Document:

Exhibit

Exhibit 10.3

UNCOMMITTED AND REVOLVING CREDIT LINE AGREEMENT
UNCOMMITTED AND REVOLVING CREDIT LINE AGREEMENT dated as of February 11, 2016 between THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., a Japanese banking corporation having its offices at 1251 Avenue of the Americas, New York, New York 10020 (the "BANK") and WESTROCK COMPANY, a corporation organized under the laws of Delaware, having its offices at 504 Thrasher Street, Norcross, GA 30071 (the "BORROWER").  The parties hereto hereby agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.01.  DEFINED TERMS.  As used in this AGREEMENT, the following terms have the following meanings (terms defined in the singular to have the same meaning when used in the plural and vice versa):
"ADJUSTED LIBOR" means a rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by the BANK pursuant to the following formula: 
	
		
	LIBOR =
	LIBOR

	1.00 - EURODOLLAR RESERVE PERCENTAGE

"AFFILIATE" means as to any PERSON, any other PERSON which, directly or indirectly, is in control of, is controlled by, or is under common control with, such PERSON.  For purposes of this definition, a PERSON shall be deemed to be "controlled by" a PERSON if such PERSON possesses, directly or indirectly, power either (i) to vote 10% or more of the securities having ordinary voting power for the election of directors of such PERSON or (ii) to direct or cause the direction of the management and policies of such PERSON whether by contract or otherwise.
"AGREEMENT" means this UNCOMMITTED AND REVOLVING CREDIT LINE AGREEMENT, together with all exhibits and schedules hereto, as the same may be supplemented, modified, amended, restated or replaced from time to time in the manner provided herein.
“ANTI-CORRPUTION LAWS” means all laws, rules, and regulations of any jurisdiction applicable to the BORROWER or any of its SUBSIDIARIES from time to time concerning or relating to bribery or corruption.
"APPLICABLE INTEREST RATE" means (a) with respect to each COST OF FUNDS LOAN, the sum of the COST OF FUNDS plus the MARGIN, and (b) with respect to each LIBOR LOAN, for each INTEREST PERIOD, the sum of ADJUSTED LIBOR plus the MARGIN.
''BUSINESS DAY'' means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close; provided that, when used in connection with a rate determination, borrowing or payment in respect of a LIBOR LOAN, the term "BUSINESS DAY" will also exclude any day on which banks in London, England are not open for dealings in deposits of U.S. DOLLAR in the London interbank market.
"CAPITAL STOCK" means (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership, units or partnership interests (whether general or limited), (iv) in the case of a limited liability company, membership interests and (v) any other interest or participation that confers on a PERSON the right to receive a share of the profits and losses of, or distribution of assets of, the issuing PERSON.
"CHANGE IN CONTROL" means, as applied to the BORROWER, that any PERSON or "Group" (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, but excluding (A) any employee benefit or stock ownership plans of the BORROWER, and (B) members of the Board of Directors and executive officers of the 

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BORROWER as of the date hereof, members of the immediate families of such members and executive officers, and family trusts and partnerships established by or for the benefit of any of the foregoing individuals) shall have acquired more than fifty percent (50%) of the combined voting power of all classes of common stock of the BORROWER, except that the BORROWER's purchase of its common stock outstanding on the date hereof which results in one or more of the BORROWER's shareholders of record as of the date hereof controlling more than fifty percent (50%) of the combined voting power of all classes of the common stock of the BORROWER shall not constitute an acquisition hereunder.
"CONSOLIDATED COMPANIES" means, collectively, the BORROWER, each GUARANTOR, all of the other RESTRICTED SUBSIDIARIES, each PERMITTED SECURITIZATION SUBSIDIARY and, to the extent required to be consolidated with the BORROWER under GAAP, any JOINT VENTURE.
"COST OF FUNDS" means the nominal annual rate of interest determined by the BANK from time to time as the cost to the BANK of obtaining funds in an amount sufficient to make an advance to the BORROWER, plus the cost to the BANK from time to time of making such advance to the BORROWER, including the cost to the BANK of any reserve and other regulatory requirements relating thereto, all of such costs being determined by the BANK in its sole and reasonable discretion.
"COST OF FUNDS LOAN'' means any LOAN bearing interest at a rate determined by reference to COST OF FUNDS.
''CREDIT LINE'' means a discretionary and uncommitted line of credit which the BANK establishes for the BORROWER pursuant to SECTION 2.01 hereof up to the amount referred to therein but the unused portion of which may be terminated in whole or reduced in part pursuant to SECTION 2.02 hereof.  This CREDIT LINE shall not be construed as the commitment of the BANK to make any LOAN or extension of credit.
"DEFAULT" means any of the events specified in SECTION 7.01 hereof, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.
"DISQUALIFIED INSTITUTION" means (a) certain banks, financial institutions and other institutional lenders or investors or any competitors of the BORROWER that, in each case, have been specified by name to the BANK by the BORROWER in writing prior to the date hereof (collectively, the "IDENTIFIED INSTITUTIONS") and (b) with respect to such IDENTIFIED INSTITUTIONS, PERSONS (such PERSONS, "KNOWN AFFILIATES") that are AFFILIATES of such IDENTIFIED INSTITUTIONS readily identifiable as such by the name of such PERSON, but excluding any PERSON that is a bona fide debt fund or investment vehicle that is engaged in making, purchasing, holding or otherwise investing in loans, bonds or similar extensions of credit or securities in the ordinary course of business; provided that, upon reasonable notice to the BANK after the date hereof, the BORROWER shall be permitted to supplement in writing the list of PERSONS that are DISQUALIFIED INSTITUTIONS with the name of any PERSON that is or becomes a competitor of the BORROWER or a KNOWN AFFILIATE of one of the competitors of the BORROWER, which supplement shall be in the form of a list of names provided to the BANK and shall become effective upon delivery to the BANK, but which supplement shall not apply retroactively to disqualify any PERSONS that have previously acquired an interest in respect of the LOANS.
"DOLLARS", "U.S. DOLLARS", "US$", "USD", or "$" means the lawful currency of the United States of America.
"DRAWDOWN DATE" means, for each LOAN, the date on which the LOAN is made, as agreed by the BANK and the BORROWER in accordance with SECTION 2.03.
"EURODOLLAR RESERVE PERCENTAGE" means for any day, the percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) which is in effect for such day as prescribed by the Federal Reserve Board (or any successor) for determining the maximum reserve requirement (including any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities, as defined in Regulation D of such Board 

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as in effect from time to time, or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.
"EVENT OF DEFAULT" means any of the events specified in SECTION 7.01.
"EXCLUDED TAX" means, with respect to any recipient of any payment to be made by or on account of any obligation of any LOAN PARTY under this AGREEMENT or any of the LOAN DOCUMENTS (each a "RECIPIENT"), (i) any TAX on the RECIPIENT's net income or profits (or franchise TAX or branch profits TAX), in each case (a) imposed by a jurisdiction as a result of the RECIPIENT being organized or having its principal office or applicable lending office in such jurisdiction or (b) that is an OTHER CONNECTION TAX, (ii) any U.S. federal withholding TAX imposed on amounts payable to the RECIPIENT pursuant to a law in effect on the date on which (A) the RECIPIENT acquired its interest in the LOAN or (B) the RECIPIENT designates a new lending office, except in each case to the extent that amounts with respect to such TAXES were payable under SECTION 8.09 either to such RECIPIENT's assignor immediately before such RECIPIENT acquired the applicable interest in a LOAN or such RECIPIENT immediately before it changed its lending office, (iii) any withholding TAXES attributable to a RECIPIENT's failure to comply with SECTION 8.16 and (iv) any TAX imposed under FATCA.
"FATCA" means Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the "CODE"), as of the date hereof (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future Treasury regulations or other official administrative interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the CODE (and any amended or successor version described above) and any intergovernmental agreements implementing the foregoing.
"FCPA" means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.
"FINAL MATURITY DATE" means February 9, 2017.
"GAAP" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, as in effect from time to time. 
"GOVERNMENTAL AUTHORITY" means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing.
''GUARANTEE'' means the guarantee executed by each GUARANTOR and required to be delivered by the BORROWER to the BANK pursuant to SECTION 3.01 hereof, in form and substance reasonably satisfactory to the BORROWER and the BANK, together with all exhibits and schedules thereto, as the same may be supplemented, modified, amended, restated or replaced from time to time in the manner provided therein.
''GUARANTOR" means each of WestRock RKT Company, a Georgia corporation, and WestRock MWV, LLC, a Delaware limited liability company, until such PERSON is released from the GUARANTEE in accordance with SECTION 8.18 hereof.
"INDEBTEDNESS" means, with respect to any PERSON, without duplication, (i) all obligations of such PERSON for borrowed money and (ii) all obligations of such PERSON evidenced by bonds, debentures, notes or similar instruments; provided, however, that (A) in the case of the CONSOLIDATED COMPANIES, INDEBTEDNESS shall not include (I) intercorporate obligations solely among the CONSOLIDATED COMPANIES, (II) lease obligations pledged as collateral to secure industrial development bonds, (III) hedge adjustments resulting from terminated fair value interest rate derivatives, (IV) non-recourse installment notes issued in timber transactions in the ordinary course of business of the CONSOLIDATED COMPANIES, (V) guarantees of the debt of suppliers and vendors incurred in the ordinary course of business of the CONSOLIDATED COMPANIES to the extent that the obligations thereunder do not exceed, in the aggregate, $35,000,000, (VI) trade payables re-characterized as INDEBTEDNESS in accordance 

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with GAAP under travel and expense reimbursement cards, procurement cards, supply chain finance and similar programs to the extent that the obligations thereunder are satisfied within 180 days of their incurrence under the applicable program, (VII) any obligations in respect of earn-outs, purchase price adjustments or similar acquisition consideration arrangements except to the extent such obligation is no longer contingent and appears as a liability on the balance sheet of the CONSOLIDATED COMPANIES in accordance with GAAP, (VIII) any industrial development bonds or similar instruments with respect to which both the debtor and the investor are CONSOLIDATED COMPANIES and (IX) obligations with respect to insurance policy loans to the extent offset by the assets of the applicable insurance policies, (B) the INDEBTEDNESS of any PERSON shall include the INDEBTEDNESS of any other entity that is not a CONSOLIDATED COMPANY (including any partnership in which such PERSON is a general partner) to the extent such PERSON is liable therefor as a result of such PERSON's ownership interest in or other relationship with such entity, except to the extent the terms of such INDEBTEDNESS expressly provide that such PERSON is not liable therefor and (C) with respect to any INDEBTEDNESS of any CONSOLIDATED COMPANY that is a partnership or JOINT VENTURE, the INDEBTEDNESS of such partnership or JOINT VENTURE shall be limited to the product of the OWNERSHIP SHARE of the BORROWER, any GUARANTOR or any other RESTRICTED SUBSIDIARIES in such partnership or JOINT VENTURE multiplied by the principal amount of such INDEBTEDNESS, unless a larger amount of such INDEBTEDNESS is recourse to the BORROWER, any GUARANTOR or any other RESTRICTED SUBSIDIARY (in which event such larger amount of such INDEBTEDNESS shall constitute INDEBTEDNESS).
"INDEMNIFIED TAX" means (a) any TAX, other than an EXCLUDED TAX, imposed on or with respect to any payment made by or on account of any obligation of any LOAN PARTY under any LOAN DOCUMENT and (b) to the extent not otherwise described in (a), any OTHER TAX.
"INTEREST PERIOD'' means, in relation to a LIBOR LOAN, successive periods of one (1) month, two (2) months, three (3) months or six (6) months (or any other period consented to by the BANK (such consent not to be unreasonably withheld, delayed or conditioned)), as the BORROWER may select, the first of which shall begin on the DRAWDOWN DATE and succeeding of which shall begin on the last day of the immediately preceding INTEREST PERIOD; provided that (i) any INTEREST PERIOD that would otherwise end on a day that is not a BUSINESS DAY shall end on the next succeeding BUSINESS DAY, unless such BUSINESS DAY falls in another calendar month, in which case such INTEREST PERIOD shall end on the next preceding BUSINESS DAY, (ii) where an INTEREST PERIOD begins on a day for which there is no numerically corresponding day in the calendar month in which the INTEREST PERIOD is to end, such INTEREST PERIOD shall end on the last day of such calendar month and (iii) no INTEREST PERIOD shall extend beyond the FINAL MATURITY DATE.
"JOINT VENTURE" means, with respect to any PERSON, any corporation or other entity (including limited liability companies, partnerships, joint ventures, and associations) regardless of its jurisdiction of organization or formation, of which some but less than 100% of the total combined voting power of all classes of VOTING STOCK or other ownership interests, at the time as of which any determination is being made, is owned by such PERSON, either directly or indirectly through one or more SUBSIDIARIES of such PERSON.
"LIBOR" means, for any LIBOR LOAN for any INTEREST PERIOD therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Bloomberg LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits in U.S. DOLLAR at approximately 11:00 a.m. (London time) two (2) LONDON BUSINESS DAYS prior to the first day of such INTEREST PERIOD for a term comparable to such INTEREST PERIOD.  If for any reason such rate is not available, then "LIBOR" shall mean the rate per annum at which, as determined by the BANK in accordance with its customary practices, U.S. DOLLARS in an amount comparable to the principal amount of the LOAN then requested are being offered to leading banks at approximately 11:00 a.m. (London time) two (2) LONDON BUSINESS DAYS prior to the first day of such INTEREST PERIOD for settlement in immediately available funds by leading banks in the London interbank market for a period equal to the INTEREST PERIOD selected.  Notwithstanding the foregoing, in no event shall LIBOR be less than 0.00% per annum.
"LIBOR LOAN" means any LOAN bearing interest at a rate determined by reference to LIBOR.
"LOAN" has the meaning assigned to such term in SECTION 2.01.

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"LOAN DOCUMENTS" means this AGREEMENT, the NOTE, the GUARANTEE and any other instrument, agreement, or other document executed and delivered in connection with any of the foregoing or supporting, securing or otherwise relating to the LOANS, in each case as amended, amended and restated, supplemented or otherwise modified from time to time.
"LOAN MATURITY DATE" means, for each LOAN, the maturity date agreed by the BANK and the BORROWER in accordance with SECTION 2.03, provided that (i) the LOAN MATURITY DATE of a COST OF FUNDS LOAN may not be more than six (6) months after the DRAWDOWN DATE; (ii) if any LOAN MATURITY DATE would otherwise occur on a day which is not a BUSINESS DAY, such LOAN MATURITY DATE shall occur on the next succeeding BUSINESS DAY, provided that, if such extension would cause the LOAN MATURITY DATE applicable to a LIBOR LOAN to occur in the next succeeding calendar month, such LOAN MATURITY DATE shall occur on the next preceding BUSINESS DAY; and (iii) no LOAN MATURITY DATE may be later than the FINAL MATURITY DATE.
"LOAN PARTY" means the BORROWER and each GUARANTOR.
"LONDON BUSINESS DAY" means a day other than a day on which banks in London, England are not open for dealings in deposits of U.S. DOLLARS in the London interbank market.
"MARGIN" means 0.70%  per annum.
"MATERIAL ADVERSE EFFECT" means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities or financial condition of the BORROWER and its RESTRICTED SUBSIDIARIES taken as a whole; (b) a material impairment of the ability of the BORROWER and the GUARANTORS, taken as a whole, to perform their respective obligations under any LOAN DOCUMENT; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the BORROWER and the GUARANTORS, taken as a whole, of the LOAN DOCUMENTS.
"NOTE" has the meaning assigned to such term in SECTION 2.05.
"OFAC" means the Office of Foreign Assets Control of the United States Treasury Department.
"OTHER CONNECTION TAX" means, with respect to the BANK or any other recipient of any payment to be made by or on account of any obligation of a LOAN PARTY under any LOAN DOCUMENT, TAXES imposed as a result of any present or former connection between such recipient and the jurisdiction imposing such TAX (other than any connection arising solely from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to and/or enforced, this AGREEMENT).
"OWNERSHIP SHARE" means, with respect to any JOINT VENTURE, the BORROWER's, any GUARANTOR's or any other RESTRICTED SUBSIDIARY's relative equity ownership (calculated as a percentage) in such JOINT VENTURE determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such JOINT VENTURE.
"PERMITTED SECURITIZATION ENTITY" means a PERSON (other than a PERMITTED SECURITIZATION SUBSIDIARY, individual or GOVERNMENTAL AUTHORITY) that was established by a financial institution or AFFILIATE thereof to purchase or otherwise acquire assets for the principal purpose of securitization, and which purchase or acquisition of such assets is funded through the issuance of securities by such PERSON or by such PERSON incurring indebtedness; provided that a financial institution or AFFILIATE of a financial institution that purchases or acquires assets for the principal purpose of securitization shall also be considered a PERMITTED SECURITIZATION ENTITY.

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"PERMITTED SECURITIZATION SUBSIDIARY" means any SUBSIDIARY of the BORROWER that (i) is directly or indirectly wholly-owned by the BORROWER, (ii) is formed and operated solely for purposes of a PERMITTED SECURITIZATION TRANSACTION, (iii) is formed to qualify as a "bankruptcy remote" entity, (iv) has organizational documents which limit the permitted activities of such PERMITTED SECURITIZATION SUBSIDIARY to the acquisition of SECURITIZATION ASSETS from the BORROWER or one or more of its SUBSIDIARIES, the securitization of such SECURITIZATION ASSETS and activities necessary or incidental to the foregoing, (v) if organized within the United States, is organized so as to meet S&P's requirements for special purpose entities engaged in the securitization of assets, (vi) if organized within Canada or any province or territory thereof, is organized so as to meet the requirements for special purpose entities engaged in the securitization of assets by any recognized rating agency operating in such jurisdiction and (vii) if organized outside the United States and Canada (and any province or territory thereof), is organized so as to meet the requirements for special purpose entities engaged in the securitization of assets by any recognized rating agency operating in such jurisdiction; provided that if no requirements for special purpose entities exist in such jurisdiction, the BORROWER shall certify to the BANK that no recognized rating agency is operating in such jurisdiction that customarily rates securitization transactions.
"PERMITTED SECURITIZATION TRANSACTION" means (a) the transfer by the BORROWER or one or more of its RESTRICTED SUBSIDIARIES of SECURITIZATION ASSETS to one or more (x) PERMITTED SECURITIZATION SUBSIDIARIES or (y) PERMITTED SECURITIZATION ENTITIES and, in each case, the related financing of such SECURITIZATION ASSETS; provided that, in each case, (i) such transaction is the subject of a favorable legal opinion as to the "true sale" of the applicable SECURITIZATION ASSETS under the laws of the applicable jurisdiction and (ii) such transaction is non-recourse to the BORROWER and its RESTRICTED SUBSIDIARIES under the laws of the applicable jurisdiction, except for STANDARD SECURITIZATION UNDERTAKINGS, (b) any credit facility backed or secured by RECEIVABLES or any other SECURITIZATION ASSETS of the CONSOLIDATED COMPANIES among one or more CONSOLIDATED COMPANIES and a financial institution, which credit facility is non-recourse to the BORROWER and its RESTRICTED SUBSIDIARIES under the laws of the applicable jurisdiction, except for STANDARD SECURITIZATION UNDERTAKINGS or (c) any other arrangement or agreement in respect of a "true sale" (or any similar concept in the applicable jurisdiction) of RECEIVABLES or any other SECURITIZATION ASSETS in accordance with the laws of the United States or any State thereof, Canada, any province or territory of Canada or other applicable jurisdiction.
"PERSON" means an individual, partnership, corporation (including a business trust), joint stock company, estate, trust, limited liability company, unlimited liability company, unincorporated association, joint venture or other entity or GOVERNMENTAL AUTHORITY.
"PROPERTY" means all types of real or personal property, including, without limitation, tangible, intangible or mixed property.
"PRO RATA CREDIT AGREEMENT" means the Credit Agreement dated as of July 1, 2015, by and among the BORROWER, certain subsidiaries of the BORROWER as borrowers and guarantors, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent (as the same may be amended, restated, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time). 
"RESTRICTED SUBSIDIARY" means any SUBSIDIARY of the BORROWER other than any such SUBSIDIARY that is or shall become an UNRESTRICTED SUBSIDIARY as provided herein.
"S&P" means Standard & Poor's Ratings Group, a division of McGraw-Hill Financial, Inc., or any successor or assignee of the business of such division in the business of rating securities.
"SANCTIONED ENTITY" means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government or (d) a PERSON resident in or determined to be resident in a country, that is subject to SANCTIONS.

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"SANCTIONED PERSON" means (a) a person named on the list of Specially Designated Nationals maintained by OFAC, (b) any PERSON operating, organizing or resident in a SANCTIONED ENTITY or (c) any PERSON owned or controlled by any such PERSON or PERSON described in the foregoing clauses (a) or (b).
"SANCTIONS" means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, (b) the Canadian government or (c) the United Nations Security Council, the European Union or Her Majesty's Treasury of the United Kingdom.
"SECURITIZATION ASSETS" means any accounts receivable, notes receivable, rights to future lease payments or residuals (collectively, the "RECEIVABLES") owed to or owned by the BORROWER or any SUBSIDIARY (whether now existing or arising or acquired in the future), all collateral securing such RECEIVABLES, all contracts and contract rights, purchase orders, records, security interests, financing statements or other documentation in respect of such RECEIVABLES and all guarantees, letters of credit, insurance or other agreements or arrangements supporting or securing payment in respect of such RECEIVABLES, all lockboxes and collection accounts in respect of such RECEIVABLES (but only to the extent such lockboxes and collection accounts contain only amounts related to such RECEIVABLES subject to a PERMITTED SECURITIZATION TRANSACTION), all collections and proceeds of such RECEIVABLES and other assets which are of the type customarily granted or transferred in connection with securitization transactions involving receivables similar to such RECEIVABLES.
"STANDARD SECURITIZATION UNDERTAKINGS" means (i) any obligations and undertakings of the BORROWER or any RESTRICTED SUBSIDIARY on terms and conditions consistent with the sale treatment of SECURITIZATION ASSETS in a transaction that results in a legal "true sale" of SECURITIZATION ASSETS in accordance with the laws of the United States, Canada, any province or territory of Canada or other applicable jurisdiction and (ii) any obligations and undertakings of the BORROWER or any RESTRICTED SUBSIDIARY not inconsistent with the treatment of the transfer of SECURITIZATION ASSETS in a transaction as a legal "true sale" and otherwise consistent with customary securitization undertakings in accordance with the laws of the United States, Canada, any province or territory of Canada or other applicable jurisdiction; provided that STANDARD SECURITIZATION UNDERTAKINGS shall not include any guaranty or other obligation of the BORROWER and its RESTRICTED SUBSIDIARIES with respect to any SECURITIZATION ASSET that is not collected, not paid or otherwise uncollectible on account of the insolvency, bankruptcy, creditworthiness or financial inability to pay of the applicable obligor with respect to such SECURITIZATION ASSET.
"SUBSIDIARY" means, with respect to any PERSON (the "parent") at any date, any corporation, limited liability company, partnership, association, or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise controlled by the parent, or one or more subsidiaries of the parent, or by the parent and one or more subsidiaries of the parent. 
"TAXES" means present or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any governmental authority or by any political subdivision or taxing authority thereof or therein, including all interest, penalties and additions to tax with respect thereto.
"UNRESTRICTED SUBSIDIARY" means (i) any PERMITTED SECURITIZATION SUBSIDIARY, (ii) any JOINT VENTURE that is a SUBSIDIARY and (iii) any SUBSIDIARY which, at the option of the BORROWER, is designated in writing by the BORROWER as being an UNRESTRICTED SUBSIDIARY so long as such SUBSIDIARY has also been designated as an UNRESTRICTED SUBSIDIARY under, and in accordance with the terms of, the PRO RATA CREDIT AGREEMENT; provided that if the PRO RATA CREDIT AGREEMENT is no longer in effect, the BORROWER may designate a SUBSIDIARY as being an UNRESTRICTED SUBSIDIARY with the BANK's consent; provided further that the BORROWER may designate any such PERMITTED SECURITIZATION SUBSIDIARY or JOINT VENTURE as a RESTRICTED SUBSIDIARY in its discretion.  The BORROWER may designate a 

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RESTRICTED SUBSIDIARY as an UNRESTRICTED SUBSIDIARY at any time so long as no DEFAULT or EVENT OF DEFAULT is in existence or would be caused by such designation.
"VOTING STOCK" means, with respect to any PERSON, CAPITAL STOCK issued by such PERSON the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such PERSON, even if the right so to vote has been suspended by the happening of such a contingency.
ARTICLE II
AMOUNT AND TERMS OF LOANS
SECTION 2.01.    REVOLVING CREDIT; UNCOMMITTED LINE.  The BANK may, upon request from the BORROWER, in the BANK's sole and absolute discretion upon the terms and subject to the conditions hereinafter set forth, make one or more loans (each, a "LOAN") to the BORROWER from time to time during the period commencing on the date of this AGREEMENT and ending on (but excluding) the FINAL MATURITY DATE in an aggregate principal amount not to exceed at any time outstanding ONE HUNDRED MILLION DOLLARS (US$100,000,000.00), provided that such amount may be reduced pursuant to SECTION 2.02 hereof.  Subject to the terms and conditions hereof, the BORROWER may borrow, repay in whole or in part, and reborrow on a revolving basis, up to the amount of the CREDIT LINE.  THE BORROWER HEREBY ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT DOES NOT, AND WILL NOT, CONSTITUTE A COMMITMENT ON THE PART OF THE BANK TO MAKE ANY LOANS TO THE BORROWER AT ANY TIME OR FROM TIME TO TIME. ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, THE EXTENSION OF CREDIT TO THE BORROWER BY THE BANK SHALL BE IN THE BANK’S SOLE AND ABSOLUTE DISCRETION. THE BANK SHALL HAVE NO OBLIGATION TO (I) MAKE ANY LOAN UNDER THIS AGREEMENT AND MAY, IN ITS SOLE AND ABSOLUTE DISCRETION, MAKE OR REFUSE TO MAKE ANY LOAN REQUESTED HEREUNDER AND/OR (II) ACCEPT A REQUEST FOR A LOAN. The BORROWER acknowledges that any reference by the BANK, its officers, employees or agents, to the DOLLAR amount of credit “available” to the BORROWER either in the aggregate or pursuant to any particular LOAN shall not be construed as a binding commitment by the BANK to extend credit to the BORROWER in such amount.
SECTION 2.02.    REDUCTION AND TERMINATION OF CREDIT LINE.  The BANK shall have the unrestricted right in its sole and absolute discretion, upon notice to the BORROWER, to immediately terminate in whole or reduce in part the unused portion of the CREDIT LINE.  
SECTION 2.03.    NOTICE AND MANNER OF BORROWING.  The BORROWER shall request each LOAN by notice and application (which may or may not be accepted by the BANK) to the BANK’s Loan Operations Department, Diana Peinado, by phone at (201) 413-8626 or via email at DPeinado@us.mufg.jp  (or such other contact as the BANK may inform the BORROWER from time to time), which shall be received by the BANK not later than 1:00 p.m. (New York time) on the DRAWDOWN DATE of any COST OF FUNDS LOAN, or not later than 1:00 p.m. (New York time) on the day that is three (3) LONDON BUSINESS DAYS prior to the DRAWDOWN DATE of any LIBOR LOAN.  Each notice shall be irrevocable and binding on the BORROWER and shall specify (i) the proposed DRAWDOWN DATE; (ii) the amount of the requested LOAN; (iii) whether the LOAN will be a COST OF FUNDS LOAN or a LIBOR LOAN; (iv) the LOAN MATURITY DATE (subject to the applicable limitations established in the definition of such term); (v) if the LOAN will be a LIBOR LOAN, the duration of the INTEREST PERIOD (subject to the limitations established in the definition of such term) applicable thereto; and (vi) the payment instructions with respect to which the LOAN shall be made to the BORROWER.  The BANK will send written confirmation of the LOAN to the BORROWER at the email address listed in SECTION 8.06 hereof.  The BORROWER will acknowledge the information shown in the confirmation by promptly returning it to the BANK via fax or email as specified above.  Not later than 4:00 p.m. (New York time) on the DRAWDOWN DATE of the LOAN and upon fulfillment of the applicable conditions set forth in ARTICLE III hereof, the BANK will, subject to its sole and absolute discretion and subject to the provisions of SECTION 2.01 hereof, make the LOAN available to the BORROWER in immediately available funds by crediting the amount thereof in accordance with the BORROWER's written instructions as provided in the applicable notice to 

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the BANK described above.  All notices given under this SECTION 2.03 shall be irrevocable.  The failure to give any confirmation referred to herein shall not release or diminish any of the BORROWER's obligations hereunder.
SECTION 2.04.    REPAYMENT OF PRINCIPAL; CALCULATION AND PAYMENT OF INTEREST.
(a)    The BORROWER agrees to pay interest to the BANK on the outstanding and unpaid principal amount of each LOAN at the APPLICABLE INTEREST RATE.  Interest will be calculated on the basis of a year of 360 days for the actual number of days elapsed.  Interest on each LOAN shall be due and payable on the LOAN MATURITY DATE or the date of any prepayment and, in the case of LIBOR LOANS, on the last day of each INTEREST PERIOD.
(b)    The BORROWER shall repay the entire principal amount of each LOAN, together with all interest accrued thereon as determined in accordance with SECTION 2.04(a), on the LOAN MATURITY DATE.  If any LOANS are outstanding on the FINAL MATURITY DATE, the entire principal amount of each such LOAN, together with all interest accrued thereon as determined in accordance with SECTION 2.04(a), will be due and payable on the FINAL MATURITY DATE.
(c)    To the extent permitted by applicable law, any amount of principal of any LOAN and interest thereon which is not paid when due, whether at stated maturity, by acceleration, or otherwise, shall bear interest, payable on demand, at an interest rate per annum equal to 2% per annum above (x) with respect to the principal on any LIBOR LOAN, the ADJUSTED LIBOR and (y) with respect to the principal on any COST OF FUNDS LOAN, the COST OF FUNDS (or if no rate is applicable, whether in respect of interest, fees or other amounts, then at a rate 2% per annum above the rate of interest announced by the New York Branch of the BANK from time to time as the BANK's prime rate until paid in full).  
SECTION 2.05.    NOTE.  As additional evidence of the BORROWER's payment obligations hereunder, the BORROWER shall execute and deliver to the BANK pursuant to SECTION 3.01(1) a single grid promissory note (the "NOTE"), substantially in the form of EXHIBIT "A" attached hereto, setting forth the CREDIT LINE as the maximum principal amount thereof and dated as of the date of this AGREEMENT, and made payable to the BANK.  The BORROWER hereby authorizes the BANK to record on a schedule attached to the NOTE (or any similar form designated by the BANK in its sole and absolute discretion from time to time, which may be maintained in its internal records and shown on a computer printout) the principal amount, APPLICABLE INTEREST RATE, the LOAN MATURITY DATE and other terms relevant to each LOAN, and any such recordation shall be prima facie evidence of the accuracy of the information so recorded; provided that the BANK's failure so to record shall not limit or otherwise affect the obligations of the BORROWER hereunder and under the NOTE to repay the principal of and interest on the LOANS. The BORROWER acknowledges that this CREDIT LINE is being established at the BORROWER’s request and for the BORROWER’S convenience.  Accordingly, the BANK shall incur no liability whatsoever to the BORROWER or any other PERSON (i) in acting upon any telephone, telex, facsimile or letter request or other communication which the BANK believes in good faith to be duly authorized by the BORROWER; (ii) in acting in good faith by endorsing any grids attached to the NOTE; or (iii) in otherwise acting in good faith under this AGREEMENT, in each case except for willful misconduct or gross negligence.
SECTION 2.06.    FUNDING LOSS, INDEMNIFICATION; CAPITAL ADEQUACY AND OTHER CHARGES AND COSTS.
(a)    The BORROWER hereby agrees to indemnify and hold the BANK free and harmless from all losses, costs and expenses (including, without limitation, reasonable attorney fees and disbursements and any losses, costs or expenses incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the BANK to fund or maintain all or a portion of the outstanding principal amount of any LOAN hereunder) which the BANK may incur, to the extent not mitigated by the redeployment of deposits or other funds, as a result of (i) a default by the BORROWER in payment when due of the principal of or interest on a LOAN, (ii) the BORROWER's failure (other than due solely to a failure attributable to a default by the BANK) to make a borrowing or continuation with respect to a LOAN after making a request therefor, (iii) a prepayment (whether mandatory or otherwise, including but not limited to, acceleration pursuant to ARTICLE VII hereof) of any LOAN before a scheduled payment date for interest or principal or (iv) any DEFAULT or EVENT OF DEFAULT by the BORROWER under this AGREEMENT or any 

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demand by the BANK for payment of any LOAN permitted hereunder or under the NOTE (but, in any event, excluding loss of anticipated profits).  The BANK's computation of such amount or amounts shall be binding on the BORROWER absent manifest error.
(b)    If the BANK determines at any time that any applicable law or governmental rule, regulation, guideline or order concerning capital adequacy, liquidity, reserves or similar requirements, or any change in interpretation or administration thereof by any GOVERNMENTAL AUTHORITY (other than any EXCLUDED TAX or INDEMNIFIED TAX) will have the effect of increasing the cost to the BANK or the amount of capital or liquidity required or expected to be maintained by the BANK as a result of the making or continuance of the LOANS, then the BORROWER agrees to pay to the BANK, upon its written demand therefor, such additional amounts as shall be required to compensate the BANK for such increased costs.  The BANK, upon determining that any additional amounts will be payable to the BANK pursuant to this paragraph, will give prompt written notice thereof to the BORROWER, which notice shall show in reasonable detail the basis for calculation of such additional amounts, although the failure to give any such notice shall not release or diminish the obligations of the BORROWER to pay additional amounts pursuant to this paragraph.  The BANK's computation of such amount or amounts shall be binding on the BORROWER absent manifest error.
(c)    If any present or future applicable law, rule or regulation or any change therein or in the interpretation or administration thereof by any GOVERNMENTAL AUTHORITY charged with the interpretation or administration thereof or compliance by the BANK with any request or directive of any such GOVERNMENTAL AUTHORITY, whether or not having the force of law (other than any EXCLUDED TAX or INDEMNIFIED TAX), results in an increase of the cost to the BANK of making, renewing or maintaining any LOAN, or reduce the amount of any sum receivable by the BANK under any LOAN, in the reasonable judgment of the BANK, then, upon demand by the BANK, the BORROWER agrees to pay to the BANK such additional amount or amounts as would compensate the BANK for such increased cost or reduction.  The BANK's computation of such amount or amounts shall be binding on the BORROWER absent manifest error.
(d)    For the avoidance of doubt,  (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed a change in law regardless of the date enacted, adopted, issued, promulgated, or implemented.  A certificate submitted by the BANK to the BORROWER setting forth in reasonable detail the BANK’S method for calculating any such loss, cost or expense shall be conclusive absent manifest error.
SECTION 2.07.    METHOD OF PAYMENT.  The BORROWER shall make each payment of principal of and interest on the LOANS, in lawful money of the United States in immediately available funds, not later than 3:00 p.m. (New York time) on the date when such payment is due, to the BANK's account at Payment via Fed Wire to: THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., ABA No.:  0260-0963-2, A/C#: 97770191, Attention: Loan operations Dept., Reference: WestRock Company or to such other location or in such other manner as the BANK may notify the BORROWER in writing.  The BORROWER hereby authorizes the BANK, if and to the extent payment is not made when due under this AGREEMENT or under the NOTE, to charge from time to time against any account of the BORROWER with the BANK any amount so due.  The BORROWER may, with the BANK's prior consent, and on not less than five days' notice, prepay the principal and interest of any LOAN in whole or in part, but only on condition that the prepayment is accompanied by payment of amounts (if any) due under SECTION 2.06(a).

SECTION 2.08.    PAYMENTS ON NON-BUSINESS DAYS.  Whenever payment shall fall due on a day which is not a BUSINESS DAY, payment shall be made on the next succeeding BUSINESS DAY, unless such BUSINESS DAY falls in the following calendar month, in which case payment shall be due on the next preceding BUSINESS DAY.

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ARTICLE III
CONDITIONS PRECEDENT
SECTION 3.01.    CONDITIONS PRECEDENT TO INITIAL AND ALL LOANS.  The BANK may in its sole and absolute discretion make LOANS available to the BORROWER, subject to the conditions precedent that, on or before the day of the initial LOAN, the BANK shall have received all of the following, each of which shall be in form and substance satisfactory to the BANK: 
(1)    AGREEMENT AND NOTE.  This AGREEMENT and the NOTE, each duly executed by the BORROWER;
(2)    EVIDENCE OF ALL CORPORATE ACTION BY THE BORROWER.  A certified copy of the unanimous written consent of the Board of Directors of the BORROWER or a certified copy of the resolutions duly adopted by the Board of Directors of the BORROWER, in either case authorizing the execution, delivery and performance of this AGREEMENT, the NOTE, and any other documents to be delivered pursuant to this AGREEMENT;
(3)INCUMBENCY AND SIGNATURE CERTIFICATE OF THE BORROWER.  A certificate of the President or Vice President (or other appropriate officer) of the BORROWER certifying the names and true signatures of the officers of the BORROWER authorized, pursuant to the Board of Directors' resolutions referred to in paragraph (2) above, to sign this AGREEMENT, the NOTE, and any other documents to be delivered by the BORROWER pursuant to this AGREEMENT;
(4)GUARANTEE.  A GUARANTEE duly executed by each GUARANTOR; and
(5)EVIDENCE OF ALL CORPORATE ACTION BY THE GUARANTORS.  A certified copy of the unanimous written consent of the Board of Directors (or other governing body) of each GUARANTOR or a certified copy of the resolutions duly adopted by the Board of Directors (or other governing body) of each GUARANTOR, in either case authorizing the execution, delivery and performance of the GUARANTEE.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
The BORROWER hereby represents and warrants to the BANK as follows at each time it makes an application for a LOAN:
SECTION 4.01.    DUE INCORPORATION; GOOD STANDING.  The BORROWER is a corporation, duly organized and validly existing under the laws of the state of its incorporation, and is duly qualified as a foreign corporation and in good standing in every jurisdiction in which the BORROWER is doing business, except where the failure to be so qualified or in good standing is not reasonably likely, in the aggregate, to have a MATERIAL ADVERSE EFFECT.
SECTION 4.02.    CORPORATE POWER; AUTHORIZATION.  The execution and delivery of this AGREEMENT, the NOTE and each other LOAN DOCUMENT to which it is a party and the performance of its obligations hereunder and thereunder are within the BORROWER's corporate powers, have been duly authorized, and will not contravene or conflict with (a) its charter or by-laws (or such other organizational and governing documents as may be applicable) or (b) any material agreement, material instrument or material document to which the BORROWER is a party or by which the BORROWER or any of its PROPERTY is bound or affected, except with respect to any contravention or conflict referred to in clause (b), to the extent such contravention or breach would not reasonably be likely to have a MATERIAL ADVERSE EFFECT.
SECTION 4.03.    GOVERNMENT ACTION.  No approval, consent, exemption or other action by, or notice to or filing with, any GOVERNMENTAL AUTHORITY is necessary in connection with the execution, delivery, performance or enforcement of this AGREEMENT, the NOTE or any other LOAN DOCUMENT, except as may have been obtained 

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and certified copies of which have been delivered to the BANK and except those approvals, consents, exemptions, actions, notices or filings the failure of which to obtain or make would not reasonably be likely to have a MATERIAL ADVERSE EFFECT.
SECTION 4.04.    NO LEGAL BAR.  There is no law, rule or regulation, nor is there any judgment, decree or order of any court or GOVERNMENTAL AUTHORITY binding on the BORROWER which would be contravened by the execution, delivery, performance or enforcement of this AGREEMENT, the NOTE or any other LOAN DOCUMENT, except to the extent such contravention would not reasonably be likely to have a MATERIAL ADVERSE EFFECT.
SECTION 4.05.    ENFORCEABLE OBLIGATION.  This AGREEMENT is a legal, valid and binding agreement of the BORROWER, enforceable against the BORROWER in accordance with its terms, and the NOTE and each other LOAN DOCUMENT to which the BORROWER is a party, when executed and delivered (and as endorsed from time to time), will be similarly legal, valid, binding and enforceable, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general principles of equity.
SECTION 4.06.    LITIGATION.  Except as previously disclosed to the BANK in writing, there are no legal actions or other proceedings pending or, to the knowledge of any RESPONSIBLE OFFICER of the BORROWER, threatened against the BORROWER which, individually or in the aggregate, would reasonably be expected to have a MATERIAL ADVERSE EFFECT.
SECTION 4.07.    NO DEFAULT.  No DEFAULT or EVENT OF DEFAULT has occurred and is continuing or would result from the borrowing of the LOAN for which the applicable application has been made.
SECTION 4.08.    COMPLIANCE WITH LAWS, ETC.  
(a)    Each of the BORROWER and its SUBSIDIARIES is in compliance with all laws, regulations and orders of any GOVERNMENTAL AUTHORITY applicable to it or its material property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a MATERIAL ADVERSE EFFECT.
(b)    None of the BORROWER or any of its SUBSIDIARIES nor, to the knowledge of the BORROWER, any director, officer, employee or agent of the BORROWER or any of its SUBSIDIARIES has taken any action, directly or, to the knowledge of the BORROWER, indirectly, that would result in a violation by such persons of the FCPA or any other applicable anti-corruption law; and the BORROWER has instituted and maintains policies and procedures designed to ensure continued compliance therewith.  
(c)    None of the BORROWER, any of its SUBSIDIARIES or any director, officer, employee, agent, or AFFILIATE of the BORROWER or any of its SUBSIDIARIES is a PERSON that is a SANCTIONED PERSON.  None of the BORROWER nor any of its SUBSIDIARIES is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended. The BORROWER (A) is not subject to SANCTIONS administered by OFAC or the U.S. Department of State or (B) to the best of its knowledge, does not engage in any dealings or transactions, and is not otherwise associated, with any PERSON subject to such SANCTIONS.   None of the BORROWER nor any of its SUBSIDIARIES or, to the knowledge of the BORROWER, their respective AFFILIATES, directors, officers, employees or agents is in violation of any SANCTIONS. The proceeds of any LOAN will not be used and have not been used, in each case directly by the BORROWER or any of its SUBSIDIARIES or, to the knowledge of the BORROWER, indirectly by any other PERSON, to fund any operations in, finance any investments or activities in or make any payments to, a SANCTIONED PERSON or a SANCTIONED ENTITY.  
SECTION 4.09.    NO MISREPRESENTATION.  Neither this AGREEMENT, nor any other LOAN DOCUMENT, nor any certificate, written notice, written report, financial statement or document furnished to date or to be furnished by the BORROWER in connection with the transactions contemplated hereby, taken as a whole, contains as of the date 

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thereof any material misstatement of fact, or omits to state a material fact necessary to make the statements herein or therein contained, in light of the circumstances under which they were made, not misleading.
SECTION 4.10.    RANKING OF LOAN.  The obligations and liabilities of the BORROWER under this AGREEMENT and the NOTE are unconditional and general obligations of the BORROWER and rank at least pari passu with all other present or future unsecured and unsubordinated indebtedness of the BORROWER.
ARTICLE V
AFFIRMATIVE COVENANTS 

SECTION 5.01.  COVENANTS.  The BORROWER covenants and agrees that on the date hereof, and so long as this AGREEMENT is in effect and until no LOANS remain outstanding and all amounts owing hereunder or under any other LOAN DOCUMENT or in connection herewith or therewith (other than contingent indemnity obligations) have been paid in full, the BORROWER shall:
		
	(a)
	provide the BANK prompt written notice of the occurrence of any DEFAULT or EVENT OF DEFAULT;

		
	(b)
	maintain in effect and enforce policies and procedures designed to ensure compliance by the BORROWER, its SUBSIDIAIRES and their respective directors, officers, employees and agents with ANTI-CORRUPTION LAWS and applicable SANCTIONS; and

		
	(c)
	not request any LOAN and shall not  use directly or, to its knowledge, indirectly, and shall procure that

its SUBSIDIARIES and its or their respective directors, officers, employees and agents shall not use directly or, to its knowledge, indirectly, the proceeds of any LOAN (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any PERSON in violation of any ANTI-CORRUPTION LAWS, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any SANCTIONED PERSON, or in any SANCTIONED ENTITY, to the extent such activities, businesses or transaction would be prohibited by SANCTIONS if conducted by a corporation incorporated in the United States, or (iii) in any manner that would result in the violation of any SANCTIONS applicable to any party hereto.
ARTICLE VI
NEGATIVE COVENANTS
[Intentionally deleted]
ARTICLE VII
EVENTS OF DEFAULT
SECTION 7.01.    EVENTS OF DEFAULT.  The occurrence of any of the following events will constitute an EVENT OF DEFAULT under this AGREEMENT and the NOTE:
(1)    The BORROWER fails to pay any principal of any LOAN when and as the same becomes due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise.
(2)    The BORROWER fails to pay any interest on any LOAN or any fee or any other amount (other than an amount referred to in SECTION 7.01(1)) payable under this AGREEMENT or any other LOAN DOCUMENT when and as the same shall become due and payable, and such failure continues unremedied for a period of ten (10) days.

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(3)    Any representation or warranty made or deemed made by or on behalf of the BORROWER in or in connection with this AGREEMENT or any of the other LOAN DOCUMENTS, or in any amendment hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this AGREEMENT or any other LOAN DOCUMENT or any amendment hereof or thereof, proves to have been incorrect when made or deemed made in any material respect.
(4)    The BORROWER or any GUARANTOR (i) fails to pay its debts generally as they come due, (ii) conceals, removes or transfers any of its PROPERTY in violation or evasion of any bankruptcy, fraudulent conveyance or similar law, (iii) makes a general assignment for the benefit of its creditors, (iv) applies for or consents to the appointment of a receiver, trustee, assignee, custodian, sequestrator, liquidator or similar official for itself or any of its PROPERTY, (v) files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law, or any other law or laws for the relief of, or relating to, debtors, (vi) is adjudicated a bankrupt or insolvent or (vii) takes any action for the purpose of effecting any of the foregoing.
(5)    An involuntary petition is filed under any bankruptcy, reorganization, insolvency, moratorium or similar statute against the BORROWER or any GUARANTOR or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any PROPERTY of the BORROWER or any GUARANTOR unless such petition or appointment is set aside or withdrawn or ceases to be in effect within 60 days from the date of said filing or appointment.
(6)    The BORROWER or any RESTRICTED SUBSIDIARY shall fail to make when due (whether at stated maturity, by acceleration, on demand or otherwise, and after giving effect to any applicable grace period) any payment of principal of or interest on any INDEBTEDNESS (other than the BORROWER's or any GUARANTOR's obligations under the LOAN DOCUMENTS) exceeding U.S.$150,000,000 individually or in the aggregate.
(7)    The BORROWER, any GUARANTOR or any RESTRICTED SUBSIDIARY shall fail to observe or perform within any applicable grace period any covenants or agreements contained in any agreements or instruments relating to any of its INDEBTEDNESS (other than the LOAN DOCUMENTS) the principal amount of which exceeds U.S.$150,000,000 individually or in the aggregate, or any other event shall occur if the effect of such failure or other event is to accelerate, or to permit the holder of such INDEBTEDNESS or any other PERSON to accelerate, the maturity of such INDEBTEDNESS; provided that this SECTION 7.01(7) shall not apply to (x) any secured INDEBTEDNESS that becomes due as a result of the voluntary sale, transfer or other disposition of the assets securing such INDEBTEDNESS so long as such INDEBTEDNESS is paid or (y) any INDEBTEDNESS that becomes due as a result of a voluntary refinancing thereof.
(8)    The BORROWER fails to observe or perform any covenant, condition or agreement contained in this AGREEMENT or the NOTE (and not described in SECTIONS 7.01(1) or (2)) and such failure is not remediable or, if remediable, continues unremedied for a period of 30 days after the earlier of (x) the date the BORROWER becomes aware thereof or (y) the date the BANK gives notice to the BORROWER with respect thereto.
(9)    The GUARANTEE or any provision thereof shall cease to be in full force and effect or any GUARANTOR or any PERSON acting by or on behalf of any GUARANTOR shall deny or disaffirm any GUARANTOR's obligations under the GUARANTEE, except as expressly provided in SECTION 8.18 hereof.
(10)    A CHANGE IN CONTROL occurs.
SECTION 7.02.    REMEDIES.  Upon the occurrence of any EVENT OF DEFAULT, the BANK may in its sole and absolute discretion declare the LOANS (with accrued interest thereon) and all other amounts owing under this AGREEMENT and/or the NOTE to be due and payable forthwith whereupon the same will immediately become due and payable (except that in the case of an EVENT OF DEFAULT under 7.01(4) or 7.01(5) above, such acceleration shall be automatic), without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in any LOAN DOCUMENT to the contrary notwithstanding.  The foregoing 

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remedies are in addition to any and all other remedies available to the BANK under this AGREEMENT, the NOTE or any other LOAN DOCUMENT, at law, or in equity.  
ARTICLE VIII
MISCELLANEOUS
SECTION 8.01.    INDEMNITY.  The BORROWER hereby agrees to indemnify, defend, reimburse and hold harmless the BANK and each of its affiliates, and all the directors, officers, employees, agents, legal counsel and advisors of the BANK (each, an "INDEMNIFIED PARTY") from and against all claims, actions, proceedings, suits, damages, losses, liabilities, costs and expenses, including the fees and out-of-pocket expenses of one firm of counsel for all such INDEMNIFIED PARTIES, taken as a whole, and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single firm of special counsel acting in multiple jurisdictions) for all such INDEMNIFIED PARTIES, taken as a whole (and, in the case of an actual or perceived conflict of interest where the INDEMNIFIED PARTY affected by such conflict informs the BORROWER of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected INDEMNIFIED PARTY and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single firm of special counsel acting in multiple jurisdictions) for such affected INDEMNIFIED PARTY), which may be incurred by or asserted against any INDEMNIFIED PARTY in connection with, or arising out of, or relating to any LOAN (or the use or proposed use of the proceeds therefrom), any transaction or proposed transaction (whether or not consummated), contemplated by this AGREEMENT or any LOAN DOCUMENT (other than any TAXES); provided that such indemnity shall not, as to any INDEMNIFIED PARTY, be available to the extent that such claim, action, proceeding, suit, damage, loss, liability, cost or expense (a) is determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (i) the gross negligence, bad faith or wilful misconduct of such INDEMNIFIED PARTY or (ii) a claim brought by the BORROWER against such INDEMNIFIED PARTY for material breach in bad faith of such INDEMNIFIED PARTY'S obligations hereunder or (b) results from a proceeding that does not involve an act by the BORROWER or any of its AFFILIATES and that is brought by an INDEMNIFIED PARTY against any other INDEMNIFIED PARTY.  This SECTION 8.01 shall not apply with respect to taxes other than any taxes that represent losses, claims or damages arising from any non-tax claim. 
SECTION 8.02.    SUCCESSORS AND ASSIGNS; ASSIGNMENTS; PARTICIPATIONS.  This AGREEMENT shall be binding upon and inure to the benefit of the BORROWER and the BANK and their respective successors and assigns, except that (a) the BORROWER may not assign or transfer any of its rights or obligations under any LOAN DOCUMENT without the prior written consent of the BANK and (b) the BANK may not assign or transfer to any other PERSON all or part of the CREDIT LINE or the indebtedness of the BORROWER outstanding under this AGREEMENT and/or any LOAN DOCUMENT without the prior written consent of the BORROWER (such consent not to be unreasonably withheld or delayed); provided that (i) no such consent of the BORROWER shall be required under this clause (b) if an EVENT OF DEFAULT has occurred and is continuing at the time of such assignment and (ii) no such assignment under this clause (b) may be made to (A) a natural person or (B) a DISQUALIFIED INSTITUTION.  Subject to the immediately preceding sentence, in the event that the BANK sells or grant participations in all or part of the CREDIT LINE, the BANK shall, acting solely for this purpose as a non-fiduciary agent of the BORROWER, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the CREDIT LINE or other obligations under this AGREEMENT or the LOAN DOCUMENTS sufficient to establish that the LOANS hereunder are in registered form for U.S. federal income tax purposes.
SECTION 8.03.    ENTIRE AGREEMENT.  This AGREEMENT and the LOAN DOCUMENTS integrate all the terms and conditions mentioned herein or incidental hereto and supersede all oral negotiations and prior writings with respect to the subject matter hereof.
SECTION 8.04.    COUNTERPARTS.  This AGREEMENT and any amendments, waivers, consents or supplements may be executed in as many counterparts as may be deemed necessary or convenient, and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same agreement.

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SECTION 8.05.    AMENDMENTS, ETC.  No amendment, modification, termination, or waiver of any provision of any LOAN DOCUMENT to which the BORROWER is a party, nor consent to any departure by the BORROWER from any such provision, shall in any event be effective unless the same shall be in writing and signed by each of the BANK and the BORROWER, and then such amendment, modification, termination, waiver or consent shall be effective only in the specific instance and for the specific purpose for which it is given.
SECTION 8.06.    NOTICES, ETC.  All notices and other communications provided for under this AGREEMENT shall be in writing, delivered in person, or sent by overnight courier, first class mail (postage prepaid), email or fax to:
If to the BORROWER:    WestRock Company
504 Thrasher Street, N.W.
Norcross, GA  30071-1956
Attention:    Chief Financial Officer
Telephone:    (678) 291-7700
Fax:    (770) 263-3582
With a copy to:
Attention:     General Counsel
Telephone:    (678) 291-7456
Fax:    (770) 263-3582
If to the BANK:        The Bank of Tokyo-Mitsubishi UFJ, Ltd. 
1251 Avenue of the Americas
New York, New York 10020-1104
Attention:    Mark Marron
Telephone:    212-782-4337
Fax:    212-782-6445
Email:    mmarron@us.mufg.jp
With copies to:
Attention:    Candice Columbres, Counsel    
Telephone:    212-782-4624
Email:    ccolumbres@us.mufg.jp

or at such other address as shall be designated by either party in a written notice to the other party complying as to delivery with the terms of this SECTION 8.06.  All such notices and communications shall be effective when deposited in the mails or faxed or emailed, as applicable, except that notices to the BANK pursuant to the provisions of ARTICLE II hereof shall be effective when received by the BANK.
SECTION 8.07.    NO WAIVER; REMEDIES.  No failure on the part of the BANK to exercise, and no delay in exercising, any right, power, or remedy under any LOAN DOCUMENT shall operate as waiver thereof; nor shall any single or partial exercise of any right under any LOAN DOCUMENT preclude any other or further exercise thereof or exercise of any other right.  The remedies provided in the LOAN DOCUMENTS are cumulative and not exclusive of any remedies provided by law.
SECTION 8.08.    COSTS, EXPENSES, AND TAXES.  The BORROWER hereby agrees to pay on demand all reasonable, documented out-of-pocket costs and expenses in connection with the preparation, execution, delivery, filing, recording and administration of any of the LOAN DOCUMENTS, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the BANK, and local counsel who may be retained by said counsel, with respect thereto and with respect to advising the BANK as to its rights and responsibilities under any of the LOAN 

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DOCUMENTS, and all reasonable, documented out-of-pocket costs and expenses, if any, in connection with enforcement of any of the LOAN DOCUMENTS, including, without limitation, "work‐out," insolvency or bankruptcy proceedings.  In addition, without duplication of SECTION 8.09, the BORROWER shall pay any and all stamp and other TAXES and fees payable or reasonably determined to be payable in connection with the execution, delivery, filing, and recording of any of the LOAN DOCUMENTS and the other documents to be delivered under any of the LOAN DOCUMENTS other than any TAXES imposed as a result of an assignment of the LOAN or CREDIT LINE ("OTHER TAXES"), and agrees to save the BANK harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such OTHER TAXES.
SECTION 8.09.    DEDUCTIONS.  All payments by any LOAN PARTY  to the BANK under this AGREEMENT or under any LOAN DOCUMENT are to be made net and free of any and all TAXES (except for TAXES based upon the overall net income of the BANK)of any nature now or hereafter imposed, except as required by applicable law.  If any TAX is, by law, required to be made from any payment hereunder and such TAX is an INDEMNIFIED TAX, then the applicable LOAN PARTY shall pay to the BANK such additional amount as will result in receipt by the BANK of a net amount equal to the amount the BANK would have received hereunder had no such TAX been required.  In such event the applicable LOAN PARTY shall, as soon as practical, deliver to the BANK a receipt issued by the relevant taxing authority evidencing the amount of such TAX and its payment.  If the applicable LOAN PARTY is required to pay an additional amount on account of any such TAX, the BORROWER shall have the right, on not less than three BUSINESS DAYS' prior written notice to the BANK, to repay the applicable LOAN.
SECTION 8.10.    RIGHT OF SET OFF.  Upon the occurrence and during the continuance of any EVENT OF DEFAULT the BANK is hereby authorized at any time and from time to time, without notice to the BORROWER (any such notice being expressly waived by the BORROWER), to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other indebtedness at any time owing by the BANK to or for the credit or the account of the BORROWER against any and all of the obligations of the BORROWER now or hereafter existing under the AGREEMENT or the NOTE or any other LOAN DOCUMENT, irrespective of whether or not the BANK shall have made any demand under this AGREEMENT or such other LOAN DOCUMENT and although such obligations may be unmatured.  The BANK agrees promptly to notify the BORROWER after any such set off and application, provided that the failure to give such notice shall not affect the validity of such set off and application.  The rights of the BANK under this SECTION 8.10 are in addition to other rights and remedies (including, without limitation, other rights of set off) which the BANK may have.
SECTION 8.11.    GOVERNING LAW; CONSENT TO JURISDICTION.  This AGREEMENT and the NOTE shall be governed by and construed in accordance with the laws of the State of New York.  Any legal action or proceedings with respect to this AGREEMENT against the BORROWER may be brought in the courts of the United States of America or the State of New York as the BANK may elect, and, by execution and delivery of this AGREEMENT, the BORROWER hereby (i) accepts for itself, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, (ii) irrevocably agrees to be bound by any judgment of any such court with respect to this AGREEMENT or the NOTE and (iii) irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceedings with respect to this AGREEMENT brought in any court of the United States of America or the State of New York located in the City of New York, and further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  In the case of the courts of the United States of America and State of New York the BORROWER hereby agrees to receive service of process in any legal action or proceedings with respect to this AGREEMENT at its offices set forth in SECTION 8.06.  Nothing herein shall affect the right to serve process in any other manner permitted by the law.  The BORROWER hereby agrees that the mailing of such process to the BORROWER shall be deemed personal service and accepted by the BORROWER for any legal action or proceedings with respect to this AGREEMENT.  
SECTION 8.12.    SEVERABILITY OF PROVISIONS.  Any provision of any LOAN DOCUMENT which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of such LOAN DOCUMENT or affecting the validity or enforceability of such provision in any other jurisdiction.

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SECTION 8.13.    HEADINGS.  ARTICLE and SECTION headings in this AGREEMENT are for the convenience of reference only and shall not constitute a part of the applicable LOAN DOCUMENTS for any other purpose.  
SECTION 8.14.    WAIVER OF JURY TRIAL.  THE BANK AND THE BORROWER MUTUALLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT.
SECTION 8.15.    PATRIOT ACT.  The BANK hereby notifies the BORROWER that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56) (the "ACT"), it is required to obtain, verify and record information that identifies the BORROWER and each GUARANTOR, which information includes the name and address of the BORROWER and each GUARANTOR and other information that will allow the BANK to identify the BORROWER and each GUARANTOR in accordance with the ACT.
SECTION 8.16.    FORMS.  If the BANK (or any successor or assign of the BANK) is entitled to an exemption from or reduction of withholding TAX with respect to any payments made under this AGREEMENT or the LOAN DOCUMENTS, at the time or times reasonably requested by any LOAN PARTY, the BANK (or any such successor or assign of the BANK) will deliver to such LOAN PARTY such properly completed and executed documentation reasonably requested by such LOAN PARTY as will permit such payments to be made without withholding or at a reduced rate of withholding (including, with respect to the BANK, Internal Revenue Service Form W-8ECI).
SECTION 8.17.     MITIGATION.  If the BANK (or any successor or assign of the BANK) requests compensation under SECTION 2.06, or if any LOAN PARTY is required to pay any INDEMNIFIED TAXES or additional amounts to the BANK or any GOVERNMENTAL AUTHORITY for the account of the BANK (or any successor or assign of the BANK) pursuant to SECTION 8.09, then such PERSON will use reasonable efforts to designate a different lending office for funding or booking its commitments hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such PERSON, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to SECTION 2.06 or 8.09, as the case may be, in the future and (ii) would not subject such PERSON to any unreimbursed cost or expense and would not otherwise be disadvantageous to such PERSON.  The BORROWER hereby agrees to pay all reasonable costs and expenses incurred by any such PERSON in connection with any such designation or assignment.
SECTION 8.18.    GUARANTY MATTERS.  If any GUARANTOR is released from its guaranty obligation under the PRO RATA CREDIT AGREEMENT in accordance with Section 8.10 of the PRO RATA CREDIT AGREEMENT, then such GUARANTOR's obligations under the GUARANTEE shall be automatically released.  In connection with a release of a GUARANTOR pursuant to this SECTION 8.18, the BANK shall promptly execute and deliver to the BORROWER all documents that the BORROWER shall reasonably request to evidence such release.
IN WITNESS WHEREOF, the parties hereto have caused this AGREEMENT to be executed by their respective officers thereunto duly authorized, as of the date first above written.
WESTROCK COMPANY

By:    /s/     John Stakel            
Name:     John Stakel
Title:        SVP/Treasurer

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

By:    /s/     Stephen Hall            
Name:     Stephen Hall
Title:        Director

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EXHIBIT "A"

UNCOMMITTED AND REVOLVING CREDIT NOTE

	
		
	US$100,000,000.00
(maximum amount) 

	February 11, 2016

FOR VALUE RECEIVED, the undersigned WESTROCK COMPANY (the "BORROWER"), HEREBY UNCONDITIONALLY PROMISES TO PAY to the order of THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. (the "BANK"), the principal sum of ONE HUNDRED MILLION DOLLARS (US$100,000,000.00) or, if less, the aggregate  unpaid principal amount of all LOANS made to the BORROWER pursuant to the LINE AGREEMENT referred to below, together with interest on the unpaid principal amount of each LOAN from time to time outstanding hereunder at the rates, and payable in the manner and on the dates, specified in the LINE AGREEMENT, the provisions of which are incorporated by reference in this NOTE.
The BANK shall record the date and amount of each LOAN made, the APPLICABLE INTEREST RATE, the amount of principal and interest due and payable from time to time hereunder, each payment thereof, and the resulting unpaid principal balance hereof, on the schedule attached to this NOTE or any similar form designated by the BANK in its sole and absolute discretion from time to time, and any such recordation shall be prima facie evidence of the accuracy of the information so recorded (absent manifest error); provided that the BANK's failure so to record shall not limit or otherwise affect the obligations of the BORROWER hereunder and under the LINE AGREEMENT to repay the principal of and interest on the LOANS.
Both principal and interest are payable in the currency of the LOAN and in immediately available funds to the BANK at 1251 Avenue of the Americas, or at such other place as may be designated in writing by the holder of this NOTE.
This promissory note is the NOTE referred to in, and is subject to and entitled to the benefits of, the UNCOMMITTED AND REVOLVING CREDIT LINE AGREEMENT dated as of February ___, 2016 between the BORROWER and the BANK (as amended, modified, renewed or extended from time to time, the "LINE AGREEMENT").  Capitalized terms used herein shall have the respective meanings assigned to them in the LINE AGREEMENT.
The LINE AGREEMENT provides, among other things, for acceleration (which in certain cases shall be automatic) of the maturity hereof upon the occurrence of certain stated events, in each case without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived.
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
WESTROCK COMPANY

By:    /s/     John Stakel            
Name:     John Stakel
Title:        SVP/Treasurer

SCHEDULE TO 
UNCOMMITTED AND REVOLVING CREDIT NOTE

BORROWER:    WESTROCK COMPANY
LINE AMOUNT:    US$100,000,000.00

	
								
	Date
	Bank's Reference Number
	Amount of Loan
	Due Date
	Applicable Interest Rate
	Amount of Principal Paid
	Unpaid Balance of Note
	Notation Made By:Exhibit

Exhibit  10.4

As of March 4, 2016
MWV Luxembourg S.à.r.l.
163, rue du Kiem, L-8030 Strassen
Grand Duchy of Luxembourg
Attention: John Stakel (Treasurer)

WestRock Company
504 Thrasher Street, N.W.
Norcross, GA  30071-1956
Attention:  Chief Financial Officer

Ladies and Gentlemen:
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH (the “Lender”) is pleased to inform you that the Lender has established for you, MWV Luxembourg S.à.r.l., a private limited liability company (société à responsabilité limitée) organized under the laws of Luxembourg, having its registered office at 163, rue du Kiem, L-8030 Strassen, Luxembourg and having a share capital of EUR 413.246.30 (the “Company”), a $100 million uncommitted line of credit (this “Agreement”) available for loans made hereunder in accordance with the terms hereof (the “Loans” and each a “Loan”). 
Capitalized terms used herein without definition shall have the meanings assigned thereto in the Credit Agreement dated as of July 1, 2015, by and among WestRock Company, a Delaware corporation (“WestRock”), as Parent Borrower, RockTenn Company of Canada Holdings Corp./Compagnie de Holdings RockTenn du Canada Corp., a Nova Scotia unlimited company, as Canadian Borrower, the Subsidiary Borrowers party thereto, WestRock RKT Company (f/k/a Rock-Tenn Company), a Georgia corporation, and WestRock MWV, LLC (f/k/a MeadWestvaco Corporation), a Delaware limited liability company, as Initial Guarantors, the Lenders party thereto and Well Fargo Bank, National Association, as Administrative Agent and Multicurrency Agent, with such amendments, modifications, supplements, restatements or replacements as may hereafter be in effect, provided, however, that immediately after giving effect to any such amendment, modification, supplement, restatement or replacement, the Lender remains a party thereto (the “Guarantor Credit Agreement”).
Each Loan shall be used for working capital and general corporate purposes.

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All Loans shall be payable on demand but in any event not later than one year after the date hereof, unless otherwise agreed in writing by the Lender; provided that, if a demand for payment is made after 1:00 p.m., New York City time, on any day, then such payment shall not become due until the immediately succeeding Business Day. 
The Company’s obligations to the Lender hereunder will be unconditionally guaranteed by WestRock (in such capacity, the “Guarantor”), on the terms set forth below under the heading “Guarantee”.  
The Company may request a Loan at or before 1:00 p.m., New York City time, on the date that is three (3) Business Days (as defined in the Note referred to below) prior to the date the Company wishes to borrow, in the case of a Loan bearing interest based upon LIBOR (as defined in the Note), or on the date the Company wishes to borrow, in the case of other Loans, by delivering to the Lender a borrowing request substantially in the form of Exhibit A hereto.   If the Lender agrees to make the requested Loan, the Lender will do so upon the terms and subject to the conditions contained herein and in the other Loan Documents (as defined below) and, subject to the foregoing, will make such Loan available to the Company not later than 4:00 p.m., New York City time, on the proposed date of borrowing in immediately available funds by crediting the amount thereof in accordance with the Company’s instructions as set forth in the applicable borrowing request.  The Loans will be evidenced by a promissory note in substantially the form annexed hereto as Exhibit B (as amended, modified, supplemented or replaced from time to time, the “Note”).  Each request for a Loan shall be irrevocable.  Subject to the terms and conditions contained herein, Loans may be repaid and reborrowed by the Company from time to time without premium or penalty, except as otherwise expressly provided in the Note.
In the event that at any time the Dollar Amount (as defined below) of the outstanding principal amount of Loans shall exceed the maximum amount of the line of credit hereunder as set forth above (or 105% of such maximum amount if such excess is as a result of currency fluctuations), the Company shall immediately pay outstanding Loans in an amount sufficient to eliminate such excess.
Loans may be denominated in Dollars or in Euro (in each case, as defined below), at the discretion of the Company.  All principal and interest payments in respect of any Loan shall be in the currency in which such Loan is denominated.
For purposes of this Agreement:
“Dollar” or “$” means dollars in the lawful currency of the United States of America.
“Dollar Amount” means, at any time, (a) with respect Dollars or an amount denominated in Dollars, such amount and (b) with respect to Euro or an amount denominated in Euro, the equivalent amount thereof in Dollars as determined by the Lender at such time 

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on the basis of the Exchange Rate (as defined below) (determined in respect of the most recent Revaluation Date (as defined below)).
“Euro” or “€” means the lawful currency of the European Union as constituted by the Treaty of Rome which established the European Community, as such treaty may be amended from time to time and as referred to in the European Monetary Union legislation.
“Exchange Rate” means, on any day, for purposes of determining the Dollar Amount of Euro, the rate quoted by the Lender as the spot rate for the purchase by the Lender of Euros with Dollars through its foreign exchange office at approximately 11:00 a.m. (New York time) on the date two (2) Business Days prior to the date as of which the foreign exchange computation is made.
“Luxembourg” means the Grand Duchy of Luxembourg.
“Revaluation Date” means each of the following:  (a) each date a Loan is made; (b) the last day of each Interest Period (as defined in the Note); (c) the last Business Day of each calendar month; and (d) such additional dates as the Lender shall specify.
Documentation; No Commitment:
All promissory notes and other documents requested by the Lender in connection with this Agreement shall be in form and substance reasonably satisfactory to the Lender.  Also, the Lender asks the Company to note carefully that this is not a “committed” line of credit.  No commitment fee will be charged, and the Lender may withdraw the line of credit at any time, with or without notice.  Moreover, the Lender has no obligation to extend credit at any time, and the making of each Loan shall be in the Lender’s sole discretion.  NOTHING HEREIN CONTAINED, INCLUDING, WITHOUT LIMITATION, THE NEXT PARAGRAPH, THE EVENTS OF DEFAULT BELOW AND THE COVENANTS IN APPENDIX A, IS INTENDED TO OR SHALL MODIFY THE UNCOMMITTED NATURE OF THE CREDIT FACILITY CONTAINED HEREIN OR SHALL IMPOSE ANY IMPLIED OBLIGATION ON THE LENDER TO EXTEND CREDIT HEREUNDER AT ANY TIME.  
Facility Maturity:
The Company shall not make any request for any Loan after March 2, 2017 (the “Facility Termination Date”) nor shall any Loan extend beyond such date, unless the Lender, in its sole discretion and without any obligation to do so, extends such date in writing.  

Interest:
Without undertaking to make any Loan, the Lender notes for the Company’s information (except as otherwise agreed in writing by the Lender and the Company) that:

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(a)Loans under the facility described herein shall bear interest at a per annum rate equal to (i) 0.80% in excess of LIBOR (as defined in the Note) for the Interest Period in effect for such Loan or (ii) the Base Rate (as defined in the Note), as the Company shall elect; provided that any Loan denominated in Euro shall only bear interest based on LIBOR.  Interest on the Loans shall be due and payable in arrears on each Interest Payment Date (as defined below) applicable to such Loan.  Interest on any Loan shall also be due and payable in arrears on the date of any prepayment or repayment of principal of such Loan, solely with respect to the amount so prepaid or repaid.
(b)If any principal of or interest on any Loan or any expense or other amount payable by the Company or the Guarantor under any Loan Document is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest at a per annum rate 2.0% greater than the interest rate which would otherwise be applicable (or if no rate is applicable, whether in respect of interest, expenses or other amounts, then 2.0% greater than the Base Rate).  Interest described in this clause (b) shall be payable by the Company on demand by the Lender.  
Unless otherwise agreed, interest will be calculated on the basis of the actual number of days elapsed over a year of 360 days and, once paid, shall be non-refundable absent manifest error.
For purposes of this Agreement, “Interest Payment Date” means (a) as to any Loan bearing interest based on the Base Rate, the last day of each March, June, September and December and on the Facility Termination Date, (b) as to any Loan bearing interest based on LIBOR and having an Interest Period of three months or less, the last day of such Interest Period, and (c) as to any Loan bearing interest based on LIBOR having an Interest Period longer than three months, each day which is three months after the first day of such Interest Period and the last day of such Interest Period.
Representations and Warranties:
Each of the Company and the Guarantor hereby represents and warrants to the Lender that: 

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(c)Corporate Existence; Compliance with Law.  Each of the Company and the Guarantor is a company or corporation or other legal entity duly organized, validly existing and (to the extent the concept is applicable in such jurisdiction) in good standing under the laws of its jurisdiction of organization, except where the failure to be in good standing would not reasonably be likely to have a Material Adverse Effect (as defined below).  Each of the Company and the Guarantor (i) has the corporate power and authority and the legal right to own and operate its property and to conduct its business, (ii) is duly qualified as a foreign company or corporation or other legal entity and in good standing under the laws of each jurisdiction where its ownership of property or the conduct of its business requires such qualification, and (iii) is in compliance with all Requirements of Law, except where (A) the failure to have such power, authority and legal right as set forth in clause (i) hereof, (B) the failure to be so qualified or in good standing as set forth in clause (ii) hereof, or (C) the failure to comply with Requirements of Law as set forth in clause (iii) hereof, is not reasonably likely, in the aggregate, to have a Material Adverse Effect.  For purposes of this Agreement, “Material Adverse Effect” means (x) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities or financial condition of the Guarantor and its Restricted Subsidiaries taken as a whole; (y) a material impairment of the ability of the Company and the Guarantor, taken as a whole, to perform their obligations under any Loan Document; or (z) a material adverse effect upon the legality, validity, binding effect or enforceability against the Company or the Guarantor, taken as a whole, of the Loan Documents.
(a)    Authorization.  Each of the Company and the Guarantor has the corporate power and authority to enter into, make, deliver and perform this Agreement, the Note and each other document or instrument executed in connection herewith (collectively, the “Loan Documents”), in each case to which it is a party and has taken all necessary corporate action to authorize the execution, delivery and performance of such Loan Documents.  No consent or authorization of, registration or filing with, any Person (including any Governmental Authority), is required in connection with the execution, delivery or performance by the Company or the Guarantor, or the validity or enforceability against either of them, of the Loan Documents, other than such consents, authorizations or filings which have been made or obtained and those consents, authorizations and filings the failure of which to make or obtain would not reasonably be likely to have a Material Adverse Effect, except that the registration of the Loan Documents (and any document in connection therewith) with the Administration de l’Enregistrement et des Domaines in Luxembourg may be required in the case of legal proceedings before Luxembourg courts or in the case that the Loan Documents (and any document in connection therewith) must be produced before an official Luxembourg authority (autorité constituée) and a nominal registration duty or an ad valorem duty may be payable, depending on the nature of the document to be registered.
(b)    Enforceability.  This Agreement is, and each of the other Loan Documents when delivered to the Lender will be, duly executed and delivered by the 

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Company and/or the Guarantor, as applicable, and constitutes or will constitute the legal, valid and binding obligations of the Company and/or the Guarantor, as applicable, enforceable against the Company and/or the Guarantor, as applicable, in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforceability of rights of creditors generally and by general principles of equity. and subject to any limitations, qualifications or reservations as to matters of law of general application set out in any legal opinion delivered in relation to the Loan Documents. 
(c)    [Reserved].

(d)    Litigation.  No litigation, investigation or proceeding of or before any court, tribunal, arbitrator or governmental authority is pending or, to the knowledge of any Responsible Officer of the Guarantor, threatened in writing by or against the Company or the Guarantor, or against any of their respective properties or revenues, existing or future (a) that is adverse in any material respect to the interests of the Lender with respect to any Loan Document or any of the transactions contemplated hereby or thereby, or (b) that is reasonably likely to have a Material Adverse Effect.
(e)    Investment Company Act.  None of the Company nor the Guarantor is an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended, and is not controlled by such a company. 
(f)    Regulation U.  No part of the proceeds of the Loans will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation U.  Neither the execution and delivery hereof by the Company, nor the performance by it of any of the transactions contemplated by this Agreement (including the direct or indirect use of the proceeds of the Loans), will violate or result in a violation of Regulation T, U or X.
(g)    Disclosure.  None of the written reports, financial statements or certificates heretofore, contemporaneously or hereafter furnished by or on behalf of the Company or the Guarantor or any of its Subsidiaries to the Lender for purposes of or in connection with this Agreement or any other Loan Document, or any transaction contemplated hereby or thereby, when taken as a whole, contains as of the date of such report, financial statement or certificate or, with respect to any such items so furnished on or prior to the date hereof, as of the date hereof any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to forecasts or projected financial information, the Company and the Guarantor represent only that such information was prepared in good faith based upon assumptions believed by them to be reasonable at the time made, at the time so furnished and, with respect to any such 

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items so furnished on or prior to the date hereof, as of the date hereof (it being understood that such forecasts and projections may vary from actual results and that such variances may be material).
(l)    Sanctions/Anti-Corruption. 
(i)    None of the Company, the Guarantor nor any of their respective Subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended.  None of the Company, the Guarantor nor any of their respective Subsidiaries is in violation of (i) the Trading with the Enemy Act, as amended, (ii) any of the foreign assets control regulations of the OFAC or any enabling legislation or executive order relating thereto or (iii) the Patriot Act.  Neither the Company nor the Guarantor (A) is subject to sanctions administered by OFAC or the U.S. Department of State or (B) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any person subject to such sanctions.
(ii)    None of the Company, the Guarantor nor any of their respective Subsidiaries or, to the knowledge of the Company, their respective Affiliates, directors, officers, employees or agents is in violation of any Sanctions.
(iii)    None of the Company, the Guarantor nor any of their respective Subsidiaries or their respective Affiliates, directors, officers, employees or agents (i) is a Sanctioned Person or a Sanctioned Entity, (ii) has more than 15% of its assets located in Sanctioned Entities, or (iii) derives more than 15% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Entities.  The proceeds of any Loan will not be used and have not been used, in each case directly by any of the Company, the Guarantor or any of their respective Subsidiaries or, to the knowledge of the Company and the Guarantor, indirectly by any other Person, to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Entity.
(iv)    Each of the Company, the Guarantor and their respective Subsidiaries and, to the knowledge of the Company and the Guarantor, their respective directors, officers, employees or agents is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., and any applicable foreign counterpart thereto.  None of the Company, the Guarantor nor any of their respective Subsidiaries or, to the knowledge of the Company and the Guarantor, their respective directors, officers, employees or agents has made and no proceeds of any Loan will be used, in each case directly by the Company, the Guarantor or any of their respective Subsidiaries or, to the knowledge of the Company and the Guarantor, indirectly by any other Person, to make a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, 

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and (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to the Company, the Guarantor, or their respective Subsidiaries or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., or any applicable foreign counterpart thereto.
Covenants:
By using this facility, each of the Guarantor and the Company agrees that it will comply with the provisions in Appendix A attached hereto and made a part hereof so long as this line of credit remains outstanding.  The Company’s and the Guarantor’s undertaking to comply with the terms of this Agreement does not in any way affect the uncommitted nature of the credit facility established by the Lender in the Company’s favor or the demand nature of any credit extended to the Company hereunder.
Event of Default:
Without limiting the right of the Lender to demand payment of Loans or the right of the Lender to terminate this Agreement and/or decline to make any Loan, if any Event of Default (as defined in the Note) shall occur and be continuing, the Lender may, by notice to the Company, declare all Loans and all accrued interest thereon to be forthwith due and payable, whereupon the Loans and all such interest shall become forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Company, provided that in the event of the occurrence of any Event of Default set forth in clause (v) of the definition of such term contained in the Note, the Loans and such interest shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Company. 
Setoff:
Each of the Company and the Guarantor hereby expressly authorizes the Lender, at any time and from time to time upon the occurrence and during the continuance of an Event of Default, to setoff and apply any and all deposits (general or special) and other indebtedness or sums at any time held, credited or owing by COÖPERATIEVE RABOBANK U.A. (including all of its branches and agencies) to or for the credit or account of each of the Company and the Guarantor in any currency and whether or not due, to the payment of the Company’s or the Guarantor’s liabilities and obligations  under this Agreement and the other Loan Documents, irrespective of whether or not the Lender shall have made any demand hereunder or thereunder and although said obligations or liabilities, or any of them, shall be contingent or unmatured.  The Lender agrees promptly to notify the Company and the Guarantor after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.
Guarantee:

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(a)    In order to induce the Lender to enter into this Agreement and to extend credit thereunder and in recognition of the direct benefits to be received by the Guarantor from such extensions of credit hereunder, the Guarantor hereby agrees with the Lender as follows: the Guarantor hereby unconditionally and irrevocably guarantees as primary obligor and not merely as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and all principal, interest and other amounts due hereunder, under the Note and each other Loan Document (the “Obligations”). If any or all of the Obligations becomes due and payable under this Agreement or any other Loan Documents, the Guarantor unconditionally promises to pay such Obligations to the Lender or its order, on demand, together with any and all reasonable expenses which may be incurred by the Lender in collecting any of the Obligations.  Notwithstanding any provision to the contrary contained herein or in any other Loan Document, to the extent the obligations of the Guarantor hereunder shall be adjudicated to be invalid and unenforceable for any reason (including because of the provisions of applicable state, provincial, or federal law relating to fraudulent conveyances or transfers), then the obligations of the Guarantor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal, state or provincial, and including the Bankruptcy Code).
(b)    Additionally, the Guarantor unconditionally and irrevocably guarantees the payment of any and all Obligations to the Lender whether or not due or payable by the Company upon the occurrence of any of the events specified in clause (v) of the definition of “Event of Default” contained in the Note, and unconditionally promises to pay such Obligations to the Lender or its order, on demand, in lawful money of the United States upon any such occurrence. The Guarantor further agrees that to the extent that the Company or the Guarantor shall make a payment or a transfer of an interest in any property to the Lender, which payment or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or required to be repaid to the Company or the Guarantor, the estate of the Company or a Guarantor, a trustee, receiver or any other party under any bankruptcy law, state, provincial or federal law, common law or equitable cause, then to the extent of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made.
(c)    The liability of the Guarantor hereunder is exclusive and independent of any security for or other guaranty of the Obligations whether executed by the Guarantor, any other guarantor or by any other party, and the Guarantor’s liability hereunder shall not be affected or impaired by (i) any direction as to application of payment by the Company or by any other party, or (ii) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Obligations, or (iii) any payment on or in reduction of any such other guaranty or undertaking, or (iv) any dissolution, termination or increase, decrease or change in personnel by the Company, or (v) any payment made to the Lender on the Obligations which the Lender repays to the Company pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief 

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proceeding, and the Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding.
(d)    The obligations of the Guarantor hereunder are independent of the obligations of the Company or any other guarantor, if any, and a separate action or actions may be brought and prosecuted against the Guarantor whether or not action is brought against any other guarantor or the Company and whether or not any other guarantor or the Company is joined in any such action or actions.
(e)    The Guarantor authorizes the Lender without notice or demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (i) renew, compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Obligations or any part thereof in accordance with this Agreement and other Loan Documents, including any increase or decrease of the rate of interest thereon, (ii) take and hold security from any other guarantor, if any, or any other party for the payment of  the Obligations and exchange, enforce, waive and release any such security, (iii) apply such security and direct the order or manner of sale thereof as the Lender in its discretion may determine and (iv) release or substitute any one or more endorsers, guarantors or other obligors.
(f)    It is not necessary for the Lender to inquire into the capacity or powers of the Company or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and the Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.
(g)    (i) The Guarantor waives any right (except as shall be required by applicable statute and cannot be waived) to require the Lender to (A) proceed against the Company, any other guarantor or any other party, (B) proceed against or exhaust any security held from the Company, any other guarantor or any other party, or (C) pursue any other remedy in the Lender’s power whatsoever. The Guarantor waives any defense based on or arising out of any defense of the Company, any other guarantor or any other party other than payment in full of the Obligations (other than contingent indemnity obligations), including any defense based on or arising out of (A) the disability of the Company, any other guarantor or any other party, (B) the unenforceability of the Obligations or any part thereof from any cause, (C) the cessation from any cause of the liability of the Company other than payment in full of the Obligations (other than contingent indemnity obligations), (D) any amendment, waiver or modification of the Obligations, (E) any substitution, release, exchange or impairment of any security for any of the Obligations, (F) any change in the corporate existence or structure of the Company or any other guarantor, (G) any claims or rights of set off that the Guarantor may have, and/or (H) any Requirement of Law or order of any Governmental Authority affecting any term of the Obligations. The Lender may, at its election, foreclose on any security held by the Lender by one or more judicial or nonjudicial sales (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Lender 

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may have against the Company or any other party, or any security, without affecting or impairing in any way the liability of the Guarantor hereunder except to the extent the Obligations have been paid in full and this Agreement and the other Loan Documents have been terminated. The Guarantor waives any defense arising out of any such election by the Lender, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantor against the Company or any other party or any security.  (ii) The Guarantor waives all presentments, demands for performance, protests and notices, including notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of the guaranty under this heading entitled “Guarantee” (this “Guarantee”), and notices of the existence, creation or incurring of new or additional Obligations. The Guarantor assumes all responsibility for being and keeping itself informed of the Company’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks which the Guarantor assumes and incurs hereunder, and agrees that the Lender shall not have any duty to advise the Guarantor of information known to it regarding such circumstances or risks.  (iii) The Guarantor hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise have as a result of this Guarantee (whether contractual, under Section 509 of the Bankruptcy Code, or otherwise) to the claims of the Lender against the Company or any other guarantor of the Obligations until such time as the Obligations shall have been paid in full and this Agreement and other Loan Documents have been terminated. The Guarantor hereby further agrees not to exercise any right to enforce any other remedy which the Lender now has or may hereafter have against any endorser or any other guarantor of all or any part of the Obligations and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lender to secure payment of the Obligations until such time as the Obligations (other than contingent indemnity obligations) shall have been paid in full and this Agreement and other Loan Documents have been terminated.
(h)    The Lender will, upon request after payment of the Obligations which are the subject of this Guarantee and termination of this Agreement and other Loan Documents, confirm to the Company and the Guarantor that the Obligations have been paid and this Agreement and other Loan Documents terminated, subject to the those provisions  that expressly survive termination.

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Miscellaneous:
(a)    This Agreement and the other Loan Documents shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.  Each of the Company and the Guarantor hereby agrees that any legal action or proceeding against the Company or the Guarantor with respect to this Agreement and the other Loan Documents may be brought in the courts of the State of New York in The City of New York or of the United States of America for the Southern District of New York as the Lender may elect, and, by execution and delivery hereof, each of the Company and the Guarantor accepts and consents to, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless waived by the Lender in writing, with respect to any claim, action or proceeding brought by it against the Lender and any questions relating to usury.  Each of the Company and the Guarantor agrees that Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York as in effect from time to time shall apply to this Agreement and, to the maximum extent permitted by law, waives any right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens.  Nothing herein shall limit the right of the Lender to bring proceedings against the Company or the Guarantor in any other jurisdiction.  Each of the Company and the Guarantor irrevocably consents to the service of process in any such legal action or proceeding by personal delivery or by the mailing thereof by the Lender by registered or certified mail, return receipt requested, postage prepaid, to the address of the Company and the Guarantor specified in paragraph (e) below, such service of process by mail to be deemed effective on the fifth day following such mailing. Each of the Company and the Guarantor agrees that a final judgment in any such legal action or proceeding shall be conclusive and may be enforced in any manner provided by law.  The Company hereby appoints the Guarantor as agent for service of process in connection with any legal action or proceeding against the Company with respect to this Agreement and the other Loan Documents, and the Guarantor hereby accepts such appointment.
(b)    AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS RESPECTIVE COUNSEL, EACH OF THE COMPANY, THE GUARANTOR AND THE LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE COMPANY, THE GUARANTOR OR THE LENDER.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO EXTEND CREDIT TO THE COMPANY.  No claim may be made by the Company or the Guarantor against the Lender or the affiliates, officers, directors, employees or agents of the Lender for any special, indirect, punitive or consequential damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to any Loan 

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or other transaction contemplated by this Agreement or the other Loan Documents, or any act, omission or event occurring in connection with any of the foregoing, and each of the Company and the Guarantor hereby waives, releases and agrees not to sue upon any claim for any such damages.  Neither the Lender nor any other person or entity referred to in the preceding sentence shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by the Lender or such other person or entity through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.
(c)    Each of the Company and the Guarantor, jointly and severally, agrees to pay on demand all reasonable, documented out-of-pocket costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements, of any nature incurred or paid by the Lender in connection with this Agreement or any other Loan Document, including, without limitation, such reasonable, documented out-of-pocket costs and expenses as may arise from the preparation, execution, delivery, administration, interpretation, protection, enforcement or collection of this Agreement, the Note, and all other Loan Documents and the reasonable, documented out-of-pocket costs and expenses of examination and audit of the Company’s books and records or of defending any claim, action or proceeding asserted or commenced by the Company against the Lender.  The provisions of this paragraph (c) shall survive the termination of the Loan Documents and the repayment of all Obligations.
(d)    Each of the Company and the Guarantor shall defend, indemnify and hold harmless the Lender, its affiliates, directors, officers, agents, employees, participants and assignees (each such person being called an “Indemnitee”), from and against any and all claims, suits, actions, causes of action, debts, liabilities, damages, losses, obligations, charges, judgments, costs and expenses of any nature whatsoever (including, without limitation, the fees, charges and disbursements of one firm of counsel for all such Indemnitees, taken as a whole, and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single firm of special counsel acting in multiple jurisdictions) for all such Indemnitees, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict informs the Company and the Guarantor of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected Indemnitee and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single firm of special counsel acting in multiple jurisdictions) for such affected Indemnitee)), in any way relating to or arising from or in connection with (i) the execution or delivery of this Agreement or any other Loan Document or any other agreement or instrument contemplated hereby or thereby, the performance by the parties of their obligations under the Loan Documents or any such other agreement or instrument, or the consummation of the transactions contemplated by the Loan Documents, (ii) any Loan or the use thereof, (iii) any actual or alleged presence or Release or threat of Release of Hazardous Substances on, at, under or from any property 

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owned, leased or operated by the Company, the Guarantor or any of their respective Subsidiaries, or any liability under Environmental Law related in any way to the Company, the Guarantor or any of their respective Subsidiaries and/or (iv)  any actual or prospective claim, litigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by the Company, the Guarantor or any other person or entity, and regardless of whether any of the foregoing Indemnitees is a party thereto; provided that the foregoing indemnification shall not, as to any Indemnitee, be available to the extent that such claims, suits, actions, causes of action, debts, liabilities, damages, losses, obligations, judgments, costs and expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (1) the gross negligence, bad faith or willful misconduct of such Indemnitee or (2) a claim brought by the Company, the Guarantor or any of their respective Subsidiaries against such Indemnitee for material breach in bad faith of such Indemnitee’s obligations hereunder or (B) result from a proceeding that does not involve an act or omission by the Company, the Guarantor or any of their respective Affiliates and that is brought by an Indemnitee against any other Indemnitee.  This indemnification provision shall survive the termination of the Loan Documents and the repayment of all Obligations.  This paragraph shall not apply with respect to Taxes (as defined in the Note) other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.
(e)    All notices and other communications provided for hereunder and under the other Loan Documents shall be in writing and except as otherwise specified in any other Loan Document, mailed, telecopied or delivered, if to the Company, at its address at 163, rue du Kiem, L-8030 Strassen, Grand Duchy of Luxembourg, Attention:  John Stakel (Treasurer) (telecopier no. (678) 291-7901) with a copy to the Guarantor, if to the Guarantor, at its address at 504 Thrasher Street, N.W., Norcross, Georgia 30071-1956, Attention: Chief Financial Officer (telecopier no. (770) 263-3582) and if to the Lender, at its address at 245 Park Avenue, New York, NY 10167 Attention: Corporate Services, with a copy to the Lender at 1180 Peachtree Street, Suite 2200, Atlanta, GA 30309, Attention: Mike Harder; or as to each party, at such other address or telecopy number as shall be designated by such party in a written notice to the other party. Except as otherwise specified in any Loan Document, all such notices and communications shall, when mailed (postage prepaid), telecopied with evidence of transmission, or sent by hand delivery or other courier or delivery service, be effective when telecopied or delivered to the recipient, or five Business Days after being deposited in the mails. The Lender may act upon facsimile or other electronically transmitted instructions or requests which are received by the Lender from person(s) purporting to be, or which instructions or requests appear to be, authorized by the Company or the Guarantor.  Each of the Company and the Guarantor further agrees to indemnify and hold the Lender harmless from any claims by virtue of the Lender’s acting upon such facsimile or other electronically transmitted instructions or requests as such instructions or requests were understood by the Lender.  In the event the Company or the Guarantor sends the Lender a manually signed confirmation of the previously sent facsimile or other electronically 

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transmitted instructions or requests, the Lender shall have no duty to compare it against the previous instructions or requests received by the Lender nor shall the Lender have any responsibility should the contents of the written confirmation differ from the facsimile or other electronically transmitted instructions or requests as acted upon by the Lender.
(f)    All accounting terms not specifically defined herein shall be construed in accordance with United States generally accepted accounting principles consistently applied, except as otherwise stated herein.
(g)    The powers, rights and remedies of the Lender specified in this Agreement and the other Loan Documents are cumulative and in addition to any other powers, rights and remedies that the Lender may otherwise have under any other agreement and under applicable law.  No amendment, modification, termination, waiver or discharge, in whole or in part, of any provision of this Agreement or any other Loan Document to which either the Company or the Guarantor is a party, nor consent to any departure by the Company or the Guarantor therefrom, shall be effective, unless the same shall be in writing and signed by the Company, the Guarantor and the Lender.  Any such amendment, modification, termination, waiver, discharge or consent shall be effective only in the specific instance and for the purpose for which given.  No amendment, modification, termination, waiver, discharge or consent agreed to by the Lender shall, of itself, entitle the Company or the Guarantor to any other or further amendment, modification, termination, waiver, discharge or consent in similar or other circumstances.  No notice to or demand on the Company or the Guarantor in any case shall, of itself, entitle it to any other or further notice or demand in similar or other circumstances.
(h)    This Agreement and the other Loan Documents embody the entire agreement and understanding between the Lender and the Company and the Guarantor and supersede all prior agreements and understandings relating to the subject matter hereof.
(i)    This Agreement and the other Loan Documents shall be binding on each of the Company and the Guarantor and each of their respective successors and assigns, and shall inure to the benefit of the Lender and its successors and assigns, provided that neither the Company nor the Guarantor shall have the right to assign its rights or obligations hereunder or thereunder or any interest herein or therein without the Lender’s prior written consent and any purported assignment by either the Company or the Guarantor without such consent shall be void and of no force or effect.  In the event the Lender notifies the Company of any permitted assignment by the Lender of its rights and obligations, if any, under this Agreement and the other Loan Documents (without any obligation of the Lender to do so), (a) such assignment shall be effective on the date set forth in such notice, (b) such assignee shall succeed to and assume all of the Lender’s rights and obligations, if any, under this Agreement and, the other Loan Documents, and (c) the Lender shall be released from all of such obligations; provided that the Lender shall not have the right to assign its rights or obligations hereunder or thereunder or any interest herein or therein without the prior written 

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consent of the Company and the Guarantor and any purported assignment by the Lender without such consent shall be void and of no force and effect; provided further that (i) no such consent of the Company and the Guarantor shall be required if an Event of Default has occurred and is continuing at the time of such assignment and (ii) no such assignment may be made to a natural person or a Disqualified Institution.
(j)    No delay on the part of the Lender in exercising any powers, rights or remedies hereunder or under the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such powers, rights or remedies preclude, limit or impair other, further or future exercise thereof, or the exercise of any other power, right or remedy.
(k)    This Agreement may be executed in any number of counterparts and by each of the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signatures of the parties may appear on separate counterparts with the same effect as if on the same counterpart.  Telecopied and other electronic (including PDF) signatures on this Agreement, the other Loan Documents and any amendments thereto shall be binding on the Lender, the Company and the Guarantor to the same extent as originally signed signature pages.
(l)    If any provision of this Agreement is invalid or unenforceable under the laws of any  jurisdiction, then, to the fullest extent permitted by law, (i) such provision shall be ineffective to the extent of such invalidity or unenforceability, without invalidating or affecting the enforceability of the remainder of such provision or the remaining provisions of this Agreement; and (ii) such invalidity or unenforceability shall not affect the validity or enforceability of such provision in any other jurisdiction.
(m)    [Reserved].
(n)    Each of the Company and the Guarantor, jointly and severally, agrees to pay all stamp, document, transfer, recording or filing taxes or fees and similar impositions now or hereafter determined by the Lender in good faith to be payable in connection with this Agreement or any other Loan Document or the transactions pursuant to or in connection herewith and therewith (other than those imposed as a result of an assignment of this Agreement, any Loan Document or the rights or obligations hereunder or thereunder), and each of the Company and the Guarantor agrees to save the Lender harmless from and against any and all present or future claims, liabilities or losses with respect to or resulting from any omission to pay or delay in paying any such taxes, fees or impositions. 
(o)    Each of the Company’s and the Guarantor’s obligations under this Agreement and the other Loan Documents shall be absolute, irrevocable and unconditional 

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and shall be paid and performed strictly in accordance with the terms of this Agreement or such other Loan Document under any and all circumstances.
(p)    The Lender hereby notifies the Company and the Guarantor that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Company and the Guarantor, which information includes the name and address of the Company and the Guarantor and other information that will allow the Lender to identify the Company and the Guarantor in accordance with the terms of the Patriot Act.  If the Company or the Guarantor obtains any actual knowledge or receives any written notice that the Company, the Guarantor, or any of their respective Affiliates or subsidiaries is named on the OFAC List (an “OFAC Event”), then the Company and the Guarantor shall (i) promptly give written notice to the Lender of such OFAC Event and (ii) comply with all applicable laws, regulations and orders with respect to such OFAC Event (regardless of whether the party included on the OFAC List is located within the jurisdiction of the United States of America), and each of the Company and the Guarantor hereby authorizes and consents to the Lender taking any and all steps the Lender deems necessary, in the Lender’s sole discretion, to avoid violation of all applicable laws, regulations and orders with respect to any such OFAC Event (including the freezing and/or blocking of assets and reporting such action to OFAC).
(q)    Section headings in this Agreement are included for convenience of reference only and shall not constitute part of this Agreement for any other purpose or be given any substantive effect.
(r)    Deposits and credit balances at the Lender are NOT insured by the Federal Deposit Insurance Corporation (the “FDIC”) or by any other U.S. government agency.  By executing this letter, each of the Company and the Guarantor acknowledges its initial deposit or credit balance and all future deposits and credit balances will NOT be INSURED BY THE FDIC.
(s)    EACH OF THE COMPANY AND THE GUARANTOR ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT PROVIDES FOR A CREDIT FACILITY THAT IS COMPLETELY DISCRETIONARY ON THE PART OF THE LENDER AND THAT THE LENDER HAS ABSOLUTELY NO DUTY OR OBLIGATION TO ADVANCE ANY LOANS.  EACH OF THE COMPANY AND THE GUARANTOR UNDERSTANDS THAT WITHOUT REASON, CAUSE OR PRIOR NOTICE, THE LENDER MAY CEASE ADVANCING LOANS AND THE LENDER MAY MAKE DEMAND FOR PAYMENT OF ALL OBLIGATIONS OF THE COMPANY TO THE LENDER AT ANY TIME.  EACH OF THE COMPANY AND THE GUARANTOR REPRESENTS AND WARRANTS TO THE LENDER THAT IT IS AWARE OF THE RISKS ASSOCIATED WITH CONDUCTING BUSINESS UTILIZING AN UNCOMMITTED FACILITY.  

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If the foregoing accurately reflects the understanding between us, kindly execute the enclosed copy of this letter in the space provided below and return it to us, whereupon this letter shall constitute a binding agreement between us.
Very truly yours,
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH 

By:    /s/ Sarah Fleet    
Name:    Sarah Fleet
Title:    Vice President
By:    /s/ Michael T. Harder    
Name:    Michael T. Harder
Title:    Executive Director

ACCEPTED AND AGREED TO:
MWV LUXEMBOURG S.à.r.l.
By:    /s/ Lawrence S Estrop    
Name:    Lawrence S Estrop
Title:    European Treasury Director
WESTROCK COMPANY
By:    /s/ John Stakel    
Name:    John Stakel
Title:    SVP / Treasurer

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Appendix A
Each of the Company and the Guarantor hereby covenants that while this Agreement remains in effect or any amount is outstanding in respect of any loan or other obligation to the Lender, it shall, as soon as possible and in any event within five Business Days after the occurrence of each Event of Default and each event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default, deliver to the Lender a statement of the chief financial officer of the Company setting forth details of such Event of Default or other event and the action which the Company has taken and proposes to take with respect thereto.

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EXHIBIT A
FORM OF BORROWING REQUEST
[Date]
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH
245 Park Avenue
New York, NY 10167
Attention: Corporate Services
		
	Re:
	MWV Luxembourg S.à.r.l.

Ladies and Gentlemen:
This Borrowing Request is delivered to you pursuant to the line letter agreement dated as of February 25, 2016 (as amended, supplemented or otherwise modified from time to time, the “Line Letter”), among MWV LUXEMBOURG S.à.r.l., a private limited liability company (société à responsabilité limitée) organized under the laws of Luxembourg, having its registered office at 163, rue du Kiem, L-8030 Strassen, Luxembourg and having a share capital of EUR 413.246.30 (the “Company”), WESTROCK COMPANY (the “Guarantor”) and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH (the “Lender”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Line Letter or in the Promissory Note dated __________ __, 2016 (as amended, supplemented or otherwise modified from time to time) made by the Company to the Lender.

The Company hereby irrevocably requests a loan in the amount of [$][€]____________.
The requested borrowing date is __________ __, _____.
The maturity date of the loan will be _________ __, ____.  
The currency of the loan will be [Dollars][Euro].
The loan will bear interest at the rate specified below plus the margin set forth in the Line Letter:
 
□    LIBOR 

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□    the Base Rate 
The Interest Period requested by the Company for the loan will be:
□    one Business Day.
□    one month.
□    three months.
□    six months.
□    _________________________ [specify]
The loan will be made by crediting the amount thereof to the following account of the Company: [   ].
The Company hereby represents and warrants as of the date that the loan being requested hereby is made that (i) each of the representations and warranties made by the Company in the Line Letter are true and correct in all material respects on and as of such date as if made on such date, except for those representations and warranties that by their terms were made as of a specified date, which shall be true and correct in all material respects on and as of such specified date, and (ii) no Event of Default (as defined in the Line Letter) or event that with the lapse of time or giving of notice or both would constitute an Event of Default has occurred and is continuing as of such date or after giving effect to the loan being requested hereby.  
[Signature page follows]

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The Company has caused this Borrowing Request to be executed and delivered, and the representations and warranties contained herein to be made, by a duly authorized representative as of the date first mentioned above.
MWV LUXEMBOURG S.à.r.l.
By:        
Name:        
Title:        
By:        
Name:        
Title:        

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EXHIBIT B
[Form of Note]
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH

PROMISSORY NOTE
U.S.$100,000,000     February 25, 2016
The undersigned, for value received promises to pay to COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH (hereinafter, together with any successors and permitted assigns, called the “Lender”) the principal sum of ONE HUNDRED MILLION UNITED STATES DOLLARS (U.S.$100,000,000.00), or such lesser amount as shall equal the outstanding principal amount of all loans made by the Lender (the “Loans”) to the undersigned under that certain letter agreement dated as of the date hereof (the “Line Letter”) among MWV Luxembourg S.à.r.l., a private limited liability company (société à responsabilité limitée) organized under the laws of Luxembourg, having its registered office at 163, rue du Kiem, L-8030 Strassen, Luxembourg and having a share capital of EUR 413.246.30 (the “Company”), WestRock Company, a Delaware corporation (the “Guarantor”), and the Lender (capitalized terms used herein but not otherwise defined shall have the meaning assigned thereto in the Line Letter or in the Guarantor Credit Agreement referred to therein, as applicable), payable on demand by the Lender, but in any event not later than the Facility Termination Date, unless the Lender, in its sole discretion and without any obligation to do so, extends such date in writing.  The Lender shall have no obligation to make any Loan to the Company.  This promissory note is hereinafter referred to as this “Note”.  For purposes of clarity, this Note evidences the Loans made under the Line Letter and is subject to the terms of the Line Letter.
The Company also promises to the Lender interest on the unpaid principal amount of each Loan evidenced hereby, from the date when made until the principal amount thereof is repaid in full, at such rates and at such times specified in the Line Letter, in each case in accordance with the terms of the Line Letter.
For purposes hereof and the Line Letter, the following terms shall have the following meanings:
“Base Rate” shall mean the rate of interest equal to the highest (redetermined daily) of (i) the per annum rate of interest published in The Wall Street Journal as the “prime rate” for such day and if The Wall Street Journal does not publish such rate on such day then such rate as most recently published prior to such day, (ii) One Month LIBOR (as defined below) plus 1.00% or (iii) the Federal Funds Rate (as defined below), plus one half of one per cent 

- 23 -

(0.5%) per annum.  Any change in the Base Rate due to a change in any of such rates referred to above shall be effective as of 12:01 a.m. (New York City time) on the day such change becomes effective.  Notwithstanding the foregoing, in no event shall the Base Rate be less than 0.00% per annum.
“One Month LIBOR” shall mean on any day, a per annum rate of interest based on the rate appearing on Reuters (the “Service”) Screen LIBOR01 Page (or on any successor or substitute page of the Service, or any successor to or substitute for the Service, providing rate quotations comparable to those currently provided on such page of the Service, as determined by the Lender from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market), at approximately 11:00 a.m. London time on such day, as the representative rate at which banks are offering Dollar deposits in the London interbank market for a term comparable to an Interest Period of one month. 
“Excluded Tax” means, with respect to any recipient of any payment to be made by or on account of any obligation of the Company or Guarantor hereunder or any of the Loan Documents (each a “Recipient”), (a) any Tax on the Recipient’s net income or profits (or franchise Tax or branch profits Tax), in each case (i) imposed by a jurisdiction as a result of the Recipient being organized or having its principal office or applicable lending office in such jurisdiction or (ii) that is an Other Connection Tax, (b) any withholding Tax imposed on amounts payable to the Recipient pursuant to a law in effect on the date on which (i) the Recipient acquired its interest in the Loan or (ii) the Recipient designates a new lending office, except in each case to the extent that amounts with respect to such Taxes were payable under the Tax Indemnity either to such Recipient’s assignor immediately before such Recipient acquired the applicable interest in the Loan or such Recipient immediately before it changed its lending office, (c) any withholding Taxes attributable to a Recipient’s failure to comply with the Forms Requirements (as defined below), (d) any Tax imposed under FATCA and (e) all stamp duty, registration and other similar taxes payable in respect of this Note (and any document referred herein), as a result of any voluntary registration made by any Lender (including any taxes payable due to the registration by the Lender of this Note (and any document in connection therewith) with the Administration de l’Enregistrement et des Domaines in Luxembourg), or in connection with any registration of this Note (and any document in connection therewith) for the purposes of any court proceedings before a Luxembourg court or any presentation before a public authority in Luxembourg (“autorité constituée”), but (in the case of this clause (e)) only if such registration is not required to enforce the rights of the Lender under this Note.
“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”), as of the date hereof (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future Treasury regulations or other official administrative interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (and any 

- 24 -

amended or successor version described above) and any intergovernmental agreements implementing the foregoing.
“Federal Funds Rate” shall mean for any day, a rate of interest per annum equal to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the Lender from three Federal Funds brokers of recognized standing selected by it.
“Indemnified Tax” means any Tax, other than an Excluded Tax, imposed on or with respect to any payment made by or on account of any obligation of the Company under any Loan Document.
“LIBOR” shall mean (a) for any Interest Period for any Loan denominated in Dollars, the interest rate per annum reported on the Service Screen LIBOR01 Page (or on any successor or substitute page of the Service, or any successor to or substitute for the Service, providing rate quotations comparable to those currently provided on such page of the Service, as determined by the Lender from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market), at or about 11:00 a.m., London time, two (2) Business Days prior to the first day of such Interest Period (rounded upward, if necessary, to the nearest 1/100th of 1%), as the representative rate at which banks are offering Dollar deposits in the London interbank market, for delivery on the first day of such Interest Period, for a term comparable to such Interest Period, and (b) for any Interest Period for any Loan denominated in Euro, the interest rate per annum equal to the Euro interbank offered rate as administered by the Banking Federation of the European Union (or any other person that takes over the administration of such rate) for a deposit in Euro as reported on the Service Screen EURIBOR 01 Page (or on any successor or substitute page of the Service, or any successor to or substitute for the Service, providing rate quotations comparable to those currently provided on such page of the Service, as determined by the Lender from time to time for purposes of providing quotations of interest rates applicable to Euro deposits in the applicable interbank market), at or about 11:00 a.m., Brussels time, on the Quotation Day for such Interest Period (rounded upward, if necessary, to the nearest 1/100% of 1%), as the representative rate at which banks are offering Euro deposits in the applicable interbank market, for delivery on the first day of such Interest Period, for a term comparable to such Interest Period.  Notwithstanding the foregoing, in no event shall LIBOR be less than 0.00% per annum.
“Other Connection Tax” means, with respect to the Lender or any other recipient of any payment to be made by or on account of any obligation of the Company of Guarantor hereunder, Taxes imposed as a result of any present or former connection between such recipient and the jurisdiction imposing such Tax (other than any connection arising solely 

- 25 -

from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to and/or enforced, this Note or the Line Letter).
“Quotation Day” means, with respect to any Interest Period, the day on which it is market practice in the applicable interbank market for prime banks to give quotations for deposits in Euro for delivery on the first day of such Interest Period.  If such quotations would normally be given by prime banks on more than one day, the Quotation Day will be the last of such days.
“Interest Period” shall mean, with respect to each Loan evidenced hereby, (i) initially, the period commencing on the date of such Loan and ending one Business Day, one week, or one, three or six months thereafter (or such other period as shall be acceptable to the Lender), in each case selected by the Company not less than three Business Days prior to the date on which such Loan is made, and (ii) thereafter, unless the Lender is otherwise notified by the Company as provided below, each period commencing on the last day of the immediately preceding Interest Period for such Loan and ending one Business Day, or one, three or six months thereafter (or such other period as shall be acceptable to the Lender), in each case selected by the Company not less than three Business Days prior to the first day of such period; provided that:  (a) any Interest Period which would otherwise end on a day which is not a Business Day shall be (i) extended to the next succeeding Business Day or (ii) if such next succeeding Business Day falls in another calendar month, shortened to the next preceding Business Day, except in respect of an Interest Period which ends the next Business Day; (b) any Interest Period of one month or longer which begins on a day for which there is no numerically corresponding day in the calendar month during which such Interest Period is to end shall, subject to the provisions of clause (a) above, end on the last day of such calendar month; (c) if the Company shall fail to select an Interest Period for any reason, it shall be deemed to have elected that the applicable Loan shall bear interest at (i) in the case of a Loan denominated in Dollars, the Base Rate plus the applicable margin for  Base Rate Loans or (ii) in the case of a Loan denominated in Euro, LIBOR plus the applicable margin for LIBOR Rate Loans for a one-month Interest Period; and (d) no such Interest Period shall expire after the maturity date of the applicable Loan or the last date specified in the Line Letter.
“Business Day” shall mean any day that is not a Saturday, a Sunday or any other day on which commercial banks in New York or Luxembourg are authorized or required by law to remain closed and (a) with respect to any Loan denominated in Dollars bearing interest at a rate based on LIBOR, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market and (b) with respect to any Loan denominated in Euro bearing interest at a rate based on LIBOR, the term “Business Day” shall also exclude any day which is not a TARGET Day or any day on which banks in London are not open for general business.

- 26 -

“TARGET Day” means any day on which TARGET2 is open for business.
“TARGET2” means the Trans-European Automated Real Time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 1, 2007.
“Taxes” means present or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any governmental authority or by any political subdivision or taxing authority thereof or therein, including all interest, penalties and additions to tax with respect thereto.
The Lender shall record on its books and records or on the schedule to this Note which is a part hereof, the principal amount and date of each Loan made hereunder, the interest rate applicable thereto, the maturity date thereof and all payments of principal made thereon; provided, however, that prior to the transfer of this Note all such information with respect to all outstanding Loans shall be recorded on the schedule attached to this Note.  The Lender’s record, whether shown on its books and records or on the schedule to this Note, shall be conclusive and binding upon the Company, absent manifest error, provided, however, that the failure of the Lender to record any of the foregoing shall not limit or otherwise affect the obligation of the Company to repay all Loans made hereunder, together with all interest thereon and all other amounts payable hereunder.  
All payments hereunder shall be made at the office of the Lender at 245 Park Avenue, New York, New York 10167 or at such other place as the Lender may designate, in lawful money of the United States of America and in immediately available funds, without setoff, recoupment, deduction, defense or counterclaim and free and clear of, and, except as required by applicable law, without deduction or withholding for or on account of, any Taxes.  If, under applicable law, any Taxes are required to be deducted or withheld from any such payment, to the extent such Taxes are Indemnified Taxes, the Company will pay additional amounts as may be necessary so that the net amount received by the Lender, after withholding or deduction therefor and for any Indemnified Taxes on such additional amounts, will be equal to the amount provided for herein.  The Company hereby agrees to indemnify and to hold the Lender harmless against, the full amount of Indemnified Taxes, imposed on or paid by the Lender, and any liability arising therefrom or with respect thereto.  The indemnity by the Company provided for in this paragraph shall apply and be made whether or not the Taxes for which indemnification hereunder is sought have been correctly or legally asserted.  Amounts payable by the Company under the indemnity set forth in this paragraph shall be paid within ten (10) days from the date on which the Lender makes written demand therefor.  The agreements of the Company in this paragraph shall survive the termination of the Loan Documents and the repayment of all Obligations to the Lender.  The Company agrees to furnish promptly to the Lender official receipts (or certified copies thereof) evidencing payment of any Taxes so withheld or deducted.  If the Lender receives a refund of or credit for any Indemnified Taxes borne by the Company pursuant to this paragraph, the Lender 

- 27 -

shall promptly pay such refunded or credited amounts over to the Company.  The payment of or indemnity for Indemnified Taxes by the Company described in this paragraph is sometimes referred to herein as the “Tax Indemnity”.
If the Lender (or any successor or assign of the Lender) is entitled to an exemption from or reduction of withholding Tax with respect to any payments made under this Agreement or the Loan Documents, at the time or times reasonably requested by the Company or the Guarantor, the Lender (or any such successor or assign of the Lender) will deliver to the Company or the Guarantor, as applicable, such properly completed and executed documentation reasonably requested by the Company or the Guarantor as will permit such payments to be made without withholding or at a reduced rate of withholding (including, with respect to the Lender, Internal Revenue Service Form W-8ECI) (such requirement to deliver documentation described in this paragraph, the “Forms Requirements”).
Except as otherwise expressly provided above or in the Line Letter, if any payment due hereunder shall be due on a day that is not a Business Day, payment shall be made on the next succeeding Business Day at such place of payment and interest thereon shall be payable for such extended time.
This Note may be prepaid at any time without premium or penalty except payment of the amounts provided for in the next paragraph.  Each prepayment shall be accompanied by all accrued interest on the amount prepaid.
If any payment of the principal of a Loan evidenced hereby (other than Loans bearing interest based on the Base Rate) is made on a day other than the last day of an Interest Period applicable thereto for any reason, including, without limitation, voluntary pre-payment or acceleration, or if the Company fails to borrow any proposed Loan (other than Loans bearing interest based on the Base Rate) after the Lender has arranged funding thereof, or if the interest rate on any Loan is converted as provided herein prior to the last day of the applicable Interest Period, the Company shall pay to the Lender, on demand, the amount of any loss, cost or expense (but, in any event, excluding loss of anticipated profits) (“Funding Loss”) incurred by the Lender as a result of the timing of such payment, such failure to borrow or such conversion, including, without limitation, any loss incurred in liquidating or redeploying funds received or borrowed from third parties.  The agreements of the Company in this paragraph shall survive the termination of the Loan Documents and the repayment of all Obligations to the Lender.  The Lender’s computation of any Funding Loss shall be binding on the Company absent manifest error.
In the event that on any date on which LIBOR is to be determined with respect to an Interest Period:  (i) the Lender determines that advances or other funding in Dollars or Euro, as the case may be, in the principal amount of the Loan to which such Interest Period applies are not being offered to the Lender in the London or other applicable interbank 

- 28 -

market for the applicable Interest Period or (ii) LIBOR does not accurately reflect the cost of the Lender of maintaining or funding the principal amount thereof, then the affected Loan shall, on receipt of notice from the Lender of such circumstances, (A) in the case of a Loan denominated in Dollars, bear interest at a rate per annum equal to the Base Rate and (B) in the case of a Loan denominated in Euro, not be made and the request therefor shall be cancelled.
If the effect of any applicable law, rule or regulation, or the interpretation or administration thereof, or compliance with any request or directive of any governmental authority, is to make it unlawful or impracticable for the Lender to maintain or fund the principal amount of any Loan evidenced hereby, then the affected Loan shall, on receipt by the Company of notice from the Lender of such circumstances, (i) in the case of a Loan denominated in Dollars, bear interest at a rate per annum equal to the Base Rate and (ii) in the case of a Loan denominated in Euro, be repaid promptly.
If the Lender shall determine that the applicability of or the adoption after the date hereof of any law, rule, regulation, request, directive or guideline (domestic or foreign) regarding capital adequacy or liquidity (excluding any Excluded Taxes or Indemnified Taxes but otherwise including, without limitation, (i) all regulations, requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or any United States or foreign regulatory authorities, in each case pursuant to “Basel III” (as amended from time to time, “Basel III”), and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 (as amended from time to time, the “Dodd-Frank Act”) and all rules, regulations, requests, guidelines or directives in connection therewith), or any change in any of the foregoing or in the enforcement, interpretation or administration of any of the foregoing by any court or any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Lender, or any corporation or other entity which directly or indirectly controls the Lender (each such corporation or other entity is hereinafter referred to as a “Controlling Person”) (or any lending office of the Lender or any Controlling Person), with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such court, authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on the Lender’s capital or on the capital of a Controlling Person, if any, as a consequence of the Lender funding or maintaining the principal amount of any Loan, to a level below that which the Lender or such Controlling Person could have achieved but for such applicability, adoption, change or compliance (taking into consideration the Lender’s policies and the policies of such Controlling Person with respect to capital adequacy and liquidity) by an amount deemed by the Lender to be material, then, upon demand by the Lender, the Company shall pay to the Lender from time to time as specified by the Lender such additional amount or amounts as will compensate the Lender or such 

- 29 -

Controlling Person for any such reduction suffered.  In determining such additional amounts, the Lender shall be permitted to use any reasonable allocation methods.
If the Lender shall determine that the adoption of or any change in law, rule, regulation or guideline (domestic or foreign) or in the enforcement, interpretation or administration thereof by any court or any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof or compliance by the Lender with any request or directive (whether or not having the force of law) by any governmental authority, central bank or comparable agency made after the date hereof shall at any time (A) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against loans or other extensions of credit made by the Lender, or (B) subject loans or other extensions of credit made by the Lender to any assessment or other cost (other than Taxes) or (C) impose on the Lender or any applicable interbank market any other or similar condition or any cost or expense (other than Taxes) regarding or affecting this Note or any Loan, and the result of any event referred to in clause (A), (B) or (C) above shall be to reduce any amounts receivable by the Lender hereunder or increase the cost to the Lender of funding or maintaining any Loan by an amount which the Lender shall deem to be material, then, upon demand by the Lender, the Company shall pay to the Lender from time to time as specified by the Lender, such additional amount or amounts as will compensate the Lender for such increased cost or reduction.  For purposes of this Note, the Dodd-Frank Act and Basel III, and all rules, regulations, requests, guidelines or directives in connection with the Dodd-Frank Act or Basel III shall be deemed to have become effective, enacted and adopted after the date hereof.
Determinations by the Lender pursuant to the two preceding paragraphs shall be conclusive absent manifest error, and the provisions of such two paragraphs shall survive termination of the Loan Documents and repayment of all Obligations to the Lender.  If the Lender (or any successor or assign of the Lender) requests compensation under either of the two preceding paragraphs, or if the Company or the Guarantor is required to pay any Taxes pursuant to the eighth preceding paragraph, then the Lender (or such successor or assign) will use reasonable efforts to designate a different lending office for funding or booking its commitments hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of the Lender (or such successor or assign), such designation or assignment (i) would eliminate or reduce amounts payable pursuant to the two preceding paragraphs or the eighth preceding paragraph, as the case may be, in the future and (ii) would not subject the Lender (or such successor or assign) to any unreimbursed cost or expense and would not otherwise be advantageous to the Lender (or such successor or assign).  The Company hereby agrees to pay all reasonable, documented out-of-pocket costs and expenses incurred by any the Lender (or such successor or assign) in connection with any such designation or assignment.

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The Company may, at any time (but subject to the Company’s obligation to indemnify the Lender for any Funding Loss as described above), elect to convert any Loan (other than a Loan denominated in Euro) from a Base Rate Loan to a LIBOR Loan, or from a LIBOR Loan to a Base Rate Loan.  To make such an election, the Company shall notify the Lender of such election by telephone, and such notification shall specify the effective date of such election (which shall be a Business Day), whether the resulting Loan is to be a Base Rate Loan or a LIBOR Loan, and if the resulting Loan is to be a LIBOR Loan, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.
Without limiting the right of the Lender to demand payment of the Loans evidenced hereby at any time in its sole discretion, if any of the following events (each, an “Event of Default”) shall occur:  
		
	i)
	Payments.  The Company shall fail to make when due (including by mandatory prepayment) any principal payment with respect to the Loans, or the Company shall fail to make any payment of interest, fee or other amount payable hereunder within three (3) Business Days of the due date thereof; or

		
	ii)
	Covenants.  The Company or the Guarantor shall fail to observe or perform any covenant or agreement contained in this Note or any other Loan Document (other than any covenant described in clause (i) above) and such failure shall remain unremedied for thirty (30) days after the earlier of (a) a Responsible Officer of the Company or the Guarantor obtaining knowledge thereof and (b) written notice thereof shall have been given to the Company or the Guarantor by the Lender; or

		
	iii)
	Representations.  Any representation or warranty made or deemed to be made by the Company or the Guarantor or by any of their respective officers under this Note or any other Loan Document, or in any certificate or other document submitted to the Lender by any such Person pursuant to the terms of this Note or any other Loan Document, shall be incorrect in any material respect when made or deemed to be made or submitted; or

		
	iv)
	Guarantor Credit Agreement.  Any “Event of Default” under and as defined in the Guarantor Credit Agreement shall occur and be continuing; or

		
	v)
	Bankruptcy.  The Company or the Guarantor shall commence a voluntary case concerning itself under the Bankruptcy Code or applicable foreign bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation laws; or makes a proposal to its creditors or files notice of its intention to do so, institutes any other proceeding under applicable law seeking to adjudicate it a bankrupt or an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, 

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moratorium, relief, stay of proceedings of creditors, composition of it or its debts or any other similar relief; or an involuntary case for bankruptcy is commenced against the Company or the Guarantor and the petition is not dismissed within sixty (60) days after commencement of the case; or a custodian (as defined in the Bankruptcy Code), receiver, receiver-manager, trustee or similar official under applicable foreign bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation laws is appointed for, or takes charge of, all or any substantial part of the property of the Company or the Guarantor; or the Company or the Guarantor commences proceedings of its own bankruptcy or insolvency or to be granted a suspension of payments or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction, whether now or hereafter in effect, relating to the Company or the Guarantor or there is commenced against the Company or the Guarantor any such proceeding which remains undismissed for a period of sixty (60) days; or the Company or the Guarantor is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Company or the Guarantor suffers any appointment of any custodian, receiver, receiver-manager, trustee or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of sixty (60) days; or the Company or the Guarantor makes a general assignment for the benefit of creditors; or the Company or the Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Company or the Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; or the Company or the Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate action is taken by the Company or the Guarantor for the purpose of effecting any of the foregoing; or
		
	vi)
	Change in Control.  The Company shall cease to be a direct or indirect wholly owned Subsidiary of the Guarantor;

then, upon notice by the Lender to the Company, the Obligations evidenced by this Note shall become due and payable forthwith without presentment, protest or further demand or notice of any kind, all of which are hereby waived by the Company; provided, however, that if any event described in clause (v) shall occur with respect to the Company or the Guarantor, all such Obligations shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived by the Company.
Any demand of payment of this Note and any notice by the Lender shall be sufficiently made upon or given to the Company if sent by hand delivery or other courier or delivery service, by mail (postage prepaid) or facsimile to the last address or facsimile number of the Company known to the Lender (which, as of the date hereof, is specified in 

- 32 -

the Line Letter) or made or given by any other means reasonably calculated to come to the attention of the Company (whether or not in fact received by it), and shall be deemed to have been made or given upon delivery (in the case of hand delivery or other courier or delivery service), mailing (in the case of mail) or sending (in all other cases) thereof.
This Note and the other Loan Documents shall be binding on the Company and its successors and assigns, and shall inure to the benefit of the Lender and its successors and assigns, provided that the Company shall not have the right to assign its rights or obligations hereunder or thereunder or any interests herein or therein without the Lender’s prior written consent and any purported assignment by the Company without such consent shall be void and of no force or effect. In the event the Lender notifies the Company of any permitted assignment by the Lender of its rights and obligations, if any, under this Note, (a) such assignment shall be effective on the date set forth in such notice, (b) such assignee shall succeed to and assume all of the Lender’s rights and obligations, if any, under this Note, and (c) the Lender shall be released from all of such obligations; provided that the Lender shall not have the right to assign its rights or obligations hereunder or thereunder or any interest herein or therein without the prior written consent of the Company and any purported assignment by the Lender without such consent shall be void and of no force and effect; provided further that (i) no such consent of the Company shall be required if an Event of Default has occurred and is continuing at the time of such assignment or if such assignment is to an Affiliate of the Lender and (ii) no such assignment may be made to a natural person or a Disqualified Institution.
No delay on the part of the holder hereof in exercising any of its powers, rights or remedies shall operate as a waiver thereof nor shall any partial or single exercise thereof preclude, limit or impair any other, further or future exercise thereof or the exercise of any other power, right or remedy.  The powers, rights and remedies of the holder hereof specified herein are cumulative and in addition to any other powers, rights and remedies which the holder may otherwise have under any other agreement and under applicable law.  
This Note shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws. The Company hereby agrees that any legal action or proceeding against the Company with respect to this Note may be brought in the courts of the State of New York in The City of New York or of the United States of America for the Southern District of New York as the Lender may elect, and, by execution and delivery hereof, the Company accepts and consents to, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless waived by the Lender in writing, with respect to any claim, action or proceeding brought by it against the Lender and any questions relating to usury. The Company further agrees that sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York as in effect from time to time shall apply to this Note and waives any right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens.   Nothing 

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herein shall limit the right of the Lender to bring proceedings against the Company in any other jurisdiction. The Company irrevocably consents to the service of process in any such legal action or proceeding by personal delivery or by the mailing thereof by the Lender by registered or certified mail, return receipt requested, postage prepaid, to the address of the Company specified in the Line Letter, such service of process by mail to be deemed effective on the fifth day following such mailing.  The Company agrees that a final judgment in any such legal action or proceeding shall be conclusive and may be enforced in any manner provided by law.  
AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS COUNSEL, EACH OF THE COMPANY AND THE LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS NOTE OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE COMPANY OR THE LENDER.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO EXTEND CREDIT TO THE COMPANY.  
If any provision of this Note is invalid or unenforceable under the laws of any  jurisdiction,  then, to the fullest extent permitted by law, (i) such provision shall be ineffective to the extent of such invalidity or unenforceability, without invalidating or affecting the enforceability of the remainder of such provision or the remaining provisions of this Note; and (ii) such invalidity or unenforceability shall not affect the validity or enforceability of such provision in any other jurisdiction.
This Note (together with the other Loan Documents) embodies the entire agreement and understanding between the Lender and the Company and supersedes all prior agreements and understandings relating to the subject matter hereof.
No amendment, modification, termination, waiver or discharge, in whole or in part, of this Note, nor consent to any departure by the Company therefrom, shall be effective unless the same shall be in writing and signed by the Company and the Lender.  Any such amendment, modification, termination, waiver, discharge or consent shall be effective only in the specific instance and for the purpose for which given.  No amendment, modification, termination, waiver, discharge or consent by the Lender shall, of itself, entitle the Company to any other or further amendment, modification, termination, waiver, discharge or consent in similar or other circumstances.  No notice to or demand on the Company in any case shall, of itself, entitle it to any other or further notice or demand in similar or other circumstances.  

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The Company hereby waives presentment, demand for payment, protest, notice of protest, notice of dishonor and any or all other notices or demands in connection with the delivery, acceptance, performance, default or enforcement of this Note.

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MWV LUXEMBOURG S.à.r.l.
By:        
Name:        
Title:        

By:        
Name:        
Title:        

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Schedule to Promissory Note

	
						
	Date
	Amount of Loan
	Interest Rate
	Maturity Date
	Amount of Payment
	Notation Made By

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

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