Document:

Amended and Restated Security Agreement

 Exhibit 10.17 
 AMENDED AND RESTATED SECURITY AGREEMENT 
 AMENDED AND RESTATED SECURITY AGREEMENT, dated as of March 24, 2010 (as amended, supplemented, restated or otherwise modified from time to time, this “Agreement”), made by WELLS TIMBERLAND OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership (“Wells Partnership”), TIMBERLANDS II, LLC, a Delaware limited liability company, (“Wells Timberland”; and together with Wells Partnership, each a “Borrower” and
collectively, the “Borrowers”), WELLS TIMBERLAND TRS, INC., a Delaware corporation (“Wells TRS”), WELLS TRS HARVESTING OPERATIONS, LLC, a Delaware limited liability company (“Wells TRS Subsidiary”),
WELLS TIMBERLAND HBU, LLC, a Delaware limited liability company (“Wells HBU”), and each Additional Grantor (such capitalized term and all other capitalized terms not otherwise defined herein to have the meanings provided for in
Article I) that may from time to time become a party hereto (the Borrowers, Wells TRS, Wells TRS Subsidiary, Wells HBU and such Additional Grantors are collectively referred to as the “Grantors” and individually as a
“Grantor”), in favor of COBANK, ACB, as administrative agent (in such capacity, the “Administrative Agent”) for the benefit of itself and each other Lender Party. This Agreement amends and restates in its entirety
that certain Security Agreement, dated as of October 9, 2007 (the “Original Security Agreement”), among Wells Timberland, Wells TRS Subsidiary and each other Grantor party thereto, in favor of the Administrative Agent for the
benefit of itself and each other Lender Party. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Amended and Restated Credit Agreement, dated as of the date hereof (as amended,
supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the various lending institutions as are, or may from time to time become, parties thereto (collectively, the
“Lenders”), and the Administrative Agent in its capacity as administrative agent for the Lenders, the Lenders have extended Commitments to make Loans to the Borrowers; 
 WHEREAS, as a condition precedent to the occurrence of the Funding Date under the Credit Agreement, each Grantor is
required to execute and deliver this Agreement; and 
 WHEREAS, each Grantor has duly authorized the
execution, delivery and performance of this Agreement; 
 NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to induce the Lenders to make the Loans to the Borrowers pursuant to the Credit Agreement, each Grantor agrees with the Administrative Agent, for its benefit
and the benefit of each other Lender Party, to amend and restate the Original Security Agreement in its entirety as follows: 

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

 “Additional Grantors” is defined in clause (b) of
Section 7.2. 
 “Administrative Agent” is defined in the preamble.

 “Agreement” is defined in the preamble. 
 “Assigned Agreements” is defined in clause (p) of Section 2.1. 

“Borrowers” is defined in the preamble. 
 “Collateral” is defined in Section 2.1. 
 “Collateral Account” is defined in clause (a) of Section 4.15. 

“Computer Hardware and Software Collateral” means (a) all computer and other electronic data
processing hardware, integrated computer systems, central processing units, memory units, display terminals, printers, features, computer elements, card readers, tape drives, hard and soft disk drives, cables, electrical supply hardware, generators,
power equalizers, accessories and all peripheral devices and other related computer hardware; (b) all software programs (including both source code, object code and all related applications and data files) designed for use on the computers and
electronic data processing hardware described in clause (a); (c) all licenses and leases of software programs; (d) all firmware associated therewith; (e) all documentation (including flow charts, logic diagrams, manuals, guides
and specifications) with respect to such hardware, software and firmware described in the clauses (a) through (c); and (f) all rights with respect to all of the foregoing, including any and all copyrights, licenses, options,
warranties, service contracts, program services, test rights, maintenance rights, support rights, improvement rights, renewal rights and indemnifications and any substitutions, replacements, additions or model conversions of any of the foregoing.

 “Copyright Collateral” means all copyrights of each Grantor (including Community
designs, copyrights in software and databases and all Mask Works (as defined under 12 U.S.C. 901 of the U.S. Copyright Act)), whether statutory or common law, registered or unregistered, now or hereafter in force throughout the world including all
of such Grantor’s right, title and interest in and to all copyrights registered in the United States Copyright Office or anywhere else in the world and also including the copyrights referred to in Item A of IV attached hereto (as
such Schedule may be amended or supplemented from time to time), and all applications for registration thereof, whether pending or in preparation, all copyright licenses, including each copyright license referred to in Item B of Schedule
IV attached hereto (as such Schedule may be amended or supplemented from time to time), the right to sue for past, present and future infringements of any thereof, all rights corresponding thereto throughout the world, all

  

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extensions and renewals of any thereof and all proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages and proceeds of suit. 
 “Credit Agreement” is defined in the first recital. 
 “Deposit Account” has the meaning provided for in the U.C.C. and includes, without limitation, each
lock-box account, concentration account and other collateral accounts maintained by each Grantor, together with all funds held therein and all certificates and instruments, if any, from time to time representing or evidencing such accounts)
maintained with a bank (including, without limitation, those accounts identified on Item I of Schedule I attached hereto, as such Schedule may be amended or supplemented from time to time). 
 “Equipment” has the meaning provided for in the U.C.C. and includes, without limitation, all
Equipment wherever located and whether or not affixed to any real property, including all accessories, additions, attachments, improvements, substitutions and replacements thereto and therefor. 
 “General Intangible” has the meaning provided for in the U.C.C. and includes, without limitation,
all Material Agreements, all Intellectual Property Collateral, all rights under or evidenced by choses in action or causes of action, all judgments, tax refund claims, claims against carriers and shippers, claims under liens and insurance policies,
all rights under security agreements, guarantees, indemnities and other instruments and contracts securing or otherwise relating to any of the foregoing, and all other intangible personal property of every kind and nature, and all accessions,
additions, improvements, modifications and upgrades to, replacements of and substitutions for the foregoing. 
 “Grantor” and “Grantors” are defined in the preamble. 
 “Intellectual Property Collateral” means, collectively, the Computer Hardware and Software Collateral, the Copyright Collateral, the Patent Collateral, the Trademark Collateral and the Trade Secrets Collateral.

 “Inventory” has the meaning provided for in the U.C.C. and includes, without
limitation, all goods manufactured, acquired or held for sale or lease, all raw materials, component materials, work-in-progress and finished goods, all supplies, goods and other items and materials used or consumed in the manufacture, production,
packaging, shipping, selling, leasing or furnishing of such inventory or otherwise in the operation of the business or each Grantor, all goods in which each Grantor now or at any time hereafter has any interest or right of any kind, and all goods
that have been returned to or repossessed by or on behalf of each Grantor, in each case whether or not the same is in transit or in the constructive, actual or exclusive occupancy or possession of any Grantor or all accessions thereto, products
thereof and documents therefor. 
 “Investment Accounts” means, collectively, the
Collateral Account, Commodities Accounts, Deposit Account and Securities Accounts. 
 “Lenders” are defined in the first recital. 
 “Original
Security Agreement” is defined in the preamble. 
  

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 “Patent Collateral” means (a) all letters
patent and applications for letters patent throughout the world (including all patent applications in preparation for filing anywhere in the world), including each patent and patent application referred to in Item A of Schedule II
attached hereto (as such Schedule may be amended or supplemented from time to time); (b) all patent licenses, including each patent license referred to in Item B of Schedule II attached hereto (as such Schedule may be amended
or supplemented from time to time); (c) all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the items described in clauses (a) and (b) above; and (d) all
proceeds of, and rights associated with, the foregoing (including license royalties and proceeds of infringement suits), the right to sue third parties for past, present or future infringements of any patent or patent application, including any
patent or patent application referred to in Item A of Schedule II attached hereto (as such Schedule may be amended or supplemented from time to time), and for breach or enforcement of any patent license, including any patent license
referred to in Item B of Schedule II attached hereto (as such Schedule may be amended or supplemented from time to time), and all rights corresponding thereto throughout the world. 
 “Proceeds” has the meaning provided for in the U.C.C. and includes, without limitation, (a) any
and all proceeds of any insurance, indemnity, warranty or guaranty payable to any Grantor from time to time with respect to any of the Collateral, (b) any and all payments (in any form whatsoever) made or due and payable to any Grantor from
time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority, (c) any claim of any Grantor against third parties for past, present or
future infringement of any Intellectual Property Collateral, (d) any recoveries by any Grantor against third parties with respect to any litigation or dispute concerning any of the Collateral, including claims arising out of the loss or
nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, the Collateral, and (e) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or
other disposition of the Collateral and all rights arising out of the Collateral. 
 “Receivables
Collateral” means all Collateral relating to the right of payment for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including, without limitation, all such
rights evidenced by any Account, Document, Instrument, Chattel Paper, General Intangible or Investment Property. 
 “Secured Obligations” is defined in Section 2.2. 
 “Securities Account” means all “securities accounts” as defined in Article 8 of the U.C.C. and shall include, without limitation, all the accounts identified on Item J of Schedule I attached
hereto (as such Schedule may be amended or supplemented from time to time). 
 “Security Agreement
Supplement” is defined in clause (b) of Section 7.2. 
 “Supporting Obligation” means a Letter-of-Credit Right or secondary obligation that supports the payment or performance of an Account, Chattel Paper, Document, General Intangible, Instrument or Investment Property,
including, without limitation, all security agreements, guaranties, leases and other contracts securing or otherwise relating to any such Accounts, Chattel Paper, Documents, Instruments, including Goods represented by the sale or

  

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lease of delivery which gave rise to any of the foregoing, returned or repossessed merchandise and rights of stoppage in transit, replevin, reclamation and other rights and remedies of an unpaid
vendor, lienor or secured party. 
 “Trademark” is defined in the definition
“Trademark Collateral”. 
 “Trademark Collateral” means (a) all
trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, service marks, certification marks, collective marks, logos, internet domain names, other source of business identifiers,
prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of a like nature (all of the foregoing items in this clause (a) being collectively called a “Trademark”), now
existing anywhere in the world or hereafter adopted or acquired, whether currently in use or not, all registrations and recordings thereof and all applications in connection therewith, whether pending or in preparation for filing, including
registrations, recordings and applications in the United States Patent and Trademark Office or in any office or agency of the United States of America or any State thereof or any foreign country, including those referred to in Item A of
Schedule III attached hereto (as such Schedule may be amended or supplemented from time to time); (b) all Trademark licenses, including each Trademark license referred to in Item B of Schedule III attached hereto (as such
Schedule may be amended or supplemented from time to time); (c) all reissues, extensions or renewals of any of the items described in clauses (a) and (b) above; (d) all of the goodwill of the business connected with
the use of, and symbolized by the items described in, clauses (a) and (b) above; and (e) all proceeds of, and rights associated with, the foregoing, including any claim by each Grantor against third parties for past,
present or future infringement or dilution of any Trademark, Trademark registration or Trademark license, including any Trademark, Trademark registration or Trademark license referred to in Item B of Schedule III attached hereto (as
such Schedule may be amended or supplemented from time to time), or for any injury to the goodwill associated with the use of any such Trademark or for breach or enforcement of any Trademark license. 
 “Trade Secret” is defined in the definition “Trade Secrets Collateral”. 
 “Trade Secrets Collateral” means common law and statutory trade secrets and all other confidential
or proprietary information and all know-how obtained by or used in or contemplated at any time for use in the business of any Grantor (all of the foregoing being collectively called a “Trade Secret”), whether or not such Trade
Secret has been reduced to a writing or other tangible form (including all documents and things embodying, incorporating or referring in any way to such Trade Secret, all Trade Secret licenses), including each Trade Secret license referred to in
Schedule V attached hereto (as such Schedule may be amended or supplemented from time to time), and including the right to sue for and to enjoin and to collect damages for the actual or threatened misappropriation of any Trade Secret and for
the breach or enforcement of any such Trade Secret license. 
 “U.C.C.” means the
Uniform Commercial Code as in effect from time to time in the State of New York; provided that if, by reason of applicable Law, the validity or perfection or the effect of validity or perfection or non-perfection or the priority of any
security interest in any Collateral granted under this Agreement is governed by the Uniform Commercial Code as in

  

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effect in a jurisdiction other than New York, then as to such matters “U.C.C.” shall mean the Uniform Commercial Code as in effect in such other jurisdiction. 
 SECTION 1.2. Credit Agreement Definitions. Unless otherwise defined herein or the context otherwise requires,
terms used in this Agreement, including its preamble and recitals, have the meanings provided in the Credit Agreement. 
 SECTION 1.3. U.C.C. Definitions. Unless otherwise defined herein or the context otherwise requires, terms for which meanings are provided in the U.C.C. are used in this Agreement, including its preamble and recitals, with such
meanings. Without limiting the foregoing the following terms are used herein as defined in the U.C.C.: Account, Authenticate, Certificated Securities, Chattel Paper, Commercial Tort Claim, Commodities Accounts, Control, Documents, Electronic Chattel
Paper, Entitlement Holder, Entitlement Orders, Fixtures, Goods, Instruments, Investment Property, Letter-of-Credit Right, Money, Payment Intangibles, Security Entitlements, Uncertificated Securities and Tangible Chattel Paper. 
 ARTICLE II 
 SECURITY INTEREST 
 SECTION 2.1. Grant of Security Interest. Each Grantor hereby
pledges, hypothecates, collaterally assigns, charges, mortgages and pledges to the Administrative Agent for its benefit and the ratable benefit of each of the other Lender Parties, and hereby grants to the Administrative Agent, for its benefit and
the ratable benefit of each of the other Lender Parties, a security interest in, all of such Grantor’s right, title and interest in and to the following, whether now or hereafter existing or acquired (collectively, the
“Collateral”): 
 (a) all Equipment in all of its forms of such Grantor; 
 (b) all Inventory in all of its forms of such Grantor; 
 (c) all Accounts in all of its forms of such Grantor; 
 (d) all Intellectual Property Collateral in all of its forms of such Grantor; 
 (e) all General Intangibles in all of its forms of such Grantor; 
 (f) all Investment Property in all of its forms of such Grantor, including, without limitation the Working Capital Account;

 (g) all Deposit Accounts in all of its forms of such Grantor, including, without limitation, the Collateral
Account, the Receipt Account, the Revenue Account, the Expense Account, the Domestic Equity Raise Account, the International Equity Raise Account, the Interest Reserve Account and the Wells TRS Subsidiary Account; 
 (h) all Chattel Paper in all of its forms of such Grantor; 
 (i) all Commercial Tort Claims in all of its forms of such Grantor; 
  

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 (j) all Goods in all of its forms of such Grantor; 
 (k) all Instruments in all of its forms of such Grantor; 
 (l) all Payment Intangibles in all of its forms of such Grantor; 
 (m) all Documents in all of its forms of such Grantor; 
 (n) all Supporting Obligations in all of its forms of such Grantor; 
 (o) all Letter-of-Credit Rights in all of its forms of such Grantor; 
 (p) all of such Grantor’s right, title and interest in and to all of its Material Agreements (including the Material
Agreements specified in Schedule VI attached hereto), and each Rate Protection Agreement to which such Grantor is now or may hereafter become a party, in each case as such agreements may be amended or otherwise modified from time to time
(collectively, the “Assigned Agreements”), including (i) all rights of such Grantor to receive moneys due and to become due under or pursuant to the Assigned Agreements; (ii) all rights of such Grantor to receive proceeds
of any insurance, indemnity, warranty or guaranty with respect to the Assigned Agreements; (iii) all claims of such Grantor for damages arising out of or for breach of or default under the Assigned Agreements; and (iv) the right of such
Grantor to terminate the Assigned Agreements, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder; 
 (q) all Fixtures in all of its forms of such Grantor; 
 (r) the
Receipt Account and all Receipt Account Collateral; 
 (s) the Revenue Account and all Revenue Account
Collateral; 
 (t) the Expense Account and all Expense Account Collateral; 
 (u) the Working Capital Account and all Working Capital Account Collateral; 
 (v) the Interest Reserve Account and the Interest Reserve Collateral; 
 (w) the Wells TRS Subsidiary Account and the Wells TRS Subsidiary Account Collateral; 
 (x) the Domestic Equity Raise Account and the Domestic Equity Raise Account Collateral; 
 (y) the International Equity Raise Account and the International Equity Raise Account Collateral; 
 (z) all of such Grantor’s other property and rights of every kind and description and interests therein, including all
moneys, securities and other property, now or hereafter held or received by, or in transit to, the Administrative Agent or any Lender from or for such Grantor, whether for safekeeping, pledge, custody, transmission, collection or otherwise;

  

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 (aa) all of such Grantor’s books, records, documents, instruments,
electronic databases, computer records, ledger cards, customer lists, manuals, files, correspondence, tapes, drafts and related data processing software, writings, data bases, information and other property relating to, used or useful in connection
with, evidencing, embodying, incorporating or referring to, any and all of the foregoing Collateral; and 
 (bb)
all Proceeds of any and all of the foregoing Collateral; 
 provided, however, that any agreement to which any
Grantor is a party shall be excluded from the security interest granted by such Grantor under this Section to the extent that the assignment thereof or the creation of a security interest therein would constitute a breach of the terms of such
agreement, or would permit any party to such agreement to terminate such agreement, in each case as such agreement is in effect on the date of this Agreement or the date on which such agreement is first entered into by the applicable Grantor;
provided, further, however, that (i) any of the agreements excluded in accordance with the foregoing provision shall cease to be so excluded if, at such time, (A) the prohibition of assignment or creation of a security
interest in such agreement is no longer in effect, or is rendered ineffective as a matter of law, or (B) the applicable Grantor has obtained all of the consents of the other parties to such agreement necessary for the assignment of, or creation
of a security interest in, such agreement and (ii) with respect to any Material Agreement referred to in clause (p), such Grantor shall use its commercially reasonable best efforts to obtain any such necessary consent. 
 SECTION 2.2. Security for Obligations. This Agreement secures the prompt payment in full in cash of all the
Obligations, including all amounts payable by each Borrower and each other Loan Party under or in connection with the Credit Agreement, the Notes and each other Loan Document, whether for principal, interest, costs, fees, expenses, indemnities or
otherwise and whether now or hereafter existing (all of such obligations being the “Secured Obligations”). 
 SECTION 2.3. Continuing Security Interest; Transfer of Notes. This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until
payment in full in cash of all Secured Obligations (on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent) and the irrevocable termination of all the Commitments, at which time the security
interest granted herein shall terminate and all rights to the Collateral shall revert to the Grantors. In the event that any part of the Collateral is sold in connection with a sale permitted under the Credit Agreement (other than a sale to a
Grantor) the security interest granted herein shall terminate with respect to such Collateral and all rights therein shall revert to the applicable Grantor or Grantors. Upon any such termination or release, the Administrative Agent will, at each
Grantor’s sole expense and without any representations, warranties or recourse of any kind whatsoever, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination or release.

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

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

 (b) the failure of any Lender Party: 
 (i) to assert any claim or demand or to enforce any right or remedy against any Grantor, any other Loan Party or any other
Person under the provisions of any Loan Document or otherwise; or 
 (ii) to exercise any right or remedy
against any other guarantor of, or collateral securing, any Secured Obligation of any Grantor or of any other Loan Party; 
 (c) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other extension, compromise or renewal of any Secured Obligation, including
any increase in the Secured Obligations resulting from the extension of additional credit to any Grantor or any other Loan Party or otherwise; 
 (d) any reduction, limitation, impairment or termination of any Secured Obligation of any Grantor or of any other Loan Party for any reason, including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to (and each Grantor hereby waives any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity,
compromise, unenforceability of, or any other event or occurrence affecting, any Secured Obligation of any Grantor or of any other Loan Party or otherwise; 
 (e) any amendment to, rescission, waiver, or other modification of, or any consent to departure from, any of the terms of any Loan Document; 
 (f) any addition, exchange, release, surrender or non-perfection of any collateral (including the Collateral), or any
amendment to or waiver or release of or addition to or consent to departure from any guaranty, for any of the Secured Obligations; or 
 (g) any other circumstances which might otherwise constitute a defense available to, or a legal or equitable discharge of, any Grantor, any other Loan Party, any surety or any guarantor or otherwise,
including as a result of any proceeding of the nature referred to in Section 8.1.7 of the Credit Agreement. 
 SECTION 2.5. Grantors Remain Liable. Anything herein to the contrary notwithstanding: 
 (a) each Grantor shall remain liable under the contracts and agreements included in the Collateral (including the Assigned Agreements) to the extent set forth therein, and shall perform all of such Grantor’s duties and obligations
under such contracts and agreements to the same extent as if this Agreement had not been executed; 
 (b) each
Grantor will comply in all material respects with all material Laws relating to the ownership and operation of the Collateral, including, without limitation, all registration requirements under applicable material Laws, and shall pay when due all
taxes, fees and assessments imposed on or with respect to the Collateral, except to the extent the validity

  

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thereof is (A) being diligently contested in good faith by appropriate proceedings which (i) suspend the collection thereof and any Lien therefrom and (ii) for which adequate
reserves in accordance with GAAP have been set aside by such Grantor, and (B) could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 
 (c) the exercise by the Administrative Agent of any of its rights hereunder shall not release any Grantor from any of such
Grantor’s duties or obligations under such Grantor’s Organizational Documents or any contract or agreement included in the Collateral; and 
 (d) neither the Administrative Agent nor any other Lender Party shall have any obligation or liability under any Organizational Document or any contracts or agreements included in the Collateral by reason
of this Agreement, nor shall the Administrative Agent or any other Lender Party be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

 SECTION 2.6. Waiver of Subrogation. Each Grantor hereby irrevocably waives to the extent
permitted by applicable Law and until such time as the Secured Obligations shall have been paid in full in cash (on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent) and all the
Commitments have irrevocably terminated, any claim or other rights which such Grantor may now or hereafter acquire against each Borrower or any other Loan Party that arises from the existence, payment, performance or enforcement of such
Grantor’s obligations under this Agreement or any other Loan Document, including any right of subrogation, reimbursement, exoneration or indemnification, and any right to participate in any claim or remedy of any Lender Party against each
Borrower or any other Loan Party or any collateral which any Lender Party now has or hereafter acquires, whether or not such claim, remedy or right arises in equity or under contract or Law. If any amount shall be paid to any Grantor in violation of
the preceding sentence, such amount shall be deemed to have been paid to such Grantor for the benefit of, and held in trust for, the Lender Parties, and shall forthwith be paid to the Administrative Agent to be credited and applied against the
Secured Obligations, whether matured or unmatured. Each Grantor acknowledges that such Grantor will receive direct and indirect benefits for the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this
Section is knowingly made in contemplation of such benefits 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Each Grantor represents and warrants unto each Lender Party, as of the date such Grantor becomes a party to this Agreement, the making of the Loans and each pledge and delivery by such Grantor to the
Administrative Agent of any Collateral, as set forth in this Article. 
 SECTION 3.1. Location of
Grantors; Collateral, etc. Item E of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time) identifies for such Grantor the state in which it is organized and the relevant organizational
identification number (or states that one does not exist). All of the Equipment, Inventory (other than Inventory that is in-transit to a location specified in Item B of Schedule I attached hereto on a vehicle owned or leased by a
Grantor) and Fixtures of such Grantor are located at the places specified in Item A,

  

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Item B and Item H, respectively, of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time). The principal place of business and chief
executive office of such Grantor and the office where such Grantor keeps its records concerning the Collateral, and the original copies of each Assigned Agreement and all originals of all Instruments and Tangible Chattel Paper, are located at the
places specified in Item C of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time). Except as set forth in Item D of Schedule I attached hereto such Grantor has no trade names and
has not been known by any legal name different from the one set forth on the signature page hereto. Except as notified by such Grantor to the Administrative Agent, such Grantor is not a party to any one or more Federal, state or local government
contracts. 
 SECTION 3.2. Ownership, No Liens, etc. Such Grantor owns its portion of the
Collateral free and clear of any Lien, except for the security interest created by this Agreement and except as otherwise permitted by Section 7.2.3 of the Credit Agreement. Except as disclosed in Item F of Schedule I attached
hereto (as such Schedule may be amended or supplemented from time to time) or from time to time to the Administrative Agent, none of the Collateral is in the possession of any consignee, bailee, warehouseman, agent or processor, located on any
leased property or subject to the Control of any Person, other than the Administrative Agent or such Grantor. 
 SECTION 3.3. Receivables Collateral and Assigned Agreements. (a) All Receivables Collateral (i) is and will be the legal, valid and binding obligation of the Account Debtor in respect thereof, representing an
unsatisfied obligation of such Account Debtor, (ii) is and will be enforceable in accordance with its terms, (iii) is not and will not be subject to any setoffs, defenses, taxes, counterclaims (except with respect to refunds, returns and
allowances in the ordinary course of business with respect to damaged merchandise) and (iv) is and will be in compliance with all applicable Law. 
 (b) Such Grantor has delivered to the Administrative Agent exclusive Control of all intangible Chattel Paper and possession of all originals of all Instruments and Tangible Chattel Paper currently owned
or held by such Grantor (duly endorsed in blank in favor of the Administrative Agent), and true and correct copies of each Assigned Agreement. 
 SECTION 3.4. Intellectual Property Collateral. With respect to any Intellectual Property Collateral that is material to the operations of any Grantor: 
 (a) such Intellectual Property Collateral is subsisting and has not been adjudged invalid or unenforceable, in whole or in
part, and is valid and enforceable; 
 (b) such Grantor has made all necessary filings and recordations to
protect its interest in such Intellectual Property Collateral, including recordations of all of its interests in (i) the Patent Collateral and Trademark Collateral in the United States Patent and Trademark Office and in corresponding offices
throughout the world and (ii) the Copyright Collateral in the United States Copyright Office and in corresponding offices throughout the world; 
 (c) in the case of any such Intellectual Property Collateral that is owned by such Grantor, such Grantor is the exclusive owner of the entire and unencumbered right, title and

  

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interest in and to such Intellectual Property Collateral and no claim has been made that the use of such Intellectual Property Collateral does or may violate the asserted rights of any third
party; 
 (d) in the case of any such Intellectual Property Collateral that is licensed by such Grantor, such
Grantor is in compliance with all the material terms of such license; and 
 (e) such Grantor has performed and
will continue to perform all acts and has paid and will continue to pay all required fees and taxes to maintain each and every item of such Intellectual Property Collateral in full force and effect throughout the world. 
 Such Grantor owns directly or is entitled to use by license or otherwise, all patents, trademarks, trade secrets, copyrights, licenses,
technology, know-how, processes and other intellectual property that is necessary for the proper conduct of such Grantor’s business. 
 SECTION 3.5. Assigned Agreements. The Assigned Agreements of such Grantor, true and complete copies of which have been furnished to the Administrative Agent, have been duly authorized,
executed and delivered by such Grantor and (to the best knowledge of such Grantor) each other party thereto, are in full force and effect and are binding upon and enforceable against such Grantor and (to the best knowledge of such Grantor) each
other party thereto, in accordance with their terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditor’s right generally and to the effect of general principles of
equity (regardless of whether considered in a proceeding in equity or at law). To the knowledge of such Grantor, there exists no default under any Assigned Agreement by any party thereto. With respect to each Assigned Agreement a duly executed
Collateral Assignment of Material Agreement as provided in the Credit Agreement has been delivered to the Administrative Agent with respect thereto. 
 SECTION 3.6. Commercial Tort Claims. Except for matters disclosed in Item G of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time) no
Grantor owns any Commercial Tort Claims. The Administrative Agent has a perfected first priority security interest in such Commercial Tort Claims. 
 SECTION 3.7. Investment Accounts. Item I of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time) identifies each Deposit Account of
each Grantor, Item J of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time) identifies each Securities Account of each Grantor and Item K of Schedule I attached hereto (as such
Schedule may be amended or supplemented from time to time) identifies each Commodities Account of each Grantor. Each Grantor is the sole Entitlement Holder of each such Investment Account, such Grantor has not consented or has knowledge that any
Person, other than the Administrative Agent, has Control over any interest in any such Investment Account, and the Administrative Agent has exclusive Control over each such Investment Account. 
 SECTION 3.8. Inventory. All Inventory is, and will be, of good and merchantable quality, free from any
material defects. Such Inventory is not, and will not be, subject to any licensing, patent, trademark, trade name or copyright agreement with any Person that restricts such Grantor’s or Administrative Agent’s ability to manufacture and/or
sell such Inventory. The

  

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completion and manufacturing process of such Inventory by a Person other than such Grantor would be permitted under any contract to which such Grantor is a party or to which the Inventory is
subject. Such Grantor does not sell any Inventory to any customer on approval or on any other basis that entitles the customer to return, or which may obligate the Debtor to repurchase, such Inventory. 
 SECTION 3.9. Letter of Credit Rights. Item L of Schedule I attached hereto (as such
Schedule may be amended or supplemented from time to time) identifies all letters of credit to which such Grantor has rights. Such Grantor has obtained the consent of each issuer of each such letter of credit to the assignment of the proceeds
thereof to the Administrative Agent. The Administrative Agent has exclusive Control over the Letter-of-Credit Rights related to such letters of credit. 
 SECTION 3.10. Valid Security Interest. Upon (a) the filing of U.C.C. financing statements in the U.C.C. filing offices of each jurisdiction referred to in Item E of
Schedule I attached hereto that names each Grantor as “Debtor” and the Administrative Agent as “Secured Party” and adequately describes the Collateral; (b) the filing of this Agreement with the United States
Patent and Trademark Office and the United States Copyright Office, as the case may be, with respect to all Intellectual Property Collateral; (c) consent of each applicable issuer with respect to Letter of Credit Rights and (d) execution
of a control agreement establishing the Administrative Agent’s Control with respect to each Investment Account, the security interest granted pursuant to this Agreement creates a valid, first priority perfected security interest in the
Collateral, together with all Proceeds thereof, subject to no other Liens other than Liens permitted under Section 7.2.3 of the Credit Agreement, securing the payment of the Secured Obligations. 
 SECTION 3.11. Authorization, Approval, etc. No authorization, approval or other action by, and no notice to or
filing with, any Governmental Authority is required either for (a) the grant by such Grantor of the security interest granted hereby or for the execution, delivery and performance of this Agreement by such Grantor or (b) the perfection of
or the exercise by the Administrative Agent of its rights and remedies hereunder (other than the taking of those actions referred to in Section 3.10). 
 SECTION 3.12. Due Execution, Validity, Etc. Such Grantor has full corporate, partnership or limited liability company power and authority, and holds all requisite
licenses, permits and other approvals of Governmental Authorities, to enter into and perform such Grantor’s obligations under this Agreement. The execution, delivery and performance by such Grantor of this Agreement does not contravene or
result in a default under such Grantor’s Organizational Documents or contravene or result in a default under any contractual restriction, Lien or Law binding on such Grantor. This Agreement has been duly authorized by such Grantor, has been
duly executed and delivered by or on behalf of such Grantor and constitutes the legal, valid and binding obligation of such Grantor enforceable in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar Laws affecting the rights of creditors generally, and subject to the effect of general principles of equity (regardless of whether considered in a proceeding in equity or at law). 
  

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 ARTICLE IV 
 COVENANTS 
 Each Grantor covenants and
agrees that, until all the Secured Obligations have been paid in full in cash (on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent) and all the Commitments have been irrevocably
terminated, such Grantor will, perform the obligations set forth in this Section. 
 SECTION 4.1.
Equipment and Inventory. Each Grantor hereby agrees that it shall: 
 (a) keep all of its Equipment,
Inventory (other than Inventory sold in the ordinary course of business or that is in-transit to a location specified in Item A or Item B of Schedule I attached hereto (as such Schedule may be amended or supplemented from time
to time) on a vehicle owned or leased by a Grantor) and the Documents evidencing the same at the places therefor specified in Item C of Schedule I attached hereto to (as such Schedule may be amended or supplemented from time to time)
unless such Grantor has given at least 30 days’ prior notice to the Administrative Agent of another location, and all action, if any, necessary to maintain in accordance with the terms hereof the Administrative Agent’s perfected first
priority security interest therein shall have been taken with respect to such Equipment, Inventory and Documents; 
 (b) comply with the covenants contained in Section 7.1.3 of the Credit Agreement relating to the maintenance of its properties; 
 (c) comply with the covenants contained in clause (b) of Section 7.1.2 of the Credit Agreement regarding the payment of taxes and other charges of Governmental Authorities; and 
 (d) not deliver any Document evidencing any Equipment or Inventory to any Person other than the issuer of such Document to
claim the Goods evidenced therefor or the Administrative Agent. 
 SECTION 4.2. Receivables Collateral and
General Intangibles. (a) Each Grantor shall keep its principal place of business, chief executive office and the office where it keeps its records concerning the Receivables Collateral and all originals of the Assigned Agreements
Instruments and Tangible Chattel Paper, at the places specified in Section 3.1 unless such Grantor has given at least 30 days’ prior notice to the Administrative Agent and all actions, if any, necessary to maintain the
Administrative Agent’s perfected first priority security interest shall have been taken with respect to such Collateral; not change its name or state of organization unless such Grantor has given at least 30 days’ prior notice to the
Administrative Agent and all actions, if any, necessary to maintain the Administrative Agent’s perfected first priority security interest shall have been taken with respect to all of the Collateral; hold and preserve such records, Assigned
Agreements, Instruments and Chattel Paper; and permit representatives of the Administrative Agent at any time during normal business hours, upon reasonable notice, to inspect and make abstracts of the same. 
 (b) Each Grantor shall diligently endeavor to collect its Receivables Collateral and all amounts owing to it thereunder in
the ordinary course of its business consistent with past

  

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practices and shall apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balances thereof, provided that during the continuance of any Event of
Default such Grantor shall, at the request of the Administrative Agent, take such action as the Administrative Agent may deem necessary or advisable to enforce such collection. No Pledgor shall, except to the extent done in the ordinary course of
its business consistent with past practices and in accordance with sound business judgment (i) grant any extension of the time for payment of any Receivables Collateral, (ii) compromise or settle any Receivables Collateral for less than
the full amount thereof, (iii) release, in whole or in part, any Person or property liable for the payment of any Receivables Collateral, or (iv) allow any credit or discount on any Receivables Collateral; provided that during the
continuance of any Event of Default each Grantor shall comply with any limitations on the foregoing actions or specified by the Administrative Agent to such Grantor. In no event shall any Grantor amend, modify, terminate or waive any provision of
any Receivables Collateral in a manner which could reasonably be expected to have a material adverse effect on such Receivables Collateral. Each Grantor will use its best efforts to keep in full force and effect any Supporting Obligation relating to
any Receivables Collateral. 
 SECTION 4.3. Investment Property. Each Grantor will take any and
all actions necessary to (a) cause the Administrative Agent to obtain exclusive Control of any Investment Property owned by such Grantor in a manner acceptable to the Administrative Agent and (b) obtain from any issuers of such Investment
Property and such other Persons, for the benefit of the Administrative Agent, written confirmation of the Administrative Agent’s Control over such Investment Property upon terms and conditions acceptable to the Administrative Agent. For
purposes of this Section, the Administrative Agent shall have exclusive Control of Investment Property if (i) such Investment Property consists of Certificated Securities and such Grantor delivers such Certificated Securities to the
Administrative Agent (with appropriate endorsements if such Certificated Securities are in registered form); (ii) such Investment Property consists of Uncertificated Securities and the issuer thereof agrees, pursuant to documentation in form
and substance reasonably satisfactory to the Administrative Agent, that it will comply with instructions originated by the Administrative Agent without further consent by such Grantor; and (iii) such Investment Property consists of Security
Entitlements and either (A) the Administrative Agent becomes the Entitlement Holder thereof or (B) the appropriate Securities Intermediary agrees, pursuant to documentation in form and substance satisfactory to Administrative Agent, that
it will comply with Entitlement Orders originated by the Administrative Agent without further consent by such Grantor. 
 SECTION 4.4. Intellectual Property Collateral. (a) No Grantor shall, unless such Grantor shall either (i) reasonably and in good faith determine (and notice of such determination shall have been delivered to the
Administrative Agent) that any of the Patent Collateral is of negligible economic value to such Grantor or (ii) have a valid business purpose (exercised in the ordinary course of business that is consistent with past practice) to do otherwise,
do any act, or omit to do any act, whereby any of the Patent Collateral may lapse or become abandoned or dedicated to the public or unenforceable. 
 (b) No Grantor shall, and no Grantor shall permit any of its licensees to, unless such Grantor shall either (i) reasonably and in good faith determine (and notice of such determination shall have
been delivered to the Administrative Agent) that any of the Trademark

  

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Collateral is of negligible economic value to such Grantor or (ii) have a valid business purpose (exercised in the ordinary course of business that is consistent with past practice) to do
otherwise: 
 (A) fail to continue to use any of the Trademark Collateral in order to maintain all of the
Trademark Collateral in full force free from any claim of abandonment for non-use; 
 (B) fail to maintain as
in the past the quality of products and services offered under all of the Trademark Collateral; 
 (C) fail to
employ all of the Trademark Collateral registered with any Federal or state or foreign authority with an appropriate notice of such registration; or 
 (D) do or permit any act or knowingly omit to do any act whereby any of the Trademark Collateral may lapse or become invalid or unenforceable. 
 (c) No Grantor shall, unless such Grantor shall either reasonably and in good faith determine (and notice of such
determination shall have been delivered to the Administrative Agent) that any of the Copyright Collateral or any of the Trade Secrets Collateral is of negligible economic value to such Grantor or have a valid business purpose (exercised in the
ordinary course of business that is consistent with past practice) to do otherwise, do or permit any act or knowingly omit to do any act whereby any of the Copyright Collateral or any of the Trade Secrets Collateral may lapse or become invalid or
unenforceable or placed in the public domain except upon expiration of the end of an unrenewable term of a registration thereof. 
 (d) Each Grantor shall notify the Administrative Agent immediately if it knows that any application or registration relating to any material item of the Intellectual Property Collateral may become
abandoned or dedicated to the public or placed in the public domain or invalid or unenforceable, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United
States Patent and Trademark Office, the United States Copyright Office or any foreign counterpart thereof or any court) regarding such Grantor’s ownership of any of the Intellectual Property Collateral, its right to register the same or to keep
and maintain and enforce the same. 
 (e) In no event shall any Grantor or any of its agents, employees,
designees or licensees file an application for the registration of any Intellectual Property Collateral with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or
any political subdivision thereof, unless it gives prior notice thereof to the Administrative Agent and, if requested by the Administrative Agent, executes and delivers any and all agreements, instruments, documents and papers as the Administrative
Agent may reasonably request to evidence the Administrative Agent first priority security interest in such Intellectual Property Collateral. 
 (f) Each Grantor shall take all necessary steps, including in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any
other country or any political subdivision thereof, to maintain and pursue any application (and to obtain the relevant registration) filed with respect to, and to

  

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maintain any registration of, the Intellectual Property Collateral, including the filing of applications for renewal, affidavits of use, affidavits of incontestability and opposition,
interference and cancellation proceedings and the payment of fees and taxes (except to the extent that dedication, abandonment or invalidation is permitted under the foregoing clauses (a), (b) and (c)). 
 SECTION 4.5. Assigned Agreements. Each Grantor shall at its expense, with respect to all Assigned Agreements,
comply with the covenants contained in clause (m) of Section 7.1.1 and Section 7.2.10 of the Credit Agreement. Without the prior consent of the Administrative Agent, no Grantor shall waive, settle, release or discharge any Person with
respect to any of its obligations under any Assigned Agreement (other than upon due completion of such obligations by such Person). 
 SECTION 4.6. Bailees, Warehouses and Leased Premises. No Collateral shall at any time be in the possession or control of any warehouse, bailee or any of any Grantor’s agents or
processors, or located on any leased premises, without the Administrative Agent’s prior consent and unless the Administrative Agent has received warehouse receipts or bailee lien waivers satisfactory to the Administrative Agent prior to the
commencement of such possession or control. Each Grantor shall, upon the request of the Administrative Agent, notify any such warehouse, bailee, agent, processor or lessor of the Administrative Agent’s first priority security interest in the
Collateral and shall instruct such Person to hold all such Collateral for the Administrative Agent’s account subject to the Administrative Agent’s instructions given during the continuance of any Event of Default. 
 SECTION 4.7. Chattel Paper and Instruments. Each Grantor will deliver to the Administrative Agent all
Tangible Chattel Paper and Instruments duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to the Administrative Agent. Each Grantor will provide the Administrative
Agent with exclusive Control over all Electronic Chattel Paper by having the Administrative Agent identified as the assignee of the records pertaining to the single authoritative copy thereof and otherwise complying with the applicable elements of
Control set forth in the U.C.C. Each Grantor will also deliver to the Administrative Agent all security agreements securing any Chattel Paper and Instruments and execute U.C.C. financing statement amendments assigning to the Administrative Agent any
U.C.C. financing statements filed by such Grantor in connection with such security agreements. Each Grantor will mark conspicuously all Chattel Paper and Instruments with a legend, in form and substance reasonably satisfactory to the Administrative
Agent, indicating that such Chattel Paper and Instruments are subject to the Liens created hereunder. 
 SECTION 4.8. Letters of Credit. Each Grantor will deliver to the Administrative Agent all letters of credit in which it is the beneficiary thereof, duly endorsed and accompanied by duly executed instruments of transfer or
assignment, all in form and substance reasonably satisfactory to the Administrative Agent. Each Grantor will take any and all actions necessary (or reasonably requested by the Administrative Agent), from time to time, to cause the Administrative
Agent to obtain exclusive Control of any Letter-of-Credit Rights owned by such Grantor in a manner reasonably acceptable to the Administrative Agent. 
  

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 SECTION 4.9. Commercial Tort Claims. Each Grantor shall advise
the Administrative Agent promptly upon such Grantor becoming aware, after the date hereof, that it owns any Commercial Tort Claims. With respect to any such Commercial Tort Claims, such Grantor will execute and deliver such documents as the
Administrative Agent deems necessary to create, perfect and protect the Administrative Agent’s first priority security interest in such Commercial Tort Claim. 
 SECTION 4.10. Collateral Generally. (a) The Administrative Agent may, at any time following the occurrence and during the continuance of any Event of Default,
notify any parties obligated on any of the Collateral to make payment to the Administrative Agent of any amounts due or to become due thereunder and enforce collection of any of the Collateral by suit or otherwise and surrender, release or exchange
all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any Indebtedness thereunder or evidenced thereby. Upon request of the Administrative Agent after the occurrence and during the
continuance of any Event of Default, each Grantor will, at its own expense, notify any parties obligated on any of the Collateral to make payment to the Administrative Agent of any amounts due or to become due thereunder. 
 (b) Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent is authorized to
endorse, in the name of each Grantor, any item, howsoever received by the Administrative Agent, representing any payment on or other Proceeds of any of the Collateral. 
 SECTION 4.11. Insurance. Each Grantor will maintain or cause to be maintained insurance as provided in Section 7.1.4 of the Credit Agreement. All proceeds of
insurance maintained by each Grantor so covering the Collateral shall be applied to the payment of the Secured Obligations under the circumstances provided for in the Credit Agreement. Each Grantor irrevocably makes, constitutes and appoints the
Administrative Agent (and all officers, employees or agents designated by the Administrative Agent) as such Grantor’s true and lawful agent and attorney-in-fact for the purpose, during the continuance of an Event of Default, of making, settling
and adjusting claims in respect of Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the Proceeds of such policies of insurance and for making all determinations
and decisions with respect thereto. In the event that any Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required by Section 7.1.4 of the Credit Agreement or to pay any premium in whole or part
relating thereto, the Administrative Agent may, without waiving or releasing any obligation or liability of the Grantors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium
and take any other actions with respect thereto as the Administrative Agent deems advisable. All sums disbursed by the Administrative Agent in connection with this Section including reasonable attorneys’ fees, court costs, expenses and other
charges relating thereto, shall be payable, upon demand, by the Grantors to the Administrative Agent and shall be additional Secured Obligations secured hereby. 
 SECTION 4.12. Investment Accounts. Each Grantor will take any and all actions necessary to cause the Administrative Agent to obtain exclusive Control of all Investment
Accounts owned by such Grantor in a manner acceptable to the Administrative Agent. No

  

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Grantor shall close or terminate any Investment Account without the prior consent of the Administrative Agent and unless a successor or replacement account has been established with the consent
of the Administrative Agent and is subject to a control agreement reasonably satisfactory to the Administrative Agent. 
 SECTION 4.13. Transfers and Other Liens. No Grantor shall (a) sell, assign (by operation of law or otherwise) or otherwise dispose of any of the Collateral, except as permitted by the Credit Agreement, or (b) create
or suffer to exist any Lien upon or with respect to any of the Collateral, except for the security interest created by this Agreement and except those permitted by Section 7.2.3 of the Credit Agreement. 
 SECTION 4.14. Further Assurances, etc. Each Grantor agrees that, from time to time at its own expense, such
Grantor will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Administrative Agent may reasonably request, in order to perfect, preserve and protect any
security interest granted or purported to be granted hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, each
Grantor will: 
 (a) mark conspicuously each asset forming a part of the Collateral with a legend, in form and
substance reasonably satisfactory to the Administrative Agent, indicating that such Collateral is subject to the security interest granted hereby; 
 (b) execute and file such financing or continuation statements, or amendments thereto, and such other instruments or notices (including any assignment of claim form under or pursuant to the federal
assignment of claims statute, 31 U.S.C. § 3726, any successor or amended version thereof or any regulation promulgated under or pursuant to any version thereof), as may be necessary, or as the Administrative Agent may reasonably request, in
order to perfect and preserve the security interests and other rights granted or purported to be granted to the Administrative Agent hereby; 
 (c) furnish to the Administrative Agent, from time to time at the Administrative Agent’s request, statements and schedules further identifying and describing the Collateral and such other reports in
connection with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail; 
 (d) if requested by the Administrative Agent, each Grantor which owns or leases Equipment which is subject to a certificate of title statute that requires notation of a lien thereon to perfect a security interest therein shall deliver to
the Administrative Agent all original certificates of title for such Equipment, shall take all necessary steps to cause the Administrative Agent’s security interest be perfected in accordance with such statute and deliver to the Administrative
Agent a schedule in reasonable detail describing such Equipment, registration number, license number and all other information required to comply with such statute; provided, however, that until the Administrative Agent makes such a
request under this clause, the parties hereto acknowledge that the security interest of the Administrative Agent in such Collateral has not been perfected and all the representations and warranties, covenants and

  

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Events of Default contained herein and in the other Loan Documents which would otherwise be violated shall be deemed modified to reflect the foregoing and not be violated; and 
 (e) if requested by the Administrative Agent, execute and deliver confirmatory written instruments, and obtain any consents,
waivers or agreements, as may be necessary, or as the Administrative Agent may reasonably request, in order to perfect and preserve the security interests and other rights granted or purported to be granted to the Administrative Agent hereby, but
any such Grantor’s failure to do so shall not affect or limit the security interest granted hereby or the Administrative Agent’s other rights in and to the Collateral. 
 With respect to the foregoing and the grant of the security interest hereunder, each Grantor hereby authorizes the
Administrative Agent to Authenticate and to file one or more U.C.C. financing or continuation statements, and amendments thereto, and make filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor
office or any similar office in any other country), in each case for the purpose of perfecting, confining, continuing, enforcing or protecting the security interest granted by each Grantor, without the signature of any Grantor, and naming any
Grantor or the Grantors as debtors and the Administrative Agent as secured party. A carbon, photographic, telecopied or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient
as a financing statement where permitted by Law. 
 SECTION 4.15. Collateral Account.
(a) Upon notice by the Administrative Agent to any Grantor pursuant to this Section following the occurrence and during the continuance of any Event of Default, all Proceeds of Collateral received by such Grantor shall be delivered in kind to
the Administrative Agent for deposit to a deposit account (the “Collateral Account”) of such Grantor maintained by or on behalf of the Administrative Agent, and until such Proceeds are so deposited they shall be held in trust for
the benefit of the Administrative Agent and shall not be commingled with the other assets of such Grantor. 
 (b) The Administrative Agent shall have the right to apply any amount in the Collateral Account to the payment of any Secured Obligations, subject to and in accordance with the terms of the Credit Agreement. Subject to the rights of the
Administrative Agent, each Grantor shall have the right on each Business Day, with respect to and to the extent of collected funds in the Collateral Account, to require the Administrative Agent to purchase any Cash Equivalent Investment,
provided that, in the case of Certificated Securities, the Administrative Agent will retain possession thereof as Collateral and, in the case of other Investment Property, the Administrative Agent will take such actions, including
registration of such Investment Property in its name, as it shall determine is necessary to perfect its security interest therein. 
 SECTION 4.16. Notice of Material Adverse Effect. Each Grantor shall promptly notify the Administrative Agent, after obtaining knowledge thereof, of any event that could reasonably be
expected to have a material adverse effect on any value of the Collateral, the ability of such Grantor or the Administrative Agent to dispose of the Collateral or the rights or remedies of the Administrative Agent in relation thereto. 
  

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 SECTION 4.17. General Intangibles. Each Grantor shall use
commercially reasonable efforts to obtain any consents, waivers or agreements necessary to enable Administrative Agent to exercise remedies hereunder and under the other Loan Documents with respect to any of such Grantor’s rights under any
General Intangibles, including such Grantor’s rights as a licensee of any Intellectual Property Collateral. 
 SECTION 4.18. Additional Covenants. Each Grantor agrees that, until all the Secured Obligations have been paid in full in cash on terms and pursuant to documentation in form and substance reasonably satisfactory to the
Administrative Agent and all Commitments shall have irrevocably terminated, it will comply with all the terms and provisions of the Credit Agreement and the other Loan Documents that are applicable to it. 
 ARTICLE V 
 THE ADMINISTRATIVE AGENT 
 SECTION 5.1. Administrative Agent Appointed
Attorney-in-Fact. Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of substitution, as such Grantor’s true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in such Grantor’s own name, for the purpose of carrying out the terms of this Agreement, to take, upon the occurrence and during the
continuance of any Event of Default, any and all actions and execute any and all documents and instruments that may, in the judgment of the Administrative Agent, be necessary or desirable to accomplish the purposes of this Agreement. Without
limiting the generality of the foregoing, after the occurrence and during the continuance of any Event of Default each Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such
Grantor, to do any or all of the following: 
 (a) (i) demand payment of its Receivables Collateral;
(ii) enforce payments of its Receivables Collateral by legal proceedings or otherwise; (iii) exercise all of its rights and remedies with respect to proceedings brought to collect its Receivables Collateral; (iv) sell or assign its
Receivables Collateral upon such terms, for such amount and at such times as the Administrative Agent deems advisable; (v) settle, adjust, compromise, extend or renew any of its Receivables Collateral; (vi) discharge and release any of its
Receivables Collateral; (vii) prepare, file and sign such Grantor’s name on any proof of claim in bankruptcy or other similar document against any Loan Party of any of its Receivables Collateral; (viii) notify the post office
authorities to change the address for delivery of the such Grantor’s mail to an address designated by the Administrative Agent, and open and dispose of all mail addressed to such Grantor; and (ix) endorse such Grantor’s name upon any
Chattel Paper, Document, Instrument, invoice, or similar document or agreement relating to any Receivables Collateral or any goods pertaining thereto; 
 (b) in the case of any Intellectual Property Collateral, execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Administrative Agent may request to
evidence the Lender Parties’ security interest in such Intellectual Property Collateral and the goodwill and general intangibles of such Grantor relating thereto or represented thereby; 
  

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 (c) take possession of and indorse and collect any checks, drafts, notes,
acceptances or other instruments for the payment of moneys due under or in respect of any Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent
for the purpose of collecting any and all such moneys due under or in respect of any Collateral whenever payable; 
 (d) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs
thereof; 
 (e) execute, in connection with any sale or other disposition provided for in
Section 6.1, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and 
 (f) (i) direct any Person liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the
Administrative Agent shall direct; (ii) ask or demand for, collect, and receive payment of and give receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral;
(iii) sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other instruments, documents and chattel paper in connection with any
of the Collateral; (iv) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any
Collateral; (v) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (vi) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or
releases as the Administrative Agent may deem appropriate; (vii) notify, or require any Grantor to notify, Account Debtors to make all payments directly to the Administrative Agent and change the post office box number or other address to which
the Account Debtors make payments; (viii) assign any Intellectual Property Collateral (along with the goodwill of the business to which any such Intellectual Property Collateral pertains), throughout the world for such terms, on such
conditions, and in such manner, as the Administrative Agent shall in its sole discretion determine; and (ix) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and
completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things that the
Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Lender Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.

 Each Grantor hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this Section is
irrevocable and coupled with an interest. 
 SECTION 5.2. Administrative Agent May Perform. If any
Grantor fails to perform any agreement contained herein, the Administrative Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of the Administrative Agent incurred in connection therewith shall be payable
by such Grantor. 
  

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 SECTION 5.3. Access and Examination. In order to give effect
to the intent of this Agreement the Administrative Agent may at all reasonable times upon reasonable advance notice (if no Default or an Event of Default has occurred and is continuing) have access to, examine, audit, make extracts from and inspect
each Grantor’s records, files and books of account and the Collateral, and may discuss each Grantor’s affairs with such Grantor’s officers and management. Each Grantor will deliver to the Administrative Agent promptly following its
request therefor any instrument necessary for the Administrative Agent to obtain records from any service bureau maintaining records for such Grantor. The Administrative Agent may, at expense of the Grantors, use each Grantor’s personnel,
supplies and premises as may be reasonably necessary for maintaining or enforcing the security interest granted hereunder. The Administrative Agent shall have the right, at any time, in each Grantor’s name to verify the validity, amount or any
other matter relating to the Receivables Collateral; provided that the Administrative Agent shall not communicate with any account obligors of the Grantors unless an Event of Default has occurred and is continuing. 
 SECTION 5.4. Administrative Agent Has No Duty. (a) The powers conferred on the Administrative Agent
hereunder are solely to protect its interest (on behalf of the Lender Parties) in the Collateral and shall not impose any duty on it to exercise any such powers. The Administrative Agent’s sole duty with respect to the custody, safekeeping and
physical preservation of the Collateral in its possession, under Section 9-207 of the U.C.C. or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the
Administrative Agent nor any of its officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, nor shall any such Person be under any obligation to sell
or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof (including the taking of any necessary steps to preserve rights
against prior parties or any other rights pertaining to any Collateral). Neither the Administrative Agent nor any of its officers, directors, employees or agents shall be responsible to any Grantor for any loss, damages, depreciation or other
diminution in the value of any of the Collateral that may occur as a result of or in connection with or that is in any way related to any exercise, except in respect of any damages attributable solely to any such Person’s own gross negligence
or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. 
 (b) Each Grantor assumes all responsibility and liability arising from or relating to the use, sale or other disposition of the Collateral. The Obligations shall not be affected by any failure of the Administrative Agent to take any steps
to perfect the security interest granted hereunder or to collect or realize upon the Collateral, nor shall loss of or damage to the Collateral release any Grantor from any of its Obligations. 
 ARTICLE VI 
 REMEDIES 
 SECTION 6.1. Remedies. If any Event of Default shall have occurred and be continuing: 
  

 -23- 

 (a) The Administrative Agent may exercise in respect of the Collateral, in
addition to other rights and remedies provided for herein or otherwise available to it (including, without limitation, as provided in Section 5.1), all the rights and remedies of a secured party on default under the U.C.C. and also may:

 (i) require each Grantor to, and each Grantor hereby agrees that it will, at its expense and upon the
request of the Administrative Agent forthwith, assemble all or part of the Collateral as directed by the Administrative Agent and make it available to the Administrative Agent at its premises or another place designated by the Administrative Agent
(whether or not the U.C.C. applies to the affected Collateral); 
 (ii) without demand of performance or other
demand, presentment, obtaining a final judgment, protest, advertisement or notice of any kind (except any notice required by Law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements
and notices are hereby waived), sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private
sale, at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Administrative Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notice
of sale shall be required by Law, at least 10 days’ prior notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the
Administrative Agent until the sale price is paid by the purchase or purchasers thereof, but the Administrative Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold
and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by Law, private) sale made pursuant to this Section, any Lender Party may bid for or purchase, free (to the extent
permitted by Law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by Law), the Collateral or any part thereof offered for sale and
may make payment on account thereof by using any claim then due and payable to such Lender Party from any Grantor as a credit against the purchase price, and such Lender Party may upon compliance with the terms of sale, hold, retain and dispose of
such property without further accountability to any Grantor therefor; 
 (iii) with respect to the Intellectual
Property, on demand, to cause the security interest to become an assignment, transfer and conveyance of any of or all such Collateral by the applicable Grantors to the Administrative Agent, or to license or sublicense, whether general, special or
otherwise, and whether on an exclusive or non-exclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner as the Administrative Agent shall determine (other than in violation of any then existing
licensing arrangements to the extent that waivers cannot be obtained); 
  

 -24- 

 (iv) with or without legal process and with or without prior notice or
demand for performance, to take possession of the Collateral and without liability for trespass to enter any premises where the Collateral may be located and occupy (without the requirement to pay rent) the same until the Secured Obligations are
paid in full in cash (on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent) and all the Commitments have been irrevocably terminated; and 
 (v) to notify any or all depository institutions with which any Investment Accounts are maintained to remit and transfer
all monies, securities and other property on deposit in such Investment Accounts or deposited or received for deposit thereafter to the Administrative Agent, for deposit in the Collateral Account or such other accounts as may be designated by the
Administrative Agent, for application to the Secured Obligations as provided herein. 
 (b) Without limiting
clause (a), the Administrative Agent may exercise any and all rights and remedies of each Grantor under or in connection with the Collateral, including the right to sue upon or otherwise collect, extend the time for payment of, modify or
amend the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant other indulgences, extensions, renewals, compositions, or releases, and take or omit to take any other action with respect to the Collateral, any security
therefor, any agreement relating thereto, any insurance applicable thereto, or any Person liable directly or indirectly in connection with any of the foregoing, without discharging or otherwise affecting the liability of any Grantor for the
Obligations or under this Agreement or any other Loan Document and the Assigned Agreements or otherwise in respect of the Collateral, including any and all rights of such Grantor to demand or otherwise require payment of any amount under, or
performance of any provision of, any Collateral. 
 SECTION 6.2. Application of Proceeds.
All cash proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Administrative Agent, be held, to the extent permitted under
applicable Law, by the Administrative Agent as additional collateral security for all or any part of the Secured Obligations, and/or then or at any time thereafter shall be applied (after payment of any amounts payable to the Administrative Agent
pursuant to Section 11.3 of the Credit Agreement and Section 6.3) in whole or in part by the Administrative Agent for the ratable benefit of the Lender Parties against all or any part of the Secured Obligations in accordance with
Section 8.7 of the Credit Agreement. Any surplus of such cash or cash proceeds held by the Administrative Agent and remaining after payment in full in cash of all the Secured Obligations (on terms and pursuant to documentation in form and
substance reasonably satisfactory to the Administrative Agent), and the irrevocable termination of all the Commitments, shall be paid over to the Grantors or to whomsoever may be lawfully entitled to receive such surplus. 
 SECTION 6.3. Indemnity and Expenses. Each Grantor agrees to jointly and severally indemnify and hold harmless
the Administrative Agent and its directors, officers, employees, agents, Affiliates and their Related Parties from and against any and all claims, losses and liabilities arising out of or resulting from this Agreement (including enforcement of this
Agreement), except claims, losses or liabilities resulting from any such Person’s gross

  

 -25- 

 
negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. Each Grantor will promptly following demand pay to the Administrative Agent
the amount of any and all reasonable out-of-pocket expenses, including the reasonable fees and disbursements of its counsel and of any experts and agents, which the Administrative Agent may incur in connection with (a) the administration of
this Agreement, (b) the custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, any of the Collateral, (c) the exercise or enforcement of any of the rights of the Administrative Agent or the
other Lender Parties hereunder or (d) the failure by any Grantor to perform or observe any of the provisions hereof. 
 SECTION 6.4. Grant of License. Each Grantor hereby grants to the Administrative Agent an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to
any Grantor) to use, license or sublicense any Intellectual Property Collateral now owned or licensed or hereafter acquired or licensed by such Grantor, wherever the same may be located throughout the world, for such terms, on such conditions and in
such manner as the Administrative Agent shall determine, whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, and including in such license reasonable access to all media in which any of the licensed items may be
recorded or stored and to all computer software and programs used for the compilation or printout thereof; provided, however, that no such license or sublicense is granted in the case of any such Collateral if such license or
sublicense would be prohibited by, or give rise to a right to terminate any contract governing such Collateral. The use of such license or sublicense by the Administrative Agent shall be exercised, at the option of the Administrative Agent, only
upon the occurrence and during the continuation of an Event of Default; provided that any license, sublicense or other transaction entered into by the Administrative Agent in accordance herewith shall be binding upon each applicable Grantor
notwithstanding any subsequent cure of an Event of Default. 
 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 SECTION 7.1. Loan Document. This Agreement is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and
applied in accordance with the terms and provisions thereof, including Section 1.3 and Article XI thereof. 
 SECTION 7.2. Amendments, etc.; Additional Grantors; Successors and Assigns. (a) No amendment to or waiver of any provision of this Agreement nor consent to any departure by any Grantor herefrom, shall be effective unless
the same shall be in writing and signed by the Administrative Agent and the percentage of the Lenders as required by Section 11.1 of the Credit Agreement, and then such amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose for which it is given. 
 (b) Upon the execution and delivery by any
Person of a security agreement supplement in substantially the form of Exhibit A hereto (each a “Security Agreement Supplement”), (i) such Person shall be referred to as an “Additional Grantor” and shall
be and become a Grantor, and each reference in this Agreement to “Grantor” shall also mean and refer to such Additional Grantor and (ii) the disclosure schedule attached to each Security Agreement

  

 -26- 

 
Supplement shall be incorporated into and become a part of and supplement Schedules I through VI attached hereto, as appropriate, and the Administrative Agent may attach such
supplemental disclosure schedules to such Schedules, and each reference to such Schedules shall refer to such Schedules as amended or supplemented by such supplemental disclosure schedules. 
 (c) This Agreement shall be binding upon each Grantor and its successors, transferees and assignees, and shall inure to the
benefit of and be enforceable by the Administrative Agent and each other Lender Party and their respective successors and assigns; provided, however, that no Grantor may assign such Grantor’s obligations hereunder without the
prior written consent of the Administrative Agent. Without limiting the generality of the foregoing, any Lender may assign or otherwise transfer (in whole or in part) any Loans held by it to any other Person, and such other Person shall thereupon
become vested with all the rights and benefits in respect thereof granted to such Lender under any Loan Document (including this Agreement) or otherwise, subject, however, to the provisions of Section 11.10 of the Credit Agreement. 

SECTION 7.3. Protection of Collateral. The Administrative Agent may from time to time, at its option and at
the expense of the Grantors, perform any act which any Grantor agrees hereunder to perform and which such Grantor shall fail to perform after being requested to so perform (it being understood that no such request need be given after the occurrence
and during the continuance of any Event of Default), and the Administrative Agent may from time to time take any other action which the Administrative Agent deems necessary or appropriate for the maintenance, preservation or protection of any of the
Collateral or of its security interest therein. 
 SECTION 7.4. Addresses for Notices. All notices
and other communications provided for hereunder shall be made as provided in, and subject to the terms of, Section 11.2 of the Credit Agreement. All notices to each Grantor shall be sent care of the Borrowers at the address set forth in the
Credit Agreement and all notices to the Administrative Agent shall be sent as provided in the Credit Agreement. 
 SECTION 7.5. Section Captions. Section captions used in this Agreement are for convenience of reference only, and shall not affect the construction of this Agreement. 
 SECTION 7.6. Severability. Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. 
 SECTION 7.7. Counterparts. This Agreement may be executed
by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. 
 SECTION 7.8. Waivers. Each Grantor hereby waives any right, to the extent permitted by applicable Law, to receive prior notice of a judicial or other hearing with
respect to any action or prejudgment remedy or proceeding by the Administrative Agent to take possession,

  

 -27- 

 
exercise control over or dispose of any item of Collateral, where such action is permitted under the terms of this Agreement or any other Loan Document or by applicable Law, or of the time, place
or terms of sale in connection with the exercise of the Administrative Agent’s rights hereunder. Each Grantor waives, to the extent permitted by applicable Law, any bonds, security or sureties required by the Administrative Agent with respect
to any of the Collateral. Without limiting the foregoing, each Grantor agrees that it will not invoke, claim or assert any benefit of applicable Law, or take or attempt to take any action that could reasonably be expected to have the effect of
delaying, impeding or preventing the Administrative Agent from exercising any of its rights or remedies with respect to the Collateral as herein provided. Each Grantor also consents that the Administrative Agent, in connection with the enforcement
of the Administrative Agent’s rights and remedies under this Agreement, may enter upon any premises owned by or leased to it without obligations to pay rent or for use and occupancy, through self-help, without judicial process and without
having first obtained an order of any court. 
 SECTION 7.9. Governing Law, Entire Agreement, etc.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY
PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND
SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 
 SECTION 7.10. Forum
Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF,
ANY LENDER PARTY OR GRANTOR SHALL BE BROUGHT AND MAINTAINED IN THE FEDERAL AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR
OTHER PROPERTY MAY BE BROUGHT, AT THE ADMINISTRATIVE AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GRANTOR AND LENDER PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. EACH GRANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF
PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH SUCH GRANTOR MAY HAVE OR
HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH

  

 -28- 

 
LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY GRANTOR HAS OR HEREAFTER MAY
ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO SUCH GRANTOR OR SUCH GRANTOR’S
PROPERTY, SUCH GRANTOR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF SUCH GRANTOR’S OBLIGATIONS UNDER THIS AGREEMENT. 
 SECTION 7.11. Waiver of Jury Trial, etc. EACH LENDER PARTY AND GRANTOR HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR
WRITTEN) OR ACTIONS OF ANY LENDER PARTY OR ANY GRANTOR. EACH GRANTOR ACKNOWLEDGES AND AGREES THAT SUCH GRANTOR HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE
AGENT ENTERING INTO THIS AGREEMENT. 
 SECTION 7.12. Waiver of Certain Claims. TO THE
EXTENT PERMITTED BY APPLICABLE LAW, NO GRANTOR SHALL ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST EACH LENDER PARTY ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING
OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT OR ANY INSTRUMENT CONTEMPLATED HEREBY. 
 SECTION 7.13. No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 SECTION 7.14. No Novation. The amendment and restatement of the Original Security Agreement by this
Agreement shall not constitute a novation or termination of the obligations and covenants of the Grantors thereunder, but shall constitute an amendment and restatement of the obligations and covenants of the Grantors under the Original Security
Agreement and each Grantor party to such Original Security Agreement hereby reaffirms all such obligations and covenants under the Original Security Agreement as amended and restated hereby. 
  

 -29- 

 IN WITNESS WHEREOF, each Grantor has caused this Agreement to be duly
executed and delivered as of the day and year first above written. 
  

							
	WELLS TIMBERLAND OPERATING PARTNERSHIP, L.P.
			
		 	By:	 	WELLS TIMBERLAND REIT, INC., its General Partner
			
		 	By:	 	  

		 		 	Name:	 	Douglas P. Williams
		 		 	Title:	 	Executive Vice President, Secretary & Treasurer
	
	TIMBERLANDS II, LLC
		
	By:	 	WELLS TIMBERLAND MANAGEMENT ORGANIZATION, LLC, its Manager
			
		 	By:	 	  

		 		 	Name:	 	Brian M. Davis
		 		 	Title:	 	Senior Vice President & Chief Financial Officer
	
	WELLS TIMBERLAND TRS, INC.
		
	By:	 	  

		 	Name:	 	Douglas P. Williams
		 	Title:	 	Executive Vice President, Secretary & Treasurer
	
	WELLS TRS HARVESTING OPERATIONS, LLC
		
	By:	 	FOREST RESOURCE CONSULTANTS, INC., its Manager
			
		 	By:	 	  

		 		 	Name:	 	David T. Foil
		 		 	Title:	 	President

 SECURITY AGREEMENT 

SIGNATURE PAGE 
  

							
	WELLS TIMBERLAND HBU, LLC
		
	By:	 	WELLS TIMBERLAND MANAGEMENT ORGANIZATION, LLC, its Manager
			
		 	By:	 	  

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

 ACKNOWLEDGED AND ACCEPTED: 
  

					
	COBANK, ACB,
	    as Administrative Agent
		
	By:	 	  

		 	Name:	 	Michael Tousignant
		 	Title:	 	Vice President

 SECURITY AGREEMENT 

SIGNATURE PAGE 

 SCHEDULE I 
 to 
 Security Agreement 
  

	Item A.	Location of Equipment 

  

					
	 Grantor Mailing Address
	  	County	  	State
		  		  	

  

	Item B.	Location of Inventory 

  

					
	 Grantor Mailing Address
	  	County	  	State
		  		  	

  

	Item C.	Principal Place of Business/Chief Executive Office 

  

					
	 Grantor Mailing Address
	  	County	  	State
		  		  	

  

	Item D.	Trade Names 

  

			
	 Grantor
	  	Trade Name
		  	

  

	Item E.	State of Organization and Identification Number 

  

					
	 Grantor
	  	State of Organization	  	Identification Number
		  		  	

  

	Item F.	Bailments 

  

					
	 Grantor
	  	Bailee	  	Address
		  		  	

	Item G.	Commercial Tort Claims 

  

			
	 Grantor
	  	Description of Commercial Tort Claim
		  	

  

	Item H.	Location of Fixtures 

  

					
	 Grantor Mailing Address
	  	County	  	State
		  		  	

  

	Item I.	Deposit Accounts 

  

					
	 Grantor
	  	Bank Mailing Address	  	Account Name and Number
		  		  	

  

	Item J.	Securities Accounts 

  

					
	 Grantor
	  	Bank Mailing Address	  	Account Name and Number
		  		  	

  

	Item K.	Commodities Accounts 

  

					
	 Grantor
	  	Bank Mailing Address	  	Account Name and Number
		  		  	

  

	Item L.	Letters of Credit 

  

					
	 Grantor
	  	Bank Mailing Address	  	Account Name and Number
		  		  	

 SCHEDULE II 
 to 
 Security Agreement 
  

	Item A.	Patents 

  

											
	 Issued Patents

	 Grantor
	  	 Country
	  	 Patent No.
	  	 Issue Date
	  	 Inventor(s)
	  	 Title

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
	
	 Pending Patent Applications

	 Grantor
	  	 Country
	  	 Serial No.
	  	 Filing Date
	  	 Inventor(s)
	  	 Title

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
	
	 Patent Applications in Preparation

	 Grantor
	  	 Country
	  	 Serial No.
	  	 Expected
Filing Date
	  	 Inventor(s)
	  	 Title

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	Item B.	Patent Licenses 

  

													
	 Country or
 Territory
	 	 Licensor
	 	 Licensee
	 	 Date
	 	 Effective
 Date
	 	 Expiration
 Date
	 	 Matter

		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

 SCHEDULE III 
 to 
 Security Agreement 
  

	Item A.	Trademarks 

  

									
	 Registered Trademarks

	 Grantor
	  	 Country
	  	 Trademark
	  	 Registration No.
	  	 Registration Date

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
	
	 Pending Trademark Applications

	 Grantor
	  	 Country
	  	 Trademark
	  	 Serial No.
	  	 Filing Date

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

											
	 Trademark Applications in Preparation

	 Grantor
	  	 Country
	  	 Trademark
	  	 Docket No.
	  	 Expected
Filing Date
	  	 Products/
Services

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	Item B.	Trademark Licenses 

  

											
	 Country or
Territory
	  	 Trademark
	  	 Licensor
	  	 Licensee
	  	 Effective
Date
	  	 Expiration
Date

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 SCHEDULE IV 
 to 
 Security Agreement 
  

	Item A.	Copyrights 

  

											
	 Registered Copyrights

	 Grantor
	  	 Country
	  	 Registration No.
	  	 Registration Date
	  	 Author(s)
	  	 Title

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
	
	 Copyrights Pending Registration Applications

	 Grantor
	  	 Country
	  	 Series No.
	  	 Filing Date
	  	 Author(s)
	  	 Title

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
	
	 Copyright Registration Applications in
Preparation

	 Grantor
	  	 Country
	  	 Docket No.
	  	 Expected
Filing Date
	  	 Author(s)
	  	 Title

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	Item B.	Copyright Licenses 

  

													
	 Grantor
	 	 Country or
 Territory
	 	 Licensor
	 	 Licensee
	 	 Effective
 Date
	 	 Expiration
 Date
	 	 Subject
 Matter

		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

 SCHEDULE V 
 to 
 Security Agreement 
 Trade Secrets 
  

													
	 Grantor
	  	 Country or
Territory
	  	 Licensor
	  	 Licensee
	  	 Effective
Date
	  	 Expiration
Date
	  	 Subject
Matter

 SCHEDULE VI 
 to 
 Security Agreement 
 Assigned Agreements 

 EXHIBIT A 
 to 
 Security Agreement 
 FORM OF SECURITY AGREEMENT SUPPLEMENT 
 [Date]

 CoBank, ACB, 
     as Administrative Agent 
 5550 South Quebec Street 
 Greenwood Village, Colorado 80111 
 Attention:
Syndications Coordinator, Corporate Finance Division 
 TIMBERLANDS II, LLC and 
 WELLS TIMBERLAND OPERATING PARTNERSHIP, L.P. 
 Ladies and Gentlemen: 
 Reference is made to the Amended and
Restated Security Agreement, dated as of March 24, 2010 (as amended, supplemented, restated or otherwise modified from time to time, the “Security Agreement”), made by Wells Timberland Operating Partnership, L.P., a Delaware
limited partnership (“Wells Partnership”), Timberlands II, LLC, a Delaware limited liability company, (“Wells Timberland”), Wells Timberland TRS, Inc., a Delaware corporation (“Wells TRS”), Wells
TRS Harvesting Operations, LLC, a Delaware limited liability company (“Wells TRS Subsidiary”), Wells Timberland HBU, LLC, a Delaware limited liability company (“Wells HBU”), and each other Person (such capitalized
term and all other capitalized terms not otherwise defined herein to have the meanings provided for in Article I of the Security Agreement) that is may from time to time become a party thereto (Wells Partnership, Wells Timberland, Wells TRS,
Wells TRS Subsidiary, Wells HBU and such other Persons that become Additional Grantors are collectively referred to as the “Grantors” and individually as a “Grantor”), in favor of CoBank, ACB, as administrative
agent (in such capacity, the “Administrative Agent”) for itself and each other Loan Party. 
 The undersigned hereby agrees, as of the date first above written, to become a Grantor under the Security Agreement as if it were an original party thereto and agrees that each reference in the Security Agreement to a “Grantor”
shall also mean and refer to the undersigned. 
 The undersigned hereby collaterally assigns, mortgages and
pledges to the Administrative Agent, for its benefit and the ratable benefit of the Lender Parties, and hereby grants to the Administrative Agent for its benefit and the ratable benefit of the Lender Parties, as collateral for

 
the Secured Obligations, a pledge and assignment of, and a security interest in, all of the right, title and interest of the undersigned in and to its Collateral, whether now owned or hereafter
acquired, subject to all of the terms and provisions of the Security Agreement, as if such Collateral of the undersigned had been subject to the Security Agreement on the date of its original execution. 
 The undersigned has attached hereto supplements to Schedules I through VI to the Security Agreement, and the
undersigned hereby certifies that such supplements are accurate and complete as of the date first above written. 
 The undersigned hereby makes each representation and warranty set forth in Article III of the Security Agreement as to itself and as to its Collateral to the same extent as each other Grantor and hereby agrees to be bound as a Grantor by
all of the terms and provisions of the Security Agreement to the same extent as all the other Grantors. 
 This
letter shall be governed by and construed in accordance with the terms and provisions of the Pledge Agreement, including, without limitation, governing law provisions thereof. 
  

			
	Very truly yours,
	
	[NAME OF ADDITIONAL GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

 ACKNOWLEDGED AND ACCEPTED: 
  

			
	COBANK, ACB, as Administrative Agent
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Schedule V-4Master Stumpage Agreement

 Exhibit 10.25 
 MASTER STUMPAGE AGREEMENT 
 Among 
 TIMBERLANDS II, LLC, 
 WELLS TRS HARVESTING OPERATIONS, LLC, 
 and 
 MEADWESTVACO COATED BOARD, INC. 

 MASTER STUMPAGE AGREEMENT 
 This Master Stumpage Agreement is made as of October 9, 2007 (the “Effective Date”) by and among
Timberlands II, LLC, a Delaware limited liability company (“Owner”), Wells TRS Harvesting Operations, LLC, a Delaware limited liability company (“Buyer”), and MeadWestvaco Coated Board, Inc. a Delaware corporation
(“MeadWestvaco”). 
 Recitals 
 A. MeadWestvaco has owned the Timberlands to provide a significant and reliable source of wood fiber products for the Mahrt Mill and Cottonton Mill. The Timberlands provided Pine
Pulpwood, Hardwood Pulpwood, Chip-n-saw and Pine Sawlogs, all of which have been used in connection with the production of paperboard and lumber products at the Mahrt Mill and the Cottonton Mill. 
 B. Pursuant to a Contribution Agreement dated as of October 9, 2007 Owner acquired the Timberlands from MeadWestvaco.

 C. Pursuant to a Purchase and Sale Agreement dated as of August 3, 2007 (as the same may be amended, the
“Purchase and Sale Agreement”), MWV SPE, LLC (“Wells”) acquired all of the outstanding ownership interests in Owner from MeadWestvaco (the “Timberlands Interests”). 
 D. In connection with Wells’ acquisition of the Timberlands Interests, in order to assure MeadWestvaco a long-term
source of supply of the Products in order to meet its paperboard and lumber production requirements at the Mahrt Mill and the Cottonton Mill, and to provide Supplier with a reliable consumer for the wood products from the Timberlands, MeadWestvaco,
MeadWestvaco Corporation and Buyer have entered into a Fiber Supply Agreement (the “Supply Agreement”), of even date herewith, pursuant to which Supplier has agreed to supply, and MeadWestvaco has agreed to purchase on specified
terms, the wood volumes described therein. 
 E. In order to permit Buyer to satisfy its obligations to
MeadWestvaco to supply the required wood volume under the Supply Agreement, Owner has agreed to make timber on the Timberlands available for harvest by Buyer pursuant to the terms of this Agreement, and to provide MeadWestvaco with certain rights in
the event Buyer does not satisfy its obligations to MeadWestvaco. 
 Therefore, in consideration of the mutual
covenants and agreements set forth herein, the parties hereto agree as follows: 
 Agreement 
 1. Definitions. For the purposes of this Agreement the capitalized terms set forth below shall have the
meanings set forth after them: 

 “Affiliate” of a Person means any other Person directly, or
through one or more other intermediaries indirectly, controlling, controlled by or under common control with the first Person. 
 “Agreement” means this Master Stumpage Agreement. 
 “Assumed Volume” shall have the meaning set forth in Section 8.1(c). 
 “BMPs” means a state’s Best Management Practices. 
 “Buyer”
shall have the meaning set forth in the preamble to this Agreement. 
 “Cutting Contract” shall
have the meaning set forth in Section 2.5. 
 “Default” shall have the meaning set forth
in Section 6.2. 
 “Dispute” means any dispute, controversy or claim arising out of or
relating to this Agreement. 
 “Effective Date” shall have the meaning set forth in the
preamble to this Agreement. 
 “Event of Default” shall have the meaning set forth in
Section 6.2. 
 “Force Majeure” shall have the meaning set forth in Section 5.1.

 “Force Majeure Period” shall have the meaning set forth in Section 5.3. 
 “MeadWestvaco” shall have the meaning set forth in the preamble to this Agreement. 
 “New Owner” shall have the meaning set forth in Section 8.1(c). 
 “Owner” shall have the meaning set forth in the preamble to this Agreement. 
 “Person” means any individual, sole proprietorship, trust, estate, executor, legal representative,
unincorporated association, institution, corporation, company, partnership, limited liability company, limited liability partnership, joint venture, government (whether national, federal, state, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or department thereof) or other entity. 
 “Products” means Qualifying Timber or Stumpage. 
 “Purchase and Sale
Agreement” shall have the meaning set forth in the recitals to this Agreement. 

 “Purchaser Premium” means $0.10 per ton of Qualifying
Timber purchased by MeadWestvaco from Buyer under this Agreement. 
 “Qualifying Timber” means
Pine Pulpwood, Hardwood Pulpwood, Chip-n-saw and Pine Sawlogs delivered by Buyer for sale to MeadWestvaco as required by the Supply Agreement. 
 “Stumpage” means the trees standing on the stump prior to harvest activities. 
 “Supply Agreement” shall have the meaning set forth in the recitals to this Agreement. 
 “Supply Release Maximum” shall have the meaning set forth in Section 8.1(b). 
 “Sustainable Forest Practice Standards” shall mean practices substantially in compliance with standards substantially similar to the Sustainable Forestry InitiativeTM. 
 “Target Volumes” shall have the meaning set forth in Section 2.1. 
 “Term” shall mean the term of this Agreement as provided in Article VI. 
 “Timberlands” means the timberlands acquired by Owner from MeadWestvaco pursuant to the Purchase and Sale
Agreement. 
 “Tracts” shall have the meaning set forth in Section 2.4. 
 2. Supply and Purchase. 
 2.1 Agreement/Source of Wood. Owner agrees to supply and sell to Buyer, and Buyer agrees to purchase from Owner, during the Term, on all of the terms and conditions set
forth in this Agreement, all Product volumes that Buyer requires in order to satisfy its supply obligations to MeadWestvaco under the Supply Agreement as in effect on the date hereof (the “Target Volumes”). A true and correct copy
of the Supply Agreement is attached hereto as Exhibit A. 
 2.2 No Exclusivity. Owner and Buyer
agree that neither has exclusive rights or obligations with respect to the other. Buyer may purchase wood in excess of the Target Volumes from sources other than Owner, and Owner may sell wood products from the Timberlands in excess of the Target
Volumes to Persons other than Buyer. Owner and Buyer may also by mutual agreement contract for the purchase and sale of timber other than Qualifying Timber on terms that are identical to or different from those applicable to Qualifying Timber sales
under this Agreement. 
 2.3 Designation of Harvest Tracts. During the Term of this Agreement,
Owner shall designate at least four months before the beginning of each calendar year the

 
portions of the Timberlands that Owner shall make available to Buyer for harvesting during such succeeding calendar year. 
 2.4 Harvesting Schedule. Following the designation of the portion of Timberlands (“Tracts”) to be harvested, Buyer shall provide a harvesting schedule
to Owner setting forth approximate start and completion dates relating to the harvesting of timber within the designated Tracts. The Tracts will include tracts from which MeadWestvaco will be permitted, pursuant to the terms of the Fiber Supply
Agreement, to harvest a minimum of 80,000 tons per calendar year of pine pulpwood Stumpage to be converted into the form of in-woods chips and such volumes of other Stumpage that occur on these same tracts. Buyer will provide a copy of the harvest
schedule to MeadWestvaco as soon as its is finalized. 
 2.5 Cutting Contracts. Prior to
commencement of any harvesting operations on a Tract designated for harvesting, Buyer and Owner shall enter into a cutting contract for all timber scheduled to be harvested during that calendar quarter which, at Owner’s option, shall be
substantially in either the form attached hereto as Exhibit B-1 or Exhibit B-2 (either a “Cutting Contract”). 
 2.6 Timber Roads. Owner shall construct, or cause to be constructed, at Owner’s sole expense, haul roads necessary to provide Buyer and its agents with proper access to Tracts on which
harvesting operations are to be conducted. 
 2.7 Timber Harvesting. Buyer shall harvest
(i.e., cut and remove) within 12 months (or such other period provided under a Cutting Contract) in accordance with each Cutting Contract, all Qualifying Timber designated for cutting by Owner in said Cutting Contract, subject to a Force
Majeure event. Buyer shall implement harvesting practices consistent with recommended BMPs on the Timberlands established by the applicable state forestry commission in the state where the Tract is located. Buyer shall comply with the guidelines
applicable to the operations of Buyer contemplated by this Agreement set forth in the Sustainable Forestry Initiative Standard 2005-2009, or such other successor standard to the extent commercially reasonable, and including providing third party
certification of same, or such other third party certification program as is mutually approved in writing from time to time by Buyer and Owner. Buyer hereby certifies that logging professionals which harvest Qualifying Timber under this Agreement
shall maintain third-party certification organization standards from professional logger programs in their respective states. Owner shall have the right to suspend all harvesting operations when the harvesting site is abnormally wet and Owner
determines that site damage will result from continued operations, but, in the event of any such suspension, Buyer shall be entitled to an extension of the time allotted under the relevant Cutting Contract for its harvesting operations equal to the
term of such suspension. 
 2.8 Title; Risk of Loss. Upon severance of any portion of the timber
on a Tract by Buyer or its logging contractors, risk of loss, title to, and ownership of such timber shall pass to Buyer. 

 2.9 Carbon Rights. Owner shall own all carbon rights
associated with timber growing on the Timberlands, including, but not limited to, long-term carbon sequestration credits, renewable energy credits, and renewable portfolio standards. 
 2.10 Site Care. Buyer shall repair all fences or structures damaged by its harvesting operations and shall
leave all roads, fire breaks, property lines, lakes, streams and drainage ditches clear of logs, timber, limbs or other debris and in at least as good overall condition as existed immediately before the harvesting operations commenced. All oil
drums, cans, bottles, cartons, abandoned equipment and other debris resulting from Buyer’s operations shall be removed from the Tracts upon completion of harvesting operations at Buyer’s expense. If repairs are not made or debris is not
removed and cleared within ten (10) days after notice from Owner to Buyer, then Owner may undertake such repair or removal for Buyer’s account, and Buyer shall be liable to Owner for any expense incurred for such repair or removal. Buyer
and its logging contractors and other agents or invitees shall not bury any material underground nor discharge, release or otherwise cause the Timberlands or any portion thereof to be affected by hazardous wastes or substances. 
 2.11 Access Rights. Owner grants to Buyer the rights to ingress and egress over the Timberlands that Owner
possesses for the sole purpose of harvesting timber that is the subject of a Cutting Contract with Owner. If Buyer finds such access insufficient or prefers to enter upon lands other than the Timberlands, Buyer shall be solely responsible for
securing such additional access. 
 2.12 Unauthorized Cutting. Buyer shall pay Owner as damages an
amount equal to 200% of the fair market value of any timber harvested or destroyed by Buyer or its contractors that is outside a Tract designated for harvesting. For this purpose, the fair market value of such timber shall be established based on
the Qualifying Timber prices then in effect under Section 3.1. 
 3. Prices and Payments.

 3.1 Price and Payment. 
 (a) Qualifying Timber. The price to be paid by Buyer to Owner for Qualifying Timber shall be the sum
of: 
 (i) the Purchaser Premium; and 

 (ii) the gross proceeds received from MeadWestvaco (or its
successor) under the Supply Agreement, multiplied by a fraction, the numerator of which is the average TimberMart South Stumpage Price for the applicable region for the four quarters immediately preceding the quarter for which the percentage is
being calculated, and the denominator of which is the average TimberMart South Delivered Price for the applicable region for the four quarters immediately preceding the quarter for which the percentage is being calculated. These percentages shall be
recalculated each quarter and shall be rolling four-quarter averages. For the purpose of this subsection (ii), “applicable region” means Alabama for Qualifying Timber harvested in Alabama and Georgia for Qualifying Timber harvested in
Georgia. 
 (b) Stumpage. The price to be paid by Buyer to Owner for Stumpage is 100% of
the amount paid to Buyer by MeadWestvaco for such timber under the Supply Agreement. 
 Buyer shall account weekly to Owner for
all deliveries of Qualifying Timber, and shall remit the consideration due Owner hereunder promptly upon receipt by Buyer of sale proceeds from the Qualifying Timber and Stumpage timber. 
 3.2 Owner Audit. Owner shall have the right to inspect Buyer’s books and records at any time to verify
Buyer’s compliance with the provisions of this Section 3, and Buyer agrees to cooperate fully with Owner to facilitate Owner’s verification efforts. 
 4. Indemnity. 
 4.1
Indemnification by Owner. Owner shall defend, indemnify and hold Buyer harmless from and against any and all claims, liabilities, costs or damages (including without limitation reasonable attorneys’ fees and court costs through all
appeals) arising out of the breach by Owner of its obligations hereunder. 
 4.2 Indemnification by
Buyer. Buyer shall defend, indemnify and hold Owner harmless from and against any and all claims, liabilities, costs or damages (including without limitation reasonable attorneys’ fees and court costs through all appeals) arising out of
(i) personal injury, death or property damage resulting from Buyer’s harvesting operations on the Timberlands, the removal, transport or delivery of wood products from the Timberlands, or the presence of employees, agents or other invitees
of Buyer on the Timberlands, and (ii) the performance or non-performance by Buyer of its covenants and obligations hereunder. 
 5. Force Majeure. 
 5.1 For the purposes of
this Agreement, the term “Force Majeure” means any cause, condition or event beyond Owner’s and/or Buyer’s reasonable control that delays, prevents or accelerates either party’s performance of its obligations
hereunder, including war, acts of terrorism (which shall not include civil demonstrations), acts of government, acts of public enemy, riots, lightning, fires, explosions, storms, floods, infestation, power failures, other

 
acts of God or nature, labor strikes or lockouts by employees, and other similar events or circumstances; provided, however, that “Force Majeure” shall not include (i) a
party’s financial inability to perform or general business or economic conditions (unless such inability is caused by a general suspension of payments by banks in the United States), or (ii) an act, omission or circumstance arising from
the negligence or willful misconduct of the party claiming that a Force Majeure event has occurred. The parties shall use reasonable best efforts to mitigate the effects of the Force Majeure, and if the cause of Force Majeure can be minimized or
remedied, both parties shall use reasonable best efforts to do so promptly. 
 5.2 Subject to the
provisions of this Section 5.2 neither party shall be liable hereunder for a delay in or failure of performance of its obligations hereunder that is caused by Force Majeure. If Force Majeure results in a reduction, but not a complete cessation,
of MeadWestvaco’s operations in connection with the Supply Agreement, Buyer shall use reasonable efforts not to reduce its purchases of any Product from Owner. Notwithstanding anything contained in this Agreement to the contrary, Force Majeure
(other than a general suspension of payments by banks in the United States) shall not excuse Buyer from its obligation to pay, pursuant to the terms of this Agreement, Owner for any timber harvested by Buyer. 
 5.3 The quantity of any Product otherwise required to be purchased or delivered hereunder shall be reduced as a
result of Force Majeure for the period during which such Force Majeure is in effect and continuing (such period, the “Force Majeure Period”), based on the respective quantity for each Calendar Year in which such Force Majeure is in
effect, prorated (if applicable) for the portion of such year constituting all or part of such Force Majeure Period. If the Force Majeure Period is less than 15 days, (i) Buyer shall be required to purchase the volume of Products not purchased
during the Force Majeure Period within the next 180 days following the end of the Force Majeure Period, and (ii) Owner shall be required to make available the volume of Products not harvested during the Force Majeure Period within the next 180
days following the end of the Force Majeure Period. If the Force Majeure Period is more than 14 days, Buyer shall not be required to purchase the volume of Products not purchased during the Force Majeure Period, and Owner shall not be required to
make available the volume of Products not harvested during the Force Majeure Period. Notwithstanding anything contained in this Agreement to the contrary, Owner shall have the right, but not the obligation, to sell that quantity of the Product Buyer
is unable to purchase because of Force Majeure to any third-party purchaser or purchasers in the event Force Majeure prevents Buyer from performing hereunder. 
 5.4 Force Majeure shall not relieve a party of its obligations or liability hereunder unless such party shall give notice (including a reasonable description of such Force
Majeure) to the other party as soon as reasonably possible and in any event within fifteen (15) days of the occurrence of such Force Majeure. Upon request, the party whose obligations were suspended shall provide the other party with a plan for
remedying the effects of such Force Majeure. The party prevented from performing by Force Majeure shall keep the other party advised by written notice of all matters affecting such Force Majeure, and the extent of the delay by reason thereof. Such
party shall notify the other party in writing of the termination of such Force Majeure within ten (10) days after such termination. 

 6. Term and Termination. 
 6.1 Term. This Agreement shall expire upon expiration of the Supply Agreement. 
 6.2 Termination for Cause. Subject to the provisions of Section 6.3, Owner may
terminate this Agreement upon written notice to Buyer if any one of the following events (each, a “Default”) has occurred and is continuing on the tenth (10th) day after receipt of notice of an intent to cancel by reason of such Default (each, an “Event of
Default”): 
 (a) Failure to make any payment required hereunder when due within ten
business days after written notice thereof; or 
 (b) Breach of any other term of this Agreement,
which breach is not cured within thirty (30) business days after written notice thereof. 
 6.3
MeadWestvaco Cure Rights. Owner acknowledges that Buyer has collaterally assigned its rights under this Agreement to MeadWestvaco, and agrees that it will, simultaneously with the sending of any Default notice under Section 6.2, send
a copy of such notice to MeadWestvaco. Should MeadWestvaco notify Owner of its intention to cure said Default, MeadWestvaco shall be afforded an additional ten (10) business days in which so to cure, and Owner shall not terminate this Agreement
on account of such Event of Default if MeadWestvaco timely cures pursuant to this Section 6.3, provided, however, that if such Default cannot reasonably be cured within such period, Owner shall not have the right to terminate this Agreement so
long as MeadWestvaco is diligently pursuing such cure, and provided further that if such Default is not capable of cure and if MeadWestvaco agrees, in writing, to assume Buyer’s obligations going forward under this Agreement, Owner shall not
have the right to terminate this Agreement. MeadWestvaco is an express beneficiary of the rights set forth in this Section 6.3. 
 6.4 Direct Agreement with MeadWestvaco. Notwithstanding any other provisions of this Agreement, Buyer shall not terminate this Agreement or any rights hereunder without the prior written
consent of MeadWestvaco. In the event this Agreement is terminated by either Owner or Buyer, including a rejection by Buyer of this Agreement in bankruptcy or similar proceedings, and provided MeadWestvaco is not in Default, Owner agrees to enter
into an agreement with MeadWestvaco, either directly or at Owner’s option through an intermediary, with rights and obligations similar to Buyer hereunder, such that MeadWestvaco’s supply of Product shall continue as contemplated by the
Supply Agreement. 
 7. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Georgia, without reference to the conflicts of laws or choice of law provisions thereof. 

 8. Assignment. This Agreement shall inure to the benefit of
and burden the Timberlands and shall be binding upon and inure to the benefit of the parties named herein and their respective successors and permitted assigns. 
 8.1 Assignment by Owner. 
 Except as provided in this Section 8.1, this Agreement may not be assigned by Owner in whole or in part. Notwithstanding the foregoing, at any time during the Term, Owner may assign this Agreement upon prior written notice to
MeadWestvaco, to: 
 (a) (i) (I) any Person that is and at all times remains an affiliate of Owner, and

 (II) assumes all liabilities and obligations of Owner under this Agreement pursuant to an
instrument in form and substance reasonably satisfactory to MeadWestvaco. No such assignment or assumption pursuant to the preceding sentence shall in any way affect the liabilities or obligations of Owner under this Agreement, and in the event of
any such assignment or assumption, Owner shall remain fully liable for its liabilities and obligations under this Agreement; or 
 (ii) to any lender or lenders as security for obligations to such lender or lenders in respect to financing arrangements of Owner or any Affiliate thereof, excluding Purchaser, LLC (as defined in the
Purchase and Sale Agreement), with such lender or lenders. 
 (b) Prior to September 1 of each calendar
year during the Term, Owner shall deliver to MeadWestvaco an estimate of the total number of acres of the Timberlands to be owned or leased by Owner as of January 1 of the following year. Owner agrees (i) that it shall not sell fee or
leasehold interests in the next calendar year in the aggregate amount of more than 10% of the acres estimated to be owned or leased as of January 1 of that year and, furthermore, (ii) that it shall not sell fee or leasehold interests over
the Term of this Agreement in the aggregate amount of more than 60,000 acres without MeadWestvaco’s consent which shall not be unreasonably withheld upon Owner’s demonstration of its ability to supply Buyer with wood volumes sufficient to
meet its obligations under the Supply Agreement (such restrictions, collectively, the “Supply Release Maximum”). It is the intent of the parties that this Agreement should run with the land up to termination of this Agreement in
accordance with Article VI. Any party may record a Memorandum of Agreement, provided that such Memorandum of Agreement is limited to the following information: (a) notice of the existence of this Agreement and such other agreements as disclosed
herein, (b) identification of the parties as to this Agreement, (c) identification of the real property subject to this Agreement, and (d) identification of the time period of this Agreement. 
 (c) In addition to the sales permitted to be made by Owner free and clear of this Agreement pursuant to Section 8.1(b)
and subject to this Agreement pursuant to Section 8.1(d), Owner may sell the Timberlands subject to this Agreement, in tracts with a minimum size of at least 50,000 acres, provided that (i) Owner retains all liabilities and

 
obligations under this Agreement, (ii) the purchaser of said portion of the Timberlands (“New Owner”) assumes the liability of Owner under this Agreement,
(iii) MeadWestvaco enters into a supply contract with the New Owner, such contract providing that New Owner assumes the obligation to supply a portion of the Product volumes to be supplied hereunder, said portion of the Product volumes
(“Assumed Volume”) to be agreed to by Owner and said New Owner, subject to MeadWestvaco’s consent to such volume allocation, and that New Owner shall be responsible for supplying the Assumed Volume, and further providing
MeadWestvaco with the right to enter upon the Timberlands to enforce the terms of the supply agreement, and (iv) the deed conveying title to the Timberlands to be sold contains reasonable restrictions on the New Owner regarding timber cutting
in a manner consistent with this Agreement. If the New Owner is permitted to sell any portion of the Timberlands free and clear of the supply agreement, any such portion which may be sold will reduce the Supply Release Maximum otherwise available in
Section 8.1(b). 
 (d) In addition to the sales permitted to be made by Owner free and clear of this
Agreement pursuant to Section 8.1(b) and subject to this Agreement pursuant to Section 8.1(c), Owner may sell portions of the Timberlands subject to this Agreement, provided that (i) Owner retains all liabilities and obligations under
this Agreement, (ii) Owner owns other property from which the Target Volumes that otherwise would be harvested from the sold portion of the Timberlands can be supplied, and (iii) MeadWestvaco approves the sale. 
 8.2 Assignment by Buyer. Except as provided in this Section 8.2, this Agreement may not be assigned by
Buyer in whole or in part. Notwithstanding the foregoing, at any time during the Term, Buyer may assign this Agreement (a) to MeadWestvaco as security for obligations of Buyer to MeadWestvaco under the Supply Agreement, or (b) upon prior
written notice to Owner and MeadWestvaco, to any Person that (1)(i) is and at all times remains an Affiliate of Buyer, or (ii) merges or consolidates with or into Buyer, or (iii) acquires all or substantially all of the assets or equity
ownership of Buyer, and (2) which assumes all liabilities and obligations of Buyer under this Agreement pursuant to an instrument in form and substance reasonably satisfactory to Buyer and MeadWestvaco. 
 8.3 Assignment by MeadWestvaco. Except as provided in this Section 8.3, this Agreement may not be
assigned by MeadWestvaco in whole or in part. Notwithstanding the foregoing, at any time during the Term, MeadWestvaco may assign this Agreement upon prior written notice to Buyer and Owner, to any Person (x) that is and at all times remains an
affiliate of MeadWestvaco’s Parent Person, or that merges or consolidates with or into MeadWestvaco, or that acquires all or substantially all of the assets of Mahrt Mill as to provisions of this Agreement applicable to Mahrt Mill, or that
acquires all or substantially all of the assets of Cottonton Mill as to provisions of this Agreement applicable to Cottonton Mill, and (y) that assumes all liabilities and obligations of MeadWestvaco under this Agreement, or in the case of
acquisition of all or substantially all of the assets of Mahrt Mill or Cottonton Mill, such liabilities and obligations under the provisions of this Agreement pertaining to Mahrt Mill or Cottonton Mill, as applicable, pursuant to an instrument in
form and substance reasonably satisfactory to Supplier. The term “Parent Person” means any Person that is the owner of all the issued and outstanding capital stock of MeadWestvaco. 

 9. Headings. The headings contained in this Agreement are for
convenience only and should not be construed to limit or expand any terms otherwise provided. 
 10.
Notices. Any notice given pursuant to this Agreement shall be given in writing and delivered in person by overnight courier (Fed-Ex, UPS or DHL) or by facsimile addressed as follows: 
  

			
	 If to MeadWestvaco:
	 	 Corporate Secretary

		 	 MeadWestvaco Corporation
 11013 West Broad Street
 Glen Allen, Virginia 23060

		
		 	 With a copy to, if by courier:
 MeadWestvaco Corporation
 Plant Manager, Mahrt Mill
 Highway 165 South
 Cottonton, Alabama 36851

		
		 	 With a copy to, if by US Post Office:
 MeadWestvaco Corporation
 Plant Manager, Mahrt Mill
 P.O. Box 520

		 	 Phenix City, Alabama 36868

		
	 If to Buyer:
	 	 Wells TRS Harvesting Operations, LLC

		 	 c/o Wells Real Estate Funds
 6200 The Corners Parkway
 Norcross, Georgia 30092
 Tel.: (770) 243-8249
 Fax: (770) 243-8286

		
	 If to Owner:
	 	 Timberlands President

		 	 Wells Real Estate Funds
 6200 The Corners Parkway
 Norcross, Georgia 30092
 Tel.: (770) 243-8249
 Fax: (770) 243-8286

		
		 	 With a copy to:

		
		 	 Powell Goldstein LLP

		 	 One Atlantic Center

		 	 1201 West Peachtree Street, 14th Floor

		 	 Atlanta, Georgia 30309

			
		 	 Attn.: C. Glenn Dunaway, Esq.
 Tel.: (404) 572-4545
 Fax: (404) 572-6999

 Such notices, if delivered by overnight courier service shall be deemed given at the time of delivery; and if sent by facsimile, shall be
deemed given on the day on which such facsimile was sent, provided that a copy is also sent by overnight courier for delivery the following day. 
 11. Partial Illegality. If any provision, or part of a provision, of this Agreement is held to be invalid or unenforceable under any applicable law, then the parties shall use all
commercially reasonable efforts to replace the invalid or unenforceable provision by a provision that, to the extent permitted by applicable law, achieves the purposes intended under the original provision and to allow the parties to have the
intended benefit of their bargain. If it cannot be so reformed, it shall be omitted. The balance of this Agreement shall remain valid and unchanged and in full force and effect. 
 12. Waiver of Compliance. Any delay or omission on the part of either party to this Agreement in requiring
performance by the other party hereunder or in exercising any right hereunder shall not operate as a waiver of any provision of this Agreement or of any right or rights hereunder. Further, any failure by either party to enforce at any time any term
or condition under this Agreement shall not be considered a waiver of that party’s right thereafter to enforce each and every term and condition of this Agreement. 
 13. Amendments and Waivers. This Agreement may not be terminated, amended, supplemented, waived or modified orally, but only by a document in writing signed by Owner
and Buyer; provided, however, no amendment of Sections 6.3, 6.4, 8.1, 8.2, 8.3, 19, 22 or this Section 13 shall be effective unless consented to in writing by MeadWestvaco. No waiver by any party of any default, misrepresentation, or breach of
warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any such
prior or subsequent occurrence. 
 14. Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same document. All signatures need not be on the same counterpart. 
 15. Estoppel Certificates. Either party shall, at no cost to the requesting party, from time to time, upon
twenty (20) days’ prior request by the other party, execute, acknowledge and deliver to the requesting party a certificate signed by an officer of the certifying party stating that this Agreement is unmodified and in full force and effect
(or, if there have been modifications, that this Agreement is in full force and effect as modified, and setting forth such modifications) and the dates through which payments have been made, and either stating that to the knowledge of the signer of
such certificate no default exists under this Agreement or specifying each such Default to which the signer has knowledge. 

 16. Submission To Jurisdiction. Without limiting the
parties’ agreement to submit any and all disputes to mediation and arbitration as herein provided, if, notwithstanding said section, any party shall have the right to seek recourse to a court with respect to any dispute arising out of or
related to this Agreement or the transactions contained in or contemplated by this Agreement, whether in tort or contract or at law or in equity, then any action or proceeding in respect of any such dispute shall be brought exclusively in any United
States district court located in the State of Georgia or the state courts of the State of Georgia (the “chosen courts”) and with respect to any such action each party (i) irrevocably submits to the exclusive jurisdiction of the chosen
courts for such purposes, (ii) waives any objection to laying venue in any such action or proceeding in the chosen courts, (iii) waives any objection that the chosen courts are an inconvenient forum or do not have jurisdiction over any
party hereto, and (iv) agrees that service of process upon such party in any such action or proceeding shall be effective if notice is given in accordance with Section 10 of this Agreement. Each party agrees that a final judgment in any
action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or at equity. Each party also agrees not to bring any action or proceeding arising out of or relating to this
Agreement in any other court. Owner irrevocably designates Corporation Trust Company as its agent and attorney-in-fact for the acceptance of service of process in Delaware and making an appearance on its behalf in any such claim or proceeding and
taking all such acts as may be necessary or appropriate in order to confer jurisdiction over it upon the chosen courts and the Owner stipulates that such consent and appointment is irrevocable and coupled with an interest. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING RELATING TO THIS AGREEMENT. 
 17.
Prevailing Party. If either party brings any proceeding for the judicial or other interpretation, enforcement, termination, cancellation or rescission of this Agreement, or for damages for the breach thereof, the prevailing party in any
such proceeding or appeal thereon shall be entitled to its reasonable attorneys’ fees and court and other reasonable costs incurred, to be paid by the losing party as fixed by the court in the same or a separate proceeding, and whether or not
such proceeding is pursued to decision or judgment. 
 18. Entire Agreement. This Agreement and
the Supply Agreement constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and merges all prior discussions and negotiations between the parties. None of the parties shall be bound by any
conditions, definitions, representations, or warranties with respect to the subject matter of this Agreement other than as expressly set forth above. 
 19. MeadWestvaco’s Exercise of Remedy. In the event MeadWestvaco exercises its remedy under Section 7.2(c) of the Supply Agreement, including the right to enter upon the
Timberlands (either with its own employees or using an independent contractor or contractors), and perform or cause to be performed any of the duties of Buyer under this Agreement, the provisions of this Section 19 shall apply. 
 19.1 Cutting Contract. MeadWestvaco shall not be bound by the terms of any existing Cutting Contract that may
be in effect between Owner and Buyer, but shall enter into a Cutting Contract with Owner, which Cutting Contract shall designate the Qualifying Timber to

 
be harvested and the Tracts on which the timber is located. Notwithstanding Section 3.1, the price payable to Owner for the Qualifying Timber harvested by MeadWestvaco shall be the amount
provided under Article IV 4 of the Supply Agreement that would otherwise be paid to Buyer. 
 19.2
Designation of Tracts. In the event that Tracts previously designated for harvest pursuant to Section 2.3 cannot be economically feasibly harvested by MeadWestvaco, Owner and MeadWestvaco shall negotiate in good faith the designation
of new Tracts to be harvested by MeadWestvaco. Such negotiations shall take into account the location of the Tracts, logging efficiency concerns and Owner’s overall management plan. 
 19.3 Treatment of Other Timber. Owner and MeadWestvaco shall coordinate any harvesting performed pursuant to
this Section 19 so that Owner may arrange for the harvest and sale of timber other than Qualifying Timber on any Tracts harvested by the employees or independent contractors of MeadWestvaco. 
 20. Maintenance of Timberlands. Owner shall conduct forest management activities in a manner that meets the
minimum requirements for compliance with the BMPs and Sustainable Forestry Initiative Standard 2005-2009, or such other successor standard to the extent commercially reasonable, and including providing third party certification of same, or such
other third party certification program as is mutually approved in writing from time to time by MeadWestvaco and Owner. Owner hereby certifies that logging professionals which harvest Qualifying Timber under this Agreement shall maintain third party
certification organization standards from professional logger programs in their respective states. 
 21.
Third-Party Beneficiaries. This Agreement is intended to be solely for the benefit of the parties hereto and their permitted assigns and is not intended to and shall not confer any rights or benefits on any third party not a signatory
hereto. 
 22. Insurance. In the event that Buyer retains any third-party contractor to conduct
harvesting operations on the Timberlands, said third-party contractor shall, before conducting any operations, obtain and maintain the following types of insurance, in addition to any other insurance required by law: (a) Worker’s
Compensation and Employer’s Liability Insurance fully covering all operations; (b) Comprehensive Vehicle Liability Insurance, including owned, hired and non-owned vehicles, with limits of not less than $1,000,000 single occurrence and
$1,000,000 cumulative bodily injury liability; and (c) Comprehensive or Commercial General Liability Insurance, including all contractual liability hereunder, with limits of not less than $1,000,000 single occurrence and $2,000,000 cumulative
bodily injury liability. Prior to the beginning of any harvesting operations hereunder, evidence of all such insurance shall be furnished to Owner, and such insurance shall provide for at least thirty (30) days’ prior notice to Owner of
cancellation of such insurance policies. All such insurance policies shall name Owner as an additional insured. 
 23. Construction and Enforcement. In construing and enforcing this Agreement, the following rules shall be followed: 

 23.1 Control of Drafting. Each provision of this Agreement
shall be construed simply according to its fair meaning and not strictly for or against any party to this Agreement. No consideration shall be given to the fact or presumption that any party to this Agreement had a greater or lesser hand in drafting
this Agreement. 
 23.2 Captions. Except for the boldfaced defined terms used in Section 1,
in construing and enforcing this Agreement, no consideration shall be given to the captions of the articles, sections, subsections, and clauses of this Agreement, which are inserted for convenience in organizing and locating the provisions of this
Agreement, not as an aid in its construction. 
 23.3 Plural and Singular Forms. Plural words
shall be understood to include their singular forms and vice versa. 
 23.4 Including. The word
“include” and its syntactical forms mean “include, but are not limited to,” and corresponding syntactical forms. The principle of ejusdem generis shall not be used to limit the scope of the category of things illustrated
by the items mentioned in a clause introduced by the word “including.” 
 23.5 Examples.
This Agreement uses examples as illustrations, but the examples should not be used to limit the scope of the matter they illustrate. 
 23.6 Definitions. A defined term has its defined meaning throughout this Agreement, regardless of where in this Agreement the term is defined. 
 23.7 Internal Cross-References. Except as otherwise provided in this Agreement, a reference to an Article,
Section, or clause means an article, section, or clause of this Agreement and may be understood to mean, for example, “Section 5.1 of this Agreement” or “Section 5.1 hereof.” The term “Section” is used variously to
identify entire Sections (as in “Section 3.1”), subsections (as in “Section 3.1(b)”), and clauses (as in “Section 3.1(b)(i)”). 
 (signatures on following page) 

 IN WITNESS WHEREOF, Owner, Buyer and MeadWestvaco have each caused
this Agreement to be executed by their duly authorized officers, each as of the date first above written. 
  

			
	 TIMBERLANDS II, LLC

		
	 By:
	 	 /s/ James H. Hill

		 	 James H. Hill, Manager

	
	 WELLS TRS HARVESTING OPERATIONS, LLC

		
	 By:
	 	 Forest Resource Consultants, Inc.

	 Its:
	 	 Manager

		
	 By:
	 	 /s/ David Foil

		 	 David Foil, President

	
	 MEADWESTVACO COATED BOARD, INC.

		
	 By:
	 	 /s/ James H. Hill

		 	 James H. Hill, Vice President - Forestry

 Master Stumpage Agreement Signature Page 

 Exhibit A  
 Supply Agreement 
  

 A-1 

 Exhibit B-1  
 Cutting Agreement 
 (Disposal with a
Retained Economic Interest) 
 This CUTTING CONTRACT (this “Cutting Contract”) is dated
as of                      and is made by and between Timberlands II, LLC, a Delaware limited liability company (“Seller”), and
Wells TRS Harvesting Operations, LLC, a Delaware limited liability company (“Buyer”). 
 Recitals

 A. On [date of closing under Purchase and Sale Agreement], Seller and Buyer entered into a Master
Stumpage Agreement calling for the parties to enter into a Cutting Contract during each calendar quarter of the term of the Master Stumpage Agreement, and providing substantially all of the terms of the Cutting Contract except for the designation of
Tracts to be cut under the Cutting Contract. 
 B. The parties wish by this Cutting Contract to designate the
Tracts on which Qualifying Timber is to be cut by Buyer during the term of this Cutting Contract. 
 Therefore,
in consideration of the mutual covenants and agreements set forth herein, the parties hereto agree as follows: 
 Agreement

 1. Incorporation of Master Stumpage Agreement. The Master Stumpage Agreement between Buyer
and Seller, dated [date of closing under Purchase and Sale Agreement], is incorporated herein by reference and made a part hereof. All terms used in this Cutting Contract are as defined in the Master Stumpage Agreement, and all provisions of
the Master Stumpage Agreement are provisions of this Cutting Contract. In the event of any express conflict between this Cutting Contract and the terms of the Master Stumpage Agreement, the terms of this Cutting Contract shall control. 

2. Designation of Timber. Seller hereby grants to Buyer the right to sever and remove, and Seller is hereby
obligated to sever and remove, during the term of this Cutting Contract, all Qualifying Timber located on the Tracts (the “Timber”) described on Exhibit A. 
 3. Price and Payment Terms. The price to be paid by Buyer to Seller for the harvested Timber is the price
provided under Section 3.1 of the Master Stumpage Agreement applicable to such Timber, as such price is adjusted from time to time. Buyer agrees to make payments to Seller at the time and in the manner provided in Section 3.1 of the Master
Stumpage Agreement. 
  

 B2-1 

 4. Term. The term of this Cutting Contract begins on
                     and ends on
                    . 
 5. Failure to Harvest Timber. If Buyer fails or refuses to cut and remove all of the Timber within the term specified in Section 4 (as the same may be extended by Section 2.7 of
the Master Stumpage Agreement), Buyer shall pay to Seller a sum of money equal to thirty percent (30%) of the Base Price of the unharvested Timber. The volume of the unharvested Timber by species and products shall be determined by timber
cruise performed by Seller or Seller’s agent. The amount so determined to be due from Buyer shall be due immediately. Buyer shall pay any amounts due hereunder promptly upon demand by Seller. It is expressly covenanted and agreed that the
amount required to be paid by Buyer to Seller under this Section 5 is a reasonable estimate of the probable damages to be suffered by Seller as a result of the failure by Buyer to cut and remove any of the Timber, and it shall not be construed
as or be held to be in the nature of a penalty. 
 6. Relationship of Parties. Buyer acknowledges
that it is purchasing the Timber for its own account. Nothing in this Cutting Contract shall be deemed to establish Buyer as an agent, partner, joint venturer, or independent contractor of Seller, and Buyer shall not hold itself out to any third
party as having any such relationship with Seller. 
 7. Warranty. Seller warrants that it owns
title to the Tracts, free and clear of all liens, claims or encumbrances (“Title Exceptions”), except such Title Exceptions as do not materially interfere with the harvesting of Timber on the Tracts. Seller disclaims all other warranties
in respect of the Tracts and the Timber, including but not limited to any warranties as to acreage, timber volume, timber species or timber age. 
 8. Taxes. Buyer shall pay any and all documentary stamp taxes, excise taxes and other taxes, fees and costs, if any, relating to this Cutting Contract and the transaction described herein.

 9. Disposal with a Retained Economic Interest. This Cutting Contract is intended to constitute
a disposal of timber with a retained economic interest within the meaning of Section 631(b) of the Internal Revenue Code of 1986, as amended, and its provisions are to be interpreted accordingly. 
 10. Entire Agreement. This Cutting Contract and the Master Stumpage Agreement constitute the entire agreement
of the parties with respect to the subject matter hereof and supersedes and extinguishes any and all prior offers or agreements regarding the subject matter hereof, oral or written. 
  

 B1-2 

 IN WITNESS WHEREOF, Seller and Buyer have each caused this Cutting Contract
to be executed by their duly authorized officers, each as of the date first above written. 
  

							
		 		 	 SELLER:

			
	 Date of execution
	 		 	  

				
	  
	 		 	 By:
	  	  

		 		 		  	 Title:

			
		 		 	 BUYER:

			
	 Date of execution
	 		 	  

				
	  
	 		 	 By:
	  	  

		 		 		  	 Title:

  

 B1-3 

 Exhibit A  
 Tracts 
  

 B1-4 

 Exhibit B-2  
 Cutting Agreement 
 (Take or Pay) 

 This CUTTING CONTRACT (this “Cutting Contract”) is dated as of
                     and is made by and between Timberlands II, LLC, a Delaware limited liability company (“Seller”), and Wells TRS
Harvesting Operations, LLC, a Delaware limited liability company (“Buyer”). 
 Recitals 
 A. On [date of closing under Purchase and Sale Agreement], Seller and Buyer entered into a Master Stumpage Agreement
calling for the parties to enter into a Cutting Contract during each calendar quarter of the term of the Master Stumpage Agreement, and providing substantially all of the terms of the Cutting Contracts except for the designation of Tracts to be cut
under the Cutting Contract. 
 B. The parties wish by this contract to designate the Tracts on which Qualifying
Timber is to be cut by Buyer during the term of this Cutting Contract. 
 Therefore, in consideration of the
mutual covenants and agreements set forth herein, the parties hereto agree as follows: 
 Agreement 
 1. Incorporation of Master Stumpage Agreement. The Master Stumpage Agreement between Buyer and Seller, dated
[date of closing under Purchase and Sale Agreement], is incorporated herein by reference and made a part hereof. All terms used in this Cutting Contract are as defined in the Master Stumpage Agreement, and all provisions of the Master
Stumpage Agreement are provisions of this Cutting Contract. In the event of any express conflict between this Cutting Contract and the terms of the Master Stumpage Agreement, the terms of this Cutting Contract shall control. 
 2. Designation of Timber. Seller hereby grants to Buyer the right to sever and remove, and Seller is hereby
obligated to sever and remove, during the term of this Cutting Contract, all Qualifying Timber located on the Tracts (the “Timber”) described on Exhibit A. 
 3. Price and Payment Terms. The price to be paid by Buyer to Seller for the harvested Timber is the price
provided under Section 3.1 of the Master Stumpage Agreement applicable to such Timber, as such price is adjusted from time to time. Buyer agrees to make payments to Seller at the time and in the manner provided in Section 3.1 of the Master
Stumpage Agreement. 
  

 B2-1 

 4. Term. The term of this Cutting Contract begins on
                     and ends on
                    . 
 5. Failure to Harvest Timber. If Buyer fails or refuses to cut and remove all of the Timber within the term specified in Section 4 (as the same may be extended by Section 2.7 of
the Master Stumpage Agreement), Buyer shall pay to Seller a sum of money equal to one hundred percent (100%) of the Base Price of the unharvested Timber. The volume of the unharvested Timber by species and products shall be determined by timber
cruise performed by Seller or Seller’s agent. The amount so determined to be due from Buyer shall be due immediately. Buyer shall pay any amounts due hereunder promptly upon demand by Seller. It is expressly covenanted and agreed that the
amount required to be paid by Buyer to Seller under this Section 5 is a reasonable estimate of the probable damages to be suffered by Seller as a result of the failure by Buyer to cut and remove any of the Timber, and it shall not be construed
as or be held to be in the nature of a penalty. 
 6. Relationship of Parties. Buyer acknowledges
that it is purchasing the Timber for its own account. Nothing in this Cutting Contract shall be deemed to establish Buyer as an agent, partner, joint venturer, or independent contractor of Seller, and Buyer shall not hold itself out to any third
party as having any such relationship with Seller. 
 7. Warranty. Seller warrants that it owns
title to the Tracts, free and clear of all liens, claims or encumbrances (“Title Exceptions”), except such Title Exceptions as do not materially interfere with the harvesting of Timber on the Tracts. Seller disclaims all other warranties
in respect of the Tracts and the Timber, including but not limited to any warranties as to acreage, timber volume, timber species or timber age. 
 8. Taxes. Buyer shall pay any and all documentary stamp taxes, excise taxes and other taxes, fees and costs, if any, relating to this Cutting Contract and the transaction described herein.

 9. Entire Agreement. This Agreement and the Master Stumpage Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersedes and extinguishes any and all prior offers or agreements regarding the subject matter hereof, oral or written. 
  

 B2-2 

 IN WITNESS WHEREOF, Seller and Buyer have each caused this Cutting Contract
to be executed by their duly authorized officers, each as of the date first above written. 
  

							
		 		 	 SELLER:

			
	 Date of execution
	 		 	  

				
	  
	 		 	 By:
	 	  

		 		 		 	 Title:

			
		 		 	 BUYER:

			
	 Date of execution
	 		 	  

				
	  
	 		 	 By:
	 	  

		 		 		 	 Title:

  

 B2-3 

 Exhibit A 
 Tracts 
  

 B2-4

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