agrees to be bound by the terms thereof. 

  
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 (c)      Each party hereto
acknowledges that (i) the Farm Credit Equity 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 Administrative Borrower’s patronage with the respective Farm Credit Lenders, (y) the Administrative Borrower’s eligibility for patronage distributions from the respective Farm
Credit Lenders (in the form of Farm Credit Equities and cash) and (z) patronage distributions, if any, in the event of a sale by a Farm Credit Lender of participations in the Commitment of and the portion of a Term Loan made by such Farm Credit
Lender, (ii) patronage refunds or other distributions by each Farm Credit Lender are subject to various conditions, including approval by the applicable board of directors of such Farm Credit Lender with respect to each such refund or other
distribution and (iii) the Administrative Borrower (and not an Affiliate of any Borrower) will be the owner of the Farm Credit Equities issued by the applicable Farm Credit Lender or an Affiliate thereof, and that the Administrative
Borrower’s designated voter as the owner of such Farm Credit Equities shall at all times be the Chief Financial Officer of the Administrative Borrower; provided, however, that the Administrative Borrower may change such
designated voter to another officer of the Administrative Borrower upon prior written notice to the Administrative Agent (such notice to be promptly distributed to each Farm Credit Lender). Each Farm Credit Lender reserves the right to assign, or
sell participations in, all or any part of its Commitment or outstanding portion of a Term Loan hereunder on a non-patronage (or lower-patronage) basis in accordance with the provisions of
Section 10.06 of this Agreement. 
 (d)      Each
party hereto acknowledges that each Farm Credit Lender has a statutory first lien pursuant to the Farm Credit Act of 1971 (as amended from time to time) on all Farm Credit Equities of such Farm Credit Lender that the Administrative Borrower may now
own or hereafter acquire, which statutory lien shall be for such Farm Credit Lender’s sole and exclusive benefit. The Farm Credit Equities of a particular Farm Credit Lender shall not constitute security for the Obligations due to any other
Lender. To the extent that any of the Loan Documents create a Lien on the Farm Credit Equities of a Farm Credit Lender or on patronage accrued by such Farm Credit Lender for the account of the Administrative Borrower (including, in each case,
proceeds thereof), such Lien shall be for such Farm Credit Lender’s sole and exclusive benefit and shall not be subject to pro rata sharing hereunder. Neither the Farm Credit Equities nor any accrued patronage shall be offset against the
Obligations except that, in an Event of Default, a Farm Credit Lender may elect, solely at its discretion and with respect to the Farm Credit Equities issued by it, to apply the cash portion of any patronage distribution or retirement of equity to
amounts due under this Agreement. The Administrative Borrower acknowledges that any corresponding tax liability associated with such application is the sole responsibility of the Administrative Borrower. No Farm Credit Lender shall have any
obligation to retire any Farm Credit Equities upon the occurrence and continuance of any Event of Default or Default by the Administrative Borrower, or at any other time, either for application to the Obligations or otherwise. 

6.15    Anti-Corruption Laws. 

  
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 The Borrowers will conduct their businesses in compliance
with applicable anti-corruption laws and maintain policies and procedures designed to promote and achieve compliance with such laws. 

ARTICLE VII 
 NEGATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, or a Term Loan or any other Obligation hereunder
shall remain unpaid or unsatisfied, each Loan Party hereby covenants and agrees to the following: 

7.01    Indebtedness. 

The Loan Parties will not permit any Consolidated Party to contract, create, incur, assume or permit to exist any
Indebtedness, except: 
 (a)      Indebtedness arising under this Agreement
and the other Loan Documents; 
 (b)   Indebtedness of the Borrowers and their Subsidiaries set
forth in Schedule 7.01 (and renewals, refinancings and extensions thereof; provided that (x) the amount of such Indebtedness is not increased at the time of such renewal, refinancing or extension, (y) the
terms of such renewal, refinancing or extension are materially not less favorable to such Borrowers or Subsidiary, taken as a whole and (z) the maturity date of such renewal, refinancing or extension shall be a date after the Maturity
Date); 
 (c)      purchase money Indebtedness (including obligations in
respect of Capital Leases or Synthetic Lease Obligations) hereafter incurred by the Borrowers or any of their Subsidiaries to finance the purchase of fixed assets provided that (i) the total of all such Indebtedness for all such Persons
taken together along with all Indebtedness incurred pursuant to Section 7.01(j) shall not exceed $150,000,000 at any one time outstanding; (ii) such Indebtedness when incurred shall not exceed the purchase price of the
asset(s) financed; and (iii) no such Indebtedness shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing; 

(d)      obligations (contingent or otherwise) of the Borrowers or any
Subsidiary existing or arising under any Swap Contracts, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with purchases,
sales, liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view”;

 (e)      intercompany Indebtedness and Guarantees permitted under
Section 7.06; 
 (f)      in addition to the
Indebtedness otherwise permitted by this Section 7.01, other Indebtedness incurred by the Borrowers or any of their Subsidiaries after the Restatement Date, provided that (i) such Indebtedness shall be unsecured
and (ii) the 

  
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Borrowers shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect on a Pro Forma Basis to the incurrence of such Indebtedness
and to the concurrent retirement of any other Indebtedness of any Consolidated Party, the Loan Parties would be in compliance with the financial covenants set forth in Section 6.10(a) and (b); 

(g)      [reserved]; 

(h)      [reserved]; 

(i)      Indebtedness pursuant to the Revolving Credit Agreement in an aggregate
outstanding principal amount not to exceed $300,000,000 (or, to the extent the aggregate commitments thereunder are increased pursuant to Section 2.14 of the Revolving Credit Agreement, such increased amount, not to exceed a maximum of
$800,000,000), including and renewals, refinancings and extensions thereof; provided that (x) the amount of such Indebtedness is not increased at the time of such renewal, refinancing or extension; (y) the terms of such renewal,
refinancing or extension are materially not less favorable to such Borrowers or Subsidiary, taken as a whole and (z) no additional collateral is pledged by the Loan Parties to secure such Indebtedness; 

(j)      in addition to the Indebtedness otherwise permitted by this
Section 7.01, other secured Indebtedness incurred by the Borrowers or any of their Subsidiaries after the Restatement Date, provided that (i) the Borrowers shall have delivered to the Administrative Agent a Pro
Forma Compliance Certificate demonstrating that, upon giving effect on a Pro Forma Basis to the incurrence of such Indebtedness and to the concurrent retirement of any other Indebtedness of any Consolidated Party, the Loan Parties would be in
compliance with the financial covenants set forth in Section 6.10(a) and (b) and (ii) the aggregate principal amount of all secured Indebtedness taken together along with all Indebtedness pursuant to
Section 7.01(c) shall not exceed $150,000,000; and 

7.02    Liens. 

The Loan Parties will not permit any Consolidated Party to contract, create, incur, assume or permit to exist any Lien with
respect to any of its Property, whether now owned or hereafter acquired, except for: 

(a)      Liens (other than Liens created or imposed under ERISA) for taxes,
assessments or governmental charges or levies not yet due or Liens for taxes being contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established (and as to which the Property
subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof); 

(b)      statutory Liens of landlords and Liens of carriers, warehousemen,
mechanics, materialmen and suppliers and other Liens imposed by law or pursuant to customary reservations or retentions of title arising in the ordinary course of business; provided that such Liens (i) secure only amounts not yet due and
payable or, if due and payable, are unfiled and no other action has been taken to enforce the same or (ii) are being 

  
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contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established; provided further, the Property subject to any such
Lien is not yet subject to foreclosure, sale or loss on account thereof; 
 (c)    Liens
(other than Liens created or imposed under ERISA) incurred or deposits made by any Consolidated Party in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to
secure the performance of tenders, statutory obligations, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations
(exclusive of obligations for the payment of borrowed money); 

(d)      Liens in connection with attachments or judgments (including judgment
or appeal bonds) provided that the judgments secured shall, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall have been discharged within 30 days after the expiration of any such
stay; 
 (e)  easements,
rights-of-way, restrictions (including zoning restrictions), rights of the public and governmental bodies in the beds of waterways, boundary agreements, mineral
reservations and mineral reservations of third parties in existence on the Restatement Date, access restrictions, rights of Indian tribes, reservations in federal patents, minor defects or irregularities in title and other similar charges or
encumbrances not, in any material respect, impairing the use of the encumbered Property for its intended purposes; provided, that with respect to the Timberlands, such easements,
rights-of-way, restrictions (including zoning restrictions), minor defects or irregularities in title and other similar charges or encumbrances shall not, individually
or in the aggregate, impair the value of the Timberlands as commercial timberlands in any material respect or materially detract from the use of the Timberlands, in each case taken as a whole, as such; 

(f)      Liens on Property of any Person securing purchase money Indebtedness
(including Capital Leases and Synthetic Lease Obligations) of such Person permitted under Section 7.01(c), provided (x) that any such Lien attaches to such Property concurrently with or within 90 days after the
acquisition thereof and (y) such Liens (when combined with the Liens permitted under Section 7.02(p) and 7.02(v)) do not relate to Property with an aggregate fair market value in excess of $150,000,000; 

(g)      leases or subleases granted to others not interfering in any material
respect with the business of any Consolidated Party; 
 (h)      any interest
of title of a lessor under, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases permitted by this Agreement; 

(i)      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; 

(j)      Liens deemed to exist in connection with Investments in repurchase
agreements permitted under Section 7.06; 

  
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 (k)      normal and customary
rights of set-off upon deposits of cash in favor of banks or other depository institutions; 

(l)      Liens of a collection bank arising under
Section 4-210 of the Uniform Commercial Code on items in the course of collection; 

(m)      Liens of sellers of goods to the Borrowers and any of their
Subsidiaries arising under Article 2 of the Uniform Commercial Code or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related
expenses; 
 (n)      any interest of title of a buyer in connection with, and
Liens arising from UCC financing statements relating to, a sale of receivables permitted by this Agreement; 

(o)      Liens existing as of the Restatement Date and set forth on
Schedule 7.02; 
 (p)      Liens on property of a
Person existing at the time such Person is merged with or into or consolidated with any Borrower or any Subsidiary of any Borrower; provided that (x) such Liens were in existence prior to the contemplation of such merger or
consolidation, (y) do not extend to any assets other than those of the Person merged into or consolidated with such Borrower or such Subsidiary and (z) such Liens (when combined with the Liens permitted under
Section 7.02(f) and 7.02(v)) do not relate to Property with an aggregate fair market value in excess of $150,000,000; 

(q)      [reserved]; 

(r)      Liens created or assumed in the ordinary course of business of
exploring for, developing or producing oil, gas or other minerals (including borrowings in connection therewith) on, or any interest in, or on any proceeds from the sale of, property acquired for such purposes, production therefrom (including the
proceeds thereof), or material or equipment located thereon; 
 (s)    Liens arising
from the pledge of any bonds, debentures, notes or similar instruments which are purchased and held by any remarketing agent for the account of, or as agent for, the Borrowers; 

(t)   conservation easements on Timberlands; provided, that with respect to the Timberlands,
such conservation easements shall not, individually or in the aggregate, impair the value of the Timberlands as commercial timberlands in any material respect or materially detract from the use of the Timberlands, in each case taken as a whole, as
such; 
 (u)      Liens, if any in favor of the L/C Issuer and/or Swing Line
Lender (as defined in the Revolving Credit Agreement) under the Revolving Credit Agreement to cash collateralize or otherwise secure the obligations of a Defaulting Lender under the Revolving Credit Agreement to fund risk participations thereunder;

 (v)      Liens securing Indebtedness permitted pursuant to
Section 7.01(i) of this Agreement; provided that such Liens (when combined with the Liens permitted under 

  
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Section 7.02(f) and 7.02(p)) do not relate to Property with an aggregate fair market value in excess of $150,000,000; 

(w)      any extension, renewal or replacement, in whole or in part, of any Lien
described in the foregoing clauses (a) through (u); provided that any such extension, renewal or replacement shall be no more restrictive in any material respect than the Lien extended, renewed or replaced and shall not extend to any
other Property of the Loan Parties other than such item of Property originally covered by such Lien or by improvement thereof or additions or accessions thereto; and 

(x)      each Farm Credit Lender’s statutory lien in the Farm Credit
Equities of such Farm Credit Lender. 
 7.03    Nature of Business. 

The Loan Parties will not permit any Consolidated Party to materially alter the character or conduct of the business conducted
by such Person as of the Restatement Date. 
 7.04    Consolidation, Merger, Dissolution,
etc. 
 Except in connection with a Permitted Asset Disposition, the Loan Parties will not permit any Consolidated
Party to enter into any transaction of merger or consolidation or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); provided that, notwithstanding the foregoing provisions of this
Section 7.04 but subject to the terms of Sections 7.11 and 7.12, (a) any Borrower may merge or consolidate with any of its Subsidiaries, provided that such Borrower shall be the
continuing or surviving corporation, (b) any Loan Party other than PotlatchDeltic may merge or consolidate with any other Loan Party other than PotlatchDeltic; provided that in the case of the merger of any Borrower, such Borrower shall
be the continuing or surviving corporation, (c) any Consolidated Party which is not a Loan Party may be merged or consolidated with or into any Loan Party other than PotlatchDeltic, provided that such Loan Party shall be the continuing
or surviving corporation, (d) any Consolidated Party which is not a Loan Party may be merged or consolidated with or into any other Consolidated Party which is not a Loan Party, (e) any Subsidiary of a Borrower may merge with any Person
that is not a Loan Party in connection with an Asset Disposition permitted under Section 7.05, (f) any Borrower or any Subsidiary of any Borrower may merge with any Person other than a Consolidated Party in connection
with a Permitted Acquisition, provided that, if such transaction involves a Borrower, such Borrower shall be the continuing or surviving corporation and (g) any wholly owned Subsidiary of such Borrower may dissolve, liquidate or
wind up its affairs at any time provided that such dissolution, liquidation or winding up, as applicable, could not have a Material Adverse Effect. 

7.05    Asset Dispositions. 

The Loan Parties will not permit any Consolidated Party to make any Asset Disposition or enter into any agreement to make any
Asset Disposition, except: 
 (a)      any Consolidated Party may sell, lease,
transfer or otherwise dispose of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of any such

  
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transaction are reasonably promptly applied to the purchase price of such replacement property; 

(b)      Borrower or Subsidiary may sell, lease, transfer or otherwise dispose
of Property to any Borrower(s) or to a wholly-owned Subsidiary; provided that if the transferor of such Property is a Loan Party, the transferee thereof must be a Loan Party; 

(c)      Asset Dispositions permitted by Section 7.04;

 (d)      Asset Dispositions by the Borrowers and their Subsidiaries of
Property pursuant to sale-leaseback transactions to the extent such disposition is permitted by Section 7.13; and 

(e)      the Borrowers and their Subsidiaries may sell, lease, transfer or
otherwise dispose of assets, to the extent not otherwise permitted under this Section 7.05; provided that (i) at the time of such Asset Disposition, no Default shall exist or would result therefrom,
(ii) upon giving effect to such Asset Disposition on a Pro Forma Basis, the Loan Parties would be in compliance with the financial covenants set forth in Section 6.10(a) and (b), which, in connection with Asset
Dispositions the aggregate Net Cash Proceeds of which are in excess of $75,000,000, shall be evidenced by a Pro Forma Compliance Certificate delivered by the Borrowers to the Administrative Agent; 

provided, however, that any Asset Disposition pursuant to clauses (a), (b) (other than
transactions between and among Loan Parties), (c), (d) and (e) shall be for fair market value. 

7.06    Investments. 

The Loan Parties will not permit any Consolidated Party to make any Investments, except for: 

(a)      Investments consisting of cash and Cash Equivalents; 

(b)      Investments consisting of accounts receivable created, acquired or made
by any Consolidated Party in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 

(c)      Investments consisting of Capital Stock, obligations, securities or
other property received by any Consolidated Party in settlement of accounts receivable (created in the ordinary course of business) from bankrupt or insolvent obligors; 

(d)      Investments existing as of the Restatement Date and set forth in
Schedule 7.06; 
 (e)      Investments consisting of
advances or loans to directors, officers, employees, agents, customers or suppliers that do not exceed $10,000,000 in the aggregate at any one time outstanding; provided that all such advances must be in compliance with applicable Laws,
including, but not limited to, the Sarbanes-Oxley; 

  
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 (f)      Investments in any
Loan Party; 
 (g)     Investments consisting of an Acquisition by any Borrower or any
Subsidiary of any Borrower, provided that (i) with respect to any Property acquired (or the Property of the Person acquired) that does not constitute timber or timberlands, such Property is (A) used or useful in the same
or a similar line of business as the Borrowers and their Subsidiaries were engaged in on the Restatement Date, or any reasonable extension or expansions thereof or (B) is ancillary to the primary Property acquired (or the Property of the Person
acquired), (ii) in the case of an Acquisition of the Capital Stock of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition, (iii) the Borrowers shall
have delivered to the Administrative Agent, to the extent the aggregate consideration paid in connection with such Acquisition is equal to or greater than $75,000,000, a Pro Forma Compliance Certificate demonstrating that, upon giving effect to such
Acquisition on a Pro Forma Basis, the Loan Parties would be in compliance with the financial covenants set forth in Section 6.10(a) and (b), (iv) the representations and warranties made by the Loan Parties in
all Loan Documents shall be true and correct in all material respects at and as if made as of the date of such Acquisition (after giving effect thereto) except to the extent such representations and warranties expressly relate to an earlier date,
(v) if such transaction involves the purchase of an interest in a partnership between any Borrower (or a Subsidiary of any Borrower) as a general partner and entities unaffiliated with such Borrower or such Subsidiary as the other partners,
such transaction shall be effected by having such equity interest acquired by a corporate holding company directly or indirectly wholly-owned by such Borrower newly formed for the sole purpose of effecting such transaction and (vi) after giving
effect to such Acquisition, there shall be at least $75,000,000 of Availability under (and as defined in) the Revolving Credit Agreement; 

(h)      Investments in Construction in Progress, provided that the total
Investment in Construction in Progress shall not exceed ten percent (10%) of Total Asset Value; and 

(i)      Investments in Investment Affiliates, provided that the total
Investment in Investment Affiliates shall not exceed fifteen percent (15%) (valuing each such Investment at GAAP book value of the minority interest held therein by the Consolidated Parties) of Total Asset Value. 

7.07    Restricted Payments. 

The Loan Parties will not permit any Consolidated Party to, directly or indirectly, declare, order, make or set apart any sum
for or pay any Restricted Payment, except (a) to make dividends or other distributions payable to any Loan Party (directly or indirectly through Subsidiaries), (b) as permitted by Section 7.06,
Section 7.08 or Section 7.09, (c) the Borrowers shall be permitted to pay dividends and distributions to the shareholders of PotlatchDeltic; provided, that in the case of this clause (c),
(i) no Default or Event of Default shall exist on the date of, or shall result from, the making of any such distributions and (ii) upon giving effect on a Pro Forma Basis to such transaction, the Borrowers would be in compliance with the
financial covenants set forth in Sections 6.10(a) and (b), (d) to make distributions necessary solely for the purposes of maintaining PotlatchDeltic’s REIT status and (e) from and after the Sixth Amendment Effective Date, to

  
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repurchase up to an aggregate amount of $250,000,000 of PotlatchDeltic Capital Stock during the term hereof provided that in the case of this clause (e), (i) no Default or Event of Default
shall exist on the date of, or shall result from, the making of any such distributions, (ii) upon giving effect on a Pro Forma Basis to such transaction, the Borrowers would be in compliance with the financial covenants set forth in Sections
6.10(a) and (b) and (iii) the Consolidated Leverage Ratio is less than or equal to 30% at the time of such repurchases. 

7.08    Limitation on Actions with Respect to Other Indebtedness. 

No Loan Party will, nor will it permit any of its Subsidiaries to: 

(a)      upon the occurrence and continuance of a Default or Event of Default
(i) amend or modify any of the terms of any Indebtedness of such Person (other than Indebtedness arising under the Loan Documents) if such amendment or modification would add or change any terms in a manner materially adverse to the Lenders, or
(ii) materially shorten the final maturity or average life to maturity thereof or require any payment thereon to be made sooner than originally scheduled or increase the interest rate or fees applicable thereto, or (iii) make (or give any
notice with respect thereto) any voluntary or optional payment or prepayment thereof, or make (or give any notice with respect thereto) any redemption or acquisition for value or defeasance (including without limitation, by way of depositing money
or securities with the trustee with respect thereto before due for the purpose of paying when due), refund, refinance or exchange with respect thereto; provided, however that the Borrowers may Repay Indebtedness in accordance with
Section 7.07; 
 (b)      after the issuance
thereof, amend or modify any of the terms of any Subordinated Indebtedness of such Person if such amendment or modification would (i) add or change any terms in a manner materially adverse to such Person or to the Lenders, (ii) materially
shorten the final maturity or average life to maturity thereof, (iii) require any payment thereon to be made sooner than originally scheduled, (iv) increase the interest rate or fees applicable thereto or (v) change any subordination
provision thereof in a manner adverse to the Lenders; 
 (c)      make
interest payments in respect of any Subordinated Indebtedness in violation of the applicable subordination provisions; 

(d)      make (or give any notice with respect thereto) any voluntary or
optional payment or prepayment in respect of any Subordinated Indebtedness; or 

(e)      make (or give any notice with respect thereto) any redemption,
acquisition for value or defeasance (including without limitation, by way of depositing money or securities with the trustee with respect thereto before due for the purpose of paying when due), refund, refinance or exchange of any Subordinated
Indebtedness. 
 7.09    Transactions with Affiliates. 

The Loan Parties will not permit any Consolidated Party to enter into or permit to exist any transaction or series of
transactions with any officer, director, shareholder, Subsidiary or Affiliate of such Person other than (a) advances of working capital to any Loan Party, (b) transfers of cash 

  
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and assets to any Loan Party, (c) intercompany transactions expressly permitted by Section 7.01, Section 7.04,
Section 7.05, Section 7.06, or Section 7.07, (d) normal compensation and reimbursement of expenses of officers and directors, (e) agreements and arrangements
entered into with employees of the Loan Parties in connection with termination of their employment therewith, and (f) except as otherwise specifically limited in this Agreement, other transactions which are entered into in the ordinary course
of such Person’s business on terms and conditions substantially as favorable to such Person as would be obtainable by it in a comparable arms-length transaction with a Person other than an officer, director, shareholder, Subsidiary or
Affiliate. 
 7.10    Fiscal Year; Organizational Documents. 

The Loan Parties will not permit any Consolidated Party to (a) change its fiscal year, (b) change its accounting
policies or reporting practices except as required by GAAP or in connection with the adoption of International Financial Reporting Standards on terms reasonably acceptable to the Administrative Agent or (c) amend, modify or change its articles
of incorporation (or corporate charter or other similar organizational document) or bylaws (or other similar document) to the extent such change, amendment or modification could reasonably be expected to have a Material Adverse Effect. 

7.11    Limitation on Restricted Actions. 

The Loan Parties will not permit any Consolidated Party to, directly or indirectly, create or otherwise cause or suffer to
exist or become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any Loan Party on its Capital Stock or with respect to any other interest or participation in, or
measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Loan Party, (c) make loans or advances to any Loan Party, (d) sell, lease or transfer any of its Property to any Loan Party, or (e) act as a Loan
Party and pledge its assets pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect of any of the matters referred to in clauses (a)-(c) above) for such encumbrances or
restrictions existing under or by reason of (i) this Agreement and the other Loan Documents, (ii) applicable Law, (iii) any document or instrument governing Indebtedness incurred pursuant to Section 7.01(c),
provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (iv) any Permitted Lien or any document or instrument governing any Permitted Lien, provided
that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien or (v) customary restrictions and conditions contained in any agreement relating to the sale of any Property permitted under
Section 7.05 pending the consummation of such sale. 

7.12    Ownership of Subsidiaries. 

Notwithstanding any other provisions of this Agreement to the contrary, the Loan Parties will not permit any Consolidated
Party to (i) permit any Person (other than the Borrowers or any wholly owned Subsidiary of a Borrower) to own any Capital Stock of any Subsidiary of the Borrowers, except (A) to qualify directors where required by applicable Law or to
satisfy other requirements of applicable Law with respect to the ownership of Capital Stock of Foreign Subsidiaries, (B) as a result of or in connection with a dissolution, merger, consolidation or disposition of a Subsidiary not prohibited by
Section 7.04 or Section 7.05, or (C) in connection 

  
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with the ownership of an interest in a joint venture permitted under Section 7.06, (ii) permit any Subsidiary of the Borrowers to issue or have outstanding any
shares of preferred Capital Stock or (iii) permit, create, incur, assume or suffer to exist any Lien on any Capital Stock of any Subsidiary of the Borrowers, except for Permitted Liens. 

7.13    Sale Leasebacks. 

The Loan Parties will not permit any Consolidated Party to enter into any Sale and Leaseback Transaction after the date of
this Agreement, except to the extent the aggregate net book value of the Property sold or transferred (or to be sold or transferred) in connection with all such Sale and Leaseback Transactions does not exceed $25,000,000. 

7.14    No Further Negative Pledges. 

The Loan Parties will not permit any Consolidated Party to enter into, assume or become subject to any agreement prohibiting
or otherwise restricting the existence of any Lien upon any of its Property in favor of the Administrative Agent (for the benefit of the Lenders) for the purpose of securing the Obligations, whether now owned or hereafter acquired, or requiring the
grant of any security for any obligation if such Property is given as security for the Obligations, except (a) in connection with any document or instrument governing Indebtedness incurred pursuant to Section 7.01(c), provided that
any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (b) in connection with any Permitted Lien or any document or instrument governing any Permitted Lien, provided
that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien and (c) pursuant to customary restrictions and conditions contained in any agreement relating to the sale of any Property permitted
under Section 7.05, pending the consummation of such sale. 

7.15    Subsidiaries. 

The Loan Parties will not create, acquire or permit to exist any (a) new Subsidiaries unless
Section 6.11 hereof, if applicable, has been, or will be complied with, or (b) Foreign Subsidiaries to the extent that the revenue, assets and cash flows of the Foreign Subsidiaries would exceed in the aggregate 15% of
the revenue, assets and cash flows of the Consolidated Parties on a consolidated basis. 

7.16    Use of Proceeds. 

The Loan Parties will not use the proceeds of the Borrowings, whether directly or indirectly, and whether immediately or
ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 

7.17    Sanctions. 

(a)      The Loan Parties will not, directly or indirectly, (i) use the
proceeds of any Loan, or lend contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated
Jurisdiction, that, at the time of such funding, is 

  
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the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction whether as
Lender, Arranger or Administrative Agent) of Sanctions. 
 (b)      None of
the Loan Parties or any of their respective officers or, to the knowledge of Borrower, their respective directors, employees, agents, advisors or Affiliates (a) is (or will be) a Person: (i) that is, or is owned or controlled by Persons
that are: (x) the subject or target of any Sanctions Laws and Regulations or (y) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions Laws and Regulations, which includes, as of
the Restatement Date, Crimea, Cuba, Iran, North Korea, Sudan and Syria or (ii) listed in any list related to or otherwise designated under any Sanctions Laws and Regulations maintained under OFAC (including, those Persons named on OFAC’s
Specially Designated and Blocked Persons list), the U.S. Department of State or by the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom or under the September 24, 2001 Executive Order
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (any such Person described in clauses (i) or (ii), a “Designated Person”) and (b) is engaged or will engage
in any dealings or transactions or otherwise is associated or will be associated with a Designated Person. In addition, the Borrowers hereby agree to provide to the Lenders any additional information that a Lender reasonably deems necessary from
time to time in order to ensure compliance with Sanctions Laws and Regulations and all applicable Laws concerning money laundering and similar activities. None of the Loan Parties, nor any Subsidiary, director or officer of any Loan Party or, to the
knowledge of the Borrowers, any Affiliate, agent or employee of any Loan Party, has engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws or regulations in any applicable
jurisdiction, including without limitation, any Sanctions Laws and Regulations. 
 ARTICLE VIII 

EVENTS OF DEFAULT AND REMEDIES 

8.01    Events of Default. 

Any of the following shall constitute an Event of Default: 

(a)      Non-Payment. The
Borrowers or any other Loan Party fail to pay (i) when and as required to be paid herein, any amount of principal of any Term Loan, or (ii) within five Business Days after the same becomes due, any interest on any Term Loan, or any
commitment or other fee due hereunder, or (iii) within five Business Days after the same becomes due and in the currency required hereunder, any other amount payable hereunder or under any other Loan Document; or 

(b)      Specific Covenants. The Borrowers shall 

(i)      default in the due performance or observance of any term, covenant or
agreement contained in Sections 6.02(a), 6.08, 6.10, or Article VII; 

  
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 (ii)      default in the due
performance or observance of any term, covenant or agreement contained in Section 6.01(a), (b), (c) or (d), 6.02(b), 6.09 or 6.11 and such default shall continue unremedied for a period of at
least 5 Business Days after the earlier of a Responsible Officer of a Borrower becoming aware of such default or written notice thereof by the Administrative Agent or any Lender; or 

(c)      Other Defaults. Any Loan Party fails to perform or observe any
other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of a Responsible Officer of a
Borrower becoming aware of such default or written notice thereof by the Administrative Agent or any Lender or, if such failure cannot reasonably be cured within such 30-day period, 60 days (but only to the
extent such failure can reasonably be cured within such 60-day period) so long as the Borrowers have diligently commenced such cure and are diligently prosecuting the completion thereof; or 

(d)      Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of the Borrowers or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall prove untrue in any material
respect on the date as of which it was deemed to have been made; or 

(e)      Cross-Default. (i) Any Borrower or any Subsidiary
(A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise beyond the applicable grace period with respect thereto) in respect of any Indebtedness or Guarantee (other than
Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of
more than $35,000,000 or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto beyond the applicable
grace period with respect thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or
agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or
otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded, or (ii) there occurs under
any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap
Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which any Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Borrower or such
Subsidiary as a result thereof is greater than $35,000,000; or 

  
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 (f)      Insolvency
Proceedings, Etc. Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the
appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 

(g)      Inability to Pay Debts; Attachment. (i) A Borrower or any
Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part
of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or 

(h)      Judgments. There is entered against any Borrower or any
Subsidiary (i) a final judgment or order for the payment of money in an aggregate amount exceeding $35,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any
one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings
are commenced by any creditor upon such judgment or order that are not stayed prior to the earlier of (1) the completion thereof or (2) 10 days from the commencement thereof, or (B) there is a period of 30 consecutive days during which a
stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i)      ERISA. (i) The minimum required contribution (as defined in
Code Section 430(a)) has failed to be contributed for any Pension Plan and could reasonably be expected to have a Material Adverse Effect or (ii) any of the following events or conditions, if such event or condition could reasonably be
expected to result in taxes, penalties, and other liabilities to any Consolidated Party in an aggregate amount greater than $35,000,000: (A) any lien shall arise on the assets of any Consolidated Party or any ERISA Affiliate in favor of the
PBGC or a Plan; (B) an ERISA Event shall occur with respect to a Single Employer Plan, which is, in the reasonable opinion of the Administrative Agent, likely to result in the termination of such Plan for purposes of Title IV of ERISA;
(C) an ERISA Event shall occur with respect to a Multiemployer Plan or Multiple Employer Plan, which is, in the reasonable opinion of the Administrative Agent, likely to result in (x) the termination of such Plan for purposes of Title IV
of ERISA, or (y) any Consolidated Party or any ERISA Affiliate incurring any liability in connection with a withdrawal from, reorganization of (within the meaning of Section 4241 of ERISA), or insolvency (within the meaning of
Section 4245 of ERISA) of such Plan; or (D) any prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary responsibility shall occur which may subject any Consolidated
Party or any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or 

  
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Section 4975 of the Code, or under any agreement or other instrument pursuant to which any Consolidated Party or any ERISA Affiliate has agreed or is required to indemnify any person against
any such liability; or 
 (j)      Invalidity of Loan Documents. Any
Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in any
manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; 

(k)      Change of Control. There occurs any Change of Control with
respect to the Borrowers; or 
 (l)      Subordinated Indebtedness
Documentation. (i) There shall occur and be continuing any “Event of Default” (or any comparable term) under, and as defined in the documents evidencing or governing any Subordinated Debt and any standstill period thereunder has
expired, (ii) any of the Obligations for any reason shall cease to be “Designated Senior Debt” (or any comparable term) under, and as defined in the documents evidencing or governing any Subordinated Indebtedness, (iii) any
Indebtedness other than the Obligations shall constitute “Designated Senior Indebtedness” (or any comparable term) under , and as defined in, any documents evidencing or governing any Subordinated Indebtedness or (iv) the
subordination provisions of the documents evidencing or governing any Subordinated Indebtedness shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the applicable
Subordinated Indebtedness. 
 8.02    Remedies Upon Event of Default. 

If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent
of, the Required Lenders, take any or all of the following actions: 

(a)      declare the Commitments of each Lender to make the Term Loans to be
terminated, whereupon such commitments shall be terminated; 

(b)      declare the unpaid principal amount of the Term Loans, all interest
accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrowers; and 
 (c)      exercise on behalf of itself and the
Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law; 

provided, however, that upon the occurrence of an actual or deemed entry of an order for relief
with respect to any Borrower under the Bankruptcy Code of the United States, the Commitment of each Lender shall automatically terminate, the unpaid principal 

  
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amount of the Term Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any Lender.

 8.03    Application of Funds. 

After the exercise of remedies provided for in Section 8.02 (or after the Term Loans have
automatically become immediately due and payable), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other
amounts (including Attorney Costs and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts
(other than principal and interest) payable to the Lenders (including Attorney Costs and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the
Term Loans and fees, premiums and scheduled periodic payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party and a Hedge Bank, to the extent such Swap Contract is permitted by
Section 7.01(d), ratably among the Lenders (and, in the case of such Swap Contracts, Hedge Banks) in proportion to the respective amounts described in this clause Third held by them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Term Loans
and the unpaid principal value of any termination payment relating to a Swap Contract between any Loan Party and a Hedge Bank; and 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the
Borrowers or as otherwise required by Law. 
 If and to the extent the Administrative Agent has received notice or other evidence that any
amount claimed as an Obligation is or could reasonably be determined to be an Excluded Swap Obligation with respect to any Guarantor, amounts received from any Guarantor or its assets shall not be applied to such Excluded Swap Obligations with
respect to such Guarantor, and adjustments shall be made with respect to amounts received from other Loan Parties and their assets as the Administrative Agent may determine, in consultation with or at the direction of, the Lenders to be equitable
(which may include, without limitation, the purchase and sale of participation interests) so that, to the maximum extent practical, the benefit of all amounts received from the Loan Parties and their assets are shared in accordance with the
allocation of recoveries set forth above that would apply if the applicable Swap Obligations were not Excluded Swap Obligations. Each Loan Party acknowledges and consents to the foregoing. 

ARTICLE IX 

ADMINISTRATIVE AGENT 

  
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 9.01    Appointment and Authority.

 Each of the Lenders hereby irrevocably appoints NWFCS to act on its behalf as the Administrative Agent hereunder and
under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers
as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders (other than with respect to the consent rights provided to the Borrowers in
Section 9.06), and neither the Borrowers nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in
any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term
is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

9.02    Rights as a Lender. 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as
any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

9.03    Exculpatory Provisions. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other
Loan Documents, and its duties hereunder shall be administrative in nature. 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 Loan 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 Loan 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 the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief

  
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Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 

(c)      shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or
any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or not taken by
it (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 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrowers or a Lender. 

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 Loan 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 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 Loan 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. 
 9.04    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 Borrowings, 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 Borrowings, as applicable. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), 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. 

9.05    Delegation of Duties. 

  
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 The Administrative Agent may perform any and all of its duties and exercise
its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of
the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the
extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such
sub-agents. 
 9.06      Resignation of
Administrative Agent. 
 (a)      The Administrative Agent may at any
time give notice of its resignation to the Lenders and the Administrative Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor, which shall be
a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not
be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on
the Resignation Effective Date. 
 (b)      If the Person serving as
Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Administrative Borrower and such Person remove
such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day
as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c)      With effect from the Resignation Effective Date or the Removal
Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments or other amounts
then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any,
as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the 

  
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retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the
retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or
under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and
Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

9.07    Non-Reliance on Administrative
Agent and Other Lenders. 
 Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges
that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

9.08    No Other Duties, Etc. 

Anything herein to the contrary notwithstanding, the Arranger listed on the cover page hereof shall have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. 

9.09    Administrative Agent May File Proofs of
Claim. 
 In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of a Term Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall
have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(a)      to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of a Term Loan and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent
(including any claim for the 

  
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reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Section 2.09) allowed in such judicial proceeding; and 

(b)      to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments
directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Section 2.07. 
 Nothing contained herein shall be deemed to authorize the
Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent
to vote in respect of the claim of any Lender in any such proceeding. 
 9.10    Guaranty
Matters. 
 Each of the Lenders irrevocably authorizes the Administrative Agent, at its option and in its
discretion, to release any Guarantor from its obligations under the Guaranty if (x) such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder or (y) such Person ceases to qualify as a Material Subsidiary
hereunder. 
 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the
Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. In
each case as specified in this Section 9.10, the Administrative Agent will, at the Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to
evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10. 

9.11    ERISA. 

(a)      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 Arrangers and
their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan 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 

  
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one or more Benefit Plans in connection with the Loans or the Commitments, (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. 

(b)      In addition, unless sub-clause
(i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in 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 the Arrangers, and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that:
(i) none of the Administrative Agent, or the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), (ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and
performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other
person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), (iii) the Person making the investment
decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and
with regard to particular transactions and investment strategies (including in respect of the Obligations), (iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with 

  
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respect to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and (v) no fee or other compensation
is being paid directly to the Administrative Agent, or the Arrangers or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement. 

(c)      The Administrative Agent, and the Arrangers hereby inform the Lenders
that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions
contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments
for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise,
including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,
fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

9.12    Erroneous Payments. 

(a)      Each Lender and any other party hereto hereby severally agrees that if
(i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account
or on behalf of a Lender (each such recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or
otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x)
that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as
applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or
(z) that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in
clauses (i) or (ii) of this Section 9.12(a), whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an
“Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this
Section 9.12 shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall

  
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not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect
to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 

(b)      Without limiting the immediately preceding clause (a), each
Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify the Administrative Agent in writing of such occurrence. 

(c)      In the case of either clause (a)(i) or (a)(ii) above,
such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent
such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than two Business Days thereafter, return to the Administrative Agent the amount of any
such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion
thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect. 
 (d)      In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a
Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then at the sole discretion of the Administrative Agent and upon the Administrative
Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) of the relevant Class with respect to which such
Erroneous Payment was made (the “Erroneous Payment Impacted Class”) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate in an amount that is equal
to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency
Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of
such Erroneous Payment Deficiency Assignment. Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning Lender and upon such
revocation all of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration. The parties hereto acknowledge and agree that (1) any
assignment contemplated in this clause (d) shall be made without any 

  
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requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause (d) shall govern in the event of
any conflict with the terms and conditions of Section 10.06. and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person. 

(e)      Each party hereto hereby agrees that (x) in the event an Erroneous
Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to all the rights of such Payment Recipient
with respect to such amount and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such
Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 9.12 or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a
Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such
Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making for a payment on the
Obligations and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment
Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received. 

(f)      Each party’s obligations under this
Section 9.12 shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document. 

(g)      Nothing in this Section 9.12 will constitute
a waiver or release of any claim of any party hereunder arising from any Payment Recipient’s receipt of an Erroneous Payment. 

ARTICLE X 

MISCELLANEOUS 

10.01    Amendments, Etc. 

Except as set forth in Section 2.12(d), no amendment or waiver of any provision of this Agreement or
any other Loan Document, and no consent to any departure by the Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrowers or the applicable Loan Party, as the case may be, and
acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific 

  
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instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a)      extend or increase the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 8.02) without the written consent of such Lender; 

(b)      postpone any date fixed by this Agreement or any other Loan Document
for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(c)      reduce the principal of, or the rate of interest specified herein on,
any Loan, or (subject to clause (iii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly
affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to pay interest at the Default Rate;

 (d)      change Section 2.11 or 8.03 in a
manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 

(e)      change any provision of this Section or the definition of
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written
consent of each Lender; 
 (f)      release all or substantially all of the
value of the Guarantees given by the Guarantors without the written consent of each Lender; or 

(g)      subordinate the payment priority of the Obligations without the written
consent of each Lender 
 and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and
signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (ii) Section 10.06(f) may not be
amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; and (iii) the Fee Letter may be amended, or
rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the
Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any
Defaulting Lender disproportionately adversely 

  
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relative to other affected Lenders shall require the consent of such Defaulting Lender. Further, notwithstanding anything to the contrary in this Section 10.01, if the
Administrative Agent and the Borrowers have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or the other Loan Documents or an inconsistency between provisions of this Agreement and/or the other Loan
Documents, the Administrative Agent and the Borrowers shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interest of the
Lenders. Any such amendment shall become effective without any further consent of any of other party to this Agreement but upon notice to the Lenders. 

10.02    Notices; Effectiveness; Electronic Communication. 

(a)      Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i)      if to the Borrowers or the Administrative Agent, to the address,
facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 

(ii)      if to any other Lender, to the address, facsimile number, electronic
mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices
that may contain material non-public information relating to the Borrowers). 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given
at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such
subsection (b). 
 (b)      Electronic Communications. Notices and
other communications to the Lenders 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, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. The Administrative Agent or any Borrower each may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to

  
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procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Administrative Agent otherwise prescribes, (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), 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; provided that, for both clauses
(i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient. 
 (c)      The Platform. THE PLATFORM IS PROVIDED
“AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS
FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to the Borrowers, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrowers’, any Loan
Party’s or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service through the Internet, except to the extent that such losses, claims,
damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no
event shall any Agent Party have any liability to the Borrowers, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d)      Change of Address, Etc. Each of the Borrowers and the
Administrative Agent may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and
other communications hereunder by notice to the Borrowers and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. 

  
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Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state
securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information
with respect to the Borrowers or their securities for purposes of United States Federal or state securities laws. 

(e)      Reliance by Administrative Agent and Lenders. The Administrative
Agent and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrowers even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by
any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Administrative Agent, each Lender and the Related Parties of each of
them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers. All telephonic notices to and other telephonic communications with the Administrative
Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

10.03    No Waiver; Cumulative Remedies; Enforcement. 

No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right,
remedy, power or privilege hereunder or any other Loan Document 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, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority
to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacities as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising set-off rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (c) any Lender from filing proofs of claim or appearing and filing
pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under
the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses
(b) and (c) of the preceding proviso and subject to Section 2.13, any Lender 

  
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may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

10.04    Expenses; Indemnity; Damage Waiver. 

(a)      Costs and Expenses. The Borrowers shall pay (i) all
reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for and
consultants to 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 Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all
out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for and consultants to the
Administrative Agent or any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with a
Term Loan issued hereunder, including all such out-of-pocket expenses incurred during any bankruptcy, workout, restructuring or negotiations in respect of such Term
Loan. 
 (b)      Indemnification by the Borrowers. The Borrowers 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, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any
Indemnitee by any Person (including the Borrowers or any other Loan Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the
case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in
Section 3.01), (ii) a Term Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the
Borrowers or any of their Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of their 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 Borrowers or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by any Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, if such Borrower 

  
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or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. Without limiting the provisions of
Section 3.01(c), this Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any
non-Tax claim. 

(c)      Reimbursement by Lenders. To the extent that the Borrowers for
any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by the Borrowers to the Administrative Agent (or any sub-agent thereof) or any
Related Party of any of the foregoing, 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 Applicable
Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided, further 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) or any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.10(d). 

(d)      Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable law, the Borrowers shall not assert, and hereby waive, and acknowledge that no other Person shall have, 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 Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, the Term
Loans or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended
recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or
actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e)      Payments. All amounts due under this Section shall be payable not
later than ten Business Days after demand therefor. 

(f)      Survival. The agreements in this Section and the indemnity
provisions of Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other
Obligations. 
 10.05    Payments Set Aside. 

To the extent that any payment by or on behalf of the Borrowers is made to the Administrative Agent or any Lender, or the
Administrative Agent or any Lender exercises its right 

  
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of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such set-off had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so
recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders
under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

10.06    Successors and Assigns. 

(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 Borrowers nor any other Loan 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
Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(d), (iii) by way of pledge or assignment of a security interest subject to the
restrictions of Section 10.06(e), or (iv) to an SPC in accordance with the provisions of Section 10.06(f) (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 assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Term Loans at the time owing to it); provided that any such assignment shall be subject to the
following conditions: 
 (i)      Minimum Amounts. 

(A)      in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and/or the Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of
an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

  
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 (B)      in any case not
described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment or, if the Commitment is not then in effect, the principal outstanding balance of portion of the applicable Term Loan 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 Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group)
will be treated as a single assignment for purposes of determining whether such minimum amount has been met. 

(ii)    Proportionate Amount. 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 applicable Term Loan or the Commitment assigned; 

(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 PotlatchDeltic (such consent not to be unreasonably
withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that
PotlatchDeltic shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and 

(B)      the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required for assignments to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 

(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 in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to
waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

  
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 (v)      No Assignment to
Certain Persons. No such assignment shall be made to (A) the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender
hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person).

 (vi)      Certain Additional Payments. In connection with any
assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of PotlatchDeltic and the Administrative Agent, the applicable pro rata share of the applicable Term Loan previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and
assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund
as appropriate) its full pro rata share of the applicable Term Loan in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall
become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

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 3.01, 3.02,
3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a
Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the
assignee Lender. 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. 

  
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 (c)      Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to
it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Term Loans owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by each of the Borrowers and 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 Borrowers or the Administrative Agent, sell participations to any Person and any such participant may sell sub-participations to any Person (other than a
natural Person or a trust for the benefit of a natural Person, a Defaulting Lender or any Borrower or any of the Borrowers’ Affiliates or Subsidiaries) (each such Person, 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 applicable Term Loan); 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 Borrowers, the Administrative Agent and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the existence
of any participation. 
 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 (A) that
such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant and (B) solely in the
case of a bank that is a member of the Farm Credit System that (x) has purchased a participation interest in the minimum amount of $5,000,000 in such Lender’s Commitment on or after the Restatement Date and (y) is, by written notice
(“Voting Participant Notification”), designated by such Lender to the Administrative Borrower and the Administrative Agent as being entitled to be accorded the rights of a Voting Participant hereunder (any bank that is a member of
the Farm Credit System so designated being called a “Voting Participant”), that such Voting Participant shall be entitled to vote (and the voting rights of such Lender shall be correspondingly reduced), on a Dollar for Dollar basis,
as if such Voting Participant were a Lender on any matter requiring or allowing a Lender to provide or withhold its consent or to otherwise vote on any proposed action. To be effective, each Voting Participant Notification shall, with respect to
such Voting Participant, (1) state the full legal name of such Voting Participant, as well as all contact information required of a Lender as set forth in Section 10.02(a)(ii)

  
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and (2) state the Dollar amount of participation interest purchased. Notwithstanding the above, the Administrative Agent acknowledges the participations noted on Schedule 2.01 as of
the Restatement Date and no Voting Participant Notification shall be required with respect to such participations. 

Subject to subsection (e) of this Section, the Borrowers agree that each Participant shall be entitled to
the benefits of Sections 3.01 and 3.02 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant
(A) agrees to be subject to the provisions of Sections 3.05 and 10.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01
or 3.02, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in
Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the
provisions of Section 3.05 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a
Lender; provided that such Participant agrees to be subject to Section 2.11 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the
Borrowers, 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 Term Loans or other obligations under the Loan Documents (the
“Participant Register”); provided that, except with respect to a Voting Participant, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or
any information relating to a Participant’s interest in Commitments, Term Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Term Loan
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e)      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 (including under its Note, if any) 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. 

(f)      Special Purpose Funding Vehicles. Notwithstanding anything to
the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an
“SPC”) the option to provide 

  
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all or any part of a Term Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a
commitment by any SPC to fund a Term Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of a Term Loan, the Granting Lender shall be obligated to make such Term Loan pursuant to the terms
hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement
(including its obligations under Section 3.05), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender
shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a portion of a Term Loan by an SPC hereunder shall utilize the
Commitment of the Granting Lender to the same extent, and as if, such portion of the applicable Term Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting
against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with
notice to, but without prior consent of the Borrowers and the Administrative Agent and with the payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative Agent at its sole discretion), assign all
or any portion of its right to receive payment with respect to a Term Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of its
portion of a Term Loan to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 

10.07    Treatment of Certain Information; Confidentiality. 

Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its Affiliates and to Related Parties (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), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or by any subpoena or similar legal process, and to the extent practicable, with prompt notice to the Administrative Borrower
(except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental or bank regulatory authority), (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its Related
Parties) to any swap, 

  
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derivative or other transaction under which payments are to be made by reference to the Borrowers and their obligations, this Agreement or payments hereunder, (g) on a confidential basis to
(i) any rating agency in connection with rating the Borrowers or their Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP
numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrowers 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 Borrowers. 

For purposes of this Section, “Information” means all information received from any Loan Party or any Subsidiary
thereof relating to any Loan 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
Loan Party or any Subsidiary thereof, provided that, in the case of information received from a Loan Party or any such Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of
such Information as such Person would accord to its own confidential information. 
 Each of the Administrative Agent and
the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrowers or a Subsidiary, as the case may be, (b) it has developed compliance procedures
regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United
States Federal and state securities Laws. 
 10.08    Right of Set-off. 
 If an Event of Default shall have occurred and be continuing, each
Lender and each of its respective 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 Borrowers or any other Loan Party against any and all of the
obligations of the Borrowers or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or its respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand
under this Agreement or any other Loan Document and although such obligations of the Borrowers or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or
Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to

  
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which it exercised such right of setoff. The rights of each Lender and its respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender or its respective Affiliates may have. Each Lender agrees to notify the Borrowers 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. 
 10.09    Interest Rate Limitation. 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan
Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an
amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by
the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

10.10    Counterparts; Integration; Effectiveness. 

This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 10.11    Survival of Representations
and Warranties. 
 All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and
each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of the
Borrowing, and shall continue in full force and effect as long as a Term Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 

10.12    Severability. 

  
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 If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, as applicable, then such provisions shall be deemed to be in effect
only to the extent not so limited. 
 10.13    Replacement of Lenders. 

If the Borrowers are entitled to replace a Lender pursuant to the provisions of Section 3.05, or
if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing rights to payments
pursuant to Sections 3.01 and 3.06) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that: 
 (a)   the Borrowers shall have paid to the Administrative
Agent the assignment fee specified in Section 10.06(b); 

(b)      such Lender shall have received payment of an amount equal to the
outstanding principal of its portion of the Term Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.07) from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); 

(c)    in the case of any such assignment resulting from a claim for compensation under
Section 3.06 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(d)      such assignment does not conflict with applicable Laws; and 

(e)    in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 

  
 150 

 10.14    Governing Law; Jurisdiction ;
Etc. 
 (a)      GOVERNING LAW. THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS AND ANY CLAIMS CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY
SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b)      SUBMISSION TO JURISDICTION. EACH OF THE BORROWERS AND EACH OTHER
LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY
LENDER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND
OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS
IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN
ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWERS OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 (c)      WAIVER OF VENUE. EACH OF THE BORROWERS AND EACH OTHER LOAN
PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY 

  
 151 

 
APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d)      SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

10.15    Waiver of Jury Trial. 

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

10.16    USA PATRIOT Act. 

Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of
any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is
required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of the Borrowers and other information that will allow such Lender or the Administrative Agent, as applicable, to
identify the each Loan Party in accordance with the Act. The Borrowers shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender
requests in order to comply with its ongoing obligations under applicable “know your customer” anti-money laundering rules and regulations, including the Act. 

10.17    No Advisory or Fiduciary Responsibility. 

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or
other modification hereof or of any other Loan Document), each of the Borrowers acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by
the Administrative Agent, the Arranger and the Lenders, are arm’s-length commercial transactions between the Borrowers and their respective Affiliates, on the one hand, and the Administrative

  
 152 

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

10.18    Electronic Execution of Assignments and Certain Other Documents. 

The words “execute,” “execution,” “signed,” “signature,” and words of like import in
or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including, without limitation, Assignment and Assumptions, any amendments or other modifications, waivers and consents) shall be
deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, 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; provided that notwithstanding anything contained herein to the
contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures provided by it. 

10.19    Most Favored Lender. 

If at any time the Revolving Credit Agreement or any other Loan Document (as defined in the Revolving Credit Agreement), or
the documentation for any replacement revolving credit facility, includes (i) covenants or events of default in favor of a Lender (as defined in the Revolving Credit Agreement), or lender under any replacement revolving credit facility, that
are not provided for in this Agreement or the other Loan Documents, (ii) covenants or events of default in favor of a Lender (as defined in the Revolving Credit Agreement), or lender under any replacement revolving credit facility, that are
more restrictive than the same or similar covenants or events of default provided for in this Agreement or the other Loan Documents or (iii) covenants or events of default in favor of a Lender (as defined in the Revolving Credit Agreement), or
lender under 

  
 153 

 
any replacement revolving credit facility, that are more favorable to the Borrower than the same or similar covenants or events of default provided for in this Agreement or the other Loan
Documents, but, in the case of this clause (iii), only to the extent that NWFCS (x) is a lender or voting participant under the Revolving Credit Agreement (or replacement revolving credit facility) at such time, and (y) in the case of an
amendment, has approved such amendment in its capacity as a lender or voting participant under the Revolving Credit Agreement (or replacement revolving credit facility) (the “Most Favored Covenants”), then (a) such additional,
more restrictive or more favorable covenants or events of default shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived,
amended or modified under this Agreement except pursuant to the provisions of Section 10.01, and (b) the Borrowers shall promptly, and in any event within five (5) days after entering into any such Most Favored
Covenant, so advise the Administrative Agent in writing. Thereafter, upon the request of the Required Lenders, the Borrowers and Guarantors shall enter into an amendment to this Agreement with the Administrative Agent and the Required Lenders
evidencing the incorporation of such incremental or more restrictive or more favorable covenant or event of default, 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 by reference described in clause (a) of the immediately preceding sentence. 

10.20    Acknowledgment and Consent to Bail-In of
Affected Financial Institutions. 
 Notwithstanding anything to the contrary in any Loan Document or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the
write-down and conversion powers of the applicable 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 the
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected 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 Affected Financial Institution, its parent undertaking, 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 Loan Document; or 

(iii)      the variation of the terms of such liability in connection with the
exercise of the write-down and conversion powers of the applicable Resolution Authority. 

  
 154 

 10.21    Rates Disclaimer. 

The Administrative Agent does not warrant or accept responsibility for, and each of the parties to this Agreement hereby
acknowledge and agree (for the benefit of the Administrative Agent) that the Administrative Agent shall not have any liability with respect to (a) the administration of, submission of, calculation of or any other matter related to rates in the
definition of “SOFR”, “Term SOFR”, “Adjusted Term SOFR”, “Daily Simple SOFR”, or any other SOFR-based replacement rate, any component definition thereof or rates referenced in the definition thereof or any
alternative, comparable or successor rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, comparable or successor rate (including any
Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, any other Benchmark or (b) the effect, implementation or composition of any Benchmark Replacement
Conforming Changes. 
 10.22    Amendment and Restatement. 

This Agreement constitutes an amendment and restatement of the Existing Term Loan Agreement and the Deltic Term Loan Agreement
effective from and after the Restatement Date. The execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other obligations owing to the lenders or the administrative agent under the Existing Term Loan
Agreement or the Deltic Term Loan Agreement based on facts or events occurring or existing prior to the execution and delivery of this Agreement. The parties hereto agree that, on the Restatement Date, the following shall be deemed to occur
automatically, without further action by any party hereto: (a) the Existing Term Loan Agreement and the Deltic Term Loan Agreement shall be deemed to be amended and restated in its entirety pursuant to this Agreement; (b) all Obligations
under the Existing Term Loan Agreement and the Deltic Term Loan Agreement outstanding on the Restatement Date shall in all respects be continuing and be deemed to Obligations outstanding hereunder; and (c) all references in the other Loan
Documents to the Existing Term Loan Agreement and the Deltic Term Loan Agreement shall be deemed to refer without further amendment to this Agreement. The parties hereto further acknowledge and agree that this Agreement constitutes an amendment to
the Existing Term Loan Agreement made in accordance with Section 10.01 of the Existing Term Loan Agreement and an amendment of the Deltic Term Loan Agreement in accordance with Section 10.2 of the Deltic Term Loan Agreement. All loans and
other obligations of the Loan Parties outstanding as of the Restatement Date under the Existing Credit Agreement and the Deltic Term Loan Agreement shall be deemed to be loans and obligations outstanding under the corresponding facilities described
herein, without any further action by any Person. 
 10.23    Acknowledgement Regarding Any
Supported QFC. 
 To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any
Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
“U.S. Special  

  
 155 

 
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in
fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(a)      In the event a Covered Entity that is party to a Supported QFC (each, a
“Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC
and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a
Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support. 
 (b)      As used in this
Section 10.23, the following terms have the following meanings: 
 “BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Covered Entity” means any of the following: (i) a “covered entity” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default Right” has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 ARTICLE XI 

GUARANTY 

11.01    The Guaranty. 

  
 156 

 Each of the Guarantors hereby jointly and severally guarantees to each
Lender and the Administrative Agent as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash
collateralization or otherwise) strictly in accordance with the terms thereof. The Guarantors hereby further agree that if any of the Obligations are not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration,
as a mandatory cash collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the
Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) in accordance with the terms of such extension or renewal.

 Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, the obligations of
each Guarantor under this Agreement and the other Loan Documents shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under the Debtor Relief Laws or any comparable
provisions of any applicable state law. 
 11.02    Obligations Unconditional. 

The obligations of the Guarantors under Section 11.01 are joint and several, absolute and
unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents or any other agreement or instrument referred to therein, or any substitution, release, impairment or exchange of any other
guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or
guarantor, it being the intent of this Section 11.02 that the obligations of the Guarantors hereunder shall be absolute and unconditional under any and all circumstances. Each Guarantor agrees that such Guarantor shall have
no right of subrogation, indemnity, reimbursement or contribution against the Borrowers or any other Guarantor for amounts paid under this Article XI until such time as the Obligations have been Fully Satisfied. Without limiting the
generality of the foregoing, it is agreed that, to the fullest extent permitted by Law, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder which shall remain absolute and
unconditional as described above: 
 (a)      at any time or from time to
time, without notice to any Guarantor, the time for any performance of or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived; 

(b)      any of the acts mentioned in any of the provisions of any of the Loan
Documents or any other agreement or instrument referred to in the Loan Documents shall be done or omitted; 

(c)      the maturity of any of the Obligations shall be accelerated, or any of
the Obligations shall be modified, supplemented or amended in any respect, or any right under any of the Loan Documents or any other agreement or instrument referred to in the Loan 

  
 157 

 
Documents shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; 

(d)      any Lien granted to, or in favor of, the Administrative Agent or any
Lender or Lenders as security for any of the Obligations shall fail to attach or be perfected; or 

(e)      any of the Obligations shall be determined to be void or voidable
(including, without limitation, for the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of any Guarantor). 

With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment,
protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents or any other agreement or instrument referred to in
the Loan Documents or against any other Person under any other guarantee of, or security for, any of the Obligations. 

11.03    Reinstatement. 

The obligations of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for
any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy or reorganization or
otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses (including, without limitation, fees and expenses of counsel) incurred by the Agent or such Lender
in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy,
insolvency or similar law. 
 11.04    Certain Additional Waivers. 

Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the
exercise of rights of subrogation pursuant to Section 11.02 and through the exercise of rights of contribution pursuant to Section 11.06. 

11.05    Remedies. 

The Guarantors agree that, to the fullest extent permitted by law, as between the Guarantors, on the one hand, and the
Administrative Agent and the Lenders, on the other hand, the Obligations may be declared to be forthwith due and payable as provided in Section 8.02 (and shall be deemed to have become automatically due and payable in the
circumstances provided in said Section 8.02) for purposes of Section 11.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations from
becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not due and payable by any
other Person) shall forthwith become due and 

  
 158 

 
payable by the Guarantors for purposes of Section 11.01. The Guarantors acknowledge and agree that to the extent their obligations hereunder become secured, the Lenders
may exercise their remedies thereunder in accordance with the terms of the applicable security documents. 

11.06    Rights of Contribution. 

The Guarantors hereby agree as among themselves that, in connection with payments made hereunder, each Guarantor shall have a
right of contribution from each other Guarantor in accordance with applicable Law. Such contribution rights shall be subordinate and subject in right of payment to the Obligations until such time as the Obligations have been Fully Satisfied, and
none of the Guarantors shall exercise any such contribution rights until the Obligations have been Fully Satisfied. 

11.07    Guarantee of Payment; Continuing Guarantee. 

The guarantee in this Article XI is a guaranty of payment and not of collection, is a continuing guarantee, and shall
apply to all Obligations whenever arising. 
 11.08    Keepwell. 

Each Borrower and each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support to each other Guarantor as may be needed by such Guarantor from time to time to honor all of its obligations under this Guaranty and the other Loan Documents to which it is a party with respect to
Swap Obligations that would, in the absence of the agreement in this Section 11.08, otherwise constitute Excluded Swap Obligations (but, in each case, only up to the maximum amount of such liability that can be hereby
incurred without rendering the Borrower’s and such Qualified ECP Guarantors’ obligations and undertakings under this Section voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater
amount). The obligations and undertakings of the Borrowers and the Qualified ECP Guarantors under this Section 11.08 shall remain in full force and effect until the Guarantors’ Obligations have been indefeasibly paid
and performed in full. The Borrowers and the Qualified ECP Guarantors intend this Section 11.08 to constitute, and this Section 11.08 shall be deemed to constitute, a guarantee of the obligations
of, and a “keepwell, support, or other agreement” for the benefit of, each Guarantor for all purposes of the Commodity Exchange Act. 

  
 159 

 SCHEDULE 2.01 

TERM LOAN S 
  

									
	Lender            	    	Commitment        	 	    	Applicable
Percentage	 
	 Northwest Farm Credit Services, PCA*
	    	$	40,000,000.00	 	    	 	100.000000000	% 
			
	 Total
	    	$	40,000,000.00	 	    	 	100.000000000	% 

 * Prior to giving effect to the participations noted below. 

  
 160 

 VOTING PARTICIPANTS - COMMITMENTS AND APPLICABLE PERCENTAGES 

 

															
	
Lender

    
	  	 Voting

Participant

    
	  	 Term Loan S

Commitment

    
	 	  	 Resulting

Term Loan S

Commitment /

Participation
	 	  	 Resulting

Applicable

Percentage of

Term Loan
	 
	Northwest Farm Credit Services, PCA	  	-	  	 	$40,000,000.00	 	  	 	$3,677,419.35	 	  	 	9.193548375%	 
	 	  	CoBank, FCB	  	 	 	 	  	 	$5,380,645.16	 	  	 	13.451612900%	 
	 	  	Farm Credit East, ACA	  	 	 	 	  	 	$2,387,096.78	 	  	 	5.967741950%	 
	 	  	Farm Credit Services of America, FLCA	  	 	 	 	  	 	$4,425,806.45	 	  	 	11.064516125%	 
	 	  	Farm Credit West, FLCA	  	 	 	 	  	 	$3,819,354.84	 	  	 	9.548387100%	 
	 	  	Farm Credit Mid-America, FLCA	  	 	 	 	  	 	$4,425,806.45	 	  	 	11.064516125%	 
	 	  	Capital Farm Credit, FLCA	  	 	 	 	  	 	$2,387,096.78	 	  	 	5.967741950%	 
	 	  	Farm Credit Bank of Texas	  	 	 	 	  	 	$4,774,193.55	 	  	 	11.935483875%	 
	 	  	AgFirst Farm Credit Bank	  	 	 	 	  	 	$5,380,645.16	 	  	 	13.451612900%	 
	 	  	AgCountry Farm Credit Services, FLCA (f/k/a FCS Commercial Finance Group, for AgCountry Farm Credit Services, FLCA)	  	 	 	 	  	 	$3,341,935.48	 	  	 	8.354838700%	 
	TOTAL	  	 	  	 	 $40,000,000.00
	 	  	 	 $40,000,000.00
	 	  	 	 100.000000000%
	 

  
 161Exhibit 4.4

 

ORANGE COUNTY BANCORP, INC.,

 

AS ISSUER

 

AND

 

[    ],

 

AS TRUSTEE

 

SENIOR INDENTURE

 

DATED AS OF [ ], 20[ ]

 

SENIOR DEBT SECURITIES

 

     

     

    

 

CROSS-REFERENCE TABLE

 

Reconciliation and tie between the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”), and the Indenture dated as of [ ], 20[ ].

 

	SECTION OF TRUST INDENTURE ACT	 	SECTION OF INDENTURE
	310(a)(1) and (2)	 	7.09
	310(a)(3) and (4)	 	Not applicable
	310(a)(5)	 	7.09
	310(b)	 	7.08 and 7.10
	311(a) and (b)	 	7.13
	312(a)	 	5.01 and 5.02(a)
	312(b) and (c)	 	5.02(b) and (c)
	313(a)	 	5.04(a)
	313(b)(1)	 	Not applicable
	313(b)(2)	 	5.04(b)
	313(c)	 	5.04(c)
	313(d)	 	5.04(d)
	314(a)	 	5.03
	314(b)	 	Not applicable
	314(c)(1) and (2)	 	14.04
	314(c)(3)	 	Not applicable
	314(d)	 	Not applicable
	314(e)	 	15.05
	314(f)	 	Not applicable
	315(a), (c) and (d)	 	7.01
	315(b)	 	7.14
	315(e)	 	6.14
	316(a)(1)	 	6.12
	316(a)(2)	 	Omitted
	316(a) last sentence	 	8.04
	316(b)	 	6.08
	316(c)	 	8.06
	317(a)	 	6.03 and 6.04
	317(b)	 	4.03(a)
	318(a)	 	15.07

 

Note: This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.

 

Attention should also be directed to Section 318(c) of the
Trust Indenture Act, which provides that the provisions of Sections 310 to and including Section 317 of the Trust Indenture Act are
a part of and govern every qualified indenture, whether or not physically contained therein.

 

    	 	i	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page(s)
	ARTICLE 1 DEFINITIONS	1
	 	 	 
	SECTION 1.01.	Definitions	1
	 	 
	ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	 	 	 
	SECTION 2.01.	Amount
Unlimited; Issuable in Series	5
	 	 	 
	SECTION 2.02.	Form of
Trustee’s Certificate of Authentication	5
	 	 	 
	SECTION 2.03.	Form of
Securities Generally; Establishment of Terms of Series	6
	 	 	 
	SECTION 2.04.	Securities
in Global Form	8
	 	 	 
	SECTION 2.05.	Denominations;
Record Date; Payment of Interest	9
	 	 	 
	SECTION 2.06.	Execution,
Authentication, Delivery and Dating of Securities	9
	 	 	 
	SECTION 2.07.	Exchange
and Registration of Transfer of Securities	11
	 	 	 
	SECTION 2.08.	Temporary
Securities	12
	 	 	 
	SECTION 2.09.	Mutilated,
Destroyed, Lost or Stolen Securities	12
	 	 	 
	SECTION 2.10.	Cancellation	13
	 	 	 
	SECTION 2.11.	Book-Entry
Only System	13
	 	 
	ARTICLE 3 REDEMPTION OF SECURITIES	14
	 	 	 
	SECTION 3.01.	Redemption
of Securities, Applicability of Section	14
	 	 	 
	SECTION 3.02.	Notice
of Redemption, Selection of Securities	14
	 	 	 
	SECTION 3.03.	Payment
of Securities Called for Redemption	15
	 	 	 
	SECTION 3.04.	Redemption
Suspended During Event of Default	15
	 	 
	ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY	15
	 	 	 
	SECTION 4.01.	Payment of Principal, Premium and Interest	15
	 	 	 
	SECTION 4.02.	Offices
for Notices and Payments	16
	 	 	 
	SECTION 4.03.	Provisions
as to Paying Agent	16
	 	 	 
	SECTION 4.04.	Statement
as to Compliance	17
	 	 	 
	SECTION 4.05.	Corporate
Existence	17
	 	 	 
	SECTION 4.06.	Waiver
of Covenants	17

 

    	 	ii	 

     

    

	 	 
	ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	17
	 	 	 
	SECTION 5.01.	Securityholder
Lists	17
	 	 	 
	SECTION 5.02.	Preservation
and Disclosure of Lists	18
	 	 	 
	SECTION 5.03.	Reports
by the Company	18
	 	 	 
	SECTION 5.04.	Reports
by the Trustee	18
	 	 
	ARTICLE 6 REMEDIES	19
	 	 	 
	SECTION 6.01.	Events
of Default; Acceleration of Maturity	19
	 	 	 
	SECTION 6.02.	Rescission and Annulment	20
	 	 	 
	SECTION 6.03.	Collection
of Indebtedness and Suits for Enforcement by Trustee	20
	 	 	 
	SECTION 6.04.	Trustee May File Proofs of Claim	21
	 	 	 
	SECTION 6.05.	Trustee
May Enforce Claims Without Possession of Securities	21
	 	 	 
	SECTION 6.06.	Application
of Money Collected	21
	 	 	 
	SECTION 6.07.	Limitation
on Suits	22
	 	 	 
	SECTION 6.08.	Unconditional
Right of Securityholders to Receive Principal and Interest	22
	 	 	 
	SECTION 6.09.	Restoration
of Rights and Remedies	22
	 	 	 
	SECTION 6.10.	Rights
and Remedies Cumulative	23
	 	 	 
	SECTION 6.11.	Delay
or Omission Not Waiver	23
	 	 	 
	SECTION 6.12.	Control
by Securityholders	23
	 	 	 
	SECTION 6.13.	Waiver
of Past Defaults	23
	 	 	 
	SECTION 6.14.	Undertaking
for Costs	24
	 	 	 
	SECTION 6.15.	Waiver
of Stay or Extension Laws	24
	 	 
	ARTICLE 7 CONCERNING THE TRUSTEE	24
	 	 	 
	SECTION 7.01.	Duties
and Responsibilities of Trustee	24
	 	 	 
	SECTION 7.02.	Reliance on Documents, Opinions, etc.	25
	 	 	 
	SECTION 7.03.	No Responsibility for Recitals, etc.	26
	 	 	 
	SECTION 7.04.	Ownership
of Securities	26
	 	 	 
	SECTION 7.05.	Moneys
to be Held in Trust	26

 

    	 	iii	 

     

    

	 	 	 
	SECTION 7.06.	Compensation
and Expenses of Trustee	27
	 	 	 
	SECTION 7.07.	Officers’
Certificate or Opinion of Counsel as Evidence	27
	 	 	 
	SECTION 7.08.	Disqualifications;
Conflicting Interest of Trustee	27
	 	 	 
	SECTION 7.09.	Eligibility
of Trustee	27
	 	 	 
	SECTION 7.10.	Resignation
or Removal of Trustee	28
	 	 	 
	SECTION 7.11.	Acceptance by Successor Trustee	28
	 	 	 
	SECTION 7.12.	Successor by Merger, etc.	29
	 	 	 
	SECTION 7.13.	Limitations
on Rights of Trustee as Creditor	29
	 	 	 
	SECTION 7.14.	Notice
of Default	29
	 	 	 
	SECTION 7.15.	Appointment
of Authenticating Agent	30
	 	 
	ARTICLE 8 CONCERNING THE SECURITYHOLDERS	31
	 	 	 
	SECTION 8.01.	Action
by Securityholders	31
	 	 	 
	SECTION 8.02.	Proof
of Execution by Securityholders	31
	 	 	 
	SECTION 8.03.	Who
Are Deemed Absolute Owners	32
	 	 	 
	SECTION 8.04.	Company-Owned
Securities Disregarded	32
	 	 	 
	SECTION 8.05.	Revocation
of Consents; Future Securityholders Bound	32
	 	 	 
	SECTION 8.06.	Record
Date	32
	 	 
	ARTICLE 9 SECURITYHOLDERS’ MEETINGS	33
	 	 	 
	SECTION 9.01.	Purposes
of Meeting	33
	 	 	 
	SECTION 9.02.	Call
of Meetings by Trustee	33
	 	 	 
	SECTION 9.03.	Call
of Meetings by Company or Securityholders	33
	 	 	 
	SECTION 9.04.	Qualifications
for Voting	33
	 	 	 
	SECTION 9.05.	Regulations	34
	 	 	 
	SECTION 9.06.	Voting	34
	 	 
	ARTICLE 10 SUPPLEMENTAL INDENTURES	34
	 	 	 
	SECTION 10.01.	Supplemental
Indentures without Consent of Securityholders	34
	 	 	 
	SECTION 10.02.	Supplemental
Indentures with Consent of Holders	36

 

    	 	iv	 

     

    

	 	 	 
	SECTION 10.03.	Compliance
with Trust Indenture Act; Effect of Supplemental Indentures	37
	 	 	 
	SECTION 10.04.	Notation
on Securities	37
	 	 
	ARTICLE 11 CONSOLIDATION, MERGER, SALE OR CONVEYANCE	37
	 	 	 
	SECTION 11.01.	Company
May Consolidate, etc., on Certain Terms	37
	 	 	 
	SECTION 11.02.	Successor
Corporation Substituted	37
	 	 	 
	SECTION 11.03.	Opinion
of Counsel and Officers’ Certificate to be Given Trustee	38
	 	 
	ARTICLE 12 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	38
	 	 	 
	SECTION 12.01.	Discharge
of Indenture	38
	 	 	 
	SECTION 12.02.	Deposited
Moneys to be Held in Trust by Trustee	38
	 	 	 
	SECTION 12.03.	Paying
Agent to Repay Moneys Held	39
	 	 	 
	SECTION 12.04.	Return
of Unclaimed Moneys	39
	 	 
	ARTICLE 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	39
	 	 	 
	SECTION 13.01.	Indenture
and Securities Solely Corporate Obligations	39
	 	 
	ARTICLE 14 DEFEASANCE AND COVENANT DEFEASANCE	39
	 	 	 
	SECTION 14.01.	Applicability
of Article	39
	 	 	 
	SECTION 14.02.	Defeasance
and Discharge	39
	 	 	 
	SECTION 14.03.	Covenant
Defeasance	40
	 	 	 
	SECTION 14.04.	Conditions
to Defeasance or Covenant Defeasance	40
	 	 	 
	SECTION 14.05.	Deposited
Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	41
	 	 
	ARTICLE 15 MISCELLANEOUS PROVISIONS	42
	 	 	 
	SECTION 15.01.	Benefits
of Indenture Restricted to Parties and Securityholders	42
	 	 	 
	SECTION 15.02.	Provisions
Binding on Company’s Successors	42
	 	 	 
	SECTION 15.03.	Addresses
for Notices, etc., to Company and Trustee	42
	 	 	 
	SECTION 15.04.	Notice
to Holders of Securities; Waiver	42
	 	 	 
	SECTION 15.05.	Evidence
of Compliance with Conditions Precedent	43
	 	 	 
	SECTION 15.06.	Legal
Holidays	43

 

    	 	v	 

     

    

 

	 	 	 
	SECTION 15.07.	Trust
Indenture Act to Control	43
	 	 	 
	SECTION 15.08.	Execution
in Counterparts	44
	 	 	 
	SECTION 15.09.	Governing
Law; Waiver of Jury Trial	44
	 	 	 
	SECTION 15.10.	Severability	44
	 	 	 
	SECTION 15.11.	Interpretations	44
	 	 	 
	SECTION 15.12.	U.S.A.
Patriot Act	45
	 	 
	ARTICLE 16 RANKING OF SECURITIES	45
	 	 	 
	SECTION 16.01.	Ranking	45

 

    	 	vi	 

     

    

 

THIS INDENTURE, dated as of [ ], 20[ ] between
Orange County Bancorp, Inc., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”),
and [ ], a [ ], as trustee (the “Trustee,” which term shall include any successor trustee appointed pursuant to Article 7
of this Indenture).

 

WHEREAS, the Company deems it necessary to issue
from time to time for its lawful purposes securities (the “Securities”) evidencing its indebtedness and has duly authorized
the execution and delivery of this Indenture to provide for the issuance of the Securities in one or more series, unlimited as to principal
amount, to bear such rates of interest, to mature at such time or times, and to have such other provisions as shall be fixed as hereinafter
provided; and

 

WHEREAS, the Company represents that all acts and
things necessary to constitute these presents a valid indenture and agreement according to its terms have been done and performed, and
the execution of this Indenture has in all respects been duly authorized, and the Company, in the exercise of legal right and power in
it vested, is executing this Indenture;

 

NOW, THEREFORE:

 

In order to declare the terms and conditions upon
which the Securities are authenticated, issued and received, and in consideration of the premises and the purchase and acceptance of the
Securities by the holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of the respective holders
from time to time of the Securities, as follows:

 

ARTICLE 1

DEFINITIONS

 

SECTION 1.01. Definitions.

 

The terms defined in this Section (except
as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section. All other terms used in this Indenture that are defined
in the Trust Indenture Act or that are by reference therein defined in the Securities Act shall have the meanings (except as herein otherwise
expressly provided or unless the context otherwise requires) assigned to such terms in the Trust Indenture Act and in the Securities Act
as in force at the date of this Indenture as originally executed. All accounting terms used herein and not expressly defined shall have
the meanings assigned to such terms in accordance with United States generally accepted accounting principles as are generally accepted
at the time of any computation. The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this
Article have the meanings assigned to them in this Article and include the plural as well as the singular.

 

“Additional Amounts” shall mean any
additional amounts to be paid by the Company in respect of Securities of a series, as may be specified pursuant to Section 2.03(b) hereof
and in such Security and under the circumstances specified therein, in respect of specified taxes, assessments or other governmental charges
imposed on certain holders who are United States Aliens.

 

“Authorized Officer” shall have the
meaning set forth in Section 3.02 hereof.

 

“Board of Directors” or “Board”
shall mean the Board of Directors of the Company or any duly authorized committee of such Board.

 

“Board Resolution” shall mean a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors or by a committee
acting under authority of or appointment by the Board of Directors and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

    	 	1	 

     

    

 

“Business Day” shall mean, unless otherwise
specified pursuant to Section 2.03(b), any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which
banking institutions or trust companies in the City of New York, New York, or any Place of Payment are authorized or obligated by law,
regulation or executive order to remain closed.

 

“Capital Stock” shall mean, as to shares
of a particular corporation, outstanding shares of stock of any class, whether now or hereafter authorized, irrespective of whether such
class shall be limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate in dividends and in
the distribution of assets upon the voluntary liquidation, dissolution or winding up of such corporation.

 

“Commission” shall mean the Securities
and Exchange Commission or any successor agency.

 

“Company” shall mean the person named
as the “Company” in the first paragraph of this instrument until a successor corporation shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company Request” and “Company
Order” mean, respectively, a written request or order signed in the name of the Company by its Chief Executive Officer, President,
Chief Financial Officer, Vice President, General Counsel, Secretary or Assistant Secretary or Treasurer or Assistant Treasurer and delivered
to the Trustee.

 

“Corporate Trust Office” means the
office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at
the date hereof is located at [ ], Attention: Orange County Bancorp, Inc. Administrator, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee
(or such other address as such successor Trustee may designate from time to time by notice to the holders and the Company).

 

“covenant defeasance” shall have the
meaning set forth in Section 14.03.

 

“Default” or “default”
shall have the meaning specified in Article 6.

 

“defeasance” shall have the meaning
set forth in Section 14.02.

 

“Depositary” shall mean, with respect
to the Securities of any series issuable or issued in whole or in part in the form of one or more permanent global Securities, the person
designated as Depositary by the Company pursuant to Section 2.03(b), which must be a clearing agency registered under the Exchange
Act, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary”
shall mean or include each person who is then a Depositary hereunder, and if at any time there is more than one such person, “Depositary”
as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of such series.

 

“Dollar” or “$” shall mean
a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the
payment of public and private debts.

 

“Event of Default” shall have the meaning
specified in Article 6.

 

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended.

 

“Exchange Date” shall have the meaning
set forth in Section 2.08.

 

“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.03 evidencing
all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of
such Depositary or nominee.

 

“holder,” “holder of Securities,”
 “securityholder” or other similar term shall mean in the case of any Registered Security, the person in whose name such Security
is registered in the Security Register kept by the Company for that purpose, in accordance with the terms hereof.

 

    	 	2	 

     

    

 

“Indebtedness” means, without duplication,
the principal, premium, if any, unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not a claim for post-filing interest is allowed in such proceeding), fees, charges,
expenses, reimbursement and indemnification obligations, and all other amounts payable under or in respect of the following indebtedness
of the Company, whether any such indebtedness exists as of the date of the Indenture or is created, incurred or assumed after such date:
(i) all obligations for borrowed money, (ii) all obligations evidenced by debentures, Securities or other similar instruments,
(iii) all obligations in respect of letters of credit or bankers acceptances or similar instruments (or reimbursement obligations
with respect thereto), (iv) all obligations to pay the deferred purchase price of property or services, except trade accounts payable
arising in the ordinary course of business, (v) all indebtedness of others guaranteed by the Company or any of its Subsidiaries or
for which the Company or any of its Subsidiaries is legally responsible or liable (whether by agreement to purchase indebtedness of, or
to supply funds or to invest in, others) and (vi) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any
security interest existing on property owned by the Company but excluding any obligations of the Company which are required (as opposed
to elected to be treated) as capitalized leases under United States generally accepted accounting principles.

 

“Indenture” shall mean this instrument
as originally executed and delivered or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, including without limitation, the forms and terms of particular series
of Securities established as contemplated by Article 2.

 

“Material Subsidiary” means Orange
County Bank & Trust, or any successor thereof or any Subsidiary of the Company that is a depository institution and that has
consolidated assets equal to 80% or more of the Company’s consolidated assets.

 

“Officers’ Certificate” shall
mean a certificate signed by the Chief Executive Officer, President or other principal executive officer and by the Chief Financial Officer
or other principal financial officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company and
delivered to the Trustee.

 

“Opinion of Counsel” shall mean an
opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company and who shall be reasonably satisfactory
to the Trustee, or who may be other counsel reasonably satisfactory to the Trustee.

 

“Original Issue Discount Securities”
shall mean any Securities that are initially sold at a discount from the principal amount thereof and that provide upon an Event of Default
for declaration of an amount less than the principal amount thereof to be due and payable upon acceleration thereof.

 

“Outstanding” or “outstanding,”
when used with reference to Securities, shall, subject to the provisions of Section 7.08, Section 8.01 and Section 8.04,
mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except:

 

(a)            Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(b)            Securities,
or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with the
Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated and held in trust by the Company
(if the Company shall act as its own paying agent) for the holders of such Securities; provided, that if such Securities, or portions
thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article 3,
or provision satisfactory to the Trustee shall have been made for giving such notice;

 

(c)            Securities
that have been defeased pursuant to Section 14.02 hereof; and

 

(d)            Securities
that have been paid pursuant to Section 2.09, or Securities in exchange for, in lieu of and in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section 2.07, unless proof satisfactory to the Trustee is presented
that any such Securities are held by bona fide holders in due course.

 

    	 	3	 

     

    

 

“Periodic Offering” shall mean an offering
of Securities of a series, from time to time, the specific terms of which (including, without limitation, the rate or rates of interest
or formula for determining the rate or rates of interest thereon, if any, the maturity date or dates thereof and the redemption provisions,
if any, with respect thereto) are to be determined by the Company upon the issuance of such Securities.

 

“Person” or “person” shall
mean any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“Place of Payment,” when used with
respect to the Securities of any series, means the place or places where, subject to the provisions of Section 4.02, the principal
of (and premium, if any, on) and any interest on the Securities of that series are payable as specified as contemplated by Section 2.03(b).

 

“record date” as used with respect
to any interest payment date shall have the meaning specified in Section 2.05.

 

“Registered Security” shall mean any
Security established pursuant to Section 2.01 and Section 2.03(b) that is registered on the Security Register of the Company.

 

“Responsible Officer,” when used with
respect to the Trustee, shall mean any officer within its Corporate Trust Office of the Trustee (or any successor group of the Trustee),
including any Vice President, Assistant Vice President, Assistant Secretary or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also shall mean, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject, and in each case, who has direct responsibility for the administration of this Indenture.

 

“Securities” shall have the meaning
set forth in the preamble of this Indenture.

 

“Securities Act” shall mean the Securities
Act of 1933, as amended.

 

“Security Register” and “Security
Registrar” shall have the respective meanings set forth in Section 2.07(a) hereof.

 

“Series” or “Series of Securities”
means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.03.

 

“Subsidiary” shall mean, in respect
of any Person, any corporation, association, partnership, limited liability company or other business entity of which more than 50% of
the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person or (c) one or more
Subsidiaries of such Person.

 

“Trust Indenture Act,” except as otherwise
provided in this Indenture, shall mean the Trust Indenture Act of 1939, as amended, as in force at the date of this Indenture as originally
executed.

 

“Trustee” shall mean the person identified
as “Trustee” in the first paragraph hereof until the acceptance of appointment of a successor trustee pursuant to the provisions
of Article 7, and thereafter shall mean such successor trustee, and if at any time there is more than one such person, “Trustee”
as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

“United States Alien” shall mean any
person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien
fiduciary of a foreign estate or trust, or a foreign partnership to the extent that one or more of its members is, for United States federal
income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.

 

    	 	4	 

     

    

 

“USA PATRIOT Act” shall have the meaning
set forth in Section 15.12 hereof.

 

“Vice President” when used with respect
to the Company or the Trustee shall mean any vice president, whether or not designated by a number or word or words added before or after
the title “vice president,” including any Executive or Senior Vice President.

 

“Voting Stock” means outstanding shares
of Capital Stock having voting power for the election of directors, whether at all times or only so long as no senior class of stock has
such voting power because of default in dividends or other default.

 

ARTICLE 2

ISSUE, EXECUTION, REGISTRATION AND EXCHANGE
OF SECURITIES

 

SECTION 2.01. Amount Unlimited; Issuable in Series.

 

Upon the execution of this Indenture, or from time
to time thereafter, Securities up to the aggregate principal amount and containing terms and conditions from time to time authorized by
or pursuant to a Board Resolution, or in an indenture supplemental hereto or Officers’ Certificate, as set forth in Section 2.03,
may be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and make
available for delivery the Securities to or upon Company Order, without any further action by the Company but subject to the provisions
of Section 2.03, or in an indenture supplemental hereto or Officers’ Certificate, as set forth in Section 2.03.

 

The Securities may be issued in one or more series.
The aggregate principal amount of Securities of all series that may be authenticated and delivered and outstanding under this Indenture
is not limited hereunder. The Securities of a particular series may be issued up to the aggregate principal amount of Securities for such
series from time to time authorized by or pursuant to a Board Resolution. Securities may differ between Series in respect of any
matters; provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.

 

SECTION 2.02. Form of Trustee’s Certificate of Authentication.

 

The form of the Trustee’s certificate of
authentication to be borne by the Securities shall be in substantially the following form:

 

    	 	5	 

     

    

 

Form of Trustee’s Certificate of Authentication

 

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

 

	Dated:	 	[   ], as Trustee
	 	 
	 	 	By:	        
	 	 	Authorized Signatory

 

SECTION 2.03. Form of Securities Generally; Establishment
of Terms of Series.

 

(a)            The
Registered Securities, if any, of each series, the temporary global Securities of each series, if any, and the permanent global Securities
of each series, if any, shall be in the forms established from time to time in or pursuant to one or more Board Resolutions (and, to the
extent established pursuant to rather than set forth in one or more Board Resolutions, in an Officers’ Certificate (to which shall
be attached true and correct copies of the relevant Board Resolution(s)) detailing such establishment) or established in an indenture
supplemental hereto.

 

The Securities may be issued in typewritten, printed
or engraved form with such letters, numbers or other marks of identification or designation (including CUSIP numbers, if then generally
in use) and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any stock exchange on which the Securities may be listed, or to conform to usage.

 

(b)            At
or prior to the initial issuance of Securities of any series, the particular terms of Securities of such series shall be established in
or pursuant to one or more Board Resolutions (and to the extent established pursuant to rather than set forth in one or more Board Resolutions,
in an Officers’ Certificate (to which shall be attached true and correct copies of the relevant Board Resolution(s)) detailing such
establishment) or established in an indenture supplemental hereto, including the following:

 

(1)            the
designation of the particular series (which shall distinguish such series from all other series);

 

(2)            the
aggregate principal amount of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to this Indenture
and except for any Securities which, pursuant to Section 2.06, are deemed never to have been authenticated and delivered hereunder);

 

(3)            whether
Securities of the series are to be issuable as Registered Securities, whether any Securities of the series are to be issuable initially
in temporary global form and, if so, the name of the Depositary with respect to any such temporary global Security, and whether any Securities
of the series are to be issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global
Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances
under which any such exchanges may occur, if other than in the manner provided in Section 2.07 and the name of the Depositary with
respect to any such permanent global Security;

 

(4)            the
date as of which any temporary Security in global form representing Outstanding Securities of such series shall be dated, if other than
the date of original issuance of the first Securities of the series to be issued;

 

(5)            the
person to whom any interest on any Registered Security of the series shall be payable, if other than the person in whose name that Security
(or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest, the extent
to which, or the manner in which, any interest payable on a temporary global Security on an interest payment date will be paid if other
than in the manner provided in Section 2.05 and the extent to which, or the manner in which, any interest payable on a permanent
global Security on an interest payment date will be paid;

 

    	 	6	 

     

    

 

(6)            the
date or dates on which the principal of the Securities of such series is payable;

 

(7)            the
rate or rates, and if applicable the method used to determine the rate, at which the Securities of such series shall bear interest, if
any, the date or dates from which such interest shall accrue, the date or dates on which such interest shall be payable and the record
date or dates for the interest payable on any Registered Securities on any interest payment date;

 

(8)            the
place or places at which, subject to the provisions of Section 4.02, the principal of (and premium, if any, on) and any interest
on Securities of such series shall be payable, any Registered Securities of the series may be surrendered for registration of transfer,
Securities of the series may be surrendered for exchange and notices and demands to or upon the Company in respect of the Securities of
the series and this Indenture may be served;

 

(9)            the
obligation, if any, of the Company to redeem or purchase Securities of such series, at the option of the Company or at the option of a
holder thereof, pursuant to any sinking fund or other redemption provisions and the period or periods within which, the price or prices
at which and the terms and conditions upon which Securities of the series may be so redeemed or purchased, in whole or in part;

 

(10)          if
other than minimum denominations of $1,000 and any integral multiple thereof, the denominations in which any Registered Securities of
such series shall be issuable;

 

(11)          if
other than the principal amount thereof, the portion of the principal amount of Securities of such series which shall be payable upon
declaration of acceleration of the maturity thereof;

 

(12)          the
currency, currencies or currency units in which payment of the principal of (and premium, if any, on) and any interest on any Securities
of the series shall be payable if other than the currency of the United States of America and the manner of determining the equivalent
thereof in the currency of the United States of America for purposes of the definition of “Outstanding” in Section 1.01;

 

(13)          if
the principal of (and premium, if any, on) or any interest on the Securities of the series are to be payable, at the election of the Company
or a holder thereof, in one or more currencies or currency units, other than that or those in which the Securities are stated to be payable,
the currency or currencies in which payment of the principal of (and premium, if any, on) and any interest on Securities of such series
as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election
is to be made;

 

(14)          if
the amount of payments of principal of (and premium, if any, on) or any interest on the Securities of the series may be determined with
reference to an index, the manner in which such amounts shall be determined;

 

(15)          whether
the Securities will be issued in book-entry only form;

 

(16)          any
interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such series;

 

(17)          if
either or both of Section 14.02 and Section 14.03 do not apply to the Securities of the series;

 

(18)          whether
and under what circumstances the Company will pay Additional Amounts in respect of any series of Securities and whether the Company has
the option to redeem such Securities rather than pay such Additional Amounts;

 

    	 	7	 

     

    

 

(19)          any
provisions relating to the extension of maturity of, or the renewal of, Securities of such series, or the conversion of Securities of
such series into other securities of the Company;

 

(20)          any
provisions relating to the purchase or redemption of all or any portion of a tranche or series of Securities, including the period of
notice required to redeem those Securities;

 

(21)          the
terms and conditions, if any, pursuant to which the Securities of the series are secured;

 

(22)          the
subordination terms of the Securities of the series; and

 

(23)          any
other terms of the Securities or provisions relating to the payment of principal, premium (if any), or interest thereon, including, but
not limited to, whether such Securities are issuable at a discount or premium, as amortizable Securities, and if payable in, convertible
or exchangeable for commodities or for the securities of the Company or any third party.

 

All Securities of any one series need not be issued
at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution or Officers’ Certificate referred to above or as set forth in an indenture supplemental hereto, and, unless otherwise
provided, the authorized principal amount of any series may be increased to provide for issuances of additional Securities of such series.
If so provided by or pursuant to the Board Resolution or Officers’ Certificate or supplemental indenture referred to above, the
terms of such Securities to be issued from time to time may be determined as set forth in such Board Resolution, Officers’ Certificate
or supplemental indenture, as the case may be. All Securities of any one series shall be substantially identical except as to denomination,
interest rate, maturity and other similar terms and except as may be provided otherwise by or pursuant to such Board Resolution, Officers’
Certificate or supplemental indenture.

 

SECTION 2.04. Securities in Global Form.

 

If Securities of a series are issuable in global
form, as specified as contemplated by Section 2.03(b), then, notwithstanding clause (10) of Section 2.03(b) and the
provisions of Section 2.05, any such Security in global form shall represent such of the Securities of such series Outstanding as
shall be specified therein, and any such Security in global form may provide that it shall represent the aggregate amount of Securities
Outstanding from time to time endorsed thereon and that the aggregate amount of Securities Outstanding represented thereby may from time
to time be reduced to reflect any exchanges of beneficial interests in such Security in global form for Securities of such series as contemplated
herein. Any endorsement of a Security in global form to reflect the amount, or any decrease in the amount, of Securities Outstanding represented
thereby shall be made by the Trustee or the Security Registrar in such manner and upon instructions given by such person or persons as
shall be specified in such Security in global form or in the Company Order to be delivered to the Trustee pursuant to Section 2.06
or Section 2.08. Subject to the provisions of Section 2.06 and, if applicable, Section 2.08, the Trustee or the Security
Registrar shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the person or
persons specified in such Security in global form or in the applicable Company Order. If a Company Order pursuant to Section 2.06
or Section 2.08 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery
or redelivery of a Security in global form shall be in writing but need not be represented by a Company Order and need not be accompanied
by an Opinion of Counsel.

 

The provisions of the last sentence of Section 2.06
shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company and the
Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions (which need not
be represented by a Company Order and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal
amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 2.06.

 

Notwithstanding the provisions of Section 2.05,
unless otherwise specified as contemplated by Section 2.03(b), payment of principal of and any premium and interest on any Security
in permanent global form shall be made to the persons or persons specified therein.

 

    	 	8	 

     

    

 

SECTION 2.05. Denominations; Record Date; Payment of Interest.

 

(a)            Unless
otherwise provided as contemplated by Section 2.03(b) with respect to any series of Securities, any Registered Securities of
a series shall be issuable in minimum denominations of $1,000.

 

(b)            The
term “record date” as used with respect to an interest payment date for any series of a Registered Security shall mean such
day or days as shall be specified as contemplated by Section 2.03(b); provided, that in the absence of any such provisions with respect
to any series, such term shall mean (1) the last day of the calendar month next preceding such interest payment date if such interest
payment date is the 15th day of a calendar month; or (2) the 15th day of a calendar month next preceding such interest payment date
if such interest payment date is the first day of the calendar month.

 

Unless otherwise provided as contemplated by Section 2.03
with respect to any series of Securities, the person in whose name any Registered Security is registered at the close of business on the
record date with respect to an interest payment date shall be entitled to receive the interest payable on such interest payment date notwithstanding
the cancellation of such Security upon any registration of transfer or exchange thereof subsequent to such record date prior to such interest
payment date; provided, that if and to the extent the Company shall default in the payment of the interest due on such interest payment
date, such defaulted interest shall be paid to the persons in whose names the Securities are registered on a subsequent record date established
by notice given to the extent and in the manner set forth in Section 15.04 by or on behalf of the Company to the holders of Securities
of the series in default not less than 15 days preceding such subsequent record date, such record date to be not less than five days preceding
the date of payment of such defaulted interest, or in any other lawful manner acceptable to the Trustee.

 

(c)            Unless
otherwise specified by Board Resolution or Company Order for a particular series of Securities, the principal of, redemption premium,
if any, on and interest, if any, on the Securities of any series shall be payable at the office or agency of the Company maintained pursuant
to Section 4.02 in a Place of Payment for such series, in Dollars; provided, that, at the option of the Company, payment of interest
with respect to a Registered Security may be paid by check mailed to the holders of the Registered Securities entitled thereto at their
last addresses as they appear on the Security Register or wired if held in book-entry form at the Depositary.

 

SECTION 2.06. Execution, Authentication, Delivery and Dating
of Securities.

 

The Securities shall be signed on behalf of the
Company by its Chief Executive Officer, its President or one of its Vice Presidents. Such signatures may be the manual, electronic or
facsimile signatures of such then current officers.

 

Any Security may be signed on behalf of the Company
by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Company, although at the
date of the execution of this Indenture any such person was not such officer. Securities bearing the manual, electronic or facsimile signatures
of individuals who were, at the actual date of the execution of such Security, the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such
Securities, as the case may be, or did not hold such offices at the date of such Securities.

 

Upon the execution and delivery of this Indenture,
the Company shall deliver to the Trustee an Officers’ Certificate as to the incumbency and specimen signatures of officers authorized
to execute and deliver the Securities and give instructions under this Section and, as long as Securities are Outstanding under this
Indenture, such incumbency certificate shall be amended and replaced whenever an officer is to be added or deleted from the listing. The
Trustee may conclusively rely on the documents delivered pursuant to this Section (unless revoked by superseding comparable documents)
and Section 2.03 hereof as to the authorization of the Board of Directors of any Securities delivered hereunder, and the form and
terms thereof, and as to the authority of the instructing officers referred to in this Section so to act.

 

    	 	9	 

     

    

 

The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in an unlimited aggregate principal amount upon receipt by the Trustee of a Company Order;
provided, that with respect to Securities of a series subject to a Periodic Offering, (a) such Company Order may be delivered to
the Trustee prior to the delivery to the Trustee of such Securities for authentication and delivery, (b) the Trustee shall authenticate
and deliver Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate
principal amount, if any, established for such series, pursuant to a Company Order, (c) the maturity date or dates, original issue
date or dates, interest rate or rates and any other terms of Securities of such series shall be determined by Company Order or pursuant
to such procedures, and (d) if provided for in such procedures, such Company Order may authorize authentication and delivery pursuant
to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly
confirmed in writing.

 

Prior to the issuance of a Security of any new
series, and the authentication thereof by the Trustee, the Trustee shall have received and (subject to Section 7.02) shall be fully
protected in relying on:

 

(a)            The
Board Resolution or Officers’ Certificate or indenture supplemental hereto establishing the terms and the form of the Securities
of that series pursuant to Section 2.01 and Section 2.03;

 

(b)            An
Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance, authentication
and delivery of Securities in such form have been complied with;

 

(c)            An
Opinion of Counsel stating that the form and terms of such Securities have been established in conformity with the provisions of this
Indenture; provided, that with respect to Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to receive
such Opinion of Counsel only once at or prior to the time of the first authentication of Securities of such series.

 

With respect to Securities of a series offered
in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the form and terms thereof
and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and other documents delivered pursuant
to this Section in connection with the first authentication of Securities of such series unless and until such Opinion of Counsel
or other documents have been superseded or revoked. In connection with the authentication and delivery of Securities of a series subject
to a Periodic Offering, the Trustee shall be entitled to assume that the Company’s instructions to authenticate and deliver such
Securities do not violate any rules, regulations or orders of any governmental agency or commission having jurisdiction over the Company.

 

Each Registered Security shall be dated the date
of its authentication except as otherwise provided by Board Resolution or Officers’ Certificate or indenture supplemental hereto.

 

The aggregate principal amount of Securities of
any series outstanding at any time may not exceed any limit upon the maximum principal amount for such series set forth in or pursuant
to the Board Resolution or Officers’ Certificate or indenture supplemental hereto delivered pursuant to Section 2.03, except
as provided in Section 2.08.

 

No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security, a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing,
if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section 2.10 together with a written statement stating that
such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

    	 	10	 

     

    

 

SECTION 2.07. Exchange and Registration of Transfer of Securities.

 

(a)            The
Company shall keep, at an office or agency to be designated and maintained by the Company in accordance with Section 4.02 (as such,
a “Security Registrar”), registry books (the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall register Registered Securities and shall register the transfer of Registered Securities of each
such series as provided in this Article 2. Such Security Register shall be in written form or in any other form capable of being
converted into written form within a reasonable time. At all reasonable times such Security Register shall be open for inspection by the
Trustee. Upon due presentment for registration of transfer of any Registered Security of a particular series at such office or agency
maintained pursuant to Section 4.02 for such purpose in a Place of Payment, the Company shall execute and register and the Trustee
shall authenticate and make available for delivery in the name of the transferee or transferees a new Registered Security or Registered
Securities of such series of any authorized denominations and for an equal aggregate principal amount and tenor.

 

(b)            At
the option of the holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series of any
authorized denominations and of an equal aggregate principal amount and tenor. Registered Securities to be exchanged shall be surrendered
at any such office or agency maintained pursuant to Section 4.02 for such purpose in a Place of Payment, and the Company shall execute
and register and the Trustee shall authenticate and make available for delivery in exchange therefor the Security or Securities that the
securityholder making the exchange shall be entitled to receive.

 

(c)            All
Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer
or exchange.

 

All Registered Securities presented for registration
of transfer or for exchange, redemption or payment, as the case may be, shall (if so required by the Company or the Trustee) be duly endorsed
by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee or the Security
Registrar duly executed by, the holder thereof or their attorney duly authorized in writing.

 

No service charge shall be made for any exchange
or registration of transfer of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith, other than exchanges pursuant to the terms of this Indenture not involving any transfer.

 

The Company shall not be required (1) to exchange
or register the transfer of Securities of any series to be redeemed for a period of 15 days next preceding any selection of such Securities
to be redeemed, or (2) to exchange or register the transfer of any Registered Security so selected, called or being called for redemption,
except in the case of any such series to be redeemed in part the portion thereof not to be so redeemed.

 

(d)            Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 2.03(b), any permanent global Security shall be exchangeable
pursuant to this Section only as provided in this paragraph. If the beneficial owners of interests in a permanent global Security
are entitled to exchange such interests for Securities of such series and of like tenor and principal amount of another authorized form
and denomination, as specified as contemplated by Section 2.03(b), then without unnecessary delay but in any event not later than
the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee or the Security Registrar definitive
Securities of that series in aggregate principal amount equal to the principal amount of such permanent global Security executed by the
Company. On or after the earliest date on which such interests may be so exchanged, in accordance with instructions given by the Company
to the Trustee or the Security Registrar and the Depositary (which instructions shall be in writing), such permanent global Security shall
be surrendered from time to time by the Depositary or such other depositary as shall be specified in the Company Order with respect thereto
to the Trustee, as the Company’s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or in part, for
definitive Securities of the same series without charge and the Trustee shall authenticate and make available for delivery in accordance
with such instructions, in exchange for each portion of such permanent global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged
which shall be in the form of Registered Securities; provided, that no such exchanges may occur for a period of 15 days next preceding
any selection of Securities of that series and of like tenor for redemption. Promptly following any such exchange in part, such permanent
global Security should be returned by the Trustee or the Security Registrar to the Depositary or such other depositary referred to above
in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion of
a permanent global Security after the close of business at the office or agency where such exchange occurs on (i) any record date
and before the opening of business at such office or agency on the relevant interest payment date, or (ii) any special record date
and before the opening of business at such office or agency on the related proposed date for payment of defaulted interest as provided
in Section 2.05, interest or defaulted interest, as the case may be, will not be payable on such interest payment date or proposed
date for payment, as the case may be, in respect of such Registered Security, but will be payable on such interest payment date or proposed
date for payment, as the case may be, only to the person to whom interest in respect of such portion of such permanent global Security
is payable in accordance with the provisions of this Indenture.

 

    	 	11	 

     

    

 

(e)            Notwithstanding
anything contained herein to the contrary, neither the Trustee nor the Security Registrar shall be responsible for ascertaining whether
any transfer complies with the restrictions set forth in this Indenture, the registration provisions of or exemptions from the Securities
Act or applicable state securities laws.

 

SECTION 2.08. Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute and the Trustee shall, upon Company Order, authenticate and make available for delivery, temporary
Securities of such series (typewritten, printed, lithographed or otherwise produced). Such temporary Securities, in any authorized denominations,
shall be substantially in the form of the definitive Securities in lieu of which they are issued, in registered form, in the form approved
from time to time by or pursuant to a Board Resolution but with such omissions, insertions, substitutions and other variations as may
be appropriate for temporary Securities, all as may be determined by the Company, but not inconsistent with the terms of this Indenture
or any provision of applicable law.

 

Except in the case of temporary Securities in global
form (which shall be exchanged as hereinafter provided), if temporary Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company maintained pursuant to Section 4.02 in a Place of Payment for such series for
the purpose of exchanges of Securities of such series, without charge to the holder. Upon surrender for cancellation of any one or more
temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange
therefor a like aggregate principal amount of definitive Securities of the same series and of like tenor of authorized denominations.

 

Without unnecessary delay but in any event not
later than the date specified in, or determined pursuant to the terms of, any such temporary global Security of a series (the “Exchange
Date”), the Company shall deliver to the Trustee definitive Securities of that series, in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the Company. On or after the Exchange Date such temporary global Security
shall be presented and surrendered by the Depositary to the Trustee, as the Company’s agent for such purpose, or to the Security
Registrar, to be exchanged, in whole or from time to time in part, for definitive Securities of such series without charge, and the Trustee
shall authenticate and make available for delivery, in exchange for each portion of such temporary global Security, a like aggregate principal
amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary global
Security to be exchanged.

 

Every temporary Security shall be executed by the
Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the
definitive Securities.

 

SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities.

 

If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

    	 	12	 

     

    

 

If there shall be delivered to the Company and
the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall, subject to the following paragraph, execute
and the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.

 

Upon the issuance of any new Security under this
Section, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security,
if any, shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that
series duly issued hereunder.

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

 

SECTION 2.10. Cancellation.

 

All Securities surrendered for payment, redemption,
exchange or registration of transfer or for credit against any sinking fund payment, as the case may be, shall, if surrendered to the
Company or any agent of the Company or of the Trustee, be delivered to the Trustee. All Registered Securities so delivered shall be promptly
cancelled by the Trustee, upon written request of the Company. The Company may deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which
the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section except as expressly provided by
this Indenture. Any cancelled Securities held by the Trustee shall be disposed in accordance with its then customary procedures and, upon
written request of the Company, the Trustee shall deliver to the Company a certificate of such disposal. The acquisition of any Securities
by the Company shall not operate as a redemption or satisfaction of the Indebtedness represented thereby unless and until such Securities
are surrendered to the Trustee for cancellation.

 

SECTION 2.11. Book-Entry Only System.

 

If specified by the Company pursuant to Section 2.03(b) with
respect to Securities represented by a Security in global form, a series of Securities may be issued initially in book-entry only form
and, if issued in such form, shall be represented by one or more Securities in global form registered in the name of the Depositary or
other depositary designated with respect thereto. So long as such system of registration is in effect, (a) Securities of such series
so issued in book-entry only form will not be issuable in the form of or exchangeable for Securities in certificated or definitive registered
form, (b) the records of the Depositary or such other depositary will be determinative for all purposes and (c) neither the
Company, the Trustee nor any paying agent, Security Registrar or transfer agent for such Securities will have any responsibility or liability
for (i) any aspect of the records relating to or payments made on account of owners of beneficial interests in the Securities of
such series, (ii) maintaining, supervising or reviewing any records relating to such beneficial interests, (iii) receipt of
notices, voting and requesting or directing the Trustee to take, or not to take, or consenting to, certain actions hereunder, or (iv) the
records and procedures of the Depositary, or such other depositary, as the case may be.

 

Members of, or participants in, the Depositary
shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as
its custodian, or under the Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company
or the Trustee as the absolute owner of the Global Security for all purposes whatsoever.

 

    	 	13	 

     

    

 

ARTICLE 3

REDEMPTION OF SECURITIES

 

SECTION 3.01. Redemption of Securities, Applicability of Section.

 

Redemption of Securities of any series as permitted
or required by the terms thereof shall be made in accordance with the terms of such Securities as specified pursuant to Section 2.03
hereof and this Article; provided, however, that if any provision of any series of Securities shall conflict with any provision of this
Section, the provision of such series of Securities shall govern.

 

SECTION 3.02. Notice of Redemption, Selection of Securities.

 

In case the Company shall desire to exercise the
right to redeem all or, as the case may be, any part of a series of Securities pursuant to Section 3.01, it shall fix a date for
redemption. Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company, or, at the
Company’s written request, by the Trustee in the name and at the expense of the Company. The Company or the Trustee, as the case
may be, shall give notice of such redemption, in the manner and to the extent set forth in Section 15.04, on that date prior to the
date fixed for a redemption to the holders of such Securities so to be redeemed, as a whole or in part, (a) as set forth in Board
Resolutions, as described in Section 2.03, or (b) as determined by the Chief Executive Officer, the Chief Financial Officer,
the President, the Treasurer, any Executive Vice President, the Secretary and each officer of the Company designated by any of the foregoing
officers (each, an “Authorized Officer”) and evidenced by the preparation of an offering document or an Officers’ Certificate
specifying the period of notice of such redemption. If the Board Resolutions or an Authorized Officer do not specify a longer period of
notice of such redemption, the Company or, at the written request of the Company, the Trustee, shall give notice of such redemption, in
the manner and to the extent set forth in Section 15.04, at least ten Business Days and not more than 60 calendar days prior to the
date fixed for a redemption to the holders of such Securities so to be redeemed as a whole or in part. Notice given in such manner shall
be conclusively presumed to have been duly given, whether or not the holder receives such notice. In any case, failure to give such notice
or any defect in the notice to the holder of any such Security designated for redemption as a whole or in part shall not affect the validity
of the proceedings for the redemption of any other such Security. If the Company requests the Trustee to give any notice of redemption,
it shall make such request in writing in an Officers’ Certificate delivered to the Trustee at least ten days prior to the designated
date for delivering such notice, unless a shorter period is satisfactory to the Trustee.

 

Each such notice of redemption shall specify the
date fixed for redemption, the redemption price at which such Securities are to be redeemed, the CUSIP numbers of such Securities, the
Place of Payment where such Securities maturing after the date of redemption, are to be surrendered for payment of the redemption prices,
that payment will be made upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will
be paid as specified in the notice, and that on and after the date interest thereon or on the portions thereof to be redeemed will cease
to accrue. If less than all of a series is to be redeemed, the notice of redemption shall specify the numbers of the Securities to be
redeemed. In case any Security is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount
thereof to be redeemed and shall state that, upon surrender of such Security, a new Security or Securities of the same series in principal
amount equal to the unredeemed portion thereof will be issued.

 

On or before the redemption date specified in the
notice of redemption given as provided in this Section, the Company will deposit in trust with the Trustee or with one or more paying
agents an amount of money sufficient to redeem on the redemption date all the Securities or portions of Securities so called for redemption
at the appropriate redemption price, together with accrued interest, if any, to the date fixed for redemption. If less than all of a series
of Securities is to be redeemed, the Company will give the Trustee adequate written notice at least 45 days in advance (unless a shorter
notice shall be satisfactory to the Trustee) as to the aggregate principal amount of Securities to be redeemed.

 

    	 	14	 

     

    

 

If less than all the Securities of a series are
to be redeemed, the Trustee shall select, by lot or in such other manner is it shall deem appropriate and fair, not more than 60 days
prior to the date of redemption, the numbers of such Securities Outstanding not previously called for redemption, to be redeemed in whole
or in part. The portion of principal of Securities so selected for partial redemption shall be equal to the minimum authorized denomination
for Securities of that series or any integral multiple thereof. The Trustee shall promptly notify the Company of the Securities to be
redeemed. If, however, less than all the Securities of a series having differing issue dates, interest rates and stated maturities are
to be redeemed, the Company in its sole discretion shall select the particular Securities of such series to be redeemed and shall notify
the Trustee in writing at least 45 days prior to the relevant redemption date.

 

SECTION 3.03. Payment of Securities Called for Redemption.

 

If notice of redemption has been given as above
provided, the Securities or portions of Securities with respect to which such notice has been given shall become due and payable on the
date and at the place stated in such notice at the applicable redemption price, together with any interest accrued to the date fixed for
redemption, and on and after that date (unless the Company shall default in the payment of such Securities at the redemption price, together
with interest accrued to that date) interest on such Securities or portions of Securities so called for redemption shall cease to accrue.
On presentation and surrender of such Securities subject to redemption at the Place of Payment and in the manner specified in such notice,
such Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together
with interest accrued thereon to the date fixed for redemption; provided, that unless otherwise specified as contemplated by Section 2.03,
installments of interest on Registered Securities whose stated maturity date is on or prior to the date of redemption shall be payable
to the holders of such Registered Securities, or one or more predecessor Securities, registered as such at the close of business on the
relevant record dates according to their terms and the provisions of Section 2.05.

 

At the option of the Company, payment with respect
to Registered Securities may be made by check to the holders of such Securities or other persons entitled thereto against presentation
and surrender of such Securities.

 

Any Security that is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the holder thereof or such holder’s
attorney duly authorized in writing), and upon such presentation, the Company shall execute and the Trustee shall authenticate and make
available for delivery to the holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized
denominations, in aggregate principal amount equal to the unredeemed portion of the principal of the Security so presented. If a temporary
global Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or
permanent global Security, respectively.

 

SECTION 3.04. Redemption Suspended During Event of Default.

 

The Trustee shall not redeem any Securities (unless
all Securities then outstanding are to be redeemed) or commence the giving of any notice of redemption of Securities during the continuance
of any Event of Default of which a Responsible Officer of the Trustee has actual knowledge or has received written notice thereof, except
that where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem such Securities,
provided funds are deposited with it for such purpose. Except as aforesaid, any moneys theretofore or thereafter received by the Trustee
shall, during the continuance of such Event of Default, be held in trust for the benefit of the securityholders and applied in the manner
set forth in Section 6.06; provided, that in case such Event of Default shall have been waived as provided herein or otherwise cured,
such moneys shall thereafter be held and applied in accordance with the provisions of this Article.

 

ARTICLE 4

PARTICULAR COVENANTS OF THE COMPANY

 

SECTION 4.01. Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause
to be paid the principal of (and premium, if any, on) and any interest on each of the Securities of a series at the place, at the respective
times and in the manner provided in the terms of the Securities and this Indenture.

 

    	 	15	 

     

    

 

SECTION 4.02. Offices for Notices and Payments.

  

If Securities of a series are issuable only as
Registered Securities, the Company will maintain in each Place of Payment for such series an office or agency where Securities of that
series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.

 

The Company will give to the Trustee notice of
the location of each such office or agency and of any change in the location thereof. In case the Company shall fail to maintain any such
office or agency as required, or shall fail to give such notice of the location or of any change in the location thereof, presentations
and surrenders of Securities of that series may be made and notices and demands may be served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series
for such purposes. The Company will give prompt written notice to the Trustee and the holders of any such designation or rescission and
of any change in the location of any such other office or agency.

 

The Company hereby initially designates the principal
Corporate Trust Office of the Trustee as the office of the Company where Registered Securities may be presented for payment, for registration
of transfer and for exchange as in this Indenture provided and where notices and demands to or upon the Company in respect of the Securities
or of this Indenture may be served; provided, however, that the Trustee shall not be deemed an agent of the Company for service of legal
process.

 

SECTION 4.03. Provisions as to Paying Agent.

 

(a)            Whenever
the Company shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying
agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section:

 

(1)            that
it will hold sums held by it as such agent for the payment of the principal of (and premium, if any, on) or any interest on the Securities
of such series (whether such sums have been paid to it by the Company or by any other obligor on the Securities of such series) in trust
for the benefit of the persons entitled thereto until such sums shall be paid to such persons or otherwise disposed of as herein provided
and will notify the Trustee of the receipt of sums to be so held;

 

(2)            that
it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment
of the principal of (or premium, if any, on) or any interest on the Securities of such series when the same shall be due and payable;
and

 

(3)            that
at any time when any such failure has occurred and is continuing, it will, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such paying agent.

 

(b)            If
the Company shall act as its own paying agent, it will, on or before each due date of the principal of (and premium, if any) or any interest
on the Securities of any series, set aside, segregate and hold in trust for the benefit of the persons entitled thereto a sum sufficient
to pay such principal (and premium, if any) or any interest so becoming due until such sums shall be paid to such persons or otherwise
disposed of as herein provided. The Company will promptly notify the Trustee of any failure to take such action.

 

(c)            Whenever
the Company shall have one or more paying agents with respect to a series of Securities, it will, on or prior to each due date of the
principal of (and premium, if any, on) or any interest on, any Securities, deposit with a paying agent a sum sufficient to pay the principal
(and premium, if any) or any interest, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

 

    	 	16	 

     

    

 

(d)            Anything
in this Section to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to
be paid to the Trustee all sums held in trust for such series by it or any paying agent hereunder as required by this Section, such sums
to be held by the Trustee upon the trusts herein contained, and upon such payment by any paying agent to the Trustee, such paying agent
shall be released from all further liability with respect to such money.

 

(e)            Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject
to the provisions of Section 12.03 and Section 12.04.

 

SECTION 4.04. Statement as to Compliance.

 

The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, commencing with the fiscal year ending in the year during which the first series
of Securities is issued hereunder (but in no event more than one year from the issuance of the first series hereunder), an Officers’
Certificate signed by the Chief Executive Officer, President or other principal executive officer and by the Chief Financial Officer or
other principal financial officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company, stating,
as to each signer thereof, that:

 

(a)            a
review of the activities of the Company during such year and of performance under this Indenture has been made under their supervision;
and

 

(b)            to
the best of their knowledge, based on such review, the Company has fulfilled all its obligations under this Indenture throughout such
year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to them and the nature
and status thereof.

 

SECTION 4.05. Corporate Existence.

 

Subject to the provisions of Article 11, the
Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights
(charter and statutory) and franchises and the corporate existence and rights (charter and statutory) and franchises of its Subsidiaries;
provided, that the Company shall not be required to, or to cause any Subsidiary to, preserve any right or franchise or to keep in full
force and effect the corporate existence of any Subsidiary if the Company shall determine that the keeping in existence or preservation
thereof is no longer desirable in or consistent with the conduct of the business of the Company.

 

SECTION 4.06. Waiver of Covenants.

 

The Company may omit in any particular instance
to comply with any covenant or condition set forth herein if before or after the time for such compliance the holders of a majority in
principal amount of the Securities of all series affected thereby then Outstanding shall 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 in respect of
any such covenant or condition shall remain in full force and effect.

 

ARTICLE 5

SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE

 

SECTION 5.01. Securityholder Lists.

 

The Company covenants and agrees that it will furnish
or cause to be furnished to the Trustee (1) semiannually, within 15 days before each record date when any Securities of a series
are Outstanding, a list, in such form as the Trustee may reasonably require, of all information in the possession or control of the Company
as to the names and addresses of the holders of such Registered Securities as of such date, and (2) at such other times as the Trustee
may request in writing, within 10 days after receipt by the Company of any such request, a list, in such form as the Trustee may reasonably
require, of all information in the possession or control of the Company as to the names and addresses of the holders of Registered Securities
of a particular series specified by the Trustee as of a date not more than 15 days prior to the time such information is furnished; provided,
that if and so long as the Trustee shall be the Security Registrar with respect to such series, such list shall not be required to be
furnished.

 

    	 	17	 

     

    

 

SECTION 5.02. Preservation and Disclosure of Lists.

 

(a)            The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
of each series of Securities contained in the most recent list furnished to it as provided in Section 5.01 or received by the Trustee
in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt
of a new list so furnished.

 

(b)            Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other securityholders with respect to their rights
under this Indenture or under the Securities. The Company, the Trustee, the Security Registrar and anyone else shall have the protection
of Section 312(c) of the Trust Indenture Act with respect to the sending of any material pursuant to a request made pursuant
to Section 312(b) of the Trust Indenture Act.

 

SECTION 5.03. Reports by the Company.

 

(a)            The
Company covenants so long as Securities are Outstanding, the Company shall file with the Trustee and the Commission, and transmit to holders,
copies of such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant to such Act; provided, that with respect to any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, the Company intends to file such
information, documents or reports with the Commission in electronic form in accordance with Regulation S-T of the Commission using the
Commission’s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic
system approved by the Commission, will constitute delivery by the Company of such reports to the Trustee and holders in compliance with
the Trust Indenture Act.

 

(b)            Notwithstanding
anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company
makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information
and documents to the Trustee in accordance with this Section 5.03 will be solely for the purposes of compliance with Section 314(a) of
the Trust Indenture Act. The Trustee’s receipt of such reports, information and documents (whether or not filed in electronic form)
is for informational purposes only and the Trustee’s receipt of such will not constitute actual or constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee shall have no liability
or responsibility for the filing, content or timelines of any report hereunder aside from any report transmitted under this Indenture.

 

SECTION 5.04. Reports by the Trustee.

 

(a)            Within
60 days after [ ] of each year commencing with the first [ ] following the first issuance of Securities pursuant to Section 2.01,
so long as any Securities are outstanding hereunder and if there has been any change in the following, the Trustee shall transmit by mail,
first-class postage prepaid, to the securityholders, as their names appear upon the Security Register, a brief report dated as of such
[ ] with respect to any of the events specified in Section 313(a) and Section 313(b)(2) of the Trust Indenture Act
that may have occurred since the later of the immediately preceding [ ] and the date of this Indenture.

 

(b)            The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

(c)            The
Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act.

 

    	 	18	 

     

    

 

 

(d)            Reports
under this Section will be transmitted in the manner and to the Persons required by Section 313(c) and Section 313(d) of
the Trust Indenture Act. The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.

 

ARTICLE 6

REMEDIES

 

SECTION 6.01. Events of Default; Acceleration of Maturity.

 

In case one or more of the following Events of
Default with respect to a particular series shall have occurred and be continuing:

 

(a)            default
in (i) the payment of the principal of (or premium, if any, on) any of the Securities of such series as and when the same shall become
due and payable either at maturity, upon redemption, by declaration or otherwise or (ii) any payment required by any sinking or analogous
fund established with respect to that series;

 

(b)            default
in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and payable,
and continuance of such default for a period of 90 days;

 

(c)            failure
on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company contained in
the Securities or in this Indenture for a period of 90 days after the date on which written notice of such failure, requiring the Company
to remedy the same, shall have been given to the Company by the Trustee, or to the Company and the Trustee by the holders of at least
25% in aggregate principal amount of the Securities of that series at the time Outstanding;

 

(d)            a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Material Subsidiary
in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or any Material Subsidiary or for any substantial
part of their respective property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed
and in effect for a period of 60 consecutive days;

 

(e)            the
Company or the Material Subsidiary shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official)
of the Company or the Material Subsidiary or for any substantial part of their respective property, or shall make any general assignment
for the benefit of creditors; or

 

(f)            any
other Event of Default provided with respect to Securities of that series;

 

then, if an Event of Default described in clause (a), (b), (c), or
(f) shall have occurred and be continuing, and in each and every such case, unless the principal amount of all the Securities of
such series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount
of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by securityholders)
may declare the principal amount of all the Securities (or, with respect to Original Issue Discount Securities, such lesser amount as
may be specified in the terms of such Securities) of that series to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable; or, if an Event of Default described in clause (d) or (e) shall
have occurred and be continuing, and in each and every such case, unless the principal of all the Securities of such series shall have
already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of all the Securities
of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by securityholders), may declare
the principal of all the Securities (or, with respect to Original Issue Discount Securities, such lesser amount as may be specified in
the terms of such Securities) to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately
due and payable.

 

    	 	19	 

     

    

 

SECTION 6.02. Rescission and Annulment

 

The provisions in Section 6.01 are subject
to the condition that if, at any time after the principal of the Securities of any one or more of all series, as the case may be, shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or
entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments
of interest upon all the Securities of such series or of all the Securities, as the case may be, and the principal of (and premium, if
any, on) all Securities of such series or of all the Securities, as the case may be (or, with respect to Original Issue Discount Securities,
such lesser amount as may be specified in the terms of such Securities), which shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any) and, to the extent that payment of such interest is enforceable under applicable law,
on overdue installments of interest, at the same rate as the rate of interest specified in the Securities of such series or all Securities,
as the case may be (or, with respect to Original Issue Discount Securities, at the rate specified in the terms of such Securities for
interest on overdue principal thereof upon maturity, redemption or acceleration of such series, as the case may be), to the date of such
payment or deposit, and such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and
counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or
willful misconduct, and any and all defaults under the Indenture, other than the non-payment of the principal of Securities that has become
due by acceleration, shall have been remedied; then and in every such case the holders of a majority in aggregate principal amount of
the Securities of such series (or of all the Securities, as the case may be) then Outstanding, by written notice to the Company and to
the Trustee, may waive all defaults with respect to that series or with respect to all Securities, as the case may be in such case, treated
as a single class and rescind and annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend
to or shall affect any subsequent default or shall impair any right consequent thereon.

 

In case the Trustee shall have proceeded to enforce
any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment
or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and
the securityholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights,
remedies and powers of the Company, the Trustee and the securityholders, as the case may be, shall continue as though no such proceedings
had been taken.

 

SECTION 6.03. Collection of Indebtedness and Suits for Enforcement
by Trustee.

 

The Company covenants that if:

 

(a)            default
is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default continues
for a period of 90 days, or

 

(b)            default
is made in the payment of the principal or premium, if any, of any Security at the maturity thereof, including any maturity occurring
by reason of a call for redemption or otherwise,

 

then the Company will, upon demand of the Trustee, pay to it, for the
benefit of the holders of such Securities, the whole amount that shall have become due and payable on such Securities for principal or
premium, if any, and interest, with interest upon the overdue principal and, to the extent that payment of such interest shall be legally
enforceable, upon overdue installments of interest, at the rate borne by such Securities; and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, and may prosecute such proceedings to judgment or final decree, and may enforce the same against the Company
or any other obligor upon the Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon the Securities, wherever situated.

 

    	 	20	 

     

    

 

If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the securityholders by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

SECTION 6.04. Trustee May File Proofs of Claim.

 

In the case of the pendency of a receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall
be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)            to
file and prove a claim for the whole amount of principal and premium, if any, and any interest owing and unpaid in respect of the Securities
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the holders
of Securities allowed in such judicial proceeding; and

 

(b)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver,
assignee, trustee, liquidator or sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each
holder of Securities to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the holders of Securities, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06. To the extent that
such payment of reasonable compensation, expenses, disbursements, advances and other amounts out of the estate in any such proceedings
shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, moneys, securities and other property which the holders of the Securities may be entitled to receive in such proceedings, whether
in liquidation or under any plan or reorganization or arrangements or otherwise.

 

Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of the holder of a Security any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any holder thereof, or to authorize the Trustee to vote in respect
of the claim of any holder of a Security in any such proceeding.

 

SECTION 6.05. Trustee May Enforce Claims Without Possession
of Securities.

 

All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Securities in respect of which such judgment has
been recovered.

 

SECTION 6.06. Application of Money Collected.

 

Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or premium, if any, or any interest, upon presentation of the Securities, as the case may be, and
the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due the Trustee
under Section 7.06 or 14.05;

 

    	 	21	 

     

    

 

SECOND: To the payment of all senior Indebtedness
of the Company if and to the extent required by Article 16;

 

THIRD: To the payment of the amounts then due and
unpaid upon the Securities for principal of and premium, if any, and any interest on the Securities, in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities, for principal and any interest, respectively; and

 

FOURTH: To the Company or its successors or assigns,
or to whomsoever may be lawfully entitled to receive the same.

 

SECTION 6.07. Limitation on Suits.

 

No holder of any Security of any series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:

 

(1)            such
holder has previously given written notice to the Trustee of a continuing Event of Default;

 

(2)            the
holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)            such
holder or holders have offered to the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with
such request;

 

(4)            the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceedings; and

 

(5)            no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the holders of a majority
in principal amount of the Outstanding Securities; it being understood and intended that no one or more such holders of Securities shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such holders of Securities or to obtain or to seek to obtain priority or preference over any other of such
holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
such holders of Securities.

 

SECTION 6.08. Unconditional Right of Securityholders to Receive
Principal and Interest.

 

Notwithstanding any other provision in this Indenture,
the holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium,
if any, and (subject to Section 2.05 and Section 3.02) any interest on such Security on the respective stated maturities expressed
in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such holder.

 

SECTION 6.09. Restoration of Rights and Remedies.

 

If the Trustee or any holder of a Security has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such holder, then and in every such case the Company, the Trustee and
the holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and the holders shall continue as though no such proceeding
has been instituted.

 

    	 	22	 

     

    

 

SECTION 6.10. Rights and Remedies Cumulative.

 

Except as provided in Section 2.09, no right
or remedy herein conferred upon or reserved to the Trustee or to the holders of Securities is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 6.11. Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any holder
of any Security to exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver
of any such Default or any acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
holders of Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the holders of
Securities, as the case may be.

 

SECTION 6.12. Control by Securityholders.

 

The holders of a majority in principal amount of
Outstanding Securities of each series shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee, provided that

 

(1)            such
direction shall not be in conflict with any statute, rule of law or with this Indenture;

 

(2)            the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

 

(3)            the
Trustee need not take any action which it in good faith determines might involve it in personal liability or be unjustly prejudicial to
the securityholders not consenting (provided, however, that the Trustee shall not have an affirmative obligation to determine whether
such action is unduly prejudicial to the securityholders not consenting).

 

Upon receipt by the Trustee of any such direction
with respect to Securities of a series all or part of which is represented by a temporary global Security or a permanent global Security,
the Trustee shall establish a record date for determining holders of Outstanding Securities of such series entitled to join in such direction,
which record date shall be at the close of business on the day the Trustee receives such direction. The holders on such record date, or
their duly designated proxies, and only such persons, shall be entitled to join in such direction, whether or not such holders remain
holders after such record date, provided that, unless such majority in principal amount shall have been obtained prior to the day which
is 90 days after such record date, such direction shall automatically and without further action by any holder be cancelled and of no
further effect. Nothing in this paragraph shall prevent a holder, or a proxy of a holder, from giving, after expiration of such 90-day
period, a new direction identical to a direction which has been cancelled pursuant to the proviso to the preceding sentence, in which
event a new record date shall be established pursuant to the provisions of this Section 6.12.

 

SECTION 6.13. Waiver of Past Defaults.

 

The holders of a majority in principal amount of
the Securities of each series at the time Outstanding may, on behalf of the holders of all the Securities of that series, waive any past
default hereunder and its consequences, except a default:

 

(a)            in
the payment of the principal of, premium, if any, or any interest on any Security; or

 

(b)            in
respect of a covenant or provision hereof that pursuant to Article 10 cannot be modified or amended without the consent of the holder
of each Outstanding Security affected.

 

    	 	23	 

     

    

 

Upon any such waiver, such default shall cease
to exist, and any Default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

SECTION 6.14. Undertaking for Costs.

 

All parties to this Indenture agree, and each holder
of any Security by their acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to any suit instituted by the Trustee, to any suit instituted by any holder, or group of holders, holding in the aggregate more
than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any holder of any Securities for
the enforcement of the payment of the principal of, premium, if any, or any interest on any Security on or after the respective stated
maturities expressed in such Security (or, in the case of redemption, on or after the redemption date, except, in the case of a partial
redemption, with respect to the portion not so redeemed).

 

SECTION 6.15. Waiver of Stay or Extension Laws.

 

The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension laws wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefits or advantage of any
such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted.

 

ARTICLE 7

CONCERNING THE TRUSTEE

 

SECTION 7.01. Duties and Responsibilities of Trustee.

 

(a)            The
Trustee, prior to the occurrence of an Event of Default of a particular series and after the curing of all Events of Default of such series
which may have occurred, undertakes to perform such duties and only such duties with respect to such series as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. In the absence of bad
faith or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements
of this Indenture.

 

(b)            In
case an Event of Default with respect to a particular series has occurred (which has not been cured), the Trustee shall exercise with
respect to such series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of their own affairs.

 

(c)            No
provisions of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(1)            prior
to the occurrence of an Event of Default with respect to a particular series and after the curing of all Events of Default with respect
to such series which may have occurred, the duties and obligations of the Trustee with respect to such series shall be determined solely
by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations
as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee;

 

    	 	24	 

     

    

 

(2)            the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(3)            the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the holders of Securities pursuant to Section 6.12 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.

 

(d)            No
provision of this Indenture shall be construed as requiring the Trustee to expend or risk its own funds or otherwise to incur any personal
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall
have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

 

SECTION 7.02. Reliance on Documents, Opinions, etc.

 

Subject to the provisions of Section 7.01:

 

(a)            the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, judgement, bond, debenture, note, coupon or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties not only as the due execution, validity and effectiveness, but also
as to the truth and accuracy of any information contained herein. The Trustee need not investigate any fact or matter stated in the document;

 

(b)            any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee
by a copy thereof certified by the Secretary or any Assistant Secretary of the Company; and whenever in the administration of this Indenture
the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith or willful misconduct on its part,
rely upon an Officers’ Certificate and/or Opinion of Counsel;

 

(c)            the
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(d)            the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the holders of any Securities pursuant to the provisions of this Indenture, unless such holders shall have offered to the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred therein or thereby;

 

(e)            the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or documents, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney;

 

(f)            the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder;

 

(g)            the
Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture;

 

    	 	25	 

     

    

 

(h)            in
no event will the Trustee be responsible or liable for special, indirect, incidental, punitive or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action;

 

(i)            in
no event will the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its reasonable control, including, without limitation, strikes, pandemics, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, sabotage, epidemics, riots, nuclear or natural catastrophes,
earthquakes, fires, floods, or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
or hardware) services, labor disputes, acts of civil or military authorities and governmental actions, or the unavailability of the Federal
Reserve Bank wire or telex or other wire or communication facility; it being understood that the Trustee will use reasonable efforts that
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;

 

(j)            the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers hereunder;

 

(k)            the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture; and

 

(l)            the
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with respect to such
permissive rights, the Trustee shall not be answerable other than for its negligence or willful misconduct.

 

SECTION 7.03. No Responsibility for Recitals, etc.

 

The recitals contained herein and in the Securities,
other than the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities, provided that the Trustee shall not be relieved of its duty to authenticate Securities only as authorized by this
Indenture. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

SECTION 7.04. Ownership of Securities.

 

The Trustee, any authenticating agent, any paying
agent, any Security Registrar or any other agent of the Company or of the Trustee, in its individual or any other capacity, may become
the owner or pledgee of Securities with the same rights it would have if it were not Trustee, authenticating agent, paying agent, Security
Registrar or such other agent of the Company or of the Trustee.

 

SECTION 7.05. Moneys to be Held in Trust.

 

Subject to the provisions of Section 12.04
hereof, all moneys received by the Trustee or any paying agent shall, until used or applied as herein provided, be held un-invested in
trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law.
Neither the Trustee nor any paying agent shall be under any liability for interest on any moneys received by it hereunder except such
as it may agree in writing with the Company to pay thereon.

 

    	 	26	 

     

    

 

SECTION 7.06. Compensation and Expenses of Trustee.

 

The Company covenants and agrees to pay to the
Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder as agreed
in writing between the Company and the Trustee (which to the extent permitted by law shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust), and, except as otherwise expressly provided, the Company will pay or reimburse
the Trustee forthwith upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or willful
misconduct. If any property other than cash shall at any time be subject to the lien of this Indenture, the Trustee, if and to the extent
authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property
to such lien, shall be entitled to make and to be reimbursed for, advances for the purpose of preserving such property or of discharging
tax liens or other prior liens or encumbrances thereon. The Company also covenants to indemnify each of the Trustee and any predecessor
Trustee for, and to hold it harmless against, any and all loss, damage, claims, suit, liability or expense, (including attorney’s
fees and expenses, and taxes (other than taxes based upon, measured or determined by, the income of the Trustee)) incurred without negligence
or willful misconduct on the part of the Trustee, arising out of or in connection with the acceptance or administration of this trust,
including the costs and expenses of defending itself against any claim of liability, whether asserted by the Company, a Holder or any
other person. The obligations of the Company under this Section shall constitute additional indebtedness hereunder. Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the holders of particular Securities. This indemnification shall apply to officers,
directors, employees, shareholders and agents of the Trustee.

 

To secure the Company’s obligations under
this Section, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property held
or collected by the Trustee, except that held in trust to pay principal of (and premium, if any) and interest, if any, on particular Securities.

 

When the Trustee incurs expenses or renders services
after an Event of Default, the expenses and the compensation for the services are intended to constitute expenses of administration under
any bankruptcy law.

 

The provisions of this Section shall survive
the resignation or removal of the Trustee and the termination of this Indenture.

 

SECTION 7.07. Officers’ Certificate or Opinion of Counsel
as Evidence.

 

Subject to the provisions of Section 7.01,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved
or established prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, be deemed
to be conclusively proved and established by an Officers’ Certificate or Opinion of Counsel delivered to the Trustee, and such certificate
or opinion, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof.

 

SECTION 7.08. Disqualifications; Conflicting Interest of Trustee.

 

If the Trustee has or shall acquire any “conflicting
interest” within the meaning of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions
of Section 310(b) of the Trust Indenture Act.

 

SECTION 7.09. Eligibility of Trustee.

 

There shall at all times be a Trustee hereunder
which shall be a corporation organized and doing business under the laws of the United States or of any State or Territory thereof or
of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers, (b) is subject to supervision
or examination by federal, state, territorial or District of Columbia authority, (c) shall have at all times a combined capital and
surplus of not less than $50,000,000 and (d) shall not be the Company or any person directly or indirectly controlling, controlled
by, or under common control with the Company. If such corporation publishes reports of condition at least annually, pursuant to law, or
to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation at any time shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

    	 	27	 

     

    

 

SECTION 7.10. Resignation or Removal of Trustee.

 

(a)            The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series by giving written
notice of resignation to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee
with respect to the applicable series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee at the expense of the Company. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)            In
case at any time any of the following shall occur:

 

(1)            the
Trustee shall fail to comply with Section 7.08 with respect to any series of Securities after written request therefor by the Company
or by any securityholder who has been a bona fide holder of a Security or Securities of such series for at least six months, or

 

(2)            the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 with respect to any series of Securities and
shall fail to resign after written request therefor by the Company or by any such securityholder, or

 

(3)            the
Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of
its property or affairs for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, the Company may remove the Trustee with respect
to the applicable series of Securities and appoint a successor trustee with respect to such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to
the successor trustee, or, subject to the provisions of Section 6.14, any securityholder of such series who has been a bona fide
holder of a Security or Securities of the applicable series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with
respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee.

 

(c)            Upon
30 days’ prior written notice, the holders of a majority in aggregate principal amount of the Securities of all series (voting as
one class) at the time Outstanding may at any time remove the Trustee with respect to Securities of all series and appoint a successor
trustee with respect to the Securities of all series.

 

(d)            Any
resignation or removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this Section shall
become effective upon the appointment of a successor trustee and the acceptance of appointment by the successor trustee as provided in
Section 7.11.

 

SECTION 7.11. Acceptance by Successor Trustee.

 

Any successor trustee appointed as provided in
Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties
and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee herein; but,
nevertheless, on the written request of the Company or of the successor trustee, the predecessor trustee shall, upon payment of any amounts
then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee
all the rights and powers of the predecessor trustee. Upon request of any such successor trustee, the Company shall execute any and all
instruments in writing in order more fully and certainly to vest in and confirm to such successor trustee all such rights and powers.
Any trustee, including the initial Trustee, ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected
by such trustee to secure any amounts then due it pursuant to the provisions of Section 7.06.

 

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In case of the appointment hereunder of a successor
trustee with respect to the Securities of one or more (but not all) series, the Company, the predecessor Trustee and each successor trustee
with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in
the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture
shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such trustee.

 

No successor trustee shall accept appointment as
provided in this Section unless at the time of such acceptance such successor trustee shall be qualified and eligible under the provisions
of this Article 7.

 

Upon acceptance of appointment by a successor trustee
as provided in this Section, the Company shall mail notice of the succession of such trustee hereunder to all holders of Securities of
any applicable series as the names and addresses of such holders shall appear on the registry books. If the Company fails to mail such
notice in the prescribed manner within ten days after the acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be so mailed at the expense of the Company.

 

SECTION 7.12. Successor by Merger, etc.

 

Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such corporation shall be qualified and eligible under the provisions of this
Article 7, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office,
any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

SECTION 7.13. Limitations on Rights of Trustee as Creditor.

 

The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee
who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

SECTION 7.14. Notice of Default.

 

Within 90 days after the occurrence of any default
on a series of Securities hereunder of which a Responsible Officer of the Trustee has received notice or is deemed to have notice in accordance
with this Section 7.14, the Trustee shall transmit to all securityholders of that series, in the manner and to the extent provided
in Section 15.04, notice of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall
have been cured or waived; provided, that except in the case of a default in the payment of the principal of or interest on any Security
or on the payment of any sinking or purchase fund installment, the Trustee shall be protected in withholding such notice if and so long
as a Responsible Officer of the Trustee in good faith determine that the withholding of such notice is in the interests of the securityholders;
and provided, further, that in the case of any default of the character specified in clause (c) of Section 6.01 no such notice
to securityholders shall be given until at least 30 days after the occurrence thereof. The Trustee will not be required to take notice
or be deemed to have notice of any default or Event of Default, except failure by the Company to pay or cause to be made any of the payments
required to be made to the Trustee, unless a Responsible Officer shall receive written notice of such default or Event of Default from
the Company or by the holders of at least 25% in aggregate principal amount of the then Outstanding Securities delivered to the Corporate
Trust Office of the Trustee and such notice states that it is a notice of a default or Event of Default with respect to the Securities
and this Indenture, and in the absence of such notice so delivered the Trustee may conclusively assume no default or Event of Default
exists. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or
both would become, an Event of Default with respect to Securities of such series.

 

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SECTION 7.15. Appointment of Authenticating Agent.

 

The Trustee may appoint an authenticating agent
or agents (which may be an affiliate or affiliates of the Company) with respect to one or more series of Securities which shall be authorized
to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue or upon exchange, registration of
transfer or partial redemption thereof or pursuant to Section 2.09, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an authenticating agent and a certificate
of authentication executed on behalf of the Trustee by an authenticating agent. Each authenticating agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business under the laws of the United States of America or of any State or
Territory thereof or of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers or to
otherwise act as authenticating agent, (b) is subject to supervision or examination by federal, state, territorial or District of
Columbia authority, and (c) shall have at all times a combined capital and surplus of not less than $50,000,000. If such authenticating
agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such authenticating agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an authenticating agent shall cease
to be eligible in accordance with the provisions of this Section, such authenticating agent shall resign immediately in the manner and
with the effect specified in this Section.

 

Any corporation into which an authenticating agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such authenticating agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business
of such authenticating agent, shall continue to be an authenticating agent, provided such corporation shall be otherwise eligible under
this Section, without the execution or filing of any paper or any further act on the part of the Trustee or such authenticating agent.

 

An authenticating agent may resign at any time
by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an authenticating
agent by giving written notice thereof to such authenticating agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such authenticating agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor authenticating agent which shall be acceptable to the Company and shall promptly
give notice of such appointment to all holders of Securities in the manner and to the extent provided in Section 15.04. Any successor
authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an authenticating agent. No successor authenticating agent shall be appointed unless
eligible under the provisions of this Section.

 

The Company agrees to pay to each authenticating
agent from time to time reasonable compensation for its services under this Section.

 

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If an appointment with respect to one or more series
is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternative certificate of authentication in the following form:

 

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

 

	 	
    [ ],

    as Trustee

	 	 	 
	 	By:	[ ], as Authenticating Agent
	 	By:	
	 	
    Authorized Signatory

     

    Date:

 

If all of the Securities of a series may not be
originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon original issuance located
in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if
so requested by the Company in writing, shall appoint in accordance with this Section an authenticating agent (which, if so requested
by the Company, shall be such affiliate of the Company) having an office in a Place of Payment designated by the Company with respect
to such series of Securities, provided that the terms and conditions of such appointment are acceptable to the Trustee.

 

ARTICLE 8

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01. Action by Securityholders.

 

Whenever in this Indenture it is provided that
the holders of a specified percentage in aggregate principal amount of the Securities of any or all series may take any action (including
the making of any demand or request, the giving of any authorization, notice, consent or waiver or the taking of any other action), the
fact that at the time of taking any such action the holders of such specified percentage have joined therein may be evidenced (a) by
any instrument or any number of instruments of similar tenor executed by securityholders in person or by agent or proxy appointed in writing,
or (b) by a combination of such instrument or instruments and any such record of such a meeting of securityholders.

 

In determining whether the holders of a specified
percentage in aggregate principal amount of the Securities of any or all series have taken any action (including the making of any demand
or request, the giving of any authorization, direction, notice, consent or waiver or the taking of any other action), (i) the principal
amount of any Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be outstanding
for such purposes shall be equal to the amount of the principal thereof that could be declared to be due and payable upon an Event of
Default pursuant to the terms of such Original Issue Discount Security at the time the taking of such of such action is evidenced to the
Trustee, and (ii) the principal amount of a Security denominated in a foreign currency or currency unit shall be the Dollar equivalent,
determined as of the date of original issuance of such Security in accordance with Section 2.03(b) hereof, of the principal
amount of such Security.

 

SECTION 8.02. Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.01,
Section 7.02 and Section 9.05, proof of the execution of any instrument by a securityholder or its agent or proxy, or of the
holding by any person of a Security, shall be sufficient and conclusive in favor of the Trustee and the Company if made in accordance
with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the
Trustee.

 

The principal amount and serial numbers of Registered
Securities held by any person, and the date of holding the same, shall be proved by the Security Register.

 

The record of any securityholders’ meeting
shall be proved in the manner provided in Section 9.06.

 

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SECTION 8.03. Who Are Deemed Absolute Owners.

 

Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or of the Trustee may deem the person in whose name
such Registered Security shall be registered upon the Security Register to be, and may treat them as, the absolute owner of such Registered
Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon), for the
purpose of receiving payment of or on account of the principal of (and premium, if any) and, subject to the provisions of Section 2.05
and Section 2.07, any interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent
of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments so made to any holder for the time
being, or upon their order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability
for moneys payable upon any such Security.

 

Notwithstanding the foregoing, with respect to
any temporary or permanent global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or of the
Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary, or impair, as between
a Depositary and holders of beneficial interests in any temporary or permanent global Security, as the case may be, the operation of customary
practices governing the exercise of the rights of the Depositary as holder of such temporary or permanent global Security.

 

SECTION 8.04. Company-Owned Securities Disregarded.

 

In determining whether the holders of the required
aggregate principal amount of Securities have provided any request, demand, authorization, notice, direction, consent or waiver under
this Indenture, Securities which are owned by the Company or any other obligor on the Securities, or by any person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities, shall
be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining
whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good
faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee
the pledgee’s right to vote such Securities and that the pledgee is not a person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any
decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

SECTION 8.05. Revocation of Consents; Future Securityholders
Bound.

 

At any time prior to the taking of any action
by the holders of the percentage in aggregate principal amount of the Securities specified in this Indenture in connection with such action,
any holder of a Security, the identifying number of which is shown by the evidence to be included in the Securities the holders of which
have consented to such action, may, by filing written notice with the Trustee at its office and upon proof of holding as provided in Section 8.02,
revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be
conclusive and binding upon such holder and upon all future holders and owners of such Security and of any Security issued upon registration
of transfer of or in exchange or substitution therefor in respect of anything done, omitted or suffered to be done by the Trustee or the
Company in reliance thereon, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken
by the holders of the percentage in aggregate principal amount of the Securities specified in this Indenture in connection with such action
shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities.

 

SECTION 8.06. Record Date.

 

The Company may, but shall not be obligated to,
set a record date for purposes of determining the identity of holders of Securities of any series entitled to vote or consent to any action
by vote or consent or to otherwise take any action under this Indenture authorized or permitted by Section 6.12 and Section 6.13
or otherwise under this Indenture. Such record date shall be the later of (i) the date 20 days prior to the first solicitation of
such consent or vote or other action and (ii) the date of the most recent list of holders of such Securities delivered to the principal
corporate trust office of the Trustee pursuant to Section 5.01 prior to such solicitation. If such a record date is fixed, those
persons who were holders of such Securities at the close of business on such record date shall be entitled to vote or consent or take
such other action, or to revoke any such action, whether or not such persons continue to be holders after such record date, and for that
purpose the Outstanding Securities shall be computed as of such record date.

 

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ARTICLE 9

SECURITYHOLDERS’ MEETINGS

 

SECTION 9.01. Purposes of Meeting.

 

A meeting of holders of any or all series of Securities
may be called at any time and from time to time pursuant to the provisions of this Article for any of the following purposes:

 

(a)            to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to waive any default hereunder and its
consequences, or to take any other action authorized to be taken by securityholders pursuant to any of the provisions of Article 6;

 

(b)            to
remove the Trustee and appoint a successor trustee pursuant to the provisions of Article 7;

 

(c)            to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or

 

(d)            to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Securities
of any or all series, as the case may be, under any other provision of this Indenture or under applicable law.

 

SECTION 9.02. Call of Meetings by Trustee.

 

The Trustee may at any time call a meeting of securityholders
of any or all series to take any action specified in Section 9.01, to be held at such time and at such place in [ ], [ ] or as the
Trustee shall determine. Notice of every meeting of the securityholders of any or all series, setting forth the time and place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given in the manner provided in Section 15.04
not less than 20 nor more than 180 days prior to the date fixed for the meeting.

 

SECTION 9.03. Call of Meetings by Company or Securityholders.

 

In case at any time the Company, pursuant to a
Board Resolution, or the holders of at least 10% in aggregate principal amount of the Securities of any or all series, as the case may
be, then Outstanding, shall have requested the Trustee to call a meeting of securityholders of any or all series to take any action authorized
in Section 9.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have provided notice of such meeting in the manner provided in Section 15.04 within 30 days after receipt of such request,
then the Company or the holders of such Securities in the amount above specified may determine the time and the place in [ ], [ ] for
such meeting and may call such meeting by giving notice thereof as provided in Section 9.02.

 

SECTION 9.04. Qualifications for Voting.

 

To be entitled to vote at any meeting of securityholders
a person shall be a holder of one or more Securities of such series Outstanding with respect to which a meeting is being held or a person
appointed by an instrument in writing as proxy by such a holder or holders. The only persons who shall be entitled to be present or to
speak at any meeting of the securityholders of any series shall be the persons entitled to vote at such meeting and their counsel and
any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

    	 	33	 

     

    

 

SECTION 9.05. Regulations.

 

Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for any meeting of securityholders of a series, in regard to
proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes,
the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it deems fit. Except as otherwise permitted or required by any such regulations, the holding of Securities shall
be proved in the manner specified in Article 8 and the appointment of any proxy shall be proved in the manner specified in Article 8.
Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Article 8 or other proof.

 

The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by securityholders as provided
in Section 9.03, in which case the Company or the securityholders calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a majority
in principal amount of the Securities represented at the meeting and entitled to vote.

 

Subject to the provisions of Section 8.01
and Section 8.04, at any meeting each securityholder or proxy shall be entitled to one vote for each $1,000 (or the Dollar equivalent
thereof in connection with Securities issued in a foreign currency or currency unit) Outstanding principal amount of Securities of such
series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote except as a securityholder or proxy. Any meeting of securityholders duly called pursuant to the provisions of Section 9.02
or Section 9.03 may be adjourned from time to time, and the meeting may be reconvened without further notice.

 

SECTION 9.06. Voting.

 

The vote upon any resolution submitted to any meeting
of securityholders shall be by written ballot on which shall be subscribed the signatures of the securityholders or proxies and on which
shall be inscribed the identifying number or numbers or to which shall be attached a list of identifying numbers of the Securities held
or represented by them. The chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of securityholders shall be prepared by the
secretary of the meeting and there shall be attached to the record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that the notice was mailed as provided in Section 9.02. The record shall be signed and verified by the chairman and secretary
of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee,
the latter to have attached thereto the ballots voted at the meeting.

 

Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

 

ARTICLE 10

SUPPLEMENTAL INDENTURES

 

SECTION 10.01. Supplemental Indentures without Consent of Securityholders.

 

Without the consent of any holders of Securities,
the Company, when authorized by or pursuant to Board Resolution, and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution
thereof) for one or more of the following purposes:

 

(a)            to
evidence the succession of another corporation to the Company, or successive successions, pursuant to Article 11 hereof, and the
assumption by the successor corporation of the covenants, agreements and obligations of the Company herein and in the Securities;

 

    	 	34	 

     

    

 

(b)            to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall consider
to be for the protection of the holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in
any of such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any
of the several remedies provided in this Indenture as herein set forth, with such period of grace, if any, and subject to such conditions
as such supplemental indenture may provide;

 

(c)            to
establish any series of Securities and the form or terms of securities of any series as permitted by Section 2.01 and Section 2.03,
including, without limitation, any subordination provisions and any conversion or exchange provisions applicable to Securities that are
convertible into or exchangeable for other securities or property, and any deletions from or additions or changes to this Indenture in
connection therewith (provided that any such deletions, additions and changes shall not be applicable to any other series of Securities
then Outstanding);

 

(d)            to
add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental indenture)
or change any of the provisions of this Indenture regarding acceleration of maturity upon an Event of Default;

 

(e)            to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant
defeasance and/or satisfaction and discharge of any series of Securities pursuant to Article 14, provided that any such action shall
not adversely affect the interests of any holder of a Security of such series or any other Security in any material respect;

 

(f)            to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities, registrable or not registrable as to principal;

 

(g)            to
make provisions with respect to conversion or exchange rights of holders of Securities of any series;

 

(h)            in
the case of any series of Securities which are convertible into or exchangeable for commodities or for the securities of the Company to
safeguard or provide for the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification
or change of outstanding securities or any merger, consolidation, statutory share exchange or combination of the Company with or into
another Person or any sale, lease, assignment, transfer, disposition or other conveyance of all or substantially all of the properties
and assets of the Company to any other Person or other similar transactions, if expressly required by the terms of such series of Securities
established pursuant to Section 2.03;

 

(i)            to
add to, delete from or revise the conditions, limitations or restrictions on issue, authentication and delivery of Securities of any series;

 

(j)            to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this
Indenture under the Trust Indenture Act, or under any similar federal statute hereafter enacted, and to add to this Indenture such other
provisions as may be expressly permitted by the Trust Indenture Act, excluding however, the provisions referred to in Section 316(a)(2) of
the Trust Indenture Act or any corresponding provision in any similar federal statute hereafter enacted;

 

(k)            to
modify, eliminate or add to any of the provisions of this Indenture, provided that any such change or elimination (i) shall become
effective only when there is no Security of any series Outstanding and created prior to the execution of such supplemental indenture that
is entitled to the benefit of such provision or (ii) shall not apply to any Security Outstanding;

 

(l)            to
conform the Indenture or the Securities to the description thereof in the related prospectus, offering memorandum or disclosure document
(as provided in an Officers’ Certificate delivered to the Trustee);

 

    	 	35	 

     

    

 

(m)            to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provisions contained herein or in any supplemental indenture;

 

(n)            to
add guarantees with respect to, or to secure, any series of Security;

 

(o)            to
evidence and provide for the acceptance and appointment hereunder by a successor trustee with respect to the Securities of one or more
series and to add or change any provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one trustee, pursuant to Section 7.11; and

 

(p)            to
make any change to the Securities of any series or to make any other provisions in regard to matters or questions arising under this Indenture
that do not adversely affect the legal rights under this Indenture of any holder of Securities of any series issued under this Indenture,
including provisions necessary or desirable to provide for or facilitate the administration of the trusts hereunder.

 

The Trustee is hereby authorized to join with the
Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall
not be obligated to enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise. No supplemental indenture shall be effective as against the Trustee unless and until the Trustee has
duly executed and delivered the same.

 

SECTION 10.02. Supplemental Indentures with Consent of Holders.

 

With the consent (evidenced as provided in Section 8.01)
of the holders of not less than a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected
by such supplemental indenture (voting as one class), the Company, when authorized by a Board Resolution, and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as in force at the date of the execution thereof) for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the
holders of the Securities of such series under this Indenture; provided, that no such supplemental indenture shall (a) extend the
fixed maturity of any Securities, or reduce the principal amount thereof or premium, if any, or reduce the rate or extend the time of
payment of interest thereon, without the consent of the holder of each Security so affected, (b) reduce the aforesaid percentage
of Securities, the consent of the holders of which is required for any such supplemental indenture, without the consent of the holders
of all Securities then Outstanding, (c) modify the subordination provisions in a manner adverse to the holders of such Securities,
or (d) modify any of the above provisions.

 

Upon the request of the Company, accompanied by
a copy of a Board Resolution certified by the Secretary or an Assistant Secretary of the Company authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the consent of securityholders as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated
to, enter into such supplemental indenture.

 

It shall not be necessary for the consent of the
securityholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such consent shall approve the substance thereof.

 

Promptly after the execution by the Company and
the Trustee of any supplemental indenture pursuant to the provisions of this Article 10, the Company shall provide notice, in the
manner and to the extent provided in Section 15.04, setting forth in general terms the substance of such supplemental indenture,
to all holders of Securities of each series so affected. Any failure of the Company so to provide such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

    	 	36	 

     

    

 

SECTION 10.03. Compliance with Trust Indenture Act; Effect
of Supplemental Indentures.

 

Any supplemental indenture executed pursuant to
the provisions of this Article 10 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article 10 and subject to the provisions in any supplemental indenture relating to the
prospective application of such instrument, this Indenture shall be and be deemed to be modified and amended in accordance therewith and
the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and
the holders of Securities theretofore or thereafter authenticated and delivered hereunder shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

The Trustee, subject to the provisions of Section 7.01
and Section 7.02, shall be entitled to receive and shall be fully protected in relying upon an Officers’ Certificate and Opinion
of Counsel as conclusive evidence that any such supplemental indenture complies with the provisions of this Article 10 and that all
conditions precedent thereto have been satisfied.

 

SECTION 10.04. Notation on Securities.

 

Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may bear a notation in form approved
by the Company as to any matter provided for in such supplemental indenture. New Securities of any series so modified as to conform, in
the opinion of the Company and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture
may be prepared by the Company, authenticated by the Trustee and delivered, without charge to the securityholders, in exchange for the
Securities of such series then Outstanding.

 

ARTICLE 11

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

SECTION 11.01. Company May Consolidate, etc., on
Certain Terms.

 

The Company covenants that it will not merge into
or consolidate with any other corporation or sell or convey all or substantially all of its assets to any person, firm or corporation,
unless (a) either the Company shall be the continuing corporation, or the successor corporation (if other than the Company) shall
be a corporation organized and existing under the laws of the United States of America or a state thereof or the District of Columbia
and such corporation shall expressly assume the due and punctual payment of the principal of (and premium, if any, on) and any interest
on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions
of this Indenture to be performed by the Company by supplemental indenture in form satisfactory to the Trustee, executed and delivered
to the Trustee by such corporation, and (b) the Company or such successor corporation, as the case may be, shall not, immediately
after such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition.

 

SECTION 11.02. Successor Corporation Substituted.

 

In case of any such consolidation, merger, sale
or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted
for, and may exercise every right and power of, the Company, with the same effect as if it had been named herein as the party of the first
part. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company,
any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee;
and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in
this Indenture prescribed, the Trustee shall authenticate and shall make available for delivery any Securities which previously shall
have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor
corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in
all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Securities had been issued at the date of the execution thereof.

 

    	 	37	 

     

    

 

In case of any such consolidation, merger, sale
or conveyance such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may
be appropriate.

 

SECTION 11.03. Opinion of Counsel and Officers’ Certificate
to be Given Trustee.

 

The Trustee shall receive an Opinion of Counsel
and Officers’ Certificate as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption,
complies with the provisions of this Article 11 and that all conditions precedent herein provided for relating to such transaction
have been complied with.

 

ARTICLE 12

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED
MONEYS

 

SECTION 12.01. Discharge of Indenture.

 

If at any time:

 

(a)            the
Company shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than (i) Securities
that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.09, and (ii) Securities
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to
the Company or discharged from such trust, as provided in Section 4.03), or

 

(b)            all
such Securities of such series not theretofore delivered to the Trustee for cancellation (i) shall have become due and payable, or
(ii) are by their terms to become due and payable within one year, or (iii) are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company in the case of (b)(i), (b)(ii) or
(b)(iii) above shall deposit or cause to be deposited with the Trustee as trust funds the entire amount (other than moneys repaid
by the Trustee or any paying agent to the Company in accordance with Section 12.04) sufficient to pay at maturity or upon redemption
all Securities of such series not therefore delivered to the Trustee for cancellation, including principal (and premium, if any) and any
interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if in either case the Company
shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then this Indenture shall
cease to be of further effect with respect to the Securities of such series, and the Trustee, on demand of and at the cost and expense
of the Company and subject to Section 15.05, shall execute proper instruments acknowledging satisfaction of and discharging this
Indenture with respect to the Securities of such series. The Company agrees to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred by the Trustee in connection with this Indenture or the Securities of such series. Notwithstanding the
satisfaction and discharge of this Indenture with respect to the Securities of any series or of all series, the obligations of the Company
to the Trustee under Section 7.06 shall survive.

 

The Company will deliver to the Trustee an Officers’
Certificate and an Opinion of Counsel which together shall state that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with.

 

SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee.

 

Subject to the provisions of clause (e) of
Section 4.03, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the
payment, either directly or through any paying agent (including the Company acting as its own paying agent), to the persons entitled thereto,
of all sums due and to become due thereon for principal and interest (and premium, if any) for which payment of such money has been deposited
with the Trustee.

 

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SECTION 12.03. Paying Agent to Repay Moneys Held.

 

In connection with the satisfaction and discharge
of this Indenture with respect to Securities of any series and the payment of all amounts due to the Trustee under Section 7.06,
all moneys with respect to such Securities then held by any paying agent under the provisions of this Indenture shall, upon demand of
the Company, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with
respect to such moneys.

 

SECTION 12.04. Return of Unclaimed Moneys.

 

Subject to applicable law, any moneys deposited
with or paid to the Trustee or any paying agent for the payment of the principal of (and premium, if any) or interest on any Security
and not applied but remaining unclaimed for two years after the date upon which such principal (and premium, if any, on) or interest shall
have become due and payable, shall be repaid to the Company by the Trustee or such paying agent upon written request from the Company,
and the holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for any payment which such
holder may be entitled to collect and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease.

 

ARTICLE 13

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
AND DIRECTORS

 

SECTION 13.01. Indenture and Securities Solely Corporate Obligations.

 

No recourse under or upon any obligation, covenant
or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities.

 

ARTICLE 14

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 14.01. Applicability of Article.

 

Unless, as specified pursuant to Section 2.03(b),
provision is made that either or both of (a) defeasance of the Securities of a series under Section 14.02 and (b) covenant
defeasance of the Securities of a series under Section 14.03 shall not apply to the Securities of a series, then the provisions of
such Section 14.02 and Section 14.03, together with Section 14.04 and Section 14.05, shall be applicable to the Outstanding
Securities of all series upon compliance with the conditions set forth below in this Article 14.

 

SECTION 14.02. Defeasance and Discharge.

 

Subject to Section 14.05, the Company may
cause itself to be discharged from its obligations with respect to the Outstanding Securities of any series on and after the date the
conditions precedent set forth below are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter,
 “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities
and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the
rights of holders of Outstanding Securities of such series to receive, solely from the trust fund described in Section 14.04 and
as more fully set forth in such Section, payments of the principal of and any premium and interest on such Securities when such payments
are due, (b) the Company’s obligations with respect to such Securities under Section 2.07, Section 2.08, Section 2.09,
Section 4.02 and Section 4.03 and such obligations as shall be ancillary thereto, (c) the rights, powers, trusts, duties,
immunities and other provisions in respect of the Trustee hereunder, and (D) this Article 14. Subject to compliance with this
Article 14, defeasance with respect to Securities of a series by the Company is permitted under this Section 14.02 notwithstanding
the prior exercise of its rights under Section 14.03 with respect to the Securities of such series. Following a defeasance, payment
of the Securities of such series may not be accelerated because of an Event of Default.

 

    	 	39	 

     

    

 

SECTION 14.03. Covenant Defeasance.

 

The Company may cause itself to be released from
its obligations under any Sections applicable to Securities of a series that are determined pursuant to Section 2.03(b) to be
subject to this provision with respect to the Outstanding Securities of such series on and after the date the conditions precedent set
forth below are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, “covenant defeasance”).
For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series, 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, whether directly
or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to
any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

SECTION 14.04. Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions precedent
or, as specifically noted below, subsequent to application of either Section 14.02 or Section 14.03 to the Outstanding Securities
of such series:

 

(a)            The
Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of such Securities,
(i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount,
or (iii) a combination thereof, sufficient, without reinvestment, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee to pay and discharge, (1) the principal of and any premium and interest on the Outstanding Securities of such series
to maturity or redemption, as the case may be, and (2) any mandatory sinking fund payments or analogous payments applicable to the
Outstanding Securities of such series on the due dates thereof. Before such a deposit the Company may make arrangements satisfactory to
the Trustee for the redemption of Securities at a future date or dates in accordance with Article 3 which shall be given effect in
applying the foregoing. For this purpose, “U.S. Government Obligations” means securities that are (x) direct obligations
of the United States of America for the payment of which its full faith and credit is pledged or (y) obligations of a person controlled
or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option
of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S.
Government Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any
amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the
U.S. Government Obligation evidenced by such depository receipt;

 

(b)            No
default, or event that after notice or lapse of time, or both, would become a default with respect to the Securities of such series, shall
have happened and be continuing (i) on the date of such deposit or (ii) insofar as Section 6.01(a) and Section 6.01(b) are
concerned, at any time during the period ending on the 123rd day after the date of such deposit or, if longer, ending on the day following
the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that the condition
in this clause (b) is a condition subsequent and shall not be deemed satisfied until the expiration of such period);

 

    	 	40	 

     

    

 

(c)            Such
defeasance or covenant defeasance shall not (i) cause the Trustee for the Securities of such series to have a conflicting interest
as defined in Section 7.08 or for purposes of the Trust Indenture Act with respect to any securities of the Company or (ii) result
in the trust arising from such deposit to constitute, unless it is qualified as, a regulated investment company under the Investment Company
Act of 1940, as amended;

 

(d)            Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound;

 

(e)            Such
defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities exchange
under the Exchange Act to be delisted;

 

(f)            In
the case of a defeasance under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date
of this Indenture there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon
such opinion shall confirm that, the holders of the Outstanding Securities of such series will not recognize income, gain or loss for
federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such defeasance had not occurred;

 

(g)            In
the case of covenant defeasance under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes
as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not occurred;

 

(h)            Such
defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed
on the Company in connection therewith pursuant to Section 2.03(b); and

 

(i) The Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent and subsequent provided for
in this Indenture relating to either the defeasance under Section 14.02 or the covenant defeasance under Section 14.03, as the
case may be, have been complied with.

 

SECTION 14.05. Deposited Money and U.S. Government Obligations
to be Held in Trust; Other Miscellaneous Provisions.

 

All money and U.S. Government Obligations (including
the proceeds thereof) deposited with the Trustee pursuant to Section 14.04 in respect of the Outstanding Securities of such series
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any paying agent (but not including the Company acting as its own paying agent) as the Trustee may determine,
to the holders of such Securities of all sums due and to become due thereon in respect of principal and any premium and interest, but
such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the money or U.S. Government Obligations deposited pursuant to Section 14.04
or the principal and interest received in respect thereof.

 

Anything herein to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by
it as provided in Section 14.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited
to effect an equivalent defeasance or covenant defeasance, provided that the Trustee shall not be required to liquidate any U.S. Government
Obligations in order to comply with the provisions of this paragraph.

 

    	 	41	 

     

    

 

Anything herein to the contrary notwithstanding,
if and to the extent the deposited money or U.S. Government Obligations (or the proceeds thereof) either (i) cannot be applied by
the Trustee in accordance with this Section because of a court order or by operation of Article 16 or (ii) are for any
reason insufficient in amount, then the Company’s obligations to pay principal of and any premium and interest on the Securities
of such series shall be reinstated to the extent necessary to cover the deficiency on any due date for payment. In any such case, the
Company’s interest in the deposited money and U.S. Government Obligations (and proceeds thereof) shall be reinstated to the extent
the Company’s payment obligations are reinstated.

 

ARTICLE 15

MISCELLANEOUS PROVISIONS

 

SECTION 15.01. Benefits of Indenture Restricted to Parties
and Securityholders.

 

Nothing in this Indenture or in the Securities,
expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors
and assigns and the holders of the Securities (and, with respect to the provisions of Article 16, the holders of senior Indebtedness),
any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants
and provisions being for the sole benefit of the parties hereto and their successors and assigns and the holders of the Securities (and,
with respect to the provisions of Article 16, the holders of senior Indebtedness).

 

SECTION 15.02. Provisions Binding on Company’s Successors.

 

All the covenants, stipulations, promises and agreements
in this Indenture contained by or in behalf of the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 15.03. Addresses for Notices, etc., to Company
and Trustee.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other document provided or permitted by this Indenture is duly given if in writing and delivered in person
or delivered by first-class postage prepaid mail, facsimile, email or overnight air courier guaranteeing next day delivery, to the other’s
address:

 

(1)            If
to the Trustee, addressed to the Trustee at the principal Corporate Trust Office of the Trustee, [ ], Attention: Orange County Bancorp, Inc.
Administrator, Telephone: [ ].

 

(2)            If
to the Company by the Trustee or by the holders of Securities, addressed to it at [ ], Attention: [ ], Email: [ ].

 

The Company or the Trustee by written notice to
the other may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications will be deemed to
have been duly given: five Business Days after being deposited in the mail, postage prepaid, if delivered by mail; on the first Business
Day after being sent, if sent by facsimile and the sender receives confirmation of successful transmission; upon confirmation of transmittal
(but excluding any automatic reply to such email), if sent by email; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery.

 

SECTION 15.04. Notice to Holders of Securities; Waiver.

 

Except as otherwise expressly provided herein,
where this Indenture provides for notice of holders of Securities of any event, such notice shall be sufficiently given to holders of
Registered Securities if in writing and mailed, first-class postage prepaid, to each holder of a Registered Security affected by such
event, at the address of such holder as it appears in the Security Register, not earlier than the earliest date, and not later than the
latest date, prescribed for the giving of such notice.

 

    	 	42	 

     

    

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to holders of Registered Securities by mail,
then such notification as shall be made with the approval of the Trustee shall constitute sufficient notice to such holders for every
purpose hereunder. In any case where notice to holders of Registered Securities is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular holder of a Registered Security shall affect the sufficiency of such notice
with respect to other holders of Registered Securities.

 

Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder
of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given when delivered to the Depositary for such
Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by holders of Securities shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language.

 

SECTION 15.05. Evidence of Compliance with Conditions Precedent.

 

Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

Each Officers’ Certificate and Opinion of
Counsel provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for
in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition;
(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based; (c) a statement that, in the opinion of such person, they have made such examination or
investigation as is necessary to enable them to express an informed opinion as to whether or not such covenant or condition has been complied
with; and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

SECTION 15.06. Legal Holidays.

 

In any case where the date of maturity of interest
on or principal of the Securities or the date fixed for redemption of any Securities shall be a Saturday or Sunday or a legal holiday
in City of New York, New York or in such other Place of Payment as the Company may designate pursuant to Section 4.02, or a day on
which banking institutions in City of New York, New York or in such other Place of Payment are authorized or obligated by law, regulation
or executive order to remain closed, then payment of interest or principal (and premium, if any) need not be made on such date but may
be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption,
and no interest shall accrue for the period after such date.

 

SECTION 15.07. Trust Indenture Act to Control.

 

If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included in this Indenture
by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision shall control.

 

    	 	43	 

     

    

 

SECTION 15.08. Execution in Counterparts.

 

This Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The
exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or
 “.tif”) transmission will constitute effective execution and delivery of this Indenture as to the parties hereto and may be
used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format
(e.g., “.pdf” or “.tif”) will be deemed to be their original signatures for all purposes. Unless otherwise
provided herein or in any other Securities, the words “execute”, “execution”, “signed”, and “signature”
and words of similar import used in or related to any document to be signed in connection with this Indenture, any other Securities or
any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include
electronic signatures and 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 in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest 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, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that,
notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any
form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.

 

SECTION 15.09. Governing Law; Waiver of Jury Trial.

 

THIS INDENTURE AND EACH SECURITY SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAW OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW).

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

The parties hereby (i) irrevocably submit
to the non-exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city of New York, (ii) waive
any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts
are an inconvenient forum or do not have jurisdiction over any party.

 

SECTION 15.10. Severability.

 

In case any provision in this Indenture or in the
Securities 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.

 

The Trustee, by its execution of this Indenture,
hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions hereinabove set forth. This Indenture,
any supplemental indenture hereto and the exhibits hereto or thereto set forth the entire agreement and understanding of the parties related
to this transaction and supersedes all prior agreements and understandings, oral or written.

 

SECTION 15.11. Interpretations.

 

The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

    	 	44	 

     

    

 

This Indenture may not be used to interpret any
other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

SECTION 15.12. U.S.A. Patriot Act.

 

The parties hereto acknowledge that in accordance
with Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (the “USA PATRIOT Act”), the Trustee, like all financial institutions and in order to help fight the funding of terrorism
and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes
a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

ARTICLE 16

RANKING OF SECURITIES

 

SECTION 16.01. Ranking.

 

Except as otherwise provided in a supplemental
indenture or pursuant to Section 2.01, the Company agrees, and each holder by accepting a Security agrees, that the indebtedness
evidenced by the Securities constitutes and will constitute a senior unsecured general obligation of the Company, ranking equally with
other existing and future senior unsecured Indebtedness of the Company, ranking equally with other existing and future senior unsecured
Indebtedness of the Company and ranking senior in right of payment to any future Indebtedness of the Company that is expressly made subordinate
to the Securities by the terms of such Indebtedness.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed, all as of the day and year first above written.

 

	 	ORANGE COUNTY BANCORP, INC.
	 	 	 
	 	By:	
	 	 	[ ]
	 	 	[ ]
	 	 
	 	 
	 	[ ], as Trustee
	 	 	 
	 	By:	
	 	 	[ ]
	 	 	[ ]

 

    	 	45

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