Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

RAYONIER A.M. PRODUCTS INC. 

as Company 
 and the Guarantors
party hereto from time to time 
 7.625% Senior Secured Notes due 2026 

 
  

INDENTURE 
 Dated as of
December 23, 2020 
  
  

and 
 Wells Fargo Bank, National
Association 
 as Trustee and Notes Collateral Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	ARTICLE I	  

	
	DEFINITIONS	  

			
	 SECTION 1.01
	 	Definitions	  	 	1	 
	 SECTION 1.02
	 	Other Definitions	  	 	45	 
	 SECTION 1.03
	 	Rules of Construction.	  	 	47	 
	
	ARTICLE II	  

	
	THE NOTES	  

			
	 SECTION 2.01
	 	Amount of Notes	  	 	48	 
	 SECTION 2.02
	 	Form and Dating	  	 	49	 
	 SECTION 2.03
	 	Execution and Authentication	  	 	49	 
	 SECTION 2.04
	 	Registrar, Paying Agent and Notes Collateral Agent	  	 	50	 
	 SECTION 2.05
	 	Paying Agent to Hold Money in Trust	  	 	50	 
	 SECTION 2.06
	 	Holder Lists	  	 	51	 
	 SECTION 2.07
	 	Transfer and Exchange	  	 	51	 
	 SECTION 2.08
	 	Replacement Notes	  	 	52	 
	 SECTION 2.09
	 	Outstanding Notes	  	 	52	 
	 SECTION 2.10
	 	Cancellation	  	 	53	 
	 SECTION 2.11
	 	Defaulted Interest	  	 	53	 
	 SECTION 2.12
	 	CUSIP Numbers, ISINs, Etc	  	 	53	 
	 SECTION 2.13
	 	Calculation of Principal Amount of Notes	  	 	53	 
	
	ARTICLE III	  

	
	REDEMPTION	  

			
	 SECTION 3.01
	 	Redemption	  	 	53	 
	 SECTION 3.02
	 	Applicability of Article	  	 	54	 
	 SECTION 3.03
	 	Notices to Trustee	  	 	54	 
	 SECTION 3.04
	 	Selection of Notes to Be Redeemed	  	 	54	 
	 SECTION 3.05
	 	Notice of Optional Redemption	  	 	54	 
	 SECTION 3.06
	 	Effect of Notice of Redemption	  	 	56	 
	 SECTION 3.07
	 	Deposit of Redemption Price	  	 	56	 
	 SECTION 3.08
	 	Notes Redeemed in Part	  	 	56	 
	 SECTION 3.09
	 	Mandatory Redemption	  	 	56	 
	
	ARTICLE IV COVENANTS	  

			
	 SECTION 4.01
	 	Payment of Notes	  	 	56	 
	 SECTION 4.02
	 	Reports and Other Information	  	 	57	 
	 SECTION 4.03
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	59	 
	 SECTION 4.04
	 	Limitation on Restricted Payments	  	 	65	 

  
 -i- 

							
	 	  	Page	 
	 SECTION 4.05
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	71	 
	 SECTION 4.06
	 	Asset Sales	  	 	73	 
	 SECTION 4.07
	 	Transactions with Affiliates	  	 	76	 
	 SECTION 4.08
	 	Change of Control	  	 	78	 
	 SECTION 4.09
	 	Compliance Certificate	  	 	80	 
	 SECTION 4.10
	 	Further Instruments and Acts	  	 	80	 
	 SECTION 4.11
	 	Future Guarantors	  	 	80	 
	 SECTION 4.12
	 	Liens	  	 	81	 
	 SECTION 4.13
	 	Further Assurances	  	 	81	 
	 SECTION 4.14
	 	Maintenance of Office or Agency	  	 	82	 
	 SECTION 4.15
	 	Existence	  	 	82	 
	 SECTION 4.16
	 	Covenant Suspension	  	 	82	 
	 SECTION 4.17
	 	Post-Closing Obligations.	  	 	83	 
	
	ARTICLE V	  

	
	SUCCESSOR COMPANY	  

			
	 SECTION 5.01
	 	When Company and Guarantors May Merge or Transfer Assets	  	 	83	 
	
	ARTICLE VI	  

	
	DEFAULTS AND REMEDIES	  

			
	 SECTION 6.01
	 	Events of Default	  	 	86	 
	 SECTION 6.02
	 	Acceleration	  	 	88	 
	 SECTION 6.03
	 	Other Remedies	  	 	89	 
	 SECTION 6.04
	 	Waiver of Past Defaults	  	 	89	 
	 SECTION 6.05
	 	Control by Majority	  	 	89	 
	 SECTION 6.06
	 	Limitation on Suits	  	 	89	 
	 SECTION 6.07
	 	Rights of the Holders to Receive Payment	  	 	90	 
	 SECTION 6.08
	 	Collection Suit by Trustee	  	 	90	 
	 SECTION 6.09
	 	Trustee May File Proofs of Claim	  	 	90	 
	 SECTION 6.10
	 	Priorities	  	 	90	 
	 SECTION 6.11
	 	Undertaking for Costs	  	 	91	 
	 SECTION 6.12
	 	Waiver of Stay or Extension Laws	  	 	91	 
	
	ARTICLE VII	  

	
	TRUSTEE	  

			
	 SECTION 7.01
	 	Duties of Trustee	  	 	91	 
	 SECTION 7.02
	 	Rights of Trustee	  	 	92	 
	 SECTION 7.03
	 	Individual Rights of Trustee	  	 	94	 
	 SECTION 7.04
	 	Trustee’s Disclaimer	  	 	94	 
	 SECTION 7.05
	 	Notice of Defaults	  	 	95	 
	 SECTION 7.06
	 	[Reserved]	  	 	95	 
	 SECTION 7.07
	 	Compensation and Indemnity	  	 	95	 
	 SECTION 7.08
	 	Replacement of Trustee	  	 	96	 
	 SECTION 7.09
	 	Successor Trustee and Notes Collateral Agent by Merger	  	 	97	 
	 SECTION 7.10
	 	Eligibility; Disqualification	  	 	97	 
	 SECTION 7.11
	 	Preferential Collection of Claims Against the Company	  	 	97	 

  
 -ii- 

							
	 	  	Page	 
	
	ARTICLE VIII	  

	
	DISCHARGE OF INDENTURE; DEFEASANCE	  

			
	 SECTION 8.01
	 	Discharge of Liability on Notes; Defeasance	  	 	97	 
	 SECTION 8.02
	 	Conditions to Defeasance	  	 	99	 
	 SECTION 8.03
	 	Application of Trust Money	  	 	100	 
	 SECTION 8.04
	 	Repayment to Company	  	 	100	 
	 SECTION 8.05
	 	Indemnity for U.S. Government Obligations	  	 	101	 
	 SECTION 8.06
	 	Reinstatement	  	 	101	 
	
	ARTICLE IX	  

	
	AMENDMENTS AND WAIVERS	  

			
	 SECTION 9.01
	 	Without Consent of the Holders	  	 	101	 
	 SECTION 9.02
	 	With Consent of the Holders	  	 	102	 
	 SECTION 9.03
	 	Revocation and Effect of Consents and Waivers	  	 	103	 
	 SECTION 9.04
	 	Notation on or Exchange of Notes	  	 	104	 
	 SECTION 9.05
	 	Trustee and Notes Collateral Agent to Sign Amendments	  	 	104	 
	 SECTION 9.06
	 	Additional Voting Terms; Calculation of Principal Amount	  	 	104	 
	 SECTION 9.07
	 	[Reserved]	  	 	104	 
	
	ARTICLE X	  

	 SECTION 10.01
	 	Security Documents; Additional Collateral	  	 	105	 
	 SECTION 10.02
	 	Concerning the Trustee and the Notes Collateral Agent.	  	 	107	 
	 SECTION 10.03
	 	Releases of Liens	  	 	109	 
	 SECTION 10.04
	 	Form and Sufficiency of Release	  	 	110	 
	 SECTION 10.05
	 	Purchaser Protected	  	 	110	 
	 SECTION 10.06
	 	Authorization of Actions to be Taken by the Notes Collateral Agent under the Security Documents.	  	 	110	 
	 SECTION 10.07
	 	Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent under the Security Agreement.	  	 	111	 
	 SECTION 10.08
	 	Powers Exercisable by Receiver or Notes Collateral Agent.	  	 	111	 
	
	ARTICLE XI	  

	
	[Intentionally Omitted]	  

	
	ARTICLE XII	  

	
	GUARANTEE	  

			
	 SECTION 12.01
	 	Guarantee	  	 	111	 
	 SECTION 12.02
	 	Limitation on Liability	  	 	113	 
	 SECTION 12.03
	 	[Intentionally Omitted]	  	 	114	 
	 SECTION 12.04
	 	Successors and Assigns	  	 	114	 
	 SECTION 12.05
	 	No Waiver	  	 	114	 

  
 -iii- 

							
	 	  	Page	 
	 SECTION 12.06
	 	Modification	  	 	114	 
	 SECTION 12.07
	 	Execution of Supplemental Indenture for Future Guarantors	  	 	114	 
	 SECTION 12.08
	 	Non-Impairment	  	 	115	 
	
	ARTICLE XIII	  

	
	MISCELLANEOUS	  

			
	 SECTION 13.01
	 	[Reserved]	  	 	115	 
	 SECTION 13.02
	 	Notices	  	 	115	 
	 SECTION 13.03
	 	[Reserved]	  	 	116	 
	 SECTION 13.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	116	 
	 SECTION 13.05
	 	Statements Required in Certificate or Opinion	  	 	116	 
	 SECTION 13.06
	 	When Notes Disregarded	  	 	116	 
	 SECTION 13.07
	 	Rules by Trustee, Paying Agent and Registrar	  	 	117	 
	 SECTION 13.08
	 	Legal Holidays	  	 	117	 
	 SECTION 13.09
	 	GOVERNING LAW	  	 	117	 
	 SECTION 13.10
	 	No Recourse Against Others	  	 	117	 
	 SECTION 13.11
	 	Successors	  	 	117	 
	 SECTION 13.12
	 	Multiple Originals	  	 	117	 
	 SECTION 13.13
	 	Table of Contents; Headings	  	 	117	 
	 SECTION 13.14
	 	Indenture Controls	  	 	117	 
	 SECTION 13.15
	 	Severability	  	 	117	 
	 SECTION 13.16
	 	Waiver of Jury Trial	  	 	118	 
	 SECTION 13.17
	 	U.S.A. Patriot Act	  	 	118	 
	 SECTION 13.18
	 	Submission to Jurisdiction	  	 	118	 
	 SECTION 13.19
	 	Electronic Signatures	  	 	118	 

  

					
	 Appendix A
	  	 –  
	  	 Provisions Relating to Initial Notes and Additional Notes

 EXHIBIT INDEX 
  

					
	 Exhibit A
	  	 –  
	  	 Form of Note

	 Exhibit B
	  	 –  
	  	 Form of Transferee Letter of Representation

	 Exhibit C
	  	 –  
	  	 Form of Supplemental Indenture

  
 -iv- 

 INDENTURE, dated as of December 23, 2020, among RAYONIER A.M. PRODUCTS INC., a Delaware
corporation (together with its successors and assigns, the “Company”), a wholly owned subsidiary of Rayonier Advanced Materials Inc., a Delaware corporation (together with its successors and assigns, “RYAM”), RYAM,
the other Guarantors (as defined below) party hereto from time to time and Wells Fargo Bank, National Association, a national banking association, as Trustee (in such capacity, together with its successors and assigns, the
“Trustee”)) and collateral agent (in such capacity, together with its successors and assigns, the “Notes Collateral Agent”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) $500,000,000
aggregate principal amount of the Company’s 7.625% Senior Secured Notes due 2026 issued on the date hereof (the “Initial Notes”) and (ii) Additional Notes (as defined below) issued from time to time (together with the
Initial Notes, the “Notes”): 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01
Definitions. 
 “2024 Notes” has the meaning specified in the definition of “Springing Maturity Date.”

 “ABL/Cash Flow Intercreditor Agreement” means the intercreditor agreement dated as of the Issue Date between the Notes
Collateral Agent, the ABL Collateral Agent and RYAM, the Company and the other Guarantors, as amended, amended and restated, supplemented or otherwise modified from time to time. 

“ABL Collateral Agent” means the administrative agent and/or collateral agent under any ABL Credit Agreement. 

“ABL Credit Agreement” means that certain Revolving Credit Agreement, dated as of December 10, 2020, among the Company,
the Guarantors, the ABL Collateral Agent and the other parties thereto, and including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated,
supplemented, waived, renewed, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or
indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof.  
 “ABL
Credit Agreement Documents” means the collective reference to any ABL Credit Agreement, any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, restated, supplemented,
waived, renewed, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified, in whole or in part, from time to time.  

“ABL Loan Documents” means collectively, the ABL Credit Agreement Documents, the ABL/Cash Flow Intercreditor Agreement and
the documents governing other ABL Secured Obligations and the security documents related to the foregoing. 

 “ABL Priority Collateral” has the meaning assigned to such term in the
ABL/Cash Flow Intercreditor Agreement. 
 “ABL Secured Obligations” means all “Obligations” (or such similar
term) as such term is defined in the ABL Credit Agreement, including all obligations of every nature of the Company and each Guarantor from time to time owed to the ABL Collateral Agent, the ABL Secured Parties or any of them, under any ABL Loan
Document, whether for principal, interest, fees, expenses (including interest, fees, and expenses which, but for the filing of a petition or proceeding in bankruptcy with respect to the Company or such Guarantor, would have accrued on any ABL
Secured Obligation, whether or not a claim is allowed or allowable against the Company or such Guarantor for such interest, fees, or expenses in the related bankruptcy or insolvency proceeding), reimbursement of amounts drawn under letters of
credit, indemnification or otherwise, and all other amounts owing or due under the terms of the ABL Loan Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time in accordance with
the terms thereof. 
 “ABL Secured Parties” means, collectively, the “Secured Parties” (or such similar term) as
defined in the ABL Credit Agreement, and shall include the ABL Collateral Agent and the lenders under the ABL Credit Agreement. 

“Acquired Indebtedness” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into
or became a Restricted Subsidiary of such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset
acquired by such specified Person. 
 Acquired Indebtedness will be deemed to have been Incurred, with respect to clause (1) of the
preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of such assets. 

“Additional Cash Flow Obligations” means any Indebtedness secured by a Permitted Lien having pari passu lien priority
relative to the Indebtedness Incurred under the Notes with respect to the Collateral; provided that an authorized representative of the holders of Indebtedness shall have executed a joinder to the ABL/Cash Flow Intercreditor Agreement and the
Security Documents. 
 “Additional Cash Flow Secured Parties” means the holders of any Indebtedness having pari passu lien
priority relative to the Indebtedness Incurred under the Notes with respect to the Collateral; provided that an authorized representative of holders of such Indebtedness shall have executed a joinder to the Security Documents. 

“Additional Notes” means the Notes issued under the terms of this Indenture subsequent to the Issue Date. 

  
 -2- 

 “Additional Refinancing Amount” means, in connection with the Incurrence of
any Refinancing Indebtedness, the aggregate principal amount of additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay accrued and unpaid interest, premiums (including tender premiums), expenses, defeasance costs and fees in
respect thereof. 
 “Affected Financial Institution” means (a) any EEA Financial Institution, or (b) any UK
Financial Institution. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of
voting securities, by agreement or otherwise. 
 “Applicable Premium” means, with respect to any Note on any applicable
redemption date, as determined by the Company, the greater of: 
 (1) 1% of the then outstanding principal amount of the
Note; and 
 (2) the excess of: 

(a) the present value at such redemption date of (i) the redemption price of the Note, at January 15, 2024 (such
redemption price being set forth in Paragraph 5 of the Note) plus (ii) all required interest payments due on the Note through January 15, 2024 (excluding accrued but unpaid interest to the date of redemption), computed using a
discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the then
outstanding principal amount of the Note. 
 “Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions)
of property or assets (including by way of Sale/ Leaseback Transactions) outside the ordinary course of business of RYAM, the Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”); or 

(2) the issuance or sale of Equity Interests (other than directors’ qualifying shares and shares issued to foreign
nationals or other third parties to the extent required by applicable law) of the Company or any Restricted Subsidiary (other than to RYAM, the Company or another Guarantor (or, with respect to Equity Interests that do not constitute Collateral,
another Restricted Subsidiary)) (whether in a single transaction or a series of related transactions), 
 in each case other than: 

(a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment in
the ordinary course of business; 

  
 -3- 

 (b) the disposition of all or substantially all of the assets of the
Company, RYAM or any other Guarantor in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 

(c) any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04; 

(d) any disposition of assets of RYAM, the Company or any Restricted Subsidiary or issuance or sale of Equity Interests of the
Company or any Restricted Subsidiary, which assets or Equity Interests so disposed or issued in any single transaction or series of related transactions have an aggregate Fair Market Value (as determined in good faith by the Company) of less than
$25 million; 
 (e) any disposition of property or assets, or the issuance of securities, by RYAM, the Company or a
Restricted Subsidiary to RYAM, the Company or a Restricted Subsidiary; 
 (f) any exchange of assets (including a combination
of assets and Cash Equivalents) for assets related to a Similar Business of comparable or greater market value or usefulness to the business of RYAM, the Company and the Restricted Subsidiaries as a whole, as determined in good faith by the Company;

 (g) foreclosure or any similar action with respect to any property or other asset of RYAM, the Company or any of the
Restricted Subsidiaries; 
 (h) any disposition of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary; 
 (i) the lease, assignment or sublease of any real or personal property in the ordinary course of
business; 
 (j) any sale of inventory or other assets in the ordinary course of business; 

(k) any grant in the ordinary course of business of any license of patents, industrial designs, trademarks, know-how or any other intellectual property; 
 (l) any swap of assets, or lease,
assignment or sublease of any real or personal property, in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business of RYAM, the Company and the Restricted
Subsidiaries as a whole, as determined in good faith by the Company; 
 (m) a transfer of assets of the type specified in the
definition of “Securitization Financing” (or a fractional undivided interest therein), including by a Securitization Subsidiary in a Qualified Securitization Financing; 

(n) any financing transaction with respect to property built or acquired by RYAM, the Company or any Restricted Subsidiary
after the Issue Date, including any Sale/Leaseback Transaction or asset securitization permitted by this Indenture; 
 (o)
dispositions in connection with Permitted Liens; 

  
 -4- 

 (p) any disposition of Capital Stock of a Restricted Subsidiary pursuant to
an agreement or other obligation with or to a Person (other than RYAM, the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been
newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

(q) the sale of any property in a Sale/Leaseback Transaction; provided that the Fair Market Value of all such property
sold pursuant to Sale/Leaseback Transactions in reliance on this clause (q) shall not exceed the greater of $50 million and 2.0% of Total Assets at the time such Sale/Leaseback Transaction is consummated; 

(r) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 
 (s) any surrender,
expiration or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind; 

(t) dispositions of brownfield properties (and related assets) owned by Southern Wood Piedmont Company or Rayonier Properties
LLC or their respective successors or assigns that are Restricted Subsidiaries; 
 (u) dispositions by RYAM, the Company or
any of the Restricted Subsidiaries to charitable foundations, not-for-profits or other similar organizations with an aggregate Fair Market Value not to exceed
$5 million in any calendar year; and 
 (v) the sale, transfer, lease, license or other disposition of Receivables
Assets pursuant to a Permitted Supplier Receivables Sale Program. 
 “Attributable Debt” means, as of any date of
determination, as to Sale/Leaseback Transactions, the total obligation (discounted to present value at the rate of interest implicit in the lease included in such transaction) of the lessee for rental payments (other than amounts required to be paid
on account of property taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items which do not constitute payments for property rights) during the remaining portion of the term (including extensions
which are at the sole option of the lessor) of the lease included in such transaction. 

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

“Bail-In Legislation” means, (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bankruptcy Code” means Title 11 of the United States Code, as amended. 

  
 -5- 

 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state
or foreign law for the relief of debtors, as well as any Canadian federal or provincial equivalent, including the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada) and the debtor relief
provisions of the applicable corporate statutes. 
 “Board of Directors” means, as to any Person, the board of directors or
managers, as applicable, of such Person or any direct or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee
thereof. 
 “Borrowing Base” means (a) 85% of the inventory and (b) 85% of receivables of, in each case, RYAM and its
Restricted Subsidiaries, calculated in accordance with GAAP. 
 “Business Day” means a day other than a Saturday, Sunday or
other day on which banking institutions are authorized or required by law to close in New York City or the place of payment. 

“Canadian Financing” means the obligations (and commitments to Incur obligations) outstanding from time to time under
(A) the Offre de prêt (Loan Offer) (File D129013) entered into on March 9, 2012, between Investissement Québec, Tembec, Tembec Industries Inc. and Tembec Énergie SEC., as amended, amended and restated,
supplemented or otherwise modified from time to time; (B) the Amended and Restated Credit Agreement, dated as of September 19, 2013, among Tembec, Tembec Entergy LP and Integrated Private Debt Fund III LP, as administrative agent, as
amended, amended and restated, supplemented or otherwise modified from time to time; and (C) any Refinancing Indebtedness in respect of any of the foregoing; provided that such Refinancing Indebtedness shall not be guaranteed by any, or
have any borrower that is, a Restricted Subsidiary that is not an obligor under such Canadian Financing being Refinanced. 

“Canadian Guarantor” means each Guarantor that is a Canadian Subsidiary. 

“Canadian Security Agreement” means, collectively, a general security agreement, pledge agreement or deed of hypothec, in
each case governed by the laws applicable to the applicable Canadian Guarantor, in a form and substance that is reasonably acceptable to the ABL Collateral Agent (such determination not to be unreasonably delayed) and that is sufficient to grant to
the Notes Collateral Agent, for the benefit of the holders of the Notes (subject to any necessary filings), a perfected security interest or hypothec (subject to Permitted Liens) in substantially all of the assets of such Canadian Guarantor
(excluding real property, other than the Temiscaming Facility), and in each case as amended, amended and restated, supplemented or otherwise modified from time to time. 

“Canadian Subsidiary” means any Subsidiary that is incorporated or organized under the laws of Canada or any province or
territory thereof. 
 “Capital Markets Indebtedness” means any Indebtedness consisting of bonds, debentures, notes or other
similar debt securities issued in (a) a public offering registered under the Securities Act or (b) a private placement to institutional investors that is resold in accordance with Rule 144A or Regulation S of the Securities Act, whether or
not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC. The term “Capital Markets Indebtedness” shall not include the Notes (including, for the avoidance of doubt any
Additional Notes). 
 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares; 

  
 -6- 

 (2) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and 
 (4) any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP (with GAAP calculated, for purposes of this definition, as in
effect on December 31, 2018); provided that obligations of RYAM, the Company or the Restricted Subsidiaries, or of a special purpose or other entity not consolidated with RYAM, the Company and the Restricted Subsidiaries, either existing
on the Issue Date or created thereafter that (a) initially were not included on the consolidated balance sheet of RYAM or the Company as capital lease obligations and were subsequently recharacterized as capital lease obligations or, in the
case of such a special purpose or other entity becoming consolidated with RYAM, the Company and the Restricted Subsidiaries were required to be characterized as capital lease obligations upon such consideration, in either case, due to a change in
accounting treatment or otherwise, or (b) did not exist on the Issue Date and were required to be characterized as capital lease obligations but would not have been required to be treated as capital lease obligations on December 31, 2018
had they existed at that time, shall for all purposes not be treated as Capitalized Lease Obligations or Indebtedness. 
 “Cash
Equivalents” means: 
 (1) U.S. dollars, pounds sterling, euros, Canadian dollars, the national currency of any
member state in the European Union or such other local currencies held by RYAM, the Company or a Restricted Subsidiary from time to time in the ordinary course of business; 

(2) securities issued or directly and fully guaranteed or insured by the U.S. government, Canada, Switzerland or any country
that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250 million and whose long-term debt
is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

(4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into with
any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued by a
corporation (other than an Affiliate of the Company) rated at least “A-1” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized
ratings agency) and in each case maturing within one year after the date of acquisition; 

  
 -7- 

 (6) readily marketable direct obligations issued by any state of the United
States of America or any political subdivision thereof or any Canadian province having at least a rating of Aa3 from Moody’s or a rating of AA- from S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 

(7) Indebtedness issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 

(8) investment funds investing at least 95% of their assets in securities of the types described in clauses (1) through
(7) above; and 
 (9) instruments equivalent to those referred to in clauses (1) through (8) above denominated in any
foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States of America to the extent reasonably required in
connection with any business conducted by any Subsidiary organized in such jurisdiction. 
 “Cash Flow Documents” means
collectively, this Indenture, the Notes, the ABL/Cash Flow Intercreditor Agreement and the documents governing the Notes and other Additional Cash Flow Obligations and the Security Documents related to the foregoing. 

“Cash Flow Obligations” means the Notes Obligations and any Additional Cash Flow Obligations. 

“Cash Flow Priority Collateral” has the meaning assigned to the term “First Lien Notes Priority Collateral” in the
ABL/Cash Flow Intercreditor Agreement. 
 “Cash Flow Secured Parties” means the Notes Secured Parties and any Additional
Cash Flow Secured Parties. 
 “cash management services” means cash management services for collections, treasury
management services (including controlled disbursement, overdraft, automated clearing house fund transfer services, return items and interstate depository network services), any demand deposit, payroll, trust or operating account relationships,
commercial credit cards, merchant card, purchase or debit cards, non-card e-payables services, and other cash management services, including electronic funds transfer
services, lockbox services, stop payment services and wire transfer services. 
 “CFC” means a “controlled foreign
corporation” within the meaning of Section 957 of the Code. 
 “Change of Control” means the occurrence of any of
the following: 
 (1) the sale, lease or transfer (other than by way of merger or consolidation), in one or a series of
related transactions, of all or substantially all the assets of RYAM and its Subsidiaries, taken as a whole, to any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor
provision) other than to RYAM, the Company or any of their respective Subsidiaries; 

  
 -8- 

 (2) RYAM becomes aware (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision),
including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of
transactions, by way of merger, consolidation, amalgamation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision), of more than 50% of the total voting power of the Voting Stock of RYAM, in each case, other than an acquisition where the holders of the voting stock of RYAM as of immediately prior to such acquisition hold 50% or more of the Voting
Stock of the ultimate parent of RYAM, RYAM or the successor thereto immediately after such acquisition (provided no holder of the voting stock of RYAM as of immediately prior to such acquisition owns, directly or indirectly, more than 50% of the
voting power of the Voting Stock of RYAM immediately after such acquisition); or 
 (3) RYAM, together with its direct or
indirect Wholly Owned Subsidiaries, ceases to own 100% of the Company’s Voting Stock. 
 “Code” means the Internal
Revenue Code of 1986, as amended. 
 “Collateral” means the property subject or purported to be subject to a Lien in favor
of the Notes Collateral Agent, on behalf of itself, the Trustee and the holders of the Notes, under the Security Documents, and any other property, real or personal, tangible or intangible, now existing or hereafter acquired, that is subject to a
Lien in favor of the Notes Collateral Agent, on behalf of itself, the Trustee and the holders, to secure the Obligations under the Notes, the Guarantees, this Indenture and the Security Documents. 

“Collateral Agent” means the ABL Collateral Agent and/or the Notes Collateral Agent, as applicable. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including the amortization of intangible assets and deferred financing fees and amortization of unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment
benefits, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. For purposes of calculating Consolidated Depreciation and Amortization Expense for RYAM, such
calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 
 “Consolidated Interest
Expense” means, with respect to any Person for any period, the sum, without duplication, of: 
 (1) consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including the interest component of Capitalized Lease Obligations and net payments and
receipts (if any) pursuant to interest rate Hedging Obligations, amortization of deferred financing fees and original issue discount, debt issuance costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees
and non-cash interest expense attributable to movement in mark to market valuation of Hedging Obligations or other derivatives (in each case permitted hereunder) under GAAP); plus 

(2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
plus 

  
 -9- 

 (3) commissions, discounts, yield and other fees and charges Incurred in
connection with any Securitization Financing which are payable to Persons other than RYAM, the Company and the Restricted Subsidiaries; minus 

(4) interest income for such period. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of calculating Consolidated Interest Expense for RYAM, such calculation shall be made in respect of RYAM, the
Company and the Restricted Subsidiaries. 
 “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 

(1) any net after-tax extraordinary, nonrecurring or unusual gains or losses (less all
fees and expenses relating thereto) or expenses or charges, any severance expenses, relocation expenses, restructuring expenses, curtailments or modifications to pension and post-retirement employee benefit plans, excess pension charges, any
expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities opening
costs, project start-up costs, business optimization costs, signing, retention or completion bonuses, expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition,
recapitalization or issuance, repayment, refinancing, amendment or modification of Indebtedness (in each case, whether or not successful), and any fees, expenses, charges or change in control payments related to the Transactions (including any costs
relating to auditing prior periods, any transition-related expenses, and transaction expenses incurred before, on or after the Issue Date), in each case, shall be excluded; 

(2) effects of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such
Subsidiaries and including, without limitation, the effects of adjustments to (A) Capitalized Lease Obligations or (B) any other deferrals of income) in amounts required or permitted by GAAP, resulting from the application of purchase
accounting or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded; 

(3) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such
period; 
 (4) any net after-tax income or loss from disposed, abandoned,
transferred, closed or discontinued operations or fixed assets and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations or fixed assets shall be
excluded; provided, that notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive agreement for the sale, transfer or other disposition in respect thereof has been
entered into, such Person shall not exclude any such net after-tax income or loss or any such net after-tax gains or losses attributable thereto until such sale,
transfer or other disposition has been consummated; 

  
 -10- 

 (5) any net after-tax gains or
losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by management of the Company) shall be excluded;

 (6) any net after-tax gains or losses (less all fees and expenses or charges
relating thereto) attributable to the early extinguishment of indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 

(7) (a) the Net Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary,
or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent Person or a
Restricted Subsidiary thereof in respect of such period and (b) the Net Income for such period shall include any dividend, distribution or other payment in cash (or to the extent converted into cash) received by the referent Person or a
Subsidiary thereof (other than an Unrestricted Subsidiary of such referent Person) from any Person in excess of, but without duplication of, the amounts included in subclause (a); 

(8) solely for the purpose of determining the amount available for Restricted Payments under clause (1) of the definition
of “Cumulative Credit,” the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar distributions have been legally waived;
provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person,
to the extent not already included therein; 
 (9) an amount equal to the amount of Tax Distributions actually made to any
parent or equity holder of such Person in respect of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes directly by such Person for such period; 

(10) any impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of intangibles and other
fair value adjustments arising pursuant to GAAP shall be excluded; 
 (11) any
non-cash expense realized or resulting from stock option plans or employee benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or
other rights shall be excluded; 
 (12) any (a) non-cash compensation charges,
(b) costs and expenses after the Issue Date related to employment of terminated employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing
on the Issue Date of officers, directors and employees, in each case of such Person or any Restricted Subsidiary, shall be excluded; 

  
 -11- 

 (13) accruals and reserves that are established or adjusted within 12 months
after the Issue Date and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded; 

(14) non-cash gains, losses, income and expenses resulting from fair value accounting
required by the applicable standard under GAAP and related interpretations shall be excluded; 
 (15) (a) any currency
translation gains and losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded and (b) other long-term and/or non-current assets and liabilities (in each case as determined in accordance with GAAP), and any net loss or gain resulting from hedging transactions relating thereto (and in any case of this clause (b),
including intercompany obligations and obligations with respect to pensions and other retirement benefits, and environment-related liabilities), shall in each case be excluded; 

(16) (a) to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed within
365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded and
(b) amounts in respect of which such Person has determined that there exists reasonable evidence that such amounts will in fact be reimbursed by insurance in respect of lost revenues or earnings in respect of liability or casualty events or
business interruption shall be included (with a deduction for amounts actually received up to such estimated amount, to the extent included in Consolidated Net Income in a future period); and 

(17) non-cash charges for deferred tax asset valuation allowances shall be excluded.

 Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall be excluded from Consolidated Net Income any
dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries or Restricted Subsidiaries to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under
Section 4.04 pursuant to clauses (5) and (6) of the definition of “Cumulative Credit.” 
 For purposes of calculating
Consolidated Net Income for RYAM, such calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 

“Consolidated Non-Cash Charges” means, with respect to any Person for any period, the
non-cash expenses (other than Consolidated Depreciation and Amortization Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a
consolidated basis and otherwise determined in accordance with GAAP, provided that if any such non-cash expenses represent an accrual or reserve for potential cash items in any future period, the cash
payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior
period. For purposes of calculating Consolidated Non-Cash Charges for RYAM, such calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 

  
 -12- 

 “Consolidated Secured Net Leverage Ratio” means, with respect to any
Person, at any date, the ratio of (i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP), less the amount of cash and Cash Equivalents
in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for
the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. 

In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness or issues, repurchases or
redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Consolidated Secured Net Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Secured Net
Leverage Ratio is made (the “Consolidated Secured Net Leverage Calculation Date”), then the Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or
redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period; provided that (x) the Company may elect
pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment
shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time; and (y) the cash proceeds of any Incurrence of Indebtedness that are not to be otherwise applied upon receipt thereof shall not be used to
reduce the amount of Secured Indebtedness on a pro forma basis pursuant to clause (i) of the preceding paragraph. 
 To the
extent (i) the Company elects pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred or (ii) the Company or any Restricted Subsidiary elects
to treat Indebtedness as having been Incurred prior to the actual Incurrence thereof pursuant to Section 4.03(c)(3), the Company shall deem all or such portion of such commitment or such Indebtedness, as applicable, as having been Incurred and
to be outstanding for purposes of calculating the Consolidated Secured Net Leverage Ratio for any period in which the Company makes any such election and for any subsequent period until such commitments or such Indebtedness, as applicable, are no
longer outstanding or until the Company elects to withdraw such election. 
 For purposes of making the computation referred to above,
Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes, business
realignment projects or initiatives, restructurings or reorganizations that RYAM, the Company or any Restricted Subsidiary has determined to make and/or has made during the four-quarter reference period or subsequent to such reference period and on
or prior to or simultaneously with the Consolidated Secured Net Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such
Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated
fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period; provided that, notwithstanding any classification of any Person, business, assets or operations as
discontinued operations because a definitive agreement for the sale, transfer or other disposition in respect thereof has been entered into, the Company shall not make such computations on a pro forma basis for any such classification for any
period until such sale, transfer or other disposition has been consummated. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted

  
 -13- 

 
Subsidiary since the beginning of such period shall have consummated any pro forma event that would have required adjustment pursuant to this definition, then the Consolidated Secured Net
Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro forma event had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted
Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as
if such designation had occurred at the beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever pro
forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include
adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officers’ Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result
from the applicable event within 12 months of the date the applicable event is consummated; provided that the aggregate amount of operating expense reductions and other operating improvements or synergies for the period for which the
Consolidated Secured Net Leverage Ratio is being calculated shall not exceed 20% of EBITDA for such period (determined after giving effect to any such adjustments). 

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be
calculated as if the rate in effect on the Consolidated Secured Net Leverage Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation
has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed
based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offered
rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 

For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average
exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Consolidated Taxes” means, with respect to any Person for any period, the provision for taxes based on income, profits or
capital, including, without limitation, state, franchise and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes or arising from tax examinations) and any Tax Distributions taken into account in
calculating Consolidated Net Income. For purposes of calculating Consolidated Taxes for RYAM, such calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 

“Consolidated Total Indebtedness” means, as of any date of determination, an amount equal to the sum (without duplication) of
(1) the aggregate principal amount of all outstanding Indebtedness of RYAM, the Company and the Restricted Subsidiaries (excluding any undrawn letters of credit) consisting of bankers’ acceptances and Indebtedness for borrowed money, plus
(2) the aggregate amount of all outstanding Disqualified Stock of RYAM, the Company and the Restricted Subsidiaries and all Preferred Stock of Restricted Subsidiaries, with the amount of such Disqualified Stock and Preferred Stock equal to the
greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated basis in accordance with GAAP. 

  
 -14- 

 “Consolidated Total Net Leverage Ratio” means, with respect to any Person,
at any date, the ratio of (i) Consolidated Total Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash
Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of
such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. For purposes of calculating Consolidated Total Net Leverage Ratio
for RYAM, such calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 
 In the event that RYAM, the
Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Consolidated Total Net
Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Total Net Leverage Ratio is made (the “Consolidated Total Net Leverage Calculation Date”), then the Consolidated Total Net
Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock as if the same had
occurred at the beginning of the applicable four-quarter period; provided that the cash proceeds of any Incurrence of Indebtedness that are not to be otherwise applied upon receipt thereof shall not be used to reduce the amount of
Consolidated Total Indebtedness on a pro forma basis pursuant to clause (i) of the preceding paragraph. 
 For purposes of
making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a
business, and any operational changes, business realignment projects or initiatives, restructurings or reorganizations that RYAM, the Company or any Restricted Subsidiary has determined to make and/or made during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with the Consolidated Total Net Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro
forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes, business realignment projects or initiatives, restructurings or
reorganizations (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period; provided that, notwithstanding any classification of
any Person, business, assets or operations as discontinued operations because a definitive agreement for the sale, transfer or other disposition in respect thereof has been entered into, the Company shall not make such computations on a pro
forma basis for any such classification for any period until such sale, transfer or other disposition has been consummated. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or
into RYAM, the Company or any Restricted Subsidiary since the beginning of such period shall have consummated any pro forma event that would have required adjustment pursuant to this definition, then the Consolidated Total Net Leverage Ratio
shall be calculated giving pro forma effect thereto for such period as if such pro forma event had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is
designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Total Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such
designation had occurred at the beginning of the applicable four-quarter period. 

  
 -15- 

 For purposes of this definition, whenever pro forma effect is to be given to any
pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good
faith determination of the Company as set forth in an Officers’ Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months of the
date the applicable event is consummated; provided that the aggregate amount of operating expense reductions and other operating improvements or synergies for the period for which the Consolidated Total Net Leverage Ratio is being calculated shall
not exceed 20% of EBITDA for such period (determined after giving effect to any such adjustments). 
 If any Indebtedness bears a floating
rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Consolidated Total Net Leverage Calculation Date had been the applicable rate for the entire period
(taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any
Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined
at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the
Company may designate. 
 For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S.
dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends
or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any
obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

  
 -16- 

 “Corporate Trust Office” means the designated office of the Trustee in the
United States of America at which at any time its corporate trust business shall be administered, or such other address as the Trustee may designate from time to time by notice to the holders and the Company, or the principal corporate trust office
of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the holders and the Company). 

“Cumulative Credit” means the sum of (without duplication): 

(1) 50% of the Consolidated Net Income of RYAM for the period (taken as one accounting period) from September 27, 2020 to
the end of RYAM’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such
deficit); plus 
 (2) 100% of the aggregate net proceeds, including cash and the Fair Market Value (as determined in
good faith by the Company) of property other than cash, received by RYAM after the Issue Date (other than net proceeds to the extent such net proceeds have been used to incur Indebtedness, Disqualified Stock, or Preferred Stock pursuant to
Section 4.03(b)(xiii)) from the issue or sale of Equity Interests of RYAM or any direct or indirect parent entity of RYAM (excluding Refunding Capital Stock, Designated Preferred Stock, Excluded Contributions, and Disqualified Stock), including
Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to RYAM, the Company or a Restricted Subsidiary); plus 

(3) 100% of the aggregate amount of contributions to the capital of RYAM received in cash and the Fair Market Value (as
determined in good faith by the Company) of property other than cash received by RYAM after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, and Disqualified Stock and other than contributions
to the extent such contributions have been used to incur Indebtedness, Disqualified Stock, or Preferred Stock pursuant to Section 4.03(b)(xiii)); plus 

(4) 100% of the principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price, as the
case may be, of any Disqualified Stock of RYAM, the Company or any Restricted Subsidiary issued after the Issue Date (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged for
Equity Interests in RYAM (other than Disqualified Stock) or any direct or indirect parent of RYAM (provided, in the case of any such parent, such Indebtedness or Disqualified Stock is retired or extinguished); plus 

(5) 100% of the aggregate amount received by RYAM, the Company or any Restricted Subsidiary in cash and the Fair Market Value
(as determined in good faith by the Company) of property other than cash received by RYAM, the Company or any Restricted Subsidiary from: 

(A) the sale or other disposition (other than to RYAM, the Company or a Restricted Subsidiary) of Restricted Investments made
by RYAM, the Company and the Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from RYAM, the Company and the Restricted Subsidiaries by any Person (other than RYAM, the Company or any Restricted Subsidiary)
and from repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments (other than, in each case, to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii)); 

  
 -17- 

 (B) the sale (other than to RYAM, the Company or a Restricted Subsidiary) of
the Capital Stock of an Unrestricted Subsidiary; or 
 (C) a distribution or dividend from an Unrestricted Subsidiary;
plus 
 (6) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been
merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into RYAM, the Company or a Restricted Subsidiary, the Fair Market Value (as determined in good faith by the Company) of the Investment of
RYAM, the Company or the Restricted Subsidiaries in such Unrestricted Subsidiary (which, if the Fair Market Value of such Investment shall exceed $25 million, shall be determined by the Board of Directors of the Company) at the time of such
redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable); plus  
 (7)
$62.5 million. 
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian, monitor or similar
official under any Bankruptcy Law. 
 “DDA” means each checking, savings or other demand deposit account maintained by the
Company, RYAM or any other Guarantor. 
 “Default” means any event which is, or after notice or passage of time or both
would be, an Event of Default. 
 “Designated Non-cash Consideration” means the
Fair Market Value (as determined in good faith by the Company) of non-cash consideration received by RYAM, the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as
Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means Preferred Stock of RYAM or
any direct or indirect parent of RYAM (other than Disqualified Stock), that is issued for cash (other than to RYAM or any of its Subsidiaries or an employee stock ownership plan or trust established by RYAM or any of its Subsidiaries) and is so
designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the issuance date thereof. 
 “Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event:

 (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person
or any of its Restricted Subsidiaries, or 
 (3) is redeemable at the option of the holder thereof, in whole or in part
(other than solely as a result of a change of control or asset sale), in each case prior to 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that only the
portion of Capital Stock which so matures or is mandatorily redeemable, is 

  
 -18- 

 
so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further,
however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of RYAM, the Company or their Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further,
that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 

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

“EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 

(1) Consolidated Taxes; plus 

(2) Fixed Charges and costs of surety bonds in connection with financing activities; plus 

(3) Consolidated Depreciation and Amortization Expense; plus 

(4) Consolidated Non-Cash Charges; plus 

(5) any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any issuance of Equity
Interests, Investment, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be incurred by this Indenture (including a refinancing thereof) (whether or not successful), including
(i) such fees, expenses or charges related to the Transactions, the Notes or the ABL Credit Agreement, (ii) any amendment or other modification of the Notes or other Indebtedness and (iii) commissions, discounts, yield and other fees
and charges (including any interest expense) related to any Qualified Securitization Financing; plus 
 (6) business
optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt, shall include, without limitation, the effect of facility closures, facility consolidations, retention, severance, systems establishment
costs, contract termination costs, future lease commitments and excess pension charges); plus 
 (7) the amount of
loss or discount on sale of assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing; plus 

(8) any costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Company or any Guarantor or net cash proceeds of an
issuance of Equity Interests of RYAM (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit; plus 

  
 -19- 

 (9) with respect to any joint venture that is not a Subsidiary and solely to
the extent relating to any net income referred to in clause (7) of the definition of “Consolidated Net Income,” an amount equal to the proportion of those items described in clauses (1) and (2) above relating to such joint
venture corresponding to RYAM’s, the Company’s and the Restricted Subsidiaries’ proportionate share of such joint venture’s Consolidated Net Income (determined as if such joint venture were a Subsidiary); plus 

(10) one-time costs associated with commencing Public Company Compliance; plus

 (11) [reserved]; plus  

(12) any costs or expenses related to environmental remediation, pension obligations or other post-employment benefit
obligations; and  
 less, without duplication, to the extent the same increased Consolidated Net Income, 

(13) non-cash items increasing Consolidated Net Income for such period (excluding the
recognition of deferred revenue or any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items for which cash was received in a prior period); and 

(14) any cash payments made during such period related to environmental remediation, pension obligations or other
post-employment benefit obligations. 
 For purposes of calculating EBITDA for RYAM, such calculation shall be made in respect of RYAM, the
Company and the Restricted Subsidiaries. 
 “EEA Financial Institution” means (a) any credit institution or investment
firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this
definition and is subject to consolidated supervision with its parent. 
 “EEA Member Country” means any of the member
states of the European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public
administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Enforcement Notice” means a written notice delivered, at a time when an event of default has occurred and is continuing, by
either (a) in the case of a an event of default under the ABL Secured Obligations, the ABL Collateral Agent to the Notes Collateral Agent or (b) in the case of an event of default under the Cash Flow Obligations, the Notes Collateral Agent
to the ABL Collateral Agent, in each case, announcing that an Enforcement Period has commenced, specifying the relevant event of default and stating the current balance of the ABL Secured Obligations or the Cash Flow Obligations, as applicable. 

  
 -20- 

 “Enforcement Period” means the period of time following the receipt by
either the ABL Collateral Agent or the Notes Collateral Agent of an Enforcement Notice until the earliest of (i) in the case of an Enforcement Period commenced by the Notes Collateral Agent, the discharge of Cash Flow Obligations, (ii) in
the case of an Enforcement Period commenced by the ABL Collateral Agent, the discharge of ABL Secured Obligations, (iii) the ABL Collateral Agent or the Notes Collateral Agent (as applicable) agrees in writing to terminate its Enforcement
Period, or (iv) the date on which the applicable event of default that was the subject of the Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the ABL Collateral Agent or the Notes Collateral Agent
(acting at the direction of the applicable parties pursuant to the Cash Flow Documents), as applicable, or waived in writing in accordance with the requirements of the applicable documents. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or
private sale after the Issue Date of common Capital Stock or Preferred Stock of the Company or any direct or indirect parent of the Company, as applicable (other than Disqualified Stock), other than: 

(1) public offerings with respect to the Company’s or such direct or indirect parent’s common stock registered on
Form S-4 or Form S-8; 
 (2) issuances to any
Subsidiary of the Company; and 
 (3) any such public or private sale that constitutes an Excluded Contribution. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Accounts” means, collectively, (a) DDAs that are established solely for the purpose of, and
are used exclusively for, funding payroll, payroll taxes, any other taxes required to be collected, remitted or withheld (including federal and state withholding taxes (including the employer’s share thereof)) and other compensation and
benefits to employees and (b) DDAs, commodity accounts and securities accounts the balances of which are comprised solely of cash, cash equivalents or other assets that RYAM or any Subsidiary thereof holds in trust or as an escrow fiduciary for
another Person which is not the Company or a Guarantor. 
 “Excluded Assets” has the meaning set forth in the U.S. Security
Agreement or the Canadian Security Agreement, as applicable. 
 “Excluded Canadian Subsidiaries” means each Canadian
Subsidiary that is not permitted to become a Guarantor hereunder pursuant to the terms of any Canadian Financing to which it is a party, or is otherwise restricted or prohibited as a subsidiary or guarantor of a party to any Canadian Financing;
provided that if any such Canadian Subsidiary is released from all such restrictions due to the repayment, termination or amendment of all applicable Canadian Financings after the Issue Date, then such Subsidiary shall cease to be an
“Excluded Canadian Subsidiary” for all purposes of this Indenture, the Notes, and the Security Documents. As of the Issue Date, Excluded Canadian Subsidiaries shall be comprised of each Canadian Subsidiary other than (i) Spruce Falls
Acquisition Corp., (ii) Rayonier A.M. Canada Enterprises Inc., (iii) Rayonier A.M. Canada G.P. and (iv) Rayonier A.M. Construction Company Inc. 

“Excluded Contributions” means the Cash Equivalents or other assets (valued at their Fair Market Value as determined in good
faith by senior management or the Board of Directors of the Company) received by RYAM after the Issue Date from: 

  
 -21- 

 (1) contributions to its common equity capital, and 

(2) the sale (other than to a Subsidiary of RYAM or the Company or to any Subsidiary management equity plan or stock option
plan or any other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of RYAM, 

in each case designated as Excluded Contributions pursuant to an Officers’ Certificate. 

“Excluded Subsidiary” means (a) each Unrestricted Subsidiary, (b) each Subsidiary that is not a Wholly Owned
Subsidiary (for so long as such Subsidiary remains a non-Wholly Owned Subsidiary), (c) each Subsidiary that is prohibited from guaranteeing the Notes by any requirement of law or that would require consent,
approval, license or authorization of a governmental authority to guarantee the Notes (unless such consent, approval, license or authorization has been received), (d) each Subsidiary that is prohibited by any applicable contractual requirement from
guaranteeing the Notes on the Issue Date or at the time such Subsidiary becomes a Subsidiary (to the extent not incurred in connection with becoming a Subsidiary and in each case for so long as such restriction or any replacement or renewal thereof
is in effect), (e) (x) any Foreign Subsidiary (other than any Canadian Subsidiary) and (y) any Domestic Subsidiary of a Foreign Subsidiary (other than a Canadian Subsidiary) that is a CFC, (f) any Excluded Canadian Subsidiary,
(g) any Securitization Subsidiary, (h) any Subsidiary that is not a Material Subsidiary and that taken together with all other Wholly Owned Subsidiaries being excluded pursuant to this clause (h), as of the last day of the fiscal quarter
of RYAM most recently ended, did not have assets with a value in excess of 5.0% of the Total Assets or revenues representing in excess of 5.0% of total revenues (including third party revenues but excluding intercompany revenues) of RYAM, the
Company and their Wholly Owned Subsidiaries on a consolidated basis as of such date, (i) any Subsidiary of RYAM (including any Subsidiary of RYAM that is a FSHCO) if the provision of Collateral or a guarantee of the Guaranteed Obligations by
such Subsidiary could reasonably be expected to result in material and adverse tax consequences to RYAM, the Company or any Subsidiary, as determined in good faith by RYAM; provided that this clause (i) shall not
apply to any Canadian Subsidiary unless the material and adverse tax consequence of such Canadian Subsidiary providing a guarantee results from any change in any laws after the Issue Date and (j) any Subsidiary of RYAM with respect to which
RYAM reasonably agrees in writing that the cost or other consequences of providing a guarantee is likely to be excessive in relation to the value to be afforded to the holders of the Notes thereby and which does not guarantee the ABL Credit
Agreement or any Capital Market Indebtedness of the Company or any other Guarantor. 
 “Fair Market Value” means, with
respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue
pressure or compulsion to complete the transaction. 
 “Farm Credit Lender” means a lending institution organized and
existing pursuant to the provisions of the Farm Credit Act of 1971 (as may be amended from time to time) and under the regulation of the Farm Credit Administration. 

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such
period to the Fixed Charges of such Person for such period. For purposes of calculating the Fixed Charge Coverage Ratio for RYAM, such calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 

  
 -22- 

 In the event that RYAM, the Company or any of the Restricted Subsidiaries Incurs, repays,
repurchases or redeems any Indebtedness (other than in the case of any Qualified Securitization Financing, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable period) or
issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the “Fixed Charge Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such
issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided that the Company may elect pursuant to an Officers’ Certificate
delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this
calculation, to be an Incurrence at such subsequent time. 
 To the extent the Company elects pursuant to an Officers’ Certificate
delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred, the Company shall deem all or such portion of such commitment or such Indebtedness, as applicable, as having been Incurred and to be
outstanding for purposes of calculating the Fixed Charge Coverage Ratio for any period in which the Company makes any such election and for any subsequent period until such commitments or such Indebtedness, as applicable, are no longer outstanding
or until the Company elects to withdraw such election. 
 For purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes, business realignment
projects or initiatives, restructurings or reorganizations that RYAM, the Company or any Restricted Subsidiary has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or
simultaneously with the Fixed Charge Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions,
mergers, amalgamations, consolidations, discontinued operations and other operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge obligations and the change
in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period; provided that, notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive
agreement for the sale, transfer or other disposition in respect thereof has been entered into, the Company shall not make such computations on a pro forma basis for any such classification for any period until such sale, transfer or other
disposition has been consummated. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into RYAM, the Company or any Restricted Subsidiary since the beginning of such period shall
have consummated any pro forma event that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro
forma event had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a
Restricted Subsidiary, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

  
 -23- 

 For purposes of this definition, whenever pro forma effect is to be given to any
pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good
faith determination of the Company as set forth in an Officers’ Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months
of the date the applicable event is consummated; provided that the aggregate amount of operating expense reductions and other operating improvements or synergies for the period for which the Fixed Charge Coverage Ratio is being calculated
shall not exceed 20% of EBITDA for such period (determined after giving effect to any such adjustments). 
 If any Indebtedness bears a
floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into
account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness
under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the
Company may designate. 
 For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S.
dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: (1) Consolidated
Interest Expense (excluding amortization or write-off of deferred financing costs) of such Person for such period, and (2) all cash dividend payments (excluding items eliminated in consolidation) on any
series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries. For purposes of calculating Fixed Charges for RYAM, such calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 

“Foreign Subsidiary” means a Restricted Subsidiary not organized or existing under the laws of the United States of America
or any state thereof or the District of Columbia. 
 “FSHCO” means any Domestic Subsidiary that owns no material assets
other than the Equity Interests of one or more Foreign Subsidiaries (other than a Foreign Subsidiary which is a Canadian Guarantor) that are CFCs and/or of one or more FSHCOs. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted
Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. 

  
 -24- 

 “Grantors” means the Company and the Guarantors that execute the applicable
Security Documents. 
 “guarantee” means a guarantee by any Person (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. The
amount of any guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by such Person in good faith. 
 “Guarantee” means any guarantee of the obligations of the
Company under this Indenture and the Notes by any Guarantor in accordance with the provisions of this Indenture. 

“Guarantor” means (x) RYAM, (y) the Initial Subsidiary Guarantors and (z) any Subsidiary of RYAM (other than the
Company) that Incurs a Guarantee after the Issue Date; provided that upon the release or discharge of such Person from its Guarantee in accordance with this Indenture, such Person shall cease to be a Guarantor. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 

(1) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements
and currency exchange, interest rate or commodity collar agreements; and 
 (2) other agreements or arrangements designed to
protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 
 “holder” or
“noteholder” or “holders of the Notes” means the Person in whose name a Note is registered on the Registrar’s books. 

“Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any
Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a
Subsidiary. “Incurred” and “Incurrence” have meanings correlative thereto. 

“Indebtedness” means, with respect to any Person: 

(1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price
of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business that is not overdue by more than 90 days (or, if overdue by more than 90 days,
as to which a dispute exists and adequate reserves in conformity with GAAP have been established on the books of such Person), (ii) any earn-out obligations until such obligation becomes a liability on the
balance sheet of such Person in accordance with 

  
 -25- 

 
GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than twelve months after the date of placing the property in service or taking
delivery and title thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness would appear as a liability on a balance sheet (excluding
the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (2) to the extent not otherwise included, any
obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations referred to in clause (1) of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of
business); and 
 (3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset
owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in good faith by the
Company) of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided,
however, that, notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues;
(3) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) Obligations under or in respect of Qualified Securitization
Financing; (5) trade and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business that are not overdue by more than 90 days; (6) obligations in respect of cash management
services; (7) in the case of RYAM, the Company and the Restricted Subsidiaries (x) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of
business and (y) intercompany liabilities in connection with cash management, tax and accounting operations of RYAM, the Company and the Restricted Subsidiaries; and (8) any obligations under Hedging Obligations; provided that such
agreements are entered into for bona fide hedging purposes of RYAM, the Company or the Restricted Subsidiaries (as determined in good faith by the board of directors or senior management of the Company, whether or not accounted for as a hedge in
accordance with GAAP) and, in the case of any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar agreement, such agreements are related to business transactions of RYAM, the Company or the
Restricted Subsidiaries entered into in the ordinary course of business and, in the case of any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement, such agreements substantially correspond in terms of notional amount, duration and interest rates, as applicable, to Indebtedness of
RYAM, the Company or the Restricted Subsidiaries Incurred without violation of this Indenture. 
 Notwithstanding anything in this Indenture
to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise
increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under
this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture. 

  
 -26- 

 “Indenture” means this Indenture as amended or supplemented from time to
time. 
 “Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each
case of nationally recognized standing, that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged. 

“Initial Guarantors” means RYAM and each of the Initial Subsidiary Guarantors. 

“Initial Subsidiary Guarantors” means (i) Rayonier A.M. China Limited, (ii) Rayonier A.M. Far East Ltd., (iii)
Rayonier A.M Investments USA II Inc., (iv) Rayonier A.M. Paperboard Sales Inc., (v) Rayonier A.M. Properties LLC, (vi) Rayonier A.M. Sales and Technology Inc., (vii) Rayonier Advanced Materials Industries Ltd., (viii) Rayonier Performance
Fibers, LLC, (ix) Southern Wood Piedmont Company, (x) Tembec Land Company LLC, (xi) Rayonier A.M. Canada Enterprises Inc., (xii) Rayonier A.M. Canada G.P., (xiii) Rayonier A.M. Construction Company Inc., and (xiv) Spruce Falls
Acquisition Corp. 
 “Interest Payment Date” has the meaning set forth in Exhibit A hereto. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency in the event that either Moody’s and/or S&P has not then rated the Notes. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent) by
Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among RYAM and its Subsidiaries, 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which
fund may also hold material amounts of cash pending investment and/or distribution, and 
 (4) corresponding instruments in
countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the
ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and
other credits to suppliers made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be
classified on the balance sheet of such Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of
“Unrestricted Subsidiary” and Section 4.04: 

  
 -27- 

 (1) “Investments” shall include the portion (proportionate to
RYAM’s Equity Interest in such Subsidiary (other than the Company)) of the Fair Market Value (as determined in good faith by RYAM or the Company, as applicable) of the net assets of such Subsidiary at the time that such Subsidiary is designated
an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, RYAM shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to
an amount (if positive) equal to: 
 (a) its “Investment” in such Subsidiary at the time of such redesignation less

 (b) the portion (proportionate to its Equity Interest in such Subsidiary) of the Fair Market Value (as determined in good
faith by the Company) of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith by RYAM or the Company, as applicable) at the time of such transfer, in each case as determined in good faith by the Board of
Directors of the Company. 
 “Issue Date” means December 23, 2020. 

“Junior Lien Priority Indebtedness” means Indebtedness of the Company and/or the Guarantors that is secured by Liens on the
Collateral ranking junior in priority to the Liens securing Notes Obligations and the ABL Secured Obligations (“Junior Liens”); provided that (i) the trustee, collateral agent and/or other authorized representative for
the holders of such Indebtedness shall execute a Junior Lien Priority Intercreditor Agreement (or a joinder thereto) and (ii) the Company shall designate such Indebtedness as junior priority obligations under the applicable Junior Lien Priority
Intercreditor Agreement. 
 “Junior Lien Priority Intercreditor Agreement” means a senior priority/junior priority
intercreditor agreement with (together with other relevant Persons) any collateral agent and/or other authorized representative of any Junior Lien Priority Indebtedness, which intercreditor agreement shall provide for the subordination of Liens on
such Junior Lien Priority Indebtedness to the Liens securing the Notes and other intercreditor provisions with respect to such Junior Lien Priority Indebtedness that are reasonably customary in the good faith determination of the Company (for
intercreditor agreements providing junior priority liens) (and the Trustee shall, upon receiving indemnification to its satisfaction, sign any such Junior Lien Priority Intercreditor Agreement upon delivery of an Officers’ Certificate of the
Company and an Opinion of Counsel). 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge,
security interest, hypothec or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded, registered or otherwise perfected or rendered opposable under applicable law (including any conditional sale or other title
retention agreement or any lease in the nature thereof); provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 

“Material Subsidiary” means any Wholly Owned Subsidiary of RYAM (other than the Company), in each case, that as of the last
day of the fiscal quarter of RYAM most recently ended, had assets with a value in excess of 2.5% of the Total Assets or revenues representing in excess of 2.5% of total revenues (including third party revenues but excluding intercompany revenues) of
RYAM, the Company and their Wholly Owned Subsidiaries on a consolidated basis as of such date. 

  
 -28- 

 “Moody’s” means Moody’s Investors Service, Inc. or any successor
to the rating agency business thereof. 
 “Net Income” means, with respect to any Person, the net income (loss) of such
Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. For purposes of calculating Net Income for RYAM, such calculation shall be made in respect of RYAM,
the Company and the Restricted Subsidiaries. 
 “Net Proceeds” means the aggregate cash proceeds received by RYAM, the
Company or any Restricted Subsidiary in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration
received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of
Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or
payable as a result thereof (including Tax Distributions and after taking into account any available tax credits or deductions and any tax sharing arrangements related solely to such disposition), amounts required to be applied to the repayment of
principal, premium (if any) and interest on Indebtedness required (other than Notes Obligations, Additional Cash Flow Obligations, ABL Secured Obligations or Indebtedness secured by Liens ranking junior to the Liens securing the Notes Obligations)
to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by RYAM, the Company and the Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed
of in such transaction and retained by RYAM, the Company and the Restricted Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to
environmental matters or against any indemnification obligations associated with such transaction. 
 “Notes Collateral
Agent” means Wells Fargo Bank, National Association until a successor replaces it and, thereafter, means the successor. 

“Notes Obligations” means Obligations in respect of the Notes, this Indenture, the Guarantees and the Security Documents.

 “Notes Secured Parties” means the Trustee, the Notes Collateral Agent and the holders of the Notes. 

“Obligations” means any principal, interest, penalties, fees, expenses (including any interest, fees, expenses (including
legal costs and expenses) and other amounts accruing subsequent to the filing of a petition or proceedings in bankruptcy, insolvency, reorganization, arrangement or similar proceeding at the rate provided for in the documentation with respect
thereto, whether or not such interest, fees, expenses and other amounts are allowed or allowable claims under applicable state, federal or foreign law), indemnifications, reimbursements (including, without limitation, reimbursement obligations with
respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with respect to the Notes shall not include fees or
indemnifications in favor of third parties other than the Trustee, the Notes Collateral Agent and the holders of the Notes. 

“Offering Memorandum” means the offering memorandum, dated December 10, 2020, relating to the issuance of the Initial
Notes. 

  
 -29- 

 “Officer” means, with respect to any Person, the Chairman of the Board,
Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of such Person. 

“Officers’ Certificate” means, with respect to any Person, a certificate signed on behalf of such Person by two Officers
of such Person, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of such Person, which meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means, with respect to any Person, a written opinion from legal counsel, who is acceptable to the
Trustee. The counsel may be an employee of or counsel to such Person. 
 “Permitted Exceptions” means liens, hypothecs,
encumbrances and other matters expressly set forth as an exception to the title policies, if any, obtained to insure the lien or hypothec of each mortgage with respect to each of the real properties required to be mortgaged pursuant to
Section 10.01(c). 
 “Permitted Investments” means: 

(1) any Investment in RYAM, the Company or any Restricted Subsidiary; 

(2) any Investment in Cash Equivalents or Investment Grade Securities; 

(3) any Investment by RYAM, the Company or any Restricted Subsidiary in a Person that is engaged in a Similar Business if as a
result of such Investment (a) such Person becomes a Restricted Subsidiary, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or
substantially all of its assets to, or is liquidated into, RYAM, the Company or a Restricted Subsidiary; 
 (4) any
Investment in securities or other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 4.06 or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or an Investment consisting
of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or
(y) as otherwise permitted under this Indenture; 
 (6) loans and advances to officers, directors, employees or
consultants of RYAM, the Company or any of their Subsidiaries (i) in the ordinary course of business in an aggregate outstanding amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs
thereof) not to exceed $30 million at the time of Incurrence, (ii) in respect of payroll payments and expenses in the ordinary course of business and (iii) in connection with such Person’s purchase of Equity Interests of RYAM or
any direct or indirect parent of RYAM solely to the extent that the amount of such loans and advances shall be contributed to the Company in cash as common equity; 

  
 -30- 

 (7) any Investment acquired by RYAM, the Company or any Restricted
Subsidiary (a) in exchange for any other Investment or accounts receivable held by RYAM, the Company or such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of
such other Investment or accounts receivable, (b) as a result of a foreclosure by RYAM, the Company or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default
or (c) as a result of a Bail-In Action with respect to any contractual counterparty of RYAM, the Company or any Restricted Subsidiary; 

(8) Hedging Obligations permitted under Section 4.03(b)(x); 

(9) any Investment by RYAM, the Company or any Restricted Subsidiary in a Similar Business having an aggregate Fair Market
Value (as determined in good faith by the Company), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the sum of (x) the greater of $75 million and 3.0% of
Total Assets at the time such Investment is made, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect
of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause
(9) is made in any Person that is not RYAM, the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes RYAM, the Company or a Restricted Subsidiary after such date, such Investment shall
thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be RYAM, the Company or a Restricted Subsidiary; 

(10) additional Investments by RYAM, the Company or any Restricted Subsidiary having an aggregate Fair Market Value (as
determined in good faith by the Company), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the sum of (x) the greater of $100 million and 4.0% of Total Assets
as of the date of such Investment plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any such
Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (10) is made in
any Person that is not RYAM, the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes RYAM, the Company or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have
been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be RYAM, the Company or a Restricted Subsidiary; 

(11) loans and advances to officers, directors or employees for business-related travel expenses, moving expenses and other
similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund such Person’s purchase of Equity Interests of RYAM or any direct or indirect parent of RYAM; 

(12) Investments the payment for which consists of Equity Interests of RYAM (other than Disqualified Stock) or any direct or
indirect parent of RYAM, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (3) of the definition of “Cumulative Credit”; 

  
 -31- 

 (13) any transaction to the extent it constitutes an Investment that is
permitted by and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (iv), (vi), (ix)(B) and (xvi) of Section 4.07(b)); 

(14) guarantees issued in accordance with Section 4.03 or Section 4.11 including, without limitation, any guarantee
or other obligation issued or incurred under the ABL Credit Agreement in connection with any letter of credit issued for the account of RYAM or any of its Subsidiaries (including with respect to the issuance of, or payments in respect of drawings
under, such letters of credit); 
 (15) Investments consisting of or to finance purchases and acquisitions of inventory,
supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; 

(16) any Investment in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in
connection with a Qualified Securitization Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Securitization Financing or any related Indebtedness; 

(17) any Investment in an entity which is not a Restricted Subsidiary to which a Restricted Subsidiary sells Securitization
Assets pursuant to a Securitization Financing; 
 (18) Investments of a Restricted Subsidiary acquired after the Issue Date
or of an entity merged into, amalgamated with, or consolidated with RYAM, the Company or a Restricted Subsidiary in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in
contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC
Article 4 customary trade arrangements with customers; 
 (20) advances in the form of a prepayment of expenses, so long as
such expenses are being paid in accordance with customary trade terms of RYAM, the Company or the Restricted Subsidiaries; 

(21) any Investment in any Subsidiary of RYAM or any joint venture in connection with intercompany cash management arrangements
or related activities arising in the ordinary course of business; 
 (22) the purchase of Equity Interests in each applicable
Farm Credit Lender (or its designated affiliates) in accordance with each such Farm Credit Lender’s applicable bylaws and capital plan in connection with the ABL Credit Agreement; and 

(23) Guaranteed obligations of the Company, any Guarantor or any Restricted Subsidiary of leases or other obligations that do
not constitute Indebtedness, in each case entered into in the ordinary course of business. 

  
 -32- 

 “Permitted Liens” means, with respect to any Person: 

(1) Pledges, bonds or deposits and other Liens granted by such Person under workmen’s compensation laws, unemployment or
employment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory
obligations of such Person or deposits of cash or U.S. or Canadian government bonds to secure surety or appeal bonds, performance and return of money bonds, or deposits as security for contested taxes or import duties or for the payment of rent, in
each case Incurred in the ordinary course of business; 
 (2) Liens imposed by law, such as landlord’s, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 45 days or that are being contested in good faith by appropriate proceedings or other
Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

(3) Liens for taxes, assessments or other governmental charges not yet overdue by more than 45 days or that are being contested
in good faith by appropriate proceedings, if adequate reserves with respect thereto have been provided in accordance with GAAP; 

(4) Liens in favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory requirements or
letters of credit, bankers’ acceptances or similar obligations issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(5) minor survey (or other mapping product) exceptions, minor encumbrances, trackage rights, special assessments, easements or
reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, servicing
agreements, development agreements, site plan agreements, other similar encumbrances and other matters of record incurred in the ordinary course of business and matters expressly set forth as an exception to the policies of title insurance, if any,
obtained to insure the Lien or hypothec of each mortgage with respect to each of the mortgaged properties or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the
ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such
Person; 
 (6) (A) Liens on assets of a Subsidiary that is not a Guarantor securing Indebtedness of a Subsidiary that is not
a Guarantor permitted to be Incurred pursuant to Section 4.03; 
 (B) Liens securing (x) Indebtedness Incurred
pursuant to Section 4.03(b)(i) (and any cash management arrangements, hedging obligations and supply chain financing arrangements secured under the documentation governing such Indebtedness); provided that (A) any such Liens on any
ABL Priority Collateral shall be subject to the ABL/Cash Flow Intercreditor Agreement or shall constitute Junior Liens and (B) any such Liens on any Cash Flow Priority Collateral must be secured on a pari passu or Junior Lien basis to the Notes
and, if such Indebtedness is secured by Cash Flow Priority Collateral on a pari passu basis with the Notes, the representative in respect of such obligations must enter into a joinder to the Security Documents, and if such Indebtedness is secured by
Cash Flow Priority Collateral on a Junior Lien basis to the Notes such Indebtedness must be Junior Lien Priority Indebtedness and (y) any other Indebtedness permitted to be Incurred under this Indenture if, as of the date such Indebtedness

  
 -33- 

 
was Incurred, and after giving pro forma effect thereto and the application of the net proceeds therefrom, the Consolidated Secured Net Leverage Ratio of RYAM does not exceed 3.50 to 1.00;
provided that (A) any such Liens on any ABL Priority Collateral shall be subject to the ABL/Cash Flow Intercreditor Agreement or shall constitute Junior Liens and (B) any such Liens on any Cash Flow Priority Collateral must be
secured on a pari passu or Junior Lien basis to the Notes and, if such Indebtedness is secured by Cash Flow Priority Collateral on a pari passu basis with the Notes, the representative in respect of such obligations must enter into a joinder to the
Security Documents, and if such Indebtedness is secured by Cash Flow Priority Collateral on a Junior Lien basis to the Notes, such Indebtedness must be Junior Lien Priority Indebtedness; and 

(C) Liens securing Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (iv), (xiv) (to the
extent such guarantees are issued in respect of any Indebtedness) or (xvi) of Section 4.03(b); 
 (7) Liens
existing on the Issue Date (other than Liens in favor of the lenders under the ABL Credit Agreement and Liens securing Notes Obligations) (including, for the avoidance of doubt, all Liens securing the Canadian Financing); 

(8) Liens on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided,
however, that such Liens (other than Liens to secure Indebtedness Incurred pursuant to Section 4.03(b)(xvi)(B)) are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;
provided, further, however, that such Liens (other than Liens to secure Indebtedness Incurred pursuant to Section 4.03(b)(xvi)(B)) may not extend to any other property owned by RYAM, the Company or any Restricted Subsidiary
(other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition); 

(9) Liens on assets or property at the time RYAM, the Company or a Restricted Subsidiary acquired the assets or property,
including any acquisition by means of a merger, amalgamation or consolidation with or into RYAM, the Company or any Restricted Subsidiary; provided, however, that such Liens (other than Liens to secure Indebtedness Incurred pursuant to
Section 4.03(b)(xvi)(B)) are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens (other than Liens to secure Indebtedness Incurred pursuant to
Section 4.03(b)(xvi)(B)) may not extend to any other property owned by RYAM, the Company or any Restricted Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on
property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition); 
 (10)
Liens securing Indebtedness or other obligations of RYAM, the Company or a Restricted Subsidiary owing to RYAM, the Company or another Restricted Subsidiary permitted to be Incurred in accordance with Section 4.03; 

(11) Liens securing Hedging Obligations not incurred in violation of this Indenture; 

(12) Liens on inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
documentary letters of credit, bank guarantees or bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

  
 -34- 

 (13) leases, subleases, licenses and sublicenses of real property which do
not materially interfere with the ordinary conduct of the business of RYAM, the Company or any of the Restricted Subsidiaries; 

(14) Liens arising from UCC financing statement filings (including under the PPSA (including registrations of hypothecs) or
similar personal property security laws) regarding operating leases or other obligations not constituting Indebtedness or in connection with any Permitted Supplier Receivables Sales Program; 

(15) Liens in favor of RYAM, the Company or any Guarantor; 

(16) Liens on assets of the type specified in the definition of “Securitization Financing” Incurred in connection
with a Qualified Securitization Financing; 
 (17) pledges and deposits and other Liens made in the ordinary course of
business to secure liability to insurance carriers; 
 (18) Liens on the Equity Interests of Unrestricted Subsidiaries; 

(19) leases, subleases, licenses or sublicenses (including with respect to intellectual property) granted to others in the
ordinary course of business; 
 (20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8), (9), (10), (11), (15), (25) and (36) of this definition;
provided, however, that (x) such new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien
(plus improvements on and accessions to such property, proceeds and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent such assets secured (or would have secured) the
Indebtedness being refinanced, refunded, extended, renewed or replaced), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or accreted
value, if applicable) or, if greater, committed amount of the applicable Indebtedness described under clauses (6), (7), (8), (9), (10), (11), (15), (25) and (36) at the time the original Lien became a Permitted Lien under this Indenture and, in
the case of any Lien on Collateral, shall not have a greater priority level with respect to the Liens securing the Notes Obligations than the Liens securing the Indebtedness so refinanced, refunded, extended, renewed or replaced, (B) unpaid
accrued interest and premiums (including tender premiums), and (C) an amount necessary to pay any underwriting discounts, defeasance costs, commissions, fees and expenses related to such refinancing, refunding, extension, renewal or
replacement; provided, further, however, that in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B) or (6)(C), the principal amount of
any Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B) or (6)(C) and not this clause (20) for purposes of determining the principal amount of Indebtedness
outstanding under clause (6)(B) or (6)(C); 
 (21) Liens on equipment of RYAM, the Company or any Restricted Subsidiary
granted in the ordinary course of business to RYAM’s, the Company’s or such Restricted Subsidiary’s client at which such equipment is located; 

  
 -35- 

 (22) judgment and attachment Liens not giving rise to an Event of Default
and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of
goods entered into in the ordinary course of business; 
 (24) Liens incurred to secure cash management services or to
implement cash pooling arrangements in the ordinary course of business; 
 (25) other Liens securing obligations the
outstanding principal amount of which does not, taken together with the principal amount of all other obligations secured by Liens incurred under this clause (25) that are at that time outstanding, exceed the greater of $87.5 million and
3.5% of Total Assets at the time of incurrence; provided that (A) any such Liens on any ABL Priority Collateral shall be subject to the ABL/Cash Flow Intercreditor Agreement or shall constitute Junior Liens and (B) any such Liens on
any Cash Flow Priority Collateral must be secured on a pari passu or Junior Lien basis to the Notes and, if such Indebtedness is secured by Cash Flow Priority Collateral on a pari passu basis with the Notes, the representative in respect of such
obligations must enter into a joinder to the Security Documents, and if such Indebtedness is secured by Cash Flow Priority Collateral on a Junior Lien basis to the Notes, such Indebtedness must be Junior Lien Priority Indebtedness; 

(26) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or
similar arrangement securing obligations of such joint venture or pursuant to any joint venture or similar agreement; 
 (27)
any amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of RYAM, the Company or any Restricted Subsidiary, under any indenture issued in escrow pursuant to customary escrow
arrangements pending the release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions; 

(28) Liens (i) arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching to commodity trading accounts or other commodity brokerage
accounts incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for
speculative purposes; 
 (29) Liens (i) in favor of credit card companies pursuant to agreements therewith and
(ii) in favor of customers; 
 (30) Liens disclosed by the title commitments or title policies delivered pursuant to
this Indenture and/or the Security Documents and any replacement, extension or renewal of any such Lien; provided that such replacement, extension or renewal Lien shall not cover any property other than the property that was subject to such
Lien prior to such replacement, extension or renewal; provided, further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted under this Indenture or, in the event no title
commitment or title policy is required to be delivered pursuant to this Indenture and/or the Security Documents, restrictions, easements, rights of way, restrictive covenants, licenses, 

  
 -36- 

 
servitudes, watercourse, right of way, right of access or user or other similar rights in land granted to or reserved by other Persons which do not, either individually or in the aggregate,
materially impair the value, use, development, management, ownership or operation of the property subject thereto and do not materially adversely affect the marketability of such property or the Liens under the relevant Security Documents; 

(31) Liens that are contractual rights of set-off relating to purchase orders and other
agreements entered into with customers, suppliers or service providers of RYAM, the Company or any Restricted Subsidiary in the ordinary course of business; 

(32) in the case of real property that constitutes a leasehold or subleasehold interest, (x) any Lien to which the fee
simple interest (or any superior leasehold interest) is or may become subject and any subordination of such leasehold or subleasehold interest to any such Lien in accordance with the terms and provisions of the applicable leasehold or subleasehold
documents, and (y) any right of first refusal, right of first negotiation or right of first offer which is granted to the lessor or sublessor; 

(33) agreements to subordinate any interest of RYAM, the Company or any Restricted Subsidiary in any accounts receivable or
other prices arising from inventory consigned by RYAM, the Company or any such Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of business; 

(34) Liens on securities that are the subject of repurchase agreements constituting Cash Equivalents under clause (4) of
the definition thereof; 
 (35) Liens securing insurance premium financing arrangements; provided that such Liens are limited
to the applicable unearned insurance premiums; 
 (36) Liens on the Collateral securing the Notes issued on the Issue Date
and the related Guarantees (for the avoidance of doubt, excluding any Additional Notes and any Guarantees thereof issued subsequent to the Issue Date); 

(37) Liens on any Collateral securing Junior Lien Priority Indebtedness permitted to be incurred pursuant to Section 4.03
to refinance the 2024 Notes; and 
 (38) Statutory Liens in favor of a Farm Credit Lender or its Affiliate pursuant to the
Farm Credit Act of 1971 (as may be amended from time to time) on all Farm Credit Equities of such Farm Credit Lender or its Affiliate that the Company or any Guarantor may now own or hereafter acquire, which statutory Lien shall be for such Farm
Credit Lender’s (or its Affiliate’s) sole and exclusive benefit. 
 “Permitted Supplier Receivables Sale Program”
means any supplier or vendor financing arrangement, transaction, or similar program that is entered into for the purpose of facilitating the sale or financing by the Company or any Guarantor of Receivables Assets or interests therein, so long as
(a) no Default or Event of Default has occurred and is continuing, or would result from such sale or financing, (b) each such sale or financing is for cash which is paid substantially concurrently with such sale or financing and
(c) following such sale or financing, other than pursuant to those non-recourse exceptions which are customary in such accounts receivable sales programs (as determined reasonably and in good faith the
Company), (i) no purchaser or other third-party financial institution shall have any recourse to the Company, any Guarantor or any of their respective Subsidiaries in connection with such sale or financing (or other related arrangement), and
(ii) neither the Company nor any Guarantor nor any 

  
 -37- 

 
Subsidiary of the Company or of any Guarantor shall guarantee any liabilities or obligations with respect to such sale, financing or other related arrangement (including, without limitation, any
guarantee, surety or other credit support for any of the obligations owed by any customer of the Company, any Guarantor or any of their Subsidiaries to such third-party financial institution under any sale or other financing arrangement);
provided, that the aggregate amount of all Receivables Assets or interests therein sold, financed, or otherwise transferred under all Permitted Supplier Receivables Sale Programs, as such amount may be reduced from time to time by all cash
payments advanced to the Company or any Guarantor (and all commissions, discounts, yield and other fees and charges relating thereto) in connection therewith, shall not exceed $20 million at any time. 

“Person” means any individual, corporation, partnership, limited liability company, unlimited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“PPSA” means the Personal Property Security Act (Ontario); provided, however, if the validity,
attachment, perfection (or opposability), effect of perfection or of non-perfection or priority of the Notes Collateral Agent’s security interest in any Collateral are governed by the personal property
security laws or laws relating to personal or movable property of any Canadian jurisdiction other than Ontario, “PPSA” shall also include those personal property security laws or laws relating to personal or movable property in such other
jurisdiction (including the Civil Code of Quebec) for the purpose of the provisions hereof relating to such validity, attachment, perfection (or opposability), effect of perfection or of non-perfection or
priority and for the definitions related to such provisions. 
 “Preferred Stock” means any Equity Interest with
preferential right of payment of dividends or upon liquidation, dissolution, or winding up. 
 “Public Company Compliance”
means compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, the provisions of the Securities Act and the Exchange Act, and the rules of national securities exchange
listed companies (in each case, as applicable to companies with equity or debt securities held by the public), including procuring directors’ and officers’ insurance, legal and other professional fees, and listing fees. 

“Qualified Securitization Financing” means any Securitization Financing that meets the following conditions: 

(1) the Board of Directors of the Company shall have determined in good faith that such Qualified Securitization Financing
(including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Company and (if applicable) the applicable Securitization Subsidiary; 

(2) all sales of Securitization Assets and related assets by the Company or the applicable Subsidiary (other than a
Securitization Subsidiary) either to the applicable Securitization Subsidiary or directly to the applicable third-party financing providers (as the case may be) are made at Fair Market Value (as determined in good faith by the Company); and 

(3) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in
good faith by the Company) and may include Standard Securitization Undertakings. 
 The grant of a security interest in any Securitization
Assets of RYAM, the Company or any Restricted Subsidiary (other than a Securitization Subsidiary) to secure the ABL Credit Agreement, Indebtedness in respect of the Notes or any Refinancing Indebtedness with respect to the Notes shall not be deemed
a Qualified Securitization Financing. 

  
 -38- 

 “Rating Agency” means (1) each of Moody’s and S&P and
(2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule
15cs-1(c)(2)(vi)(F) under the Exchange Act selected by the Company or any direct or indirect parent of the Company as a replacement agency for Moody’s or S&P, as the case may be. 

“Record Date” has the meaning specified in Exhibit A hereto. 

“Receivables Assets” means Accounts and related assets and property from time to time originated, acquired or otherwise owned
by RYAM or any Subsidiary. 
 “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial
Institution, a UK Resolution Authority. 
 “Restricted Cash” means cash and Cash Equivalents held by RYAM, the Company and
the Restricted Subsidiaries that would appear as “restricted” on a consolidated balance sheet of RYAM, the Company or any of the Restricted Subsidiaries. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted
Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of RYAM (other than the Company). 

“S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by RYAM, the Company
or a Restricted Subsidiary whereby RYAM, the Company or such Restricted Subsidiary transfers such property to a Person and RYAM, the Company or such Restricted Subsidiary leases it from such Person, other than leases between any of RYAM, the Company
and a Restricted Subsidiary or between Restricted Subsidiaries. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Indebtedness” means any Consolidated Total Indebtedness secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Assets” means any of the following assets (or interests therein) from time to time
originated, acquired or otherwise owned by RYAM, the Company or any Restricted Subsidiary or in which RYAM, the Company or any Restricted Subsidiary has any rights or interests, in each case, without regard to where such assets or interests are
located: (1) accounts receivable (including any bills of exchange), (2) royalty and other similar payments made related to the use of trade names and other intellectual property, business support, training and other services,
(3) revenues related to distribution and merchandising of the products of RYAM, the Company and the Restricted Subsidiaries, (4) intellectual 

  
 -39- 

 
property rights relating to the generation of any of the foregoing types of assets, (5) parcels of or interests in real property, together with all easements, hereditaments and appurtenances
thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof and (6) any other assets and property to the extent customarily included in securitization transactions or factoring
transactions of the relevant type in the applicable jurisdictions (as determined by the Company in good faith). 
 “Securitization
Fees” means distributions or payments made directly or by means of discounts with respect to any participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in
connection with, any Securitization Financing. 
 “Securitization Financing” means any transaction or series of
transactions that may be entered into by RYAM, the Company or any of their Subsidiaries pursuant to which RYAM, the Company or any of their Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a
transfer by RYAM or any of its Subsidiaries); and (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets (whether now existing or arising in the future) of
RYAM, the Company or any of their Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization
Assets, proceeds of such Securitization Assets and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions or factoring transactions
involving Securitization Assets and any Hedging Obligations entered into by RYAM, the Company or any such Subsidiary in connection with such Securitization Assets. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a Securitization Asset or portion thereof becoming subject to any asserted
defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a Wholly Owned Restricted Subsidiary (or another Person formed for the purposes of engaging
in Qualified Securitization Financing with RYAM or the Company in which RYAM, the Company or any of their Subsidiaries makes an Investment and to which RYAM, the Company or any their Subsidiary transfers Securitization Assets and related assets)
which engages in no activities other than in connection with the financing of Securitization Assets of RYAM, the Company and their Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating
thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors of RYAM or the Company (as provided below) as a Securitization Subsidiary and: 

(a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by RYAM,
the Company or any other Restricted Subsidiary (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates RYAM, the
Company or any other Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of RYAM, the Company or any other Restricted Subsidiary, directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 

  
 -40- 

 (b) with which neither RYAM, the Company nor any Restricted Subsidiary has
any material contract, agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to RYAM, the Company or such Restricted Subsidiary than those that might be obtained at the time from
Persons that are not Affiliates of the Company (other than pursuant to Standard Securitization Undertakings); and 
 (c) to
which neither RYAM, the Company nor any Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other than pursuant to Standard
Securitization Undertakings). 
 Any such designation by the Board of Directors of RYAM or the Company, as applicable, shall be evidenced to
the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of RYAM or the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the
foregoing conditions. 
 “Security Documents” means the ABL/Cash Flow Intercreditor Agreement and any Junior Lien Priority
Intercreditor Agreement, each joinder or amendment thereto, and all security agreements (including the U.S. Security Agreement and Canadian Security Agreement), pledge agreements, control agreements, collateral assignments, mortgages, deeds of
trust, security deeds, deeds to secure debt, deeds of hypothec, collateral agency agreements, debentures or other instruments, pledges, grants or transfers for security or agreements related thereto executed and delivered by the Company or any
Guarantor creating or perfecting (or purporting to create or perfect) a Lien upon Collateral (including, without limitation, financing statements under the UCC or similar filings under the PPSA (including registrations of hypothecs)) in favor of the
Notes Collateral Agent on behalf of the Trustee and the holders of the Notes to secure the Notes and the Guarantees, in each case, as amended, modified, restated, supplemented or replaced, in whole or in part, from time to time, in accordance with
its terms and this Indenture subject to the terms of the ABL/Cash Flow Intercreditor Agreement. 
 “Senior Representative”
means, with respect to any Indebtedness, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case
may be, and each of their successors in such capacities. 
 “Significant Subsidiary” means any Restricted Subsidiary, in
each case, that would be a “Significant Subsidiary” within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provisions).

 “Similar Business” means any business (x) the majority of whose revenues are derived from business or activities
conducted by RYAM, the Company and their Subsidiaries on the Issue Date, (y) that is a natural outgrowth or reasonable extension, development, expansion of any business or activities conducted by RYAM, the Company and their subsidiaries on the
Issue Date or any business similar, reasonably related, incidental, complementary or ancillary to any of the foregoing and (z) any business that in the Company’s good faith business judgment constitutes a reasonable diversification of
businesses conducted by RYAM, the Company and their Subsidiaries. 
 “Special Asset Sale Redemption” has the meaning set
forth in Exhibit A hereto. 
 “Springing Maturity Date” means the earlier of (i) the date that is ninety-one (91) days prior to the final maturity date of the Company’s 5.50% Senior Notes due 2024 originally issued May 22, 2014 (the “2024 Notes”), unless, on such date, the
aggregate outstanding principal amount of the 2024 Notes is less than $50 million and (ii) the date that is ninety-one (91) days prior to the maturity date of any Indebtedness Incurred to
refinance, in whole or in part, the 2024 Notes, unless on such date the aggregate outstanding principal amount of such refinancing Indebtedness (together with the aggregate principal amount of any 2024 Notes then outstanding) is less than
$50 million. 

  
 -41- 

 “Standard Securitization Undertakings” means representations, warranties,
covenants, indemnities and guarantees of performance entered into by RYAM, the Company or any of their Subsidiaries which the Company has determined in good faith to be customary in a Securitization Financing including, without limitation, those
relating to the servicing of the assets of a Securitization Subsidiary, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency beyond the control of the issuer unless such contingency has occurred). 
 “Subordinated
Indebtedness” means (a) with respect to the Company, any Indebtedness of the Company which is by its terms subordinated in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor
which is by its terms subordinated in right of payment to its Guarantee. 
 “Subsidiary” means, with respect to any Person,
(1) any corporation, association or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or
a combination thereof, and (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership
interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership
interests or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

“Suspension Period” means the period of time between a Covenant Suspension Event and the related Reversion Date. 

“Tax Distributions” means any distributions described in Section 4.04(b)(xii). 

“Temiscaming Facility” means the real property assets owned by Rayonier A.M. Canada Enterprises Inc., located in the
Registration Division of Temiscamingue, in the Province of Québec, Canada, including the high yield pulp mill, the high purity cellulose mill, the paperboard mill and certain other lands adjacent thereto, but excluding, (i) the
“Energy Island” cogeneration facility, (ii) any other real property that is owned by Rayonier A.M. Canada Industries Inc. or Rayonier A.M. Canada Energy L.P. or in which any of Rayonier A.M. Canada Industries Inc. or Rayonier A.M.
Canada Energy L.P. has any rights (emphyteutic, superficiary or otherwise) (the excluded property in this clause (ii) and the preceding clause (i), collectively, the “Temiscaming Excluded Real Property”),
(iii) all present and future structures and works of a permanent nature located from time to time in or on the Temiscaming Excluded Real Property, including, without limitation, all buildings, facilities, accessories, structures and other
improvements therein or thereon, (iv) all present and future property which is deemed by law to be immovable and which is located or incorporated from time to time in or on the Temiscaming Excluded Real Property and (v) all alterations,
additions, expansions and replacements to or reconstructions of any of the excluded property described in the preceding clauses (i) through (iv). 

  
 -42- 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections
77aaa-77bbbb) as in effect on the date of this Indenture. 
 “Total Assets” means the total consolidated assets of RYAM,
the Company and the Restricted Subsidiaries, as shown on the most recent balance sheet of RYAM, calculated on a pro forma basis after giving effect to any subsequent acquisition or disposition of a Person or business. For purposes of
calculating Total Assets for RYAM, such calculation shall be made in respect of RYAM, the Company and the Restricted Subsidiaries. 

“Transactions” means the (a) the issuance and sale of the Notes pursuant to the Offering Memorandum and the use of
proceeds thereof and (b) the entering into of the ABL Credit Agreement and the making of borrowings thereunder and the use of proceeds thereof. 

“Treasury Rate” means, the weekly average for such Business Day during the most recent week that has ended at least two
business days prior to the applicable redemption date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the Federal Reserve Statistical Release H.15 (or,
if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to January 15, 2024; provided, however, that if the period from
such redemption date to January 15, 2024, as applicable, is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Officer” means: 

(1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject, and 
 (2)
who shall have direct responsibility for the administration of this Indenture. 
 “Trustee” means the party named as such
in the Preamble to this Indenture until a successor replaces it and, thereafter, means the successor. 
 “Uniform Commercial
Code” or “UCC” means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it
may be required to apply to any item or items. 
 “UK Financial Institution” means any BRRD Undertaking (as such term is
defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom
Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 

  
 -43- 

 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of RYAM (other than the Company) that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors of RYAM or the Company, as applicable, in the manner provided below; and 
 (2) any
Subsidiary of an Unrestricted Subsidiary. 
 RYAM or the Company may designate any Subsidiary of RYAM or the Company, as applicable
(including any newly acquired or newly formed Subsidiary of RYAM or the Company) to be an Unrestricted Subsidiary unless at the time of such designation such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns
or holds any Lien on any property of, RYAM, the Company or any other Restricted Subsidiary that is not a Subsidiary of the Subsidiary to be so designated, in each case at the time of such designation; provided, however, that the Subsidiary to be so
designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of RYAM, the Company or any of the Restricted Subsidiaries unless
otherwise permitted under Section 4.04; provided, further, however, that either: 
 (a) the
Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 
 (b) if such Subsidiary has consolidated
assets greater than $1,000, then such designation would be permitted under Section 4.04. 
 RYAM or the Company may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation: 

(x) (1) RYAM could Incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 4.03(a) or (2) the Fixed Charge Coverage Ratio of RYAM would be no less than such ratio immediately prior to such designation, in each case on a pro forma basis taking into account such designation, and 

(y) no Event of Default shall have occurred and be continuing. 

Any such designation by RYAM or the Company shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of
the Board of Directors or any committee thereof of RYAM or the Company, as applicable, giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Government Obligations” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or redeemable at the option of the issuer thereof, and shall also include
a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of 

  
 -44- 

 
principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of
or interest on the U.S. Government Obligations evidenced by such depository receipt. 
 “U.S. Security Agreement” means the
U.S. Notes Security Agreement dated as of the Issue Date among the Notes Collateral Agent, RYAM, the Company and the other Guarantors, as amended, amended and restated, supplemented or otherwise modified from time to time. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled
principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 

“Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that is a Restricted Subsidiary. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares or shares required pursuant to applicable law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 SECTION 1.02
Other Definitions. 
  

			
	 Term
	  	 Section

	 $
	  	1.03(j)
	 Affiliate Transaction
	  	4.07(a)
	 Agent Members
	  	Appendix A
	 Asset Sale Offer
	  	4.06(b)
	 Authentication Order
	  	2.03
	 Change of Control Offer
	  	4.08(b)
	 Company
	  	Preamble

  
 -45- 

			
	 Term
	  	 Section

	 covenant defeasance option
	  	8.01(b)
	 Covenant Suspension Event
	  	4.16
	 Definitive Note
	  	Appendix A
	 Depository
	  	Appendix A
	 Event of Default
	  	6.01
	 Excess Proceeds
	  	4.06(b)
	 Global Notes
	  	Appendix A
	 Global Notes Legend
	  	Appendix A
	 Guaranteed Obligations
	  	12.01(a)
	 IAI
	  	Appendix A
	 Increased Amount
	  	4.12(d)
	 Initial Notes
	  	Preamble
	 Land Records
	  	10.01(c)(1)
	 legal defeasance option
	  	8.01(b)
	 Mortgage
	  	10.01(c)(1)
	 Mortgaged Property
	  	10.01(c)
	 Notes
	  	Preamble
	 Notes Custodian
	  	Appendix A
	 Notice of Default
	  	6.01
	 Offer Period
	  	4.06(d)
	 Paying Agent
	  	2.04(a)
	 Permitted Jurisdictions
	  	5.01(a)
	 protected purchaser
	  	2.08
	 QIB
	  	Appendix A
	 Refinancing Indebtedness
	  	4.03(b)(xv)
	 Refunding Capital Stock
	  	4.04(b)(ii)
	 Registrar
	  	2.04(a)
	 Regulation S
	  	Appendix A
	 Regulation S Global Notes
	  	Appendix A
	 Regulation S Notes
	  	Appendix A
	 Regulation S Permanent Global Note
	  	Appendix A
	 Regulation S Temporary Global Note
	  	Appendix A
	 Restricted Notes Legend
	  	Appendix A
	 Restricted Payments
	  	4.04(a)
	 Restricted Period
	  	Appendix A
	 Retired Capital Stock
	  	4.04(b)(ii)
	 Reversion Date
	  	4.16
	 Rule 144A
	  	Appendix A
	 Rule 144A Global Notes
	  	Appendix A
	 Rule 144A Notes
	  	Appendix A
	 Rule 501
	  	Appendix A
	 RYAM
	  	Preamble
	 Second Commitment
	  	4.06(b)
	 Signature Law
	  	13.19
	 Successor Company
	  	5.01(a)(i)
	 Successor Guarantor
	  	5.1(b)(i)
	 Suspended Covenants
	  	4.16
	 Tax Group
	  	4.04(b)(xii)

  
 -46- 

			
	 Term
	  	 Section

	 Title Company
	  	10.01(c)(2)
	 Title Policy
	  	10.01(c)(2)
	 Transfer Restricted Definitive Notes
	  	Appendix A
	 Transfer Restricted Global Notes
	  	Appendix A
	 Transfer Restricted Notes
	  	Appendix A
	 Trustee
	  	Preamble
	 U.S. dollars
	  	1.03(j)
	 Unrestricted Definitive Notes
	  	Appendix A
	 Unrestricted Global Notes
	  	Appendix A

 SECTION 1.03 Rules of Construction.. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

(f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (g) the principal amount of any non-interest
bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or
(ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 

(i) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations
hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; 

(j) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the
United States of America that at the time of payment is legal tender for payment of public and private debts; 
 (k) for
purposes of any Collateral located in the Province of Quebec or charged by any deed of hypothec (or any other Cash Flow Document) and for all other purposes pursuant to which the interpretation or construction of a Cash Flow Document may be subject
to the laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Quebec, (i) “personal property” shall be deemed to include “movable property”, (ii) “real property” shall be deemed
to include “immovable property”, (iii) “tangible property” shall be deemed to include 

  
 -47- 

 
“corporeal property”, (iv) “intangible property” shall be deemed to include “incorporeal property”, (v) “security interest” and “mortgage” shall
be deemed to include a “hypothec”, (vi) all references to filing, registering or recording under the UCC or PPSA shall be deemed to include publication by registration under the Civil Code of Quebec, (vii) all references to
“perfection” of or “perfected” Liens shall be deemed to include a reference to the “opposability” of such Liens to third parties, (viii) any “right of offset”, “right of setoff” or similar
expression shall be deemed to include a “right of compensation”, (ix) “goods” shall be deemed to include “corporeal movable property” other than chattel paper, documents of title, instruments, money and securities,
(x) an “agent” shall be deemed to include a “mandatary”, (xi) “foreclosure” shall be deemed to include the “exercise of a hypothecary right”, (xii) “lease” shall be deemed to include a
“lease” or a “contract of leasing (crédit-bail)”, as applicable, and (xiii) “deposit account” shall be deemed to include a “financial account” (within the meaning
of Article 2713.6 of the Civil Code of Quebec); (xiv) “construction liens” shall be deemed to include “legal hypothecs”, (xv) “joint and several” shall be deemed to include “solidary” and “jointly and
severally” shall be deemed to include “solidarily” (xvi) “gross negligence or willful misconduct” shall be deemed to be “intentional or gross fault”, (xvii) “beneficial ownership” shall be deemed to
include “ownership”, (xviii) “easement” shall be deemed to include “servitude”, and (xix) “priority” shall be deemed to include “rank” or “prior claim”, as applicable; and 

(l) if for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in any currency (the
“Original Currency”) in another currency (the “Other Currency”), the parties hereby agree, to the fullest extent permitted by applicable law, that the rate of exchange used shall be that at which, on the relevant
date, as determined by the Company in good faith, the Company could purchase the Original Currency with the Other Currency after any premium and costs of exchange on the Business Day preceding that on which final judgment is given. 

ARTICLE II 
 THE NOTES

 SECTION 2.01 Amount of Notes. The aggregate principal amount of Notes which may be authenticated and delivered under this
Indenture on the Issue Date is $500,000,000. 
 The Company may from time to time after the Issue Date issue Additional Notes under this
Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and Section 4.12 and (ii) such Additional Notes are
issued in compliance with the other applicable provisions of this Indenture. With respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Notes pursuant to Section 2.07, 2.08, 4.06(e), 4.08(c) or Appendix A), there shall be (a) established in or pursuant to a resolution of the Board of Directors of the Company and (b) (i) set forth or determined in the
manner provided in an Officers’ Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes: 

(1) the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture; 

(2) the issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes
shall accrue; and 

  
 -48- 

 (3) if applicable, that such Additional Notes shall be issuable in whole or
in part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth in
Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of such
Global Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof. 

If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an
appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or an indenture supplemental hereto setting
forth the terms of the Additional Notes. 
 The Initial Notes and any Additional Notes may, at the Company’s option, be treated as a
single class of securities for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible with the Initial Notes for U.S.
federal income tax purposes, the Additional Notes will have a separate CUSIP number and/or ISIN, if applicable. 
 SECTION 2.02 Form and
Dating. Provisions relating to the Notes are set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s certificate of authentication and
(ii) any Additional Notes (if issued as Transfer Restricted Notes) and the related Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly
made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company or any Guarantor is subject, if any, or usage (provided that any such notation, legend
or endorsement is in a form acceptable to the Company). Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and in minimum denominations of $2,000 and any integral
multiples of $1,000 in excess thereof, provided that Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by the Depository in denominations of less than $2,000. 

SECTION 2.03 Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the
Company signed by one Officer of the Company (an “Authentication Order”) (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $500,000,000 and (b) subject to the terms of this Indenture,
Additional Notes in an aggregate principal amount to be determined at the time of issuance and specified therein. Such Authentication Order shall specify the amount of separate Note certificates to be authenticated, the principal amount of each of
the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, whether the Notes are to be Initial Notes or Additional Notes, the registered holder of each of the Notes and delivery instructions. Notwithstanding
anything to the contrary in this Indenture or Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess thereof. 

One Officer shall sign the Notes for the Company by manual or PDF signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 

  
 -49- 

 A Note shall not be valid until an authorized signatory of the Trustee (or an authenticating
agent as described immediately below) manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee may appoint one or more authenticating agents reasonably acceptable to the Company to authenticate the Notes. Any such appointment
shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

SECTION 2.04 Registrar, Paying Agent and Notes Collateral Agent. 

(a) The Company shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (the
“Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may have
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying
Agent” includes the Paying Agent and any additional paying agents. The Company initially appoints the Trustee as Registrar, Paying Agent, the Notes Custodian and the Notes Collateral Agent with respect to the Global Notes. 

(b) The Company may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall
act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company, RYAM or any their wholly owned domestically organized Subsidiaries may act as Paying Agent or Registrar. 

(c) The Company may remove any Registrar, Paying Agent or Notes Collateral Agent upon written notice to such Registrar, Paying Agent or Notes
Collateral Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar, Paying Agent or Notes Collateral Agent, as the case may be, as
evidenced by an appropriate agreement entered into by the Company and such successor Registrar, Paying Agent or Notes Collateral Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall
serve as Registrar, Paying Agent or Notes Collateral Agent until the appointment of a successor in accordance with clause (i) above. The Registrar, Paying Agent or Notes Collateral Agent may resign at any time upon written notice to the Company
and the Trustee; provided, however, that the Trustee may resign as Paying Agent, Registrar or Notes Collateral Agent only if the Trustee also resigns as Trustee in accordance with Section 7.08. 

SECTION 2.05 Paying Agent to Hold Money in Trust. Prior to 10:00 a.m., New York City time, on each due date of the principal of and
interest on any Note, the Company shall deposit with the Trustee or each Paying Agent (or if RYAM, the Company or any of their wholly owned domestically organized Subsidiaries is acting as Paying Agent, segregate and hold in trust for the benefit of
the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit
of holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee in writing of any default by the 

  
 -50- 

 
Company in making any such payment. If RYAM, the Company or any of their wholly owned domestically organized Subsidiaries acts as Paying Agent, it shall segregate the money held by it as Paying
Agent and hold it in trust for the benefit of the Persons entitled thereto. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying
with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy or reorganization proceedings relating to the Company or RYAM, the Trustee shall serve as Paying Agent for the
Notes. 
 SECTION 2.06 Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of holders. If the Trustee is not the Registrar, the Company shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business Days before each Interest Payment Date
and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of holders. 

SECTION 2.07 Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the
surrender of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if certain
requirements by the Registrar and the Trustee (including, among other things, the furnishing of appropriate endorsements and transfer documents) therefor are met. The transferor shall also provide or cause to be provided to the Registrar all
information necessary to allow the Registrar to comply with any applicable tax reporting obligations, including without limitation, any cost basis reporting obligations under Internal Revenue Code Section 6045. The Registrar may rely on
information provided to it in connection with any transfer or exchange and shall have no responsibility whatsoever to verify or ensure the accuracy of such information. When Notes are presented to the Registrar with a request to exchange them for an
equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Notes at the Registrar’s request. The Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The
Company shall not be required to make, and the Registrar need not register, transfers or exchanges of any Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for
a period of 15 days before the sending of a notice of redemption of Notes to be redeemed. 
 Prior to the due presentation for registration
of transfer of any Note, the Company, the Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the
contrary. 
 Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of
beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global Note, and that ownership of
a beneficial interest in such Global Note shall be required to be reflected in a book entry. 

  
 -51- 

 All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants or beneficial owners of interests in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 None of the Trustee, Registrar or Paying Agent shall have any responsibility for any actions taken or not taken by
the Depository. 
 SECTION 2.08 Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the holder of a Note
claims that the Note has been lost, stolen or destroyed, the Company shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code
are met, such that the holder (a) satisfies the Company and the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such
notification, (b) makes such request to the Company and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a
“protected purchaser”) and (c) satisfies any other reasonable requirements of the Company and the Trustee. Such holder shall furnish an indemnity bond sufficient in the judgment of the Trustee, with respect to the Trustee, and
the Company, with respect to the Company, to protect the Company, the Trustee, the Paying Agent and the Registrar, as applicable, from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for
payment. The Company and the Trustee may charge the holder for their expenses in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, stolen or
destroyed Note has become or is about to become due and payable, the Company in its discretion may pay such Note instead of issuing a new Note in replacement thereof. 

Every replacement Note is an additional obligation of the Company. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, lost, stolen or destroyed Notes. 
 SECTION 2.09 Outstanding Notes. Notes outstanding at any
time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 13.06, a Note does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant to Section 2.08 (other
than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding
upon surrender of such Note and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates and holds in trust, in
accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and unpaid interest payable on that date with respect to the Notes (or portion thereof) to be redeemed or maturing, as the case may be, and
no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portion thereof) cease to be outstanding and interest on them ceases to accrue. 

  
 -52- 

 SECTION 2.10 Cancellation. The Company at any time may deliver Notes to the Trustee
for cancellation. The Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Company may not issue new Notes to replace Notes that have been redeemed, paid or delivered to the Trustee for
cancellation. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. 

SECTION 2.11 Defaulted Interest. If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted
interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the Persons who are holders on a subsequent special record date. The Company
shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly delivered or cause to be delivered to each affected holder a notice that states the special record date,
the payment date and the amount of defaulted interest to be paid. 
 SECTION 2.12 CUSIP Numbers, ISINs, Etc. The Company in issuing
the Notes may use CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use), and the Trustee shall use any such CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption, that reliance may be placed only on
the other identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee in writing of any change in any such CUSIP numbers, ISINs and
“Common Code” numbers. 
 SECTION 2.13 Calculation of Principal Amount of Notes. The aggregate principal amount of the
Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal
amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the
aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, and Section 13.06 of this Indenture. Any calculation of the Applicable Premium
made pursuant to this Section 2.13 shall be made by the Company and delivered to the Trustee pursuant to an Officers’ Certificate. 

ARTICLE III 
 REDEMPTION

 SECTION 3.01 Redemption. The Notes may be redeemed, in whole or from time to time in part, subject to the conditions and at
the redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, plus accrued and unpaid interest to, but excluding, the applicable
redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

  
 -53- 

 SECTION 3.02 Applicability of Article. Redemption of Notes at the election of the
Company or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article III. 

SECTION 3.03 Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 5 of
the Note, the Company shall notify the Trustee in an Officers’ Certificate of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be
redeemed and (iv) the redemption price. The Company shall give notice to the Trustee provided for in this paragraph at least 15 days (or such shorter period as is acceptable to the Trustee) but not more than 60 days before a redemption date if
the redemption is a redemption pursuant to Paragraph 5 of the Note. The Company may also include a request in such Officers’ Certificate that the Trustee give the notice of redemption in the Company’s name and at its expense and setting
forth the information to be stated in such notice as provided in Section 3.05. Any such notice may be cancelled if written notice from the Company of such cancellation is actually received by the Trustee on the Business Day immediately prior to
notice of such redemption being mailed to any holder or otherwise delivered in accordance with the applicable procedures of the Depository and shall thereby be void and of no effect. The Company shall deliver to the Trustee such documentation and
records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 3.04. 
 SECTION 3.04 Selection of Notes
to Be Redeemed. In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee on a pro rata basis to the extent practicable or by lot or by such other method as the Trustee shall deem fair and
appropriate (and, in such manner that complies with the requirements of the Depository, if applicable); provided that no Notes of $2,000 (and integral multiples of $1,000 in excess thereof) or less shall be redeemed in part. The Trustee shall
make the selection from outstanding Notes not previously called for redemption. The Trustee may select for redemption portions of the principal of Notes that have denominations larger than $2,000. Notes and portions of them the Trustee selects shall
be in amounts of $2,000 or integral multiples of $1,000 in excess thereof. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Company promptly of
the Notes or portions of Notes to be redeemed. 
 SECTION 3.05 Notice of Optional Redemption. 

(a) At least 15 but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Note, the Company shall mail or cause to be
mailed by first-class mail, or delivered electronically in accordance with the Depository’s procedures if held by the Depository, a notice of redemption to each holder whose Notes are to be redeemed at its registered address (with a copy to the
Trustee), except that redemption notices may be mailed or otherwise delivered more than 60 days prior to the applicable redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this
Indenture pursuant to Article VIII. 
 Any such notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 

(ii) the redemption price and the amount of accrued interest to, but excluding, the redemption date; 

  
 -54- 

 (iii) the name and address of the Paying Agent; 

(iv) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued and
unpaid interest; 
 (v) if fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal
amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 

(vi) that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such
payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed; and 

(viii) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common
Code” number, if any, listed in such notice or printed on the Notes. 
 (b) At the Company’s request, the Trustee shall deliver the
notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall notify the Trustee of such request at least five (5) Business Days (or such shorter period as is acceptable to the Trustee)
prior to the date such notice is to be provided to holders. Such notice may not be canceled once delivered to holders of Notes. 
 (c) Notice
of any redemption may, at the Company’s discretion, be given prior to the completion of a transaction (including an Asset Sale, an Equity Offering, an incurrence of Indebtedness, a Change of Control or other transaction) and any redemption
notice may, at the Company’s discretion, be subject to the satisfaction (or waiver by the Company) of one or more conditions precedent, including, but not limited to, completion of a related transaction. If such redemption is so subject to
satisfaction of one or more conditions precedent, such notice of such redemption shall describe each such condition, and if applicable, shall state that, in the Company’s discretion, the applicable redemption date may be delayed until such time
as any or all such conditions shall be satisfied (or waived by the Company), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company) by
such redemption date, or by such redemption date as so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of the Company’s obligations with respect to such redemption may be
performed by another Person. If any such condition precedent has not been satisfied (or waived by the Company), the Company shall provide written notice to the Trustee and the holders no later than the close of business on the business day prior to
the applicable redemption date (or such other date as may be required pursuant to the applicable procedures of the Depository). Upon the Company providing such written notice to the Trustee and mailing or causing to be mailed by first-class mail, or
delivering electronically in accordance with the Depository’s procedures if held by the Depository, such written notice to the holders, the notice of redemption shall be rescinded or delayed, and the redemption of the Notes shall be rescinded
or delayed, in each case as provided in such notice. 

  
 -55- 

 SECTION 3.06 Effect of Notice of Redemption. Once notice of redemption is mailed or
otherwise delivered in accordance with Section 3.05, Notes called for redemption become due and payable on the applicable redemption date and at the redemption price stated in the notice, except as provided in Section 3.05(c). Upon
surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued and unpaid interest to, but excluding, the applicable redemption date; provided, however, that if the applicable
redemption date is after a regular Record Date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant Record Date. Failure to give notice or any defect
in the notice to any holder shall not affect the validity of the notice to any other holder. 
 SECTION 3.07 Deposit of Redemption
Price. With respect to any Notes, prior to 10:00 a.m., New York City time, on the applicable redemption date, the Company shall deposit with the Trustee or Paying Agent (or, if RYAM, the Company or any of their wholly owned domestically
organized Subsidiaries is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes or portions thereof to be redeemed on that date other than Notes or portions
of Notes called for redemption that have been delivered by the Company to the Trustee for cancellation. On and after the applicable redemption date, interest shall cease to accrue on Notes (or portion thereof) called for redemption so long as the
Company has deposited with the Paying Agent funds sufficient to pay the redemption price of the Notes (or portion thereof) to be redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date, on, the Notes (or
portions thereof) to be redeemed, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. 

SECTION 3.08 Notes Redeemed in Part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall
state the portion of the principal amount thereof to be redeemed. Upon surrender and cancellation of any Definitive Note that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the holder (at the Company’s
expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered and cancelled. If any Global Note is redeemed in part, the records of the Trustee shall be revised to reflect such decrease in the principal amount of
such Global Note. 
 SECTION 3.09 Mandatory Redemption. Without limiting the obligations of the Company set forth in Sections 4.06
and 4.08 or the application of the Springing Maturity Date, the Company is not required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

ARTICLE IV COVENANTS 

SECTION 4.01 Payment of Notes. The Company shall promptly pay the principal of and unpaid interest on the Notes on the dates and in the
manner provided in the Notes and in this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds, as of 10:00 a.m., New York City time, money sufficient to
pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture. 

The Company shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate borne by the Notes to the extent lawful. 

  
 -56- 

 SECTION 4.02 Reports and Other Information. 

(a) Notwithstanding that RYAM and the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act
or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, RYAM will file with the SEC (and upon written request provide the Trustee and
holders with copies thereof, without cost to each holder, within 5 days after receipt of such request): 
 (i) within the
time period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports on Form 10-K (or any successor or comparable form) containing
the information required to be contained therein (or required in such successor or comparable form), except to the extent permitted to be excluded by the SEC; 

(ii) within the time period specified in the SEC’s rules and regulations for
non-accelerated filers (except for any delay permitted by Rule 13a-13(a) promulgated under the Exchange Act), reports on Form
10-Q (or any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form), except to the extent permitted to be excluded by the
SEC; 
 (iii) promptly from time to time after the occurrence of an event required to be therein reported (and in any event
within the time period specified in the SEC’s rules and regulations), such other reports on Form 8-K (or any successor or comparable form), except to the extent permitted to be excluded by the SEC; and

 (iv) subject to the foregoing, any other information, documents and other reports which RYAM would be required to file
with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act; 
 provided, however, that RYAM shall not be
so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event RYAM will make available such information to prospective purchasers of Notes in addition to providing such information to the Trustee and the
holders, in each case, within 5 days after the time RYAM would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act as provided above; provided, further, that such reports
will not be required to contain the separate financial information for the Company or the Guarantors contemplated by Rule 3-10 or Rule 3-16 under Regulation S-X promulgated by the SEC (or any successor provision); provided, however, that textual disclosure of assets, revenue, EBITDA and liabilities of Subsidiaries that are not Guarantors (if any) shall be
included. In addition to providing such information to the Trustee, RYAM shall make available to the holders, prospective investors, market makers affiliated with any initial purchaser of the Notes and securities analysts the information required to
be provided pursuant to the foregoing clauses (i), (ii) and (iii), by posting such information to its website or on IntraLinks or any comparable online data system or website, it being understood that the Trustee shall have no responsibility to
determine if such information has been posted on any website. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).  

  
 -57- 

 If RYAM or the Company has designated any of their Subsidiaries as an Unrestricted
Subsidiary and if any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of RYAM, then the annual and quarterly information required by clauses
(i) and (ii) of this Section 4.02(a) shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations of RYAM, the Company
and the Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries. 
 (b) In
the event that: 
 (i) the rules and regulations of the SEC permit RYAM and any direct or indirect parent of RYAM to report
at such parent entity’s level on a consolidated basis and such parent entity is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the capital stock of RYAM, or 

(ii) any direct or indirect parent of RYAM is or becomes a Guarantor of the Notes, 

consolidating reporting at such parent entity’s level in a manner consistent with that described in this Section 4.02 for RYAM will satisfy this
Section 4.02, and RYAM is permitted to satisfy its obligations in this Section 4.02 with respect to financial information relating to RYAM by furnishing financial information relating to such direct or indirect parent; provided that
such financial information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than RYAM and its
Subsidiaries, on the one hand, and the information relating to RYAM and its Subsidiaries on a standalone basis, on the other hand. 
 (c) In
addition, RYAM will make such information available to prospective investors upon request. In addition, RYAM shall, for so long as any Notes remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act,
or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the holders of the Notes and to prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d) The Company will furnish to the Notes
Collateral Agent, on a quarterly basis, written notice of any change in the (a)(i) legal name of the Company or any Guarantor, (ii) jurisdiction of organization or formation of the Company or any Guarantor, (iii) identity or corporate
structure of the Company or any Guarantor (iv) location of the registered office or chief executive office of the Company or any Guarantor or (b)(i) location of any Collateral that is moved to a new location in the United States or Canada and
whether such new location is in a jurisdiction in which the Liens in favor of the Notes Collateral Agent are not yet perfected (other than any Collateral that is in transit) and (ii) any new location of standing timber or timber to be cut owned
by the Company or a Guarantor, including a sufficient description of real property to which it relates. 
 (e) Notwithstanding the foregoing,
RYAM will be deemed to have furnished the reports referred to in this Section 4.02 to the Trustee and the holders if RYAM has filed such reports with the SEC via the EDGAR filing system (or any successor thereto) and such reports are publicly
available, it being understood that the Trustee shall have no responsibility to determine if such information has been posted on any website. 

(f) Delivery of such reports, information and documents to the Trustee or the Notes Collateral Agent pursuant to this Section 4.02 is for
informational purposes only, and the Trustee’s or the Notes Collateral Agent’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including
RYAM’s or the Company’s compliance with any of its covenants under this Indenture, the Notes, the Guarantees or the Security Documents (as to which the Trustee and the Notes Collateral Agent are entitled to rely exclusively on
Officers’ Certificates). 

  
 -58- 

 SECTION 4.03 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock
and Preferred Stock. 
 (a) (i) RYAM and the Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly
or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) RYAM and the Company shall not permit any of the Restricted Subsidiaries (other than any Guarantor) to issue any shares
of Preferred Stock; provided, however, that RYAM, the Company and any Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary that is not a Guarantor may
Incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of RYAM for the most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a pro forma
basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of
proceeds therefrom had occurred at the beginning of such four-quarter period; provided, that the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable,
pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred by Restricted Subsidiaries that are not Guarantors pursuant to clause (b)(xvi)(A) below,
together with any Refinancing Indebtedness in respect thereof, shall not exceed, in the aggregate, the greater of $100 million and 4.0% of Total Assets at the time of incurrence (plus, in the case of any Refinancing Indebtedness, the Additional
Refinancing Amount). 
 (b) The limitations set forth in Section 4.03(a) shall not apply to: 

(i) the Incurrence by RYAM, the Company or any Restricted Subsidiary of Indebtedness (including under any ABL Credit Agreement
and the issuance and creation of letters of credit and bankers’ acceptances thereunder) up to an aggregate principal amount outstanding at the time of Incurrence that does not exceed an amount equal to the greater of (x) the greater of (i)
$250 million and (ii) the Borrowing Base and (y) an aggregate principal amount of Consolidated Total Indebtedness that at the time of Incurrence does not cause the Consolidated Secured Net Leverage Ratio for RYAM for the most recently
ended four full fiscal quarters for which internal financial statements are available, determined on a pro forma basis, to exceed 3.50 to 1.00; provided that for purposes of determining the amount of Indebtedness that may be incurred
under this Section 4.03(b)(i)(y), all Indebtedness incurred under this Section 4.03(b)(i) shall be treated as Secured Indebtedness; 

(ii) the Incurrence by RYAM, the Company and the other Guarantors of Indebtedness represented by the Initial Notes and the
Guarantees thereof (for the avoidance of doubt, excluding any Additional Notes and any Guarantees thereof issued subsequent to the Issue Date); 

(iii) Indebtedness (or commitments to Incur Indebtedness), Preferred Stock and Disqualified Stock existing on the Issue Date
(including the Canadian Financing (and guarantees thereof), but excluding Indebtedness described in clauses (i) and (ii) of this Section 4.03(b)); 

  
 -59- 

 (iv) Indebtedness (including Capitalized Lease Obligations) Incurred by
RYAM, the Company or any Restricted Subsidiary, Disqualified Stock issued by RYAM, the Company or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance (whether prior to or within 270 days after) the
acquisition, lease, construction, repair, replacement or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) and Attributable Debt in respect
of any sale and leaseback arrangements not in violation of this Indenture in an aggregate principal amount that, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock or Preferred Stock
then outstanding and Incurred pursuant to this clause (iv), together with any Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) below, does not exceed $75 million at any one time outstanding (plus, in the case of
any Refinancing Indebtedness, the Additional Refinancing Amount); 
 (v) Indebtedness Incurred by RYAM, the Company or any
Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation
claims, health, disability or other benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the
requirements of, environmental law or permits or licenses from governmental authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

(vi) Indebtedness arising from agreements of RYAM, the Company or any Restricted Subsidiary providing for indemnification,
adjustment of acquisition or purchase price or similar obligations (including earn-outs), in each case, Incurred or assumed in connection with the Transactions, any Investments or any acquisition or disposition of any business, assets or a
Subsidiary not prohibited by this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(vii) Indebtedness of RYAM or the Company to a Restricted Subsidiary, RYAM or the Company; provided that (except in
respect of intercompany current liabilities incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of RYAM, the Company and their Subsidiaries) any such Indebtedness owed to a Restricted
Subsidiary that is not a Guarantor is subordinated in right of payment to the obligations of the Company under the Notes or the Guarantee of RYAM, as applicable; provided, further, that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to RYAM, the Company or another Restricted Subsidiary or any
pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (vii); 

(viii) shares of Preferred Stock of a Restricted Subsidiary issued to RYAM, the Company or another Restricted Subsidiary;
provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to RYAM, the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this
clause (viii); 

  
 -60- 

 (ix) Indebtedness of a Restricted Subsidiary to RYAM, the Company or another
Restricted Subsidiary; provided that if a Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor (except in respect of intercompany current liabilities incurred in the ordinary course of business in connection
with the cash management, tax and accounting operations of RYAM, the Company and their Subsidiaries), such Indebtedness is subordinated in right of payment to the Guarantee of such Guarantor; provided, further, that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to RYAM, the
Company or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this
clause (ix); 
 (x) Hedging Obligations that are not incurred for speculative purposes but (A) for the purpose of fixing
or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (B) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; or
(C) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof; 

(xi) obligations (including reimbursement obligations with respect to letters of credit, bank guarantees, warehouse receipts
and similar instruments) in respect of performance, bid, appeal and surety bonds, completion guarantees and similar obligations provided by RYAM, the Company or any Restricted Subsidiary in the ordinary course of business or consistent with past
practice or industry practice; 
 (xii) Indebtedness or Disqualified Stock of RYAM or the Company or Indebtedness,
Disqualified Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock
and Preferred Stock then outstanding and Incurred pursuant to this clause (xii), together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (xv) below, does not exceed the greater of $100 million and 4.0% of
Total Assets at the time of incurrence (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this clause (xii) shall cease to be deemed Incurred or
outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of Section 4.03(a) from and after the first date on which RYAM, the Company, or the Restricted Subsidiary, as the case may be, could have Incurred such
Indebtedness under Section 4.03(a) without reliance upon this clause (xii); 
 (xiii) Indebtedness or Disqualified Stock
of RYAM, the Company or any Restricted Subsidiary and Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference at any time outstanding, together with Refinancing Indebtedness in respect thereof incurred
pursuant to clause (xv) hereof, not greater than 100.0% of the net cash proceeds received by RYAM, the Company and the Restricted Subsidiaries since immediately after the Issue Date from the issue or sale of Equity Interests of RYAM or any
direct or indirect parent entity of RYAM (which proceeds are retained by RYAM or contributed to the Company or a Restricted Subsidiary) or cash contributed to the capital of RYAM (in each case other than proceeds of Disqualified Stock or sales of
Equity Interests to, or contributions received from RYAM, the Company or any of their Subsidiaries) to the extent such net cash proceeds or cash 

  
 -61- 

 
have not been applied to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 4.04(b) or to make Permitted Investments (other than Permitted
Investments specified in clauses (1) and (3) of the definition thereof) (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness incurred pursuant to this clause
(xiii) shall cease to be deemed incurred or outstanding for purposes of this clause (xiii) but shall be deemed incurred for the purposes of Section 4.03(a) from and after the first date on which RYAM, the Company, or the Restricted
Subsidiary, as the case may be, could have incurred such Indebtedness under Section 4.03(a) without reliance upon this clause (xiii)); 

(xiv) any guarantee by RYAM, the Company or any Restricted Subsidiary of Indebtedness or other obligations of RYAM, the Company
or any Restricted Subsidiary so long as the Incurrence of such Indebtedness Incurred by RYAM, the Company or such Restricted Subsidiary is permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms
subordinated in right of payment to the Notes or the Guarantee of RYAM or such Restricted Subsidiary, as applicable, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment to the Notes or such Guarantee, as
applicable, substantially to the same extent as such Indebtedness is subordinated to the Notes or the Guarantee, as applicable; 

(xv) the Incurrence by RYAM, the Company or any of the Restricted Subsidiaries of Indebtedness or Disqualified Stock, or by any
Restricted Subsidiary of Preferred Stock, that serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and clauses (i)(y), (ii), (iii), (iv), (xii),
(xiii), (xv) and (xvi) of this Section 4.03(b) up to the outstanding principal amount (or, if applicable, the liquidation preference, face amount, or the like) or, if greater, committed amount (only to the extent the committed amount could
have been Incurred on the date of initial Incurrence and was deemed Incurred at such time for the purposes of this Section 4.03) of such Indebtedness or Disqualified Stock or Preferred Stock, in each case at the time such Indebtedness was
Incurred or Disqualified Stock or Preferred Stock was issued pursuant to Section 4.03(a) or clauses (i)(y), (ii), (iii), (iv), (xii), (xiii), (xv) and (xvi) of this Section 4.03(b), or any Indebtedness, Disqualified Stock or Preferred
Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, plus any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), accrued and unpaid
interest, expenses, defeasance costs and fees in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing
Indebtedness: 
 (1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is
not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would
result if all payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were
instead due on such date (provided that this subclause (1) will not apply to any refunding or refinancing of any Secured Indebtedness or Indebtedness of non- Guarantors); 

  
 -62- 

 (2) to the extent such Refinancing Indebtedness refinances
(a) Indebtedness junior in right of payment to the Notes Obligations, such Refinancing Indebtedness is junior in right of payment to the Notes Obligations, (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is
Disqualified Stock or Preferred Stock, (c) Indebtedness secured by a Lien on the Collateral that is pari passu or junior to the Lien on the Collateral securing the Notes Obligations, such Refinancing Indebtedness is secured by a Lien on
the Collateral that is pari passu with or junior to the Lien on the Collateral securing the Notes Obligations to the same extent as such Indebtedness being Refinanced, and a Senior Representative of such Refinancing Indebtedness acting on
behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of the ABL/Cash Flow Intercreditor Agreement or an intercreditor agreement delivered pursuant to the definition of “Junior Lien
Priority Indebtedness,” as applicable, and (d) obligations under the ABL Credit Agreement, the Lien on the Collateral securing such Indebtedness shall have the priorities contemplated by the ABL/Cash Flow Intercreditor Agreement (or
priorities junior thereto), and a Senior Representative of such Refinancing Indebtedness acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of the ABL/Cash Flow Intercreditor
Agreement or an intercreditor agreement delivered pursuant to the definition of “Junior Lien Priority Indebtedness,” as applicable; and 

(3) shall not include (x) Indebtedness of a Restricted Subsidiary that is not a Guarantor that refinances Indebtedness of
the Company or a Guarantor, or (y) Indebtedness of RYAM, the Company or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; 

(xvi) Indebtedness, Disqualified Stock or Preferred Stock of (A) RYAM, the Company or any Restricted Subsidiary incurred
to finance an acquisition or (B) Persons that are acquired by RYAM, the Company or any Restricted Subsidiary or are merged, consolidated or amalgamated with or into RYAM, the Company or any Restricted Subsidiary in accordance with the terms of
this Indenture (so long as such Indebtedness is not incurred in contemplation of such acquisition, merger, consolidation or amalgamation); provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either:

 (1) RYAM would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in Section 4.03(a); or 
 (2) the Fixed Charge Coverage Ratio of RYAM would be no less than immediately
prior to such acquisition or merger, consolidation or amalgamation; 
 provided, that the amount of Indebtedness,
Disqualified Stock and Preferred Stock that may be Incurred or issued, as applicable, pursuant to clause (b)(xvi)(A) by Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred
by Restricted Subsidiaries that are not Guarantors pursuant Section 4.03(a), together with any Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors incurred in respect thereof, shall not exceed, in the aggregate, the
greater of $100 million and 4.0% of Consolidated EBITDA (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(xvii) Indebtedness Incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse to
RYAM, the Company or any Restricted Subsidiary other than a Securitization Subsidiary (except for Standard Securitization Undertakings); 

  
 -63- 

 (xviii) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xix) Indebtedness of RYAM, the Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee, in a
principal amount not in excess of the stated amount of such letter of credit; 
 (xx) Indebtedness incurred on behalf of, or
representing Guarantees of Indebtedness of, joint ventures of RYAM, the Company or any Restricted Subsidiary not in excess, at any one time outstanding, of $65 million; 

(xxi) Indebtedness of RYAM, the Company or any Restricted Subsidiary consisting of (A) the financing of insurance premiums
or (B) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xxii) Indebtedness consisting of Indebtedness of RYAM, the Company or a Restricted Subsidiary to current or former officers,
directors and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of RYAM or any direct or indirect parent of RYAM to
the extent described in Section 4.04(b)(iv); and 
 (xxiii) Indebtedness in respect of Obligations of RYAM, the Company
or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with open accounts extended by
suppliers on customary trade terms in the ordinary course of business and not in connection with the borrowing of money or any Hedging Obligations. 

(c) For purposes of determining compliance with this Section 4.03: 

(1) in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the
criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxiii) of Section 4.03(b) above or is entitled to be Incurred pursuant to Section 4.03(a), then the Company may, in its sole
discretion, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such later time), such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that complies with this
Section 4.03; provided that Indebtedness outstanding under the ABL Credit Agreement shall be incurred under clause (i) of Section 4.03(b) above and may not be reclassified; 

(2) at the time of incurrence, the Company will be entitled to divide and classify an item of Indebtedness in more than one of
the categories of Indebtedness described in Section 4.03(a) or clauses (i) through (xxiii) of Section 4.03(b) (or any portion thereof) without giving pro forma effect to the Indebtedness Incurred pursuant to any other clause or
paragraph of Section 4.03 (or any portion thereof) when calculating the amount of Indebtedness that may be Incurred pursuant to any such clause or paragraph (or any portion thereof); and 

  
 -64- 

 (3) in connection with the Incurrence (including with respect to any
Incurrence on a revolving basis pursuant to a revolving loan commitment) of any Indebtedness under clause (i)(y) of Section 4.03(b), RYAM, the Company or the applicable Restricted Subsidiary may, by notice to the Trustee at any time prior to
the actual Incurrence of such Indebtedness designate such Incurrence as having occurred on the date of such prior notice, and any related subsequent actual Incurrence will be deemed for all purposes under this Indenture to have been Incurred on the
date of such prior notice. 
 Accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of
additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of
fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or obligations in respect of letters of credit
relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness
represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 
 For purposes of
determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt. However, if the
Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and the refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in
effect on the date of the refinancing, the U.S. dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount of the refinancing Indebtedness does not exceed the principal amount of the Indebtedness being
refinanced. 
 Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that RYAM, the Company and
the Restricted Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies. 

SECTION 4.04 Limitation on Restricted Payments. 

(a) RYAM and the Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of any of RYAM’s, the Company’s or any of the
Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving RYAM (other than (A) dividends or distributions payable solely in Equity Interests (other than
Disqualified Stock) of RYAM and (B) dividends or distributions by the Company or a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by the Company
or a Restricted Subsidiary that is not a Wholly Owned Restricted Subsidiary, RYAM, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or
series of securities); 

  
 -65- 

 (ii) purchase or otherwise acquire or retire for value any Equity Interests
of RYAM or any direct or indirect parent of RYAM; 
 (iii) make any principal payment on, or redeem, repurchase, defease or
otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Company, RYAM or any other Guarantor (other than the payment, redemption, repurchase, defeasance,
acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase,
defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vii) and (ix) of Section 4.03(b)); or 

(iv) make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default shall have occurred and be continuing
or would occur as a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma
basis, the Company could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 
 (3) such Restricted
Payment, together with the aggregate amount of all other Restricted Payments made by RYAM, the Company and the Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (vi)(C), (viii), (xiii)(B) and (xxi) (to
the extent provided therein) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the amount equal to the Cumulative Credit. 

(b) The provisions of Section 4.04(a) shall not prohibit: 

(i) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration thereof, if at the date of declaration or the giving of notice of such irrevocable redemption, as applicable, such payment would have complied with the provisions of this Indenture; 

(ii) (A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) or Subordinated Indebtedness of RYAM, any direct or indirect parent of RYAM, the Company or any Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of RYAM or any direct or
indirect parent of RYAM or contributions to the equity capital of RYAM (other than any Disqualified Stock or any Equity Interests sold to the Company or a Subsidiary of RYAM or the Company) (collectively, including any such contributions,
“Refunding Capital Stock”); 
 (B) the declaration and payment of dividends on the Retired Capital Stock out
of the proceeds of the substantially concurrent sale (other than to the Company or a Subsidiary of RYAM or the Company) of Refunding Capital Stock; and 

  
 -66- 

 (C) if immediately prior to the retirement of Retired Capital Stock, the
declaration and payment of dividends thereon was permitted under clause (vi) of this Section 4.04(b) and not made pursuant to clause (ii)(B), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding
Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of RYAM) in an aggregate amount per year no greater than the aggregate amount of dividends per
annum that were declarable and payable on such Retired Capital Stock immediately prior to such retirement; 
 (iii) the
repayment, redemption, repurchase, defeasance, or other acquisition or retirement of Subordinated Indebtedness of RYAM, the Company or any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new
Indebtedness of RYAM, the Company or a Guarantor, which is Incurred in accordance with Section 4.03 so long as: 
 (A)
the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so repaid,
redeemed, repurchased, defeased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so repaid, redeemed, repurchased, acquired or
retired, plus any tender premiums, plus any defeasance costs, fees and expenses incurred in connection therewith), 

(B) such Indebtedness is subordinated as to right of payment to the Notes or the related Guarantee of such Guarantor, as the
case may be, at least to the same extent as such Subordinated Indebtedness so repaid, purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value, 

(C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled
maturity date of the Subordinated Indebtedness being so repaid, redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date of any Notes then outstanding, and 

(D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so repaid, redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of
principal on the Subordinated Indebtedness being repaid, redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on such
date; 
 (iv) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests
of RYAM or any direct or indirect parent of RYAM held by any future, present or former employee, director, officer or consultant of RYAM, the Company or any other Subsidiary of RYAM or the Company or any direct or indirect parent of RYAM pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause (iv) do not
exceed $20 million in any calendar year, with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years; provided, further, however, that such amount in any calendar year may be
increased by an amount not to exceed: 

  
 -67- 

 (A) the cash proceeds received by RYAM, the Company or any of the Restricted
Subsidiaries from the sale of Equity Interests (other than Disqualified Stock) of RYAM or any direct or indirect parent of RYAM (to the extent contributed to RYAM) to employees, directors, officers or consultants of RYAM, the Company and the
Restricted Subsidiaries or any direct or indirect parent of RYAM that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase
the amount available for Restricted Payments under clause (3) of the definition of “Cumulative Credit”), plus 

(B) the cash proceeds of key man life insurance policies received by RYAM or any direct or indirect parent of RYAM (to the
extent contributed to RYAM), the Company or the Restricted Subsidiaries after the Issue Date; 
 provided that RYAM or the Company may
elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and (B) above in any calendar year; and provided, further, that cancellation of Indebtedness owing to RYAM, the Company or any Restricted
Subsidiary from any present or former employees, directors, officers or consultants of RYAM, the Company, any Restricted Subsidiary or the direct or indirect parents of RYAM in connection with a repurchase of Equity Interests of RYAM or any of its
direct or indirect parents will not be deemed to constitute a Restricted Payment for purposes of this Section 4.04 or any other provision of this Indenture; 

(v) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of RYAM,
the Company or any Restricted Subsidiary issued or incurred in accordance with Section 4.03; 
 (vi) (A) the
declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; 

(B) a Restricted Payment to any direct or indirect parent of RYAM, the proceeds of which will be used to fund the payment of
dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of RYAM issued after the Issue Date; provided that the aggregate amount of dividends declared and paid
pursuant to this clause (B) does not exceed the net cash proceeds actually received by RYAM from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; and 

(C) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends
declarable and payable thereon pursuant to Section 4.04(b)(ii); provided, however, in the case of each of clauses (A) and (C) above of this clause (vi), that for the most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to such issuance (and the payment of dividends or distributions and treating such Designated Preferred
Stock as Indebtedness for borrowed money for such purpose) on a pro forma basis (including a pro forma application of the net proceeds therefrom), RYAM would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 

  
 -68- 

 (vii) Investments in joint ventures having an aggregate Fair Market Value
(as determined in good faith by the Company), taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the sum of (a) the greater of $100 million and 4.0% of Total
Assets as of the date of such Investment and (b) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any
such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (vii) is
made in any Person that is not RYAM, the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes RYAM, the Company or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed
to have been made pursuant to clause (1) of the definition of “Permitted Investments” and shall cease to have been made pursuant to this clause (vii) for so long as such Person continues to be RYAM, the Company or a Restricted
Subsidiary; 
 (viii) the payment of dividends on RYAM’s common stock (or a Restricted Payment to any direct or indirect
parent of RYAM to fund the payment by such direct or indirect parent of RYAM of dividends on such entity’s common stock) of up to $25 million in any calendar year, with unused amounts in any calendar year beginning with the calendar year
ending December 31, 2021 being permitted to be carried over to succeeding calendar years; 
 (ix) Restricted Payments
that are made with (or in an aggregate amount that does not exceed the aggregate amount of) Excluded Contributions; 
 (x)
other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (x) that are at that time outstanding, not to exceed the greater of $50 million and 2.0% of Total Assets
as of the date such Restricted Payment is made; 
 (xi) [reserved]; 

(xii) with respect to any taxable period for which RYAM, the Company and/or any of their Subsidiaries are members of a
consolidated, combined, affiliated, unitary or similar income tax group for U.S. federal and/or applicable state or local income tax purposes of which a direct or indirect parent of RYAM is the common parent (a “Tax Group”),
distributions to any direct or indirect parent of RYAM to pay the portion of the taxes of such Tax Group attributable to the income of RYAM, the Company and/or their applicable Subsidiaries, as applicable, in an amount not to exceed the amount of
any U.S. federal, state and/or local income taxes (as applicable) that RYAM, the Company and/or their applicable Subsidiaries, as applicable, would have paid for such taxable period had RYAM, the Company and/or their applicable Subsidiaries been a
stand-alone corporate taxpayer or a stand-alone corporate group with respect to such taxes for all applicable taxable periods ending after the Issue Date; provided that distributions attributable to the income of any Unrestricted Subsidiary
shall be permitted only to the extent that such Unrestricted Subsidiary made distributions to RYAM, the Company or any Restricted Subsidiary for such purpose; 

(xiii) any Restricted Payment, if applicable: 

  
 -69- 

 (A) in amounts required for any direct or indirect parent of RYAM to pay
fees and expenses (including franchise or similar taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect
parent of RYAM and general corporate operating and overhead expenses of any direct or indirect parent of RYAM, in each case, to the extent such fees and expenses are attributable to the ownership or operation of RYAM, if applicable, the Company and
their Subsidiaries; 
 (B) in amounts required for any direct or indirect parent of RYAM, if applicable, to pay interest
and/or principal on Indebtedness the proceeds of which have been contributed to RYAM, the Company or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, RYAM Incurred in accordance with
Section 4.03; and 
 (C) in amounts required for any direct or indirect parent of RYAM to pay fees and expenses related
to any equity or debt offering of such parent (whether or not successful); 
 (xiv) repurchases of Equity Interests deemed to
occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 

(xv) purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified
Securitization Financing and the payment or distribution of Securitization Fees; 
 (xvi) Restricted Payments by RYAM, the
Company or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(xvii) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to
provisions similar to those described in Section 4.06 and Section 4.08; provided that all Notes tendered by holders of the Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased,
redeemed or acquired for value; 
 (xviii) payments or distributions to dissenting stockholders pursuant to applicable law,
pursuant to or in connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of RYAM, the Company and the Restricted Subsidiaries, taken as a whole, that complies with Section 5.01; provided
that as a result of such consolidation, amalgamation, merger or transfer of assets, the Company shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders in connection with such Change of
Control Offer have been repurchased, redeemed or acquired for value; 
 (xix) [reserved]; 

(xx) [reserved]; and 

  
 -70- 

 (xxi) other Restricted Payments; provided that the Consolidated Total
Net Leverage Ratio of RYAM for the most recently ended four full fiscal quarters for which internal financial statements are available, determined on a pro forma basis, is less than 4.00 to 1.00; provided, further, that any
Restricted Payments made in reliance on this clause (xxi) shall reduce the Cumulative Credit in an amount equal to the amount of such Restricted Payment; provided, further, that the Cumulative Credit shall not be reduced below zero as a
result thereof; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (vi)(B),
(vii), (x), (xiii)(B) and (xxi) of this Section 4.04(b), no Default shall have occurred and be continuing or would occur as a consequence thereof; provided, further, that any Restricted Payments made with property
other than cash shall be calculated using the Fair Market Value (as determined in good faith by the Company) of such property. 
 (c) As of
the Issue Date, all of the Subsidiaries of RYAM and the Company will be Restricted Subsidiaries. Neither RYAM nor the Company will permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of
“Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by RYAM, the Company and the Restricted Subsidiaries (except to the extent repaid) in the
Subsidiary so designated will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted
Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 

SECTION 4.05 Dividend and Other Payment Restrictions Affecting Subsidiaries. RYAM and the Company shall not, and shall not permit any
Material Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of the Company or any Material Subsidiary to: 

(a) pay dividends or make any other distributions to RYAM, the Company or any Restricted Subsidiary (1) on its Capital
Stock; or (2) with respect to any other interest or participation in, or measured by, its profits; or 
 (b) make loans
or advances to RYAM, the Company or any Restricted Subsidiary that is a direct or indirect parent of such Material Subsidiary; 
 except in each case
for such encumbrances or restrictions existing under or by reason of: 
 (1) (i) contractual encumbrances or restrictions in
effect on the Issue Date and (ii) contractual encumbrances or restrictions pursuant to the ABL Credit Agreement and the other ABL Credit Agreement Documents and, in each case, any similar contractual encumbrances effected by any amendments,
modifications, restatements, renewals, supplements, refundings, replacements or refinancings of such agreements or instruments; 

(2) this Indenture, the Notes, the Guarantees or the Security Documents; 

(3) applicable law or any applicable rule, regulation or order; 

(4) any agreement or other instrument of a Person acquired by RYAM, the Company or any Restricted Subsidiary which was in
existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 

  
 -71- 

 (5) contracts or agreements for the sale of assets, including any
restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary; 

(6) Secured Indebtedness otherwise permitted to be Incurred pursuant to Section 4.03 and Section 4.12 that limits the
right of the debtor to dispose of the assets securing such Indebtedness; 
 (7) restrictions on cash or other deposits or net
worth imposed by customers under contracts entered into in the ordinary course of business; 
 (8) customary provisions in
joint venture agreements and other similar agreements entered into in the ordinary course of business; 
 (9) purchase money
obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business; 
 (10) customary
provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of business; 

(11) any encumbrance or restriction that restricts in a customary manner the subletting, assignment or transfer of any property
or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license (including without limitation, licenses of intellectual property) or other contracts; 

(12) any encumbrance or restriction of a Securitization Subsidiary effected in connection with a Qualified Securitization
Financing; provided, however, that such restrictions apply only to such Securitization Subsidiary; 
 (13)
other Indebtedness, Disqualified Stock or Preferred Stock (a) of RYAM, the Company or any Restricted Subsidiary that is a Guarantor or a Foreign Subsidiary or (b) of any Restricted Subsidiary that is not a Guarantor or a Foreign Subsidiary
so long as such encumbrances and restrictions contained in any agreement or instrument will not materially affect the Company’s ability to make anticipated principal or interest payments on the Notes (as determined in good faith by the
Company), provided that in the case of each of clauses (a) and (b), such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03; 

(14) any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; or 

(15) any encumbrances or restrictions of the type referred to in Section 4.05(a) or (b) above imposed by any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (14) above and this clause (15); provided
that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, no more restrictive with respect to such dividend and other payment
restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

  
 -72- 

 For purposes of determining compliance with this Section 4.05, (i) the priority of any
Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the
subordination of loans or advances made to RYAM, the Company or a Restricted Subsidiary to other Indebtedness Incurred by RYAM, the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 SECTION 4.06 Asset Sales. 

(a) RYAM and the Company shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless
(x) RYAM, the Company or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Company) of the assets sold or otherwise
disposed of, and (y) at least 75% of the consideration therefor received by RYAM, the Company or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 

(i) any liabilities (as shown on RYAM’s, the Company’s or a Restricted Subsidiary’s most recent balance sheet or
in the notes thereto) of RYAM, the Company or a Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Guarantee) that are assumed by the transferee of any such assets or that are otherwise cancelled
or terminated in connection with the transaction with such transferee; 
 (ii) any notes or other Obligations or other
securities or assets received by RYAM, the Company or such Restricted Subsidiary from such transferee that are converted by RYAM, the Company or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash
received); 
 (iii) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such
Asset Sale, to the extent that RYAM, the Company and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with the Asset Sale; 

(iv) consideration consisting of Indebtedness of the Company or any Guarantor (other than Subordinated Indebtedness) received
after the Issue Date from Persons who are not RYAM, the Company or any Restricted Subsidiary; and 
 (v) any Designated Non-cash Consideration received by RYAM, the Company or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value (as determined in good faith by the Company), taken together with all other
Designated Non-cash Consideration received pursuant to this Section 4.06(a)(v) that is at that time outstanding, not to exceed the greater of $100 million and 4.0% of Total Assets at the time of the
receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and
without giving effect to subsequent changes in value); 
 shall be deemed to be Cash Equivalents for the purposes of this
Section 4.06(a). 

  
 -73- 

 (b) Within 365 days (or 60 days, in the case of clause (iii) below) after RYAM’s,
the Company’s or any Restricted Subsidiary’s receipt of the Net Proceeds of any Asset Sale, RYAM, the Company or such Restricted Subsidiary may apply the Net Proceeds from such Asset Sale, at its option: 

(i) to repay (A) to the extent such Net Proceeds constitute proceeds from the sale of ABL Priority Collateral, obligations
under the ABL Credit Agreement, (B) to the extent such Net Proceeds constitute proceeds from the sale of Cash Flow Priority Collateral, Obligations under the Notes or under Additional Cash Flow Obligations (and, if the Indebtedness repaid is
revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto), (C) to the extent such Net Proceeds are from other assets, either (x) Additional Cash Flow Obligations or (y) Obligations under the Notes
(provided that if RYAM, the Company or any Guarantor shall so reduce Obligations under this clause (C)(x), the Company will equally and ratably reduce Notes Obligations pursuant to Section 3.01, through open-market purchases (provided
that such purchases are at or above 100% of the principal amount thereof or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof) or by making an offer (in accordance with the
procedures set forth below for an Asset Sale Offer) to all holders of the Notes to purchase at a purchase price equal to 100% of the principal amount thereof (or, in the event that the Notes were issued with significant original issue discount, 100%
of the accreted value thereof), plus accrued and unpaid interest on the pro rata principal amount of Notes), in each case other than Indebtedness owed to RYAM, the Company or an Affiliate of the Company or (D) to the extent such Net
Proceeds are not from an Asset Sale of Collateral, Indebtedness of a Restricted Subsidiary that is not a Guarantor; 
 (ii)
to make an investment in any one or more businesses (provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of RYAM or the
Company), assets, or property or capital expenditures, in each case (A) used or useful in a Similar Business or (B) that replace the properties and assets that are the subject of such Asset Sale or to reimburse the cost of any of the
foregoing incurred on or after the date on which the Asset Sale giving rise to such Net Proceeds was contractually committed; or 

(iii) to make a Special Asset Sale Redemption. 

In the case of Section 4.06(b)(ii), a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of
such commitment until the 12-month anniversary of the date of the receipt of such Net Proceeds; provided that in the event such binding commitment is later canceled or terminated for any reason before
such Net Proceeds are so applied, then such Net Proceeds shall constitute Excess Proceeds unless RYAM, the Company or such Restricted Subsidiary enters into another binding commitment (a “Second Commitment”) within six months of
such cancellation or termination of the prior binding commitment; provided, further, that RYAM, the Company or such Restricted Subsidiary may only enter into a Second Commitment under the foregoing provision one time with respect to
each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied or are not applied within 180 days of such Second Commitment, then such Net Proceeds shall constitute
Excess Proceeds. 
 Pending the final application of any such Net Proceeds, RYAM, the Company or such Restricted Subsidiary may temporarily
reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. Any Net Proceeds from any Asset Sale that are not applied as provided and within the time period set
forth in this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase the Notes, as 

  
 -74- 

 
described in clause (i) of this Section 4.06(b), shall be deemed to have been applied whether or not such offer is accepted) will be deemed to constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $75 million, the Company shall make an offer to all holders of the Notes (and, at the option of the Company, to holders of any Additional Cash Flow Obligations) (an
“Asset Sale Offer”) to purchase the maximum principal amount of Notes (and such Additional Cash Flow Obligations), that is at least $2,000 and an integral multiple of $1,000 in excess thereof that may be purchased out of the Excess
Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event the Notes or Additional Cash Flow Obligations were issued with significant original issue discount, 100% of the accreted value thereof),
plus accrued and unpaid interest (or, in respect of such Additional Cash Flow Obligations, such lesser price, if any, as may be provided for by the terms of such Additional Cash Flow Obligations), to, but excluding, the date fixed for the
closing of such offer, in accordance with the procedures set forth in this Indenture. The Company will commence an Asset Sale Offer with respect to Excess Proceeds within ten (10) Business Days after the date that Excess Proceeds exceeds
$75 million by mailing, or delivering electronically if held by the Depository, the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. To the extent that the aggregate amount of Notes (and such Additional Cash
Flow Obligations) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose that is not prohibited by this Indenture. If the aggregate principal amount of Notes (and
such Additional Cash Flow Obligations) surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee, upon receipt of notice from the Company of the aggregate principal amount to be selected, shall select the Notes to be
purchased in the manner described in Section 4.06(e). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

(c) The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

(d) Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Company shall
deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale Offer is being made and (iii) the
compliance of such allocation with the provisions of Section 4.06(b). On such date, the Company shall also irrevocably deposit with the Trustee or with the Paying Agent (or, if the Company or a Subsidiary is acting as the Paying Agent,
segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by the Company and to be held for payment in accordance with the provisions of this Section 4.06. Upon the expiration
of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Company shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered to and are to be accepted by
the Company. The Trustee (or the Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the amount of the purchase price. In the event that the Excess Proceeds delivered by the Company
to the Trustee are greater than the purchase price of the Notes tendered, the Trustee shall deliver the excess to the Company immediately after the expiration of the Offer Period for application in accordance with this Section 4.06. 

(e) Holders electing to have a Note purchased shall be required to surrender such Note, with an appropriate form duly completed, to the Company
at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the purchase date, a
telegram, 

  
 -75- 

 
telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder for purchase and a statement that such holder is
withdrawing his election to have such Note purchased. If at the end of the Offer Period more Notes (and such Additional Cash Flow Obligations) are tendered pursuant to an Asset Sale Offer than the Company is required to purchase, selection of the
amount of Notes in respect of which an Asset Sale Offer was made shall be designated by the Company to the Trustee and the Notes to be purchased shall be selected on a pro rata basis to the extent practicable, by lot or by such other method as the
Trustee shall deem fair and appropriate (and in such manner as complies with the requirements of the Depository, if applicable); provided that no Notes of $2,000 or less shall be purchased in part. Holders whose Notes are purchased only in
part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. Selection of such Additional Cash Flow Obligations shall be made pursuant to the terms of such Additional Cash Flow Obligations. 

(f) Notices of an Asset Sale Offer shall be mailed by the Company by first class mail, postage prepaid, or delivered electronically if held by
the Depository, at least 15 but not more than 60 days before the purchase date to each holder of the Notes at such holder’s registered address. If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall
state the portion of the principal amount thereof that has been or is to be purchased. 
 (g) For purposes of this Section 4.06, any
sale by the Company or a Restricted Subsidiary of the Capital Stock of a Restricted Subsidiary that owns assets constituting Collateral shall be deemed to be a sale of such Collateral. 

SECTION 4.07 Transactions with Affiliates. 

(a) RYAM and the Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, make any payment to, or
sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of RYAM or the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $20 million, unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to RYAM, the Company or the relevant
Restricted Subsidiary than those that could have been obtained in a comparable transaction by RYAM, the Company or such Restricted Subsidiary with an unrelated Person; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $40 million, RYAM or the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of RYAM or the Company, approving such Affiliate Transaction and an Officers’ Certificate
certifying that such Affiliate Transaction complies with clause (i) above. 
 (b) The provisions of Section 4.07(a) shall not apply
to the following: 
 (i) transactions between or among RYAM, the Company and/or any of the Restricted Subsidiaries (or an
entity that becomes a Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of RYAM and any direct parent of RYAM; provided that such parent shall have no material liabilities and no material
assets other than cash, Cash Equivalents and the Capital Stock of RYAM and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose; 

  
 -76- 

 (ii) Restricted Payments permitted by Section 4.04 and Permitted
Investments; 
 (iii) the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity
provided on behalf of, officers, directors, employees or consultants of RYAM, the Company, any Restricted Subsidiary, or any direct or indirect parent of RYAM; 

(iv) transactions in which RYAM, the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter
from an Independent Financial Advisor stating that such transaction is fair to RYAM, the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a); 

(v) payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a
majority of the Board of Directors of RYAM or the Company in good faith; 
 (vi) any agreement as in effect as of the Issue
Date or any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the holders of the Notes in any material respect than the original agreement as in effect on the
Issue Date) or any transaction contemplated thereby as determined in good faith by the Company; 
 (vii) the existence of, or
the performance by RYAM, the Company or any Restricted Subsidiary of its obligations under the terms of any stockholders or limited liability company agreement (including any registration rights agreement or purchase agreement related thereto) to
which it is a party as of the Issue Date, and any transaction, agreement or arrangement described in the Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it may enter into
thereafter; provided, however, that the existence of, or the performance by RYAM, the Company or any Restricted Subsidiary of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or
under any similar transaction, agreement or arrangement entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, agreement or arrangement together with all
amendments thereto, taken as a whole, or new transaction, agreement or arrangement are not otherwise more disadvantageous to the holders of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the
Issue Date; 
 (viii) [reserved]; 

(ix) (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions
otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to RYAM, the Company and the Restricted Subsidiaries in the
reasonable determination of the Board of Directors or the senior management of RYAM or the Company, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with
joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norm; 

(x) any transaction effected as part of a Qualified Securitization Financing; 

  
 -77- 

 (xi) the issuance of Equity Interests (other than Disqualified Stock) of
RYAM to any Person; 
 (xii) the issuances of securities or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employment arrangements, management equity plans, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of RYAM or any direct or indirect parent of RYAM, the Board
of Directors of the Company or the Board of Directors of a Restricted Subsidiary, as appropriate, in good faith; 
 (xiii)
the entering into of any tax sharing agreement or arrangement that complies with clauses (b)(xii) and (b)(xiii) of Section 4.04 and the performance under any such agreement or arrangement; 

(xiv) any contribution to the capital of RYAM; 

(xv) transactions permitted by, and complying with, Section 5.01; 

(xvi) transactions between RYAM, the Company or any Restricted Subsidiary and any Person, a director of which is also a
director of RYAM, the Company or any direct or indirect parent of RYAM; provided, however, that such director abstains from voting as a director of RYAM, the Company or such direct or indirect parent of RYAM, as the case may be, on any
matter involving such other Person; 
 (xvii) pledges of Equity Interests of Unrestricted Subsidiaries; 

(xviii) the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management
purposes in the ordinary course of business; 
 (xix) any employment agreements entered into by RYAM, the Company or any
Restricted Subsidiary in the ordinary course of business; 
 (xx) transactions undertaken in good faith (as certified by a
responsible financial or accounting officer of the Company in an Officers’ Certificate) for the purpose of improving the consolidated tax efficiency of RYAM and its Subsidiaries and not for the purpose of circumventing any covenant set forth in
this Indenture; 
 (xxi) non-exclusive licenses of intellectual property to or among
RYAM, the Company and any Restricted Subsidiary and RYAM’s Affiliates; and 
 (xxii) any purchase by RYAM or its
Affiliates of Indebtedness, Disqualified Stock or Preferred Stock of RYAM, the Company or any of the Restricted Subsidiaries; provided that such purchases are on the same terms as such purchases by such Persons who are not RYAM’s
Affiliates. 
 SECTION 4.08 Change of Control. 

(a) Upon the occurrence of a Change of Control, each holder shall have the right to require the Company to repurchase all or any part of such
holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase (subject to the right of holders of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control, the Company shall not
be obligated to purchase any Notes pursuant to this Section 4.08 in the event that it has previously or concurrently exercised its right to redeem such Notes in accordance with Article III of this Indenture. 

  
 -78- 

 (b) Within 30 days following any Change of Control, except to the extent that the Company
has exercised its right to redeem the Notes in accordance with Article III of this Indenture, the Company shall mail, or deliver electronically in accordance with the Depository’s procedures if held by the Depository, a notice (a
“Change of Control Offer”) to each holder with a copy to the Trustee stating: 
 (i) that a Change of
Control has occurred and that such holder has the right to require the Company to repurchase such holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to, but
excluding, the date of repurchase (subject to the right of holders of record on the relevant Record Date to receive interest on the relevant Interest Payment Date); 

(ii) the circumstances and relevant facts and financial information regarding such Change of Control; 

(iii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent);
and 
 (iv) the instructions determined by the Company, consistent with this Section 4.08, that a holder must follow in
order to have its Notes purchased. 
 (c) Holders electing to have a Note purchased shall be required to surrender the Note, with an
appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw their election if the Trustee or the Company receives not later
than one Business Day prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered for purchase by the holder and a statement that such
holder is withdrawing its election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 

(d) On the purchase date, all Notes purchased by the Company under this Section 4.08 shall be delivered to the Trustee for cancellation,
and the Company shall pay the purchase price plus accrued and unpaid interest to, but excluding, the date of repurchase, to the holders entitled thereto. 

(e) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control (on analogous terms as
described in Section 3.05(c)), if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 

(f) Notwithstanding the foregoing provisions of this Section 4.08, the Company shall not be required to make a Change of Control Offer
upon (or in advance of) a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by
the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 
 (g) Notes repurchased by the
Company pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Company. 

  
 -79- 

 
Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and outstanding. 

(h) At the time the Company delivers Notes to the Trustee which are to be accepted for purchase, the Company shall also deliver an
Officers’ Certificate stating that such Notes are to be accepted by the Company pursuant to and in accordance with the terms of this Section 4.08. 

A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers payment
therefor to the surrendering holder. 
 (i) Prior to any Change of Control Offer, the Company shall deliver to the Trustee an Officers’
Certificate stating that all conditions precedent contained herein to the right of the Company to make such offer have been complied with. 

(j) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes pursuant to this Section. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Company shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section by virtue thereof. 

(k) If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not withdrawn by such holders, the Company or such third party
will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain outstanding following such purchase at
a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of redemption. Any such redemption shall be effected pursuant to Article III. 

SECTION 4.09 Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the
Company, beginning with the fiscal year ending on December 31, 2020, an Officers’ Certificate stating that in the course of the performance by the signers (one of which shall be the principal executive officer, the principal financial
officer or principal accounting office of the Company) of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such period. If any Officer
does, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. Except with respect to receipt of payments of principal and interest on the Notes and any Default or Event
of Default information contained in the Officers’ Certificate delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review, ascertain or confirm the Company’s compliance with or the breach of any
representation, warranty or covenant made in this Indenture. 
 SECTION 4.10 Further Instruments and Acts. Upon request of the
Trustee, RYAM and the Company shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

  
 -80- 

 SECTION 4.11 Future Guarantors. RYAM shall cause each of its Wholly Owned Restricted
Subsidiaries that is not an Excluded Subsidiary and that guarantees or becomes a borrower under the ABL Credit Agreement or that guarantees any Capital Markets Indebtedness of RYAM, the Company or any of the Guarantors to execute and deliver to the
Trustee a supplemental indenture substantially in the form of Exhibit C hereto pursuant to which such Wholly Owned Restricted Subsidiary will guarantee the Guaranteed Obligations and such Security Documents, or amendments or supplements
thereto and such other documentation as shall be necessary to provide for valid and perfected Liens on such Subsidiary’s assets constituting Collateral to secure such Guarantee pursuant to the terms of the Security Documents. 

SECTION 4.12 Liens. 
 (a)
RYAM and the Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien (except Permitted Liens) on any asset or property of RYAM, the Company or such Restricted
Subsidiary securing Indebtedness of RYAM, the Company or a Restricted Subsidiary. 
 (b) [reserved]. 

(c) For purposes of determining compliance with this Section 4.12, (i) a Lien securing an item of Indebtedness need not be permitted
solely by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” but may be permitted in part under any combination thereof and (ii) in the event that a Lien securing an
item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens”, the Company may, in its sole discretion,
classify or reclassify, or later divide, classify or reclassify (as if Incurred at such later time), such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant and will be entitled to only
include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” and,
in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof) without giving pro forma effect to such item
(or portion thereof) when calculating the amount of Liens or Indebtedness that may be Incurred pursuant to any other clause. 
 (d) With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The
“Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment
of interest in the form of additional Indebtedness with the same terms or in the form of common stock of RYAM, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original
issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause
(3) of the definition of “Indebtedness.” 
 SECTION 4.13 Further Assurances(a) . Subject to the limitations set forth
in the Security Documents, the Company and each of the Guarantors will execute, deliver and file, if applicable, any and all further documents, financing statements (or similar filings under the PPSA (including registrations of hypothecs)),
agreements and instruments, and take all further action that may be reasonably required under applicable law (including the filing of continuation financing statements and amendments to financing statements (or similar filings under the PPSA
(including registrations of hypothecs))), or that the Notes Collateral Agent may (but shall not be obligated to) reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security interests and Liens
created or intended to be created by the Security Documents on the Collateral. 

  
 -81- 

 SECTION 4.14 Maintenance of Office or Agency. 

(a) The Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or the Registrar)
where Notes may be surrendered for registration of transfer or for exchange. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office of the Trustee as set forth in Section 13.02. 

(b) The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency for such
purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Company hereby designates the Corporate Trust Office of the Trustee or its agent as such office or agency of the Company in accordance
with Section 2.04. 
 SECTION 4.15 Existence(a) . The Company shall do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any transaction permitted under
Section 5.01, and the Company shall not be required to preserve, renew and keep in full force and effect any such right, license, permit, privilege, franchise or legal existence if the Company shall determine in good faith the preservation,
renewal or keeping in full force and effect thereof is no longer desirable in the conduct of the business of the Company. 
 SECTION 4.16
Covenant Suspension. If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that
day (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), and subject to the provisions of the following paragraph, RYAM, the Company and
the Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.11 and 5.01(a)(iv) and 5.01(b) (collectively the “Suspended Covenants”). 

In the event that RYAM, the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an
Investment Grade Rating, then RYAM, the Company and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. During the Suspension Period, the Company will not be
permitted to designate any Restricted Subsidiary as an Unrestricted Subsidiary. 
 The Company shall provide the Trustee with written notice
of each Covenant Suspension Event or Reversion Date within five (5) Business Days of the occurrence thereof. The Trustee shall have no duty to monitor the ratings of the Notes, independently determine whether a Covenant Suspension Event or
Reversion Date has occurred, or notify the holders of the Notes of any of the foregoing. 

  
 -82- 

 On each Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock
issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to Sections 4.03(a) and (b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be Incurred or issued
thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not
be so permitted to be Incurred or issued pursuant to Sections 4.03(a) and (b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under
Section 4.03(b)(iii). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as though Section 4.04 had been in effect since the Issue Date and prior to,
but not during, the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will not reduce the amount available to be made as Restricted Payments under Section 4.04(a). As described above, however, no Default or
Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by RYAM, the Company or the Restricted Subsidiaries during the Suspension Period or any actions taken at any time pursuant to any contractual
obligation arising prior to the Reversion Date, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. Within 30 days of such Reversion Date, RYAM and the
Company must comply with the terms of Section 4.11. 
 For purposes of Section 4.05, on the Reversion Date, any consensual
encumbrances or consensual restrictions of the type specified in clause (a) or (b) thereof entered into during the Suspension Period will be deemed to have been in effect on the Issue Date, so that they are permitted under clause (1)(i)
thereof. 
 For purposes of Section 4.07, any Affiliate Transaction entered into after the Reversion Date pursuant to a contract,
agreement, loan, advance or guaranty with, or for the benefit of, any Affiliate of the Company entered into during the Suspension Period will be deemed to have been in effect as of the Issue Date for purposes of clause (b)(vi) thereof. 

For purposes of Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero. 

SECTION 4.17 Post-Closing Obligations. 

(i) Within 45 days of the Issue Date (or as promptly as reasonably possible thereafter), the Company shall deliver the
certificates, agreements or instruments representing or evidencing the Securities Collateral (as defined in the U.S. Security Agreement or the Canadian Security Agreement, as applicable) to the Notes Collateral Agent in suitable form for transfer by
delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank as required pursuant to the terms of Section 3.1 of the U.S. Security Agreement or the Canadian Security Agreement, as applicable. The Notes
Collateral Agent shall have no obligation, responsibility or liability whatsoever in connection with such certificates, agreements or instruments or their suitability. 

  
 -83- 

 ARTICLE V 

SUCCESSOR COMPANY 

SECTION 5.01 When Company and Guarantors May Merge or Transfer Assets. 

(a) The Company may not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the
Company is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(i) the Company is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger,
winding up or conversion (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company or similar entity organized or
existing under the laws of the United States, any state thereof or the District of Columbia (the Company or such Person, as the case may be, being herein called the “Successor Company”); provided that in the event that the
Successor Company is not a corporation, a co-obligor of the Notes is a corporation; 

(ii) the Successor Company (if other than the Company) expressly assumes all the obligations of the Company under this
Indenture, the Notes and the Security Documents pursuant to supplemental indentures or other applicable documents or instruments in form reasonably satisfactory to the Trustee and the Notes Collateral Agent, if applicable; 

(iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be continuing;

 (iv) immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the
beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor
Company or such Restricted Subsidiary at the time of such transaction), either: 
 (1) the Successor Company would be
permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 

(2) the Fixed Charge Coverage Ratio of RYAM would be no less than such ratio immediately prior to such transaction; 

(v) if the Company is not the Successor Company, each Guarantor, unless it is the other party to the transactions described
above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; 

(vi) the Successor Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture (and any supplement to any Security Document if required in connection with such transaction); 

(vii) the Successor Company shall promptly cause such amendments, supplements or other instruments to be executed, delivered,
filed and recorded, as applicable, in such jurisdictions as may be reasonably required by applicable law to preserve and protect the Liens of the Security Documents on the Collateral owned by or transferred to the Successor Company; 

  
 -84- 

 (viii) the Collateral owned by or transferred to the Successor Company, as
applicable, shall (a) constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Liens in favor of the Notes Collateral Agent for the benefit of the Trustee and the holders of the Notes and (c) not be
subject to any Lien other than Permitted Liens; and 
 (ix) the property and assets of the Person which is merged,
amalgamated or consolidated with or into the Successor Company, as applicable, to the extent (a) not covered in clause (viii) above and (b) of the types which would constitute Collateral under the Security
Documents, shall be treated as after-acquired property and the Successor Company shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Liens in the Security Documents in the manner and to
the extent required pursuant to this Indenture. 
 The Successor Company (if other than the Company) will succeed to, and be substituted
for, the Company under this Indenture, the Notes and the Security Documents and in such event the Company will automatically be released and discharged from its obligations under this Indenture, the Notes and the Security Documents. Notwithstanding
the foregoing clauses (iii) and (iv) of this Section 5.01(a), (A) the Company or any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to a Restricted Subsidiary or,
provided that the Company is the Successor Company, the Company, and (B) the Company may merge, consolidate or amalgamate with an Affiliate incorporated solely for the purpose of reincorporating the Company in another state of the United States
or the District of Columbia (collectively, “Permitted Jurisdictions”) or may convert into a corporation, partnership or limited liability company, so long as the amount of Indebtedness of the Company and the Restricted Subsidiaries
is not increased thereby. This Section 5.01(a) will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Company and the Restricted Subsidiaries. 

(b) Subject to the provisions of Section 12.02(b), no Guarantor shall, and the Company shall not permit any such Guarantor to,
consolidate, amalgamate or merge with or into or wind up or convert into (whether or not such Guarantor is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, any Person unless: 
 (i) either (A) such Guarantor is the
surviving or continuing Person or the Person formed by or surviving or continuing following any such consolidation, amalgamation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made is a company, corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof or the District of Columbia or of Canada or any
province or territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Guarantor”) and the Successor Guarantor (if other than such Guarantor) expressly assumes all the obligations of
such Guarantor under this Indenture, the Notes, the Guarantee and the Security Documents, as applicable, pursuant to a supplemental indenture or other applicable documents or instruments in form reasonably satisfactory to the Trustee and the Notes
Collateral Agent, as applicable, or (B) in respect of any Guarantor other than RYAM, such sale or disposition or consolidation, amalgamation or merger is not in violation of Section 4.06; 

(ii) the Successor Guarantor (if other than such Guarantor) shall have delivered or caused to be delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any) comply with this Indenture (and any supplement to any Security Document if required
in connection with such transaction); 

  
 -85- 

 (iii) the Successor Guarantor shall promptly cause such amendments,
supplements or other instruments to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be reasonably required by applicable law to preserve and protect the Liens of the Security Documents on the Collateral owned
by or transferred to the Successor Guarantor; 
 (iv) the Collateral owned by or transferred to the Successor Guarantor, as
applicable, shall (a) constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Liens in favor of the Notes Collateral Agent for the benefit of the Trustee and the holders of the notes and (c) not be
subject to any Lien other than Permitted Liens; and 
 (v) the property and assets of the Person which is merged, amalgamated
or consolidated with or into the Successor Guarantor, as applicable, to the extent (a) not covered in clause (iv) above and (b) of the types which would constitute Collateral under the Security Documents, shall be
treated as after-acquired property and the Successor Guarantor shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Liens in the Security Documents in the manner and to the extent required
pursuant to this Indenture. 
 Except as otherwise provided in this Indenture, the Successor Guarantor (if other than such Guarantor) will
succeed to, and be substituted for, such Guarantor under this Indenture and the Notes or the Guarantee, as applicable, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and the Notes or its
Guarantee. Notwithstanding the foregoing, (1) a Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Guarantor in a Permitted Jurisdiction or may convert into a limited
liability company, corporation, partnership or similar entity organized or existing under the laws of any Permitted Jurisdiction so long as the amount of Indebtedness of such Guarantor is not increased thereby and (2) a Guarantor may merge,
amalgamate or consolidate with the Company or another Guarantor. 
 (c) In addition, notwithstanding the foregoing, a Guarantor may
consolidate, amalgamate or merge with or into or wind up or convert into, liquidate, dissolve, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets to the Company or any Guarantor 

ARTICLE VI 
 DEFAULTS
AND REMEDIES 
 SECTION 6.01 Events of Default. An “Event of Default” occurs with respect to Notes if: 

(a) there is a default in any payment of interest on any Note when due, and such default continues for a period of 30 days;

 (b) there is a default in the payment of principal or premium, if any, of any Note when due at its Stated Maturity
(including the Springing Maturity Date, if earlier), upon optional redemption, upon required repurchase, upon declaration or otherwise; 

  
 -86- 

 (c) there is a failure by RYAM for 120 days after receipt of written notice
given by the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with any of its obligations, covenants or agreements in Section 4.02; 

(d) there is a failure by RYAM, the Company or any Restricted Subsidiary for 60 days after written notice given by the Trustee
or the holders of not less than 25% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with its other obligations, covenants or agreements (other than a default referred to in clauses (a), (b) or (c) above)
contained in the Notes or this Indenture; 
 (e) there is a failure by RYAM, the Company or any Significant Subsidiary (or
any group of Subsidiaries that together would constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to RYAM, the Company or a Restricted Subsidiary) within any applicable grace period after final maturity or the
acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $100 million or its foreign currency equivalent; 

(f) RYAM, the Company or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant
Subsidiary) pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case or proceeding; 

(ii) consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating
to insolvency or bankruptcy, 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: 
 (i) is for relief against RYAM, the Company or any Significant Subsidiary in an involuntary case or proceeding; 

(ii) appoints a Custodian of RYAM, the Company or any Significant Subsidiary or for any substantial part of its property; or

 (iii) orders the winding up or liquidation of RYAM, the Company or any Significant Subsidiary; 

or any similar debtor relief is granted under any foreign laws and, in each case, the order or decree remains unstayed and in effect for 60
days; 
 (h) there is a failure by RYAM, the Company or any Significant Subsidiary (or any group of Subsidiaries that
together would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $100 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent
carriers), which judgments are not discharged, waived or stayed for a period of 60 days; 

  
 -87- 

 (i) the Guarantee of RYAM or a Significant Subsidiary (or any group of
Subsidiaries that together would constitute a Significant Subsidiary) with respect to the Notes ceases to be in full force and effect (except as contemplated by the terms thereof) or RYAM, the Company or any other Guarantor that qualifies as a
Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) denies or disaffirms its obligations under this Indenture or any Guarantee with respect to the Notes and such Default continues for 10
days; or 
 (j) except as permitted by the terms of this Indenture or the Security Documents, (i) any Lien or security
interest on a material portion of Collateral created by any Security Documents ceases to be a valid and perfected Lien or security interest or any default by RYAM, the Company or any other Guarantor in the performance of any of their obligations
under any of the Security Documents shall occur which adversely affects the enforceability, validity, perfection or priority of the Lien on a material portion of Collateral securing the Notes Obligations or (ii) repudiation or disaffirmation in
writing by RYAM, the Company or any other Guarantor of its obligations under the Security Documents or assertion by RYAM, the Company or any other Guarantor that any security interest with respect to the Collateral granted pursuant to the Security
Documents is invalid and unenforceable. 
 The foregoing shall constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

However, a default under clause (c) or (d) above shall not constitute an Event of Default until the Trustee or the holders of at least
25% in principal amount of outstanding Notes notify RYAM and the Company, with a copy to the Trustee, of the default and neither RYAM nor the Company cures such default within the time specified in clauses (c) or (d) hereof after receipt of
such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 

SECTION 6.02 Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) hereof
with respect to the Company) occurs and is continuing, the Trustee by notice to the Company or the holders of at least 25% in principal amount of outstanding Notes by notice to the Company, with a copy to the Trustee, may declare the principal of,
premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(f) or
(g) with respect to the Company occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain
circumstances, the holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

In the event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences thereof (excluding,
however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within 20 days after such Event of Default arose the Company delivers an
Officers’ Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been 

  
 -88- 

 
discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is
the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events. 

SECTION 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in
equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other
remedy. To the extent required by law, all available remedies are cumulative. 
 SECTION 6.04 Waiver of Past Defaults. Provided the
Notes are not then due and payable by reason of a declaration of acceleration, the holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive an existing Default and its consequences except
(a) a Default in the payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a
provision that under Section 9.02 cannot be amended without the consent of each holder affected. When a Default is waived, it is deemed cured and the Company, the Trustee and the holders will be restored to their former positions and rights
under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05
Control by Majority. The holders of a majority in principal amount of outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the
Trustee in good faith shall determine that the action or proceeding so directed would involve the Trustee in personal liability or expense for which it is not adequately indemnified, or, subject to Section 7.01, that the Trustee determines is
unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Security Documents and the ABL/Cash Flow Intercreditor Agreement, the Trustee and the
Notes Collateral Agent shall be entitled to indemnification satisfactory to each of them in their sole discretion against all losses and expenses caused by taking or not taking such action. 

SECTION 6.06 Limitation on Suits. 

(a) Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with
respect to this Indenture or the Notes unless: 
 (i) such holder has previously given the Trustee written notice that an
Event of Default is continuing, 
 (ii) holders of at least 25% in principal amount of the outstanding Notes have requested
the Trustee and the Notes Collateral Agent, as applicable, to pursue the remedy, 

  
 -89- 

 (iii) such holders have offered, and if requested, provided, the Trustee and
the Notes Collateral Agent, as applicable, security or indemnity satisfactory to it against any loss, liability or expense, 

(iv) the Trustee or the Notes Collateral Agent, as applicable, has not complied with such request within 60 days after the
receipt of the request and the offer of security or indemnity, and 
 (v) the holders of a majority in principal amount of
the outstanding Notes have not given the Trustee or the Notes Collateral Agent, as applicable, a direction inconsistent with such request within such 60-day period. 

(b) A holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder (it
being understood that the Trustee shall have no obligation to ascertain whether or not such actions or forbearances are unduly prejudicial to any other holder). 

SECTION 6.07 Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any holder
to receive payment of principal of and interest on the Notes held by such holder, on or after the respective due dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such holder. 
 SECTION 6.08 Collection Suit by Trustee. If an Event
of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor on the Notes for the whole amount then
due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07. 

SECTION 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim, statements of interest and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other
professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the Company, the Guarantors, their creditors or their property, shall be entitled to participate as a member,
voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy or other Person performing
similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the holders, to pay
to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder, or to authorize the Trustee to
vote in respect of the claim of any holder in any such proceeding. 
 SECTION 6.10 Priorities. Subject to the provisions of the
Security Documents, any money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Company’s or any Guarantor’s obligations under this Indenture or the Security
Documents after an Event of Default shall be applied in the following order: 

  
 -90- 

 FIRST: to the Trustee and the Notes Collateral Agent for amounts due
hereunder (including the reasonable compensation and expenses, disbursements and advances of the agents, counsel, accountants and experts of the Trustee or the Notes Collateral Agent, as applicable, in accordance with Section 7.07); 

SECOND: to the holders for amounts due and unpaid on the Notes for principal, premium, if any, and unpaid interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

THIRD: to the Company or, to the extent the Trustee collects any amount for any Guarantor, to such Guarantor. 

The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section 6.10. At least 15 days before
such record date, the Trustee shall send (which may be by mail) to each holder and the Company a notice that states the record date, the payment date and the amount to be paid. 

SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a
suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes. 

SECTION 6.12 Waiver of Stay or Extension Laws. Neither the Company nor any Guarantor (to the extent it may lawfully do so) shall at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company and the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VII 

TRUSTEE 
 SECTION 7.01
Duties of Trustee. 
 (a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing
or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

  
 -91- 

 (i) the Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not
be construed as a duty); and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee shall be under no duty to make any investigation
as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions required by any
provision hereof to be provided to it, the Trustee shall examine the form of certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of
paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

(iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (d) Every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The Trustee
shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 
 (f) Money held
in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) Every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 

SECTION 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document. 

  
 -92- 

 (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

(d) The Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to be authorized or
within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to
this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not less than a majority in principal amount of the Notes at the time
outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent or attorney, at the expense of the Company and shall Incur no liability of any kind by reason of such inquiry or investigation. 

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the holders pursuant to this Indenture, unless such holders shall have offered, and if requested, provided, to the Trustee security or indemnity satisfactory to the Trustee against the losses, expenses and liabilities which might be
Incurred by it in compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits given to the
Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder (including as Notes Collateral Agent), and each agent, custodian and other Person employed to act
hereunder. 
 (i) The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the
holders of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place
thereof. 
 (k) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

  
 -93- 

 (l) The Trustee may request that the Company delivers an Officers’ Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate,
including any Person specified as so authorized in any such certificate previously delivered and not superseded. 
 (m) The Trustee shall not
be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of actions. 
 (n) The Trustee shall not be required to give any bond or surety in respect of the execution
of the trusts and powers under this Indenture. 
 (o) The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other
military disturbances; sabotage; epidemics; riots; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and governmental action. 

SECTION 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

SECTION 7.04 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Guarantees, the Notes or the other Security Documents, it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the
Company or any Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any Default
or Event of Default under Sections 6.01(c), (d), (e), (f), (g), (h), (i) or (j), or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received
written notice thereof in accordance with Section 13.02 hereof from the Company, any Guarantor or any holder. In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity and
all persons, including without limitation the holders of Notes and the Company having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise
provided herein. 
 Neither the Trustee nor the Notes Collateral Agent shall be responsible for and makes no representation as to the
existence, genuineness, value or protection of any Collateral, for the legality, effectiveness or sufficiency of any Security Document, or for the creation, perfection, priority, sufficiency or protection of any Liens securing the Notes. Neither the
Trustee nor the Notes Collateral Agent shall be responsible for filing any financing or continuation statements or financing change statements or recording any documents or instruments in any public office at any time or times or otherwise
perfecting or maintaining the perfection of any Lien or security interest on or in the Collateral. By their acceptance of the Notes, the holders of the Notes will be deemed to have authorized the Trustee and the Notes Collateral Agent, as
applicable, to enter into and to perform each of the Security Documents. 

  
 -94- 

 SECTION 7.05 Notice of Defaults. If a Default occurs and is continuing and is
actually known to a Trust Officer of the Trustee, the Trustee shall mail, or deliver electronically in accordance with the procedures of the Depository if held by the Depository, to each holder of the Notes notice of the Default within 30 days after
it is actually known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Note, the Trustee may withhold notice if and so long as
it in good faith determines that withholding notice is in the interests of the noteholders. The Company is required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that occurred during
the previous year. The Company also is required to deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any event which would constitute certain Defaults, their status and what action the Company is taking or
proposes to take in respect thereof. For the avoidance of doubt, the Trustee and the Notes Collateral Agent shall have no obligation whatsoever to determine whether or not the Springing Maturity Date has occurred. 

SECTION 7.06 [Reserved]. 

SECTION 7.07 Compensation and Indemnity. The Company shall pay to each of the Trustee and the Notes Collateral Agent from time to time
such compensation for the Trustee’s acceptance of this Indenture and its services hereunder as mutually agreed to in writing between the Company, the Trustee and the Notes Collateral Agent, as applicable. The Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee and the Notes Collateral Agent, as applicable, upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the agents, counsel, accountants and experts of the Trustee or the Notes Collateral Agent, as applicable. The Company and the Guarantors, jointly and severally, shall indemnify the Trustee and the Notes Collateral
Agent, as applicable, or any predecessor Trustee or Notes Collateral Agent, as applicable, and their directors, officers, employees and agents against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees
and expenses and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee or the Notes Collateral Agent, as applicable)) Incurred by or in connection with the acceptance or administration of this trust and
the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture, the Guarantees and the Security Documents against the Company or any Guarantor (including this Section 7.07) and defending itself against or
investigating any claim (whether asserted by the Company, any Guarantor, any holder or any other Person). The obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the Trustee or
the Notes Collateral Agent, as applicable. The Trustee and the Notes Collateral Agent, as applicable, shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided,
however, that any failure so to notify the Company shall not relieve the Company or any Guarantor of its indemnity obligations hereunder. The Company may defend the claim and the indemnified party shall provide reasonable cooperation at the
Company’s expense in the defense. Such indemnified parties may have separate counsel and the Company and such Guarantor, as applicable, shall pay the fees and expenses of such counsel; provided, however, that the Company shall not
be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no actual or potential conflict of interest between the Company and the Guarantors,
as applicable, and such parties in connection with such defense. The Company need not reimburse any expense or indemnify against any loss, liability or expense Incurred by an indemnified party through such party’s own willful misconduct or
negligence. 

  
 -95- 

 To secure the Company’s and the Guarantors’ payment obligations in this
Section 7.07, the Trustee and the Notes Collateral Agent, as applicable, shall have a Lien prior to the Notes Obligations on all money or property held or collected by the Trustee or the Notes Collateral Agent, as applicable, other than money
or property held in trust to pay principal of, premium (if any) and interest on particular Notes. 
 The Company’s and the
Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the
Trustee or the Notes Collateral Agent, as applicable. Without prejudice to any other rights available to the Trustee or the Notes Collateral Agent, as applicable, under applicable law, when the Trustee or the Notes Collateral Agent, as applicable,
Incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

No provision of this Indenture shall require the Trustee or the Notes Collateral Agent to expend or risk its own funds or otherwise Incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk or liability is not assured to its satisfaction. 

SECTION 7.08 Replacement of Trustee. 

(a) The Trustee may (in any of its capacities hereunder) resign at any time by so notifying the Company. The holders of a majority in principal
amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10; 

(ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns, is removed by the Company or by the holders of a majority in principal amount of the Notes and such holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the
holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

(d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
holders of 10% in principal amount of the Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee. The foregoing clause shall apply to the Trustee in any of its other capacities
hereunder, mutatis mutandis. 

  
 -96- 

 (e) If the Trustee fails to comply with Section 7.10, any holder who has been a bona
fide holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) Notwithstanding the replacement of the Trustee (in any of its capacities hereunder) pursuant to this Section 7.08, the Company’s
obligations under Section 7.07 shall continue for the benefit of the retiring Trustee (in any of its capacities hereunder). 
 SECTION
7.09 Successor Trustee and Notes Collateral Agent by Merger. If the Trustee or the Notes Collateral Agent, as applicable, consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets
to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee or Notes Collateral Agent, as applicable. 

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

In the case of any successor or successors by merger, conversion or consolidation to the Notes Collateral Agent, such successor to the Notes
Collateral Agent will succeed to, and be substituted for, the Notes Collateral Agent under this Indenture, the Notes, the Security Documents and the Cash Flow Documents. 

SECTION 7.10 Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trust powers, that is subject to supervision or examination by federal or state authorities and that has a
combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 
 SECTION
7.11 Preferential Collection of Claims Against the Company. The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed
shall be subject to Section 311(a) of the TIA to the extent indicated. 
 ARTICLE VIII 

DISCHARGE OF INDENTURE; DEFEASANCE 

SECTION 8.01 Discharge of Liability on Notes; Defeasance. 

(a) This Indenture and the Company and Guarantors’ obligations with respect to all outstanding Notes and all obligations under the
Guarantees shall be discharged and shall cease to be of further effect (except as to surviving rights and immunities of the Trustee and the Notes Collateral Agent and rights of transfer or exchange of Notes, as expressly provided for in this
Indenture) as to all outstanding Notes when: 

  
 -97- 

 (i) either (A) all the Notes theretofore authenticated and delivered
(except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust) have been delivered to the Trustee for cancellation or (B) all of the Notes (1) have become due and payable, (2) will become due and payable at their Stated Maturity within one year or (3) if redeemable at the option
of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company has irrevocably
deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest
on the Notes to, but excluding, the date of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; provided that with
respect to any discharge of the notes that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable
Premium calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to the date of the redemption; 

(ii) the Company and/or the Guarantors have paid all other sums payable under this Indenture; and 

(iii) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 The
Collateral will automatically be released from the Lien securing the Notes Obligations upon a discharge of this Indenture, the Notes and the Guarantees in accordance with the provisions of this Article VIII. 

(b) Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (i) all of its obligations under the Notes and this
Indenture with respect to the holders of the Notes (“legal defeasance option”), and (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.11, 4.12, 4.15 and 4.16, and the operation of Section 5.01
for the benefit of the holders of the Notes, and Sections 6.01(c), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and 6.01(g) with respect to Significant Subsidiaries only), 6.01(h), 6.01(i) and 6.01(j) (“covenant
defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. If the Company exercises its legal defeasance option or its covenant defeasance option, each
Guarantor will be released from all of its obligations with respect to its Guarantee. 
 If the Company exercises its legal defeasance
option, payment of the Notes may not be accelerated because of an Event of Default with respect thereto. If the Company exercises its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in
Sections 6.01(c), 6.01(d) (with respect to the Company’s obligations under Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.11, 4.12, 4.15 and 4.16), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and (g), with respect only to
Significant Subsidiaries), 6.01(h), 6.01(i) or 6.01(j) or because of the failure of the Company to comply with Section 5.01(a)(iv). 

  
 -98- 

 If the Company exercises its legal defeasance option or its covenant defeasance option in
accordance with the provisions of this Article VIII, the Collateral will automatically be released from the Lien securing the Notes Obligations. 

Upon satisfaction of the conditions set forth herein (including, without limitation, the delivery of the Officers’ Certificate and the
Opinion of Counsel mentioned above) and upon the written request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 

(c) Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08 and 2.09 and
Article VII, including, without limitation, Sections 7.07 and 7.08 and in this Article VIII and the rights and immunities of the Trustee and the Notes Collateral Agent under this Indenture shall survive until the Notes have been paid in full.
Thereafter, the Company’s obligations in Sections 7.07, 7.08, 8.05 and 8.06 and the rights and immunities of the Trustee and the Notes Collateral Agent under this Indenture shall survive such satisfaction and discharge. 

SECTION 8.02 Conditions to Defeasance. 

(a) The Company may exercise its legal defeasance option or its covenant defeasance option only if: 

(i) the Company irrevocably deposits in trust with the Trustee money in U.S. dollars, U.S. Government Obligations or a
combination thereof sufficient to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be; 

(ii) with respect to U.S. Government Obligations or a combination of money and U.S. Government Obligations, the Company
delivers to the Trustee a certificate from a nationally recognized firm of independent accountants, a nationally recognized investment bank or a nationally recognized appraisal or valuation firm, expressing their opinion that the payments of
principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal,
premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; provided that upon any defeasance that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for
purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption only required to be
deposited with the Trustee on or prior to the date of the redemption; 
 (iii) no Default specified in Section 6.01(f)
or (g) with respect to the Company shall have occurred or is continuing on the date of such deposit; 
 (iv) the deposit
does not constitute a default under any other material agreement or instrument binding on the Company; 
 (v) the Company
shall have delivered to the Trustee in the case of the legal defeasance option, an Opinion of Counsel stating that (1) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the
date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial

  
 -99- 

 
owners will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of Counsel required by the immediately preceding sentence with respect to a legal
defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable at their Stated Maturity within one year, or if redeemable at
the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; 

(vi) such exercise does not impair the right of any holder to receive payment of principal of, premium, if any, and interest on
such holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 

(vii) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to
the effect that the beneficial owners will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit and defeasance had not occurred; and 
 (viii) the Company
delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been
complied with. 
 (b) Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of such
Notes at a future date in accordance with Article III. 
 SECTION 8.03 Application of Trust Money. The Trustee shall hold in trust
money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article VIII. The Trustee shall apply the deposited money and the money from U.S. Government Obligations through each Paying Agent and in accordance
with this Indenture to the payment of principal of, premium, if any, and interest on the Notes so discharged or defeased. 
 SECTION 8.04
Repayment to Company. Each of the Trustee and each Paying Agent shall promptly turn over to the Company upon request any money or U.S. Government Obligations held by it as provided in this Article VIII that, in the written opinion of a
nationally recognized firm of independent public accountants, a nationally recognized investment bank or a nationally recognized appraisal or valuation firm, delivered to the Trustee (which delivery shall only be required if U.S. Government
Obligations have been so deposited), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article VIII. 

Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Company upon written request any money
held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Company for payment as general creditors, and the Trustee and each Paying Agent shall have no
further liability with respect to such monies. 

  
 -100- 

 SECTION 8.05 Indemnity for U.S. Government Obligations. The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06 Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under
this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article VIII; provided, however, that, if the Company has made any payment of principal of, premium, if any, or interest on, any such Notes because of the reinstatement of its obligations,
the Company shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent. 

ARTICLE IX 
 AMENDMENTS
AND WAIVERS 
 SECTION 9.01 Without Consent of the Holders. 

(a) The Company, the Trustee and, the Notes Collateral Agent, as applicable, may amend this Indenture, the Notes, the Guarantees, the Security
Documents and/or the ABL/Cash Flow Intercreditor Agreement, as applicable, without notice to or the consent of any holder: 

(i) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(ii) to provide for the assumption by a Successor Company (with respect to the Company) of the obligations of the Company under
this Indenture and the Notes; 
 (iii) to provide for the assumption by a Successor Guarantor (with respect to any
Guarantor), as the case may be, of the obligations of a Guarantor under this Indenture and its Guarantee; 
 (iv) to provide
for uncertificated Notes in addition to or in place of certificated Notes, provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated notes are described in Section 163(f)(2)(B) of the Code; 
 (v) to conform the text of this Indenture,
the Notes, the Guarantees, the Security Documents or the ABL/Cash Flow Intercreditor Agreement to any provision of the “Description of Notes” in the Offering Memorandum to the extent that such provision in this Indenture, the Notes, the
Guarantees, the Security Documents or the ABL/Cash Flow Intercreditor Agreement, as applicable, was intended by the Company to be a verbatim recitation of a provision in the “Description of Notes” in the Offering Memorandum, as stated in
an Officers’ Certificate; 
 (vi) to add a Guarantee with respect to the Notes; 

(vii) to add Collateral to secure the Notes; 

  
 -101- 

 (viii) to release any Guarantor from its Guarantee pursuant to this
Indenture when permitted or required by this Indenture; 
 (ix) to add to the covenants of RYAM or the Company for the
benefit of the holders or to surrender any right or power herein conferred upon RYAM or the Company; 
 (x) [reserved]; 

(xi) to make any change that would provide any additional rights or benefits to the holders of the Notes or that does not
adversely affect the rights of any such holder in any material respect; 
 (xii) to effect any provisions of this Indenture
or to make changes to this Indenture to provide for the issuance of Additional Notes 
 (xiii) to evidence and provide for
the acceptance of appointment by a successor Trustee, successor Paying Agent or successor Notes Collateral Agent; 
 (xiv) to
make, complete or confirm any grant of a Lien or security interest in any property or assets as additional Collateral securing the Notes Obligations, including when permitted or required by this Indenture or any of the Security Documents; 

(xv) to execute or amend any Security Document, the ABL/Cash Flow Intercreditor Agreement, and/or any Junior Lien Priority
Intercreditor Agreement (or any supplement or joinder to any of the foregoing) under circumstances provided therein; 
 (xvi)
to execute any intercreditor agreement having substantially similar terms with respect to the holders of the notes as those set forth in the ABL/Cash Flow Intercreditor Agreement, taken as a whole, or any joinder thereto; 

(xvii) to release, terminate and/or discharge Collateral from the Lien securing the Notes Obligations when permitted or
required by this Indenture or the Security Documents; or 
 (xviii) to amend the Security Documents to provide for the
addition of any creditors to such agreements to the extent a pari passu Lien for the benefit of such creditor is permitted by the terms of this Indenture. 

(b) After an amendment under this Section 9.01 becomes effective, the Company shall mail, or otherwise deliver in accordance with the
procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 SECTION 9.02 With Consent of the Holders. 

(a) This Indenture, the Notes, the Guarantees, the Security Documents and/or the ABL/Cash Flow Intercreditor Agreement, as applicable, may be
amended, and any past Default or compliance with any provisions of this Indenture, the Notes, the Guarantees, the Security Documents and/or the ABL/Cash Flow Intercreditor Agreement, as applicable, may be waived, with the consent of the Company and
the holders of at least a majority in principal amount of the Notes then outstanding voting as a single class. However, without the consent of each holder of an outstanding Note affected, no amendment or waiver may: 

  
 -102- 

 (1) reduce the amount of Notes whose holders must consent to an amendment;

 (2) reduce the rate of or extend the time for payment of interest on any Note; 

(3) reduce the principal of or change the Stated Maturity (including the Springing Maturity Date, if earlier) of any Note; 

(4) reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in
accordance with Article III; 
 (5) make any Note payable in money other than that stated in such Note; 

(6) expressly subordinate the Notes or any Guarantee to any other Indebtedness of the Company or any Guarantor; or 

(7) make any change in the amendment provisions which require each holder’s consent or in the waiver provisions. 

(b) In addition, without the consent of the holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding, an
amendment, supplement or waiver may not: 
 (1) (a) modify any Security Document or the provisions of this Indenture
dealing with the Security Documents or application of trust moneys under the Security Documents, or (b) release a Lien in the Security Documents securing the Notes on all or substantially all of the Collateral, or otherwise release any
Collateral, in any manner materially adverse to the holders of the Notes, other than in accordance with this Indenture, the Security Documents and the ABL/Cash Flow Intercreditor Agreement; or 

(2) modify the ABL/Cash Flow Intercreditor Agreement in any manner materially adverse to the holders of the Notes other than in
accordance with this Indenture, the Security Documents and the ABL/Cash Flow Intercreditor Agreement. 
 (c) It shall not be necessary for
the consent of the holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 

(d) After an amendment under this Section 9.02 becomes effective, the Company shall mail, or otherwise deliver in accordance with the
procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 SECTION 9.03 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion of
the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s
Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the Company certifying that the requisite principal amount of Notes have consented. After
an amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Company or the Trustee of consents by the holders of the requisite principal amount of securities,
(ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the
Company, the Guarantors and the Trustee. 

  
 -103- 

 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph,
those Persons who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons
continue to be holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.04 Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Company may
require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder. Alternatively, if the Company or the Trustee so determine, the Company in
exchange for the Note shall issue and, upon written order of the Company signed by an Officer, the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not
affect the validity of such amendment, supplement or waiver. 
 SECTION 9.05 Trustee and Notes Collateral Agent to Sign Amendments.
The Trustee and Notes Collateral Agent, as applicable, shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee or
Notes Collateral Agent, as applicable. If it does, the Trustee and Notes Collateral Agent, as applicable, may but need not sign it. In signing such amendment, the Trustee and Notes Collateral Agent, as applicable, shall receive indemnity
satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in conclusively relying upon, (i) an Officers’ Certificate, (ii) an Opinion of Counsel stating that such amendment, supplement
or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantors, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof, (iii) a copy of the resolution of the Board of Directors, certified by the Secretary or Assistant Secretary of the Company, authorizing the execution of such amendment, supplement
or waiver and (iv) if such amendment, supplement or waiver is executed pursuant to Section 9.02, evidence reasonably satisfactory to the Trustee and Notes Collateral Agent, as applicable, of the consent of the holders required to consent
thereto. 
 SECTION 9.06 Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall vote
and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the requisite aggregate
principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.13. 

SECTION 9.07 [Reserved]. 

  
 -104- 

 ARTICLE X 

SECTION 10.01 Security Documents; Additional Collateral. 

(a) Security Documents. 

(i) In order to secure the due and punctual payment of the Obligations under this Indenture, the Notes and Security Documents
and any Additional Cash Flow Obligations, the Company, the Guarantors, the Notes Collateral Agent and the other parties thereto, or other parties in accordance with the provisions of Section 4.11 and this Article 10, will enter into the
applicable Security Documents. The Company shall and shall cause each other Guarantor to, and each Guarantor shall, make all filings (including filings of continuation statements and amendments to UCC financing statements and similar filings under
the PPSA to PPSA financing statements (including registrations of hypothecs)) that may be necessary to continue the effectiveness of such UCC financing statements or PPSA financing statements) (including registrations and hypothecs) under the UCC
and other applicable laws (including under the PPSA) as are required to maintain (at the sole cost and expense of the Company and the Guarantors) the security interests and Liens created by the Security Documents in and on the Collateral (subject to
the terms of the ABL/Cash Flow Intercreditor Agreement, any Junior Lien Priority Intercreditor Agreement and the Security Documents) as a perfected security interest and Lien to the extent perfection is required by the Security Documents and within
the time frames set forth therein, subject only to Permitted Liens, and with the priority required by the ABL/Cash Flow Intercreditor Agreement, any Junior Lien Priority Intercreditor Agreement, and the other Security Documents. 

(ii) For the avoidance of doubt, the Trustee and the Notes Collateral Agent are not obligated to make the filings described in
this clause (a). 
 (b) After-Acquired Collateral. If the Company or any Guarantor acquires any property which is of a type
constituting Collateral under any Security Document (excluding, for the avoidance of doubt, any Excluded Assets), it shall promptly after the acquisition thereof execute and deliver such security instruments, mortgages and financing statements (or
similar filings under the PPSA (including registrations of hypothecs)) as are reasonably necessary to vest in the Notes Collateral Agent a perfected security interest and Lien (subject only to Permitted Liens) in and on such after acquired property
and to have such after acquired property added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such after acquired property to the same extent and with the same force and
effect. 
 (c) Real Estate Documents. With respect to (i) any real property constituting Collateral (excluding, for the avoidance
of doubt, any Excluded Assets) owned or leased by the Company or a Guarantor on the Issue Date, the Company or the applicable Guarantor shall deliver or cause to be delivered to the Notes Collateral Agent within 120 days of the Issue Date (or as
promptly as reasonably possible thereafter) and (ii) any real property acquired by the Company or a Guarantor after the Issue Date that forms a part of the Collateral (excluding, for the avoidance of doubt, any Excluded Assets), the Company or
the applicable Guarantor shall deliver or cause to be delivered to the Trustee and the Notes Collateral Agent, within 120 days of the date of acquisition thereof (or as promptly as reasonably possible thereafter) (each such property described in
clauses (i) and (ii) above, a “Mortgaged Property”), the following, in each case, in reasonably satisfactory form and substance to the Trustee and the Notes Collateral Agent: 

  
 -105- 

 (1) Mortgages. One or more counterparts of a mortgage, deed of trust, security deed,
deed to secure debt or deed of hypothec (each a “Mortgage”), as applicable, duly executed and acknowledged, in favor of the Notes Collateral Agent for its benefit and the benefit of the Trustee and the holders of the Notes, in
proper form for recording in the land records in the jurisdiction in which such Mortgaged Property is located (the “Land Records”), sufficient to create a valid and enforceable mortgage lien in favor of the Notes Collateral Agent
for its benefit and the benefit of the Trustee and the holders of the Notes, securing the obligations of the Company and the Guarantors under this Indenture, the Notes, the Guarantees and the Security Documents subject only to Permitted Liens and
Permitted Exceptions, together with evidence that a counterpart of such Mortgages have been delivered to the Title Company for recording in the Land Records; 

2. Title Insurance. A lender’s policy of title insurance (or commitment to issue such a policy having the effect of a policy of
title insurance) issued by a nationally recognized title insurance company (the “Title Company”) insuring (or committing to insure) the Lien of the applicable Mortgage as valid and enforceable first priority mortgage lien on the
Mortgaged Property described therein (each, a “Title Policy”) which insures the Notes Collateral Agent that such Mortgage creates a valid and enforceable first priority mortgage lien on such Mortgaged Property, in an amount not less
than 115% of the fair market value of such Mortgaged Property as reasonably determined, in good faith, by the Company, free and clear of all defects and encumbrances except Permitted Liens and Permitted Exceptions, together with such endorsements
including, without limitation, to the extent available in the state in which the Mortgaged Property is located at commercially reasonably rates, a “tie-in” or “cluster” endorsement, and, if
available under applicable law, endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity, future advances, doing business, non-imputation, public road access, survey (or other
mapping product), variable rate, environmental lien, subdivision, separate tax lot revolving credit and so-called comprehensive coverage over covenants and restrictions and such Title Policy shall not include
an exception for mechanics’ liens; 
 3. Other Real Property Documents. Evidence that the Company and the Guarantors have
delivered to the Title Company such affidavits, certificates, information (including financial data), instruments of indemnification (including a so-called “gap” indemnification) and other documents
as may be reasonably necessary to cause the Title Company to issue the Title Policies and endorsements contemplated by Section 10(c)(2) above; 

4. Survey. A survey (or other mapping product) of each Mortgaged Property (other than with respect to the Temiscaming Facility) in such
form as shall (x) be required by the Title Company to issue the so-called comprehensive and other survey-related endorsements (or endorsements related to such other mapping product) and to remove the
standard survey (or other mapping product) exceptions from the Title Policy with respect to such Mortgaged Property, (y) if by survey, comply with the minimum detail requirements of the American Land Title Association and, in any event, locate
all improvements, public streets and recorded easements affecting such Mortgaged Property, and (z) be accompanied by an officer’s certificate stating that there have been no material changes to such Mortgaged Property since the date of the
survey (or other mapping product); 
 5. Counsel Opinions. Opinions addressed to the Notes Collateral Agent for its benefit and for
the benefit of the Trustee and holders of the Notes of (i) local counsel in each jurisdiction where the Mortgaged Property is located with respect to the enforceability and perfection of the Mortgages and other matters customarily included in
such opinions and (ii) counsel for the Company and the Guarantors regarding due authorization, execution and delivery of the Mortgages; 

  
 -106- 

 6. Insurance. Policies or certificates of insurance covering the property and assets
of the Company and the Guarantors and naming the Notes Collateral Agent as additional insured (with respect to liability insurance) and loss payee and mortgagee (with respect to property insurance); provided that the Notes Collateral Agent
shall receive such funds for the benefit of the holders of the Notes and shall make further distributions of such funds to the holders of the Notes in accordance with the terms of this Indenture and the Security Documents; and 

7. Real Property Collateral Fees and Expenses. Evidence of payment by the Company of all Title Policy premiums, search and examination
charges, escrow charges and related charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgages, fixture filings and other documents and issuance of the Title Policies and endorsements
contemplated by Section 10(c)(2) above. 
 SECTION 10.02 Concerning the Trustee and the Notes Collateral
Agent. 
 (a) The provisions of this Section 10.02 are solely for the benefit of the Trustee and the Notes Collateral Agent and none
of the Company, any of the other Guarantors nor any of the holders shall have any rights as a third party beneficiary of any of the provisions contained herein. Notwithstanding any provision to the contrary contained elsewhere in this Indenture and
the Security Documents, the Trustee and the Notes Collateral Agent shall have only those duties or responsibilities expressly provided hereunder or thereunder and the Trustee and the Notes Collateral Agent shall not have nor be deemed to have any
fiduciary relationship with each other, the Company, any other Guarantor or any holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture and the Security Documents or
otherwise exist against the Trustee and the Notes Collateral Agent. 
 (b) The Notes Collateral Agent shall act pursuant to the written
instructions of the holders and the Trustee (or such other persons as set forth in the Security Documents) with respect to the Security Documents and the Collateral. For the avoidance of doubt, the Notes Collateral Agent shall have no discretion
under this Indenture, the ABL/Cash Flow Intercreditor Agreement, any Junior Lien Priority Intercreditor Agreement or the Security Documents and shall not be required to make or give any determination, consent, approval, request or direction without
the written direction of the holders of a majority in aggregate principal amount of the then outstanding Notes or the Trustee, as applicable, or, if applicable, such other persons as set forth in the Security Documents or the ABL/Cash Flow
Intercreditor Agreement. After the occurrence and during the continuance of an Event of Default, subject to the provisions of the Security Documents, the Trustee may direct the Notes Collateral Agent in connection with any action required or
permitted by this Indenture or the Security Documents. 
 (c) None of the Trustee or the Notes Collateral Agent or any of their respective
Affiliates shall be liable for any action taken or omitted to be taken by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own willful misconduct or negligence ) or under or in connection
with any Security Document or the transactions contemplated thereby (except for its own willful misconduct or negligence). 
 (d) Other than
in connection with a release of Collateral permitted under Section 10.03 (except as may be required by Section 9.02) or otherwise permitted under the terms of the ABL/Cash Flow Intercreditor Agreement, in each case that the Notes
Collateral Agent may or is required hereunder or under any other Security Document to take any action (an “Action”), including without limitation to make any determination, to give consents, to exercise rights, powers or remedies,
to release or sell Collateral or otherwise to act hereunder or under any other Security Document, the Notes Collateral Agent may seek direction and indemnity satisfactory to it from the holders of a majority in aggregate principal amount of the then
outstanding Notes. The Notes Collateral Agent shall not be liable with respect to any Action taken or omitted to be taken by it in accordance with the direction from the holders of a majority in aggregate principal amount of the then outstanding
Notes. Subject to the Security Documents, if the Notes Collateral Agent shall request direction from the holders of a majority in aggregate principal amount of the then outstanding Notes with respect to any Action, the Notes Collateral Agent shall
be entitled to refrain from such Action unless and until the Notes Collateral Agent shall have received direction and indemnity satisfactory to it from the holders of a majority in aggregate principal amount of the then outstanding Notes, and the
Notes Collateral Agent shall not incur liability to any Person by reason of so refraining. 

  
 -107- 

 (e) Beyond the exercise of reasonable care in the custody of the Collateral in its
possession, the Notes Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any
other rights pertaining thereto. The Notes Collateral Agent will be deemed to have exercised reasonable care in the custody of the collateral in its possession if the collateral is accorded treatment substantially equal to that which it accords its
own property, and the Notes Collateral Agent will not be liable or responsible for any loss or diminution in the value of any of the collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by
the Notes Collateral Agent in good faith. 
 (f) The Notes Collateral Agent will not be responsible for the existence, genuineness or value
of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the
extent such action or omission constitutes gross negligence or willful misconduct on the part of the Notes Collateral Agent, as determined by a court of competent jurisdiction in a final, nonappealable order, for the validity or sufficiency of the
Collateral or any agreement or assignment contained therein, for the validity of the title of any grantor to the Collateral, for insuring the collateral or for the payment of taxes, charges, assessments or liens upon the Collateral or otherwise as
to the maintenance of the Collateral. The Notes Collateral Agent hereby disclaims any representation or warranty to the present and future holders of the Notes concerning the perfection of the liens granted hereunder or in the value of any of the
Collateral. Notwithstanding anything to the contrary in this Indenture or any other Cash Flow Document, in no event shall the Notes Collateral Agent or the Trustee be responsible for, or have any duty or obligation with respect to, the recording,
filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Indenture or the other Cash Flow Documents (including without limitation the filing or continuation of any UCC (or similar
filings under the PPSA (including registrations of hypothecs)). 
 (g) The Company shall indemnify the Notes Collateral Agent against any
cost, expense, loss or liability in accordance with Section 7.07 in the event that the Notes Collateral Agent is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to
carry out any obligation for the benefit of another, which may cause the Notes Collateral Agent, as applicable, to be considered an “owner or operator” under any environmental laws or otherwise cause the Notes Collateral Agent to incur, or
be exposed to, any environmental liability or any liability under any other federal, state or local law, and, further, the Notes Collateral Agent reserves the right, instead of taking such action, either to resign as Notes Collateral Agent or to
arrange for the transfer of the title or control of the asset to a court appointed receiver. The Notes Collateral Agent will not be liable to any person for any environmental claims or any environmental liabilities or contribution actions under any
federal, state or local law, rule or regulation by reason of the Notes Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of
any hazardous materials into the environment. Notwithstanding anything to the contrary contained in this Indenture, the Security Documents or the other Cash Flow Documents, in the event the Notes Collateral Agent is entitled or required to commence
an action to 

  
 -108- 

 
foreclose or otherwise exercise its remedies to acquire control or possession of the Collateral, the Notes Collateral Agent shall not be required to commence any such action or exercise any
remedy or to inspect or conduct any studies of any property under any mortgages or take any such other action unless the Notes Collateral Agent has received security or indemnity from the holders in an amount and in a form all satisfactory to the
Notes Collateral Agent in its sole discretion, protecting the Notes Collateral Agent from all such liability. The Notes Collateral Agent shall at any time be entitled to cease taking any action described above if it no longer reasonably deems any
indemnity, security or undertaking from the Company or the holders to be sufficient. 
 (h) The Notes Collateral Agent shall be entitled to
all of the protections, immunities, indemnities, rights and privileges of the Trustee set forth in this Indenture and all such protections, immunities, indemnities, rights and privileges shall apply to the Notes Collateral Agent in its roles under
any other Security Document, whether or not expressly stated therein. 
 (i) The Notes Collateral Agent shall be entitled to compensation,
reimbursement and indemnity as set forth in Section 7.07. 
 SECTION 10.03 Releases of Liens. The Liens on the Collateral
will be released with respect to the Notes and the related Guarantees: 
 (a) upon payment in full of the principal of, together with any
accrued and unpaid interest on and all other Notes Obligations owed under the Notes and this Indenture, the Guarantees and Security Documents that are payable at or prior to the time such principal together with accrued and unpaid interest are paid;

 (b) in whole, as to all property subject to such Liens, upon: 

(i) satisfaction and discharge of this Indenture in accordance with Article 8 hereof; or 

(ii) the Company’s exercise of its legal defeasance option or covenant defeasance option under Article VIII ; 

(c) in part, as to any property or asset constituting Collateral (A) that is sold or otherwise disposed of (other than to another Grantor)
in a transaction not prohibited by Section 4.06 hereof or (B) that is owned by a Guarantor to the extent such Guarantor has been released from its Guarantee in accordance with the terms of this Indenture; 

(d) as to any property or assets, upon the consent of the requisite holders pursuant to Section 9.02 of this Indenture; 

(e) in whole or in part, to the extent such Collateral becomes Excluded Assets as a result of a transaction not prohibited by this Indenture;
or 
 (f) to the extent required by the ABL/Cash Flow Intercreditor Agreement. 

Upon the release of any Liens in favor of the Notes Collateral Agent on the Collateral (subject to the provisions described under
Section 10.01(b)) the Notes Collateral Agent with respect to the Notes, upon receipt of an Officers’ Certificate and an Opinion of Counsel certifying that all conditions precedent to such release have been met, will execute and deliver
such documents and instruments, prepared by the Company, as the Company and the Guarantors may request in writing to evidence such termination and release (without recourse, representation or warranty) without the consent of the holders of the
Notes. 

  
 -109- 

 SECTION 10.04 Form and Sufficiency of Release. In the event that the Company or any
Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any portion of the Collateral that, under the terms of this Indenture may be sold, exchanged or otherwise disposed of by the Company or any
Guarantor, and the Company or such Guarantor requests the Notes Collateral Agent to furnish a written disclaimer, release or quitclaim of any interest in such property under this Indenture, the Guarantees and the Security Documents, upon receipt of
an Officers’ Certificate from the Company and Opinion of Counsel certifying that all conditions precedent to such release have been met, the Notes Collateral Agent shall, at the sole cost and expense of the Company, execute, acknowledge and
deliver to the Company or such Guarantor such an instrument in the form provided by the Company (to the extent acceptable to the Notes Collateral Agent, acting reasonably), and providing for release without recourse, representation or warranty,
promptly after satisfaction of the conditions set forth herein for delivery of such release and shall, at the sole cost and expense of the Company take such other action as the Company or such Guarantor may reasonably request to effect such release.

 SECTION 10.05 Purchaser Protected. No purchaser or grantee of any property or rights purporting to be released shall be bound to
ascertain the authority of the Trustee or the Notes Collateral Agent to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority. 

SECTION 10.06 Authorization of Actions to be Taken by the Notes Collateral Agent under the Security Documents. 

(a) The Company, the Guarantors and each holder of the Notes, by their acceptance of the Notes and the Guarantees, (i) hereby irrevocably
appoints Wells Fargo Bank, National Association, as Notes Collateral Agent to act as its agent and hypothecary representative (within the meaning of Article 2692 of the Civil Code of Québec) hereunder and under the ABL/Cash Flow
Intercreditor Agreement, any Junior Lien Priority Intercreditor Agreement and each other Security Document, and Wells Fargo Bank, National Association accepts such appointment and (ii) agrees that the Notes Collateral Agent shall be entitled to
the rights, privileges, protections, immunities, indemnities and benefits provided to the Trustee under Article 7 hereof, including the compensation, reimbursement, and indemnification provisions set forth in Section 7.07 hereof and the
resignation and removal provisions of Section 7.08 hereof (with the references to the Trustee therein being deemed to refer to the Notes Collateral Agent). Furthermore, each holder of a Note, by accepting such Note, consents to and approves the
terms of and irrevocably authorizes and directs the Notes Collateral Agent to (i) perform the duties and exercise the rights, powers and discretions that are provided for in the ABL/Cash Flow Intercreditor Agreement, any Junior Lien Priority
Intercreditor Agreement and each other Security Document in each of its capacities thereunder, together with any other incidental rights, powers and discretions and (ii) execute each document, including each Security Document and the ABL/Cash
Flow Intercreditor Agreement and any Junior Lien Priority Intercreditor Agreement, expressed to be executed by the Notes Collateral Agent on its behalf, binding the holders to the terms thereof. 

(b) If the Company or any Guarantor (i) incurs any obligations secured by liens permitted by clause (6), clause (25) or clause
(37) of the definition of “Permitted Liens”, and (ii) delivers to the Notes Collateral Agent an Officers’ Certificate, accompanied by an Opinion of Counsel, so stating and requesting the Notes Collateral Agent to enter into
an intercreditor agreement contemplated by subclause (B) of clause (6), clause (25) or clause (37) of the definition of “Permitted Liens” and certifying that such 

  
 -110- 

 
intercreditor agreement complies with such subclause (B), clause (25) or clause (37), as applicable, the Notes Collateral Agent shall (and is hereby authorized and directed to) enter into
such intercreditor agreement (at the sole expense and cost of the Company, including legal fees and expenses of the Notes Collateral Agent), bind the holders on the terms set forth therein and perform and observe its obligations thereunder. 

SECTION 10.07 Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent under the Security Agreement. 

The Trustee and the Notes Collateral Agent are authorized to receive any funds for the benefit of holders distributed under the Security
Documents to the Trustee or the Notes Collateral Agent, to apply such funds as provided in this Indenture and the Security Documents and to make further distributions of such funds in accordance with the applicable provisions of Section 6.10
hereof. 
 SECTION 10.08 Powers Exercisable by Receiver or Notes Collateral Agent. 

In case the Collateral shall be in the possession of a receiver, monitor trustee or other Custodian, lawfully appointed, the powers conferred
in this Article 10 upon the Company or any Guarantor, as applicable, with respect to the release, sale or other disposition of such property may be exercised by such receiver, monitor, trustee or other Custodian, and an instrument signed by such
receiver, monitor, trustee or other Custodian shall be deemed the equivalent of any similar instrument of the Company or any Guarantor, as applicable, or of any officer or officers thereof required by the provisions of this Article 10. 

ARTICLE XI 

[Intentionally Omitted] 

ARTICLE XII 
 GUARANTEE

 SECTION 12.01 Guarantee. 

(a) Each Guarantor, by executing and delivering this Indenture or a supplemental indenture to this Indenture substantially in the form of
Exhibit C hereto, hereby jointly and severally guarantees, on an senior secured basis, as a primary obligor and not merely as a surety, to each holder and to the Notes Collateral Agent, Trustee and their respective successors and assigns the
performance and punctual payment when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Company under this Indenture and the Notes, whether for payment of principal of, premium, if any, or interest on the
Notes, expenses, indemnification or otherwise (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole
or in part, without notice or further assent from any Guarantor, and that each Guarantor shall remain bound under this Article XII notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b) Each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations and also
waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The Guarantee of each Guarantor hereunder shall not be affected by (i) the failure of any holder, the Notes
Collateral Agent 

  
 -111- 

 
or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other agreement or otherwise;
(ii) any extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the
release of any security held by any holder, the Notes Collateral Agent or the Trustee for the Guaranteed Obligations or each Guarantor; (v) the failure of any holder, the Notes Collateral Agent or Trustee to exercise any right or remedy against
any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of each Guarantor, except as provided in Section 12.02(b). Each Guarantor hereby waives any right to which it may be entitled to have its Guarantee
hereunder divided among the Guarantors, such that such Guarantor’s Guarantee would be less than the full amount claimed. 
 (c) Each
Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be used and depleted as payment of the Company’s obligations under this Indenture and the Notes or such Guarantor’s Guarantee hereunder
prior to any amounts being claimed from or paid by such Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an action being initiated against such Guarantor. For
purposes of applicable law in Quebec, each Guarantor waives the benefits of division and discussion. 
 (d) Each Guarantor further agrees
that its Guarantee herein constitutes a guarantee of payment and performance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder, the Notes Collateral Agent or the Trustee to any security
held for payment of the Guaranteed Obligations. 
 (e) The Guarantee of each Guarantor is, to the extent and in the manner set forth in this
Article XII, senior in right of payment to all existing and future Subordinated Indebtedness of such Guarantor. 
 (f) Except as expressly
set forth in Sections 8.01(b), 12.02 and 12.06, the Guarantee of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the
generality of the foregoing, the Guarantee of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any holder, the Notes Collateral Agent or the Trustee to assert any claim or demand or to enforce any
remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or thing or
omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. 

(g) Except as expressly set forth in Section 12.02(b), each Guarantor agrees that its Guarantee shall remain in full force and effect
until payment in full of all the Guaranteed Obligations of such Guarantor. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of
principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any holder, the Notes Collateral Agent or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 

  
 -112- 

 (h) In furtherance of the foregoing and not in limitation of any other right which any
holder, the Notes Collateral Agent or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due,
whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Notes Collateral Agent or the Trustee,
forthwith pay, or cause to be paid, in cash, to the holders, the Notes Collateral Agent or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such
Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Company to the holders, the Notes Collateral Agent and the Trustee. 

(i) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the holders in respect of any Guaranteed
Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the holders, the Notes Collateral Agent and the Trustee, on the other hand, (i) the
maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due
and payable by the Guarantors for the purposes of this Section 12.01. 
 (j) Each Guarantor also agrees to pay any and all expenses
(including reasonable attorneys’ fees and expenses) incurred by the Notes Collateral Agent or the Trustee in enforcing any rights under this Section 12.01. 

(k) Upon request of the Notes Collateral Agent or the Trustee, each Guarantor shall execute and deliver such further instruments and do such
further acts as may be reasonably necessary to carry out more effectively the purpose of this Indenture. 
 SECTION 12.02 Limitation on
Liability. 
 (a) Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed
Obligations guaranteed hereunder by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without rendering the Guarantee, as it relates to such Guarantor, voidable under applicable law relating
to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally or capital maintenance or corporate benefit rules applicable to guarantees for obligations of affiliates. 

(b) A Guarantee as to any Guarantor (other than RYAM) shall automatically terminate and be of no further force or effect and such Guarantor
shall be automatically released from all obligations under this Article XII upon: 
 (i) the sale, disposition, exchange or
other transfer (including through merger, consolidation, amalgamation or otherwise) of the Capital Stock (including any sale, disposition or other transfer following which the applicable Guarantor is no longer a Restricted Subsidiary), of the
applicable Guarantor to a Person that is not the Company or a Guarantor if such sale, disposition, exchange or other transfer is made in a manner not in violation of this Indenture; 

(ii) the designation of such Guarantor as an Unrestricted Subsidiary in accordance with the provisions of Section 4.04 and
the definition of “Unrestricted Subsidiary”; 

  
 -113- 

 (iii) in the case of any Guarantee provided after the Issue Date in
accordance with the requirements of Section 4.11 by a Restricted Subsidiary that is not an Initial Subsidiary Guarantor, the release or discharge of the guarantee (other than as a result of payment thereon by such Guarantor following a default
by the direct obligor of such Indebtedness) by such Guarantor of the Indebtedness of RYAM, the Company or any of the other Guarantors which created the obligation to guarantee the Notes; or 

(iv) the Company’s exercise of its legal defeasance option or covenant defeasance option under Article VIII or if the
Company’s obligations under this Indenture are discharged in accordance with the terms of this Indenture. 
 The Guarantee of RYAM
shall automatically terminate and be of no further force or effect and RYAM shall be automatically released from all obligations under this Article XII upon the occurrence of (iv) above. 

SECTION 12.03 [Intentionally Omitted]. 

SECTION 12.04 Successors and Assigns. This Article XII shall be binding upon each Guarantor and its successors and assigns and shall
inure to the benefit of and be enforceable by the successors and assigns of the Trustee, the Notes Collateral Agent and the holders and, in the event of any transfer or assignment of rights by any holder, the Trustee or the Notes Collateral Agent,
the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

SECTION 12.05 No Waiver. Neither a failure nor a delay on the part of any one of the Trustee, the Notes Collateral Agent or the holders
in exercising any right, power or privilege under this Article XII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and
benefits of the Trustee, the Notes Collateral Agent and the holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XII at law, in equity, by statute or
otherwise. 
 SECTION 12.06 Modification. No modification, amendment or waiver of any provision of this Article XII, nor the consent
to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee or the Notes Collateral Agent, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle any Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 12.07 Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary which is required to become a Guarantor of the
Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee and the Notes Collateral Agent a supplemental indenture substantially in the form of Exhibit C hereto pursuant to which such Subsidiary shall become a
Guarantor under this Article XII and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee and the Notes Collateral Agent an Opinion of
Counsel and an Officers’ Certificate certifying that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent
conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a valid and binding obligation of
such Guarantor, enforceable against such Guarantor in accordance with its terms. 

  
 -114- 

 SECTION 12.08 Non-Impairment. The failure to
endorse a Guarantee on any Note shall not affect or impair the validity thereof. 
 ARTICLE XIII 

MISCELLANEOUS 
 SECTION
13.01 [Reserved]. 
 SECTION 13.02 Notices. 

(a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows: 
 if to the Company or a Guarantor: 

c/o Rayonier A.M. Products Inc. 

1301 Riverplace Boulevard, Suite 2300 

Jacksonville, FL 32207 

Attention: Chief Financial Officer and General Counsel 

Fax: (904) 357-9101 

Phone: (904) 357-9154 

Email: Colby.Slaughter@rayonier.com 

if to the Trustee, Notes Collateral Agent, Paying Agent and Registrar: 

Wells Fargo Bank, National Association 

CTSO Mail Operations 
 MAC: N9300-070 
 600 South 4th Street, 7th Floor 

Minneapolis, MN 55415 

Attention: Tina Gonzalez                 

Phone: (904) 437-8326 

Email: tina.gonzalez@wellsfargo.com 
 The
Company, any Guarantor, the Trustee, the Notes Collateral Agent, the Paying Agent and the Registrar by notice to the others may designate additional or different addresses for subsequent notices or communications. 

(b) Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it appears
on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 (c) Failure to mail a
notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it,
except that notices to the Trustee are effective only if received. 

  
 -115- 

 The Trustee and the Notes Collateral Agent may, in each of their sole discretion, agree to
accept and act upon instructions or directions pursuant to this Indenture sent by e-mail, facsimile transmission or other similar electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee or the Notes Collateral Agent in its discretion elects to act upon such instructions, the Trustee’s or the Notes
Collateral Agent’s, as applicable, understanding of such instructions shall be deemed controlling. The Trustee and the Notes Collateral Agent, as applicable, shall not be liable for any losses, costs or expenses arising directly or indirectly
from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Trustee and the Notes Collateral Agent, including without limitation the risk of the Trustee or the Notes Collateral Agent, as applicable, acting on
unauthorized instructions, and the risk or interception and misuse by third parties. 
 Notwithstanding anything to the contrary contained
herein, as long as the Notes are in the form of a Global Note, notice to the holders may be made electronically in accordance with procedures of the Depository. 

SECTION 13.03 [Reserved]. 

SECTION 13.04 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take
or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee at the request of the Trustee: 

(a) an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) except upon the issuance of the Initial Notes, an Opinion of Counsel in form reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 13.05 Statements Required in
Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 

(a) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

SECTION 13.06 When Notes Disregarded. In determining whether the holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company, the Guarantors or by any Person directly or indirectly controlling or controlled by or under 

  
 -116- 

 
direct or indirect common control with the Company or the Guarantors shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall
be protected in relying on any such direction, waiver or consent, only Notes which a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be
considered in any such determination. 
 SECTION 13.07 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable
rules for action by or a meeting of the holders. The Notes Collateral Agent may make reasonable rules for action by the holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 

SECTION 13.08 Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a
Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be
affected. 
 SECTION 13.09 GOVERNING LAW. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 13.10 No Recourse Against Others. No director, officer, employee,
manager or incorporator of, and no holder of any Equity Interests in, RYAM, the Company or any direct or indirect parent company of RYAM or the Company, as such, shall have any liability for any obligations of the Company or any Guarantor under the
Notes, the Guarantees, the Security Documents, the ABL/Cash Flow Intercreditor Agreement or this Indenture, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 13.11 Successors. All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind such
person’s successors. All agreements of the Trustee and the Notes Collateral Agent in this Indenture shall bind its successors. 

SECTION 13.12 Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. Notwithstanding the foregoing, the exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes. 

SECTION 13.13 Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 13.14 Indenture Controls. If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision
of this Indenture, such provision of this Indenture shall control. 
 SECTION 13.15 Severability. In case any provision in this
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability. 

  
 -117- 

 SECTION 13.16 Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS, THE TRUSTEE
AND THE NOTES COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY. 
 SECTION 13.17 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(“U.S.A. Patriot Act”), the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of
the U.S.A. Patriot Act. 
 SECTION 13.18 Submission to Jurisdiction. The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the
fullest extent permitted by applicable law, the parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

SECTION 13.19 Electronic Signatures. This Indenture and any certificate, agreement or other document to be signed in connection with
this Indenture and the transactions contemplated hereby shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature;
(ii) a faxed, scanned, or photocopied manual signature; or (iii) in the case of this Indenture and any certificate, agreement or other document to be signed in connection with this Indenture and the transactions contemplated hereby (other
than any Notes), any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including
relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”). Each electronic signature (except in the case of any Notes) or faxed, scanned, or photocopied manual signature shall for all purposes have the same
validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature,
or other electronic signature (except in the case of any Notes), of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used
for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 

[Remainder of page intentionally left blank.] 

  
 -118- 

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

			
	COMPANY:
	
	RAYONIER A.M. PRODUCTS INC.
		
	By:	 	 /s/ Frank A. Ruperto

		 	Name: Frank A. Ruperto
		 	Title: Executive Vice President
	
	INITIAL GUARANTORS:
	
	RAYONIER ADVANCED MATERIALS INC. 
		
	By:	 	 /s/ Frank A. Ruperto

		 	Name: Frank A. Ruperto
		 	Title: Executive Vice President
	
	RAYONIER A.M. CHINA LIMITED 
	RAYONIER A.M. FAR EAST LTD.
	RAYONIER A.M. INVESTMENTS USA II INC.
	RAYONIER A.M. PAPERBOARD SALES INC.
	RAYONIER A.M. PROPERTIES LLC
	RAYONIER A.M. SALES AND TECHNOLOGY INC.
	RAYONIER ADVANCED MATERIALS INDUSTRIES LTD.
	RAYONIER PERFORMANCE FIBERS, LLC
		
	By:	 	 /s/ Frank A. Ruperto

		 	Name: Frank A. Ruperto
		 	Title: Executive Vice President
	
	SOUTHERN WOOD PIEDMONT COMPANY 
		
	By:	 	 /s/ William R. Manzer

		 	Name: William R. Manzer
		 	Title: President

 [Signature Page to Indenture] 

 
			
	TEMBEC LAND COMPANY LLC
		
	By:	 	 /s/ Carla Yetter

		 	Name: Carla Yetter
		 	Title: Manager
	
	RAYONIER A.M. CANADA ENTERPRISES INC.
	RAYONIER A.M. CONSTRUCTION COMPANY INC.
	SPRUCE FALLS ACQUISITION CORP.
		
	By:	 	 /s/ Jared Rollins

		 	Name: Jared Rollins
		 	Title: Assistant Treasurer
	
	RAYONIER A.M. CANADA G.P.
		
		 	By: Rayonier A.M. Canada Industries Inc., its
		 	managing partner
		
	By:	 	 /s/ Jared Rollins

		 	Name: Jared Rollins
		 	Title: Assistant Treasurer

 [Signature Page to Indenture] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee and Notes Collateral Agent
		
	By:	 	 /s/ Patrick Giordano

		 	Name: Patrick Giordano
		 	Title: Vice President

 [Signature Page to Indenture] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL NOTES AND ADDITIONAL NOTES 

1. Definitions. 
 1.1
Definitions. 
 For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Definitive Note” means a certificated Initial Note and Additional Note (bearing the Restricted Notes Legend if the transfer
of such Note is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depository” means The
Depository Trust Company, its nominees and their respective successors. 
 “Global Notes Legend” means the legend set forth
under that caption in Section 2.2(f)(i) of Appendix A to this Indenture. 
 “IAI” means an institutional
“accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Notes
Custodian” means the custodian with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Notes” means all Initial Notes offered and sold outside the United States in reliance on Regulation S. 

“Restricted Notes Legend” means the legend set forth in Section 2.2(f)(i) herein. 

“Restricted Period,” with respect to any Notes, means the period of 40 consecutive days beginning on and including the later
of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Company to the
Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Notes” means all Initial Notes offered and sold to QIBs in reliance on Rule 144A. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

  
 Appendix A-1 

 “Transfer Restricted Definitive Notes” means Definitive Notes that bear or
are required to bear or are subject to the Restricted Notes Legend. 
 “Transfer Restricted Global Notes” means Global
Notes that bear or are required to bear or are subject to the Restricted Notes Legend. 
 “Transfer Restricted Notes” means
the Transfer Restricted Definitive Notes and Transfer Restricted Global Notes. 
 “Unrestricted Definitive Notes” means
Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend. 
 “Unrestricted Global
Notes” means Global Notes that are not required to bear, or are not subject to, the Restricted Notes Legend. 
 1.2 Other
Definitions. 
  

					
	 	  	Term:	  	Defined in Section:
	         
	  	 Agent Members
	  	 2.1(b)

		  	 Global Notes
	  	 2.1(b)

		  	 Regulation S Global Notes
	  	 2.1(b)

		  	 Regulation S Permanent Global Notes
	  	 2.1(b)

		  	 Regulation S Temporary Global Notes
	  	 2.1(b)

		  	 Rule 144A Global Notes
	  	 2.1(b)

 2. The Notes. 

2.1 Form and Dating; Global Notes. 

(a) The Initial Notes issued on the date hereof will be (i) privately placed by the Company pursuant to the Offering Memorandum and
(ii) sold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial Notes may thereafter be transferred to, among others, QIBs,
purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Notes offered after the date hereof may be offered and sold by the Company from time to time pursuant to one or more agreements in
accordance with applicable law. 
 (b) Global Notes. (i) Except as provided in clause (d) of Section 2.2 below, Rule
144A Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global Notes”). 

Regulation S Notes initially shall be represented by one or more Notes in fully registered, global form without interest coupons
(collectively, the “Regulation S Temporary Global Note” and, together with the Regulation S Permanent Global Note (defined below), the “Regulation S Global Notes”), which, in the case of Initial Notes, shall be registered
in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear Bank S.A./N.V., as operator of the Euroclear system (“Euroclear”) or Clearstream Banking,
Société Anonyme (“Clearstream”). 

  
 Appendix A-2 

 Following the termination of the Restricted Period, beneficial interests in the Regulation S
Temporary Global Note shall be exchanged for beneficial interests in a permanent Global Note (the “Regulation S Permanent Global Note”) pursuant to the applicable procedures of the Depository. Simultaneously with the authentication
of the Regulation S Permanent Global Note, the Trustee in the case of Initial Notes shall cancel the Regulation S Temporary Global Note. In the case of Initial Notes, the aggregate principal amount of the Regulation S Temporary Global Note and the
Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers of interest as hereinafter
provided. 
 The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of
Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the
Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream. 
 The term “Global
Notes” means the Rule 144A Global Notes and the Regulation S Global Notes. The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such
Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend. 

Members of, or direct or indirect participants in, the Depository (collectively, the “Agent Members”) shall have no rights
under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes. 

The Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the sole owner of the Global Notes
for all purposes under the Indenture and the Notes. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any Note. 

(ii) Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective
nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the Depository and the provisions of Section 2.2. In addition, a
Global Note shall be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Company at any time that it is unwilling or unable to continue as depositary for such Global Note and a successor depositary is not appointed
within 90 days or (2) has ceased to be a clearing agency registered under the Exchange Act and a successor depositary is not appointed within 90 days, (y) the Company, at its option, notifies the Trustee that the Company elects to cause
the issuance of Definitive Notes or (z) there shall have occurred and be continuing an Event of Default with respect to such Global Note and a request has been made for such exchange; provided that in no event shall the Regulation S
Temporary Global Note be exchanged by the Company for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
Securities Act. In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository in
accordance with its customary procedures. 

  
 Appendix A-3 

 (iii) In connection with the transfer of a Global Note as an entirety to beneficial owners
pursuant to subsection (ii) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and, upon written order of the Company signed by an Officer, the Trustee
shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized
denominations. 
 (iv) Any Transfer Restricted Note delivered in exchange for an interest in a Global Note pursuant to Section 2.2
shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend. 
 (v) Notwithstanding the foregoing, through the
Restricted Period, a beneficial interest in a Regulation S Global Note may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi) The holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold
interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes. 
 2.2 Transfer
and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in
Section 2.1(b). Global Notes will not be exchanged by the Company for Definitive Notes except under the circumstances described in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Section 2.08 of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b). 

(b) Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Global Notes shall be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers and exchanges of beneficial
interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Transfer Restricted Global
Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in accordance with the transfer restrictions set forth in the Restricted Notes Legend; provided,
however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person. A beneficial interest in an
Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.2(b)(i). 
 (ii) All Other Transfers and Exchanges of Beneficial Interests in
Global Notes. In connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written
order from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be 

  
 Appendix A-4 

 
credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the
applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note pursuant to Section 2.2(g). 

(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in a Transfer Restricted
Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar
receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in a Rule 144A
Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and 
 (B) if the
transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note. 

(iv) Transfer and Exchange of Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an
Unrestricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Company or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Company and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Notes Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Note has not yet been issued, the
Company shall issue and, upon receipt of a written order of the Company in the form of an Officers’ Certificate in accordance with Section 2.01 of the Indenture, the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 

  
 Appendix A-5 

 (v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global
Note for Beneficial Interests in a Transfer Restricted Global Note. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Transfer
Restricted Global Note. 
 (c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial
interest in a Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the
form of a Definitive Note except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and exchanges of Definitive Notes for
beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable: 

(i) Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. If any holder of a
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a
beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note; 

(B) if such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities
Act, a certificate from such holder in the form attached to the applicable Note; 
 (C) if such Transfer Restricted
Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(D) if such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(E) if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder in the form attached to the applicable Note, including the certifications, certificates and Opinion
of Counsel, if applicable; or 
 (F) if such Transfer Restricted Definitive Note is being transferred to the Company or a
Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note; the Trustee shall cancel the Transfer Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate
Transfer Restricted Global Note. 

  
 Appendix A-6 

 (ii) Transfer Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A holder of a Transfer Restricted Definitive Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Transfer Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for
a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer Restricted Definitive Note to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Company or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Company and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Notes Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Company shall
issue and, upon receipt of a written order of the Company in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of
Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (ii). 
 (iii) Unrestricted Definitive
Notes to Beneficial Interests in Unrestricted Global Notes. A holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted
Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global
Note has not yet been issued, the Company shall issue and, upon receipt of a written order of the Company in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the aggregate principal amount of Unrestricted Definitive Notes transferred or exchanged pursuant to this subparagraph (iii). 

(iv) Unrestricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. An Unrestricted
Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 

  
 Appendix A-7 

 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
holder of Definitive Notes and such holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly
authorized in writing. In addition, the requesting holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 

(i) Transfer Restricted Definitive Notes to Transfer Restricted Definitive Notes. A Transfer Restricted Note may be
transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate
in the form attached to the applicable Note; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 under the
Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 
 (C) if the
transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note; 

(D) if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act
other than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Note; and 

(E) if such transfer will be made to the Company or a Subsidiary thereof, a certificate in the form attached to the applicable
Note. 
 (ii) Transfer Restricted Definitive Notes to Unrestricted Definitive Notes. Any Transfer Restricted
Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for
an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or 

  
 Appendix A-8 

 (B) if the holder of such Transfer Restricted Definitive Note proposes to
transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note, and, in each such case, if the Company or the Registrar so
request, an Opinion of Counsel in form reasonably acceptable to the Company and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iii)
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
at any time. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the holder thereof. 

(iv) Unrestricted Definitive Notes to Transfer Restricted Definitive Notes. An Unrestricted Definitive Note cannot be
exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 
 At such time
as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained
and canceled by the Trustee in accordance with Section 2.10 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(f) Legend. 
 (i) Except as
permitted by the following paragraph (iii), (iv) or (v), each Note certificate evidencing the Global Notes and any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the
following form (each defined term in the legend being defined as such for purposes of the legend only): 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY
ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT
WILL NOT WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, 

  
 Appendix A-9 

 
(B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR
TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER
CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY
RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY
WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY. IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AS USED HEREIN. THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. BY ITS PURCHASE OR ACQUISITION OF THIS NOTE, THE HOLDER REPRESENTS AND AGREES THAT
(1) IT IS NOT AND WILL NOT BE (AND IS NOT AND WILL NOT BE DEEMED FOR PURPOSES OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) TO BE) (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED UNDER SECTION 3(3) OF ERISA), (B) A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR PROVISIONS UNDER APPLICABLE FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (C) AN ENTITY, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE
“PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN SUCH ENTITY; OR (2) THE PURCHASE AND HOLDING OF THIS NOTE DOES NOT AND WILL NOT CONSTITUTE OR INVOLVE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IF APPLICABLE, A VIOLATION OF SIMILAR LAWS.” 

Each Global Note shall bear the following additional Legend: 

  
 Appendix A-10 

 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 
 Each Definitive Note shall bear
the following additional Legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii) Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to
exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar
that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 

(iii) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation
S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply. 

(iv) Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 

(g) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.10 of this
Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of

  
 Appendix A-11 

 
the Trustee, as applicable, to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee, as applicable, to reflect such increase.

 (h) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate,
Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be made for any
registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes,
assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.04 of this Indenture). 

(iii) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Notes Collateral
Agent, any Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes
whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Notes Collateral Agent, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and
shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (i) No Obligation
of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with
respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All
notices and communications to be given to the holders and all payments to be made to the holders under the Notes shall be given or made only to the registered holders (which shall be the Depository or its nominee in the case of a Global Note). The
rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished
by the Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or
among participants, members or beneficial owners of the Depository in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
 Appendix A-12 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 

[Global Notes Legend] 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 
 [Restricted Notes Legend] 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN
ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR
OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES
TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF
THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO
REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES 

  
 Exhibit A-1 

 
ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY
WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY. IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AS USED HEREIN. THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. BY ITS PURCHASE OR ACQUISITION OF THIS NOTE, THE HOLDER REPRESENTS AND AGREES THAT
(1) IT IS NOT AND WILL NOT BE (AND IS NOT AND WILL NOT BE DEEMED FOR PURPOSES OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) TO BE) (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED UNDER SECTION 3(3) OF ERISA), (B) A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR PROVISIONS UNDER APPLICABLE FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (C) AN ENTITY, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE
“PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN SUCH ENTITY; OR (2) THE PURCHASE AND HOLDING OF THIS NOTE DOES NOT AND WILL NOT CONSTITUTE OR INVOLVE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IF APPLICABLE, A VIOLATION OF SIMILAR LAWS.” 

[Definitive Notes Legend] 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

  
 Exhibit A-2 

 [FORM OF NOTE] 

RAYONIER A.M. PRODUCTS INC. 
  

			
	No. [ ]	  	144A CUSIP No. 75508E AB4
		  	144A ISIN No. US75508EAB48
		  	REG S CUSIP No. U75317 AB0
		  	REG S ISIN No. USU75317AB00

 $[ ] 

7.625% Senior Secured Note due 2026 

RAYONIER A.M. PRODUCTS INC., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum set
forth on the Schedule of Increases or Decreases in Global Note attached hereto on January 15, 2026 or, if applicable, the Springing Maturity Date. 

Interest Payment Dates: January 15 and July 15, commencing
[                ]2. 

Record Dates: January 1 and July 1. 

Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	2 	 To be July 15, 2021 for Notes issued on December 23, 2020. 

  
 Exhibit A-3 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	RAYONIER A.M. PRODUCTS INC.
		
	By:	 	
                     
                                         
           

		 	Name:
		 	Title:

 Dated: 

  
 Exhibit A-4 

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 as Trustee, certifies that this is one of the Notes referred to in the Indenture.

		
	By:	 	
                     
    

		 	 Authorized Signatory

 

	
	 Dated:
                    

  

	*/	 If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A
captioned “TO BE ATTACHED TO GLOBAL NOTES—SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE.” 

  
 Exhibit A-5 

 [FORM OF REVERSE SIDE OF NOTE] 

7.625% Senior Secured Note Due 2026 
 1.
Interest 
 RAYONIER A.M. PRODUCTS INC., a Delaware corporation (such entity, and its successors and assigns under the Indenture
hereinafter referred to, being herein called, the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company shall pay interest semiannually on January 15 and July 15
of each year (each an “Interest Payment Date”), commencing [                ]3. Interest on the Notes
shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from
[                ]4, until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of
interest at the same rate to the extent lawful. 
 2. Method of Payment 

The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on
January 1 or July 1 (each a “Record Date”) immediately preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or not a Business Day). Holders must
surrender Notes to the Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private
debts. Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Depository or any successor
depositary. The Company shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Company, payment of interest may be made by
mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a
U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
 3. Paying Agent and
Registrar 
 Initially, Wells Fargo Bank, National Association, as trustee under the Indenture (the “Trustee”), will act as
Paying Agent and Registrar. The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable,
acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be, as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the
Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Company, RYAM or any their wholly owned domestically
organized Subsidiaries may act as Paying Agent or Registrar. 
  
  

 

	3 	 To be July 15, 2021 for Notes issued on December 23, 2020. 

	4 	 To be December 23, 2020 for Notes issued on December 23, 2020. 

  
 Exhibit A-6 

 4. Indenture 

The Company issued the Notes under an Indenture dated as of December 23, 2020 (the “Indenture”), among the Company, the Initial
Guarantors, the Trustee and Wells Fargo Bank, National Association, as collateral agent (the “Notes Collateral Agent”). Capitalized terms used herein are used as defined in the Indenture, unless otherwise indicated. The terms of the Notes
include those stated in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions. If and to the extent
that any provision of the Notes limits, qualifies or conflicts with a provision of the Indenture, such provision of the Indenture shall control. 

The Notes are senior secured obligations of the Company. This Note is one of the Initial Notes referred to in the Indenture. The Notes include
the Initial Notes and any Additional Notes. The Initial Notes and any Additional Notes will be treated as a single class of securities for all purposes under the Indenture, including, without limitation, waivers, amendments, redemptions and offers
to purchase; provided that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number and/or ISIN, if applicable. The Indenture imposes certain
limitations on the ability of RYAM, the Company and the Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, Incur Indebtedness, enter into consensual restrictions upon the payment of certain
dividends and distributions by such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Company and each
Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

The Guarantors (including each Wholly Owned Restricted Subsidiary of RYAM that is required to guarantee the Guaranteed Obligations pursuant to
Section 4.11 of the Indenture) shall jointly and severally guarantee the Guaranteed Obligations pursuant to the terms of the Indenture. 
 5.
Redemption 
 On or after January 15, 2024, the Company may redeem the Notes at its option, in whole at any time or in part from
time to time, upon not less than 15 nor more than 60 days’ prior notice mailed (or caused to be mailed) by the Company by first-class mail, or delivered electronically in accordance with the Depository’s procedures if held by the
Depository, to each holder’s registered address (with a copy to the Trustee), at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to, but excluding, the applicable
redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on
January 15 of the years set forth below: 
  

					
	 Period
	  	Redemption
Price	 
	 2024
	  	 	103.813	% 
	 2025 and thereafter
	  	 	100.000	% 

 In addition, prior to January 15, 2024, the Company may redeem the Notes at its option, in whole at any
time or in part from time to time, upon not less than 15 nor more than 60 days’ prior notice mailed (or caused to be mailed) by the Company by first-class mail, or delivered electronically in accordance

  
 Exhibit A-7 

 
with the Depository’s procedures if held by the Depository, to each holder’s registered address (with a copy to the Trustee), at a redemption price equal to 100% of the principal amount
of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, but excluding, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date). 
 Notwithstanding the foregoing, on a one time basis, on or prior to July 15, 2022, the Company may
redeem (such redemption, the “Special Asset Sale Redemption”) in the aggregate up to $150 million principal amount of the Notes (including any Additional Notes) with the Net Proceeds of one or more Asset Sales by (1) the Company,
(2) RYAM or (3) any of their Restricted Subsidiaries, at a redemption price (expressed as a percentage of principal amount thereof) of 103.000%, plus accrued and unpaid interest to, but excluding, the applicable redemption date (subject to
the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date); provided, however, that such redemption shall occur within 60 days after receipt of such Net Proceeds upon not
less than 15 nor more than 60 days’ notice mailed (or caused to be mailed) by the Company by first-class mail, or delivered electronically in accordance with the Depository’s procedures if held by the Depository, to each holder’s
registered address (with a copy to the Trustee) and otherwise in accordance with the procedures set forth in the Indenture. 

Notwithstanding the foregoing, at any time and from time to time on or prior to January 15, 2024, the Company may redeem in the aggregate
up to 40% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Equity Offerings (1) by the Company, (2) RYAM or (3) by
any direct or indirect parent of RYAM or the Company to the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or are used to purchase Capital Stock (other than Disqualified Stock) of the Company, at a
redemption price (expressed as a percentage of principal amount thereof) of 107.625%, plus accrued and unpaid interest to, but excluding, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to
receive interest due on the relevant Interest Payment Date); provided, however, that at least 60% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) must remain
outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated and upon not less than 15 nor more than 60 days’ notice
mailed (or caused to be mailed) by the Company by first-class mail, or delivered electronically in accordance with the Depository’s procedures if held by the Depository, to each holder’s registered address (with a copy to the Trustee) and
otherwise in accordance with the procedures set forth in the Indenture. 
 Once notice of redemption is mailed or otherwise delivered in
accordance with Section 3.05 of the Indenture, Notes called for redemption become due and payable on the applicable redemption date and at the redemption price stated in the notice, except as provided in Section 3.05(c) of the Indenture.

 6. Mandatory Redemption 
 Without
limiting the obligations of the Company set forth in Sections 4.06 and 4.08 of the Indenture or the application of the Springing Maturity Date, the Company is not required to make any mandatory redemption or sinking fund payments with respect to the
Notes. 

  
 Exhibit A-8 

 7. [Reserved] 

8. Repurchase of Notes at the Option of the Holders upon Change of Control and Asset Sales 

Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to
require the Company to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase (subject to
the right of the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of, the Indenture. 

In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Notes upon the occurrence of certain
events. 
 9. [Intentionally Omitted] 
 10.
Denominations; Transfer; Exchange 
 The Notes are in registered form, without coupons, in denominations of $2,000 principal amount
and integral multiples of $1,000 in excess thereof. A holder shall register the transfer of or exchange of the Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a holder,
among other things, to furnish appropriate endorsements and transfer documents and to provide all information necessary to allow the Registrar to comply with any applicable tax reporting obligations, and the Company may require a holder to pay any
taxes required by law or permitted by the Indenture. The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of any Notes selected for redemption (except, in the case of a Note to be redeemed in part,
the portion thereof not to be redeemed) or of any Notes for a period of 15 days before the sending of a notice of redemption of Notes to be redeemed. 
 11.
Persons Deemed Owners 
 The registered holder of this Note shall be treated as the owner of it for all purposes. 

12. Unclaimed Money 
 Subject to any
applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders
entitled to the money must look to the Company for payment as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies. 

13. Discharge and Defeasance 
 Subject to
certain conditions, the Company at any time may terminate some of or all its obligations under the Notes and the Indenture if the Company deposits with the Trustee money in U.S. dollars, U.S. Government Obligations or a combination thereof
sufficient to pay the principal of, premium (if any), and interest on the Notes to, but excluding, the date of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at
maturity or redemption, as the case may be. 

  
 Exhibit A-9 

 14. Amendment; Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Notes, the Guarantees, the Security Documents and/or the
ABL/Cash Flow Intercreditor Agreement, as applicable, may be amended, and any past Default or compliance with any provisions of the Indenture, the Notes, the Guarantees, the Security Documents and/or the ABL/Cash Flow Intercreditor Agreement, as
applicable, may be waived, with the consent of the Company and the holders of at least a majority in principal amount of the Notes then outstanding voting as a single class. 

The Company and the Trustee and, if applicable, the Notes Collateral Agent, may amend the Indenture, the Notes, the Guarantees, the Security
Documents and/or the ABL/Cash Flow Intercreditor Agreement, if applicable, without notice to or the consent of any holder in accordance with Section 9.01 of the Indenture. 

15. Defaults and Remedies  
 If an Event
of Default (other than an Event of Default specified in Section 6.01(f) or (g) of the Indenture with respect to the Company) occurs and is continuing, the Trustee by notice to the Company or the holders of at least 25% in principal amount
of outstanding Notes by notice to the Company, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal and interest
will be due and payable immediately. If an Event of Default specified in Section 6.01(f) or (g) of the Indenture with respect to the Company occurs, the principal of, premium, if any, and interest on all the Notes will become immediately
due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the
Notes and its consequences. 
 16. Trustee Dealings with the Company 

The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. 
 17. No Recourse Against Others 

No director, officer, employee, manager or incorporator of, and no holder of any Equity Interests in, RYAM, the Company or any direct or
indirect parent company of RYAM or the Company, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, the Guarantees, the Security Documents, the ABL/Cash Flow Intercreditor Agreement or the
Indenture, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.` 
 18. Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Note. 

  
 Exhibit A-10 

 19. Abbreviations 

Customary abbreviations may be used in the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

20. Governing Law 
 THIS SECURITY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 21. CUSIP Numbers; ISINs 

The Company has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in
notices of redemption as a convenience to the holders. No representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers printed thereon. 
 The Company will furnish to any holder of Notes upon written request and without charge to the
holder a copy of the Indenture which has in it the text of this Note. 

  
 Exhibit A-11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert
assignee’s soc. sec. or tax I.D. No. 
 and irrevocably appoint
                 agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

			
	Date:                     	  	Your Signature:                         

  
  

Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

					
	Date:                         	 		  	
                 

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	        	  	Signature of Signature Guarantee

  
 Exhibit A-12 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED NOTE 
 This
certificate relates to $_________ principal amount of Notes held in (check applicable space) ____ book-entry or _____ definitive form by the undersigned. 

The undersigned (check one box below): 
  

	☐	 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global
Note held by the Depository a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above);

  

	☐	 has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is still a Transfer
Restricted Definitive Note or a Transfer Restricted Global Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	(1)	  	☐	  	to the Company; or
			
	(2)	  	☐	  	to the Registrar for registration in the name of the holder, without transfer; or
			
	(3)	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	(5)	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note shall be held immediately after the transfer
through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	(6)	  	☐	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
			
	(7)	  	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 Exhibit A-13 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company or the Trustee may require, prior to registering any such
transfer of the Notes, such legal opinions, certifications and other information as the Company or the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act of 1933. 
  

			
	 Date:
                        
	  	 Your Signature:
                        

  
  

Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

					
	Date:                         	  	        	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	  		  	Signature of Signature Guarantee

  
 Exhibit A-14 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Date:                         	  	                                      
                          
		  	NOTICE: To be executed by an executive officer

  
 Exhibit A-15 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $______________. The following increases or decreases in this Global Note have been made:

  

									
	 Date of Exchange
	 	 Amount of decrease in
Principal Amount of this
Global
Note
	 	 Amount of increase in
Principal Amount of this
Global
Note
	  	 Principal amount of this
Global Note following
such
decrease or increase
	  	 Signature of authorized
signatory of Trustee

or Notes Custodian

	     
	 	    	 	    	  	    	  	    

  
 Exhibit A-16 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the
Indenture, check the box: 
 Asset
Sale  ☐                                     
            Change of Control  ☐ 
 If you want to elect to have only
part of this Note purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000 in excess thereof): 

 

					
	$	  		  	
			
	Date:                                     
    	  	Your Signature:	  	                                      
                                         
                         
		  		  	(Sign exactly as your name appears on
		  		  	the other side of this Note)

					
	Signature Guarantee:	  		  	
		  	                                    
                                         
                                         
      
		  	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee

  
 Exhibit A-17 

 EXHIBIT B 

[FORM OF TRANSFEREE LETTER OF REPRESENTATION] 

TRANSFEREE LETTER OF REPRESENTATION 

RAYONIER A.M. PRODUCTS INC. 
 c/o Wells Fargo Bank, National
Association 
 as Trustee and Registrar – CSTO Mail Operations 

MAC: N9300-070 
 600 South
4th Street, 7th Floor 
 Minneapolis, MN 55415 
 Attention: Tina
Gonzalez                 
 Phone: (904)
437-8326 
 Email: tina.gonzalez@wellsfargo.com 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[ ] principal amount of the 7.625% Senior Secured Notes due 2026 (the “Notes”) of RAYONIER A.M. PRODUCTS INC. (collectively with its successors and assigns, the “Company”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

	
	Name:
                                         
                        
	Address:
                                         
                    
	Taxpayer ID Number:
                                        

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring the Notes not
with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 

2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is six months after the later of the date
of original issue and the last date on which either of the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United
States to a person whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore transaction
in accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration
statement under the Securities Act, in each of cases (a) through 

  
 Exhibit B-1 

 
(d) in accordance with any applicable securities laws of any state of the United States. In addition, we will, and each subsequent holder is required to, notify any purchaser of the Note
evidenced hereby of the resale restrictions set forth above. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made to an
institutional “accredited investor” prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall
provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment
purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the
Notes pursuant to clause 1(b), 1(c) or 1(d) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company and the Trustee. 

Dated: ____________________ 
  

			
	TRANSFEREE: ____________________,
		
	By:	 	
                     
                    

  
 Exhibit B-2 

 EXHIBIT C 

[FORM OF SUPPLEMENTAL INDENTURE] 

SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
[                ], among [NEW GUARANTOR] (the “New Guarantor”), a direct or indirect subsidiary of RAYONIER ADVANCED MATERIALS INC. (or its successor),
a Delaware corporation (“RYAM”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and collateral agent (the “Notes Collateral Agent”) in each
case under the indenture referred to below. 
 W I T N E S S E T H : 

WHEREAS the Rayonier A. M. Products, Inc., a Delaware corporation (the “Company”), RYAM, certain other Guarantors, the
Trustee and the Notes Collateral Agent have heretofore executed an indenture, dated as of December 23, 2020 (as amended, supplemented or otherwise modified, the “Indenture”), providing for the issuance of the Company’s
7.625% Senior Notes due 2026 (the “Notes”), initially in the aggregate principal amount of $500,000,000; 
 WHEREAS
Sections 4.11 and 12.07 of the Indenture provide that under certain circumstances RYAM is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall guarantee the
Guaranteed Obligations; and 
 WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Notes Collateral Agent and the
Company are authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, RYAM, the Company, the Trustee and the Notes Collateral Agent mutually covenant and agree for the equal and ratable benefit of the holders of the Notes
as follows: 
 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital
hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee and the Notes Collateral Agent acting on
behalf of and for the benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to
any particular Section hereof. 
 2. Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing
Guarantors (if any), to guarantee the Guaranteed Obligations on the terms and subject to the conditions set forth in Article XII of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of
the obligations and agreements of a Guarantor under the Indenture. 
 3. Notices. All notices or other communications to the New
Guarantor shall be given as provided in Section 13.02 of the Indenture. 
 4. Ratification of Indenture; Supplemental Indentures
Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a
part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

  
 Exhibit C-1 

 5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 6. Trustee and the Notes Collateral Agent Make No
Representation. The Trustee and the Notes Collateral Agent accept the amendments of the Indenture effected by this Supplemental Indenture on the terms and conditions set forth in the Indenture, including the terms and provisions defining and
limiting the liabilities and responsibilities of the Trustee and the Notes Collateral Agent. Without limiting the generality of the foregoing, neither the Trustee nor the Notes Collateral Agent shall be responsible in any manner whatsoever for or
with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms
or provisions hereof, (ii) the proper authorization hereof by RYAM, the Company and the New Guarantor, in each case, by action or otherwise, (iii) the due execution hereof by RYAM, the Company and the New Guarantor or (iv) the
consequences of any amendment herein provided for, and the Trustee and the Notes Collateral Agent make no representation with respect to any such matters. 

7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. This Supplemental Indenture and any certificate, agreement or other document to be signed in connection with this Supplemental
Indenture and the transactions contemplated hereby shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature;
(ii) a faxed, scanned, or photocopied manual signature; or (iii) in the case of this Supplemental Indenture and any certificate, agreement or other document to be signed in connection with this Supplemental Indenture and the transactions
contemplated hereby (other than any Notes), any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant
electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”). Each electronic signature (except in the case of any Notes) or faxed, scanned, or photocopied manual signature shall
for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or
photocopied manual signature, or other electronic signature (except in the case of any Notes), of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original
manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 

8. Effect of Headings. The Section headings of this Supplemental Indenture have been inserted for convenience of reference only, are
not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions here. 
 [Remainder of page
intentionally left blank.] 

  
 Exhibit C-2 

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

			
	RAYONIER A.M. PRODUCTS INC.
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
	
	RAYONIER ADVANCED MATERIALS INC.
		
	By:	 	      

		 	Name:
		 	Title:
	
	[NEW GUARANTOR], as a Guarantor
		
	By:	 	      

		 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee and Notes Collateral Agent
		
	By:	 	      

		 	Name:
		 	Title:

  
 Exhibit C-3EX-10.1

 Exhibit 10.1 

U.S. $200,000,000 
 REVOLVING
CREDIT AGREEMENT 
 Dated as of December 10, 2020 

among 
 RAYONIER ADVANCED
MATERIALS INC., 
 as Holdings, 

RAYONIER A.M. PRODUCTS INC., 

as Lead Borrower, 
 THE
OTHER SUBSIDIARIES OF HOLDINGS NAMED HEREIN, 
 as Designated Borrowers, 

THE GUARANTORS NAMED HEREIN, 
 THE
BANKS AND FINANCIAL INSTITUTIONS NAMED HEREIN, 
 as Lenders, 

THE BANKS NAMED HEREIN 
 as
Issuing Banks, 
 BOFA SECURITIES, INC., 

COBANK, ACB, 
 PNC CAPITAL MARKETS
LLC, 
 as Joint Lead Arrangers and Joint Bookrunners, 

and 
 BANK OF AMERICA, N.A., 

as Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	ARTICLE I	  

	DEFINITIONS AND ACCOUNTING TERMS	  

			
	Section 1.01	 	 Certain Defined Terms
	  	 	1	 
	Section 1.02	 	 Computation of Time Periods
	  	 	85	 
	Section 1.03	 	 Accounting Terms
	  	 	85	 
	Section 1.04	 	 Exchange Rates; Currency Equivalents; Ratio and Basket Calculations
	  	 	85	 
	Section 1.05	 	 Change of Currency
	  	 	86	 
	Section 1.06	 	 Times of Day
	  	 	87	 
	Section 1.07	 	 Letter of Credit Amounts
	  	 	87	 
	Section 1.08	 	 Limited Conditions Acquisitions
	  	 	87	 
	Section 1.09	 	 Divisions
	  	 	88	 
	Section 1.10	 	 Borrower Representative
	  	 	88	 
	Section 1.11	 	 Interest Rates
	  	 	88	 
	Section 1.12	 	 Quebec Interpretive Provision
	  	 	88	 
	
	ARTICLE II	  

	AMOUNTS AND TERMS OF THE ADVANCES	  

			
	Section 2.01	 	 The Revolving Credit Advances; Reserves
	  	 	89	 
	Section 2.02	 	 Making the Advances
	  	 	90	 
	Section 2.03	 	 Swing Line Advances
	  	 	92	 
	Section 2.04	 	 Letters of Credit
	  	 	95	 
	Section 2.05	 	 Fees
	  	 	105	 
	Section 2.06	 	 Reduction and Increase of the Revolving Credit Commitments; Additional Issuing Banks
	  	 	105	 
	Section 2.07	 	 Repayment of Advances
	  	 	111	 
	Section 2.08	 	 Interest on Advances
	  	 	111	 
	Section 2.09	 	 Interest Rate Determination
	  	 	112	 
	Section 2.10	 	 Prepayments of Advances
	  	 	117	 
	Section 2.11	 	 Increased Costs
	  	 	118	 
	Section 2.12	 	 Illegality
	  	 	120	 
	Section 2.13	 	 Cash Collateral
	  	 	121	 
	Section 2.14	 	 Defaulting Lenders
	  	 	122	 
	Section 2.15	 	 Designated Borrowers
	  	 	124	 
	
	ARTICLE III	  

	GUARANTY	  

			
	Section 3.01	 	 Guaranty
	  	 	125	 
	Section 3.02	 	 Waivers by Loan Parties
	  	 	126	 
	Section 3.03	 	 Benefit of Guaranty; Stay of Acceleration
	  	 	126	 
	Section 3.04	 	 Subordination of Subrogation, Etc.
	  	 	126	 
	Section 3.05	 	 [Reserved]
	  	 	127	 

  
 i 

							
	Section 3.06	 	 Limitation
	  	 	127	 
	Section 3.07	 	 Contribution with Respect to Guaranty Obligations
	  	 	127	 
	Section 3.08	 	 Liability Cumulative
	  	 	128	 
	Section 3.09	 	 Release of Borrowers and Guarantors
	  	 	128	 
	
	ARTICLE IV	  

	PAYMENTS, TAXES, EXTENSIONS, ETC.	  

			
	Section 4.01	 	 Payments Generally; Agent’s Clawback
	  	 	128	 
	Section 4.02	 	 Taxes
	  	 	130	 
	Section 4.03	 	 Sharing of Payments by Lenders
	  	 	134	 
	Section 4.04	 	 Evidence of Debt/Borrowings
	  	 	135	 
	
	ARTICLE V	  

	CONDITIONS OF LENDING	  

			
	Section 5.01	 	 Conditions Precedent to Effective Date
	  	 	136	 
	Section 5.02	 	 Conditions Precedent to the Closing Date
	  	 	137	 
	Section 5.03	 	 Conditions Precedent to Credit Extension
	  	 	139	 
	
	ARTICLE VI	  

	REPRESENTATIONS AND WARRANTIES	  

			
	Section 6.01	 	 Representations and Warranties of the Loan Parties
	  	 	140	 
	
	ARTICLE VII	  

	COVENANTS OF THE LOAN PARTIES	  

			
	Section 7.01	 	 Affirmative Covenants
	  	 	144	 
	Section 7.02	 	 Negative Covenants
	  	 	152	 
	Section 7.03	 	 Financial Covenants
	  	 	177	 
	Section 7.04	 	 Reporting Requirements
	  	 	178	 
	
	ARTICLE VIII	  

	EVENTS OF DEFAULT	  

			
	Section 8.01	 	 Events of Default
	  	 	181	 
	Section 8.02	 	 Application of Funds
	  	 	184	 
	
	ARTICLE IX	  

	THE AGENT	  

			
	Section 9.01	 	 Appointment and Authority
	  	 	185	 
	Section 9.02	 	 Rights as a Lender
	  	 	186	 
	Section 9.03	 	 Exculpatory Provisions
	  	 	186	 
	Section 9.04	 	 Reliance by Agent
	  	 	187	 
	Section 9.05	 	 Delegation of Duties
	  	 	188	 
	Section 9.06	 	 Resignation of Agent
	  	 	188	 

  
 ii 

							
	Section 9.07	 	 Non-Reliance on Agent and Other Lenders
	  	 	189	 
	Section 9.08	 	 No Other Duties, Etc.
	  	 	190	 
	Section 9.09	 	 Agent May File Proofs of Claim; Credit Bidding
	  	 	190	 
	Section 9.10	 	 Lender ERISA Matters.
	  	 	192	 
	Section 9.11	 	 Collateral and Guaranty Matters
	  	 	193	 
	Section 9.12	 	 Bank Product Documents, Hedging Obligations and Secured Supply Chain Financings
	  	 	194	 
	Section 9.13	 	 Withholding Tax
	  	 	194	 
	
	ARTICLE X	  

	MISCELLANEOUS	  

			
	Section 10.01	 	 Amendments, Etc.
	  	 	195	 
	Section 10.02	 	 Notices, Etc.
	  	 	196	 
	Section 10.03	 	 No Waiver; Remedies
	  	 	198	 
	Section 10.04	 	 Costs and Expenses
	  	 	198	 
	Section 10.05	 	 Right of Set-off
	  	 	201	 
	Section 10.06	 	 Binding Effect
	  	 	202	 
	Section 10.07	 	 Assignments and Participations
	  	 	202	 
	Section 10.08	 	 Payments Set Aside
	  	 	208	 
	Section 10.09	 	 Severability of Provisions
	  	 	208	 
	Section 10.10	 	 Independence of Provisions
	  	 	208	 
	Section 10.11	 	 Confidentiality
	  	 	208	 
	Section 10.12	 	 Replacement of Lenders
	  	 	209	 
	Section 10.13	 	 Headings
	  	 	209	 
	Section 10.14	 	 Entire Agreement
	  	 	209	 
	Section 10.15	 	 Execution in Counterparts
	  	 	209	 
	Section 10.16	 	 Consent to Jurisdiction
	  	 	209	 
	Section 10.17	 	 GOVERNING LAW
	  	 	210	 
	Section 10.18	 	 USA PATRIOT Act
	  	 	210	 
	Section 10.19	 	 No Advisory or Fiduciary Responsibility
	  	 	211	 
	Section 10.20	 	 Judgment Currency
	  	 	211	 
	Section 10.21	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	212	 
	Section 10.22	 	 Acknowledgement and Consent to Bail-In of Affected
Financial Institutions
	  	 	212	 
	Section 10.23	 	 WAIVER OF JURY TRIAL
	  	 	213	 
	Section 10.24	 	 Acknowledgement Regarding Any Supported QFCs
	  	 	213	 

  
 iii 

 SCHEDULES AND EXHIBITS 

SCHEDULES 
  

					
	Schedule 1.01A	 	-	 	Commitment Amounts
	Schedule 1.01C	 	-	 	Existing Letters of Credit
	Schedule 1.01D	 	-	 	Existing Hedge Agreements
	Schedule 1.01E	 	-	 	Eligible Inventory Locations
	Schedule 6.01(h)	 	-	 	Environmental Matters
	Schedule 6.01(i)	 	-	 	ERISA Matters
	Schedule 6.01(r)	 	-	 	DDAs
	Schedule 6.01(t)	 	-	 	Canadian Defined Benefit Plans
	Schedule 7.01(p)	 	-	 	Post-Closing Matters
	Schedule 7.02(a)	 	-	 	Existing Debt
	Schedule 10.02	 	-	 	Agent’s Office; Certain Addresses for Notices
	Schedule 10.07(i)	 	-	 	Farm Credit Lenders Designated As Voting Participants

 EXHIBITS 
  

					
	Exhibit A-1	 	-	 	Form of Committed Advance Notice
	Exhibit A-2	 	-	 	Form of Swing Line Advance Notice
	Exhibit B	 	-	 	Form of Note
	Exhibit C	 	-	 	Form of Assignment and Acceptance
	Exhibit D	 	-	 	Form of Assumption Agreement
	Exhibit E	 	-	 	Form of Administrative Questionnaire
	Exhibit F	 	-	 	Form of ABL Intercreditor Agreement
	Exhibit G	 	-	 	Form of Supplemental Guaranty
	Exhibit H-1	 	-	 	Form of United States Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For United States Federal Income Tax Purposes)
	Exhibit H-2	 	-	 	Form of United States Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For United States Federal Income Tax Purposes)
	Exhibit H-3	 	-	 	Form of United States Tax Compliance Certificate (For Foreign Participants That Are Partnerships For United States Federal Income Tax Purposes)
	Exhibit H-4	 	-	 	Form of United States Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For United States Federal Income Tax Purposes)
	Exhibit I	 	-	 	Form of Designated Borrower Joinder Agreement

 REVOLVING CREDIT AGREEMENT, dated as of December 10, 2020 (this
“Agreement”), among Rayonier Advanced Materials Inc., a Delaware corporation (“Holdings”), Rayonier A.M. Products Inc., a Delaware corporation (the “Lead Borrower”), certain of Holdings’ direct
or indirect wholly owned domestic subsidiaries from time to time party hereto, as borrowers (the “Designated Borrowers” and together with Lead Borrower, the “Borrowers” and each, individually, a
“Borrower”), the other Loan Parties (with such term and each other capitalized term used but not defined in this preamble having the meaning assigned thereto in Article I) from time to time party hereto, the Lenders from time
to time party hereto, the Issuing Banks and Bank of America, N.A. (“Bank of America”), as administrative agent and collateral agent (together with any permitted successor in such capacity, the “Agent”) for the
Lenders and the Issuing Banks hereunder. 
 RECITALS: 

WHEREAS, the Borrowers and the Guarantors have agreed to secure all of the Obligations by granting to Agent, for the benefit of the Secured
Parties, a security interest in the Collateral; 
 WHEREAS, the Lenders and Issuing Banks are willing to make certain loans and other
extensions of credit to the Borrowers upon the terms and conditions set forth herein; and 
 WHEREAS, all annexes, schedules, exhibits and
other attachments (collectively, “Appendices”) to this Agreement are incorporated herein by reference, and taken together with this Agreement, shall constitute but a single agreement. These Recitals shall be construed as part of
this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and
valuable consideration, the parties hereto agree as follows 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

Section 1.01 Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “2024
Notes” means Lead Borrower’s 5.50% Senior Notes due 2024 issued on May 22, 2014 in an initial aggregate principal amount of $550,000,000. 

“2024 Notes Indenture” means the Indenture, dated as of May 22, 2014, among Lead Borrower, each of the
guarantors party thereto and Wells Fargo Bank, National Association, as trustee. 
 “2026 Notes” means Lead
Borrower’s Senior Secured Notes due 2026 to be issued on the Closing Date in an initial aggregate principal amount of up to $500,000,000. 

 “2026 Notes Indenture” means the Indenture to be dated as
of the Closing Date among Lead Borrower, each of the guarantors party thereto and the Notes Collateral Agent. 
 “ABL
Intercreditor Agreement” means the intercreditor agreement, to be dated as of the Closing Date, among Agent, the Notes Collateral Agent and the Loan Parties, substantially in the form of Exhibit F, as the same may be amended,
restated, supplemented or otherwise modified from time to time, or any other intercreditor agreement among the Agent, the Notes Collateral Agent and the Loan Parties on terms that are not less favorable in any material respect to the Secured Parties
than those contained in the form attached as Exhibit F. 
 “ABL Priority Collateral” has the meaning
specified in the ABL Intercreditor Agreement. 
 “Account” has the meaning specified in the UCC or PPSA, as
applicable, and also means a right to payment of a monetary obligation, whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, or (b) for services
rendered or to be rendered. 
 “Account Debtor” means any Person who is obligated on an Account, chattel
paper or a general intangible. 
 “ACH” means automated clearing house transfers. 

“Acquired Indebtedness” means, with respect to any specified Person: (1) Indebtedness of any other Person
existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted Subsidiary of such specified Person, and (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified
Person. Acquired Indebtedness will be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on
the date of consummation of such acquisition of such assets. 
 “Acquisition” means, with respect to any
Person, (a) the acquisition by such Person of the Capital Stock of any other Person resulting in such other Person becoming a Subsidiary of such Person, (b) the acquisition by such Person of all or substantially all of the assets of any
other Person or of a division or business line of such Person, or (c) any merger, amalgamation or consolidation of such Person or a Subsidiary of such Person with any other Person so long as the surviving or continuing entity of such merger,
amalgamation or consolidation is such Person or a Subsidiary of such Person. 
 “Additional Refinancing
Amount” means, in connection with the Incurrence of any Refinancing Indebtedness, the aggregate principal amount of additional Indebtedness, Disqualified Capital Stock or Preferred Stock Incurred to pay accrued and unpaid interest, premiums
(including tender premiums), expenses, defeasance costs and fees in respect thereof. 

  
 2 

 “Adjustment Date” means the first day of the calendar
quarter starting July 1, 2021 and the first day of each subsequent calendar quarter. 
 “Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E or any other form approved by the Agent. 

“Advance” means an extension of credit by a Lender to a Borrower under Article II in the form of a
Revolving Credit Advance or a Swing Line Advance. 
 “Affected Financial Institution” means (a) any EEA
Financial Institution, or (b) any UK Financial Institution. 
 “Affiliate” means, as to any Person, any
other Person that, directly or indirectly, controls, is controlled by, or is under common control with, such Person. 

“Affiliate Transaction” has the meaning specified in Section 7.02(e). 

“Agent” has the meaning specified in the preamble to this Agreement. 

“Agent’s Office” means, with respect to any currency, the Agent’s address and, as appropriate,
account as set forth on Schedule 10.02, or such other address or account with as the Agent may from time to time notify to Lead Borrower and the Lenders. 

“Aggregate Commitments” means the sum of the Commitments of all the Lenders. As of the Effective Date, the
Aggregate Commitments are $200,000,000. 
 “Allocable Amount” has the meaning specified in
Section 3.07(b). 
 “Alternative Currency” means Canadian Dollars and any other
currencies requested by the Borrowers and approved by each of the Lenders and the Issuing Banks. 
 “Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the applicable Issuing Bank at such time on the basis of the
Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars. 

“Appendices” has the meaning specified in the Recitals to this Agreement. 

“Applicable Margin” means: 

(a) From and after the Closing Date until the first Adjustment Date, the percentages set forth in Level II of the pricing grid
below; and 
 (b) From and after the first Adjustment Date and on each Adjustment Date thereafter, the Applicable Margin
shall be determined from the following pricing grid based upon the Average Daily Excess Availability as of the calendar quarter ended immediately preceding such Adjustment Date; provided, however,

  
 3 

 
that if any Borrowing Base Certificates are at any time restated or otherwise revised (including as a result of an audit) or if the information set forth in any Borrowing Base Certificates
otherwise proves to be false or incorrect such that the Applicable Margin would have been higher than was otherwise in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest
due under this Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand. Notwithstanding the foregoing, commencing with the Adjustment Date occurring on July 1, 2021 and
for each Adjustment Date thereafter, each of the percentages set forth in the table below shall be reduced by 0.25% if Holdings’ Total Leverage Ratio as of the last day of the most recently ended Fiscal Quarter preceding such Adjustment Date
for which financial statements have been, or are required to have been, delivered is less than or equal to 5.00 to 1.00. 
  

							
	 Level
	  	 Average Daily Excess Availability
	  	Applicable
Margin for
Eurocurrency
Rate Loans
and Letter of
Credit Fees	 	Applicable
Margin
for Base
Rate
Loans
	 I
	  	Greater than 67% of the Loan Cap	  	2.25%	 	1.25%
	 II
	  	 Less than or equal to 67%

of the Loan Cap but
 greater than
33% of the
 Loan Cap
	  	2.50%	 	1.50%
	 III
	  	Less than or equal to 33% of the Loan Cap	  	2.75%	 	1.75%

 “Appraised Value” means the appraised orderly liquidation value, net of costs
and expenses to be incurred in connection with any such liquidation, which value is expressed as a percentage of Cost of Eligible Inventory or Eligible FOB Inventory as set forth in the inventory stock ledger of the Borrowers, which value shall be
determined from time to time by the most recent appraisal undertaken by an independent appraiser engaged by the Agent. 

“Appropriate Lender” means, at any time, (a) with respect to the Revolving Credit Facility, a Lender that
has a Commitment with respect to such Facility or holds a Revolving Credit Advance at such time, (b) with respect to the Letter of Credit Sublimit, (i) the Issuing Banks and (ii) if any Letters of Credit have been issued pursuant to
Section 2.04(a), the Lenders and (c) with respect to the Swing Line Sublimit, (i) the Swing Line Lender and (ii) if any Swing Line Advances are outstanding pursuant to
Section 2.03(a), the Lenders. 
 “Approved Fund” means any Fund that is
administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
 4 

 “Assignment and Acceptance” means an assignment and
acceptance entered into by a Lender and an Eligible Assignee, and accepted by the Agent (if such acceptance is required by this Agreement), in substantially the form of Exhibit C. 

“Assuming Lender” means any Person (other than a natural Person (or a holding company, investment vehicle or
trust for, or owned and operated for the primary benefit of a natural Person)) that is not an existing Lender and has agreed to provide any Additional Revolving Commitments or commitments in respect of FILO Term Loans pursuant to Section 2.06.

 “Assumption Agreement” means an agreement, substantially in the form of Exhibit D, by which an Eligible
Assignee agrees to become a Lender hereunder pursuant to Section 2.06(b), agreeing to be bound by all obligations of a Lender hereunder. 

“Availability” means, as of any date of determination thereof by the Agent, the result, if a positive number,
of: 
 (a) the Loan Cap, minus 

(b) the Total Revolving Credit Outstandings. 

“Availability Period” means the period from and including the Closing Date to the Termination Date. 

“Availability Reserves” means, without duplication of any other Reserves or items to the extent such items are
otherwise addressed or excluded through eligibility criteria or have been deducted in the calculation of Eligible Inventory, Eligible FOB Inventory, Eligible Accounts, Eligible Foreign Accounts, Eligible Credit Insurance-Backed Foreign Accounts and
Eligible Letter of Credit-Backed Foreign Accounts, as applicable, as reported on the most recent Borrowing Base Certificate, such reserves as the Agent from time to time determines in its Permitted Discretion as being appropriate: (a) to
reflect the impediments to the Agent’s ability to realize upon the ABL Priority Collateral, (b) to reflect claims and liabilities that the Agent determines will need to be satisfied in connection with the realization upon the ABL Priority
Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect in any material respects any component of the Borrowing Base, or (d) to reflect that an Event of Default then exists. Without limiting
the generality of the foregoing, Availability Reserves may include, in the Agent’s Permitted Discretion (but are not limited to) reserves based on: (i) rent; (ii) reserves for fees payable to freight carriers, freight forwarders, customs
brokers, shipping companies or other Persons in possession of Inventory, port and customs fees, and any fees, charges or amounts payable to any Person in connection with the transportation and delivery of Eligible FOB Inventory, including with
respect to insurance deductibles and co-insurance arrangements; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales,
claims of the PBGC and other Taxes not otherwise in dispute which may have priority over the interests of the Agent in the ABL Priority Collateral; (iv) salaries, wages and benefits due to employees of any Loan Party; (v) reserves for
reasonably 

  
 5 

 
anticipated changes in the Appraised Value of Eligible Inventory or Eligible FOB Inventory between appraisals; (vi) warehousemen’s or bailee’s charges and other Permitted Liens
which may have priority over the interests of the Agent in the ABL Priority Collateral; (vii) Receivable Reserves; (viii) Credit Insurance Reserves; (ix) the Canadian Priority Payables Reserve; (x) the Canadian Wage Earner
Protection Act Reserve and (xi) Bank Product Reserves. 
 “Average Daily Excess Availability” means the
average daily Availability for the immediately preceding Fiscal Quarter. 

“Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
 “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part
I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (other than through liquidation, administration or other insolvency proceedings). 
 “Bank of
America” means Bank of America, N.A., including its Affiliates and branches. 
 “Bank Product
Document” means any agreement or instrument providing for Bank Products. 
 “Bank Product Reserves”
means, as of any date of determination, those reserves that Agent from time to time determines in its Permitted Discretion as being necessary or appropriate to establish in respect of Bank Products and Secured Hedge Agreements then provided or
outstanding. 
 “Bank Products” means any one or more of the following types of services or facilities
extended to Holdings or any of its Subsidiaries by a Cash Management Bank: (a) any treasury or other cash management services, including (i) deposit account, (ii) automated clearing house (ACH) origination and other funds transfer,
(iii) depository (including cash vault and check deposit), (iv) zero balance accounts and sweep, and other ACH Transactions, (v) return items processing, (vi) controlled disbursement, (vii) positive pay, (viii) lockbox, (ix)
account reconciliation and information reporting, (x) payables outsourcing, (xi) payroll processing, and (xii) daylight overdraft facilities and (b) card services, including (i) credit card (including purchasing card and
commercial card), (ii) prepaid card, including payroll, stored value and gift cards, (iii) merchant services processing, and (iv) debit card services. 

  
 6 

 “Bank Products Obligations” means any debts, liabilities
and obligations as existing from time to time of Holdings or any of its Subsidiaries arising from or in connection with any Bank Products under any Bank Product Document. 

“Base Rate” means for any day a fluctuating rate per
annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the
Eurocurrency Rate for an Interest Period of one month plus 1.00%; provided that if the Base Rate shall be less than 1.25%, such rate shall be deemed 1.25% for purposes of this Agreement. The “prime rate” is a rate set by Bank
of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Base Rate Advance” or “Base Rate Loan” means an Advance which bears interest based on the
Base Rate. All Base Rate Advances shall be denominated in Dollars. 
 “Beneficial Ownership Certification”
means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation. 
 “Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230. 
 “BIA” means the Bankruptcy and
Insolvency Act (Canada). 
 “Blocked Account” has the meaning provided in
Section 7.01(i)(ii). 
 “Blocked Account Agreement” means with respect to a DDA
established by a Loan Party, an agreement, in form and substance reasonably satisfactory to the Agent, establishing control (as defined in the UCC or the PPSA if applicable) of such account by the Agent and whereby the bank maintaining such account
agrees, upon the occurrence and during the continuance of a Cash Dominion Period, to comply only with the instructions originated by the Agent without the further consent of any Loan Party. 

“Blocked Account Bank” means each bank with whom deposit accounts are maintained in which any funds of any of
the Loan Parties from one or more DDAs are concentrated and with whom a Blocked Account Agreement has been, or is required to be, executed in accordance with the terms hereof. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such
Person or any direct or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 

“Borrower” and “Borrowers” has the meaning set forth in the preamble to this Agreement. 

  
 7 

 “Borrowing” means a Revolving Credit Borrowing or a Swing
Line Borrowing, as the context may require. 
 “Borrowing Base” means, at any time of calculation, an amount
equal to: 
 (a) 85% of the face amount of Eligible Accounts; plus 

(b) 85% of the face amount of Eligible
Letter-of-Credit Backed Foreign Accounts; plus 

(c) 90% of the face amount of Eligible Credit Insurance-Backed Foreign Accounts; plus 

(d) 85% of the face amount of Eligible Foreign Accounts; provided that the aggregate amount of Eligible Foreign Accounts
included in the Borrowing Base pursuant to this clause (d) (i.e., giving effect to such 85% advance rate) shall not exceed 15% of the Loan Cap at the time of calculation (determined after giving effect to such inclusion); provided,
further, that the aggregate amount of Eligible Foreign Accounts included in the Borrowing Base as of any date of determination, together with the aggregate amount of Eligible FOB Inventory included in the Borrowing Base pursuant to clause
(f) below, shall not contribute Availability under the Borrowing Base in excess of 15.0% of the Aggregate Commitments; plus 

(e) the lesser of (i) the product of 70% multiplied by the Cost of Eligible Inventory, and (ii) the product of 85%
multiplied by the Appraised Value of such Eligible Inventory; plus 
 (f) the lesser of (i) the product of 70%
multiplied by the Cost of Eligible FOB Inventory, and (ii) the product of 85% multiplied by the Appraised Value of such Eligible FOB Inventory; provided that the aggregate amount of Eligible FOB Inventory included in the Borrowing Base
as of any date of determination, together with the aggregate amount of Eligible Foreign Accounts included in the Borrowing Base pursuant to clause (d) above, shall not contribute Availability under the Borrowing Base in excess of 15.0% of the
Aggregate Commitments; minus 
 (g) the then applicable amount of all Reserves. 

The Borrowing Base shall at any time be determined by reference to the most recent Borrowing Base Certificate delivered to the
Agent pursuant to Section 7.04(i). 
 “Borrowing Base Certificate” means a certificate substantially in
the form agreed between the Agent and the Lead Borrower on or prior to the Closing Date (with such changes therein as may be required by the Agent to reflect the components of and Reserves against the Borrowing Base as provided for hereunder from
time to time), executed and certified as accurate and complete by a Responsible Officer of the Lead 

  
 8 

 
Borrower, as such form, subject to the terms hereof, may from time to time be modified as agreed by Lead Borrower and the Agent, which shall include appropriate exhibits, schedules, supporting
documentation, and additional reports as reasonably requested by the Agent in writing reasonably in advance of the deadline for delivery of such certificate. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the laws of, or are in fact closed in, the jurisdiction where the Agent’s Office is located and, if such day relates to any interest rate settings as to a Eurocurrency Rate Advance, any fundings, disbursements,
settlements and payments in Dollars in respect of any such Eurocurrency Rate Advance, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Advance, means any such day on which
dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market.  

“Canadian Collateral” means the Collateral owned by (or, in the event such Collateral has been foreclosed
upon, immediately prior to such foreclosure that was owned by) a Canadian Guarantor. 
 “Canadian Defined Benefit
Plan” means a Canadian Pension Plan which contains a “defined benefit provision” as defined in subsection 147.1(1) of the ITA. 

“Canadian Dollars,” and the sign “CND$” each means lawful money of Canada. 

“Canadian Dominion Account” means a special concentration account established by a Canadian Guarantor at an
Affiliate or branch of the Agent in Canada, over which the Agent has exclusive control for withdrawal purposes pursuant to the terms and provisions of this Agreement and the other Loan Documents. 

“Canadian Financing” means the obligations (and commitments to incur obligations) outstanding from time to
time under (A) the Offre de prêt (Loan Offer) (File D129013) entered into on March 9, 2012, between Investissement Québec, Tembec, Tembec Industries Inc. and Tembec Énergie SEC., as amended, amended and restated,
supplemented or otherwise modified from time to time prior to the Effective Date; (B) the Amended and Restated Credit Agreement, dated as of September 19, 2013, among Tembec, Tembec Entergy LP and Integrated Private Debt Fund III LP, as
administrative agent, as amended, amended and restated, supplemented or otherwise modified from time to time prior to the Effective Date; and (C) any Refinancing Indebtedness in respect of any of the foregoing. 

“Canadian Guarantor” means each Guarantor that is incorporated or otherwise organized under the laws of Canada
or any province or territory thereof. 
 “Canadian Guaranty” means the guarantee of the Obligations of each
Loan Party hereunder by the Canadian Guarantors in Article III hereunder or in a supplemental guarantee in accordance with Section 7.01(n) of this Agreement. 

  
 9 

 “Canadian Pension Event” means (a) the whole or
partial withdrawal of a Loan Party from a Canadian registered pension plan which contains a “defined benefit provision” as defined in subsection 147.1(1) of the ITA during a plan year where any additional funding obligations of the Loan
Party would be triggered by such withdrawal; (b) the filing of a notice of intent to terminate in whole or in part a Canadian Defined Benefit Plan; (c) the treatment by a Governmental Authority of a Canadian Defined Benefit Plan amendment
as a termination or partial termination; or (d) the appointment of a trustee by a Governmental Authority to administer the termination, in whole or in part, of a Canadian Defined Benefit Plan. 

“Canadian Pension Plan” means a pension plan that is required to be registered under applicable Canadian
federal or provincial pension benefits standards legislation, and that is sponsored, maintained or administered by any Loan Party in respect of its Canadian employees or former employees, but, for the avoidance of doubt, does not include any
statutory plans such as the Canada Pension Plan and the Quebec Pension Plan.  
 “Canadian Priority Payables
Reserve” means, as of any date of determination, an Availability Reserve in such amount as the Agent may determine in its Permitted Discretion to reflect amounts secured by any Liens in Canada, choate or inchoate, which rank or are capable
of ranking in priority to the Liens of the Agent, including any such amounts due and not paid for wages, vacation pay, severance pay, amounts due and not paid under any legislation relating to workers’ compensation or to employment insurance,
all amounts deducted or withheld and not paid and remitted when due under the ITA, all amounts collected but not remitted when due under the Excise Tax Act (Canada) or otherwise on account of sales tax, goods and services tax, value added
tax, harmonized sales tax, excise tax, and any other tax payable pursuant to the Excise Tax Act (Canada) or similar applicable provincial legislation, government royalties (including royalties, fees and other charges in respect of the
harvesting of timber (including stumpage fees) which a Canadian Guarantor has an obligation to remit to a Governmental Authority under applicable Law), amounts secured by Liens arising under the Forestry Workers Lien for Wages Act (Ontario), the
Woodworker Lien Act (British Columbia) or other similar applicable Law or on account of farmers’ rights under Section 81.2 of the BIA, amounts currently or past due and not paid for realty, municipal or similar taxes (to the extent
impacting personal or movable property), all amounts due and not contributed, remitted or paid to any Canadian Pension Plans (including all unfunded wind-up or solvency deficiency amounts owing in respect of
any Canadian Defined Benefit Plan) as required by the PBA relating to Canadian Pension Plans, or under the Canada Pension Plan or Quebec Pension Plan, and all amounts in respect of similar statutory or other claims, in each case, that would have or
would reasonably be expected to have priority over or rank pari passu with any Liens of the Agent in Canada now or in the future, other than amounts included in the Canadian Wage Earner Protection Act Reserve. 

“Canadian Security Agreements” means, collectively, that certain Canadian Security Agreement, to be dated as
of the Closing Date, and that certain deed of movable hypothec to be dated on or prior to the Closing Date made by the Canadian Guarantors party thereto in favor of the Agent, acting as hypothecary representative on behalf of itself and for the
benefit of the other Secured Parties, each as amended, restated, supplemented or otherwise modified from time to time. 

  
 10 

 “Canadian Subsidiary” means any Subsidiary that is
incorporated or organized under the laws of Canada or any province or territory thereof. 
 “Canadian Wage Earner
Protection Act Reserve” means, as of any date of determination, an Availability Reserve in such amount as the Agent may determine in its Permitted Discretion to reflect the amounts that may become due under the Wage Earner Protection
Program Act (Canada) or secured by Section 81.3 or Section 81.4 of the BIA with respect to the employees of any Loan Party employed in Canada which would give rise to a Lien with priority under applicable Law over the Liens of the
Agent. 
 “Capital Expenditures” means, for any period, the additions to property, plant and equipment,
capitalized investment and development costs, and other capital expenditures (including capitalized software) of Holdings and its consolidated Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of Holdings for
such period prepared in accordance with GAAP. 
 “Capital Lease” of any Person means any lease of any
property (whether real, personal or mixed) by such Person as lessee, which lease should, in accordance with GAAP, be required to be accounted for as a capital lease on the balance sheet of such Person. 

“Capital Lease Obligations” means the obligations of any Person to pay rent or other amounts under a Capital
Lease, the amount of which is required to be capitalized on the balance sheet of such Person in accordance with GAAP (with GAAP calculated, for purposes of this definition, as in effect on December 31, 2018); provided that, for
the avoidance of doubt, obligations of Holdings or the Restricted Subsidiaries, or of a special purpose or other entity not consolidated with Holdings and the Restricted Subsidiaries that (a) initially were not included on the consolidated
balance sheet of Holdings as capital lease obligations and were subsequently characterized as capital lease obligations or, in the case of such a special purpose or other entity becoming consolidated with Holdings and the Restricted Subsidiaries
were required to be characterized as capital lease obligations upon such consolidation, in either case, due to a change in accounting treatment or otherwise, or (b) were required to be characterized as capital lease obligations but would not
have been required to be treated as capital lease obligations on December 31, 2018 had they existed at that time, shall for all purposes not be treated as Capital Lease Obligations or Indebtedness. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 

  
 11 

 (3) in the case of a partnership or limited liability company, partnership
or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of the Agent,
an Issuing Bank or the Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Obligations, Obligations in respect of Swing Line Advances, or obligations of Lenders to fund participations in respect of either thereof (as the context
may require), cash or deposit account balances or, if the applicable Issuing Bank or Swing Line Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and
substance satisfactory to (a) the Agent and (b) such Issuing Bank or the Swing Line Lender (as applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash
collateral and other credit support. 
 “Cash Dominion Period” means (a) each period beginning on the
date that Availability shall have been less than the greater of (x) $25.0 million and (y) 15.0% of the Loan Cap for three (3) consecutive Business Days, and ending on the date that Availability shall have exceeded such levels, at all
times, for a period of thirty (30) consecutive days, or (b) upon the occurrence of any Event of Default, the period that such Event of Default shall be continuing. The termination of a Cash Dominion Period as provided herein shall in no
way limit, waive or delay the occurrence of a subsequent Cash Dominion Period in the event that the conditions set forth in this definition again arise. 

“Cash Equivalents” means: 

(1) U.S. dollars, pounds sterling euros, Canadian dollars, the national currency of any member state in the European Union or
such other local currencies held by Holdings or a Restricted Subsidiary from time to time in the ordinary course of business; 

(2) securities issued or directly and fully guaranteed or insured by the U.S. government, Canada, Switzerland or any country
that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term debt is
rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

  
 12 

 (4) repurchase obligations for underlying securities of the types described
in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper issued by a corporation (other than an Affiliate of Lead Borrower) rated at least “A-1” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within one year after the date
of acquisition; 
 (6) readily marketable direct obligations issued by any state of the United States of America or any
political subdivision thereof or any Canadian province having at least a rating of Aa3 from Moody’s or a rating of AA- from S&P (or reasonably equivalent ratings of another internationally recognized
ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 
 (7) Indebtedness issued
by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each
case with maturities not exceeding two years from the date of acquisition; 
 (8) investment funds investing at least 95% of
their assets in securities of the types described in clauses (1) through (7) above; and 
 (9) instruments equivalent to
those referred to in clauses (1) through (8) above denominated in any foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for Bank Products purposes in any jurisdiction outside
the United States of America to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction. 

“Cash Management Bank” means any Person counterparty to a Bank Product Document who is (x) Bank of
America or any Affiliate or branch of Bank of America or (y) any other Lender or any Affiliate or branch of such Lender so long as, in the case of this clause (y), Lead Borrower and the applicable Lender (or its Affiliate or branch) shall have
delivered notice thereof to the Agent. 
 “CCAA” means the Companies’ Creditors Arrangement Act
(Canada). 
 “CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended (42 U.S.C. § 9601 et seq.), and any regulations promulgated thereunder. 

“CFC” means a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 “Change in Law” has the meaning specified in Section 2.11. 

  
 13 

 “Change of Control” means the occurrence, after the date of
this Agreement, of any of the following: 
 (i) the sale, lease or transfer (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all the assets of Holdings and its Subsidiaries, taken as a whole, to any person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act,
or any successor provision), other than to Holdings or any of its Subsidiaries in a transaction not prohibited by Section 7.05; 

(ii) Holdings becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) of the acquisition by any person or group (within the meaning of Section 13(d) or Section 14(d) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring,
holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation, amalgamation
or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 35% of the total voting power of the voting
interest in Holdings’ Equity Interests, in each case, other than an acquisition where the holders of the voting interest in Holdings’ Equity Interests as of immediately prior to such acquisition hold 35% or more of the voting interest in
the Equity Interests of the ultimate parent of Holdings or successor thereto immediately after such acquisition (provided no holder of the voting interest in Holdings’ Equity Interests as of immediately prior to such acquisition owns,
directly or indirectly, more than 35% of the voting interest in Holdings’ Equity Interests immediately after such acquisition); 

(iii) Holdings, together with its direct or indirect Wholly Owned Subsidiaries, ceases to own 100% of the voting interest in
any Borrower; or 
 (iv) during any period of 12 consecutive months, a majority of the members of the Board of Directors of
Holdings shall cease to be composed of Continuing Directors; or 
 (v) a “Change of Control” (as defined in any
Senior Notes Indenture) shall have occurred under any Senior Notes Indenture or any other outstanding Indebtedness of Holdings or its Subsidiaries in an aggregate principal amount in excess of $25,000,000. 

“Charges” means all federal, state, provincial, county, city, municipal, local, foreign or other governmental
taxes (including taxes owed to the PBGC at the time due and payable), levies, assessments, duties, charges, claims or encumbrances owed by any Loan Party and upon or relating to (a) the Obligations, (b) the Collateral, (c) the
employees, payroll, income, capital or gross receipts of any Loan Party, (d) any Loan Party’s ownership or use of any properties or other assets, or (e) any other aspect of any Loan Party’s business. 

  
 14 

 “Closing Date” means the date that each of the conditions
set forth in Section 5.02 is satisfied or waived by the Agent and the Lenders. 

“CoBank” means CoBank, ACB and its successors. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by
any Loan Party in or upon which a Lien is granted by such Person in favor of the Agent under any of the Collateral Documents. 

“Collateral Access Agreement” means an agreement reasonably satisfactory in form and substance to the Agent
executed by (a) a bailee or other Person in possession of Collateral, and (b) any landlord of Real Estate leased by any Loan Party, pursuant to which such Person (i) acknowledges the Agent’s Lien on the Collateral,
(ii) releases or subordinates such Person’s Liens on the Collateral held by such Person or located on such Real Estate, (iii) provides the Agent with access to the Collateral held by such bailee or other Person or located in or on
such Real Estate, (iv) as to any landlord, provides the Agent with a reasonable time to remove and/or sell and dispose of the Collateral from such Real Estate, and (v) makes such other agreements with the Agent as the Agent may reasonably
require related to the use and access of the Collateral. 
 “Collateral Documents” means the U.S. Security
Agreement, the Canadian Security Agreements, the Blocked Account Agreements, the Intellectual Property Security Agreements and all similar agreements entered into guarantying payment of, or granting a Lien upon property as security for payment of,
the Obligations. 
 “Commitment” means a Revolving Credit Commitment. 

“Commitment Percentage” means, with respect to any Lender at any time, the percentage of the Revolving Credit
Facility represented by such Lender’s Revolving Credit Commitment at such time. If the Revolving Credit Commitment of each Lender to make Advances and the obligation of the Issuing Banks to make L/C Credit Extensions have been terminated
pursuant to Section 8.01 or if the Revolving Credit Commitments have expired, then the Commitment Percentage of each Lender in respect of the Revolving Credit Facility shall be determined based on the Commitment Percentage
of such Lender in respect of the Revolving Credit Facility most recently in effect, giving effect to any subsequent assignments. 

“Committed Advance Notice” means a notice of (a) a Revolving Credit Borrowing, (b) a conversion of
Advances from one Type to the other, or (c) a continuation of Eurocurrency Rate Advances, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A-1 or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent), appropriately completed and signed by a
Responsible Officer of the applicable Borrower. 

  
 15 

 “Committed Borrowing” means a borrowing consisting of
simultaneous Revolving Credit Advances of the same Type, and, in the case of Eurocurrency Rate Advances, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Compliance Period” has the meaning specified in Section 7.03(b). 

“Concentration Account” has the meaning specified in Section 7.01(i). 

“Confidential Information” means certain non-public, confidential or
proprietary information and material disclosed, from time to time, either orally, in writing, electronically or in some other form by Holdings in connection with the Loan Documents. Confidential Information shall include, but not be limited to non-public, confidential or proprietary information, trade secrets, know-how, inventions, techniques, processes, algorithms, software programs, documentation, screens, icons,
schematics, software programs, source documents and other MIS related information; contracts, customer lists, financial information, financial forecasts, sales and marketing plans and information and business plans, products and product designs;
projections and results; ideas, designs and artwork for all types of marketing, advertising, public relations and commerce (including ideas, designs and artwork related to the World Wide Web and any Web Site of Holdings or any Subsidiary); designs;
advertising, strategies, plans and results; sourcing information; vendor lists, potential product labeling and marking ideas; all materials including, without limitation, documents, drawings, samples, sketches, designs, and any other information
concerning, color palette and color standards furnished to a Recipient by Holdings or any Subsidiary; customer base(s); and other non-public information relating to Holdings’ or any Subsidiary’s
business. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net
income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated” and any
derivative thereof each means, with reference to the accounts or financial reports of any Person, the consolidated accounts or financial reports of such Person and each Restricted Subsidiary of such Person determined in accordance with GAAP,
including principles of consolidation, consistent with those applied in the preparation of the Consolidated financial statements of Holdings referred to in Section 6.01(f). 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the
total amount of depreciation and amortization expense, including the amortization of intangible assets and deferred financing fees and amortization of unrecognized prior service costs and actuarial gains and losses related to pensions and other
post-employment benefits, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

  
 16 

 “Consolidated EBITDA” means, as of any date of
determination, the EBITDA of Holdings and its Restricted Subsidiaries for the most recently ended four full Fiscal Quarters for which internal financial statements are available, on a consolidated basis, calculated on a pro forma basis
consistent with the calculations made under the definition of Consolidated Secured Net Leverage Ratio, Incurrence Fixed Charge Coverage Ratio or Pro Forma Compliance, as applicable. 

“Consolidated Funded Debt” means, as of any date of determination, all indebtedness (including Capital Lease
Obligations but excluding all accounts payable incurred in the ordinary course of business) of Holdings and its Restricted Subsidiaries on a Consolidated basis that would (or would be required to) appear as liabilities for long-term Debt, short-term
Debt, current maturities of Debt, and other similar interest-bearing obligations on a Consolidated balance sheet of Holdings and its Restricted Subsidiaries in accordance with GAAP (other than Indebtedness incurred under
Section 7.02(a)(ii)(29)). 
 “Consolidated Interest Expense” means, with respect
to any Person for any period, the sum, without duplication, of: 
 (1) consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including the interest component of Capital Lease Obligations and net payments and receipts (if any) pursuant to interest rate
Hedging Obligations, amortization of deferred financing fees and original issue discount, debt issuance costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees and
non-cash interest expense attributable to movement in mark to market valuation of Hedging Obligations or other derivatives (in each case permitted hereunder) under GAAP); plus 

(2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
plus 
 (3) commissions, discounts, yield and other fees and charges Incurred in connection with any securitization
financing which are payable to Persons other than Holdings and the Restricted Subsidiaries; minus 
 (4) interest
income for such period. 
 For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue
at an interest rate reasonably determined by Holdings to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. 

  
 17 

 “Consolidated Net Income” means, with respect to any Person
for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 

(1) any net after-tax extraordinary, nonrecurring or unusual gains or losses (less all
fees and expenses relating thereto) or expenses or charges shall be excluded; 
 (2) any severance expenses, relocation
expenses, restructuring expenses, curtailments or modifications to pension and post-retirement employee benefit plans, excess pension charges, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed
assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities opening costs, project start-up costs, business optimization costs,
signing, retention or completion bonuses, expenses or charges related to any issuance, repurchase, retirement or acquisition of Equity Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment
or modification of Indebtedness (in each case, whether or not successful), and any fees, expenses, charges or change in control payments related to the Transactions (including any costs relating to auditing prior periods, any transition-related
expenses, and transaction expenses incurred before, on or after the Closing Date), in each case, shall be excluded; provided that the aggregate amount excluded from Consolidated Net Income pursuant to this clause (2), together with
(x) the aggregate amount added back to EBITDA pursuant to clause (6) of the definition thereof and (y) for purposes of any calculation of EBITDA on a pro forma basis, the aggregate amount of operating expense reductions and
other operating improvements or synergies included in EBITDA for such Test Period, shall not exceed 20% of EBITDA in any Test Period (determined after giving effect to any such adjustments); 

(3) effects of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such
Subsidiaries and including, without limitation, the effects of adjustments to (A) Capital Lease Obligations or (B) any other deferrals of income) in amounts required or permitted by GAAP, resulting from the application of purchase
accounting or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded; 

(4) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such
period; 
 (5) any net after-tax income or loss from disposed, abandoned,
transferred, closed or discontinued operations or fixed assets and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations or fixed assets shall be
excluded; provided that notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive agreement for the sale, transfer or other disposition in respect thereof has been entered
into, such Person shall not exclude any such net after-tax income or loss or any such net after-tax gains or losses attributable thereto until such sale, transfer or
other disposition has been consummated; 

  
 18 

 (6) any net after-tax gains or
losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by management of Holdings) shall be excluded; 

(7) any net after-tax gains or losses (less all fees and expenses or charges relating
thereto) attributable to the early extinguishment of indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 

(8) (a) the Net Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary,
or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent Person or a
Restricted Subsidiary thereof in respect of such period and (b) the Net Income for such period shall include any dividend, distribution or other payment in cash (or to the extent converted into cash) received by the referent Person or a
Subsidiary thereof (other than an Unrestricted Subsidiary of such referent Person) from any Person in excess of, but without duplication of, the amounts included in subclause (a); 

(9) [Reserved]; 

(10) an amount equal to the amount of Tax Distributions actually made to any parent or equity holder of such Person in respect
of such period in accordance with Section 7.02(b)(ii)(11) shall be included as though such amounts had been paid as income taxes directly by such Person for such period; 

(11) any impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of intangibles and other
fair value adjustments arising pursuant to GAAP shall be excluded; 
 (12) any
non-cash expense realized or resulting from stock option plans or employee benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or
other rights shall be excluded; 
 (13) any (a) non-cash compensation charges,
(b) costs and expenses after the Closing Date related to employment of terminated employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights
existing on the Closing Date of officers, directors and employees, in each case of such Person or any Restricted Subsidiary, shall be excluded; 

  
 19 

 (14) accruals and reserves that are established or adjusted within 12 months
after the Closing Date and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded; 

(15) non-cash gains, losses, income and expenses resulting from fair value accounting
required by the applicable standard under GAAP and related interpretations shall be excluded; 
 (16) (A) any currency
translation gains and losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from hedging transactions for currency exchange risk and (B) other long-term and/or
non-current assets and liabilities (in each case as determined in accordance with GAAP), and any net loss or gain resulting from hedging transactions relating thereto (and in any case of this clause (B),
including intercompany obligations and obligations with respect to pensions and other retirement benefits, and environment-related liabilities), shall in each case be excluded; 

(17) (a) to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed within
365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded and
(b) amounts in respect of which such Person has determined that there exists reasonable evidence that such amounts will in fact be reimbursed by insurance in respect of lost revenues or earnings in respect of liability or casualty events or
business interruption shall be included (with a deduction for amounts actually received up to such estimated amount, to the extent included in Consolidated Net Income in a future period); and 

(18) non-cash charges for deferred tax asset valuation allowances shall be excluded.

 “Consolidated Non-Cash Charges” means, with respect to any Person
for any period, the non-cash expenses (other than Consolidated Depreciation and Amortization Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such
period on a consolidated basis and otherwise determined in accordance with GAAP; provided that if any such non-cash expenses represent an accrual or reserve for potential cash items in any future
period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was
paid in a prior period. 

  
 20 

 “Consolidated Secured Net Leverage Calculation Date” has
the meaning specified in the definition of “Consolidated Secured Net Leverage Ratio”. 
 “Consolidated
Secured Net Leverage Ratio” means, with respect to any Person, at any date, the ratio of (i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in
accordance with GAAP), less the amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as
of such date of determination to (ii) Consolidated EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred.

 In the event that Holdings or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness or issues,
repurchases or redeems Disqualified Capital Stock or Preferred Stock subsequent to the commencement of the period for which the Consolidated Secured Net Leverage Ratio is being calculated but prior to the event for which the calculation of the
Consolidated Secured Net Leverage Ratio is made (the “Consolidated Secured Net Leverage Calculation Date”), then the Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect to such Incurrence,
repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Capital Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period; provided
that, for purposes of clause (6)(B) of the definition of “Permitted Lien”, Lead Borrower may elect pursuant to an Officer’s Certificate delivered to Agent to treat all or any portion of the commitment under any Indebtedness as being
Incurred at the time of delivery of such Officer’s Certificate, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time,
and to the extent Lead Borrower elects pursuant to such an Officer’s Certificate delivered to Agent to treat all or any portion of the commitment under any Indebtedness as being Incurred at the time of delivery of such Officer’s
Certificate, solely for purposes of clause (6)(B) of the definition of “Permitted Lien”, Lead Borrower shall deem all or such portion of such commitment or such Indebtedness, as applicable, as having been Incurred and to be outstanding for
purposes of calculating the Consolidated Secured Net Leverage Ratio for any period in which Lead Borrower makes any such election and for any subsequent period until such commitments or such Indebtedness, as applicable, are no longer outstanding or
until Lead Borrower elects to withdraw such election. 
 For purposes of making the computation referred to above,
Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes, business
realignment projects or initiatives, restructurings or reorganizations that Holdings or any Restricted Subsidiary has determined to make and/or has made during the four-quarter reference period or subsequent to such reference period and on or prior
to or simultaneously with the Consolidated Secured Net Leverage Calculation Date (each, for purposes of this 

  
 21 

 
definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations,
consolidations, discontinued operations and other operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge obligations and the change in Consolidated EBITDA
resulting therefrom) had occurred on the first day of the four-quarter reference period; provided that, notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive agreement
for the sale, transfer or other disposition in respect thereof has been entered into, Holdings shall not make such computations on a pro forma basis for any such classification for any period until such sale, transfer or other disposition has
been consummated. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into Holdings or any Restricted Subsidiary since the beginning of such period shall have consummated any pro
forma event that would have required adjustment pursuant to this definition, then the Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro forma event had
occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the
Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro
forma calculations shall be made in good faith by a responsible financial or accounting officer of Holdings. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of Holdings as set
forth in an Officer’s Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months of the date the applicable event is consummated;
provided that the aggregate amount of operating expense reductions and other operating improvements or synergies for the period for which the Consolidated Secured Net Leverage Ratio is being calculated, together with (x) the aggregate
amount excluded from Consolidated Net Income pursuant to clause (2) of the definition thereof and (y) the aggregate amount added to EBITDA pursuant to clause (6) of the definition thereof, shall not exceed 20% of Consolidated EBITDA
for such period (determined after giving effect to any such adjustments). 
 If any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Consolidated Secured Net Leverage Calculation Date had been the applicable rate for the entire period (taking
into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by a responsible financial or accounting officer of Holdings to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a
revolving credit facility computed on a pro forma basis shall be computed based 

  
 22 

 
upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as Holdings may designate. 

For purposes of this definition, any amount in a currency other than Dollars will be converted to Dollars based on the average
exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating Consolidated EBITDA for the applicable period. 

“Consolidated Taxes” means, with respect to any Person for any period, the provision for taxes based on
income, profits or capital, including, without limitation, state franchise and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes or arising from tax examinations) and any Tax Distributions taken into
account in calculating Consolidated Net Income. 
 “Consolidated Total Indebtedness” means, as of any date
of determination, an amount equal to the sum (without duplication) of (1) the aggregate principal amount of all outstanding Indebtedness of Holdings and the Restricted Subsidiaries (excluding any undrawn letters of credit) consisting of
bankers’ acceptances and Indebtedness for borrowed money, plus (2) the aggregate amount of all outstanding Disqualified Capital Stock of Holdings and the Restricted Subsidiaries and all Preferred Stock of Restricted Subsidiaries,
with the amount of such Disqualified Capital Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated basis in accordance with GAAP. 

“Constitutive Documents” means, with respect to any Person, the certificate of incorporation or registration
(including, if applicable, certificate of change of name), articles of incorporation or association, memorandum of association, charter, bylaws, certificate of limited partnership, partnership agreement, trust agreement, joint venture agreement,
certificate of formation, articles of organization, limited liability company operating or members agreement, joint venture agreement or one or more similar agreements, instruments or documents constituting the organization or formation of such
Person. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,
including, without limitation, any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary
obligation or any property constituting direct or indirect security therefor, 
 (2) to advance or supply funds: 

  
 23 

 (a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors of Holdings
who (1) was a member of such Board of Directors on the first day of the applicable 12 consecutive month period referenced in clause (D) of the definition of “Change in Control” or (2) was approved, appointed, nominated or
elected to such Board of Directors by a majority of the Continuing Directors who were members of such Board of Directors at the time of such approval, appointment, nomination or election. 

“Contractual Obligations” means, with respect to any Person, any security issued by such Person or any
document or undertaking (other than a Loan Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject. 

“Convert,” “Conversion” and “Converted” each refers to a conversion of
Advances of one Type into Advances of another Type pursuant to Section 2.02 or 2.09. 

“Copyrights” has the meaning specified in the applicable Security Agreements. 

“Cost” means the lower of cost or market value of Inventory, based upon the Loan Parties’ accounting
practices, known to the Agent, which practices are in effect on the Effective Date, with such changes as permitted by GAAP, as such calculated cost is determined from invoices received by the Loan Parties, the Loan Parties’ purchase journals or
the Loan Parties’ stock ledger. 
 “Covenant Trigger” shall have the meaning specified in
Section 7.03(b). 
 “Covenant Trigger Date” shall have the meaning specified in
Section 7.03(b). 
 “Credit Extension” means each of the following: (a) an
Advance made or to be made to any Borrower; and (b) with respect to any Letter of Credit, any issuance, extension of the expiry date, or increase in the amount thereof, for the account of any Borrower. 

“Credit Insurance Reserves” means an amount established from time to time in Agent’s Permitted Discretion
in an amount up to, as of any date of determination, the next scheduled premium(s) payable as of such date (or anticipated to be payable in connection with any renewal thereof) with respect to the Loan Parties’ credit insurance policy or
policies. 

  
 24 

 “DDA” means each checking, savings or other demand deposit
account maintained by any of the Loan Parties. All funds in each DDA (other than an Excluded Account) shall be conclusively presumed to be Collateral and proceeds of Collateral and the Agent and the Lenders shall have no duty to inquire as to the
source of the amounts on deposit in any DDA. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United
States, the BIA, the CCAA, the Winding-up and Restructuring Act (Canada) and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief laws of the United States, Canada or other applicable jurisdictions from time to time as now and hereafter in effect and affecting the rights of creditors generally including,
without limitation, any law of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it. 

“Default” means an event which would constitute an Event of Default but for the requirement that notice be
given or time elapse, or both. 
 “Default Rate” means (a) when used with respect to Obligations other
than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) 2.0% per annum plus, in the case of Obligations consisting of Base Rate Loans, the Applicable Margin for Base Rate Loans set forth in Level III of
the definition of Applicable Margin; provided, however, that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin for Eurocurrency Rate Loans
set forth in Level III of the definition of Applicable Margin) otherwise applicable to such Advance plus 2.0% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Letter of Credit Fee plus 2.0%
per annum. 
 “Defaulting Lender” means, subject to Section 2.14(b), any Lender that, as determined by the
Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Advances or participations in respect of Letters of Credit or Swing Line Advances, within three Business Days of the date required to be
funded by it hereunder, unless such Lender notifies the Agent in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable
default, if any, shall be specifically identified in such writing) has not been satisfied, (b) has notified Lead Borrower or the Agent in writing that it does not intend to comply with its funding obligations or has made a public statement to
that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, unless such writing or public statement states that such position is based on such Lender’s determination that a
condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied, (c) has failed, within three Business Days after
request by the Agent, to confirm in writing in a manner satisfactory to the Agent that it 

  
 25 

 
will comply with its funding obligations; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation of the
Agent or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a Bail-In Action or a proceeding under any Debtor Relief Law, (ii) had a receiver, interim
receiver, monitor, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance
of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States and Canada or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 

“Designated Borrower Joinder Agreement” means, with respect to any Designated Borrower, an agreement
substantially in the form of Exhibit I hereto signed (or such other form as shall be approved by the Agent and the Lead Borrower (such approval not to be unreasonably withheld or delayed)) by such Designated Borrower and the Lead Borrower.

 “Designated Borrowers” has the meaning set forth in the preamble to this Agreement. 

“Designated Non-cash Consideration” means the Fair Market Value (as
determined in good faith by Lead Borrower) of non-cash consideration received by Holdings or a Restricted Subsidiary in connection with a Disposition that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means Preferred
Stock of Holdings or any direct or indirect parent of Holdings (other than Disqualified Capital Stock), that is issued for cash (other than to Holdings or any of its Subsidiaries or an employee stock ownership plan or trust established by Holdings
or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, on the issuance date thereof. 

“Dilution” means, as of any date of determination, a percentage, based upon the experience of the immediately
prior 12 months, that is the result of dividing the Dollar Equivalent of (a) bad debt write-downs, discounts, advertising allowances, credits, or other dilutive items with respect to Eligible Accounts, Eligible Foreign Accounts and Eligible
Letter of Credit-Backed Foreign Accounts during such period, by (b) the Loan Parties’ billings with respect to Eligible Accounts, Eligible Foreign Accounts and Eligible Letter of Credit-Backed Foreign Accounts during such period. 

  
 26 

 “Dilution Reserve” means, as of any date of determination,
an amount sufficient to reduce the advance rate against Eligible Accounts, Eligible Foreign Accounts or Eligible Letter of Credit-Backed Foreign Accounts, as applicable, by 1 percentage point for each percentage point by which Dilution is in excess
of 5%. If the Dilution does not exceed 5%, the Dilution Reserve shall be zero dollars ($0). 
 “Disposition”
means with respect to any property, any sale, lease, license, sale and leaseback, assignment, conveyance, transfer or other disposition thereof (including by means of a “plan of division” under the Delaware Limited Liability Company Act or
any comparable transaction under any similar law). The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Capital Stock” means, with respect to any Person, any Capital Stock of such Person which, by its
terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Capital Stock of
such Person or any of its Restricted Subsidiaries, or 
 (3) is redeemable at the option of the holder thereof, in whole or
in part (other than solely as a result of a change of control or asset sale), in each case prior to 91 days after the Termination Date; provided, however, that only the portion of Capital Stock which so matures or is mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Capital Stock; provided, further, however, that if such Capital Stock is
issued to any employee or to any plan for the benefit of employees of Holdings or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be
repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person
that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Capital Stock shall not be deemed to be Disqualified Capital Stock. 

“Documents” means all “documents,” as such term is defined in the UCC or “documents of
title” as such term is defined in the PPSA, as applicable, now owned or hereafter acquired by any Loan Party, wherever located. 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such
amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Agent or the applicable Issuing Bank, as the case may be, at such time on the basis of the Spot
Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. 

  
 27 

 “Dollars,” “dollars” and the sign
“$” each means lawful money of the United States. 
 “Domestic Subsidiary” means any direct or
indirect Subsidiary of Holdings that is organized under the laws of the United States, any state thereof or the District of Columbia. 

“Dominion Account” means the U.S. Dominion Account and the Canadian Dominion Account. 

“EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its
Restricted Subsidiaries for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 

(1) Consolidated Taxes; plus 

(2) EBITDA Fixed Charges and costs of surety bonds in connection with financing activities; plus 

(3) Consolidated Depreciation and Amortization Expense; plus 

(4) Consolidated Non-Cash Charges; plus 

(5) any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any issuance of Equity
Interests, Investment, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be incurred by this Agreement (including a refinancing thereof) (whether or not successful), including
(i) such fees, expenses or charges related to the Transactions and (ii) any amendment or other modification of the Senior Notes or other Indebtedness; plus 

(6) business optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt,
shall include, without limitation, the effect of facility closures, facility consolidations, retention, severance, systems establishment costs, contract termination costs, future lease commitments and excess pension charges); provided that
the aggregate amount added back to EBITDA pursuant to this clause (6), together with (x) the aggregate amount excluded from Consolidated Net Income pursuant to clause (2) of the definition thereof and (y) for purposes of any
calculation of EBITDA on a pro forma basis, the aggregate amount of operating expense reductions and other operating improvements or synergies included in EBITDA for such Test Period, shall not exceed 20% of EBITDA in any Test Period
(determined after giving effect to any such adjustments); plus 

  
 28 

 (7) any costs or expenses related to environmental remediation, pension or
other post-employment benefit obligations; plus 
 (8) any costs or expense incurred pursuant to any management equity
plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of Lead
Borrower or any Loan Party or net cash proceeds of an issuance of Equity Interests of Lead Borrower (other than Disqualified Capital Stock) solely to the extent that such net cash proceeds are excluded from the calculation of Excluded Contributions;
plus 
 (9) with respect to any joint venture that is not a Subsidiary and solely to the extent relating to any net
income referred to in clause (8) of the definition of “Consolidated Net Income,” an amount equal to the proportion of those items described in clauses (1) and (2) above relating to such joint venture corresponding to
Holdings’ and the Restricted Subsidiaries’ proportionate share of such joint venture’s Consolidated Net Income (determined as if such joint venture were a Subsidiary); plus 

(10) [reserved]; and 

less, without duplication, to the extent the same increased Consolidated Net Income, 

(11) non-cash items increasing Consolidated Net Income for such period (excluding the
recognition of deferred revenue or any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items for which cash was received in a prior period); and 

(12) any cash payments made during such period related to environmental remediation, pension or other post-employment benefit
obligations. 
 “EBITDA Fixed Charges” means, with respect to any Person for any period, the sum, without
duplication, of: (1) Consolidated Interest Expense (excluding amortization or write-off of deferred financing costs) of such Person for such period, and (2) all cash dividend payments (excluding
items eliminated in consolidation) on any series of Preferred Stock or Disqualified Capital Stock of such Person and its Restricted Subsidiaries. 

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

  
 29 

 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public
administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means December 10, 2020. 

“Eligible Accounts” means those Accounts created by a Loan Party in the ordinary course of its business, that
arise out of such Loan Party’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one
or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by the Agent in the Agent’s Permitted Discretion to address the results of any field examination performed by (or on behalf
of) the Agent from time to time after the Effective Date. In determining the amount to be included, Eligible Accounts shall be calculated net of deposits and prepayments from customers with a balance of Eligible Accounts owing to any Loan Party,
unapplied cash, Taxes, discounts, credits, allowances, short-pays, chargebacks and rebates. Eligible Accounts shall not include the following: 

(a) Accounts that the Account Debtor has failed to pay within 120 days of the original invoice date or within 60 days of the
original due date, or Accounts with selling terms of more than 180 days; provided that up to $5,000,000 in the aggregate of Accounts that remain unpaid more than 120 days after the original invoice date shall not be deemed ineligible as a
result of this clause (a) so long as such Accounts shall not remain unpaid for more than 180 days after the original invoice date; 

(b) Accounts owed by an Account Debtor (or its Affiliates) where 50% or more of all Accounts owed by that Account Debtor (or
its Affiliates) are deemed ineligible under clause (a) above; 
 (c) Accounts with respect to which the Account Debtor
is an Affiliate of any Loan Party or an employee or agent of any Loan Party or any Affiliate of any Loan Party; 
 (d)
Accounts arising in a transaction wherein goods are placed on consignment or are sold pursuant to a guaranteed sale, a sale or return, a sale on approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may
be conditional; 

  
 30 

 (e) Accounts that are not payable in Canadian Dollars, Dollars or Euros (or
such other currencies as may be determined to be acceptable by the Agent in its sole discretion from time to time (and subject to such sublimits with respect thereto as may be established by the Agent in its sole discretion from time to time)); 

(f) Accounts with respect to which the Account Debtor either (i) does not maintain its chief executive office in the
United States or Canada, (ii) is not organized under the laws of the United States or any state thereof or Canada or any province or territory thereof, or (iii) is the government of any foreign country or sovereign state, or of any state,
province, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof; 

(g) Accounts with respect to which the Account Debtor is either (i) the United States or any department, agency, or
instrumentality of the United States (exclusive, however, of Accounts with respect to which the applicable Loan Parties have complied, to the reasonable satisfaction of the Agent, with the Assignment of Claims Act, 31 USC §3727), (ii) any state
of the United States, or (iii) a Governmental Authority of Canada or any province or territory thereof and any Crown Corporation (exclusive, however, of Accounts with respect to which Loan Parties have complied, to the reasonable satisfaction
of the Agent, with the Financial Administration Act (Canada) or other applicable Law); 
 (h) Accounts with respect to which
the Account Debtor is a creditor of a Loan Party, has or has asserted a right of recoupment or setoff, or has disputed its obligation to pay all or any portion of the Account, solely to the extent of such claim, right of recoupment or setoff, or
dispute; 
 (i) Accounts with respect to an Account Debtor whose total obligations owing to Loan Parties exceed 15% (or, with
respect to the Account Debtors identified in writing by Holdings to Agent prior to the Effective Date, 27.5%) (such percentage, as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion (or, in the
case of immediately preceding parenthetical, in its sole discretion) if the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts, to the extent of the obligations owing by such Account Debtor in excess of such percentage;
provided, that, in each case, the amount of Eligible Accounts that are excluded because they exceed the foregoing percentage shall be determined by Agent based on all of the otherwise Eligible Accounts prior to giving effect to any
eliminations based upon the foregoing concentration limit; 
 (j) Accounts with respect to which the Account Debtor is
subject to an insolvency proceeding, is not solvent, has gone out of business, or as to which any Loan Party has received notice of an imminent insolvency proceeding or a material impairment of the financial condition of such Account Debtor; 

  
 31 

 (k) Accounts, the collection of which, the Agent, in its Permitted
Discretion, believes to be doubtful, including by reason of the Account Debtor’s financial condition; 
 (l) Accounts
that are not subject to a valid and perfected first priority Lien in favor of the Agent to secure the Obligations; 
 (m)
Accounts with respect to which the goods giving rise to such Account have not been shipped and billed to the Account Debtor or an invoice consistent with the Loan Party’s and the Account Debtor’s reasonable commercial practices has not
been prepared and sent to the applicable Account Debtor (other than up to $2,000,000 of Accounts in respect of the sale of chips, bark or other by-products to third party Account Debtors that would otherwise
be excluded pursuant to this clause (m)); 
 (n) Accounts with respect to which the Account Debtor is a Sanctioned Person;

 (o) Accounts that represent the right to receive progress payments or other advance billings that are due prior to the
completion of performance by the applicable Loan Party of the subject contract for goods or services; 
 (p) Accounts owned
by a target acquired in connection with a Permitted Acquisition, until the completion of an appraisal and field examination with respect to such target, in each case, reasonably satisfactory to the Agent (which appraisal and field examination may be
conducted prior to the closing of such Permitted Acquisition); 
 (q) Accounts that arise with respect to sales of goods that
are delivered on a cash-on-delivery basis; 

(r) Accounts arising from the sale of Eligible FOB Inventory; 

(s) Accounts to the extent such Accounts exceed any credit limit under the Loan Parties’ Sales Credit Policies; or 

(t) Accounts of any Account Debtor which has Accounts subject to any Permitted Supplier Receivables Program. 

“Eligible Assignee” means (a) a Lender; (b) an Affiliate or branch of a Lender; (c) an Approved
Fund; and (d) any other financial institution, finance company, institutional lender or Funds approved by (i) the Agent, (ii) in the case of any assignment of a Revolving Credit Commitment, the Issuing Banks and the Swing Line Lender,
and (iii) unless an Event of Default has occurred and is continuing, the Lead Borrower (each such approval in clauses (i) and (ii) not to be unreasonably withheld or delayed). No Loan Party or any controlled Affiliate thereof shall be an
Eligible Assignee with respect to any Revolving Credit Advance or any Revolving Credit Commitment. 

  
 32 

 “Eligible Credit Insurance-Backed Foreign Accounts” means
Accounts that satisfy all of the criteria of the definition of “Eligible Accounts” except clause (f) thereof; provided that such Account is supported by credit insurance that is in all respects (including as to form, substance,
amount, insurer, and terms of coverage and payment) reasonably satisfactory to the Agent. 
 “Eligible FOB
Inventory” means Inventory that satisfy all of the criteria of “Eligible Inventory” except clauses (c) and (f) thereof, that has been shipped within the past 45 days (or, with respect to Inventory to be shipped to Account
Debtors identified in writing by Holdings to Agent prior to the Effective Date, 65 days) from a location of a Loan Party within the United States or Canada on “FOB” destination terms (i) to a location of a customer in a Specified
Country or (ii) a location of a customer not in a Specified Country and that in the case of this clause (ii), is subject to a negotiable document showing Agent (or, with the consent of the Agent (such consent not to be unreasonably withheld,
conditioned or delayed), the applicable Loan Party) as consignee or notify party and bears a conspicuous notation on its face of the Agent’s security interest therein (which document is in the possession of the Agent or such other Person as the
Agent shall reasonably approve), and, in each case, will upon arrival at its destination, give rise to an Eligible Credit Insurance-Backed Foreign Account or an Eligible
Letter-of-Credit Backed Foreign Account; provided such Inventory (A) is fully insured in a manner reasonably satisfactory to the Agent, including marine
cargo insurance, (B) is shipped by a common carrier that is not affiliated with the purchaser and is not, to the knowledge of the Lead Borrower, the target of any Sanctions or on any specially designated nationals list maintained by OFAC and
(C) at any time (and for so long as) the Borrowers fail to maintain Availability at least equal to $65.0 million, is being handled by a customs broker, freight forwarder or other handler that has delivered a lien waiver in form and
substance reasonably satisfactory to the Agent (provided, that the Loan Parties shall use commercially reasonable efforts to obtain such lien waivers irrespective of whether Availability is less than $65.0 million). 

“Eligible Foreign Accounts” means Accounts that satisfy all of the criteria of “Eligible Accounts”
except clause (f) thereof, but do not qualify as an Eligible Credit Insurance-Backed Foreign Account or Eligible Letter of Credit-Backed Foreign Account; provided that the Account Debtor with respect thereto maintains its chief executive
office in a Specified Country. 
 “Eligible Inventory” means, as of the date of determination thereof,
Inventory of a Loan Party consisting of (i) finished goods, (ii) raw materials, or (iii) work in process consisting of kiln rough and green rough that is located at a location designated as a “kiln rough and green rough
location” in the most recently delivered inventory appraisal, that in each case complies with each of the representations and warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue
of one or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by the Agent in the Agent’s Permitted Discretion to address the results of any field examination or appraisal
performed by (or on behalf of) the Agent from time to time after the Effective Date. An item of Inventory shall not be included in Eligible Inventory if: 

  
 33 

 (a) a Loan Party does not have good, valid, and marketable title thereto;

 (b) a Loan Party does not have actual and exclusive possession thereof (either directly or through a bailee or agent of a
Loan Party); provided that (x) up to $9.0 million in the aggregate of Inventory of Loan Parties held by processors may (subject to not otherwise being excluded pursuant to this definition) constitute Eligible Inventory as of any
date of determination to the extent that the Agent has received a Collateral Access Agreement from the applicable processor and to the extent that (notwithstanding the provision of such Collateral Access Agreement) an Inventory Reserve has been
established in respect of all accounts payable owing by Loan Parties to the applicable processor and (y) Inventory of Loan Parties held by third party haulers for no more than two (2) Business Days may (subject to not otherwise being
excluded pursuant to this definition) constitute Eligible Inventory as of any date of determination; 
 (c) (x) it is
not located at one of the locations in Canada or in the continental United States set forth on Schedule 1.01E (as such Schedule 1.01E may be amended from time to time with the prior written consent of the Agent (such consent not to be
unreasonably withheld, conditioned or delayed)) to this Agreement (other than Inventory that is in-transit from one such location to another such location), or (y) it is otherwise located at a location
with less than $100,000 of Inventory in the aggregate (other than, in the case of each of the foregoing clauses (x) and (y), Inventory that is in-transit to, or located at, ports or railyards located in
the United States or Canada waiting to be loaded onto vessels (including railcars) for transport to customers); provided that the aggregate amount of such Inventory (and Inventory described in clause (f) of this definition) included in
the Borrowing Base as of any date of determination shall not contribute Availability under the Borrowing Base in excess of $13,000,000); 

(d) [reserved]; 

(e) it is located on real property leased by a Loan Party or in a contract warehouse, in each case, unless either (1) it
is subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case may be, and it is segregated or otherwise separately identifiable from goods of others, if any, stored on the premises or (2) the Agent has
established a Landlord Reserve with respect to such location; 
 (f) it is the subject of a bill of lading or other document
of title (other than Inventory that is in-transit to, or located at, ports waiting to be loaded onto vessels for transport to customers located outside of the United States and Canada; provided that the
aggregate amount of such Inventory (and Inventory described in clause (c) of this definition) included in the Borrowing Base as of any date of determination shall not contribute Availability under the Borrowing Base in excess of $13,000,000);

  
 34 

 (g) it is not subject to a valid and perfected first priority Lien in favor
of the Agent to secure the Obligations; 
 (h) it consists of goods returned or rejected by a Loan Party’s customers;

 (i) it consists of goods that are obsolete or slow moving, restrictive or custom items, work-in-process (except as described in clause (iii) of the first sentence of this definition of Eligible Inventory), tooling, goods for display, supplies (including goods that constitute packaging and
shipping materials) or spare parts or supplies used or consumed in the Loan Parties’ business (other than supplies and spare parts in an aggregate amount that would not contribute Availability under the Borrowing Base in excess of $15,000,000
at any time)), bill and hold goods, defective or unsaleable goods, “seconds” (other than cull (secondary fiber) that can be repulped in an aggregate amount not to exceed $1,500,000) or Inventory acquired on consignment; 

(j) it is subject to third party trademark, licensing or other proprietary rights, unless Agent is reasonably satisfied that
such Inventory can be freely sold by Agent on and after the occurrence of an Event of a Default despite such third party rights; 

(k) it was acquired in connection with a Permitted Acquisition, until the completion of an appraisal and field examination of
such Inventory, in each case, reasonably satisfactory to Agent (which appraisal and field examination may be conducted prior to the closing of such Permitted Acquisition); 

(l) it consists of trees or other forest resources that (i) have not been harvested from a forest (i.e., timber-to-be-cut) or (ii) have been harvested from a forest but have not been transported from such forest to a public municipal
road or other public access point which allows such trees or other forest resources to be transported to a mill or other processing facility (it being understood that trees (but not other forest resources) with an aggregate book value not in excess
of $15,000,000 at any time and which have been harvested from a forest and which have been transported from such forest to a road or other access point to which the applicable Loan Party has access rights which allows such trees to be transported to
a mill or other processing facility may constitute Eligible Inventory subject to not being excluded from Eligible Inventory by virtue of the other criteria set forth herein (but that no such trees at such locations in excess of such amount may
constitute Eligible Inventory at any time)); 
 (m) it consists of hazardous chemicals, fuel inventory or any similar item as
determined by Agent, or constitutes goods that Agent determines may be transported or sold only with licenses that are not readily available; or 

(n) it is the subject of a prepayment in full that has been received from a customer. 

  
 35 

 “Eligible Letter-of-Credit Backed Foreign Accounts” means Accounts that satisfy all of the criteria of the definition of “Eligible Accounts” except clause (f) thereof; provided that such
Account is supported by an irrevocable letter of credit (assigned to, or delivered to and directly drawable by, the Agent) that is in all respects reasonably satisfactory to the Agent; it being understood that any such supporting letter of credit
arising 180 days or more following the Closing Date shall specifically designate Bank of America or its affiliates as the advising bank or negotiating bank. 

“EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover
to or operation of a single or unified European currency. 
 “Environmental Law” means any Requirement of
Law relating to (a) the generation, use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Substances, (b) pollution or the protection of the environment, health and safety or natural resources or
(c) occupational safety and health, industrial hygiene, land use or the protection of plants or animals, including, without limitation, CERCLA, in each case as amended from time to time, and including the regulations promulgated and the rulings
issued from time to time thereunder. 
 “Equipment” means all “equipment,” as such term is defined
in the UCC or the PPSA, as applicable, now owned or hereafter acquired by any Loan Party, wherever located. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) which is a member of a controlled
group of which a Loan Party is a member or which is under common control with a Loan Party within the meaning of Section 414 of the Code, and the regulations promulgated and rulings issued thereunder. 

“ERISA Event” means a reportable event with respect to a Plan within the meaning of §4043 of ERISA, other
than those events as to which the thirty (30)-day notice period has been waived. 

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

“Euro” mean the lawful currency of the Participating Member States introduced in accordance with the EMU
Legislation. 

  
 36 

 “Eurocurrency Liabilities” has the meaning assigned to that
term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

“Eurocurrency Rate” means: 

(a) for any Interest Period with respect to a Eurocurrency Rate Advance comprising part of the same Borrowing, the rate per
annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Agent, as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period; and 
 (b) for any interest
calculation with respect to a Base Rate Advance on any date, the rate per annum equal to LIBOR, at approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits being delivered in the London interbank
market for a term of one month commencing that day; 
 provided that (x) if the Eurocurrency Rate shall be less
than 0.25%, such rate shall be deemed 0.25% for purposes of this Agreement and (y) to the extent a comparable or successor rate is approved by the Agent in connection herewith, the approved rate shall be applied in a manner consistent with
market practice; provided, further that to the extent such market practice is not administratively feasible for the Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Agent. 

“Eurocurrency Rate Advance” or “Eurocurrency Rate Loan” means a Revolving Credit Advance that
bears interest at a rate based on the Eurocurrency Rate. 
 “Eurocurrency Rate Reserve Percentage” of any
Lender for any Interest Period for any Eurocurrency Rate Advance means the reserve percentage applicable during such Interest Period (or if more than one such percentage shall be so applicable, the daily average of such percentages for those days in
such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement
(including, without limitation, any emergency, supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term equal to such Interest Period.

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 

  
 37 

 “Excluded Account” means, collectively, (i) DDAs that
are established solely for the purpose of, and are used exclusively for, funding payroll, payroll taxes, any other taxes required to be collected, remitted or withheld (including federal and state withholding taxes (including the employer’s
share thereof)) and other compensation and benefits to employees, (ii) DDAs, commodity accounts and securities accounts (a) that are held or maintained at a financial institution located outside of the United States and Canada and/or
(b) that are owned by a Foreign Subsidiary (other than any DDA, commodity account or securities account owned by a Canadian Guarantor), so long as, in each case of this clause (ii), no such account shall be used by any Loan Party as a
collection account, (iii) any DDA which is a zero balance account which sweeps into a Blocked Account on each Business Day, (iv) any DDA which is used for disbursements by Lead Borrower or any Loan Party and into which no proceeds of
Collateral or any other collections or any Advances are received, (v) DDAs, commodity accounts and securities accounts the balances of which are comprised solely of cash, cash equivalents or other assets that Holdings or any Subsidiary thereof
holds in trust or as an escrow fiduciary for another Person which is not Lead Borrower or a Guarantor and (vi) other DDAs, commodity accounts and securities accounts with amounts on deposit that do not have an individual daily balance on
deposit in excess of $1,000,000, or in the aggregate with each other account described in this clause (vi), in excess of $2,500,000. 

“Excluded Canadian Subsidiaries” means each Canadian Subsidiary that is not permitted to become a Guarantor
hereunder pursuant to the terms of any Canadian Financing to which it is a party, or is otherwise restricted or prohibited as a subsidiary or guarantor of a party to any Canadian Financing; provided that if any such Canadian Subsidiary is
released from all such restrictions due to the repayment, termination or amendment of all applicable Canadian Financings after the Effective Date, then such Subsidiary shall cease to be an “Excluded Canadian Subsidiary” for all purposes
under the Loan Documents. As of the Effective Date, Excluded Canadian Subsidiaries shall be comprised of each Canadian Subsidiary other than (i) Spruce Falls Acquisition Corp., (ii) Rayonier A.M. Canada Enterprises Inc., (iii) Rayonier A.M.
Canada G.P. and (iv) Rayonier A.M. Construction Company Inc. 
 “Excluded Contributions” means, at any
time the cash and Cash Equivalents received by Holdings after the Effective Date from: 
 (a) contributions to its common
equity capital, and 
 (b) the sale (other than to a Subsidiary of Holdings or to any Subsidiary management equity plan or
stock option plan or any other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Capital Stock and Designated Preferred Stock) of Holdings, 

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate (but excluding any amounts
distributed pursuant to Section 7.02(b)). 
 “Excluded Assets” has the meaning
assigned to such term in the U.S. Security Agreement or the Canadian Security Agreements, as applicable. 

  
 38 

 “Excluded Subsidiary” means: 

(a) each Unrestricted Subsidiary; 

(b) each Subsidiary that is not a Wholly Owned Subsidiary (for so long as such Subsidiary remains a non-Wholly Owned Subsidiary); 
 (c) each Subsidiary that is prohibited from guaranteeing
the Obligations hereunder by applicable Law, rule or regulation or that would require consent, approval, license or authorization of a Governmental Authority (unless such consent, approval, license or authorization has been received); 

(d) each Subsidiary that is prohibited by any Contractual Obligation existing on the Closing Date or on the date such
Subsidiary becomes a Subsidiary (to the extent not incurred in connection with becoming a Subsidiary and in each case for so long as such restriction or any replacement or renewal thereof is in effect) from guaranteeing the Obligations hereunder;

 (e) (x) any Foreign Subsidiary (other than any Canadian Subsidiary) and (y) any Domestic Subsidiary of a Foreign
Subsidiary (other than a Canadian Subsidiary) that is a CFC; 
 (f) any Excluded Canadian Subsidiary; 

(g) [reserved]; 

(h) any Subsidiary that is not a Material Subsidiary and that taken together with all other Wholly Owned Subsidiaries being
excluded pursuant to this clause (h), as of the last day of the fiscal quarter of Holdings’ most recently ended, did not have assets with a value in excess of 5.0% of the Total Assets or revenues representing in excess of 5.0% of Total Revenues
(including third party revenues but excluding intercompany revenues) of Holdings and its Wholly Owned Subsidiaries on a consolidated basis as of such date; 

(i) any other Subsidiary (including any Subsidiary that is a FSHCO) if the provision of the Collateral or a guarantee of the
Obligations hereunder by such Subsidiary could reasonably be expected to result in material and adverse tax consequences to Holdings or any of its Subsidiaries, as determined in good faith by Holdings; provided that this clause (i) shall
not apply to any Canadian Subsidiary unless the material and adverse tax consequence of such Canadian Subsidiary providing a guarantee results from a Change in Law after the Closing Date; and 

(j) any Subsidiary with respect to which Holdings reasonably agrees in writing that the cost or other consequences of providing
a guarantee is likely to be excessive in relation to the value to be afforded to the Lenders thereby and which does not guarantee any other Indebtedness of any Loan Party in an aggregate principal amount in excess of $25,000,000; 

  
 39 

 provided, that, notwithstanding the foregoing, (x) no Subsidiary
that is an issuer or guarantor in respect of the Senior Notes shall constitute an Excluded Subsidiary and (y) no Borrower or direct parent entity of a Borrower shall be an Excluded Subsidiary. 

“Excluded Swap Obligation” means, with respect to any Loan Party, any Hedging Obligation if, and to the extent
that, all or a portion of the Obligations of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Hedging Obligation (or any Obligations thereof) is or becomes illegal under the Commodity Exchange Act or any
rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof). If a Hedging Obligation arises under a master agreement governing more than one swap, such exclusion shall apply
only to the portion of such Hedging Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to
be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise taxes, and branch profits taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes,
(b) in the case of a Lender, United States federal withholding taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance, L/C Advance or Commitment pursuant to a law in effect on
the date on which (i) such Lender acquires the applicable interest in the applicable Commitment or, in the case of an Advance or L/C Advance not acquired by such Lender pursuant to a prior Commitment, the date on which such Lender acquires the
applicable interest in the applicable Advance or L/C Advance (other than, in each case, pursuant to an assignment request by the Lead Borrower under Section 10.12) or (ii) such Lender changes its Lending Office, except
in each case to the extent that, pursuant to Section 4.02(a)(iii) or Section 4.02(c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such
Lender acquired the applicable interest in the applicable Commitment, Advance or L/C Advance or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 4.02(e) and (d) any Taxes imposed pursuant to FATCA. 
 “Existing Credit
Agreement” has the meaning specified in the definition of “Refinancing”. 
 “Existing
Letter of Credit” means each letter of credit listed on Schedule 1.01C. 
 “Existing Hedge
Agreement” means each Swap Contract listed on Schedule 1.01D. 

  
 40 

 “Facility” means the Revolving Credit Facility, the Swing
Line Sublimit, or the Letter of Credit Sublimit, as the context may require. 
 “Fair Market Value” means,
with respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue
pressure or compulsion to complete the transaction. 
 “Farm Credit Lender” means a lending institution
organized and existing pursuant to the provisions of the Farm Credit Act of 1971 (as may be amended from time to time) and under the regulation of the Farm Credit Administration. 

“FATCA” means Sections 1471 through 1474 of the Code, as in effect on the date hereof (and any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any present or future Treasury Regulations issued thereunder or interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Code, as in effect on the date hereof (or any amended or successor version described above), and any intergovernmental agreement, treaty or convention among Governmental Authorities (and any related legislation, rules
or official administrative guidance) implementing such Sections of the Code. 
 “Federal Funds Rate” means,
for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and
(b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on
such transactions as determined by the Agent; provided that if the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“Fee Letter” means (a) the fee letter dated as of December 8, 2020 among the Lead Borrower and Bank
of America and (b) each other fee letter entered into from time to time by the Lead Borrower and the Swing Line Lender or an Issuing Bank. 

“Fernandina Beach Facility” means the real property located at Foot of Gum Street, Fernandina Beach, Florida
32035, excluding any real property leased or licensed as of the Effective Date to Lignotech Florida, Eight Flags or Coast Chips Inc. or any of their respective Affiliates. 

“Fernandina Cogeneration Project” means a project, or a series of related projects, under which a Person
(other than Holdings or any of its Subsidiaries) would fund, construct and operate a combined heat and power facility on a leased portion of the Fernandina Beach Facility, and sell steam and heated water to Rayonier Performance Fibers, LLC (or one
or more other Subsidiaries), for use at the Fernandina Beach Facility, for an expected period of approximately twenty (20) years, together with the applicable agreements to implement such projects. 

  
 41 

 “FILO Term Loans” has the meaning specified in
Section 2.06(b). 
 “Fiscal Month” means any of the monthly accounting periods of
Holdings and its Subsidiaries. 
 “Fiscal Quarter” means any quarter in any Fiscal Year, the duration of
such quarter being defined in accordance with GAAP applied consistently with that applied in the preparation of Holdings’ financial statements referred to in Section 6.01(f), as set forth on a schedule delivered to the
Agent. 
 “Fiscal Year” means a fiscal year of Holdings and its Subsidiaries, as set forth on a schedule
delivered to the Agent. 
 “Fixed Charge Coverage Ratio” means, for any period, the ratio of
(a) Consolidated EBITDA for such period minus the sum of (i) Unfinanced Capital Expenditures plus (ii) the portion of taxes based on income actually paid in cash and provisions for cash income taxes, to (b) Fixed
Charges for such period. 
 “Fixed Charges” means, for any period, the sum of (a) any scheduled
amortization payments paid or payable during such period on all Indebtedness of Holdings and its Restricted Subsidiaries (including the principal component of all obligations in respect of all Capital Lease Obligations), plus
(b) consolidated cash Interest Expense of Holdings and its Restricted Subsidiaries for such period, plus (c) the amount of Restricted Payments to be made at such time and previously made in cash in reliance on the Payment Conditions
during such period, in each case, on a consolidated basis in accordance with GAAP. 
 “Foreign Lender” means
a Lender that is not a United States Person. 
 “Foreign Subsidiary” means any direct or indirect Subsidiary
of Holdings that is not a Domestic Subsidiary. 
 “Forestry Joint Ventures” means (i) Hearst Forest
Management Inc., (ii) Clegue Forest Management Inc., (iii) Abitibi River Forest Management Inc., (iv) Nipissing Forest Management Inc. or (v) any similar joint venture formed after the Effective Date that is not prohibited by the terms of this
Agreement. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to
any Issuing Bank, such Defaulting Lender’s Commitment Percentage of the outstanding L/C Obligations in respect of Letters of Credit issued by such Issuing Bank other than L/C Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Commitment Percentage of Swing Line Advances made by the
Swing Line Lender other than Swing Line Advances as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

  
 42 

 “FSHCO” means any Domestic Subsidiary that owns no material
assets other than Equity Interests of one or more Foreign Subsidiaries (other than a Foreign Subsidiary which is a Canadian Guarantor) that are CFCs and/or one or more FSHCOs. 

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

“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 or such other principles as may be approved by a significant
segment of the accounting profession in the United States, applied on a basis consistent (except for changes concurred in by Holdings’ independent public accountants) with the most recent audited consolidated financial statements of Holdings
and its Subsidiaries delivered pursuant to Section 7.04. 
 “Governmental
Authority” means any nation or government, any state, province, territory, city, municipal entity or other political subdivision thereof, and any governmental, executive, legislative, judicial, administrative or regulatory agency,
department, authority, instrumentality, commission, board or similar body, whether federal, state, provincial, territorial, local or foreign. 

“Governmental Authorization” means any authorization, approval, consent, franchise, license, covenant, order,
ruling, permit, certification, exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration with, any Governmental Authority, in each case having the force of law. 

“Guarantee” means the guarantee of the Obligations by the Loan Parties in Article III hereunder or in a
supplemental guarantee in accordance with Section 7.01(n) of this Agreement. 
 “Guarantied
Obligations” means as to any Person, any obligation of such Person guarantying or otherwise having the economic effect of guarantying any Indebtedness, lease, dividend, or other obligation (“primary obligation”) of any
other Person (the “primary obligor”) in any manner, including any obligation or arrangement of such Person to (a) purchase or repurchase any such primary obligation, (b) advance or supply funds (i) for the purchase or
payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor, (c) purchase
property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation, (d) protect the beneficiary of such arrangement
from loss (other than 

  
 43 

 
product warranties given in the ordinary course of business), or (e) indemnify the owner of such primary obligation against loss in respect thereof; provided, however, that the
term Guarantied Obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or standard contractual indemnities. The amount of any Guarantied Obligations at any time shall be deemed to be an
amount equal to the lesser at such time of (x) the stated or determinable amount of the primary obligation in respect of which such Guarantied Obligations is incurred, and (y) the maximum amount for which such Person may be liable pursuant
to the terms of the instrument embodying such Guarantied Obligations, or, if not stated or determinable, the maximum reasonably anticipated liability (assuming full performance) in respect thereof. 

“Guaranties” means the U.S. Guaranty, the Canadian Guaranty and any other guaranty executed by any Guarantor
in favor of Agent, for the benefit of the Secured Parties, in respect of the Obligations. 
 “Guarantor
Payment” has the meaning specified in Section 3.07(a). 
 “Guarantors”
means (x) Holdings, (y) each Borrower (as to the other Loan Parties’ Obligations) and (z) each other Restricted Subsidiary that is a party hereto or executes a supplement hereto in accordance with
Section 7.01(n), in favor of the Agent for the benefit of the Secured Parties, in connection with the transactions contemplated by this Agreement and the other Loan Documents; provided, that upon the release or
discharge of such Person from its Guaranty in accordance with this Agreement, such Person shall cease to be a Guarantor. 

“Hazardous Substance” means (i) any hazardous substance or toxic substance as such terms are presently
defined or used in § 101(14) of CERCLA (42 U.S.C. § 9601(14)), in 33 U.S.C. § 1251 et. seq. (Clean Water Act), or 15 U.S.C. § 2601 et. seq. (Toxic Substances Control Act) or applicable Environmental
Law in Canada; and (ii) as of any date of determination, any additional substances or materials which are hereafter incorporated in or added to the definition of “hazardous substance” or “toxic substance” or similar
definitions for purposes of CERCLA, 33 U.S.C. § 1251 et. seq. (Clean Water Act), or 15 U.S.C. § 2601 et. seq. (Toxic Substances Control Act) or applicable Environmental Law in Canada. 

“Hedge Bank” means any Person counterparty to (I) an Existing Hedge Agreement (but solely with respect to
such Existing Hedge Agreement) or (II) any other Swap Contract who is (x) Bank of America or any Affiliate or branch of Bank of America or (y) any other Lender or any Affiliate or branch of such Lender so long as, in the case of this
clause (y), Holdings and the applicable Lender (or its Affiliate or branch) shall have delivered notice thereof to the Agent; provided that any such notice may designate any Person as a Hedge Bank with respect to all Hedging Obligations
arising under a single master agreement. 
 “Hedging Obligations” means, with respect to any Person, the
obligations of such Person under any Swap Contract. 

  
 44 

 “HMT” has the meaning specified in the definition of
“Sanctioned Entity”. 
 “Holdings” has the meaning specified in the preamble to this
Agreement. 
 “Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the
time it becomes a Subsidiary. “Incurred” and “Incurrence” shall have like meanings. 

“Incurrence Fixed Charge Calculation Date” has the meaning specified in the definition of “Incurrence
Fixed Charge Coverage Ratio”. 
 “Incurrence Fixed Charge Coverage Ratio” means for any period, the
ratio of Consolidated EBITDA for such period to EBITDA Fixed Charges for such period. 
 In the event that Holdings or any
Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness or issues, repurchases or redeems Disqualified Capital Stock or Preferred Stock subsequent to the commencement of the period for which the Incurrence Fixed Charge Coverage
Ratio is being calculated but prior to the event for which the calculation of the Incurrence Fixed Charge Coverage Ratio is made (the “Incurrence Fixed Charge Calculation Date”), then the Incurrence Fixed Charge Coverage Ratio shall
be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Capital Stock or Preferred Stock, as if the same had occurred at the
beginning of the applicable four-quarter period; provided that Lead Borrower may elect pursuant to an Officer’s Certificate delivered to Agent to treat all or any portion of the commitment under any Indebtedness as being Incurred at such
time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time, and to the extent Lead Borrower elects pursuant to an
Officer’s Certificate delivered to Agent to treat all or any portion of the commitment under any Indebtedness as being Incurred Lead Borrower shall deem all or such portion of such commitment or such Indebtedness, as applicable, as having been
Incurred and to be outstanding for purposes of calculating the Incurrence Fixed Charge Coverage Ratio for any period in which Lead Borrower makes any such election and for any subsequent period until such commitments or such Indebtedness, as
applicable, are no longer outstanding or until Lead Borrower elects to withdraw such election. 
 For purposes of making the
computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any
operational changes, business realignment projects or initiatives, restructurings or reorganizations that Holdings or any Restricted Subsidiary has determined to make and/or made during the applicable Test Period or subsequent to such Test Period
and on or prior to or simultaneously with the date of calculation of the Incurrence Fixed Charge Coverage Ratio (each, for purposes of this definition, a “pro  

  
 45 

 
forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued
operations and other operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had
occurred on the first day of such Test Period; provided that, notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive agreement for the sale, transfer or other
disposition in respect thereof has been entered into, Lead Borrower shall not make such computations on a pro forma basis for any such classification for any period until such sale, transfer or other disposition has been consummated. If since
the beginning of such Test Period any Person that subsequently became a Restricted Subsidiary or was merged with or into Holdings or any Restricted Subsidiary since the beginning of such period shall have consummated any pro forma event, that
would have required adjustment pursuant to this definition, then the Incurrence Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such Test Period as if such pro forma event had occurred at the
beginning of the applicable Test Period. If since the beginning of such Test Period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Incurrence Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such Test Period as if such designation had occurred at the beginning of the applicable Test Period. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro
forma calculations shall be made in good faith by a responsible financial or accounting officer of Holdings. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of Holdings as set
forth in an Officer’s Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months of the date the applicable event is consummated;
provided that the aggregate amount of operating expense reductions and other operating improvements or synergies for the period for which the Incurrence Fixed Charge Coverage Ratio is being calculated, together with (x) the aggregate
amount excluded from Consolidated Net Income pursuant to clause (2) of the definition thereof and (y) the aggregate amount added to EBITDA pursuant to clause (6) of the definition thereof, shall not exceed 20% of Consolidated EBITDA
for such period (determined after giving effect to any such adjustments). 
 If any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Incurrence Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into
account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a
responsible financial or accounting officer of Holdings to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a
revolving credit facility computed on a pro forma basis shall be computed based 

  
 46 

 
upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as Holdings may designate. 

For purposes of this definition, any amount in a currency other than Dollars will be converted to Dollars based on the average
exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating Consolidated EBITDA for the applicable period. 

“Indebtedness” or “Debt” means, with respect to any Person: 

(1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price
of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out obligations
until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than twelve months after the date of
placing the property in service or taking delivery and title thereto, (d) in respect of Capital Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness would appear as a
liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (2) to the
extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations referred to in clause (1) of another Person (other than by endorsement of negotiable instruments for
collection in the ordinary course of business); and 
 (3) to the extent not otherwise included, Indebtedness of another
Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as
determined in good faith by Lead Borrower) of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 

provided, however, that, notwithstanding the foregoing, Indebtedness shall be deemed not to include
(1) Contingent Obligations incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to
satisfy warranty or other unperformed obligations of the 

  
 47 

 
respective seller; (4) [reserved]; (5) trade and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business; (6) obligations in
respect of Bank Products; (7) in the case of Holdings and the Restricted Subsidiaries (x) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary
course of business and (y) intercompany liabilities in connection with cash management, tax and accounting operations of Holdings and the Restricted Subsidiaries; and (8) any obligations under Hedging Obligations; provided that such
agreements are entered into for bona fide hedging purposes of Holdings or the Restricted Subsidiaries (as determined in good faith by the Board of Directors or senior management of Holdings whether or not accounted for as a hedge in accordance with
GAAP) and, in the case of any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar agreement, such agreements are related to business transactions of Holdings or the Restricted Subsidiaries entered
into in the ordinary course of business and, in the case of any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement, interest rate hedge agreement or other similar agreement or arrangement, such agreements substantially correspond in terms of notional amount, duration and interest rates, as applicable, to Indebtedness of Holdings or the Restricted
Subsidiaries Incurred without violation of this Agreement. 
 Notwithstanding anything in this Agreement to the contrary,
Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an
amount of Indebtedness for any purpose under this Agreement as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Agreement but for
the application of this sentence shall not be deemed an Incurrence of Indebtedness under this Agreement. 

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

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in
each case of nationally recognized standing, that is, in the good faith determination of Holdings, qualified to perform the task for which it has been engaged. 

“Insured Dilution” means, as of any date of determination, a percentage, based upon the experience of the
immediately prior 12 months, that is the result of dividing the Dollar Equivalent of (a) bad debt write-downs, discounts, advertising allowances, credits, or other dilutive items with respect to Loan Parties’ Eligible Credit
Insurance-Backed Foreign Accounts during such period, by (b) such Loan Parties’ billings with respect to Eligible Credit Insurance-Backed Foreign Accounts during such period. 

  
 48 

 “Insured Dilution Reserves” means, as of any date of
determination, an amount sufficient to reduce the advance rate against Eligible Credit Insurance-Backed Foreign Accounts by 1 percentage point for each percentage point by which Dilution is in excess of 2.5%. If the Insured Dilution does not exceed
2.5%, the Insured Dilution Reserve shall be zero dollars ($0). 
 “Intellectual Property” means any and all
Patents, Copyrights and Trademarks. 
 “Intellectual Property Security Agreements” means, collectively, any
and all Copyright Security Agreements, Patent Security Agreements and Trademark Security Agreements, made in favor of the Agent, on behalf of itself and the Secured Parties, by each Loan Party signatory thereto, as amended from time to time. 

“Interest Expense” means, with respect to any Person for any fiscal period, interest expense of such Person
determined in accordance with GAAP for the relevant period ended on such date. 
 “Interest Period” means,
for each Eurocurrency Rate Loan comprising part of the same Borrowing, the period commencing on the date of such Type of Advance, the date of the Conversion of any Advance into such Type of an Advance or the date of the continuation of such Advance
and ending on the last day of the period selected by the applicable Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day
of the period selected by such Borrower pursuant to the provisions below. The duration of each such Interest Period shall be 1, 2, 3 or 6 months or such other period that is twelve months or less requested by the applicable Borrower in
each case as such Borrower may, upon notice received by the Agent not later than 12:00 noon (New York City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that: 

(i) no Borrower may select any Interest Period which ends after the Termination Date; 

(ii) Interest Periods commencing on the same date for Advances comprising part of the same Borrowing shall be of the same
duration; 
 (iii) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the
last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, in the case of any Interest Period for a Eurocurrency Rate Loan, that if such extension would cause the last day of such Interest Period to
occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; 

  
 49 

 (iv) a Borrower may request in a Committed Advance Notice an Interest Period
of a duration other than 1, 2, 3, or 6 months (but in no event longer than 12 months) for a Eurocurrency Rate Loan and the Interest Period for such Eurocurrency Rate Loan shall be for such period, if, and only if, the Agent determines a Eurocurrency
Rate for the tenor of such Interest Period and no Lenders notify the Agent pursuant to Section 2.08(b) that the Eurocurrency Rate for such Interest Period will not adequately reflect the cost to the Lenders of making,
funding or maintaining their respective Eurocurrency Rate Loans for such Interest Period; if both of the preceding conditions are not satisfied with respect to such requested Interest Period, the duration of the requested Interest Period shall be
the alternative specified in the Committed Advance Notice, or, if no alternative Interest Period is selected, 6 months; and 

(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 

“Inventory” shall have the meaning provided in the UCC or, as applicable, the PPSA, and shall also include,
without limitation, all: (a) goods which (i) are leased by a Person as lessor, (ii) are held by a Person for sale or lease or to be furnished under a contract of service, (iii) are furnished by a Person under a contract of
service, or (iv) consist of raw materials, work in process, or materials used or consumed in a business (including spare parts and supplies); (b) goods of said description in transit; (c) goods of said description which are returned,
repossessed or rejected; and (d) packaging, advertising, and shipping materials related to any of the foregoing. 

“Inventory Reserves” means, without duplication of any other Reserve, such reserves as the Agent in its
Permitted Discretion after consultation with the Lead Borrower deems necessary or appropriate to establish and maintain with respect to Eligible Inventory and Eligible FOB Inventory, including (a) Landlord Reserves, and (b) reserves in
respect of amounts owing to any third party processors holding Inventory of any Loan Party for past due rent. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent) by
Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among Holdings and its Subsidiaries, 

  
 50 

 (3) investments in any fund that invests exclusively in investments of the
type described in clauses (1) and (2) of this definition which fund may also hold material amounts of cash pending investment and/or distribution, and 

(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments and
in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” means,
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers
and commission, travel and similar advances to officers, employees and consultants made in the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account
debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and other credits to suppliers made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of such Person in the same manner as the other investments included in this definition to the extent such
transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and Section 7.02(b): 

(1) “Investments” shall include the portion (proportionate to Holdings’ equity interest in such Subsidiary
(other than Lead Borrower)) of the Fair Market Value (as determined in good faith by Holdings) of the net assets of such Subsidiary at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon
a redesignation of such Subsidiary as a Restricted Subsidiary, Holdings shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to: 

(a) its “Investment” in such Subsidiary at the time of such redesignation, less 

(b) the portion (proportionate to its equity interest in such Subsidiary) of the Fair Market Value (as determined in good
faith by Holdings) of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith by Holdings) at the time of such transfer, in each case as determined in good faith by the Board of Directors of Holdings. 

“IRS” means the United States Internal Revenue Service. 

  
 51 

 “ISDA Definitions” means the 2006 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the
International Swaps and Derivatives Association, Inc. or such successor thereto. 
 “ISP” shall mean, with
respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issue” means, with respect to any Letter of Credit, either to issue, or to extend the expiry of, or to renew,
or to increase the amount of, such Letter of Credit, and the term “Issued” or “Issuance” shall have corresponding meanings. 

“Issuing Bank” means Bank of America, CoBank, PNC Bank or any other Lender which agrees to become, and is
designated as an Issuing Bank under Section 2.06(c) or any Affiliate or branch thereof as agreed to from time to time by Lead Borrower and such Issuing Bank, that may from time to time Issue Letters of Credit for the
account of Holdings or any of its Subsidiaries. 
 “Issuing Commitment” means, as to any Issuing Bank, the
amount set forth opposite such Issuing Bank’s name on Schedule 1.01A under the caption “Issuing Commitment”, as such amount may be reduced or increased pursuant to the terms hereof. 

“ITA” means Income Tax Act (Canada) and any applicable provincial equivalent. 

“Joinder Agreement” means (a) with respect to the joinder of a Domestic Subsidiary pursuant to
Section 7.01(n), a joinder agreement substantially in the form of the applicable Exhibit to the U.S. Security Agreement and (b) with respect to the joinder of a Subsidiary organized under the laws of Canada (or and
province or territory thereof) pursuant to Section 7.01(n), a joinder agreement substantially in the form of the applicable Exhibit to the Canadian Security Agreement. 

“Joint Lead Arrangers” means BofA Securities, Inc., CoBank and PNC Capital Markets LLC, as joint lead
arrangers and joint bookrunners. 
 “Joint Venture” means any Person (other than a Subsidiary) a portion
(but not all) of the Capital Stock of which is owned directly or indirectly by Holdings or a Subsidiary thereof and which is engaged in a business that is similar to or complementary with the business of Holdings and its Subsidiaries as permitted
under this Agreement. 
 “Judgment Currency” has the meaning specified in
Section 10.20. 
 “Junior Indebtedness” means (a) unsecured Indebtedness for
borrowed money of Holdings or any Restricted Subsidiary (other than intercompany indebtedness between Loan Parties), (b) any Indebtedness of Holdings or any Restricted Subsidiary which is by its terms subordinated in right of payment or lien
priority to the Obligations and (c) the 2024 Notes, the 2026 Notes and any Indebtedness secured by the Notes Priority Collateral on a pari passu basis with the 2026 Notes. 

  
 52 

 “Junior Lien Priority Indebtedness” means Indebtedness of
the Loan Parties that is secured by Liens on the Collateral ranking junior in priority to the Liens securing the Obligations and the 2026 Notes; provided that the trustee, collateral agent and/or other authorized representative for the
holders of such Indebtedness shall execute a junior lien intercreditor agreement or collateral trust agreement reasonably satisfactory to the Agent reflecting the junior-lien status of the Liens securing such Indebtedness as it relates to the
Collateral. 
 “Landlord Reserve” means, as to each location at which a Loan Party with assets included in
the Borrowing Base has Inventory or books and records are located and as to which a Collateral Access Agreement has not been received by the Agent, a reserve in an amount equal to 3 months’ rent under the lease relative to such location (or, if
greater and if so elected by the Agent, the number of months’ rent for which the landlord will have, under applicable Law, a Lien on the Inventory of such Loan Party to secure the payment of rent or other amounts under the lease relative to
such location); provided, that there shall be no such reserve on or prior to the 90th day following the Effective Date. 

“Laws” means, collectively, all international, foreign, federal, state, provincial, territorial, municipal and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all Governmental Authorizations, in each case having the force of law. 

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C
Borrowing in accordance with its Commitment Percentage. All L/C Advances shall be denominated in Dollars. 
 “L/C
Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in
Dollars. 
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof. 
 “L/C Obligations” means, as
at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to
be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07. For all purposes of this Agreement, if on any date of determination a Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

  
 53 

 “Lead Borrower” has the meaning specified in the preamble
to this Agreement. 
 “Lease” means any written agreement, pursuant to which a Loan Party is entitled to the
use or occupancy of any space in a structure, land, improvements or premises for any period of time. 
 “Lender
Party” means any Lender and any Issuing Bank. 
 “Lenders” means the Lenders listed on the
signature pages hereof as Lenders and as the Swing Line Lender, as the context may require, and each Eligible Assignee that shall become a party hereto pursuant to Section 10.07. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such
Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify to the Lead Borrower and the Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch
of such Lender or such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable Lending Office. 

“Letter of Credit” means any letter of credit issued hereunder and shall include the Existing Letters of
Credit. A Letter of Credit may be a Trade Letter of Credit or a Standby Letter of Credit. Letters of Credit may be issued in Dollars or in an Alternative Currency. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of
Credit in the form from time to time in use by any Issuing Bank. 
 “Letter of Credit Expiration Date” means
the day that is seven days prior to the Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.04(h). 

“Letter of Credit Sublimit” means an amount equal to $100,000,000. The Letter of Credit Sublimit is part of,
and not in addition to, the Revolving Credit Facility. 
 “LIBOR Replacement Date” has the meaning specified
in Section 2.09(d). 
 “LIBOR Successor Rate” has the meaning specified in
Section 2.09(d). 
 “LIBOR Successor Rate Conforming Changes” means, with respect
to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters
(including, for the avoidance of doubt, the definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the reasonable discretion of the Agent,
to reflect the adoption and 

  
 54 

 
implementation of such LIBOR Successor Rate and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines that
adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Agent reasonably determines is
necessary in connection with the administration of this Agreement and any other Loan Document). 
 “Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, hypothec, security interest or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected or rendered opposable under
applicable Law (including any conditional sale or other title retention agreement or any lease in the nature thereof); provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 

“Limited Condition Acquisition” means any purchase or other acquisition, by merger, amalgamation,
consolidation or otherwise, by the Lead Borrower or any Subsidiary of Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business
of), any Person, the consummation of which is not conditioned on the availability of, or on obtaining, third party financing. 

“Loan Cap” means, at any time of determination, the lesser of (a) the Aggregate Commitments and
(b) the Borrowing Base. 
 “Loan Documents” means, collectively, this Agreement, the Guaranties, the
ABL Intercreditor Agreement, any note delivered pursuant to Section 4.04(d), the Collateral Documents, any Borrowing Base Certificate, each Designated Borrower Joinder Agreement, any intercreditor agreement delivered
pursuant to the definition of Junior Lien Priority Indebtedness and each application or agreement and other documents delivered in connection with Letters of Credit pursuant to Section 2.04 and any other agreement between
or among any Loan Party and the Agent designated therein as a “Loan Document”, in each case as amended, supplemented or otherwise modified hereafter from time to time in accordance with the terms thereof. 

“Loan Parties” means, collectively, each of the Borrowers and Guarantors from time to time party hereto. 

“Majority Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of the
(a) Total Revolving Credit Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Advances being deemed “held” by such Lender for purposes of this
definition) and (b) aggregate unused Revolving Credit Commitments; provided that there shall be excluded for purposes of making a determination of Majority Lenders the unused Revolving Credit Commitment of any Defaulting Lender. 

  
 55 

 “Margin Stock” has the meaning assigned to such term in
Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Material
Adverse Change” means any event which has or would reasonably be expected to have a Material Adverse Effect; provided that solely with respect to clause (x) of the definition of “Material Adverse Effect”, the impact of
the Coronavirus (also known as COVID-19) pandemic on the financial condition or business operations of Holdings and its Subsidiaries, on a Consolidated basis, that occurred prior to the Effective Date will be
disregarded for purposes of this representation to the extent such impact was disclosed in the offering memorandum for the 2026 Notes (for the avoidance of doubt, clauses (y) and (z) of the definition of Material Adverse Effect shall not be
impacted in any way by the impact of the Coronavirus pandemic for purposes of this definition). 
 “Material Adverse
Effect” means, a material adverse effect on (x) the business, financial condition, operations or properties of Holdings and its Subsidiaries, taken as a whole, (y) the ability of Borrowers or the other Loan Parties to perform
their payment obligations under the Loan Documents when due, or (z) the validity or enforceability of any of the Loan Documents or the rights and remedies of Agent and the Lenders under any of the Loan Documents. 

“Material Subsidiary” means any Wholly Owned Subsidiary of Holdings (other than Lead Borrower), in each case,
that as of the last day of the fiscal quarter of Holdings’ most recently ended, had assets with a value in excess of 2.5% of the Total Assets or revenues representing in excess of 2.5% of Total Revenues (including third party revenues but
excluding intercompany revenues) of Holdings, Lead Borrower and their Wholly Owned Subsidiaries on a consolidated basis as of such date. 

“Moody’s” means Moody’s Investors Service, Inc or any successor to the rating agency business
thereof. 
 “Multiemployer Plan” means a “multiemployer plan” as defined in
Section 4001(a)(3) of ERISA to which a Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions or has within any of the preceding five plan years made or accrued an obligation to make contributions, but does
not include, for greater certainty, any Canadian Pension Plan. 
 “Net Income” means, with respect to any
Person, the net income (loss) of such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Proceeds” means (a) with respect to any Disposition by any Loan Party, the excess, if any, of
(i) the sum of cash and cash equivalents received in connection with such transaction (including any cash or cash equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as
and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable asset by a Lien permitted hereunder which is senior to 

  
 56 

 
the Agent’s Lien on such asset and that is required to be repaid (or to establish an escrow for the future repayment thereof) in connection with such transaction (other than Indebtedness
under the Loan Documents), (B) the reasonable and customary out-of-pocket expenses incurred by such Loan Party in connection with such transaction (including, without
limitation, appraisals, and brokerage, legal, title and recording or transfer tax expenses and commissions) paid by any Loan Party to third parties (other than Affiliates)), (C) any funded escrow account established by the Loan Parties to pay
federal, state, provincial and local income or other Taxes estimated to be payable by any Loan Party as a result thereof (provided that to the extent and at the time any such amounts are released from such reserve and not applied to pay such
Taxes, such amounts shall constitute Net Proceeds) and (D) and any deduction of appropriate amounts to be provided by any Loan Party as a reserve in accordance with GAAP against any liabilities associated with the asset Disposed of in such
transaction and retained by Holdings and the Restricted Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters
or against any indemnification obligations associated with such transaction; and (b) with respect to the sale or issuance of any Equity Interest by any Loan Party, or the incurrence or issuance of any Indebtedness by any Loan Party, the excess
of (i) the sum of the cash and cash equivalents received in connection with such transaction over (ii) the underwriting discounts and commissions, and other reasonable and customary out-of-pocket expenses, incurred by such Loan Party in connection therewith. 

“Non-Consenting Lender” shall have the meaning specified in
Section 10.01(e). 
 “Note” means a promissory note made by any Borrower in favor
of a Lender, in substantially the form of Exhibit B hereto, evidencing the aggregate indebtedness of such Borrower to such Lender resulting from the Revolving Credit Advances, or Swing Line Advances, as the case may be, made by such Lender. 

“Notes Collateral Agent” means Wells Fargo Bank, National Association, as trustee, registrar, paying agent and
notes collateral agent under the 2026 Notes Indenture. 
 “Notes Priority Collateral” has the meaning
specified in the ABL Intercreditor Agreement. 
 “Obligation” means all loans, advances, debts, liabilities
and obligations for the performance of covenants or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable) owing by any Loan Party (or its Subsidiary) to any
Secured Party under any Loan Document, any Bank Product Document, any Secured Hedge Agreement or any Secured Supply Chain Financing and all covenants and duties regarding such amounts, of any kind or nature, present or future, whether or not
evidenced by any note, agreement, letter of credit agreement or other instrument, arising under this Agreement, any of the other Loan Documents, any Bank Product Documents, any Secured Hedge Agreement (other than with respect to any Loan
Party’s obligations that constitute Excluded Swap Obligations solely with respect to such Loan Party) or any Secured Supply Chain 

  
 57 

 
Financing. This term includes all principal, Letter of Credit Obligations, interest (including all interest that accrues after the commencement of any case or proceeding by or against any Loan
Party in bankruptcy, whether or not allowed in such case or proceeding), fees, Secured Hedging Obligations (other than with respect to any Loan Party’s Secured Hedging Obligations that constitute Excluded Swap Obligations solely with respect to
such Loan Party), expenses, attorneys’ fees and any other sum chargeable to any Loan Party under this Agreement, any of the other Loan Documents, any Bank Product Documents, any Secured Hedge Agreements or any Secured Supply Chain Financing
(including all monetary obligations that accrue after the commencement of any case or proceeding by or against any Loan Party in bankruptcy, whether or not allowed in such case or proceeding). 

“OECD” means the Organization for Economic Cooperation and Development. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Officer” means, with respect to any Person, the Chairman of the Board, Chief Executive Officer, Chief
Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of such Person. 

“Officer’s Certificate” means, with respect to any Person, a certificate signed on behalf of such Person
by an Officer which meets the requirements set forth in this Agreement. 
 “Other Connection Taxes” means,
with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising 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 or enforced any Loan Document, or sold or assigned an interest in any Advance, L/C
Advance or Loan Document). 
 “Other Taxes” means all present or future stamp, court, documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 10.07(h)). 

“Outstanding Amount” means (i) with respect to Revolving Credit Advances and Swing Line Advances on any
date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Credit Advances or Swing Line Advances, as the case may be, occurring on such date; and (ii) with respect
to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date,
including as a result of any reimbursements by the Loan Parties of Unreimbursed Amounts. 

  
 58 

 “Overadvance” means a Credit Extension to the extent that,
immediately after its having been made, Availability is less than zero (determined without giving effect to the words “if a positive number” in the definition thereof). 

“Overnight Rate” means, for any day, the greater of (i) the Federal Funds Rate and (ii) an overnight
rate determined by the Agent or the applicable Issuing Bank, as the case may be, in accordance with banking industry rules on interbank compensation. 

“Participating Member State” means each state so described in any EMU Legislation.  

“Patents” has the meaning specified in the applicable Security Agreements. 

“Payment Conditions” means, at the time of determination with respect to any specified transaction or payment,
that: 
 (a) no Default or Event of Default then exists or would arise as a result of entering into such transaction or the
making such payment, 
 (b) immediately after giving effect to such transaction or payment, one of the following tests shall
be satisfied: 
 (i) (1) Availability for the 90 consecutive day period immediately preceding such specified
transaction or payment shall not have been less than the greater of $40.0 million and 25.0% of the Loan Cap (or, if Holdings’ Total Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements
have been, or are required to have been, delivered is less than or equal to 5.00 to 1.00, the greater of $32.5 million and 20.0% of the Loan Cap) (or, in the case of any specified transaction or payment that is a Restricted Payment, no less
than the greater of $50.0 million and 30.0% of the Loan Cap (or, if Holdings’ Total Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements have been, or are required to have been,
delivered is less than or equal to 5.00 to 1.00, the greater of $40.0 million and 25.0% of the Loan Cap)), and (2) Availability on the date of such specified transaction or payment shall not be less than the greater of such amounts; or

 (ii) (1) Availability for the 90 consecutive day period immediately preceding such specified transaction or payment
shall not have been less than the greater of $32.5 million and 20.0% of the Loan Cap (or, if Holdings’ Total Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements have been, or are
required to have been, delivered is less than or equal to 5.00 to 1.00, the greater of $25.0 million and 15.0% of the Loan Cap) (or, in the case of 

  
 59 

 
any specified transaction or payment that is a Restricted Payment, no less than the greater of $40.0 million and 25.0% of the Loan Cap (or, if Holdings’ Total Leverage Ratio as of the
last day of the most recently ended Fiscal Quarter for which financial statements have been, or are required to have been, delivered is less than or equal to 5.00 to 1.00, the greater of $32.5 million and 20.0% of the Loan Cap)), or
(2) Availability on the date of such specified transaction or payment shall not be less than the greater of such amounts, and (3) the Fixed Charge Coverage Ratio, based on the most recently completed Test Period, shall not be less than
1.00 to 1.00; and 
 (c) the Agent shall have received an Officer’s Certificate from a financial officer of Lead
Borrower certifying as to compliance with the preceding clauses and demonstrating (in reasonable detail) the calculations required thereby; provided that no such Officer’s Certificate shall be required for any transaction made in
reliance on the Payment Conditions with a value of less than $25.0 million. 
 “PBA” means the
Pension Benefits Act (Ontario) or any other Canadian federal or provincial pension benefits standards legislation applicable to a Canadian Pension Plan. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
entity performing similar functions in respect of a pension plan that is not a Canadian Pension Plan. 
 “Perfection
Certificate” means that certain Joint Perfection Certificate, to be dated as of the Closing Date, executed by the Loan Parties and delivered to the Agent and the Notes Collateral Agent. 

“Permitted Acquisition” means any Acquisition in which the following conditions are satisfied: 

(a) the Loan Parties shall have satisfied the Payment Conditions, and; 

(b) if proceeds of an Advance are used to pay all or a portion of the consideration for such Acquisition, such Acquisition
shall have been approved by the Board of Directors of the Person (or similar governing body if such Person is not a corporation) which is the subject of such Acquisition and such Person shall not have announced that it will oppose such Acquisition
or shall not have commenced any action which alleges that such Acquisition shall violate applicable Law; and 
 (c) if
proceeds of an Advance are used to pay all or a portion of the consideration for such Acquisition, after giving effect to such Acquisition, the Loan Parties, on a Consolidated basis, shall be Solvent. 

“Permitted Discretion” means a determination made by the Agent in the exercise of its reasonable credit
judgment (from the perspective of a secured asset-based revolving lender), exercised in good faith in accordance with customary business practices for comparable asset-based lending transactions. 

  
 60 

 “Permitted Investments” means: 

(1) any Investment in Holdings or any Restricted Subsidiary; provided that the aggregate amount of Investments by Loan
Parties in Restricted Subsidiaries that are not Loan Parties in reliance on this clause (1) shall not exceed (when combined with Investments made by Loan Parties in Subsidiaries or Joint Ventures that are not (or do not become in connection
with such transaction) Loan Parties in reliance on clauses (3), (21) and (22) of the definition of Permitted Investment) $100 million in the aggregate and $50 million in any Fiscal Year; 

(2) any Investment in Cash Equivalents or Investment Grade Securities; 

(3) any Permitted Acquisition; provided that the aggregate amount of Investments by Loan Parties in Restricted
Subsidiaries that are not Loan Parties (or do not merge into or otherwise become a Loan Party in connection with such transaction) in reliance on this Clause (3) shall not exceed (when combined with Investments made by Loan Parties in
Subsidiaries or Joint Ventures that are not (or do not become in connection with such transaction) Loan Parties in reliance on Clauses (1), (21) and (22) of the definition of Permitted Investment) $100 million in the aggregate and
$50 million in any Fiscal Year; 
 (4) any Investment in securities or other assets not constituting Cash Equivalents
and received in connection with any disposition of assets permitted by Section 7.02(d); 
 (5) any
Investment existing on, or made pursuant to binding commitments existing on, the Effective Date or an Investment consisting of any extension, modification or renewal of any Investment existing on the Effective Date; provided that the amount
of any such Investment may be increased (x) as required by the terms of such Investment as in existence on the Effective Date or (y) as otherwise permitted under this Agreement; 

(6) loans and advances to officers, directors, employees or consultants of Holdings or any of its Subsidiaries (i) in the
ordinary course of business in an aggregate outstanding amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed $30 million at the time of Incurrence, (ii) in
respect of payroll payments and expenses in the ordinary course of business and (iii) in connection with such Person’s purchase of Equity Interests of Holdings or any direct or indirect parent of Holdings solely to the extent that the
amount of such loans and advances shall be contributed to Holdings in cash as common equity; 

  
 61 

 (7) any Investment acquired by Holdings or any Restricted Subsidiary
(a) in exchange for any other Investment or accounts receivable held by Holdings or such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment
or accounts receivable, or (b) as a result of a foreclosure by Holdings or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default, or (c) as a result of
a Bail-In Action with respect to any contractual counterparty of Holdings or any Restricted Subsidiary; 

(8) Hedging Obligations permitted under Section 7.02(a)(ii)(10); 

(9) [Reserved]; 

(10) additional Investments by Holdings or any Restricted Subsidiary having an aggregate Fair Market Value (as determined in
good faith by Lead Borrower), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding (and when combined with Restricted Payments made in reliance on Section 7.02(b)(9) and Investments
in Joint Ventures in reliance on clause (21) of the definition of Permitted Investments), not to exceed the sum of (x) $100 million (and $50 million in any Fiscal Year) plus (y) an amount equal to any returns (including
dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and
without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (10) is made in any Person that is not a Loan Party at the date of the making of such Investment and such
Person becomes a Loan Party after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to
be a Loan Party; 
 (11) loans and advances to officers, directors or employees for (i) business-related travel
expenses, moving expenses and other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or (ii) to fund such Person’s purchase of Equity Interests of Holdings or any direct or
indirect parent of RYAM in an aggregate outstanding amount in the case of this clause (ii) not to exceed $5 million; 

(12) Investments the payment for which consists of Equity Interests of Holdings (other than Disqualified Capital Stock) or any
direct or indirect parent of Holdings, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under Section 7.02(b)(ii)(8); 

  
 62 

 (13) any transaction to the extent it constitutes an Investment that is
permitted by and made in accordance with the provisions of Section 7.02(e)(ii) (except transactions described in clauses (2), (4), (6), (8)(B) and (15) of Section 7.02(e)(ii)); 

(14) guarantees issued in accordance with Section 7.02(a) or
Section 7.01(n) including, without limitation, any guarantee or other obligation issued or incurred under this Agreement in connection with any letter of credit issued for the account of Holdings or any of its Subsidiaries
(including with respect to the issuance of, or payments in respect of drawings under, such letters of credit); 
 (15)
Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; 

(16) Guarantees permitted under Section 7.02(a); 

(17) [reserved]; 

(18) Investments of a Restricted Subsidiary acquired after the Effective Date or of an entity merged into, amalgamated with, or
consolidated with Holdings or a Restricted Subsidiary in a transaction that is not prohibited by Section 7.02(h) after the Effective Date to the extent that such Investments were not made in contemplation of such
acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; 
 (20) advances in the form of
a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of Holdings or the Restricted Subsidiaries; 

(21) Investments in Joint Ventures having an aggregate Fair Market Value (as determined in good faith by Holdings), taken
together with all other Investments made pursuant to this clause (21) that are at that time outstanding (and when combined with Restricted Payments made in reliance on Section 7.02(b)(9) and Investments made in reliance on clause
(10) of the definition of Permitted Investments), not to exceed the sum of (x) $100 million (and $50 million in any Fiscal Year), plus (y) an amount equal to any returns (including dividends, interest, distributions,
returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any such Investment (with the Fair Market Value each Investment being measured at the time made and without giving effect to subsequent
changes in value); provided that the 

  
 63 

 
aggregate amount of Investments by Loan Parties in Joint Ventures made in reliance on this clause (21) shall not exceed (when combined with Investments made by Loan Parties in Subsidiaries
that are not (or do not become in connection with such transaction) Loan Parties in reliance on Clauses (1), (3) and (22) of the definition of Permitted Investment) $100 million in the aggregate and $50 million in any Fiscal Year;
provided, however, that if any Investment pursuant to this clause (21) is made in any Person that is not a Loan Party at the date of the making of such Investment and such Person becomes a Loan Party after such date, such Investment
shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (21) for so long as such Person continues to be a Loan Party; 

(22) any Investment in any Subsidiary of Holdings or any Joint Venture in connection with intercompany cash management
arrangements or related activities arising in the ordinary course of business; provided that the aggregate amount of Investments made by Loan Parties in Subsidiaries or Joint Ventures that are not Loan Parties in reliance on this clause
(22) shall not exceed (when combined with Investments made by Loan Parties in Subsidiaries that are not (or do not become in connection with such transaction) Loan Parties in reliance on clauses (1), (3) and (21) of the definition of
Permitted Investment) $100 million in the aggregate and $50 million in any Fiscal Year; 
 (23) Guarantied
Obligations of any Loan Party or any Restricted Subsidiary of leases or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 

(24) Investments in connection with the Incurrence of Indebtedness pursuant to
Section 7.02(a)(ii)(29); 
 (25) Investments in Forestry Joint Ventures having an aggregate Fair
Market Value (as determined in good faith by Holdings), taken together with all other Investments made pursuant to this clause (25) that are at that time outstanding, not to exceed (x) $10.0 million to be used at any time after the Closing
Date solely for Investments in Forestry Joint Ventures, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually
received in respect of any such Investment (with the Fair Market Value each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this
clause (25) is made in any Person that is not a Loan Party at the date of the making of such Investment and such Person becomes a Loan Party after such date, such Investment shall thereafter be deemed to have been made pursuant to clause
(1) above and shall cease to have been made pursuant to this clause (25) for so long as such Person continues to be a Loan Party; and 

  
 64 

 (26) the purchase of Equity Interests in each applicable Farm Credit Lender
(or its designated affiliates) in accordance with each such Farm Credit Lender’s applicable bylaws and capital plan; and 

(27) subject to Pro Forma Compliance with the Payment Conditions, any other Investments. 

“Permitted Liens” means, with respect to any Person: 

 (1) pledges, bonds or deposits and other Liens granted by such Person under workmen’s compensation laws, unemployment
or employment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory
obligations of such Person or deposits of cash or U.S. or Canadian government bonds to secure surety or appeal bonds, performance and return of money bonds, or deposits as security for contested Taxes or import duties or for the payment of rent, in
each case Incurred in the ordinary course of business; 
 (2) Liens imposed by law, such as landlords’, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 45 days or that are being contested in good faith by appropriate proceedings or other
Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

(3) Liens for Taxes not yet overdue by more than 45 days, or that are being contested in good faith by appropriate proceedings,
if adequate reserves with respect thereto have been provided in accordance with GAAP; 
 (4) deposits to secure performance
and surety bonds or bid bonds or with respect to other regulatory requirements or letters of credit, bankers’ acceptances or similar obligations (other than Indebtedness for borrowed money) issued pursuant to the request of and for the account
of such Person in the ordinary course of its business; 
 (5) minor survey (or other mapping products) exceptions, minor
encumbrances, trackage rights, special assessments, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, servicing agreements, development agreements, site plan agreements, other similar encumbrances and other matters of record incurred in the ordinary course of business and matters expressly set forth as an
exception to the policies of title insurance, if any, obtained to insure the Lien or hypothec of each mortgage with respect to each of the mortgaged properties or zoning or other restrictions as to the use of real properties or Liens incidental to
the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair
their use in the operation of the business of such Person; 

  
 65 

 (6) (A) Liens on assets of a Subsidiary that is not a Loan Party securing
Indebtedness of a Subsidiary that is not a Loan Party permitted to be Incurred pursuant to Section 7.02(a); 

(B) Liens securing any Indebtedness permitted to be Incurred by this Agreement if, as of the date such Indebtedness was
Incurred, and after giving pro forma effect thereto and the application of the net proceeds therefrom (but without netting the proceeds thereof), the Consolidated Secured Net Leverage Ratio of Holdings does not exceed 3.50 to 1.00; provided
that (I) any Lien on the ABL Priority Collateral in reliance on this clause (6)(B) shall be junior to the Liens on the ABL Priority Collateral securing the Obligations pursuant to the ABL Intercreditor Agreement and/or a junior lien
intercreditor agreement or collateral trust agreement reasonably satisfactory to Agent reflecting the junior-lien status of the Liens securing such Indebtedness as it relates to the ABL Priority Collateral, (II) the Indebtedness secured by such
Liens shall not be secured by any property or assets of Holdings or any Restricted Subsidiary other than Collateral, (III) the final maturity date of any such Indebtedness shall be no earlier than the 91 days after the Termination Date, and
(IV) none of the obligors or guarantors with respect to such Indebtedness shall be a Person that is not a Loan Party; 

(C) Liens securing obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (4), (14) (to the extent
such guarantees are issued in respect of any Indebtedness), (16) or (29) (to the extent granted by Restricted Subsidiaries of Holdings that are organized and operating under the laws of France) of Section 7.02(a)(ii);
provided that, in the case of clause (14) or (16) any Lien on the ABL Priority Collateral in reliance on this clause (6)(C) shall be junior to the Liens on the ABL Priority Collateral securing the Obligations pursuant to the ABL
Intercreditor Agreement and/or a junior lien intercreditor agreement or collateral trust agreement reasonably satisfactory to Agent reflecting the junior-lien status of the Liens securing such Indebtedness as it relates to ABL Priority Collateral;

 (D) [Reserved]; 

(E) Liens created pursuant to the Collateral Documents or otherwise securing the Obligations; 

(7) Liens existing on the Effective Date (including the Liens securing the Canadian Financing on the Effective Date); 

  
 66 

 (8) Liens on assets, property or shares of stock of a Person at the time
such Person becomes a Subsidiary; provided, however, that such Liens (other than Liens to secure Indebtedness Incurred pursuant to Section 7.02(a)(ii)(16)) are not created or Incurred in connection with, or in
contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens (other than Liens to secure Indebtedness Incurred pursuant to Section 7.02(a)(ii)(16)) may not
extend to any other property owned by Holdings or any Restricted Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject
to such Lien notwithstanding the occurrence of such acquisition); provided, further, that any Lien on assets that would otherwise be included in the Borrowing Base in reliance on this clause (8) shall be junior to the Liens on the
ABL Priority Collateral securing the Obligations pursuant to the ABL Intercreditor Agreement and/or a junior lien intercreditor agreement or collateral trust agreement reasonably satisfactory to the Agent reflecting the junior-lien status of the
Liens securing such Indebtedness as it relates to ABL Priority Collateral; 
 (9) Liens on assets or property at the time
Holdings or a Restricted Subsidiary acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into Holdings or any Restricted Subsidiary; provided, however, that such Liens
(other than Liens to secure Indebtedness Incurred pursuant to Section 7.02(a)(ii)(16)) are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further,
however, that the Liens (other than Liens to secure Indebtedness Incurred pursuant to Section 7.02(a)(ii)(16)) may not extend to any other property owned by Holdings or any Restricted Subsidiary (other than pursuant
to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition); provided, further,
that any Lien on assets that would otherwise be included in the Borrowing Base in reliance on this clause (9) shall be junior to the Liens on the ABL Priority Collateral securing the Obligations pursuant to the ABL Intercreditor Agreement
and/or a junior lien intercreditor agreement or collateral trust agreement reasonably satisfactory to Agent reflecting the junior-lien status of the Liens securing such Indebtedness as it relates to ABL Priority Collateral; 

(10) [Reserved]; 

(11) Liens securing Hedging Obligations (and, for the avoidance of doubt, Swap Obligations) not incurred in violation of this
Agreement; 
 (12) [Reserved]; 

(13) leases, subleases, licenses and sublicenses of real property which do not materially interfere with the ordinary conduct
of the business of Holdings or any of the Restricted Subsidiaries; 

  
 67 

 (14) Liens arising from Uniform Commercial Code financing statement filings
(or equivalent filings including under the PPSA (including registrations of hypothecs) or similar personal property security laws) regarding operating leases or other obligations not constituting Indebtedness or in connection with any Permitted
Supplier Receivables Sales Program; 
 (15) Liens in favor of Holdings or any Loan Party; 

(16) [Reserved]; 

(17) pledges and deposits and other Liens made in the ordinary course of business to secure liability to insurance carriers;

 (18) Liens on the Equity Interests of Unrestricted Subsidiaries; 

(19) leases, subleases, licenses or sublicenses (including with respect to intellectual property) granted to others in the
ordinary course of business; 
 (20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6)(B), (6)(C), (7), (8), (9), (11), (15), (25), (35) and (38) of this definition;
provided, however, that (x) such new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien
(plus improvements on and accessions to such property, proceeds and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent such assets secured (or would have secured)
the Indebtedness being refinanced, refunded, extended, renewed or replaced), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or
accreted value, if applicable) or, if greater, committed amount of the applicable Indebtedness described under clauses (6)(B), (6)(C), (7), (8), (9), (11), (15), (25), (35) and (38) at the time the original Lien became a Permitted Lien under
this Agreement and, in the case of any Lien on Collateral, shall not have a greater priority level with respect to Liens securing the Obligations than the Liens securing the Indebtedness so refinanced, refunded, extended, renewed or replaced,
(B) unpaid accrued interest and premiums (including tender premiums), and (C) an amount necessary to pay any underwriting discounts, defeasance costs, commissions, fees and expenses related to such refinancing, refunding, extension,
renewal or replacement; provided, further, however, that (X) in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), the principal
amount of any Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B) and not this clause (20) for purposes of determining the principal amount of Indebtedness
outstanding under clause (6)(B) and (Y) in the case of Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), (8), (9) or (15), such new Lien shall have priority equal to
or more junior than the Lien securing such refinanced, refunded, extended or renewed Indebtedness; 

  
 68 

 (21) except to the extent the applicable equipment constitutes ABL Priority
Collateral, Liens on equipment of Holdings or any Restricted Subsidiary granted in the ordinary course of business to Holdings’ or such Restricted Subsidiary’s client at which such equipment is located; 

(22) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights
related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of
goods entered into in the ordinary course of business; 
 (24) Liens incurred to secure Bank Products or to implement cash
pooling arrangements in the ordinary course of business; 
 (25) Liens incurred to secure Junior Indebtedness in an amount
not to exceed the then available incremental capacity described in 2.06(b); 
 (26) any encumbrance or restriction (including
put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement securing obligations of such joint venture or pursuant to any joint venture or similar agreement; 

(27) any amounts held by a trustee in the funds and accounts under any indenture issued in escrow pursuant to customary escrow
arrangements pending the release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions; 

(28) Liens (i) arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching to commodity trading accounts or other commodity brokerage
accounts incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for
speculative purposes; 
 (29) Liens in connection with the ground lease for the Fernandina Cogeneration Project, the ground
lease to LignoTech Florida, the ground lease to Eight Flags and the ground lease to and operating agreement with Coast Chips Inc., in each case, that are in existence on the Effective Date; 

  
 69 

 (30) Liens disclosed by the title commitments or title insurance policies
delivered pursuant to the 2026 Notes Indentures and any replacement, extension or renewal of any such Lien; provided that such replacement, extension or renewal Lien shall not cover any property other than the property that was subject to
such Lien prior to such replacement, extension or renewal; provided, further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted under this Agreement; 

(31) Liens that are contractual rights of set-off relating to purchase orders and other
agreements entered into with customers, suppliers or service providers of Holdings or any Restricted Subsidiary in the ordinary course of business; 

(32) in the case of real property that constitutes a leasehold or subleasehold interest, (x) any Lien to which the fee
simple interest (or any superior leasehold interest) is or may become subject and any subordination of such leasehold or subleasehold interest to any such Lien in accordance with the terms and provisions of the applicable leasehold or subleasehold
documents, and (y) any right of first refusal, right of first negotiation or right of first offer which is granted to the lessor or sublessor; 

(33) statutory liens in favor of a Farm Credit Lender or its Affiliate pursuant to the Farm Credit Act of 1971 (as may be
amended from time to time) on all Farm Credit Equities of such Farm Credit Lender or its Affiliate that any Loan Party may now own or hereafter acquire, which statutory lien shall be for such Farm Credit Lender’s (or its Affiliate’s) sole
and exclusive benefit; 
 (34) Liens on securities that are the subject of repurchase agreements constituting Cash
Equivalents under clause (4) of the definition thereof; 
 (35) Liens on the Collateral securing the 2026 Notes and the
related Guarantees; 
 (36) Liens securing insurance premium financing arrangements; provided that such Liens are
limited to the applicable unearned insurance premiums; 
 (37) [Reserved]; and 

(38) other Liens securing obligations the outstanding principal amount of which does not, taken together with the principal
amount of all other obligations secured by Liens incurred under this clause (38) that are at that time outstanding, exceed the greater of $87.5 million and 3.5% of Total Assets at the time of incurrence; provided that
(I) any Lien on the ABL Priority Collateral in reliance on this clause (38) shall be junior to the Liens on the ABL Priority Collateral securing the Obligations pursuant to the ABL Intercreditor Agreement and/or a junior lien intercreditor
agreement or collateral trust agreement reasonably satisfactory to Agent reflecting the junior-lien status of the Liens 

  
 70 

 
securing such Indebtedness as it relates to the ABL Priority Collateral and (II) any such Liens on any Notes Priority Collateral must be secured on a pari passu or junior basis to the 2026
Notes and, if such Indebtedness is secured by Notes Priority Collateral on a pari passu basis with the 2026 Notes, the representative in respect of such obligations must enter into a joinder to the security documents in respect of the 2026 Notes (in
form reasonably satisfactory to Agent), and if such Indebtedness is secured by Notes Priority Collateral on a junior basis to the 2026 Notes, the representative in respect of such obligations must enter into a junior lien intercreditor agreement or
collateral trust agreement reasonably satisfactory to Agent reflecting the junior-lien status of the Liens securing such Indebtedness as it relates to the 2026 Notes. 

“Permitted Overadvance” means an Overadvance made by the Agent, in its discretion, which: 

(a) is made to maintain, protect or preserve the Collateral and/or the Secured Parties’ rights under the Loan Documents or
which is otherwise for the benefit of the Secured Parties; 
 (b) is made to enhance the likelihood of, or to maximize the
amount of, repayment of any Obligation; 
 (c) is made to pay any other amount chargeable to any Loan Party hereunder; and

 (d) together with all other Permitted Overadvances then outstanding, shall not (i) exceed ten percent (10%) of the
Borrowing Base at any time and (ii) remain outstanding for more than forty-five (45) consecutive Business Days, unless in each case, the Majority Lenders otherwise agree; 

provided, however, that the foregoing shall not (i) modify or abrogate any of the provisions of
Section 2.04 regarding the Lenders’ obligations with respect to Letters of Credit or Section 2.04 regarding the Lenders’ obligations with respect to Swing Line Loans, or (ii) result
in any claim or liability against the Agent (regardless of the amount of any Overadvance) for Unintentional Overadvances and such Unintentional Overadvances shall not reduce the amount of Permitted Overadvances allowed hereunder; and
provided, further, that in no event shall the Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions would exceed the Aggregate Commitments (as in effect prior to any termination of the
Commitments pursuant to Section 2.06(b)). 
 “Permitted Supplier Receivables Sale
Program” means any supplier or vendor financing arrangement, transaction, or similar program that is entered into for the purpose of facilitating the sale or financing by any Loan Party of Receivables Assets or interests therein, so long as
(a) no Default or Event of Default has occurred and is continuing, or would result from such sale or financing, (b) each such sale or financing is for cash which is paid substantially concurrently with such sale or financing and
(c) following such sale 

  
 71 

 
or financing, other than pursuant to those non-recourse exceptions which are customary in such accounts receivable sales programs (as determined reasonably
and in good faith by Borrower in consultation with the Agent), (i) no purchaser or other third-party financial institution shall have any recourse to any Loan Party or any of their respective Subsidiaries in connection with such sale or financing
(or other related arrangement), and (ii) no Loan Party nor any Subsidiary of any Loan Party shall guarantee any liabilities or obligations with respect to such sale, financing or other related arrangement (including, without limitation, any
guarantee, surety or other credit support for any of the obligations owed by any customer of any Loan Party or any of its Subsidiaries to such third-party financial institution under any sale or other financing arrangement); provided, that
the aggregate amount of all Receivables Assets or interests therein sold, financed, or otherwise transferred under all Permitted Supplier Receivables Sale Programs, as such amount may be reduced from time to time by all cash payments advanced
to Loan Parties (and all commissions, discounts, yield and other fees and charges relating thereto) in connection therewith, shall not exceed $20,000,000 at any time. 

“Person” means an individual, partnership, limited liability company, unlimited liability company, corporation
(including a business trust), joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means an employee benefit plan (other than a Multiemployer Plan) maintained by a Loan Party or any
ERISA Affiliate for its employees and subject to Title IV of ERISA which, for greater certainty, does not include a Canadian Pension Plan. 

“PNC Bank” means PNC Bank, National Association. 

“PPSA” means the Personal Property Security Act (Ontario) (or any successor statute) or similar legislation
(including the Civil Code of Quebec) of any other Canadian jurisdiction the laws of which are required by such legislation to be applied in connection with the issue, perfection, effect of perfection, enforcement, enforceability, opposability,
validity or effect of security interests or other applicable Lien. 

“Pre-Adjustment Successor Rate” has the meaning specified in
Section 2.09(d). 
 “Preferred Stock” means any Equity Interest with preferential
right of payment of dividends or upon liquidation, dissolution, or winding up. 
 “Pro Forma Compliance”
means, with respect to any determination for any period and any transaction, that such determination shall be made by giving pro forma effect to each such transaction, as if each such transaction had been consummated on the first day of such period,
based on, in the case of determinations made in reliance on pro-forma financial statement calculations only, historical results accounted for in accordance with GAAP and, to the extent applicable, reasonable
assumptions that are specified in detail in the relevant compliance certificate, financial statement or other document provided to Agent or any Lender in connection herewith (which shall be prepared by Holdings in good faith (subject to the approval
of the Agent, not to be unreasonably withheld, 

  
 72 

 
conditioned or delayed)) and for such purposes historical financial statements shall be recalculated as if such transaction had been consummated at the beginning of the applicable period, and any
Indebtedness or other liabilities to be incurred, assumed or repaid had been incurred, assumed or repaid at the beginning of such period (and assuming that such Indebtedness to be incurred bears interest during any portion of the applicable
measurement period prior to the relevant transaction at the weighted average of the interest rates applicable to such Indebtedness incurred during such period). 

“Real Estate” means all Leases and all land, together with the buildings, structures, parking areas, and other
improvements thereon, now or hereafter owned by any Loan Party, including all easements, rights-of-way, and similar rights relating thereto and all leases, tenancies,
and occupancies thereof. 
 “Receivable Reserves” means, as of any date of determination, those reserves
that the Agent deems necessary or appropriate, in its Permitted Discretion after consultation with the Lead Borrower, to establish and maintain (including Dilution Reserves, Insured Dilution Reserves and reserves for rebates, discounts, warranty
claims, and returns) with respect to Eligible Accounts, Eligible Foreign Accounts, Eligible Credit Insurance-Backed Foreign Accounts and Eligible Letter of Credit-Backed Foreign Accounts. 

“Receivables Assets” means Accounts and related assets and property from time to time originated, acquired or
otherwise owned by Holdings or any Subsidiary. 
 “Recipient” has the meaning specified in
Section 10.11. 
 “Refinancing” means the repayment in full of all outstanding
indebtedness and the termination of all commitments under that certain Amended and Restated Credit Agreement, dated as of November 17, 2017 (as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of
September 30, 2019 and the Second Amendment to Amended and Restated Credit Agreement, dated as of June 5, 2020, and as further amended, supplemented or otherwise modified and in effect immediately prior to the Closing Date), among Lead
Borrower and Rayonier Performance Fibers, LLC, as borrowers, Holdings, the subsidiary loan parties from time to time party thereto, the lenders from time to time party thereto and Bank of America, as administrative agent and collateral agent (the
“Existing Credit Agreement”), and the cash collateralization, rollover or backstopping (in a manner reasonably satisfactory to the issuing bank thereof) of all letters of credit issued and outstanding under, and the release of all
Liens (or delivery of a customary payoff letter providing for such release and adequate provision having been made for such release) and guarantees in respect of, the Existing Credit Agreement. 

“Refinancing Indebtedness” has the meaning specified in Section 7.02(a)(ii)(15).

 “Refunding Capital Stock” has the meaning specified in Section 7.02(b)(ii)(2).

 “Register” has the meaning specified in Section 10.07(c). 

  
 73 

 “Related Adjustment” means, in determining any LIBOR
Successor Rate, the first relevant available alternative set forth in the order below that can be determined by the Agent applicable to such LIBOR Successor Rate: 

(A) the spread adjustment, or method for calculating or determining such spread adjustment, that has been selected or
recommended by the Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account the interest period, interest payment date or payment period for interest calculated and/or
tenor thereto) and which adjustment or method (x) is published on an information service as selected by the Agent from time to time in its reasonable discretion or (y) solely with respect to Term SOFR, if not currently published, which was
previously so recommended for Term SOFR and published on an information service reasonably acceptable to the Agent; or 
 (B)
the spread adjustment that would apply (or has previously been applied) to the fallback rate for a derivative transaction referencing the ISDA Definitions (taking into account the interest period, interest payment date or payment period for interest
calculated and/or tenor thereto). 
 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release Date” means the date on which (a) the Aggregate Commitments shall have been terminated,
(b) the principal of and interest on each Loan, all fees and all other outstanding Obligations shall have been paid in full (other than in respect of contingent indemnification and expense reimbursement claims not then due) and (c) all
Letters of Credit (other than those that have been Cash Collateralized in an amount equal to 103% of the face amount of such Letters of Credit) have been cancelled or have expired and all amounts drawn or paid thereunder have been reimbursed in
full. 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New
York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of
Revolving Credit Advances, a Committed Advance Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Advance, a Swing Line Advance Notice. 

“Requirements of Law” means, with respect to any Person, all laws, constitutions, statutes, ordinances, rules
and regulations, all orders, writs, decrees, injunctions, judgments, determinations, and awards of an arbitrator, a court or any other Governmental Authority, and all Governmental Authorizations, binding upon or applicable to such Person or to any
of its properties, assets or businesses. 
 “Reserves” means, without duplication, as of any date of
determination, all Inventory Reserves and Availability Reserves. 

  
 74 

 “Resolution Authority” means an EEA Resolution Authority
or, with respect to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means,
with respect to any certificate, report or notice to be delivered or given hereunder, unless the context otherwise requires, the president, chief executive officer, chief financial officer or treasurer of the Holdings or Lead Borrower or other
executive officer of Holdings or Lead Borrower who in the normal performance of his or her operational duties would have knowledge of the subject matter relating to such certificate, report or notice and, solely for purposes of notices given
pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Agent or any other officer or employee of the applicable Loan Party designated in or pursuant
to an agreement between the applicable Loan Party and the Agent. 
 “Restricted Cash” means cash and Cash
Equivalents held by Holdings and the Restricted Subsidiaries that would appear as “restricted” on a consolidated balance sheet of Holdings or any of the Restricted Subsidiaries. 

“Restricted Investment” means any Investment that is not a Permitted Investment. 

“Restricted Payments” has the meaning specified in Section 7.02(b)(i). 

“Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an
Unrestricted Subsidiary of such Person. Unless the context otherwise requires, the term “Restricted Subsidiary” shall mean a Restricted Subsidiary of Holdings. Each Loan Party shall constitute a Restricted Subsidiary. 

“Retired Capital Stock” has the meaning specified in Section 7.02(b)(ii)(2). 

“Revaluation Date” means, with respect to any Letter of Credit, each of the following: (i) each date of
issuance of a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of any such Letter of Credit denominated in an Alternative Currency having the effect of increasing the amount thereof (solely with respect to
the increased amount), (iii) each date of any payment by an Issuing Bank under any Letter of Credit denominated in an Alternative Currency, and (iv) to the extent warranted by circumstances, such additional dates as the Agent or the Issuing
Banks shall reasonably determine or the Majority Lenders shall reasonably require. 
 “Revolving Credit
Advance” means an advance by a Lender to any Borrower under Section 2.01(a). 

“Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Advances of the
same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period. 

  
 75 

 “Revolving Credit Commitment” means, as to each Lender, its
obligation to (a) make Revolving Credit Advances to the Borrowers pursuant to Section 2.01(a), (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Advances, in an
aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.01A under the caption “Revolving Credit Commitment” or in the Assignment and Acceptance
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit
Commitments at such time. 
 “S&P” means S&P Global Ratings, a Standard & Poor’s
Financial Services LLC business, and any successor thereto. 
 “Sales Credit Policies” means the policies in
effect from time to time with respect to credit accorded in the ordinary course of business to customers of the Loan Parties in such Loan Parties’ reasonable prudent business judgment. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by
Holdings or a Restricted Subsidiary whereby Holdings or such Restricted Subsidiary transfers such property to a Person and Holdings or such Restricted Subsidiary leases it from such Person, other than leases between any of Holdings and a Restricted
Subsidiary or between Restricted Subsidiaries. 
 “Same Day Funds” means (a) with respect to
disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Agent or the applicable Issuing Bank, as the
case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target
of any Sanctions (as of the Effective Date, Crimea, Cuba, Iran, North Korea and Syria). 
 “Sanctioned
Entity” means (a) an agency of the government of or (b) an organization directly or indirectly controlled by, a country that is subject to a sanctions program identified on the most current list maintained and published by the
United States Government (including OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, any member state of the European Union, Her Majesty’s Treasury (“HMT”) or the Canadian
Government (collectively, “Sanctions”). 
 “Sanctioned Person” means (a) a person
named on the most current list of Specially Designated Nationals or Blocked Persons maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union, any member state of the European Union, or on HMT’s
Consolidated List of Financial Sanctions Targets, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b),
or (d) any Person otherwise the subject of any Sanctions. 

  
 76 

 “Sanctions” has the meaning assigned to such term in the
definition of “Sanctioned Entity”. 
 “Scheduled Unavailability Date” has the meaning assigned to
such term in Section 2.09(d)(ii). 
 “SEC” means the United States Securities and
Exchange Commission or any Governmental Authority succeeding to, or exercising any, of its principal functions. 

“Secured Hedge Agreement” means any Swap Contract by and between Holdings or any of its Subsidiaries and any
Hedge Bank. 
 “Secured Hedging Obligations” means the obligations of Holdings or any of its Subsidiaries
arising under any Secured Hedge Agreement. 
 “Secured Indebtedness” means any Consolidated Total
Indebtedness secured by a Lien. 
 “Secured Parties” means, collectively, the Agent, the Lenders, the
Issuing Banks, the Swing Line Lender, any Cash Management Bank that is party to a Bank Product Document, any Hedge Bank that is a party to a Secured Hedge Agreement and any Supply Chain Bank that is a party to a Secured Supply Chain Financing. 

“Secured Supply Chain Financing” means any Supply Chain Financing that is entered into by and between Holdings
or any Subsidiary and any Supply Chain Bank, including any such Supply Chain Financing that is in effect on the Effective Date. 

“Senior Notes” means the 2024 Notes and the 2026 Notes. 

“Senior Notes Indentures” means the 2024 Notes Indenture and the 2026 Notes Indenture. 

“Senior Representative” means, with respect to any Indebtedness, the trustee, administrative agent, collateral
agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary”
within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provisions). 

“Similar Business” has the meaning specified in Section 7.02(f). 

“SOFR” with respect to any Business Day means the secured overnight financing rate published for such day by
the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source) at approximately 8:00 a.m. (New York City time) on the
immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body. 

  
 77 

 “Solvent” means, with respect to any Person organized under
the laws of the United States, or any state thereof, or Canada, or any province or territory thereof, on a particular date, that on such date (a) the fair value of the assets of such Person, at a fair valuation, will exceed the debts and
liabilities, direct, subordinated, contingent or otherwise, of such Person; (b) the present fair saleable value of the property of such Person will be greater than the amount that will be required to pay the probable liability of such Person on
its debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) such Person will be able to pay its debts and liabilities, direct, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured; (d) such Person will not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are conducted on such date and are
proposed to be conducted after such date and (e) with respect to any such Person organized under the laws of Canada or any province or territory thereof, such Person is not an “insolvent person” as such term is defined in the BIA.

 “Specified Country” means the United Kingdom, Norway, Switzerland, Japan, Singapore, Australia, New
Zealand, and any country that was a member of the European Union prior to May 1, 2004. 
 “Spot Rate”
for a currency means the rate determined by the Agent or an Issuing Bank, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its
principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Agent or such Issuing Bank may obtain such
spot rate from another financial institution designated by the Agent or such Issuing Bank if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided,
further, that such Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency.  
 “Standby Letter of Credit” means a letter of credit or
other credit support instrument issued for the benefit of a Person party to a contractual arrangement with Holdings or any of its Subsidiaries as credit support for the obligations of Holdings or such Subsidiary thereunder. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, trust or other Person of which
more than 50% of the outstanding capital stock (or similar property right in the case of partnerships and trusts and other Persons) having ordinary voting power to elect a majority of the Board of Directors of such corporation (or similar governing
body or Person with respect to partnerships and trusts and other Persons) (irrespective of whether or not at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any

  
 78 

 
contingency) is at the time directly or indirectly owned by such Person, by such Person and one or more other Subsidiaries of such Person, or by one or more other Subsidiaries of such Person.
Unless the context otherwise requires, the term “Subsidiary” shall mean a Subsidiary of Holdings. 

“Supply Chain Bank” means any Person counterparty to a Supply Chain Financing who is (x) Bank of America
or any Affiliate or branch of Bank of America, or (y) any other Lender or any Affiliate or branch of such Lender so long as, in the case of this clause (y), Holdings and the applicable Lender (or its Affiliate or branch) shall have delivered a
notice thereof to the Agent. 
 “Supply Chain Financing” means any agreement to provide to Holdings or any
Subsidiary (x) letters of credit, guarantees or other credit support provided in respect of trade payables of Holdings or any Subsidiary, in each case issued for the benefit of any bank, financial institution or other person that has acquired
such trade payables pursuant to “supply chain” or other similar financing for vendors and suppliers of Holdings or any Subsidiaries, so long as (i) other than in the case of Secured Supply Chain Financings, such arrangement is
unsecured (except as otherwise permitted herein), (ii) the terms of such trade payables shall not have been extended in connection with the Supply Chain Financing and (iii) such Indebtedness represents amounts not in excess of those which
Holdings or any of its Subsidiaries would otherwise have been obligated to pay to its vendor or supplier in respect of the applicable trade payables, (y) customary leasing finance arrangements or (z) any arrangement pursuant to which a
Supply Chain Bank acquires payables owed by Holdings or any of its Subsidiaries to its vendor or supplier. 
 “Swap
Contract” means (a) any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, cross-currency hedges,
commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no
phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Borrowers or any of their respective Subsidiaries shall be a “Swap Agreement”
and (b) any agreement with respect to any transactions (together with any related confirmations) which are subject to the terms and conditions of, or are governed by, any master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement or any other similar master agreement. 

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

“Swing Line” means the revolving credit facility made available by the Swing Line Lender pursuant to
Section 2.03. 

  
 79 

 “Swing Line Advance” means an advance made available by the
Swing Line Lender pursuant to Section 2.03(a). Swing Line Advances shall be denominated in Dollars. 

“Swing Line Advance Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.03(b), which if in writing, shall be substantially in the form of Exhibit A-2 or such other form as approved by the Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Agent), appropriately completed and signed by a Responsible Officer of the applicable Borrower. 

“Swing Line Borrowing” means a borrowing of a Swing Line Advance pursuant to
Section 2.03. 
 “Swing Line Lender” means Bank of America, including any of its
Affiliates and branches, in its capacity as provider of Swing Line Advances. 
 “Swing Line Sublimit” means
an amount equal to the lesser of (a) $20,000,000 and (b) the Revolving Credit Facility. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Facility. 

“Tax Distributions” means any distributions described in Section 7.02(b)(ii)(11).

 “Tax Group” has the meaning specified in Section 7.02(b)(ii)(11). 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date” means the earlier of (x) the fifth anniversary of the Closing Date (the
“Original Maturity Date”) and (y) the date that is 121 days prior to the earliest stated maturity date of (i) any series of Senior Notes, (ii) Indebtedness in respect of any Canadian Financing with a maturity date
prior to the date that is 121 days after the Original Maturity Date, (iii) any Indebtedness Incurred under Section 7.02(a)(ii)(12) and/or (iv) any refinancing debt in respect of the foregoing with a maturity date
prior to the date that is 121 days after the Original Maturity Date (but solely to the extent the applicable debt described in the foregoing clauses (i) through (iv) is outstanding on such date that is 121 days prior to the stated maturity date
thereof); provided that if the aggregate principal amount of all such Indebtedness with a maturity date prior to the date that is 121 days after the Original Maturity Date, taken together, does not exceed $30.0 million (in the case of
the Canadian Financing, determined based on the Spot Rate as in effect on the Effective Date), the Agent shall instead impose a Reserve against the Loan Cap in the outstanding amount of such Indebtedness for so long as it remains outstanding and the
Termination Date shall be the Original Maturity Date, or, in each case, the earlier date of termination in whole of the Commitments pursuant to Section 2.06(a) or 8.01; provided further that the Agent shall
not impose any such Reserve in respect of any Canadian Financing (or any refinancing debt in respect thereof) so long as (1) no Revolving Credit Advances shall be outstanding while such Indebtedness remains outstanding and (2) the amount
of cash and Cash Equivalents of Holdings and its Subsidiaries exceeds the outstanding principal amount of any such Canadian Financing). 

  
 80 

 “Term SOFR” means the forward-looking term rate for any
period that is approximately (as determined by the Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the Relevant
Governmental Body, in each case as published on an information service as selected by the Agent from time to time in its reasonable discretion. 

“Test Period” means, as of any date of determination, the most recently completed four Fiscal Quarters of the
Loan Parties ended on or prior to such time (taken as one accounting period) for which financial statements (and the related compliance certificate) have been delivered (or are required to have been delivered) to the Agent. 

“Total Assets” means, as of any date of determination, the consolidated assets of the Holdings and its
Subsidiaries at the end of the Fiscal Quarter immediately preceding such date, determined in accordance with GAAP, calculated on a pro forma basis after giving effect to any subsequent acquisition or Disposition of a Person or business. 

“Total Leverage Ratio” means, with respect to any Person, at any date, the ratio of (i) Consolidated
Funded Debt of such Person and its Restricted Subsidiaries as of such date of calculation, less the amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted
Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) Consolidated EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately
preceding such date on which such additional Indebtedness is Incurred. 
 “Total Revenues” means, as of any
date of determination, the consolidated revenue of the Holdings and its Subsidiaries at the end of the Fiscal Quarter immediately preceding such date, determined in accordance with GAAP, calculated on a pro forma basis after giving effect to
any subsequent acquisition or Disposition of a Person or business. 
 “Total Revolving Credit Outstandings”
means the aggregate Outstanding Amount of all Advances and L/C Obligations. 
 “Trade Letter of Credit”
means a direct-pay sight trade or documentary letter of credit issued for the benefit of a vendor in connection with the purchase of goods by the Holdings or any of its Subsidiaries in the ordinary course of
business. 
 “Trademarks” has the meaning specified in the applicable Security Agreements. 

“Transactions” means (A) the issuance and sale of the 2026 Senior Notes on the Closing Date, (B) the
consummation of the Refinancing on the Closing Date, (C) the entry into this Agreement on the Effective Date and the incurrence of indebtedness pursuant to this Agreement on and after the Closing Date and (D) the payment of fees and
expenses in connection with the foregoing. 

  
 81 

 “Type” refers to the distinction among Advances bearing
interest at the Base Rate and Advances bearing interest at the Eurocurrency Rate. 
 “UCC” means the Uniform
Commercial Code as the same may, from time to time, be enacted and in effect in the State of New York; provided, that to the extent that the UCC is used to define any term herein or in any Loan Document and such term is defined differently in
different Articles or Divisions of the UCC, the definition of such term contained in Article or Division 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment,
perfection, publication or priority of, or remedies with respect to, Agent’s or any Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in another State other than the State of New York, the
term “UCC” means the Uniform Commercial Code in such other State. 
 “UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms, 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having
responsibility for the resolution of any UK Financial Institution 
 “Unfinanced Capital Expenditures” means
for any period, Capital Expenditures of Holdings and its Restricted Subsidiaries made in cash during such period, except to the extent financed with the proceeds of Capital Lease Obligations or other Indebtedness (other than Advances incurred
hereunder), common Capital Stock or Disqualified Capital Stock, casualty proceeds, condemnation proceeds or other proceeds that would not be included in EBITDA (including government grants), less cash received from the sale of any fixed assets of
Holdings and its Restricted Subsidiaries (including, without limitation, assets of the type that may constitute Equipment hereunder) during such period; provided that the aggregate amount of Unfinanced Capital Expenditures during such period
may not be less than zero. 
 “Unintentional Overadvance” means an Overadvance which, to the Agent’s
knowledge, did not constitute an Overadvance when made but which has become an Overadvance resulting from changed circumstances beyond the control of the Lenders, including, without limitation, a reduction in the Appraised Value of property or
assets included in the Borrowing Base or misrepresentation by the Loan Parties. 
 “United States Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code. 

  
 82 

 “United States Tax Compliance Certificate” has the meaning
specified in Section 4.02(e)(ii)(B)(III). 
 “Unreimbursed Amount” has the meaning
specified in Section 2.04(c)(i). 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of Holdings that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of Holdings in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

Holdings may designate any Subsidiary of Holdings (including any newly acquired or newly formed Subsidiary of Holdings) to be
an Unrestricted Subsidiary unless at the time of such designation such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, Holdings or any other Restricted Subsidiary that
is not a Subsidiary of the Subsidiary to be so designated, in each case at the time of such designation; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not
thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of Holdings or any of the Restricted Subsidiaries unless otherwise permitted under Section 7.02(b); provided,
further, however, that either: 
 (a) the Subsidiary to be so designated has total consolidated assets of
$1,000 or less; or 
 (b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be
permitted under Section 7.02(b). 
 Holdings may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided, however, that immediately after giving effect to such designation, Holdings shall be in Pro Forma Compliance with the Payment Conditions. 

In no event may a Borrower or any Subsidiary that is a “Restricted Subsidiary” under (and as defined in) any Senior
Notes Indenture be designated an Unrestricted Subsidiary. As of the Effective Date, no entity is an Unrestricted Subsidiary. 

“Unused Commitment Fee Rate” means 0.375% per annum. 

“U.S. Collateral” means the Collateral owned by (or, in the event such Collateral has been foreclosed upon,
immediately prior to such foreclosure that was owned by) a U.S. Loan Party. 

  
 83 

 “U.S. Dominion Account” means a special concentration
account established by Holdings at an Affiliate or branch of the Agent in the United States, over which the Agent has exclusive control for withdrawal purposes pursuant to the terms and provisions of this Agreement and the other Loan Documents. 

“U.S. Guarantor” means each Guarantor that is a Domestic Subsidiary. 

“U.S. Guaranty” means the guarantee of the Obligations of each Loan Party hereunder by the U.S. Loan Parties
in Article III hereunder or in a supplemental guarantee in accordance with Section 7.01(n) of this Agreement. 

“U.S. Loan Party” means each Borrower and each U.S. Guarantor. 

“U.S. Security Agreement” means that certain Security Agreement, to be dated as of the Closing Date, made by
the Loan Parties party thereto in favor of the Agent, on behalf of the Agent, and the Secured Parties, as amended, restated, supplemented or otherwise modified from time to time. 

“Voting Participant” has the meaning specified in Section 10.07(i). 

“Voting Participant Notification” has the meaning specified in Section 10.07(i).

 “Weekly Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Event
of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (a) 17.5% of the Loan Cap, and (b) $30.0 million. For purposes of this Agreement, the occurrence of a Weekly Borrowing Base Delivery
Event shall be deemed continuing (i) so long as such Event of Default exists, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until
Availability has exceeded the greater of (x) 17.5% of the Loan Cap, and (y) $30.0 million for thirty (30) consecutive calendar days, in which case a Weekly Borrowing Base Delivery Event shall no longer be deemed to be continuing for
purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set
forth in this definition again arise. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness or Disqualified Capital Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive
scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Capital Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 

“Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that is a Restricted Subsidiary. 

  
 84 

 “Wholly Owned Subsidiary” of any Person means a Subsidiary
of such Person 100% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares required pursuant to applicable Law) shall at the time be owned by such Person or by one or more
Wholly Owned Subsidiaries of such Person. 
 “Withdrawal Liability” has the meaning specified in Part I of
Subtitle E of Title IV of ERISA. 
 “Write-Down and Conversion Powers” means, (a) with respect to any
EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

Section 1.02 Computation of Time Periods. In this Agreement in the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”. 

Section 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP as in effect from time to time, except as otherwise specifically
prescribed herein. 
 (b) Changes in GAAP. Notwithstanding any change in GAAP occurring after the Effective Date, the computations of
all financial ratios and requirements set forth in any Loan Document shall continue to be computed in accordance with GAAP prior to such change therein. 

Section 1.04 Exchange Rates; Currency Equivalents; Ratio and Basket Calculations. 

(a) The applicable Issuing Banks shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent
amounts of Letters of Credit denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next
Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than
Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Agent or the applicable Issuing Bank, as applicable, absent manifest error. 

  
 85 

 (b) Wherever in this Agreement in connection with the issuance, amendment or extension of a
Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Letter of Credit is denominated in an Alternative Currency, unless otherwise expressed in this Agreement, such amount shall be the relevant
Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the applicable Issuing Bank. 

(c) For purposes of determining the Borrowing Base (and each component thereof), the Borrowers shall report (i) asset values with respect
to any asset included in the Borrowing Base in the currency shown in the Borrowers’ financial records or invoiced by the Borrowers, as applicable, for such asset, (ii) any Inventory Reserves with respect to any item of Inventory in the
currency in which the asset value for such item of Inventory is reported pursuant to clause (i) above, and (iii) any Availability Reserve in the currency of the underlying claims, liabilities or obligations giving rise to such Availability
Reserve. 
 (d) Notwithstanding the foregoing, for purposes of determining compliance with any covenant in Article VII, (i) with
respect to any Indebtedness, Lien, Investment, Restricted Payment, Disposition, acquisition, transaction with Affiliates or payment or other distribution of or in respect of any Junior Indebtedness (each a “Covenant Transaction”) in
a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Covenant Transaction is created, made or incurred, and (ii) with
respect to any Covenant Transaction created, incurred or made in reliance on a provision that makes reference to a percentage of Consolidated EBITDA or Total Assets, no Default or Event of Default shall be deemed to have occurred solely as a result
of changes in the amount of Consolidated EBITDA occurring after the time such Covenant Transaction is created, made or incurred in reliance on such provision. 

(e) For purposes of determining compliance with any covenant in Article VII (other than Section 7.03), with
respect to the amount of any Covenant Transaction in a currency other than Dollars, such amount will be converted into Dollars by Lead Borrower based on the relevant Spot Rate in effect on the most recent Revaluation Date preceding the date such
Covenant Transaction is created, incurred or made and such percentage or ratio basket will be measured at the time such Covenant Transaction is created, incurred or made. For purposes of determining compliance with
Section 7.03, amounts in currencies other than Dollars shall be translated into Dollars by Holdings at the Exchange Rate used in preparing Holdings’ most recently delivered annual or quarterly financial statements.

 Section 1.05 Change of Currency. 

Each provision of this Agreement shall be subject to such reasonable changes of construction as the Agent may from time to time specify to be
appropriate to reflect a change in currency of any country and any relevant market conventions or practices relating to the change in currency. 

  
 86 

 Section 1.06 Times of Day. 

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

 Section 1.07 Letter of Credit Amounts. 

Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the Dollar Equivalent
of the maximum face amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of Credit or the Issuer Documents related thereto, whether or not such maximum face amount is in effect at such time. 

Section 1.08 Limited Conditions Acquisitions. 

In connection with any action being taken solely in connection with a Limited Condition Acquisition, for purposes of determining compliance
with any ratios, baskets, representations, warranties, defaults or Events of Default (in each case, other than for purposes of determining compliance with any component of the Payment Conditions based on Availability or
Section 5.03), in each case, at the option of Lead Borrower (Lead Borrower’s election to exercise such option in connection with any Limited Condition Acquisition, an “LCA Election”), the date of
determination of whether any such action is permitted hereunder, shall be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into (the “LCA Test Date”) (provided that Lead
Borrower shall be required to make an LCA Election on or prior to the date on which the definitive agreements for such Limited Condition Acquisition have been entered into), and if, after giving pro forma effect to the Limited Condition
Acquisition and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the
LCA Test Date (after giving effect to any increases or decrease in Indebtedness of Holdings and its Restricted Subsidiaries since such date), Lead Borrower could have taken such action on the relevant LCA Test Date in compliance with such ratio,
representation, warranty, default, Events of Default or basket, such ratio, representation, warranty, default, Event of Default or basket shall be deemed to have been complied with for purposes of such Limited Condition Acquisition. For the
avoidance of doubt, if Lead Borrower has made an LCA Election and any of the ratios or baskets for which compliance was determined or tested as of the LCA Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due
to fluctuations in Consolidated EBITDA of Holdings or the Person subject to such Limited Condition Acquisition, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as
a result of such fluctuations. If Lead Borrower has made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratios, representations, warranties, defaults, Events of Default or basket
availability (excluding satisfaction of any component of the Payment Conditions based on Availability) with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of
all or substantially all of the assets of Holdings, the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness, the consummation of any other Permitted Acquisition or the designation of a Subsidiary on or following the
relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the date that the definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of
such Limited Condition Acquisition, any such ratios representations, 

  
 87 

 
warranties, defaults, Events of Default or baskets shall be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith
(including any incurrence of Indebtedness and the use of proceeds thereof) has been consummated (it being further understood and agreed, however, that neither any Consolidated Net Income or Consolidated EBITDA therefrom, nor any assets of the target
to be acquired pursuant to such Limited Condition Acquisition, shall be included in Holdings’ Consolidated Net Income or Consolidated EBITDA, or in the calculation of the Borrowing Base, as applicable, in any such subsequent calculation until
such Limited Condition Acquisition has actually closed). 
 Section 1.09 Divisions. For all purposes under the Loan Documents,
in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or
liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the
first date of its existence by the holders of its Equity Interests at such time. 
 Section 1.10 Borrower Representative. Each
Loan Party hereby designates Lead Borrower as its representative and agent for all purposes under the Loan Documents, including requests for Advances and Letters of Credit, designation of interest rates, delivery or receipt of communications,
preparation and delivery of Borrowing Base Certificates and financial reports, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with
covenants), and all other dealings with the Agent, any Issuing Bank or any Lender, and Lead Borrower hereby accepts such appointment. The Agent and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice
or communication delivered by Lead Borrower on behalf of any Loan Party. The Agent and the Lenders may give any notice or communication with a Loan Party hereunder to Lead Borrower on behalf of such Loan Party. Each of the Agent, the Issuing Banks
and the Lenders shall have the right, in its discretion, to deal exclusively with Lead Borrower for any or all purposes under the Loan Documents. Each Loan Party agrees that any notice, election, communication, representation, agreement or
undertaking made on its behalf by Lead Borrower shall be binding upon and enforceable against it. 
 Section 1.11 Interest
Rates. The Agent does not warrant, nor accept responsibility, nor shall the Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurocurrency Rate” with
respect to any rate that is an alternative or replacement for or successor to any of such rate (including, without limitation, any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes. 

Section 1.12 Quebec Interpretive Provision. For purposes of any Collateral located in the Province of Quebec or charged by any
deed of hypothec (or any other Loan Document) and for all other purposes pursuant to which the interpretation or construction of a Loan Document may be subject to the Laws of the Province of Quebec or a court or tribunal exercising jurisdiction in
the Province of Quebec, (i) “personal property” shall be deemed to include “movable property”, (ii) “real property” shall be deemed to include “immovable property”, (iii) “tangible property” shall be
deemed to include “corporeal property”, (iv) “intangible 

  
 88 

 
property” shall be deemed to include “incorporeal property”, (v) “security interest” and “mortgage” shall be deemed to include a “hypothec”, (vi) all
references to filing, registering or recording under the UCC or PPSA shall be deemed to include publication by registration under the Civil Code of Quebec, (vii) all references to “perfection” of or “perfected” Liens shall
be deemed to include a reference to the “opposability” of such Liens to third parties, (viii) any “right of offset”, “right of setoff” or similar expression shall be deemed to include a “right of
compensation”, (ix) “goods” shall be deemed to include “corporeal movable property” other than chattel paper, documents of title, instruments, money and securities, (x) an “agent” shall be deemed to include a
“mandatary”, (xi) “foreclosure” shall be deemed to include the “exercise of a hypothecary right”, (xii) “lease” shall be deemed to include a “lease” or a “contract of leasing (crédit-bail)”, as applicable, and (xiii) “deposit account” shall be deemed to include a “financial account” (within the meaning of Article 2713.6 of the Civil Code of Quebec);
(xiv) “construction liens” shall be deemed to include “legal hypothecs”, (xv) “joint and several” shall be deemed to include “solidary” and “jointly and severally” shall be deemed to include
“solidarily” (xvi) “gross negligence or willful misconduct” shall be deemed to be “intentional or gross fault”, (xvii) “beneficial ownership” shall be deemed to include “ownership”, (xviii)
“easement” shall be deemed to include “servitude”, and (xix) “priority” shall be deemed to include “rank” or “prior claim”, as applicable. 

ARTICLE II 
 AMOUNTS AND
TERMS OF THE ADVANCES 
 Section 2.01 The Revolving Credit Advances; Reserves. 

(a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances to any Borrower from
time to time on any Business Day during the Availability Period in Dollars, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Credit Commitment; provided, however, that after giving
effect to any Revolving Credit Borrowing, (i) the Total Revolving Credit Outstandings at such time shall not exceed the Loan Cap at such time, and (ii) the aggregate Outstanding Amount of the Revolving Credit Advances of any Lender,
plus such Lender’s Commitment Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Commitment Percentage of the Outstanding Amount of all Swing Line Advances shall not exceed such Lender’s
Revolving Credit Commitment. Within the limits of each Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under
Section 2.10, and reborrow under this Section 2.01(a). Revolving Credit Advances may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 

(b) The Inventory Reserves and Availability Reserves as of the Closing Date will be as set forth in the Borrowing Base Certificate to be
delivered pursuant to Section 5.02(h) hereof. 
 (c) The Agent shall have the right, at any time and from time to
time after the Closing Date in its Permitted Discretion, to establish or modify Reserves or to eliminate then existing Reserves, and the Agent shall provide the Lead Borrower with prompt written notice of the same. 

  
 89 

 Section 2.02 Making the Advances. 

(a) Each Revolving Credit Borrowing, each conversion of Revolving Credit Advances from one Type to the other, and each continuation of
Eurocurrency Rate Loans shall be made upon the applicable Borrower’s irrevocable notice to the Agent, which may be given by (x) telephone or (y) a Committed Advance Notice; provided that any telephonic notice must be confirmed
immediately by delivery to the Agent of a Committed Advance Notice. Each such Committed Advance Notice must be received by the Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion
to or continuation of Eurocurrency Rate Advances, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a minimum principal amount of
$2,500,000. Except as provided in Sections 2.02(c), 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Advances shall be in a minimum principal amount of $500,000. Each Committed Advance Notice (whether telephonic
or written) shall specify (i) whether the applicable Borrower is requesting a Revolving Credit Borrowing, a conversion of Revolving Credit Advances from one Type to the other, or a continuation of Eurocurrency Rate Advance, (ii) the
requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Advances to be borrowed, converted or continued, (iv) the Type of Advances to be borrowed or to which
existing Revolving Credit Advances are to be converted and (v) if applicable, the duration of the Interest Period with respect thereto. If a Borrower fails to specify a Type of Advance in a Committed Advance Notice or if a Borrower fails to
give a timely notice requesting a conversion or continuation, then the applicable Revolving Credit Advances shall be made as, or converted to, a Base Rate Advance. Any such automatic conversion to Base Rate Advances shall be effective as of the last
day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Advances. If a Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Advances in any such Committed Advance Notice, but fails
to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 
 (b) Following receipt of a Committed
Advance Notice, the Agent shall promptly notify each Lender of the amount of its Commitment Percentage of the applicable Revolving Credit Advances, and if no timely notice of a conversion or continuation is provided by the applicable Borrower, the
Agent shall notify each Lender of the details of any automatic conversion to Base Rate Advances as described in Section 2.02(a). In the case of a Revolving Credit Borrowing, each appropriate Lender shall make the amount of
its Advance available to the Agent through its applicable Lending Office in Same Day Funds at the Agent’s Office not later than 2:00 p.m. on the Business Day specified in the applicable Committed Advance Notice. Upon satisfaction of the
applicable conditions set forth in Section 5.03 (and, if such Borrowing is the initial Credit Extension hereunder, Section 5.01 and 5.02), the Agent shall make all funds so received
available to the applicable Borrower in like funds as received by the Agent either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each
case in accordance with instructions provided to (and reasonably acceptable to) the Agent by such Borrower; provided, however, that 

  
 90 

 
if, on the date the Committed Advance Notice with respect to such Borrowing is given by the Lead Borrower, there are L/C Borrowings outstanding (and the Lead Borrower shall have been notified of
such L/C Borrowings), then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and, second, shall be made available to the Lead Borrower as provided above. 

(c) During the existence of an Event of Default no Revolving Credit Advances may be requested as, converted to or continued as Eurocurrency
Rate Loans without the consent of the Majority Lenders. 
 (d) The Agent shall promptly notify the applicable Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Agent shall notify the applicable Borrower(s) and the Lenders of any change
in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e)
After giving effect to all Revolving Credit Borrowings, all conversions of Revolving Credit Advances from one Type to the other, and all continuations of Revolving Credit Advances as the same Type, there shall not be more than ten Interest Periods
in effect. 
 (f) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the
portion of its Advances in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Lead Borrower, the Agent, and such
Lender. 
 (g) The Agent, the Lenders, the Swing Line Lender and the Issuing Banks shall have no obligation to make any Loan or to provide
any Letter of Credit if an Overadvance would result. The Agent may, in its discretion, make Permitted Overadvances without the consent of the Borrowers, the Lenders, the Swing Line Lender and the Issuing Banks and the Borrowers and each Lender and
Issuing Bank shall be bound thereby. Any Permitted Overadvance may constitute a Swing Line Loan. A Permitted Overadvance is for the account of the Lead Borrower and shall constitute a Base Rate Advance and an Obligation and shall be repaid by the
Lead Borrower in accordance with the provisions of Section 2.07. The making of any such Permitted Overadvance on any one occasion shall not obligate the Agent or any Lender to make or permit any Permitted Overadvance on any
other occasion or to permit such Permitted Overadvances to remain outstanding. The making by the Agent of a Permitted Overadvance shall not modify or abrogate any of the provisions of Section 2.04 regarding the
Lenders’ obligations to purchase participations with respect to Letter of Credits or of Section 2.03 regarding the Lenders’ obligations to purchase participations with respect to Swing Line Loans. The Agent shall
have no liability for, and no Loan Party or Lender shall have the right to, or shall, bring any claim of any kind whatsoever against the Agent with respect to Unintentional Overadvances regardless of the amount of any such Overadvance(s). 

  
 91 

 Section 2.03 Swing Line Advances. 

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the
other Lenders set forth in this Section 2.03, may in its sole discretion make loans (each such loan, a “Swing Line Advance”) to the Borrowers on such terms (subject to
Section 2.07(b)) as may be agreed between the Swing Line Lender and the Lead Borrower from time to time, on any Business Day during Availability Period in Dollars in an aggregate amount not to exceed at any time outstanding
the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Advances, when aggregated with the Commitment Percentage of the Outstanding Amount of Revolving Credit Advances and L/C Obligations of a Lender acting as Swing Line
Lender, may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect to any Swing Line Advance, (i) the Total Revolving Credit Outstandings shall not exceed the Loan Cap, and (ii) the
aggregate Outstanding Amount of the Revolving Credit Advances of any Lender, plus such Lender’s Commitment Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Commitment Percentage of the
Outstanding Amount of all Swing Line Advances shall not exceed such Lender’s Commitment; and provided, further, that no Borrower shall use the proceeds of any Swing Line Advance to refinance any outstanding Swing Line Advance.
Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.03, prepay under Section 2.10, and reborrow under this
Section 2.03. Immediately upon the request of the Swing Line Lender, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable Swing Line Lender a risk participation
in such Swing Line Advance in an amount equal to the product of such Lender’s Commitment Percentage times the amount of such Swing Line Advance. 

(b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the irrevocable notice by a Borrower to the Swing Line Lender and
the Agent, which may be given by (x) telephone or (y) by a Swing Line Advance Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Agent of a Swing Line Advance Notice.
Each such Swing Line Advance Notice must be received by the Swing Line Lender and the Agent not later than, in the case of Swing Line Advances, 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which
shall be a minimum of $500,000, and (ii) the requested borrowing date, which shall be a Business Day. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Advance Notice, the Swing Line Lender will confirm with the Agent
(by telephone or in writing) that the Agent has also received such Swing Line Advance Notice and, if not, the Swing Line Lender will notify the Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received
notice (by telephone or in writing) from the Agent (including at the request of any Lender) prior to 3:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Advance as a result
of the limitations set forth in the first proviso to the first sentence of Section 2.03(a), or (B) that one or more of the applicable conditions specified in Article V is not then satisfied, then, subject to the
terms and conditions hereof, the Swing Line Lender may, not later than 4:00 p.m. on the borrowing date specified in such Swing Line Advance Notice, make the amount of its Swing Line Advance available to the applicable Borrower at its office by
crediting the account of such Borrower on the books of the Swing Line Lender in immediately available funds. 

  
 92 

 (c) Refinancing of Swing Line Advances. 

(i) The Swing Line Lender at any time in its sole discretion may request, on behalf of the applicable Borrower (which hereby
irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s Commitment Percentage of the amount of Swing Line Advances then outstanding. Such request
shall be made in writing (which written request shall be deemed to be a Committed Advance Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples
specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Credit Commitments and the conditions set forth in Section 5.03. The Swing Line Lender shall furnish Lead
Borrower and the applicable Borrower with a copy of the applicable Committed Advance Notice promptly after delivering such notice to the Agent. Each Lender shall make an amount equal to its Commitment Percentage of the amount specified in such
Committed Advance Notice available to the Agent in immediately available funds (and the Agent may apply Cash Collateral available with respect to the applicable Swing Line Advance) for the account of the Swing Line Lender at the Agent’s Office
not later than 1:00 p.m. on the day specified in such Committed Advance Notice, whereupon, subject to Section 2.03(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the
applicable Borrower in such amount. The Agent shall remit the funds so received to the Swing Line Lender. 
 (ii) If for any
reason any Swing Line Advance cannot be refinanced by such a Committed Borrowing in accordance with Section 2.03(c)(i), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed
to be a request by the Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Advance and each Lender’s payment to the Agent for the account of the Swing Line Lender pursuant to
Section 2.03(c)(i) shall be deemed payment in respect of such participation. 
 (iii) If any Lender
fails to make available to the Agent for the account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in
Section 2.03(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the
date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the Overnight Rate, plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with
the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Advance included in the relevant Committed Borrowing or funded participation in the
relevant Swing Line Advance, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 

  
 93 

 (iv) Each Lender’s obligation to make Revolving Credit Advances or to
purchase and fund risk participations in Swing Line Advances pursuant to this Section 2.03(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim,
recoupment, defense or other right which such Lender may have against the Swing Line Lender, any Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Revolving Credit Advances pursuant to this Section 2.03(c) is subject to the conditions
set forth in Section 5.03. No such funding of risk participations shall relieve or otherwise impair the obligation of any Borrower to repay Swing Line Advances, together with interest as provided herein. 

(d) Repayment of Participations. 

(i) At any time after any Lender has purchased and funded a risk participation in a Swing Line Advance, if the Swing Line
Lender receives any payment on account of such Swing Line Advance, the Swing Line Lender will distribute to such Lender its Commitment Percentage thereof in the same funds as those received by the Swing Line Lender. 

(ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Advance is required
to be returned by the Swing Line Lender under any of the circumstances described in Section 10.09 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the
Swing Line Lender its Commitment Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Overnight Rate. The Agent will make such
demand upon the request of the Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing Lead Borrower for interest on
the Swing Line Advances. Until each Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.03 to refinance such Lender’s Commitment Percentage of any Swing Line Advance, interest in respect of
such Commitment Percentage shall be solely for the account of the Swing Line Lender. 
 (f) Payments Directly to Swing Line Lender.
The Borrowers shall make all payments of principal and interest in respect of the Swing Line Advances directly to the Swing Line Lender. 

  
 94 

 Section 2.04 Letters of Credit. 

(a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) each Issuing Bank agrees, in reliance upon the agreements of
the Lenders set forth in this Section 2.04 and within the limits of its Issuing Commitment, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date,
to issue Letters of Credit denominated in Dollars, any Alternative Currency (provided that CoBank shall not be required to issue Letters of Credit denominated in a currency other than Dollars) or such other currency as maybe agreed by such Issuing
Bank in its sole discretion and the Agent that is a lawful currency readily available and freely transferable and convertible into Dollars (which additional currency, solely for purposes of the applicable Letter of Credit, the drawings thereunder
and the reimbursement thereof, shall be deemed to be an “Alternative Currency”) for the account of Holdings and its Subsidiaries, and to amend Letters of Credit previously issued by it, in accordance with subsection (b) below,
and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of Holdings and its Subsidiaries and any drawings thereunder; provided that after
giving effect to any L/C Credit Extension with respect to any Letter of Credit, (1) the Total Revolving Credit Outstandings shall not exceed the Loan Cap, (2) the aggregate Outstanding Amount of the Revolving Credit Advances of any Lender,
plus such Lender’s Commitment Percentage of the Outstanding Amount of all Swing Line Advances, plus such Lender’s Commitment Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s
Revolving Credit Commitment, and (3) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a
representation by such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the ability of
the Borrowers to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.
All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof. Each Issuing Bank may, in its discretion, arrange for one or
more Letters of Credit to be issued by Affiliates or branches of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate or branch with respect to Letters of Credit issued by such Affiliate or branch. 

(ii) No Issuing Bank shall issue any Letter of Credit, if: 

(A) subject to Section 2.04(b)(iii), the expiry date of the requested Letter of Credit would occur
more than twelve months after the date of issuance, or, in the case of any Letter of Credit denominated in Indian rupees, nineteen months after the date of issuance, unless the Majority Lenders have approved such expiry date; or 

  
 95 

 (B) the expiry date of the requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry date. 
 (iii) No Issuing Bank shall be
under any obligation to issue any Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing the Letter of Credit, or any Law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect
to the Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or
expense which was not applicable on the Effective Date and which such Issuing Bank in good faith deems material to it; 

(B) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of
credit generally; 
 (C) except as otherwise agreed by the Agent and such Issuing Bank, such Letter of Credit is in an
initial stated amount less than $20,000; 
 (D) such Letter of Credit is to be denominated in a currency other than Dollars
or an Alternative Currency; 
 (E) any Lender is at that time a Defaulting Lender, unless such Issuing Bank has entered into
arrangements, including the delivery of Cash Collateral, satisfactory to such Issuing Bank (in its sole discretion) with the applicable Borrower or such Lender to eliminate such Issuing Bank’s actual or potential Fronting Exposure (after giving
effect to Section 2.14(a)(iv)) with respect to the Defaulting Lender arising from such Letter of Credit; or 

  
 96 

 (F) the Letter of Credit contains any provisions for automatic
reinstatement of the stated amount after any drawing thereunder. 
 (iv) The applicable Issuing Bank shall not amend any
Letter of Credit if such Issuing Bank would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 

(v) The applicable Issuing Bank shall be under no obligation to amend any Letter of Credit if (A) such Issuing Bank would
have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(vi) The applicable Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the
documents associated therewith, and such Issuing Bank shall have all of the benefits and immunities (A) provided to the Agent in Article IX with respect to any acts taken or omissions suffered by such Issuing Bank in connection with
Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Article IX included such Issuing Bank with respect to such acts or
omissions, and (B) as additionally provided herein with respect to such Issuing Bank. 
 (b) Procedures for Issuance and Amendment of
Letters of Credit; Auto-Extension Letters of Credit. 
 (i) Each Letter of Credit shall be issued or amended, as the case
may be, upon the request of any Borrower delivered to an Issuing Bank (with a copy to the Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of such Borrower; provided that the
Existing Letters of Credit shall be deemed issued under this Agreement on the Closing Date. Such Letter of Credit Application must be received by the applicable Issuing Bank and the Agent (x) not later than 11:00 a.m. at least two Business Days
prior to the proposed issuance date or date of amendment, as the case may be, of any Letter of Credit denominated in Dollars, and (y) not later than 11:00 a.m. at least five Business Days prior to the proposed issuance date or date of
amendment, as the case may be, of any Letter of Credit denominated in an Alternative Currency; or in each case such later date and time as such Issuing Bank may agree in a particular instance in its sole discretion, prior to the proposed issuance
date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to such Issuing Bank: (A) the
proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be
presented by such beneficiary in case of any drawing thereunder; (F) the full text 

  
 97 

 
of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as
such Issuing Bank may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to such Issuing Bank (1) the
Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as such Issuing Bank may reasonably require. Additionally,
Holdings and/or the applicable Subsidiary shall furnish to the applicable Issuing Bank and the Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such
Issuing Bank or the Agent may reasonably require. 
 (ii) Promptly after receipt of any Letter of Credit Application, the
applicable Issuing Bank will confirm with the Agent (by telephone or in writing) that the Agent has received a copy of such Letter of Credit Application from a Borrower and, if not, such Issuing Bank will provide the Agent with a copy thereof.
Unless such Issuing Bank has received written notice from any Lender, the Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable
conditions contained in Article V shall not then be satisfied, then, subject to the terms and conditions hereof, such Issuing Bank shall, on the requested date, issue a Letter of Credit for the account of such Borrower (or the applicable
Subsidiary subject to Section 2.04(l)) or enter into the applicable amendment, as the case may be, in each case in accordance with such Issuing Bank’s usual and customary business practices. Immediately upon the
issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Issuing Bank a risk participation in such Letter of Credit in an amount equal to the product of such
Lender’s Commitment Percentage times the amount of such Letter of Credit. 
 (iii) If the applicable Borrower so
requests in any applicable Letter of Credit Application, the applicable Issuing Bank may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of
Credit”); provided that any such Auto-Extension Letter of Credit must permit the such Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of
Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of
Credit is issued. Unless otherwise directed by the applicable Issuing Bank, neither Holdings nor any Subsidiary shall be required to make a specific request to such Issuing Bank for any such extension. Once an Auto-Extension Letter of Credit has
been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date;
provided, however, that such Issuing 

  
 98 

 
Bank shall not permit any such extension if (A) such Issuing Bank has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in
its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.04(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing)
on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Agent that the Majority Lenders have elected not to permit such extension or (2) from the Agent, any
Lender, Holdings or the applicable Subsidiary that one or more of the applicable conditions specified in Section 5.03 is not then satisfied, and in each such case directing such Issuing Bank not to permit such extension.

 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with
respect thereto or to the beneficiary thereof, the applicable Issuing Bank will also deliver to Holdings or the applicable Subsidiary and the Agent a true and complete copy of such Letter of Credit or amendment. 

(c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
applicable Issuing Bank shall notify Holdings or the applicable Borrower and/or Subsidiary and the Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the applicable Borrower shall reimburse such Issuing Bank in
such Alternative Currency, unless (A) the applicable Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in
Dollars, the applicable Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that Holdings, such Borrower or the applicable Subsidiary will reimburse such Issuing Bank in Dollars. In the case of any such
reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, such Issuing Bank shall notify Holdings or the applicable Borrower and/or Subsidiary of the Dollar Equivalent of the amount of the drawing
promptly following the determination thereof. If an Issuing Bank shall make any payment under a Letter of Credit, Holdings or the applicable Borrower or Subsidiary shall reimburse such Issuing Bank through the Agent in an amount equal to the amount
of such drawing and in the applicable currency not later than 2:00 p.m. (or the Applicable Time in the case of reimbursement in an Alternative Currency) on Business Day following the date Holdings or the applicable Borrower or Subsidiary receives
notice of such payment by the applicable Issuing Bank (each such date, an “Honor Date”). If Holdings or the applicable Borrower or Subsidiary fails to so reimburse such Issuing Bank by such time, the Agent shall promptly notify each
Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed
Amount”), and the amount of such Lender’s Commitment 

  
 99 

 
Percentage thereof. In such event, the applicable Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal
to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit
Commitments and the conditions set forth in Section 5.03 (other than the delivery of a Committed Advance Notice). Any notice given by such Issuing Bank or the Agent pursuant to this
Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

(ii) Each Lender shall upon any notice pursuant to Section 2.04(c)(i) make funds available (and the
Agent may apply Cash Collateral provided for this purpose) for the account of the applicable Issuing Bank, in Dollars, at the Agent’s Office in an amount equal to its Commitment Percentage of the Unreimbursed Amount not later than 1:00 p.m. on
the Business Day specified in such notice by the Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Advance to the
applicable Borrower in such amount. The Agent shall remit the funds so received to such Issuing Bank in Dollars. 
 (iii)
With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Advances because the conditions set forth in Section 5.03 cannot be satisfied or for any other reason, the
applicable Borrower shall be deemed to have incurred from the applicable Issuing Bank an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on written demand (together with
interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to the Agent for the account of such Issuing Bank pursuant to Section 2.04(c)(ii) shall be deemed payment in respect of its
participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. 

(iv) Until each Lender funds its Revolving Credit Advance or L/C Advance pursuant to this
Section 2.04(c) to reimburse the applicable Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Commitment Percentage of such amount shall be solely for the account of
such Issuing Bank. 
 (v) Each Lender’s obligation to make Revolving Credit Advances or L/C Advances to reimburse the
applicable Issuing Bank for amounts drawn under Letters of Credit, as contemplated by this Section 2.04(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff,
counterclaim, recoupment, defense or other right which such Lender may have against such Issuing Bank, Holdings, any Borrower, any other Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of

  
 100 

 
a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make
Revolving Credit Advances pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 5.03 (other than delivery by a Borrower of a Committed Advance Notice). No such making
of an L/C Advance shall relieve or otherwise impair the obligation of Holdings or the applicable Borrower and/or Subsidiary to reimburse such Issuing Bank for the amount of any payment made by such Issuing Bank under any Letter of Credit, together
with interest as provided herein. 
 (vi) If any Lender fails to make available to the Agent for the account of the
applicable Issuing Bank any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without
limiting the other provisions of this Agreement, such Issuing Bank shall be entitled to recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the
date on which such payment is immediately available to such Issuing Bank at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by such
Issuing Bank in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Advance included in the relevant Revolving Credit Borrowing
or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of such Issuing Bank submitted to any Lender (through the Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent
manifest error. 
 (d) Repayment of Participations. 

(i) At any time after an Issuing Bank has made a payment under any Letter of Credit and has received from any Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.04(c), if the Agent receives for the account of such Issuing Bank any payment in respect of the related Unreimbursed Amount or interest
thereon (whether directly from Holdings, any Borrower, any Subsidiary or otherwise, including proceeds of Cash Collateral applied thereto by the Agent), the Agent will distribute to such Lender its Commitment Percentage thereof in the same funds as
those received by the Agent. 
 (ii) If any payment received by the Agent for the account of an Issuing Bank pursuant to
Section 2.04(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by such Issuing Bank in its discretion),
each Lender shall pay to the Agent for the account of such Issuing Bank its Commitment Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate
per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

  
 101 

 (e) Obligations Absolute. The obligation of Holdings or the applicable
Borrowers and Subsidiaries to reimburse an Issuing Bank for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following: 
 (i) any lack of validity or enforceability of such Letter of
Credit, this Agreement, or any other Loan Document; 
 (ii) the existence of any claim, counterclaim, setoff, defense or
other right that Holdings, any Borrower or any other Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), an Issuing
Bank or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(iv) any payment by an Issuing Bank under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by an Issuing Bank under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver, interim receiver, monitor, or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 

(v) any adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to Holdings,
any Borrower or any other Subsidiary or in the relevant currency markets generally; or 
 (vi) any other circumstance or
happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, Holdings, any Borrower or any other Subsidiary. 

  
 102 

 Holdings or the applicable Borrower and/or Subsidiary shall promptly examine
a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the instructions of Holdings or such Borrower or Subsidiary or other irregularity, Holdings or the applicable
Borrower and/or Subsidiary will immediately notify the applicable Issuing Bank. Holdings and its Subsidiaries shall be conclusively deemed to have waived any such claim against the applicable Issuing Bank and its correspondents unless such notice is
given as aforesaid. 
 (f) Role of Issuing Banks. Each Lender and Holdings agrees, on behalf of itself and its Subsidiaries,
that, in paying any drawing under a Letter of Credit, an Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or
inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Issuing Banks, the Agent, any of their respective Related Parties nor any correspondent, participant or
assignee of an Issuing Bank shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Majority Lenders, as applicable; (ii) any action taken or
omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. Holdings and its
Subsidiaries hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit issued at its request; provided, however, that this assumption is not intended to, and shall
not, preclude Holdings or any Subsidiary pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Issuing Banks, the Agent, any of their respective Related Parties nor
any correspondent, participant or assignee of an Issuing Bank shall be liable or responsible for any of the matters described in clauses (i) through (vi) of Section 2.04(e); provided, however, that
anything in such clauses to the contrary notwithstanding, Holdings or its Subsidiaries may have a claim against an Issuing Bank, and such Issuing Bank may be liable to Holdings or its Subsidiaries, to the extent, but only to the extent, of any
direct, as opposed to consequential or exemplary, damages suffered by Holdings or any Subsidiary which Holdings or such Subsidiary proves were caused by such Issuing Bank’s willful misconduct or gross negligence or such Issuing Bank’s
willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation
of the foregoing, an Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and such Issuing Bank shall not be
responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason. 
 (g) Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable
Issuing Bank and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each Standby Letter of Credit, and (ii) the rules of
the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance (the “UCP”) shall apply to each Trade Letter of Credit. 

  
 103 

 (h) Letter of Credit Fees. Lead Borrower shall pay (or shall cause to be paid) to the
Agent for the account of each Lender in accordance with its Commitment Percentage a Letter of Credit fee (the “Letter of Credit Fee”) (i) for each Trade Letter of Credit, equal to Applicable Margin for Eurocurrency Rate Loans
times the daily amount available to be drawn under such Letter of Credit, and (ii) for each Standby Letter of Credit equal to the Applicable Margin for Eurocurrency Rate Loans times the Dollar Equivalent of the daily amount
available to be drawn under such Letter of Credit; provided, however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not
provided Cash Collateral satisfactory to the applicable Issuing Bank pursuant to this Section 2.04 shall be payable, to the maximum extent permitted by applicable Requirement of Law, to the other Lenders in accordance with
the upward adjustments in their respective Commitment Percentages allocable to such Letter of Credit pursuant to Section 2.14(a)(iv), with the balance of such fee, if any, payable to such Issuing Bank for its own account.
For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07. Letter of Credit Fees shall be
(i) due and payable in arrears on the first day of each calendar quarter, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on written demand and
(ii) computed on a quarterly basis in arrears. If there is any change in the Letter of Credit Fee during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Letter of Credit
Fee separately for each period during such quarter that such Letter of Credit Fee was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Majority Lenders, while any Event of Default exists, all Letter of
Credit Fees shall accrue at the Default Rate. 
 (i) Fronting Fee and Documentary and Processing Charges Payable to Issuing Banks.
Lead Borrower shall pay (or shall cause to be paid) directly to the applicable Issuing Bank for its own account a fronting fee (i) with respect to each Trade Letter of Credit, at the rate per annum equal to 0.15% (or such lesser amount to
any respective Issuing Bank as Lead Borrower may agree in writing with such Issuing Bank), computed on the amount of such Letter of Credit, and payable upon the issuance thereof, (ii) with respect to any amendment of a Trade Letter of Credit
increasing the amount of such Letter of Credit, at a rate separately agreed between Lead Borrower and such Issuing Bank, computed on the amount of such increase, and payable upon the effectiveness of such amendment, and (iii) with
respect to each Standby Letter of Credit, at the rate per annum equal to 0.15% (or such lesser amount to any respective Issuing Bank as Lead Borrower may agree in writing with such Issuing Bank), computed on the daily amount available to be drawn
under such Letter of Credit on a quarterly basis in arrears Such fronting fee shall be due and payable in arrears on the first calendar day of each calendar quarter in respect of the most recently-ended quarterly period (or portion thereof, in the
case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on written demand. For purposes of computing the daily amount available to
be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07. In addition, the applicable Borrower or, in the case of any Letter of Credit issued at the
request of Holdings or a Subsidiary, Holdings or such Subsidiary shall pay directly to each Issuing Bank for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such
Issuing Bank relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 

  
 104 

 (j) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control. 
 (k) Monthly Report. Each Issuing Bank, on the last
Business Day of each month until the Termination Date, shall calculate the L/C Obligations on such date in respect of Letters of Credit issued by it (converting any amounts of the L/C Obligations which are denominated in an Alternative Currency to
Dollars for purposes of such calculation) and shall promptly send notice of such L/C Obligations to the Agent, the Lead Borrower and each Lender, and the Agent shall then determine the excess amount, if any, referred to in the first sentence of
Section 2.10(b)(i) and shall promptly inform the Lead Borrower of such amount and the Lead Borrower shall promptly upon receipt thereof make the payments provided for in Section 2.10(b)(i) if
applicable. 
 (l) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder
is in support of any obligations of, or is for the account of, Holdings or a Subsidiary, the Borrowers shall be obligated to reimburse the applicable Issuing Bank hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby
acknowledge that the issuance of Letters of Credit for the account of Holdings or the Subsidiaries inures to the benefit of Borrowers, and that the Borrowers’ business derives substantial benefits from the businesses of Holdings and such
Subsidiaries. 
 Section 2.05 Fees. (a) Commitment Fee. The Borrowers agree to pay to the Agent for the account of
each Lender in accordance with its Commitment Percentage, a commitment fee equal to the Unused Commitment Fee Rate multiplied by the actual daily amount by which the Aggregate Commitments exceed the Total Revolving Credit Outstandings. The
commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article V is not met, and shall be due and payable quarterly in arrears on the first calendar day of
each Fiscal Quarter, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. 

(b) Other Fees. The Borrowers hereby agree to pay the fees and charges referred to in the Fee Letter. 

Section 2.06 Reduction and Increase of the Revolving Credit Commitments; Additional Issuing Banks. 

(a) Lead Borrower may, upon notice to the Agent, terminate the unused portions of the Letter of Credit Sublimit, the Swing Line Sublimit, or
the unused Revolving Credit Commitments, or from time to time permanently reduce the unused portions of the Letter of Credit Sublimit, the Swing Line Sublimit, or the unused Revolving Credit Commitments; provided that (i) any such notice
shall be received by the Agent not later than 11:00 a.m. four Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in
excess thereof, (iii) Lead Borrower shall not terminate or reduce the unused portions of the Letter of Credit Sublimit, the Swing Line Sublimit, or the unused Revolving Credit Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the Total Revolving Credit Outstandings would exceed the Loan Cap and (iv) if, after giving effect to any reduction of the 

  
 105 

 
unused Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing
Line Sublimit, as applicable, shall be automatically reduced by the amount of such excess. The Agent will promptly notify the Lenders of any such notice of termination or reduction of Commitments. A notice provided by Lead Borrower under this clause
(a) may state that such notice is conditioned upon the availability of other financing or the consummation of a transaction constituting a Change in Control, in which case such notice may be revoked by Lead Borrower (by notice to the Agent
prior to the specified date of such termination or reduction) if such condition is not satisfied. The amount of any such Revolving Credit Commitment reduction shall not be applied to the Letter of Credit Sublimit or the Swing Line Sublimit unless
otherwise specified by Lead Borrower. Any reduction of any Commitments shall be applied to the Commitment of each applicable Lender according to its Commitment Percentage. All fees accrued until the effective date of any termination of any
Commitments shall be paid on the effective date of such termination. 
 (b) Lead Borrower shall have the right, at any time and from time to
time after the Closing Date and prior to the Termination Date to (i) increase the amount of the Revolving Credit Commitments, which increased Revolving Credit Commitments shall be provided by one or more Lenders (subject to the consent of such
Lenders in their sole and absolute discretion) or Assuming Lenders (provided that any such Assuming Lender shall be subject to the consent of the Agent and the Issuing Banks in their sole and absolute discretion) (any such increase,
“Additional Revolving Commitments”), (ii) increase the Issuing Commitment of an Issuing Bank (subject to the consent of such Issuing Bank in its sole and absolute discretion) and (iii) establish a new class of term loans under
this Agreement on a “last-out” basis (any such term loans established in accordance with this Section 2.06(b), “FILO Term Loans”), which FILO Term Loans
shall be provided by one or more Lenders (subject to the consent of such Lenders in their sole and absolute discretion) or Assuming Lenders (provided that any such Assuming Lender shall be subject to the consent of the Agent in its reasonable
discretion) (each such increase or incurrence under clause (i), (ii) or (iii) being a “Commitment Increase”), on and subject to the following terms: 

(i) The aggregate amount of Commitment Increases in the form of Additional Revolving Commitments and/or FILO Term Loans shall
not exceed $50,000,000. 
 (ii) The amount of each Commitment Increase by any Lender or any Assuming Lender shall be in a
minimum amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof. 
 (iii) Any such Commitment Increase
in the form of Additional Revolving Commitments above shall be on the same terms as the Revolving Credit Commitments, except with respect to (x) any commitment, arrangement, upfront, or similar fees payable in connection therewith and
(y) subject to the immediately succeeding clause (iv), interest rates or unused fees. 

  
 106 

 (iv) In no event shall the interest rates or unused fees to be payable in
connection with any Additional Revolving Commitments be higher than the amounts paid to the then existing Lenders in respect of their applicable Revolving Credit Commitments, unless such increased interest rates or unused fees, as applicable, are
also to be paid to all then existing Lenders in respect of their applicable Revolving Credit Commitments. 
 (v) No proposed
Commitment Increase in the form of Additional Revolving Commitments shall occur unless each of the following requirements in respect thereof shall have been satisfied: 

(A) The Agent shall have received from Lead Borrower an irrevocable written notice (a “Commitment Increase
Notice”), dated not later than 10 days (or such shorter period reasonably agreed to by the Agent) before such proposed Commitment Increase Effective Date, that (1) specifies (w) (if applicable) the proposed Issuing Commitment increase
of each Issuing Bank and/or of the Lenders which are to become Issuing Banks and the amount of each Issuing Bank’s Issuing Commitment after giving effect thereto, (x) the aggregate amount of the proposed Commitment Increase, (y) the
Lenders whose Revolving Credit Commitments are to be increased by the proposed Commitment Increase and/or the Assuming Lenders which are to become Lenders and the amount by which each such Lender’s Revolving Credit Commitment is to be so
increased and/or the amount of each such Assuming Lender’s Revolving Credit Commitment and (z) the date (the “Commitment Increase Effective Date”) on which the proposed Commitment Increase shall become effective, and
(2) has been signed by each Lender whose Revolving Credit Commitment is to be increased, evidencing the consent of such Lender to the proposed Commitment Increase and Issuing Bank whose Issuing Commitment is to be increased evidencing the
consent of such Issuing Bank thereto and/or by each such Assuming Lender; and 
 (B) On and as of the Commitment Increase
Effective Date of the proposed Commitment Increase (1) the following statements shall be true (and the giving of the applicable Commitment Increase Notice shall constitute a representation and warranty by Lead Borrower that on such Commitment
Increase Effective Date such statements are true): 
 (x) The representations and warranties contained in
Section 6.01 are true and correct in all material respects as of such date, as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and except to the extent such representations and warranties are qualified with
“materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall be true and correct in all respects; and 

  
 107 

 (y) No event has occurred and is continuing, or would result from such
Commitment Increase, which constitutes an Event of Default or Default; and 
 (z) The Agent shall have received such other
approvals, opinions or documents as the Agent may reasonably request. 
 (vi) No proposed Commitment Increase in the form of
FILO Term Loans shall occur unless each of the following requirements in respect thereof shall have been satisfied: 
 (A)
Such FILO Term Loans shall not have any obligors other than the Loan Parties and shall not be secured by any assets other than the Collateral; 

(B) Such FILO Term Loans shall not have a maturity date earlier than the Termination Date; 

(C) Such FILO Term Loans shall not provide for any amortization or mandatory prepayments prior to the maturity thereof except
for customary amortization and mandatory prepayments reasonably acceptable to the Agent; 
 (D) The “borrowing
base” in respect of such FILO Term Loans shall not include any assets not included in the definition of “Borrowing Base” but such FILO Term Loans may provide for incremental advance rates different from those set forth in the
definition of “Borrowing Base” so long as such advance rates do not permit the Total Revolving Credit Outstandings plus the aggregate principal amount of the FILO Term Loans to exceed the Borrowing Base that would result on such date if
each of the advance rates set forth in the definition of “Borrowing Base” were 95%; 
 (E) FILO Term Loans may not
be repaid or prepaid other than to the extent set forth in clause (C) above and (x) in connection with a termination of all of the Aggregate Commitments and payment in full in cash (or cash collateralization, as applicable) of all
Revolving Credit Advances, Swing Line Loans and L/C Obligations and (y) at any time when the Payment Conditions to make a Restricted Payment are satisfied; 

(F) On and as of the Commitment Increase Effective Date of the proposed Commitment Increase, the following statements shall be
true (and the giving of the applicable Commitment Increase Notice shall constitute a representation and warranty by Lead Borrower that on such Commitment Increase Effective Date such statements are true): 

  
 108 

 (x) The representations and warranties contained in
Section 6.01 are true and correct in all material respects as of such date, as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and except to the extent such representations and warranties are qualified with
“materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall be true and correct in all respects; and 

(y) No event has occurred and is continuing, or would result from such Commitment Increase, which constitutes an Event of
Default or Default; and 
 (z) The Agent shall have received such other approvals, opinions or documents as the Agent may
reasonably request. 
 (vii) Promptly following its receipt of a Commitment Increase Notice in proper form, the Agent shall
deliver copies thereof to each Lender and Issuing Bank. If, and only if, all of the terms, conditions and requirements specified in paragraphs (i) through (v) are satisfied in respect of any proposed Commitment Increase in the form of
Additional Revolving Commitments on and as of the proposed Commitment Increase Effective Date thereof and in the case of each such Assuming Lender, an Assumption Agreement, duly executed by such Assuming Lender, the Agent and the Lead Borrower, has
been received by the Agent, then, as of such Commitment Increase Effective Date and from and after such date, (1) the Revolving Credit Commitments of the Lenders consenting to such Commitment Increase shall be increased by the respective
amounts specified in the Commitment Increase Notice pertaining thereto, (2) references herein to the amounts of the Lenders’ respective Revolving Credit Commitments shall refer to respective amounts giving effect to such Commitment
Increase, and (3) each such Assuming Lender shall be a Lender and an Issuing Bank, if applicable, for all purposes hereof, and the Agent shall record all relevant information with respect to such Assuming Lender and its Revolving Credit
Commitment and, if applicable, with respect to the increased Issuing Commitment of an Issuing Bank in the Register; 
 (viii)
It is understood that no Lender shall have any obligation whatsoever to agree to any request made by Lead Borrower for a Commitment Increase; 

  
 109 

 (ix) As part of such Commitment Increase in the form of Additional Revolving
Commitments, such Lender or Assuming Lender shall purchase assignments in the Revolving Credit Advances and Revolving Credit Commitments of the other Lenders so that after giving effect thereto, the percentage held by each Lender of the Aggregate
Commitments is the same as prior to such Commitment Increase and such Lender or Assuming Lender shall have acquired a ratable participation in all Swing Line Advances as contemplated by Section 2.03(c)). In connection
therewith, on each Commitment Increase Effective Date, (A) each Lender whose Revolving Credit Commitment has been increased (each such Lender being an “Increasing Lender”) shall, before 2:00 p.m. (New York City time) on such
Commitment Increase Effective Date, make available for the account of its Lending Office to the Agent at the address specified in Section 10.02, in same day funds, an amount equal to the excess of (1) such Increasing
Lender’s ratable portion of the Revolving Credit Advances then outstanding (calculated based on its Revolving Credit Commitment as a percentage of the Aggregate Commitments of the Lenders (including each such Assuming Lender) outstanding after
giving effect to the relevant Commitment Increase) over (2) the aggregate principal amount of then outstanding Revolving Credit Advances made by such Increasing Lender and (B) each such Assuming Lender shall before 2:00 p.m. (New York City
time) on such Commitment Increase Effective Date, make available for the account of its Lending Office to the Agent at the address specified in Section 10.02 in same day funds, an amount equal to such Assuming Lender’s
ratable portion of the Revolving Credit Advances then outstanding (calculated based on its Revolving Credit Commitment as a percentage of the Aggregate Commitments of the Lenders (including each such Assuming Lender) outstanding after giving effect
to the relevant Commitment Increase); and 
 (x) As part of such Commitment Increase in the form of Additional Revolving
Commitments, after the Agent’s receipt of such funds from each such Increasing Lender and such Assuming Lender the Agent will promptly cause to be distributed like funds to the other Lenders for the account of their respective Lending Offices
in an amount to each other Lender such that the aggregate amount of the outstanding Revolving Credit Advances owing to each Lender (including each such Assuming Lender) after giving effect to such distribution equals such Lender’s ratable
portion of the Revolving Credit Advances then outstanding (calculated based on its Revolving Credit Commitment as a percentage of the Aggregate Commitments of the Lenders outstanding after giving effect to the relevant Commitment Increase). 

(c) Lead Borrower may at any time, upon at least five Business Days’ prior written notice to the Agent and the Lenders or as part of a
proposed Commitment Increase pursuant to this Section 2.06, designate (i) as an Issuing Bank any Lender that has agreed in writing to act as an Issuing Bank and (ii) the Issuing Commitment of such Lender.
Thereupon, any Lender so designated as an Issuing Bank shall thenceforth issue Letters of Credit on the terms and subject to the conditions herein, and the Agent shall record all relevant information with respect to such Lender as such Issuing Bank
in the Register. 

  
 110 

 (d) Notwithstanding anything to the contrary in this Agreement, each of the parties hereto
hereby agrees that this Agreement shall be amended to the extent necessary to reflect the existence and terms of any Commitment Increases incurred pursuant to this Section 2.06. Any such amendment may be effected in writing
by the Agent and the Loan Parties and furnished to the other parties hereto. 
 Section 2.07 Repayment of Advances.
(a) Each Borrower shall repay in full the principal amount of each Revolving Credit Advance made to it owing to each Lender, together with accrued interest and fees thereon, on the Termination Date. 

(b) Swing Line Advances. The applicable Borrower shall repay the Swing Line Lender and each Lender that has made a Swing Line Advance
for the account of such Borrower, on the earlier of (i) the date that is ten (10) days after the date of such Advance and (ii) the Termination Date, the principal amount of each such Swing Line Advance made to such Borrower by the
Swing Line Lender and each such Lender and outstanding on such date. 
 Section 2.08 Interest on Advances. Each Borrower shall
pay interest on the unpaid principal amount of each Advance made to it by each Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 

(a) Base Rate Loans. If such Advance is a Base Rate Loan, a rate per annum equal at all times to the sum of (x) the Base Rate in
effect from time to time plus (y) the respective Applicable Margin in effect from time to time, payable quarterly in arrears on the first calendar day of each Fiscal Quarter. 

(b) Eurocurrency Rate Loans. If such Advance is a Eurocurrency Rate Loan, a rate per annum equal at all times during each Interest
Period for such Advance to the sum of (x) the Eurocurrency Rate for such Interest Period plus (y) the Applicable Margin in effect from time to time, payable on the last day of such Interest Period and, if such Interest Period has a
duration of more than three months, on each day which occurs during such Interest Period every three months from the first day of such Interest Period. 

(c) Swing Line Advances. If such Advance is a Swing Line Advance, the rate per annum for Base Rate Advances. 

(d) Default Interest. 

(i) If any amount of principal of any Advance is not paid when due, whether at stated maturity, by acceleration or otherwise,
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Requirement of Law. 

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

  
 111 

 (iii) Upon the request of the Majority Lenders or the Agent (or, in the case
of any Event of Default under Section 8.01(e), automatically), while any Event of Default exists, the Lead Borrower or the applicable Borrower shall pay interest on the principal amount of all outstanding Obligations
hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Requirement of Law. 

(iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon
written demand. 
 (e) The applicable Borrower shall pay to each Lender, so long as such Lender shall be required under regulations of the
Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurocurrency Rate Advance of
such Lender, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurocurrency Rate for the Interest Period for such Advance
from (ii) the rate obtained by dividing such Eurocurrency Rate by a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest is payable on
such Advance. Such additional interest shall be reasonable determined by such Lender and notified to the Lead Borrower and the applicable Borrower through the Agent. 

Section 2.09 Interest Rate Determination. (a) The Agent shall give prompt notice to the Lead Borrower, the applicable
Borrower and the Lenders of the applicable interest rate determined by the Agent for purposes of Section 2.08(a) or (b). 

(b) If in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, (i) the Agent determines
that (A) deposits in Dollars are not being offered to banks in the applicable offshore interbank eurodollar market for such currency for the applicable amount and Interest Period of such Eurocurrency Rate Loan, or (B) (x) adequate and
reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or in connection with an existing or proposed Base Rate Loan and (y) the circumstances
described in Section 2.09(d)(i) do not apply (in each case with respect to this clause (i), “Impacted Loans”), or (ii) the Agent or the Majority Lenders determine that for any reason the Eurocurrency
Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurocurrency Rate Loan, the Agent will promptly so notify the Lead Borrower and
each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and (y) in the event of a determination
described in the preceding sentence with respect to the Eurocurrency Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in each case until the Agent (or, in the case
of a determination by the Majority Lenders described in clause (ii) of this Section 2.09(b), until the Agent upon instruction of the Majority Lenders) revokes such notice. Upon receipt of such notice, (i) the
Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans or Interest 

  
 112 

 
Periods) or, failing that, will be deemed to have converted such request into a request for a borrowing of Base Rate Loans in the amount specified therein and (ii) any outstanding affected
Eurocurrency Rate Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. 
 (c)
Notwithstanding the foregoing, if the Agent has made the determination described in clause (i) of Section 2.09(b), the Agent, in consultation with the Lead Borrower and the Majority Lenders, may establish an
alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the Agent revokes the notice delivered with respect to the Impacted Loans under
clause (i) of the first sentence of Section 2.09(b), (ii) the Agent or the Majority Lenders notify the Agent and the Lead Borrower that such alternative interest rate does not adequately and fairly reflect the
cost to such Lenders of funding the Impacted Loans, or (iii) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make,
maintain or fund Advances whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority
of such Lender to do any of the foregoing and provides the Agent and the Lead Borrower written notice thereof. 
 (d) Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Agent determines (which determination shall be conclusive absent manifest error), or the Lead Borrower or Majority Lenders notify the Agent (with, in the case of the
Majority Lenders, a copy to the Lead Borrower) that the Lead Borrower or Majority Lenders (as applicable) have determined, that: 

(i) adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without
limitation, because LIBOR is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

(ii) the administrator of LIBOR or a Governmental Authority having jurisdiction over the Agent has made a public statement
identifying a specific date after which LIBOR shall no longer be made available, or used for determining the interest rate of loans; provided that, at the time of such statement, there is no successor administrator that is reasonably
satisfactory to the Agent that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled Unavailability Date”); 

(iii) the administrator of LIBOR or a Governmental Authority having jurisdiction over such administrator has made a public
statement announcing that all Interest Periods and other tenors of LIBOR are no longer representative; or 
 (iv) syndicated
loans currently being executed, or that include language similar to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 

  
 113 

 then, in the case of clauses (i) - (iii) above, on a date and time
determined by the Agent (any such date, the “LIBOR Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and shall occur reasonably
promptly upon the occurrence of any of the events or circumstances under clauses (i), (ii) or (iii) above and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder and
under any Loan Document with, subject to the proviso below, the first available alternative set forth in the order below for any payment period for interest calculated that can be determined by the Agent, in each case, without any amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document (the “LIBOR Successor Rate”; and any such rate before giving effect to the Related Adjustment, the
“Pre-Adjustment Successor Rate”): 
 (x) Term SOFR plus the
Related Adjustment; and 
 (y) SOFR plus the Related Adjustment; 

and in the case of clause (iv) above, the Lead Borrower and the Agent may amend this Agreement solely for the purpose of
replacing LIBOR under this Agreement and under any other Loan Document in accordance with the definition of “LIBOR Successor Rate” and such amendment will become effective at 5:00 p.m., on the fifth Business Day after the Agent shall have
notified all Lenders and the Lead Borrower of the occurrence of the circumstances described in clause (iv) above unless, prior to such time, Lenders comprising the Majority Lenders have delivered to the Agent written notice that such Majority
Lenders object to the implementation of a LIBOR Successor Rate pursuant to such clause; 
 provided that, if the Agent
determines that Term SOFR has become available, is administratively feasible for the Agent and would have been identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if it had been so
available at the time that the LIBOR Successor Rate then in effect was so identified, and the Agent notifies the Lead Borrower and each Lender of such availability, then from and after the beginning of the Interest Period, relevant interest payment
date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR
Successor Rate shall be Term SOFR plus the relevant Related Adjustment. 
 The Agent will promptly (in one or
more notices) notify the Lead Borrower and each Lender of (x) any occurrence of any of the events, periods or circumstances under clauses (i) through (iii) above, (y) a LIBOR Replacement Date and (z) the LIBOR Successor Rate.

 Any LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent
such market practice is not administratively feasible for the Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Agent. 

  
 114 

 Notwithstanding anything else herein, if at any time any LIBOR Successor
Rate as so determined would otherwise be less than 0.25%, the LIBOR Successor Rate will be deemed to be 0.25% for the purposes of this Agreement and the other Loan Documents. 

In connection with the implementation of a LIBOR Successor Rate, the Agent will have the right to make LIBOR Successor Rate
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any further action or
consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Agent shall post each such amendment implementing such LIBOR Successor Rate Conforming Changes to the Lead Borrower and the Lenders
reasonably promptly after such amendment becomes effective. 
 If the events or circumstances of the type described in
Section 2.09(d)(i)-(ii) have occurred with respect to the LIBOR Successor Rate then in effect, then the successor rate thereto shall be determined in accordance with the definition of “LIBOR Successor Rate.” 

(e) Notwithstanding anything to the contrary herein, (i) after any such determination by the Agent or receipt by the Agent of any such
notice described under Section 2.09(d)(i)-(ii), as applicable, if the Agent determines that none of the LIBOR Successor Rates is available on or prior to the LIBOR Replacement Date, (ii) if the events or circumstances
described in Section 2.09(d)(iii) have occurred but none of the LIBOR Successor Rates is available, or (iii) if the events or circumstances of the type described in
Section 2.09(d)(i)-(ii) have occurred with respect to the LIBOR Successor Rate then in effect and the Agent determines that none of the LIBOR Successor Rates is available, then in each case, the Agent and the Lead Borrower
may amend this Agreement solely for the purpose of replacing LIBOR or any then current LIBOR Successor Rate in accordance with this Section 2.09 at the end of any Interest Period, relevant interest payment date or payment
period for interest calculated, as applicable, with another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative
benchmarks and, in each case, including any Related Adjustments and any other mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated
credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Agent from time to time in its reasonable discretion and may be periodically updated.
For the avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR Successor Rate. Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Agent shall have posted such proposed amendment to
all Lenders and the Lead Borrower unless, prior to such time, Lenders comprising the Majority Lenders have delivered to the Agent written notice that such Majority Lenders object to such amendment. 

(f) [Reserved]. 

  
 115 

 (g) If, at the end of any Interest Period, relevant interest payment date or payment period
for interest calculated, no LIBOR Successor Rate has been determined in accordance with clause (d) or (e) of this Section 2.09 and the circumstances under clauses (d)(i) above exist or the Scheduled
Unavailability Date has occurred (as applicable), the Agent will promptly so notify the Lead Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of
the affected Eurodollar Rate Loans, Interest Periods, interest payment dates or payment periods), and (y) the Eurodollar Rate component shall no longer be utilized in determining the Base Rate, until the LIBOR Successor Rate has been determined
in accordance with clause (d) or (e). Upon receipt of such notice, the Lead Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans,
Interest Periods, interest payment dates or payment periods) or, failing that, will be deemed to have converted such request into a request for a borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein 

(h) [Reserved]. 
 (i) Upon the
occurrence and during the continuance of any Event of Default, (i) each Eurocurrency Rate Advance will automatically, on the last day of the then existing Interest Period therefor, convert into a Base Rate Advance and (ii) the obligations
of the Lenders to make, or to convert Advances into, Eurocurrency Rate Loans will be suspended. 
 (j) All computations of interest for Base
Rate Advances (including Base Rate Advances determined by reference to the Eurocurrency Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be
made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day
year). Interest shall accrue on each Advance for the day on which the Advance is made, and shall not accrue on an Advance, or any portion thereof, for the day on which the Advance or such portion is paid; provided that any Advance that is
repaid on the same day on which it is made shall, subject to Section 4.01(a), bear interest for one day. Each determination by the Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error. For the purposes of the Interest Act (Canada), the yearly rate of interest to which any rate calculated on the basis of a period of time different from the actual number of days in the year (360 days, for example) is
equivalent is the stated rate multiplied by the actual number of days in the year (365 or 366, as applicable) and divided by the number of days in the shorter period (360 days, in the example), and the Canadian Guarantors acknowledge that there is a
material distinction between the nominal and effective rates of interest and that they are capable of making the calculations necessary to compare such rates and that the calculations herein are to be made using the nominal rate method and not on
any basis that gives effect to the principle of deemed reinvestment of interest. 

  
 116 

 Section 2.10 Prepayments of Advances. 

(a) Optional. (i) Any Borrower may, upon notice to the Agent, at any time or from time to time voluntarily prepay Advances made to
it in whole or in part without premium or penalty; provided that (A) such notice must be in a form acceptable to the Agent and received by the Agent not later than 11:00 a.m. (x) three Business Days prior to any date of prepayment
of Eurocurrency Rate Advances, and (y) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurocurrency Rate Advances shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof or, if
less, the entire principal amount thereof then outstanding; and (C) any prepayment of Base Rate Advances shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof or, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Advances to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Advances. The Agent will
promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Commitment Percentage of the relevant Facility). If such notice is given by any
Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided that such notice of prepayment may state that such prepayment is conditioned
upon the availability of other financing or the consummation of a transaction constituting a Change in Control, in which case such notice may be revoked by the applicable Borrower (by notice to the Agent prior to the specified date of such
prepayment) if such condition is not satisfied (it being understood that any revocation by a Borrower of a notice of prepayment shall entitle the Lenders to any amounts as set forth in Section 10.04(b)). Any prepayment of a
Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 10.04(b). Each such prepayment shall be paid to the Lenders in accordance with
their respective Commitment Percentages. 
 (ii) Any Borrower may, upon notice to the applicable Swing Line Lender (with a
copy to the Agent), at any time or from time to time, voluntarily prepay Swing Line Advances made to it in whole or in part without premium or penalty; provided that (A) such notice must be received by the Swing Line Lender and the Agent
not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal amount of $500,000 or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date
and amount of such prepayment. If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 

(b) Mandatory. (i) If for any reason the Total Revolving Credit Outstandings exceed the Loan Cap as then in effect, the Borrowers
shall promptly (and in any event, within one (1) Business Day) prepay, or cause to be repaid, Revolving Credit Advances, Swing Line Advances and/or Unreimbursed Amounts and/or Cash Collateralize the L/C Obligations in an aggregate amount equal
to such excess; provided, however, that, the Lead Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.10(b) unless after the prepayment in full of the Revolving
Credit Advances, Swing Line Advances and Unreimbursed Amounts the Total Revolving Credit Outstandings exceed the Loan Cap as then in effect. Upon notice by Lead Borrower to the Agent, the Agent shall release any Cash Collateral to the Lead Borrower
to the extent that, after such a release, the Total Revolving Credit Outstandings at such time shall not exceed the Loan Cap. 

(ii) [Reserved]. 

  
 117 

 (iii) Prepayments of the Revolving Credit Facility by any Borrower made
pursuant to this Section 2.10(b), first, shall be applied ratably to the Unreimbursed Amounts and the Swing Line Advances owing by such Borrower, second, shall be applied ratably to the outstanding Revolving
Credit Advances owing by such Borrower, and, third, shall be used to ratably Cash Collateralize the remaining L/C Obligations of such Borrower. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash
Collateral shall be applied (without any further action by or notice to or from the Lead Borrower or any other Loan Party) to reimburse the applicable Issuing Bank or the Lenders, as applicable 

Section 2.11 Increased Costs. (a) If, at any time after the date of this Agreement, any change in any Laws (a “Change
in Law”) shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender Party (except any reserve requirement included in the Eurocurrency Rate Reserve Percentage); 

(ii) subject any Lender Party to any Tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any
participation in a Letter of Credit or any Eurocurrency Rate Loan made by it, or change the basis of taxation of payments to such Lender Party in respect thereof (except for (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (e) of the definition of Excluded Taxes and (C) Connection Income Taxes); or 
 (iii) impose on any
Lender Party or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Eurocurrency Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Advance (or of
maintaining its obligation to make any such Advance), or to increase the cost to such Lender Party of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender Party hereunder (whether of principal, interest or any other amount) then, the Lead Borrower shall from time to time, upon written demand by such Lender Party (with a
copy of such written demand to the Agent), pay to the Agent for the account of such Lender Party additional amounts sufficient to compensate such Lender Party for such increased cost. A certificate as to the amount of such increased cost setting
forth the basis for the calculation of such increased costs, submitted to the Lead Borrower and the Agent by such Lender Party, shall be conclusive and binding for all purposes, absent manifest error. 

  
 118 

 (b) If, at any time after the date of this Agreement, any Lender Party determines that
compliance with any law or regulation or any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required or expected to be
maintained by such Lender Party or any corporation controlling such Lender Party and that the amount of such capital or liquidity is increased by or based upon the existence of such Lender Party’s commitment to lend hereunder and other
commitments of this type or the issuance of (or commitment to purchase of participations in) the Letters of Credit (or similar contingent obligations), then, upon written demand by such Lender Party (with a copy of such written demand to the Agent),
the Lead Borrower shall immediately pay to the Agent for the account of such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to compensate such Lender Party or such corporation in the light of such
circumstances, to the extent that such Lender Party reasonably determines such increase in capital or liquidity to be allocable to the existence of such Lender Party’s commitment hereunder. A certificate as to such amounts submitted to the Lead
Borrower and the Agent by such Lender Party and setting forth the basis for the calculation of such amount shall be conclusive and binding for all purposes, absent manifest error. 

(c) Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

(d) Without affecting its rights under Sections 2.11(a) or 2.10(b) or any other provision of this Agreement, each Lender Party
agrees that if there is any increase in any cost to or reduction in any amount receivable by such Lender Party with respect to which the Lead Borrower would be obligated to compensate such Lender Party pursuant to Sections 2.11(a) or
2.11(b), such Lender Party shall use reasonable efforts to select an alternative issuing office or Lending Office which would not result in any such increase in any cost to or reduction in any amount receivable by such Lender Party;
provided, however, that no Lender Party shall be obligated to select an alternative issuing office or Lending Office if such Lender Party determines that (i) as a result of such selection such Lender Party would be in violation of
any applicable Law, regulation, treaty, or guideline, or would incur additional costs or expenses or (ii) such selection would be inadvisable for regulatory reasons or inconsistent with the interests of such Lender Party. 

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

  
 119 

 (f) Without prejudice to the survival of any other agreement of the Lead Borrower hereunder,
the agreements and obligations of the Lead Borrower contained in this Section 2.11 shall survive the payment in full (after the Termination Date) of all Obligations. 

Section 2.12 Illegality. (a) Notwithstanding any other provision of this Agreement, if any Lender shall notify the Agent that
the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful or impossible, or any central bank or other Governmental Authority asserts that it is unlawful, for any Lender or its Lending Office to perform
any of its obligations hereunder or make, maintain or fund or change interest with respect to any Credit Extension or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the applicable interbank market, then, on notice thereof by such Lender to the Lead Borrower through the Agent, (i) any obligation of such
Lender to issue, make, maintain, fund or charge interest with respect to any such Credit Extension or to make or continue Eurocurrency Rate Advances or to convert Base Rate Advances to Eurocurrency Rate Advances, shall be suspended, and
(ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Advances the interest rate on which is determined by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on which Base
Rate Advances of such Lender shall, if necessary to avoid such illegality, be determined by the Agent without reference to the Eurocurrency Rate component of the Base Rate. Upon receipt of such notice, (x) the Borrowers shall, within
five (5) Business Days after written demand from such Lender (with a copy to the Agent), prepay or convert all Eurocurrency Rate Advances of such Lender to Base Rate Advances (the interest rate on which Base Rate Advances of such Lender shall,
if necessary to avoid such illegality, be determined by the Agent without reference to the Eurocurrency Rate component of the Base Rate) either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such
Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based
upon the Eurocurrency Rate, the Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurocurrency Rate component thereof, in each case, until the Agent is advised in writing by
such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or
converted. 
 (b) Without affecting its rights under Section 2.11(a) or under any other provision of this
Agreement, each Lender agrees that if it becomes unlawful or impossible for such Lender to make, maintain or fund its Eurocurrency Rate Loans as contemplated by this Agreement, such Lender shall use reasonable efforts to select an alternative
Lending Office from which such Lender may maintain and give effect to its obligations under this Agreement with respect to making, funding and maintaining such Eurocurrency Rate Loans; provided, however, that no Lender shall be
obligated to select an alternative Lending Office if such Lender determines that (i) as a result of such selection such Lender would be in violation of any applicable Law, regulation, or treaty, or would incur additional costs or expenses or
(ii) such selection would be inadvisable for regulatory reasons or inconsistent with the interests of such Lender. 

  
 120 

 Section 2.13 Cash Collateral. (a) Certain Credit Support Events.
Upon the request of the Agent or any Issuing Bank if, as of the Letter of Credit Expiration Date, any L/C Obligation in respect of Letters of Credit issued by such Issuing Bank for any reason remains outstanding, the Lead Borrower shall immediately
Cash Collateralize, or cause to be Cash Collateralized, the then Outstanding Amount of all such L/C Obligations at 103% of the face amount of such L/C Obligations. At any time that there shall exist a Defaulting Lender and the aggregate unused
Revolving Credit Commitments of the non-defaulting Lenders after taking into account the aggregate Outstanding Amount of the Revolving Credit Advances is insufficient to cover all Fronting Exposure,
immediately upon the request of the Agent, any Issuing Bank or the Swing Line Lender, the Lead Borrower shall deliver, or cause to be delivered, to the Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect
to Section 2.14(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 
 (b) Grant of Security
Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at the Agent (which Cash Collateral
may, at the direction and sole risk of the Lead Borrower, be invested in Cash Equivalents that are pledged to the Agent). Each Loan Party, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the
Agent, for the benefit of the Agent and the Lender Parties (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided
as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.13(c). If at any time the Agent determines that
Cash Collateral is subject to any right or claim of any Person other than the Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Lead
Borrower or the relevant Defaulting Lender will, promptly upon demand by the Agent, pay or provide or, in the case of the Lead Borrower, cause to be paid or provided, to the Agent additional Cash Collateral in an amount sufficient to eliminate such
deficiency. 
 (c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
any of this Section 2.13 or Sections 2.03, 2.04, 2.10 or 8.01 in respect of Letters of Credit or Swing Line Advances shall be held and applied to the satisfaction of the specific L/C Obligations,
Swing Line Advances, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to
any other application of such property as may be provided for herein. 
 (d) Release. Cash Collateral (or the appropriate portion
thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting
Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.07(b)(vi))) or (ii) the Agent’s 

  
 121 

 
good faith determination that there exists excess Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released
during the continuance of a Default under Section 8.01(a) or (e) or an Event of Default (and following application as provided in this Section 2.13 may be otherwise applied in accordance with
Section 8.01), and (y) the Person providing Cash Collateral and the applicable Issuing Bank or Swing Line Lender may agree that Cash Collateral shall not be released but instead held to support future anticipated
Fronting Exposure or other obligations. 
 Section 2.14 Defaulting Lenders. (a) Adjustments. Notwithstanding
anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirement of Law: 

(b) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Majority Lenders. 
 (c) Reallocation of Payments. Any payment
of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and including any amounts made available to the
Agent by that Defaulting Lender pursuant to Section 10.08), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to
the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to any Issuing Bank or Swing Line Lender hereunder; third, if so determined by the Agent or requested by any Issuing Bank or
Swing Line Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Advance or Letter of Credit; fourth, as the Lead Borrower may request (so long as no Default or
Event of Default exists), to the funding of any Advance in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the
Lead Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Advances under this Agreement; sixth, to the payment of
any amounts owing to the Lender Parties as a result of any judgment of a court of competent jurisdiction obtained by any Lender Party against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this
Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to any Loan Party as a result of any judgment of a court of competent jurisdiction obtained by such Loan Party against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Advances or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Advances or L/C Borrowings were made at a time when the conditions
set forth in Section 5.03 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata
basis prior to being applied to the payment of any Advances of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section 2.14(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

  
 122 

 (i) Certain Fees. That Defaulting Lender (x) shall
be entitled to receive any commitment fee pursuant to Section 2.05(a) for any period during which that Lender is a Defaulting Lender only to extent allocable to its Commitment Percentage of the stated amount of Letters
of Credit and Swing Line Advances for which it has provided Cash Collateral pursuant to Section 2.03, Section 2.04, Section 2.13, or
Section 2.14(a)(ii), as applicable (and Borrowers shall (A) be required to pay to each of the Issuing Banks and the Swing Line Lender, as applicable, the amount of such fee allocable to its Fronting Exposure arising
from that Defaulting Lender and (B) not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its right to receive Letter of
Credit Fees as provided in Section 2.04(h). 
 (ii) Reallocation of Commitment Percentages to
Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit or Swing Line Advances pursuant to Sections 2.03 and 2.04, the “Commitment Percentage” of each non-Defaulting Lender shall be computed without giving
effect to the Commitment of that Defaulting Lender; provided, that the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line
Advances shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Revolving Credit Advances of
that Lender. Subject to Section 10.22, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following such reallocation. 

(iii) Cash Collateral, Repayment of Swing Line Advances. To the extent the reallocation described in clause
(a)(iv) above cannot, or can only partially, be effected, the Lead Borrower shall to such extent, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Advances in an amount
equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks’ Fronting Exposure in accordance with the procedures set forth in Section 2.13. 

(d) Defaulting Lender Cure. If the Lead Borrower, the Agent, the Swing Line Lender and the Issuing Banks agree in writing in their sole
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any Cash Collateral), that 

  
 123 

 
Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the
Revolving Credit Advances and funded and unfunded participations in Letters of Credit and Swing Line Advances to be held on a pro rata basis by the Lenders in accordance with their Commitment Percentages (without giving effect to
Section 2.14(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of any Loan
Party while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or
release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 Section 2.15
Designated Borrowers. 
 (a) The Lead Borrower may at any time, and from time to time on or after the Effective Date, upon not
less than 10 Business Days’ written notice from the Lead Borrower to the Agent (or such shorter period as may be agreed by the Agent in its sole discretion, without any requirement for Lender consent), designate any of Holdings’ Wholly
Owned Subsidiaries that is a Domestic Subsidiary and a Loan Party as a “Designated Borrower” for purposes of this Agreement, and such Wholly Owned Subsidiary that is a Domestic Subsidiary and a Loan Party shall thereupon become a
“Designated Borrower” for purposes of this Agreement and, as such, shall have all of the rights, privileges and obligations of a Borrower hereunder, provided (x) it has executed and delivered to the Agent a Designated Borrower Joinder
Agreement and (y) it has delivered to each Lender any documentation and other information with respect to such Designated Borrower required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including, without limitation, the USA Patriot Act, the Beneficial Ownership Regulation and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) reasonably requested by the Agent or any Lender, and
each Lender shall have confirmed satisfaction with such documentation (such confirmation not to be unreasonably withheld, conditioned or delayed). The Agent shall promptly notify each Lender, each Issuing Bank and the Swing Line Lender of each such
designation by the Lead Borrower and the identity of the respective Wholly Domestic Subsidiary that is a Domestic Subsidiary and a Loan Party. 

(b) Upon the payment and performance in full of all of the Obligations under this Agreement of any Designated Borrower in its capacity as such
(other than any contingent indemnification obligations for which no claim has been made and the Outstanding Amount of all L/C Obligations with respect to Letters of Credit (if any) issued for the account of such Designated Borrower that have been
Cash Collateralized), such Designated Borrower’s status as a “Designated Borrower” (but not its status as a Guarantor unless released in accordance with Section 3.09) shall terminate automatically upon written notice by the Lead
Borrower to the Agent (which written notice the Agent shall give promptly to each Lender, each Issuing Bank and the Swing Line Lender). Thereafter, the Lenders shall be under no further obligation to make any Advance to, or issue any Letter of
Credit for the account of, such former Designated Borrower until such time, if ever, as it has been re-designated a Designated Borrower by the Lead Borrower. 

  
 124 

 ARTICLE III 

GUARANTY 

Section 3.01 Guaranty. 

(a) Each Loan Party hereby agrees that such Loan Party is jointly and severally liable for, and hereby absolutely and unconditionally
guarantees to the Agent, Lenders, Hedge Banks, Supply Chain Banks or Cash Management Banks, the other Secured Parties and their respective successors and assigns, the full and prompt payment (whether at stated maturity, by acceleration or otherwise)
and performance of, all Obligations owed or hereafter owing to the Agent and Secured Parties by each other Loan Party (and Subsidiaries, in the case of Obligations under Secured Hedge Agreements, Secured Supply Chain Financing and Bank Product
Documents). Each Loan Party agrees that its guaranty obligation hereunder is a continuing guaranty of payment and performance and not of collection, that its obligations under this Article III shall not be discharged (subject to
Section 3.09) until the Release Date, and that its obligations under this Article III shall be absolute and unconditional, irrespective of, and unaffected by, 

(i) the genuineness, validity, regularity, enforceability or any future amendment of, or change in, this Agreement, any other
Loan Document, Secured Hedge Agreement, Secured Supply Chain Financing or Bank Product Document or any other agreement, document or instrument to which any Loan Party is or may become a party; 

(ii) the absence of any action to enforce this Agreement (including this Article III) or any other Loan Document,
Secured Hedge Agreement, Secured Supply Chain Financing or Bank Product Document or the waiver or consent by the Agent and Lenders, Hedge Banks, Supply Chain Banks or Cash Management Banks, as applicable, with respect to any of the provisions
thereof; 
 (iii) the existence, value or condition of, or failure to perfect its Lien against, any security for the
Obligations or any action, or the absence of any action, by the Agent and Lenders, Hedge Banks, Supply Chain Banks or Cash Management Banks in respect thereof (including the release of any such security); 

(iv) the insolvency of any Loan Party; 

(v) any amendment, alteration, novation or variation in any manner and to any extent (and irrespective of the effect of the
same on any Guarantor) of any of the Obligations, any liabilities and obligations of any surety, and any security of any one or more of the Secured Parties’ arrangements with the Loan Parties or any other Person; or 

(vi) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety
or guarantor. 

  
 125 

 The guaranty provided in this Article III shall continue to be
effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by any Swing Line Lender, any Issuing Bank, any Lender or other Secured Party, respectively, upon the
insolvency, bankruptcy or reorganization of a Loan Party or otherwise, all as though such payment had not been made. 
 (b) Each Loan Party
shall be regarded, and shall be in the same position, as principal debtor with respect to the Obligations guarantied hereunder. Each Loan Party expressly represents and acknowledges that it is part of a common enterprise with the other Loan Parties
and that any financial accommodations by Lenders, Hedge Banks, Supply Chain Banks or Cash Management Banks or any of them, to any other Loan Party (or any Subsidiary) hereunder and under the other Loan Documents, Secured Hedge Agreements, Secured
Supply Chain Financings or Bank Product Documents are and will be of direct and indirect interest, benefit and advantage to all Loan Parties. 

Section 3.02 Waivers by Loan Parties. Each Loan Party expressly waives, to the extent permitted by law, all rights it may have now
or in the future under any statute, or at common law, or at law or in equity, or otherwise, to compel the Agent or any other Secured Party to marshal assets or to proceed in respect of the Obligations guarantied hereunder against any other Loan
Party, any other party or against any security for the payment and performance of the Obligations before proceeding against, or as a condition to proceeding against, such Loan Party. It is agreed among each Loan Party, the Agent, the Issuing Banks,
Lenders and other Secured Parties that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Article III and such waivers, the Agent,
the Issuing Banks, Lenders and other Secured Parties would decline to enter into this Agreement. Each Loan Party expressly waives diligence, presentment and demand (whether for non-payment or protest or of
acceptance, maturity, extension of time, change in nature or form of the Obligations, acceptance of further security, release of further security, composition or agreement arrived at as to the amount of, or the terms of, the Obligations, notice of
adverse change in any Loan Party’s financial condition or any other fact which might increase the risk to another Loan Party). 

Section 3.03 Benefit of Guaranty; Stay of Acceleration. Each Loan Party agrees that the provisions of this Article
III are for the benefit of the Secured Parties and their respective successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any other Loan Party and the Agent or any other Secured Party, the
obligations of such other Loan Party under the Loan Documents, Secured Hedge Agreements, Secured Supply Chain Financings or Bank Product Documents. 

Section 3.04 Subordination of Subrogation, Etc. Notwithstanding anything to the contrary in this Agreement or in any other Loan
Document, and except as set forth in Section 3.07, each Loan Party hereby expressly and irrevocably subordinates to payment of the Obligations any and all rights at law or in equity to subrogation, reimbursement,
exoneration, contribution, indemnification or set off and any and all defenses available to a surety, guarantor or accommodation co-obligor until the Release Date. Each Loan Party acknowledges and agrees that
this subordination is intended to benefit the Agent and the other Secured Parties and shall 

  
 126 

 
not limit or otherwise affect such Loan Party’s liability hereunder or the enforceability of this Article III, and that the Agent, the other Secured Parties and their respective
successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 3.04. 

Section 3.05 [Reserved]. 

Section 3.06 Limitation. Notwithstanding any provision herein contained to the contrary, each Loan Party’s liability under
this Article III shall be limited to an amount not to exceed as of any date of determination the greater of: 
 (a) the amount of all
Advances advanced to (and L/C Obligations incurred on behalf of) the Borrowers and; 
 (b) the amount that could be claimed by the Agent and
the other Secured Parties from such Loan Party under this Article III without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer
Act, Uniform Fraudulent Conveyance Act or similar foreign or domestic statute or common law after taking into account, among other things, such Loan Party’s right of contribution and indemnification from each other Loan Party under
Section 3.07. 
 Section 3.07 Contribution with Respect to Guaranty Obligations. 

(a) To the extent that any Loan Party shall make a payment under this Article III of all or any of the Obligations (other than
(i) Advances made to a Borrower for which it is primarily liable and (ii) the Obligations of such Loan Party as a counterparty under any Secured Hedge Agreement or direct obligor under any Bank Product Document or Secured Supply Chain
Financing) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Party, exceeds the amount that such Loan Party would otherwise have paid if each Loan
Party had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion that such Loan Party’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the
aggregate Allocable Amounts of each Loan Party as determined immediately prior to the making of such Guarantor Payment, then, following the Release Date, such Loan Party shall be entitled to receive contribution and indemnification payments from,
and be reimbursed by, each other Loan Party for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

(b) As of any date of determination, the “Allocable Amount” of any Loan Party shall be equal to the maximum amount of the
claim that could then be recovered from such Loan Party under this Article III without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent
Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c) This Section 3.07 is
intended only to define the relative rights of the Loan Parties and nothing set forth in this Section 3.07 is intended to or shall impair the obligations of the Loan Parties, jointly and severally, to pay any amounts as and
when the same shall become due and payable in accordance with the terms of, and subject to the limitations contained in, this 

  
 127 

 
Agreement, including Section 3.01. Nothing contained in this Section 3.07 shall limit the liability of any Borrower to pay the Advances made
directly or indirectly to that Borrower and accrued interest, fees and expenses with respect thereto for which such Borrower shall be primarily liable. 

(d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Loan Parties to
which such contribution and indemnification is owing. 
 (e) The rights of the indemnifying Loan Parties against other Loan Parties under
this Section 3.07 shall be exercisable upon the Release Date. 
 Section 3.08 Liability Cumulative.
The liability of each Loan Party under this Section 3.08 is in addition to and shall be cumulative with all liabilities of such Loan Party to the Agent and Lenders under this Agreement and the other Loan Documents to which
such Loan Party is a party or in respect of any Obligations or obligation of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the
contrary. 
 Section 3.09 Release of Borrowers and Guarantors. The Obligations of any Loan Party (other than Lead Borrower and
Holdings) shall automatically terminate and be of no further force or effect and such Loan Party shall be automatically released from all obligations under this Agreement and all Loan Documents upon: 

(a) the sale, disposition, exchange or other transfer (including through merger, consolidation amalgamation or otherwise) of the Capital Stock
(including any sale, disposition or other transfer following which the applicable Loan Party is no longer a Restricted Subsidiary) of the applicable Loan Party to a Person that is not a Loan Party if such sale, disposition, exchange or other
transfer is made in a manner not in violation of this Agreement and for a bona fide business purpose other than causing the release of such Guaranty; 

(b) the designation of such Loan Party as an Unrestricted Subsidiary in accordance with the provisions of the definition of “Unrestricted
Subsidiary”; 
 (c) such Subsidiary becomes an Excluded Subsidiary (as evidenced by a notice in writing from an Officer of Lead
Borrower); or 
 (d) the Release Date. 

ARTICLE IV 
 PAYMENTS,
TAXES, EXTENSIONS, ETC. 
 Section 4.01 Payments Generally; Agent’s Clawback. (a) General. All
payments to be made by any Loan Party shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by any Loan Party hereunder shall be made to the
Agent, for the account of the respective Lenders to which such payment is owed, at the Agent’s Office and in Same Day Funds not later than 2:00 

  
 128 

 
p.m. on the date specified herein. The Agent will promptly distribute to each Lender its Commitment Percentage in respect of the relevant Facility (or other applicable share as provided herein)
of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue. If any payment to be made by any Loan Party shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be included in computing interest or fees,
as the case may be. 
 (b) Funding by Lenders; Presumption by Agent. Unless the Agent shall have received notice from a Lender prior
to the proposed date of any Borrowing that such Lender will not make available to the Agent such Lender’s share of such Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with
Section 2.02 and may, in reliance upon such assumption, make available to the applicable Loan Party a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to
the Agent, then the applicable Lender and the applicable Loan Party severally agree to pay to the Agent forthwith on written demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such
amount is made available to such Loan Party to but excluding the date of payment to the Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate and (B) in the case of a payment to be made by a Loan Party, the
interest rate applicable to Base Rate Advances. If the applicable Loan Party and such Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to such Loan Party the amount of such interest
paid by such Loan Party for such period. If such Lender pays its share of the applicable Borrowing to the Agent, then the amount so paid shall constitute such Lender’s Advance included in such Borrowing. Any payment by a Loan Party shall be
without prejudice to any claim such Loan Party may have against a Lender that shall have failed to make such payment to the Agent. 
 (c)
Payments by Borrowers; Presumptions by Agent. Unless the Agent shall have received notice from the applicable Loan Party prior to the time at which any payment is due to the Agent for the account of the Lender Parties hereunder that such Loan
Party will not make such payment, the Agent may assume that such Loan Party has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the Issuing Banks, as the case
may be, the amount due. In such event, if the applicable Loan Party has not in fact made such payment, then each of the Appropriate Lenders or Issuing Banks, as the case may be, severally agrees to repay to the Agent forthwith on demand the amount
so distributed to such Lender Party, in Same Day Funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at the Overnight Rate. 

A notice of the Agent to any Lender or the applicable Loan Party with respect to any amount owing under this subsection (c) shall be
conclusive, absent manifest error. 
 (d) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Agent funds
for any Advance to be made by such Lender to any Loan Party as provided in the foregoing provisions of this Article IV, and such funds are not made available to such Loan 

  
 129 

 
Party by the Agent because the conditions to the applicable Credit Extension set forth in Article V are not satisfied or waived in accordance with the terms hereof, the Agent shall return
such funds (in like funds as received from such Lender) to such Lender, without interest. 
 (e) Obligations of Lenders Several. The
obligations of the Lenders hereunder to make Advances, to fund participations in Letters of Credit and Swing Line Advances and to make payments pursuant to Section 10.04(d) are several and not joint. The failure of any
Lender to make any Advance, to fund any such participation or to make any payment under Section 10.04(d) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such
date, and no Lender shall be responsible for the failure of any other Lender to so make its Advance, to purchase its participation or to make its payment under Section 10.04(d). 

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

Section 4.02 Taxes. (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) For purposes of this Section 4.02, the term “Lender” includes the Swing Line Lender and
any Issuing Bank. 
 (ii) All payments by or on account of any obligation of any Loan Party under any Loan Document shall be
made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the applicable withholding agent) require the deduction or withholding of any Tax in
respect of any such payment by any Loan Party, then (A) the applicable withholding agent shall withhold or make such deductions as are determined by it to be required, (B) the applicable withholding agent shall timely pay the full amount
withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be
increased as necessary so that after any required withholding or deductions have been made (including any withholding or deductions in respect of Indemnified Taxes applicable to additional sums payable under this
Section 4.02) the applicable Lender (or, in the case of any payment made to the Agent for its own account, the Agent) receives an amount equal to the sum it would have received had no such withholding or deduction been
made. 
 (b) Payment of Other Taxes by the Lead Borrower. Without limiting the provisions of subsection (a) above, the Lead
Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable Laws, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes. 

  
 130 

 (c) Tax Indemnification. Each of the Loan Parties shall, and does hereby agree to,
jointly and severally indemnify each Recipient, and shall make payment in respect thereof within 10 Business Days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable by such Loan Party under this Section 4.02) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with
respect thereto, regardless of whether such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Lead Borrower by a
Lender Party (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority as provided in
this Section 4.02, the Lead Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report
such payment or other evidence of such payment reasonably satisfactory to the Agent. 
 (e) Status of Lenders; Tax Documentation. 

(i) In addition to the requirement set forth in subsection (iii) below, any Lender that is entitled to an exemption from
or reduction of withholding tax with respect to any payments made under any Loan Document shall deliver to the Lead Borrower and the Agent, at the time or times reasonably requested by the Lead Borrower or the Agent, such properly completed and
executed documentation reasonably requested by the Lead Borrower or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition to the requirements set forth in the preceding sentence and
subsection (iii) below, any Lender, if reasonably requested by the Lead Borrower or the Agent, shall deliver such other documentation prescribed by applicable Laws or reasonably requested by the Lead Borrower or the Agent as will enable the
Lead Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements and shall otherwise cooperate with the Lead Borrower and the Agent to minimize the amount payable by any Loan
Party pursuant to this Section 4.02. 
 (ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a United States Person shall deliver to the Lead Borrower and the Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Lead Borrower or the Agent), two properly completed and duly executed originals of IRS Form
W-9 certifying that such Lender is exempt from United States federal backup withholding tax; 

  
 131 

 (B) any Foreign Lender shall, to the extent it is legally eligible to do
so, deliver to the Lead Borrower and the Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Lead Borrower or the Agent), two properly
completed and duly executed originals of whichever of the following is applicable: 
 (1) in the case of a Foreign Lender
claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, IRS Form
W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, United States federal withholding tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or
W-8BEN, as applicable) establishing an exemption from, or reduction of, United States federal withholding tax pursuant to the “business profits” or “other income” article of such tax
treaty; 
 (2) IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) or
871(h) of the Code, (x) a properly completed and duly executed certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code, and that no payments to be made to such Foreign Lender under any Loan Document will be effectively connected with its conduct of a U.S. trade or business (a “United States Tax Compliance Certificate”)
and (y) IRS Form W-8BEN-E (or W-8BEN, as applicable); or 

(4) to the extent a Foreign Lender is not the beneficial owner (e.g., where the Foreign Lender is a partnership or a
participating Lender), IRS Form W-8IMY, accompanied by copies of IRS Form W-8ECI, IRS Form
W-8BEN-E (or W-8BEN, as applicable), a properly completed and duly executed United States Tax Compliance Certificate
substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable; provided that if the Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender
may provide a United States Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of such direct and indirect partner(s); 

  
 132 

 (C) any Foreign Lender shall, to the extent it is legally eligible to do
so, deliver to the Lead Borrower and the Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Lead Borrower or the Agent), two properly
completed and duly executed originals of any other documentation prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States Federal withholding tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable Laws to permit the Lead Borrower or the Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Lead Borrower and the Agent at the
time or times prescribed by applicable Laws and at such time or times reasonably requested by the Lead Borrower or the Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and
such additional documentation reasonably requested by the Lead Borrower or the Agent as may be necessary for the Lead Borrower and the Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 (iii) Each Lender agrees that if any documentation it previously delivered pursuant to this
Section 4.02 expires or becomes obsolete or inaccurate in any respect, it shall promptly update such documentation or promptly notify the Lead Borrower and the Agent in writing of its legal ineligibility to do so. 

(iv) Notwithstanding anything to the contrary in this Section 4.02(e), no Lender shall be required to
deliver any documentation that such Lender is not legally eligible to deliver. 

  
 133 

 (v) Each Lender hereby authorizes the Agent to deliver to the Lead Borrower
and to any successor Agent any documentation provided by such Lender to the Agent pursuant to this Section 4.02(e). 

(f) Treatment of Certain Tax Refunds. If any Recipient determines, in its sole discretion exercised in good faith, that it has received
a refund (whether such refund is received in cash or applied against any other tax liability) of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this
Section 4.02, it shall pay to the applicable Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this
Section 4.02 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such
Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the applicable Loan Party, upon the request of the Recipient, shall repay the amount paid over to
such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the applicable Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or
additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any
Loan Party or any other Person. 
 (g) Each Lender claiming any additional amounts payable pursuant to this
Section 4.02 shall take all reasonable actions requested by the Lead Borrower to minimize the amount payable by any Loan Party pursuant to this Section 4.02; provided, that such actions
would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender and that no Lender shall be obliged to disclose to any Loan Party any information regarding its tax affairs or tax
computations or to reorder its tax affairs or tax planning pursuant thereto. 
 (h) Survival. Each party’s obligations under this
Section 4.02 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender Party, the termination of the Commitments and the repayment, satisfaction or discharge
of all other Obligations. 
 (i) For purposes of this Section 4.02, the term “Lender” includes any
Issuing and any Swing Line Lender. 
 Section 4.03 Sharing of Payments by Lenders. If any Lender shall, by exercising any right
of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Revolving Credit Advances made by it, or the participations in L/C Obligations or in Swing Line Advances held by it resulting in such
Lender’s receiving payment of a proportion of the aggregate amount of such Revolving Credit Advances or participations and 

  
 134 

 
accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Agent of such fact, and
(b) purchase (for cash at face value) participations in the Revolving Credit Advances and subparticipations in L/C Obligations and Swing Line Advances of the other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Credit Advances and other amounts owing them; provided that: 

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

(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of any Loan
Party pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.13, or
(z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Credit Advances or subparticipations in L/C Obligations or Swing Line Advances to any assignee or participant, other
than an assignment to the Lead Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). 
 Each Loan
Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. 

For purposes of clause (b) of the definition of Excluded Taxes, any participation acquired pursuant to this
Section 4.03 shall be treated as having been acquired on the earlier date(s) in which such Lender acquired the applicable interest(s) in the Commitment(s) to which such participation relates. 

Section 4.04 Evidence of Debt/Borrowings. (a) Each Lender Party shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of any Loan Party to such Lender Party resulting from each Advance owing to such Lender Party from time to time, including the amounts of principal and interest payable and paid to such Lender Party
from time to time hereunder. 
 (b) The Register maintained by the Agent pursuant to Section 10.07(c) shall
include a control account, and a subsidiary account for each Lender Party, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and the
Interest Period applicable thereto, (ii) the terms of each Assignment and Acceptance delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from each Loan Party to each
Lender Party hereunder, and (iv) the amount of any sum received by the Agent from any Loan Party hereunder and each Lender Party’s share thereof. 

  
 135 

 (c) The entries made in the Register shall be conclusive and binding for all purposes,
absent manifest error. 
 (d) Upon the request of any Lender to the Lead Borrower made through the Agent, the Lead Borrower shall execute and
deliver, or cause to be executed and delivered, to such Lender (through the Agent) a Note, which shall evidence such Lender’s Advances to the Loan Parties in addition to such accounts or records. Each Lender may attach schedules to a Note and
endorse thereon the date, Type (if applicable), amount, currency and maturity of its Advances and payments with respect thereto. 

ARTICLE V 
 CONDITIONS
OF LENDING 
 Section 5.01 Conditions Precedent to Effective Date. This Agreement shall become effective on and as of the
first date on which the following conditions precedent have been satisfied or waived: 
 (a) The Agent shall have received the following in
form and substance reasonably satisfactory to the Agent. 
 (i) Executed counterparts of this Agreement, sufficient in number
for distribution by the Agent to each of the Lenders and the Lead Borrower. 
 (ii) Certified copies of the resolutions of
the Board of Directors (or persons performing similar functions) of each Loan Party approving transactions of the type contemplated by this Agreement and each of the Loan Documents to which it is a party on the Effective Date or is to be a party on
the Closing Date. 
 (iii) A copy of a certificate of the Secretary of State (or equivalent Governmental Authority) of the
jurisdiction of organization of each U.S. Loan Party listing (or, as regards a Canadian Guarantor, a certificate of the Secretary or an Assistant Secretary of each Canadian Guarantor certifying a copy of) the certificate or articles of incorporation
(or similar Constitutive Document) of each such Loan Party and each amendment thereto on file in the office of such Secretary of State (or such Governmental Authority) and (A) certifying that such amendments are the only amendments to such
Person’s certificate or articles of incorporation (or similar constitutive document) on file in such office, (B) as regards U.S. Loan Parties, certifying if customarily available in such jurisdiction, that such Person has paid all
franchise taxes (or the equivalent thereof) to the date of such certificate and (C) as regards U.S. Loan Parties, certifying that such Person is duly organized and is in good standing under the laws of the jurisdiction of its organization. The
Canadian Guarantors shall deliver a certificate as to the good standing (or local equivalent) of each Canadian Guarantor (to the extent available in the relevant jurisdiction) as of a recent date, from the applicable Governmental Authority in the
jurisdiction of organization, incorporation or formation of such Canadian Guarantor). 

  
 136 

 (iv) A certificate of the Secretary or an Assistant Secretary of each Loan
Party certifying the names and true signatures of the officers of such Loan Party authorized to sign each Loan Document to which it is a party and the other documents to be delivered hereunder. 

(v) [Reserved]. 

(vi) At least three days prior to the Effective Date, any Loan Party that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party. 

(vii) Upon the reasonable request of any Lender made at least ten (10) days prior to the Effective Date, such
documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act and the Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (Canada), in each case at least three days prior to the Effective Date. 
 The Agent shall notify Lead Borrower and the Lenders
of the Effective Date, and such notice shall be conclusive and binding. 
 Section 5.02 Conditions Precedent to the Closing
Date. The obligation of each Lender to make an Advance (including a Swing Line Advance), and the obligation of each Issuing Bank to Issue each Letter of Credit, in each case, on the Closing Date shall be subject to satisfaction of each of the
conditions set forth in Section 5.03 below and the following conditions precedent in each case on or prior to December 31, 2020: 

(a) The Effective Date shall have occurred. 

(b) The Agent shall have received the following in form and substance reasonably satisfactory to the Agent: 

(i) The notes to the order of the Lenders to the extent requested by any Lender no later than three Business Days prior to the
Closing Date pursuant to Section 4.04(d). 
 (ii) Duly executed copies of (A) the U.S.
Security Agreement, to be dated the Closing Date, and all exhibits and schedules thereto, (B) the Canadian Security Agreements, to be dated the Closing Date (provided that the deed of movable hypothec may be dated prior to the Closing
Date), and all exhibits and schedules thereto, and (C) the Intellectual Property Security Agreements, to be dated the Closing Date in form and substance reasonably satisfactory to Agent, and all exhibits and schedules thereto. 

  
 137 

 (iii) Certified copies of the resolutions of the Board of Directors (or
persons performing similar functions) of each Loan Party approving transactions of the type by each of the Loan Documents to which it is or is to be a party on the Closing Date (or a certificate of the Secretary or an Assistant Secretary of Lead
Borrower certifying such resolutions delivered on the Effective Date pursuant to Section 5.01(a)(ii) remain in full force and effect). 

(iv) A copy of a certificate of the Secretary of State (or equivalent Governmental Authority) of the jurisdiction of
organization of each U.S. Loan Party listing (or, as regards a Canadian Guarantor, a certificate of the Secretary or an Assistant Secretary of each Canadian Guarantor certifying a copy of) the certificate or articles of incorporation (or similar
Constitutive Document) of each such Loan Party and each amendment thereto on file in the office of such Secretary of State (or such Governmental Authority) (or certifying that there have been no changes to such Person’s certificate or articles
of incorporation (or similar constitutive document) since the Effective Date) and (A) certifying that such amendments are the only amendments to such Person’s certificate or articles of incorporation (or similar constitutive document) on
file in such office, (B) as regards U.S. Loan Parties, certifying if customarily available in such jurisdiction, that such Person has paid all franchise taxes (or the equivalent thereof) to the date of such certificate and (C) as regards
U.S. Loan Parties, certifying that such Person is duly organized and is in good standing under the laws of the jurisdiction of its organization. The Canadian Guarantors shall deliver a certificate as to the good standing (or local equivalent) of
each Canadian Guarantor (to the extent available in the relevant jurisdiction) as of a recent date, from the applicable Governmental Authority in the jurisdiction of organization, incorporation or formation of such Canadian Guarantor). 

(v) A certificate of the Secretary or an Assistant Secretary of each Loan Party certifying the names and true signatures of the
officers of such Loan Party authorized to sign each Loan Document to which it is a party and the other documents to be delivered hereunder (or certifying no change to the certificate delivered on the Effective Date pursuant to
Section 5.01(a)(v)). 
 (vi) A favorable opinion of Wachtell, Lipton, Rosen & Katz,
McCarthy Tetrault LLP and Potter, Anderson & Corroon LLP, special counsel to the Loan Parties, in each case in a form reasonably acceptable to the Agent and addressed to the Agent, the Issuing Banks and each of the Lenders. 

(vii) Except to the extent that the Agent reasonably agrees that such conditions may be satisfied within a post-closing period
to be set forth on Schedule 7.01(p) (which may be supplemented on the Closing Date with the approval of the Agent, not to be unreasonably withheld, conditioned or delayed), (1) the Perfection Certificate and all agreements, documents, filings,
recordations and lien searches reasonably necessary or requested by the Agent in connection with the creation, perfection and priority of the Liens in favor of the Agent, for the benefit of the Secured Parties, securing the Obligations shall have
been duly executed, and/or made; (2) all filing and recording fees and taxes shall have been duly paid and (3) the Agent shall be satisfied with the amount, types and terms and conditions of all insurance maintained by Holdings and its
Subsidiaries.. 

  
 138 

 (viii) A certificate of a Responsible Officer of Lead Borrower to the effect
set forth in Section 5.02(c), 5.02(d), 5.02(g), 5.03(a) and 5.03(b) below. 

(ix) A certificate of the chief financial officer of Holdings to the effect that, after giving effect to the Transactions and
the incurrence of any Revolving Credit Advances made and Letters of Credit issued on the Closing Date, (x) Holdings and its Subsidiaries, on a Consolidated basis, are Solvent and (y) each of the Canadian Guarantors, on an individual basis,
is Solvent. 
 (c) There shall not have occurred since December 31, 2019 any event or condition that has had or could be reasonably
expected, either individually or in the aggregate, to have a Material Adverse Change. 
 (d) There shall not be any action, suit,
investigation or proceeding pending or, to the knowledge of the Loan Parties, threatened in any court or before any arbitrator or Governmental Authority that is reasonably likely to be adversely determined, and if, adversely determined could
reasonably be expected to have a Material Adverse Effect. 
 (e) Lead Borrower shall have paid all documented accrued fees and expenses of
the Agent and the Lenders (including the documented accrued fees and expenses of counsel to the Agent). 
 (f) The Refinancing shall have
been (or substantially concurrently shall be) consummated. 
 (g) After giving effect to (i) any Revolving Credit Advance funded on the
Closing Date and (ii) all Letters of Credit to be issued at, or immediately subsequent to, the Closing Date, Availability plus the amount of cash and Cash Equivalents of Lead Borrower and its Restricted Subsidiaries shall be not less
than $150.0 million. 
 (h) The Agent shall have received a Borrowing Base Certificate dated the Closing Date, relating to the Fiscal
Month ended on October 30, 2020, and executed by a Responsible Officer of Lead Borrower. 
 Section 5.03 Conditions Precedent
to Credit Extension. The obligation of each Lender to make an Advance (including a Swing Line Advance) on and after the Closing Date, including on the occasion of each Borrowing (including the initial Borrowing), and the obligation of each
Issuing Bank to Issue each Letter of Credit (including the initial Letter of Credit) shall be subject to the further conditions precedent that on the date of such Credit Extension the following statements shall be true (and each of the giving of the
applicable Request for Credit Extension and the acceptance by any Borrower shall constitute a representation and warranty by such Borrower that on the date of such Credit Extension such statements are true): 

  
 139 

 (a) The representations and warranties contained in Section 6.01
are true and correct in all material respects as of such date (other than in respect of an amendment, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as applicable, with the same effect
as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such
earlier date) and except to the extent such representations and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall be true and
correct in all respects; 
 (b) No event has occurred and is continuing, or would result from such Credit Extension or from the application
of the proceeds therefrom, which constitutes an Event of Default or Default; and 
 (c) Immediately after giving effect to the Credit
Extension requested to be made on any such date and the use of proceeds thereof, Availability shall be greater than zero. 
 ARTICLE VI

 REPRESENTATIONS AND WARRANTIES 

Section 6.01 Representations and Warranties of the Loan Parties. Each Loan Party represents and warrants as follows on the
Effective Date, the Closing Date and the date of each Credit Extension (other than in respect of an amendment, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit): 

(a) Corporate Status. Each Loan Party is duly organized or formed, validly existing and in good standing under the laws of its
jurisdiction of incorporation or organization and possesses all powers (corporate or otherwise) and all other authorizations and licenses necessary to carry on its business, except where the failure to so possess would not reasonably be expected to
have a Material Adverse Effect. 
 (b) Corporate Authority; Non-Contravention. The execution,
delivery and performance by each Loan Party of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby are within such Loan Party’s respective powers (corporate or otherwise), have been duly
authorized by all necessary action (corporate or otherwise), and do not (i) contravene such Loan Party’s Constitutive Documents, (ii) violate any Requirements of Law which would be reasonably likely to have a Material Adverse Effect,
(iii) conflict with or result in the breach of, or constitute a default or require any payment to be made under, any material contract, loan agreement, indenture, mortgage, deed of trust, lease or other material instrument binding on or
affecting any Loan Party or any of its properties, in each case, which would be reasonably likely to have a Material Adverse Effect or (iv) result in or require the creation or imposition of any Lien upon or with respect to any of the
properties of any Loan Party (other than in favor of the Agent under the Loan Documents). 
 (c) Authorization. No authorization or
approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required for the due execution, delivery and performance by any Loan Party of the Loan Documents to which it is a party. 

  
 140 

 (d) Binding Effect. Each Loan Document is the legal, valid and binding obligation of
the Loan Party thereto enforceable against such Loan Party in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally
and general principles of equity (regardless of whether considered in a proceeding in equity or at law). 
 (e) Litigation. There is
no pending or, to Holdings’ knowledge, threatened action or proceeding affecting Holdings or any of its Restricted Subsidiaries before any court, governmental agency or arbitrator, (i) which has a reasonable probability (taking into
account the exhaustion of all appeals and the assertion of all defenses) of having a Material Adverse Effect or (ii) which purports to affect the legality, validity or enforceability of any Loan Document. 

(f) Financial Statements. The Consolidated balance sheets of the Holdings and its Subsidiaries as of December 31, 2019, and the
related Consolidated statements of income and retained earnings of Holdings and its Subsidiaries for the Fiscal Year then ended, certified by Grant Thornton LLP, copies of which have been furnished to each Lender Party, fairly present in all
material respects the Consolidated financial condition of the Lead Borrower and its Subsidiaries taken as a whole as at such date and the results of the operations of the Lead Borrower and its Subsidiaries for the period ended on such date, all in
accordance with GAAP consistently applied. 
 (g) Material Adverse Change. Since December 31, 2019, there has been no Material
Adverse Change. 
 (h) Compliance With Law. Holdings and each of its Restricted Subsidiaries is in compliance with all Requirements of
Law (including, without limitation, all applicable Environmental Laws) applicable to their respective properties, assets and business other than (i) where the failure to so comply would (as to all such failures to comply in the aggregate) not
reasonably be expected to have a Material Adverse Effect or (ii) as described on Schedule 6.01(h). 
 (i) ERISA. Except as
provided in Schedule 6.01(i): 
 (i) Neither a Loan Party nor any ERISA Affiliate is a party or subject to, or has any
obligation to make payments, or incur any material Withdrawal Liability, to, any Multiemployer Plan. 
 (ii) Schedule SB
(Actuarial Information) to the most recently completed annual report (Form 5500 Series) for each Plan, copies of which have been or will be filed with the Internal Revenue Service, is, except as would not reasonably be likely to result in a Material
Adverse Effect, complete and accurate and fairly presents the funding status of such Plan, and since the date of such Schedule SB there has been no material adverse change in such funding status which would reasonably be likely to result in a
Material Adverse Effect. 

  
 141 

 (iii) No ERISA Event has occurred with respect to any Plan that, when taken
together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be likely to result in a Material Adverse Effect. 

(iv) Neither a Loan Party nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such
Multiemployer Plan is in reorganization, insolvent or has been terminated, within the meaning of Title IV of ERISA or has been determined to be in “endangered” or “critical” status within the meaning of Section 432 of the
Code or Section 305 or ERISA and no Multiemployer Plan is reasonably expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA. 

(j) Federal Reserve Regulations. No Loan Party is engaged in the business of extending credit for the purpose of purchasing or carrying
Margin Stock, and no proceeds of any Advance or drawing under any Letter of Credit will be used to purchase any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. 

(k) Investment Company. None of the Loan Parties is an “investment company,” or an “affiliated person” of, or
“promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. 

(l) Disclosure. As of the Effective Date, no information, exhibit or report furnished by any Loan Party to the Agent or any Lender Party
in connection with the negotiation and syndication of the Loan Documents or pursuant to the terms of the Loan Documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements made
therein, taken as whole, not materially misleading in light of the circumstances under which they were made; provided that all financial projections, if any, that have been or will be prepared by Holdings or the Lead Borrower and made
available to the Joint Lead Arrangers, the Agent, any Lender or any potential Lender, or any other party hereto, have been or will be prepared in good faith based upon reasonable assumptions, it being understood by the Lenders and all the other
parties hereto that such projections are subject to significant uncertainties and contingencies, many of which are beyond Holdings’ and the Lead Borrower’s control, and that no assurances can be given that the projections will be realized.

 (m) OFAC. No Loan Party, nor, to the knowledge of the Lead Borrower, any director, officer, employee or Restricted Subsidiary of
any Loan Party that will act in any capacity in connection with or benefit in any way from the credit facilities established hereby, is an individual or entity that is, or is owned or controlled by an individual or entity that is, a Sanctioned
Person or Sanctioned Entity. Notwithstanding anything in this Agreement, nothing in this Agreement shall require the Borrowers or any Subsidiary of any Borrower or any director, officer, employee, agent, Affiliate of any Borrower that is registered
or incorporated under the laws of Canada or of a province to commit an act or omission that contravenes the Foreign Extraterritorial Measures (United States) Order, 1992. 

  
 142 

 (n) Anti-Corruption Laws. Holdings and its Restricted Subsidiaries and, to the
knowledge of the Lead Borrower, their respective directors and officers, are in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended, the Bribery Act 2010 of the United Kingdom, as amended, the Corruption of Foreign Public
Officials Act (Canada), as amended, and French Law n°2016-1691 of December 9, 2016 (i.e., “Sapin II”), as amended, in each case in all material respects. 

(o) [Reserved]. 
 (p)
EEA Financial Institution. Neither Holdings nor any other Loan Party is an Affected Financial Institution. 
 (q) Beneficial
Ownership Certification. As of the Effective Date, the information included in each Beneficial Ownership Certification (if any) is true and correct in all respects. 

(r) Deposit Accounts. Annexed hereto as Schedule 6.01(r) is a list of all DDAs maintained by the Loan Parties as of the Effective Date,
which Schedule includes, with respect to each DDA (a) the name and address of the depository; (b) the account number(s) maintained with such depository; (c) a contact person at such depository, (d) whether such DDA is required to
be a Blocked Account (and an explanation of any exclusions); and (e) the identification of each Blocked Account Bank. 
 (s)
Borrowing Base Certificate. The information set forth in the most recent Borrowing Base Certificate delivered pursuant to Section 7.04(i) is true and correct in all material respects. 

(t) Canadian Pension Plans. Except to the extent set forth on Schedule 6.01(t) or except as would not, either individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect (i) each Canadian Guarantor is in compliance with the requirements of the PBA with respect to each Canadian Pension Plan; (ii) none of the Loan Parties nor any of
their Restricted Subsidiaries maintains or contributes to, or has any liability under, any Canadian Defined Benefit Plan; (iii) no Canadian Guarantor has any withdrawal liability in connection with a Canadian registered pension plan that is a
“multi-employer plan” as that term is defined in subsection 8500(1) of the Income Tax Regulations (Canada); (iv) no Canadian Pension Event has occurred; and (v) no Lien has arisen, choate or inchoate, in respect of the Loan
Parties or their property in connection with any Canadian Pension Plan (save for contribution amounts not yet due). 
 (u) Except as would
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (a) Holdings and each of its Subsidiaries has filed all Tax returns required to have been filed by it and has timely paid all Taxes payable by it
(whether or not shown on a Tax return and including in its capacity as withholding agent) that have become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto in
accordance with GAAP, (b) Holdings and each of its Subsidiaries has paid, or has provided adequate accruals or reserves in accordance with GAAP for the payment of, all Taxes not yet due and payable and (c) there is no current or proposed
Tax assessment, deficiency or other claim against Holdings or any of its Subsidiaries. 

  
 143 

 ARTICLE VII 

COVENANTS OF THE LOAN PARTIES 

Section 7.01 Affirmative Covenants. From and after the Closing Date until the Release Date, the Loan Parties shall, and shall
cause each Restricted Subsidiary to: 
 (a) Preservation of Existence, Etc. Preserve and maintain, and cause each of its Restricted
Subsidiaries to preserve and maintain, its existence (corporate or otherwise), rights (charter and statutory), permits (including all wood processing plant operating permits, water permits, timber supply and forestry management or utilization
agreements, forestry management permits and any and all other similar agreements or permits conferred upon or in respect of a Loan Party) and franchises except (i) if, in the reasonable business judgment of Holdings or such Subsidiary, as the
case may be, it is in its best economic interest not to preserve and maintain such rights, permits or franchises and such failure to preserve and maintain such rights, permits or franchises would not materially adversely affect the rights of the
Lenders or the Issuing Banks hereunder or the ability of any Loan Party to perform its obligations under the respective Loan Documents and (ii) in the case of a Restricted Subsidiary (other than any Borrower) of Holdings, where the failure to
preserve and maintain its existence would not materially adversely affect the rights of the Lenders or the Issuing Banks hereunder or the ability of any Loan Party to perform its obligations under the respective Loan Documents (it being understood
that the foregoing shall not prohibit, or be violated as a result of, any transactions by or involving any Loan Party or other Restricted Subsidiary otherwise permitted under Section 7.02); and maintain in effect and
enforce policies and procedures designed to promote and achieve compliance by Holdings, its Subsidiaries and their respective directors, officers, employees and agents with applicable Sanctions. 

(b) Compliance with Laws, Etc. Comply, and cause each of its Restricted Subsidiaries to comply, with all applicable Laws (including,
without limitation, ERISA, the PBA and all Environmental Laws), rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to comply would not reasonably be expected to have a Material
Adverse Effect. 
 (c) Visitation Rights. 

(i) Permit representatives and, subject to the provisions of Section 10.11 hereof, independent
contractors of the Agent, to visit and inspect any of its properties and to discuss its affairs, finances and accounts with its directors, officers, and accountants (at which representative of the Loan Parties have the right to be present), all at
the expense of the Loan Parties and at such reasonable times during normal business hours, upon reasonable advance notice to Lead Borrower, and permit any Lender (at the sole cost and expense of such Lender) to participate in any such visit,
inspection or discussion; provided, however, that when an Event of Default exists the Agent (or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Loan Parties at any time during
normal business hours and without advance notice. 

  
 144 

 (ii) Upon the request of the Agent after reasonable prior notice and subject
to the following sentence of this Section 7.01(c)(ii), permit the Agent or professionals (including investment bankers, consultants, accountants, and lawyers) retained by the Agent to conduct commercial finance examinations
of (i) Lead Borrower’s practices in the computation of the Borrowing Base and (ii) the assets included in the Borrowing Base and related financial information such as, but not limited to, sales, gross margins, payables, accruals and
reserves. The Agent (A) shall conduct one (1) commercial finance examination in any twelve month period, at the Borrowers’ expense; provided that, in the event that (x) Availability is at any time less than the greater of
(x) $30.0 million and (y) 17.5% of the Loan Cap, the Agent may conduct up to two (2) commercial finance examinations in any 12 month period, at the Borrowers’ expense, (B) may conduct one (1) additional commercial finance
examination at the expense of the Lenders in any 12-month period; provided, however, that notwithstanding anything in the foregoing clauses (A) or (B), in no event shall there be more than
two (2) commercial finance examinations in any 12 month period unless the provisions of clause (C) are then applicable, and (C) may conduct additional commercial finance examinations as frequently as determined by the Agent in its
Permitted Discretion if an Event of Default has occurred and is continuing, at the expense of the Borrowers. 
 (iii) Upon
the request of the Agent after reasonable prior notice and subject to the following sentence of this Section 7.01(c)(iii), permit the Agent or professionals (including appraisers) retained by the Agent to conduct appraisals
of the Collateral, including, without limitation, the assets included in the Borrowing Base. The Agent (A) shall conduct one (1) inventory appraisal in any twelve month period, at the Borrowers’ expense; provided that, in the
event that Availability is at any time less than the greater of $30.0 million and 17.5% of the Loan Cap, the Agent may conduct up to two (2) inventory appraisals in any 12 month period, at the Borrowers’ expense, (B) may conduct
one (1) additional inventory appraisal at the expense of the Lenders in any 12-month period; provided, however, that notwithstanding anything in the foregoing clauses (A) or (B), in no
event shall there be more than two (2) inventory appraisals in any 12 month period unless the provisions of clause (C) are then applicable , and (C) the Agent may conduct additional inventory appraisals as frequently as determined by
the Agent in its Permitted Discretion if an Event of Default has occurred and is continuing, at the expense of the Borrowers. 
 (d)
Maintenance of Books and Records. Keep, and cause each of its Restricted Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of
Holdings and each of its Restricted Subsidiaries in accordance with sound business practice. 

  
 145 

 (e) Maintenance of Properties, Etc. Maintain and preserve, and cause each of its
Restricted Subsidiaries to maintain and preserve, all of its properties which are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, consistent with sound business practice, except
where the failure to so maintain and preserve would not reasonably be expected to have a Material Adverse Effect. 
 (f)
Maintenance of Insurance. 
 (i) Maintain, and cause each of its Restricted Subsidiaries to maintain, insurance (other
than earthquake or terrorism insurance) in amounts, from responsible and reputable insurance companies or associations, with limitations, of types and on terms as is customary for the industry; provided, that, Holdings and each of its
Restricted Subsidiaries may self-insure risks and liabilities in accordance with its practice as of the date hereof and may in addition self-insure risks and liabilities in amounts as are customarily self-insured by similarly situated Persons in the
industry. 
 (ii) Within sixty (60) days (or such later date as Agent may agree in its reasonable discretion) of the
Closing Date and at all times thereafter, cause commercial general liability policies to be endorsed to name the Agent as an additional insured. 

(iii) Within sixty (60) days (or such later date as Agent may agree in its reasonable discretion) of the Closing Date and
at all times thereafter, cause “all-risk” and business interruption policies to name the Agent as a lender loss payee and to be endorsed or amended to include (i) a provision that, from and
after the Closing Date, after the occurrence and during the continuance of a Cash Dominion Period, in the event of an insurable loss, the insurer shall pay all proceeds otherwise payable to the Loan Parties under the
“all-risk” and business interruption policies directly to the Agent, (ii) no provision of coinsurance applicable to the Loan Parties, the Secured Parties or any other Person and (iii) such
other provisions as the Agent may reasonably require from time to time to protect the interests of the Secured Parties. 

(iv) Within ninety (90) days (or such later date as Agent may agree in its reasonable discretion) of the Closing Date and
at all times thereafter, cause each such policy referred to in this Section 7.01(f) to also provide that it shall not be canceled, modified or not renewed (i) by reason of nonpayment of premium except upon not less
than ten (10) days’ prior written notice thereof by the insurer to the Agent (giving the Agent the right to cure defaults in the payment of premiums) or (ii) for any other reason except upon not less than thirty (30) days’
prior written notice thereof by the insurer to the Agent. 
 (v) Deliver to the Agent a copy of a renewal or replacement
policy (or other evidence of renewal of a policy previously delivered to the Agent, including an insurance binder or certificate of insurance) together with evidence reasonably satisfactory to the Agent of either payment of the premium therefor or
that such premium is being financed reasonably promptly following each such renewal, replacement or modification. 

  
 146 

 None of the Secured Parties, or their agents or employees shall be liable for any loss or
damage insured by the insurance policies required to be maintained under this Section 7.01(f). Each Loan Party shall look solely to its insurance companies or any other parties other than the Secured Parties for the
recovery of such loss or damage and such insurance companies shall have no rights of subrogation against any Secured Party or its agents or employees. If, however, the insurance policies do not provide waiver of subrogation rights against such
parties, as required above, then the Loan Parties hereby agree, to the extent permitted by law, to waive their right of recovery, if any, against the Secured Parties and their agents and employees. The designation of any form, type or amount of
insurance coverage by any Secured Party under this Section 7.01(f) shall in no event be deemed a representation, warranty or advice by such Secured Party that such insurance is adequate for the purposes of the business of
the Loan Parties or the protection of their properties. 
 (g) Use of Proceeds. Use the proceeds of the Advances and issuances of
Letters of Credit solely to repay amounts owing under the Existing Credit Agreement and for working capital, capital expenditures and other general corporate purposes of Holdings and its Subsidiaries, including, without limitation, share
repurchases. 
 (h) [Reserved]. 

(i) Cash Management. 

(i) [Reserved]. 

(ii) Creation of Dominion Accounts and Maintenance of Blocked Accounts. (1) With respect to each U.S. Loan
Party’s DDAs (other than Excluded Accounts) and the U.S. Dominion Account (collectively, the “U.S. Blocked Accounts”), within ninety (90) days (or such later date as Agent may agree in its reasonable discretion) of the
Closing Date or, for DDAs opened or acquired following the Closing Date, within ninety (90) days (or such later date as the Agent may agree in its reasonable discretion), of the opening or establishment or acquisition of such DDA or the date
any Person that owns such DDA becomes a U.S. Loan Party hereunder, each U.S. Loan Party shall cause each bank or other depository institution at which any DDA is maintained (each, a “Blocked Account Bank”), to enter into a Blocked
Account Agreement in form and substance reasonably satisfactory to the Agent that provides for such bank or other depository institution to transfer to the U.S. Dominion Account (in the case of other DDAs), on each Business Day, all balances in each
such Blocked Account maintained by any U.S. Loan Party with such depository institution for application to the Obligations then outstanding following the receipt by such bank or other depository institution of a notice from the Agent (which notice
Agent hereby agrees it shall be permitted to give solely at a time when a Cash Dominion Period exists). Each U.S. Loan Party irrevocably appoints the Agent as such U.S. Loan Party’s attorney-in-fact to collect such balances during a Cash Dominion Period to the extent any such delivery is not so made. 

  
 147 

 (2) With respect to each Canadian Guarantor’s DDAs (other than Excluded Accounts) and
the Canadian Dominion Account (collectively, the “Canadian Blocked Accounts”, and together with the U.S. Blocked Accounts, the “Blocked Accounts”), within ninety (90) days (or such later date as Agent may agree
in its reasonable discretion) of the Closing Date or, for DDAs opened or acquired following the Closing Date, within ninety (90) days (or such later date as the Agent may agree in its reasonable discretion), of the opening or establishment or
acquisition of such DDA or the date any Person that owns such DDA becomes a Canadian Guarantor hereunder, each Canadian Guarantor shall cause each Blocked Account Bank to enter into a Blocked Account Agreement in form and substance reasonably
satisfactory to the Agent that provides for such bank or other depository institution to transfer to the Canadian Dominion Account (in the case of other DDAs), on each Business Day, all balances in each such Canadian Blocked Account maintained by
any Canadian Guarantor with such depository institution for application to the Obligations then outstanding following the receipt by such bank or other depository institution of a notice from the Agent (which notice Agent hereby agrees it shall be
permitted to give solely at a time when a Cash Dominion Period exists). Each Canadian Guarantor irrevocably appoints the Agent as such Canadian Guarantor’s
attorney-in-fact to collect such balances during a Cash Dominion Period to the extent any such delivery is not so made. 

(iii) [Reserved]. 

(iv) Cash Receipts. From and after the earlier of (x) the date that the Loan Parties shall have satisfied the
requirements of clause (ii) above with respect to its DDAs existing at such time and (y) the 90th day after the Closing Date (or such later date as Agent may agree in its reasonable
discretion), the Loan Parties shall ACH or wire transfer no less frequently than once every Business Day (and whether or not there are then any outstanding Obligations) to a Blocked Account all cash receipts of the company (including without
limitation all insurance proceeds, all Net Proceeds, all proceeds from sales of Inventory, and all other proceeds of ABL Priority Collateral). If any Loan Party receives cash or any check, draft or other item of payment payable to a Loan Party, it
shall hold the same in trust for the Agent and promptly deposit the same into any such Blocked Account or Dominion Account. Each Loan Party shall instruct any persons making payments on Accounts or other Collateral to make such payments into Blocked
Accounts. 

  
 148 

 (v) Dominion Account. Subject to
Section 7.01(i)(ii), the Dominion Account shall at all times be under the sole dominion and control of the Agent. The Loan Parties hereby acknowledge and agree that (i) the Loan Parties have no right of withdrawal from
the Dominion Account, (ii) the funds on deposit in the Dominion Account shall at all times be collateral security for all of the Obligations and (iii) the funds on deposit in the Dominion Account shall be applied pursuant to
Section 8.02 on a daily basis after the occurrence and during the continuation of a Cash Dominion Period. In the event that, notwithstanding the provisions of this Section 7.01(i)(v), any Loan
Party receives or otherwise has dominion and control of any such proceeds or collections, such proceeds and collections shall be held in trust by such Loan Party for the Agent, shall not be commingled with any of such Loan Party’s other funds
or deposited in any account of such Loan Party and shall, not later than the Business Day after receipt thereof, be deposited into the Dominion Account or dealt with in such other fashion as such Loan Party may be instructed by the Agent. Upon the
request of the Agent after the occurrence and during the continuance of a Cash Dominion Period, the Loan Parties shall cause bank statements and/or other reports to be delivered to the Agent not less often than weekly, accurately setting forth all
amounts deposited in each Blocked Account to ensure the proper transfer of funds as set forth above. 
 (j) Information Regarding the
Collateral. Furnish to the Agent at least five (5) days prior written notice of any change in: (i) any Loan Party’s name; or (ii) any Loan Party’s organizational structure or jurisdiction of incorporation or formation,
the location of its registered office or chief executive office, the province or territory in which any Canadian Collateral is located, or the province or territory in which any U.S. Collateral is located in Canada. The Loan Parties agree not to
effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC and the PPSA, as applicable, or otherwise that are required in order for the Agent to continue at all times following such change to
have a valid, legal and perfected first priority Lien (subject to Permitted Liens) in all the Collateral for its own benefit and the benefit of the other Secured Parties. 

(k) Payment of Taxes. Holdings will pay and discharge or cause to be paid and discharged, and will cause each of its Subsidiaries to pay
and discharge, all Taxes imposed upon it (including in its capacity as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful material
claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably be expected to become a material Lien (other than a Permitted Lien) upon any properties of Holdings or any of its Subsidiaries; provided that neither
Holdings nor any of its Subsidiaries shall be required to pay any such Tax that is being contested in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with GAAP or the failure to pay
would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

  
 149 

 (l) Further Assurances. 

(i) Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions
(including the filing and recording of financing statements and other documents), that may be required under any applicable Law, or which the Agent may reasonably request, to effectuate the transactions contemplated by the Loan Documents or to
grant, preserve, protect or perfect the Liens created or intended to be created by the Collateral Documents or the validity or priority of any such Lien, all at the expense of the Loan Parties. The Loan Parties also agree to provide to the Agent,
from time to time upon request, evidence reasonably satisfactory to the Agent as to the perfection and priority of the Liens created or intended to be created by the Collateral Documents. 

(ii) Upon request, cause each Restricted Subsidiary which is not a Loan Party hereunder to deliver agreements reasonably
satisfactory to the Agent granting the Agent the right and license to use the assets and properties of such Subsidiary, including all Intellectual Property, equipment and fixtures owned by such Subsidiary, in connection with any liquidation of the
Collateral. 
 (m) [Reserved]. 

(n) New Subsidiaries. 

(i) Within thirty (30) Business Days of the formation of any Restricted Subsidiary, acquisition of a Restricted Subsidiary
or at any time a Subsidiary becomes a Restricted Subsidiary or ceases to be an Excluded Subsidiary, Lead Borrower shall notify Agent of such event and, promptly thereafter (and in any event within 30 days or such longer period as Agent may
agree) (i) cause each such new Restricted Subsidiary that is not an Excluded Subsidiary to deliver to Agent (A) a Joinder Agreement (which Joinder Agreement will specify whether such new Loan Party will be a “Designated Borrower”
hereunder) and (B) a supplemental Guaranty in the form attached hereto as Exhibit G, and to deliver to Agent such security documents, together with appropriate financing statements, reasonably requested by Agent, all in form and substance
reasonably satisfactory to Agent, (ii) with respect to all new Restricted Subsidiaries that are directly owned in whole or in part by a Loan Party, cause such Loan Party to provide to Agent a supplement to the U.S. Security Agreement or the
applicable Canadian Security Agreement, as applicable, providing for the pledge of the Capital Stock in such new Restricted Subsidiary owned by such Loan Party (or, in the case of a FSHCO or a Foreign Subsidiary (other than a Foreign Subsidiary of a
Loan Party organized under the laws of Canada (or any province or territory thereof)) that is a CFC, sixty-five percent (65%) of the total combined voting power of all classes of the voting Capital Stock of such Foreign Subsidiary or FSHCO and one-hundred percent (100%) of the non-voting Capital Stock of such Foreign Subsidiary or FSHCO, in each case to the extent that such Capital Stock does not constitute Excluded
Assets), as shall be requested by Agent together with appropriate certificates and powers or financing statements under the UCC or the PPSA, as applicable, or other applicable personal property or moveable property registries or other documents
necessary to perfect such pledge, in form and substance reasonably satisfactory to Agent, and (iii) provide or cause to be provided to Agent all other customary and reasonable documentation requested thereby, including, to the

  
 150 

 
extent requested by Agent, one or more opinions of counsel reasonably satisfactory to Agent, which in its opinion is appropriate and customary with respect to such execution and delivery of the
applicable documentation referred to above. Upon execution and delivery of the Joinder Agreement by each such new Restricted Subsidiary, such Restricted Subsidiary shall become a Loan Party hereunder with the same force and effect as if originally
named as a Loan Party herein. The execution and delivery of the Joinder Agreement shall not require the consent of any Loan Party or Lender hereunder. The rights and obligations of each Loan Party hereunder shall remain in full force and effect
notwithstanding the addition of any Loan Party hereunder. 
 (ii) Notwithstanding anything to the contrary contained herein,
neither Holdings nor any Restricted Subsidiary of Holdings shall be required to execute and deliver any joinder agreement, Guaranty, Collateral Document or any other document or grant a Lien in any Capital Stock or other property held by it if such
action (A) for reasons of cost, legal limitations or other matters is unreasonably burdensome in relation to the benefits to the Lenders of Holdings’ or such Restricted Subsidiary’s guaranty or security as reasonably determined by
Lead Borrower and Agent or (B) is Excluded Assets or otherwise would not be required with respect to the Collateral owned by a Loan Party pursuant to the terms of the Collateral Documents. 

(o) Designation of Subsidiaries. An Officer of Lead Borrower may at any time designate any Restricted Subsidiary as an Unrestricted
Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary”. With respect to the assets of Unrestricted Subsidiaries and Restricted Subsidiaries that are Loan Parties
being included in the calculation of the Borrowing Base, (a) if a Restricted Subsidiary is designated by Lead Borrower as an Unrestricted Subsidiary, the assets of such Subsidiary shall immediately be excluded from the Borrowing Base, and
(b) if an Unrestricted Subsidiary is designated by Lead Borrower as a Restricted Subsidiary after the Closing Date, then the assets of such Subsidiary shall not be included in the calculation of the Borrowing Base until (i) Agent consents
(such consent not to be unreasonably withheld) to such inclusion (except to the extent such Subsidiary’s assets were previously included in the Borrowing Base), (ii) Agent has received satisfactory appraisals and field exams with respect to the
assets of such Subsidiary, if applicable, as reasonably required by Agent and (iii) the Loan Parties have complied with Section 7.01(n) with respect to such Subsidiary. As of the Effective Date, there are no
Unrestricted Subsidiaries. 
 (p) Post-Closing Matters. Execute and deliver the documents and complete the tasks set forth on
Schedule 7.01(p), in each case within the time limits specified on such schedule, as such time limits may be extended from time to time by Agent in its reasonable discretion. 

  
 151 

 Section 7.02 Negative Covenants. From and after the Closing Date until the
Release Date, no Loan Party shall, nor shall it permit any Restricted Subsidiary to, directly or indirectly: 
 (a) Indebtedness. 

(i) (x) Holdings shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, Incur any
Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Capital Stock; and (y) Holdings shall not permit any of the Restricted Subsidiaries (other than any Loan Party) to issue any shares of Preferred Stock. 

(ii) The limitations set forth in Section 7.02(a)(i) shall not apply to: 

(1) the Incurrence by Holdings or any Restricted Subsidiary of Indebtedness pursuant to any Loan Document; 

(2) the Senior Notes (and guarantees thereof by any Loan Party); 

(3) Indebtedness (or commitments to Incur Indebtedness), Preferred Stock and Disqualified Capital Stock of Holdings and the
Restricted Subsidiaries existing on the Effective Date (including the Canadian Financings (and guarantees thereof), but excluding Indebtedness described in clauses (1) and (2) of this Section 7.02(a)(ii)) and, if such
Indebtedness is for borrowed money and is in excess of $5 million, listed on Schedule 7.02(a) hereto; 
 (4)
Indebtedness (including Capital Lease Obligations) Incurred by Holdings or any Restricted Subsidiary, Disqualified Capital Stock issued by Holdings or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance
(whether prior to or within 365 days after) the acquisition, lease, construction, repair, replacement or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning
such assets) that, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Capital Stock or Preferred Stock then outstanding and Incurred pursuant to this clause (4), together with any Refinancing
Indebtedness in respect thereof Incurred pursuant to clause (15) below, does not exceed at any one time outstanding $75 million (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(5) Indebtedness Incurred by Holdings or any Restricted Subsidiary constituting reimbursement obligations with respect to
letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or

  
 152 

 their families or property, casualty or liability insurance or self-insurance, and letters
of credit in connection with the maintenance of, or pursuant to the requirements of, Environmental Law, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

(6) Indebtedness arising from agreements of Holdings or any Restricted Subsidiary providing for indemnification, adjustment of
acquisition or purchase price or similar obligations (including earn-outs), in each case, Incurred or assumed in connection with the Transactions, any Investments or any acquisition or disposition of any business, assets or a Subsidiary not
prohibited by this Agreement, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(7) Indebtedness of Holdings to a Restricted Subsidiary; provided that (except in respect of intercompany current
liabilities incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of Holdings and its Subsidiaries) any such Indebtedness owed to a Restricted Subsidiary that is not a Loan Party is
subordinated in right of payment to the Obligations; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each
case, to be an Incurrence of such Indebtedness not permitted by this clause (7); 
 (8) shares of Preferred Stock of a
Restricted Subsidiary issued to Holdings or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of
Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to Holdings or another Restricted Subsidiary) shall be deemed, in each case, to be
an issuance of shares of Preferred Stock not permitted by this clause (8); 

  
 153 

 (9) Indebtedness of a Restricted Subsidiary to Holdings or another
Restricted Subsidiary; provided that if a Loan Party incurs such Indebtedness to a Restricted Subsidiary that is not a Loan Party (except in respect of intercompany current liabilities incurred in the ordinary course of business in connection
with the cash management, tax and accounting operations of Holdings and its Subsidiaries), such Indebtedness is subordinated in right of payment to the Obligations of such Loan Party; provided, further, that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to Holdings or
another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (9);

 (10) Hedging Obligations that are not incurred for speculative purposes but (A) for the purpose of fixing or hedging
interest rate risk with respect to any Indebtedness that is permitted by the terms of this Agreement to be outstanding; (B) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (C) for
the purpose of fixing or hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof; 

(11) obligations (including reimbursement obligations with respect to letters of credit, bank guarantees, warehouse receipts
and similar instruments) in respect of performance, bid, appeal and surety bonds, completion guarantees and similar obligations provided by Holdings or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or
industry practice; 
 (12) Indebtedness or Disqualified Capital Stock of Holdings or Indebtedness, Disqualified Capital
Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Capital Stock and
Preferred Stock then outstanding and Incurred pursuant to this clause (12), together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (15) below, does not exceed at any one time outstanding the greater of
$100 million and 4.0% of Total Assets as of the date such Indebtedness is incurred (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); it being understood that any Indebtedness Incurred pursuant to
this clause (12) shall cease to be deemed Incurred or outstanding for purposes of this clause (12) but shall be deemed Incurred for 

  
 154 

 
purposes of Section 7.02(a)(ii)(30) below from and after the first date on which Holdings or the Restricted Subsidiary, as the case may be, could have Incurred such
Indebtedness under Section 7.02(a)(ii)(30) below without reliance upon this clause (12); 
 (13)
[Reserved]; 
 (14) any guarantee by Holdings or any Restricted Subsidiary of Indebtedness or other obligations of Holdings
or any Restricted Subsidiary so long as the Incurrence of such Indebtedness Incurred by Holding or such Restricted Subsidiary is permitted under the terms of this Agreement; provided that (A) if such Indebtedness is by its express terms
subordinated in right of payment to the Obligations by such Restricted Subsidiary, as applicable, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment to the Obligations, substantially to the same extent as
such Indebtedness is subordinated to the Obligations and (B) the aggregate principal amount of Indebtedness or other obligations of a Subsidiary that is not a Loan Party guaranteed by a Loan Party in reliance on this clause (14) shall not
exceed the greater of $75 million and 3.0% of Total Assets, at any time outstanding; 
 (15) the Incurrence by Holdings
or any of the Restricted Subsidiaries of Indebtedness or Disqualified Capital Stock, or by any Restricted Subsidiary of Preferred Stock, that serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Capital Stock or Preferred
Stock issued as permitted under clauses (2), (3), (4) (12), (15), (16) and (30) of this Section 7.02(a)(ii) up to the outstanding principal amount (or, if applicable, the liquidation preference, face amount, or the
like) or, if greater, committed amount (only to the extent the committed amount could have been Incurred on the date of initial Incurrence and was deemed Incurred at such time for the purposes of this Section 7.02(a)) of
such Indebtedness or Disqualified Capital Stock or Preferred Stock, in each case at the time such Indebtedness was Incurred or Disqualified Capital Stock or Preferred Stock was issued pursuant to clauses (2), (3), (4), (12), (15), (16) and
(30) of this Section 7.02(a)(ii), or any Indebtedness, Disqualified Capital Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Capital Stock or Preferred Stock, plus any
additional Indebtedness, Disqualified Capital Stock or Preferred Stock Incurred to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs and fees in connection therewith (subject to the following proviso,
“Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

  
 155 

 (A) has a Weighted Average Life to Maturity at the time such Refinancing
Indebtedness is Incurred which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Capital Stock or Preferred Stock being refunded, refinanced or defeased and (y) the
Weighted Average Life to Maturity that would result if all payments of principal on the Indebtedness, Disqualified Capital Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the
Termination Date were instead due on such date; 
 (B) to the extent such Refinancing Indebtedness refinances
(a) Indebtedness junior in right of payment to the Obligations, such Refinancing Indebtedness is junior in right of payment to the Obligations, (b) Disqualified Capital Stock or Preferred Stock, such Refinancing Indebtedness is
Disqualified Capital Stock or Preferred Stock, (c) Indebtedness secured by a Lien on the Collateral that is pari passu or junior to the Lien on the Collateral securing the Obligations, such Refinancing Indebtedness is secured by a Lien
on the Collateral that is pari passu with or junior to the Lien on the Collateral securing the Obligations to the same extent as such Indebtedness being Refinanced, and a Senior Representative of such Refinancing Indebtedness acting on behalf
of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of the ABL Intercreditor Agreement or an intercreditor agreement delivered pursuant to the definition of Junior Lien Priority Indebtedness, as
applicable and (d) obligations under the Senior Notes Indentures, the Lien on the Collateral securing such Indebtedness shall have the priorities contemplated by the ABL Intercreditor Agreement (or priorities junior thereto), and a Senior
Representative of such Refinancing Indebtedness acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of the ABL Intercreditor Agreement or an intercreditor agreement delivered
pursuant to the definition of Junior Lien Priority Indebtedness, as applicable; and 
 (C) shall not include
(x) Indebtedness of a Restricted Subsidiary that is not a Loan Party that refinances Indebtedness of Holdings or another Loan Party, or (y) Indebtedness of Holdings or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted
Subsidiary; 

  
 156 

 (16) Indebtedness, Disqualified Stock or Preferred Stock of
(x) Holdings or any Restricted Subsidiary incurred to finance an acquisition or (y) Persons that are acquired by Holdings or any Restricted Subsidiary or are merged, consolidated or amalgamated with or into Holdings or any Restricted
Subsidiary in accordance with the terms of this Agreement (so long as such Indebtedness is not incurred in contemplation of such acquisition, merger, consolidation or amalgamation); provided that after giving effect to such acquisition or
merger, consolidation or amalgamation, either: (a) Holdings would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Incurrence Fixed Charge Coverage Ratio test set forth in
Section 7.02(a)(ii)(30); or (b) the Incurrence Fixed Charge Coverage Ratio of Holdings would be no less than immediately prior to such acquisition or merger, consolidation or amalgamation;  

(17) [Reserved]; 

(18) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(19) Indebtedness of Holdings or any Restricted Subsidiary supported by a Letter of Credit, in a principal amount not in
excess of the stated amount of such Letter of Credit; 
 (20) [Reserved]; 

(21) Indebtedness of Holdings or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(22) Indebtedness consisting of Indebtedness of Holdings or a Restricted Subsidiary to current or former officers, directors
and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of Holdings or any direct or indirect parent of Holdings to
the extent described in Section 7.02(b)(ii)(4); 

  
 157 

 (23) Indebtedness in respect of Obligations of Holding or any Restricted
Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with open accounts extended by suppliers on
customary trade terms in the ordinary course of business and not in connection with the borrowing of money or any Hedging Obligations; 

(24) [Reserved]; 

(25) [Reserved]; 

(26) [Reserved]; 

(27) [Reserved]; 

(28) Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures of Holdings, the Lead
Borrower or any Restricted Subsidiary not in excess, at any one time outstanding, of $65,000,000; 
 (29) Indebtedness in
respect of receivables financings solely involving accounts receivables or interests generated by Restricted Subsidiaries of Holdings that are organized and operating under the laws of France, in which the aggregate amount of cash paid by the
lenders or purchasers under all such receivables financings outstanding at any time in connection with their purchase of, or the making of loans secured by, such accounts receivables or assets does not exceed $25,000,000 (or the Dollar Equivalent
thereof); and 
 (30) other Indebtedness so long as (i) the Incurrence Fixed Charge Coverage Ratio of Holdings for the
most recently ended Test Period immediately preceding the date on which such additional Indebtedness is incurred would have been at least 2.00 to 1.00 determined on a pro forma basis and (ii) any Liens securing such Indebtedness are
otherwise permitted pursuant to clause (6)(B) of the definition of Permitted Liens; provided that such Indebtedness matures at least 91 days after the Termination Date. 

(iii) For purposes of determining compliance with this Section 7.02(a) at the time of incurrence,
Lead Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the categories of Indebtedness described (1) through (30) of Section 7.02(a)(ii) (or any portion thereof) without giving
pro forma effect to the Indebtedness Incurred pursuant to any other clause or paragraph of Section 7.02(a)(ii) (or any portion thereof) when calculating the amount of Indebtedness that may be Incurred pursuant to any
such clause or paragraph (or any portion thereof). 

  
 158 

 Accrual of interest, the accretion of accreted value, the payment of interest or dividends
in the form of additional Indebtedness, Disqualified Capital Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as
a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Capital Stock or Preferred Stock for purposes of this Section 7.02(a). In addition, Guaranties
of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness;
provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 7.02(a). 

For purposes of determining compliance with any Dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred
(whichever yields the lower Dollar equivalent), in the case of revolving credit debt. However, if the Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and the refinancing would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of the refinancing, the Dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount
of the refinancing Indebtedness does not exceed the principal amount of the Indebtedness being refinanced. 
 Notwithstanding any other
provision of this Section 7.02(a), the maximum amount of Indebtedness that Holdings and the Restricted Subsidiaries may Incur pursuant to this Section 7.02(a) shall not be deemed to be exceeded,
with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies 
 (b) Limitation on
Restricted Payments. 
 (i) Holdings shall not, and shall not permit any of the Restricted Subsidiaries to, directly or
indirectly: 
 (1) declare or pay any dividend or make any distribution on account of any of Holdings’ or any of the
Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving Holdings (other than (A) dividends or distributions payable solely in Equity Interests (other than
Disqualified Capital Stock) of Holdings; and (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted
Subsidiary that is not a Wholly Owned Restricted Subsidiary, Holdings or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities);

  
 159 

 (2) purchase or otherwise acquire or retire for value any Equity Interests
of Holdings or any direct or indirect parent of Holdings; 
 (3) make any principal payment on, or redeem, repurchase,
defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Junior Indebtedness of Holdings or any other Loan Party (other than the payment, redemption, repurchase, defeasance,
acquisition or retirement of (A) Junior Indebtedness in anticipation of satisfying a sinking fund obligation or principal installment or pursuant to the change of control and asset sale provisions in the Senior Notes Indentures (or similar
provisions in the agreements governing other Junior Indebtedness or in each case any Refinancing Indebtedness thereof) and (B) Indebtedness permitted under clauses (7) and (9) of Section 7.02(a)(ii)); or 

(4) make any Restricted Investment. 

(all such payments and other actions set forth in subclauses (1) through (4) above being collectively referred to as “Restricted
Payments”). 
 (ii) The provisions of Section 7.02(b)(i) shall not prohibit: 

(1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the
date of declaration thereof, if at the date of declaration or the giving of notice of such irrevocable redemption, as applicable, such payment would have complied with the provisions of this Agreement; provided that if such dividend,
distribution or redemption is being made pursuant to Section 7.02(b)(ii)(18), a Reserve shall be established by Agent in an amount equal to the Restricted Payment so declared; 

(2) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) or Junior Indebtedness of Holdings, any direct or indirect parent of Holdings or any Loan Party in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of Holdings or any direct or indirect
parent of Holdings or contributions to the equity capital of Holdings (other than any Disqualified Capital Stock or any Equity Interests sold to a Subsidiary of Holdings) (collectively, including any such contributions, “Refunding Capital
Stock”): 

  
 160 

 (A) the declaration and payment of dividends on the Retired Capital Stock
out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of Holdings) of Refunding Capital Stock; and 

(B) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was
permitted under clause (6) of this Section 7.02(b)(ii) and not made pursuant to clause (2)(B), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of
which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of Holdings) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable
and payable on such Retired Capital Stock immediately prior to such retirement; 
 (3) the repayment, redemption,
repurchase, defeasance, or other acquisition or retirement of Junior Indebtedness of Holdings or any Loan Party made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of Holdings or a Loan Party, which
is Incurred in accordance with Section 7.02(a) so long as: 
 (A) the principal amount (or
accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus any accrued and unpaid interest, of the Junior Indebtedness being so repaid, redeemed, repurchased,
defeased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Junior Indebtedness being so repaid, redeemed, repurchased, acquired or retired, plus any
tender premiums, plus any defeasance costs, fees and expenses incurred in connection therewith); 
 (B) such
Indebtedness is subordinated as to right of payment and/or lien priority to the Obligations or the related Guarantee of such Loan Party, as the case may be, at least to the same extent as such Junior Indebtedness so purchased, exchanged, repaid,
redeemed, repurchased, defeased, acquired or retired for value (it being understood that if the Junior Indebtedness so repaid, purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value is unsecured, such Indebtedness shall
be unsecured); 

  
 161 

 (C) such Indebtedness has a final scheduled maturity date equal to or later
than the earlier of (x) the final scheduled maturity date of the Junior Indebtedness being so repaid, redeemed, repurchased, acquired or retired and (y) 91 days following the Termination Date; and 

(D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Junior Indebtedness being so repaid, redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of
principal on the Junior Indebtedness being repaid, redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the Termination Date; 

(4) so long as no Cash Dominion Period is continuing immediately before or after the making of such Restricted Payment, a
Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of Holdings or any direct or indirect parent of Holdings held by any future, present or former employee, director, officer or consultant of
Holdings or any Subsidiary of Holdings or any direct or indirect parent of Holdings pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided,
however, that the aggregate Restricted Payments made under this clause (4) do not exceed $20 million in any calendar year, with unused amounts in any calendar year being permitted to be carried over to the next succeeding
calendar year; provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 

(A) the cash proceeds received by Holdings or any of the Restricted Subsidiaries from the sale of Equity Interests (other than
Disqualified Capital Stock) of Holdings or any direct or indirect parent of Holdings (to the extent contributed to Holdings) to employees, directors, officers or consultants of Holdings and the Restricted Subsidiaries or any direct or indirect
parent of Holdings that occurs after the Closing Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available for Restricted Payments
under Section 7.02(b)(ii)(8)); plus 

  
 162 

 (B) the cash proceeds of key man life insurance policies received by
Holdings or any direct or indirect parent of Holdings (to the extent contributed to Holdings) or the Restricted Subsidiaries after the Closing Date; 

provided that cancellation of Indebtedness owing to Holdings or any Restricted Subsidiary from any present or former employees,
directors, officers or consultants of Holdings, any Restricted Subsidiary or the direct or indirect parents of Holdings in connection with a repurchase of Equity Interests of Holdings or any of its direct or indirect parents will not be deemed to
constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement; 
 (5) the
declaration and payment of dividends or distributions to holders of any class or series of Disqualified Capital Stock of Holdings or any Restricted Subsidiary issued or incurred in accordance with Section 7.02(a); 

(6) (a) the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred
Stock (other than Disqualified Capital Stock) issued after the Effective Date and (b) a Restricted Payment to any direct or indirect parent of Holdings, the proceeds of which will be used to fund the payment of dividends to holders of any class
or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of Holdings issued after the Effective Date; provided that the aggregate amount of dividends declared and paid pursuant to this clause
(b) does not exceed the net cash proceeds actually received by Holdings from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Effective Date; 

(7) any Special Asset Sale Redemption (as defined in the offering memorandum for the 2026 Notes); 

(8) so long as no Cash Dominion Period is continuing immediately before or after the making of such Restricted Payment,
Restricted Payments that are made with (or in an aggregate amount that does not exceed the aggregate amount of) Excluded Contributions; 

  
 163 

 (9) other Restricted Payments that, when taken together with all other
Restricted Payments made pursuant to this clause (9) that are at that time outstanding (and when combined with Investments made in reliance on clauses (10) and (21) of the definition of Permitted Investments), would not exceed
$100 million (and $50 million in any Fiscal Year); provided, that no Cash Dominion Period exists, in each case, after giving pro forma effect to such Restricted Payment; 

(10) [reserved]; 

(11) with respect to any taxable period for which Holdings and/or any of its Subsidiaries are members of a consolidated,
combined, affiliated, unitary or similar income tax group for U.S. federal and/or applicable state or local income tax purposes of which a direct or indirect parent of Holdings is the common parent (a “Tax Group”), distributions
(“Tax Distributions”) to any direct or indirect parent of Holdings to pay the portion of any such taxes of such Tax Group attributable to the income of Holding and/or its applicable Subsidiaries in an amount not to exceed the amount
of such U.S. federal, state and/or local income taxes (as applicable) that Holdings and/or its applicable Subsidiaries would have paid for such taxable period had Holdings and/or its applicable Subsidiaries been a stand-alone corporate taxpayer or a
stand-alone corporate group with respect to such taxes for all applicable taxable periods ending after the Closing Date; provided that distributions attributable to the income of any Unrestricted Subsidiary shall be permitted only to the
extent that such Unrestricted Subsidiary made distributions to Holdings or any Restricted Subsidiary for such purpose; 

(12) any Restricted Payment, if applicable: 

(A) in amounts required for any direct or indirect parent of Holdings to pay fees and expenses (including franchise or similar
Taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of Holdings and general corporate operating
and overhead expenses of any direct or indirect parent of Holdings, in each case, to the extent such fees and expenses are attributable to the ownership or operation of Holdings, if applicable, and its Subsidiaries; 

  
 164 

 (B) in amounts required for any direct or indirect parent of Holdings, if
applicable, to pay interest and/or principal on Indebtedness the proceeds of which have been contributed to Holdings or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, Holdings Incurred in
accordance with Section 7.02(a) and 
 (C) in amounts required for any direct or indirect parent
of Holdings to pay fees and expenses related to any equity or debt offering of such parent (whether or not successful); 

(13) repurchases of Equity Interests that occur or are deemed to occur upon exercise of stock options or warrants if such
Equity Interests represent a portion of the exercise price of such options or warrants; 
 (14) subject to Holdings’
Total Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements have been, or are required to have been, delivered being less than or equal to 5.00 to 1.00, the payment of dividends on Holdings’
common stock (or a Restricted Payment to any direct or indirect parent of Holdings to fund the payment by such direct or indirect parent of Holdings of dividends on such entity’s common stock) of up to $25 million in any calendar year,
with unused amounts in any calendar year beginning with the calendar year ending December 31, 2021 being permitted to be carried over to succeeding calendar years; 

(15) Restricted Payments by Holdings or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of
fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(16) [Reserved]; 

(17) payments or distributions to dissenting stockholders pursuant to applicable Law, pursuant to or in connection with a
consolidation, amalgamation, merger or transfer of all or substantially all of the assets of Holdings and the Restricted Subsidiaries, taken as a whole, that complies with Section 7.02(h); provided that if such
consolidation, amalgamation, merger or transfer of assets constitutes a Change of Control, all Obligations shall have been repaid in full (or the Event of Default specified in Section 8.01(g) shall have been waived); and

  
 165 

 (18) any Loan Party or their Restricted Subsidiaries may make Restricted
Payments so long as the Borrowers are in Pro Forma Compliance with the Payment Conditions; 
 provided, however, that at
the time of, and after giving effect to, any Restricted Payment permitted under clauses (8) and (9) of this Section 7.02(b)(ii), no Default shall have occurred and be continuing or would occur as a consequence thereof
(provided, however, that Holdings may make regularly-scheduled dividend payments on its existing Preferred Stock in accordance with the terms thereof pursuant to Section 7.02(b)(ii)(6), regardless of
whether any Default has occurred or is continuing or would occur as a consequence thereof); provided, further, that any Restricted Payments made with property other than cash shall be calculated using the Fair Market Value (as
determined in good faith by Lead Borrower) of such property. 
 (iii) As of the Effective Date, all of the Subsidiaries of
Holdings will be Restricted Subsidiaries. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by Holdings and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so
designated will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in
such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 

(iv) Notwithstanding anything else set forth in this Section 7.02(b) or the definition of
“Permitted Investments” to the contrary, no Restricted Payment or Investment (other than an Investment in Holdings or another Loan Party) of material intellectual property owned by Holdings or another Loan Party shall be permitted under
this Agreement. 
 (c) Limitations on Restrictions Affecting Subsidiaries. No Loan Party shall, or shall permit any of its Material
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist any consensual encumbrance or consensual restriction which prohibits or limits the ability of any Loan Party or Material Subsidiary to: 

(i) pay dividends or make any other distributions to Holdings or any Restricted Subsidiary (1) on its Capital Stock; or
(2) with respect to any other interest or participation in, or measured by, its profits; or 
 (ii) make loans or
advances to Holdings or any Restricted Subsidiary that is a direct or indirect parent of such Material Subsidiary; 
 except in each
case for such encumbrances or restrictions existing under or by reason of: 
 (1) (A) contractual encumbrances or
restrictions in effect on the Closing Date and (B) contractual encumbrances or restrictions pursuant to this Agreement, the other Loan Documents, and, in each case, similar contractual encumbrances effected by any amendments, modifications,
restatements, renewals, supplements, refundings, replacements or refinancings of such agreements or instruments; 

  
 166 

 (2) (A) the 2024 Notes Indenture, the 2024 Notes or the guarantees
thereunder, (B) the 2026 Notes Indenture, the 2026 Notes or the guarantees thereunder, (C) the Canadian Financings or (D) the ABL Intercreditor Agreement; 

(3) applicable Law or any applicable rule, regulation or order; 

(4) any agreement or other instrument of a Person acquired by Holdings or any Restricted Subsidiary which was in existence at
the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 

(5) contracts or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary imposed
pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary; 

(6) Secured Indebtedness otherwise permitted to be Incurred pursuant to Section 7.02(a) and
Section 7.02(g) that limits the right of the debtor to dispose of the assets securing such Indebtedness; 

(7) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (8) customary provisions in joint venture agreements and other similar agreements entered into in the
ordinary course of business; 
 (9) purchase money obligations for property acquired and Capital Lease Obligations in the
ordinary course of business; 
 (10) customary provisions contained in leases, licenses and other similar agreements entered
into in the ordinary course of business; 

  
 167 

 (11) any encumbrance or restriction that restricts in a customary manner
the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license (including without limitation, licenses of intellectual property) or
other contracts; 
 (12) other Indebtedness, Disqualified Capital Stock or Preferred Stock (A) of Holdings or any
Restricted Subsidiary that is a Loan Party or a Foreign Subsidiary or (B) of any Restricted Subsidiary that is not a Loan Party or a Foreign Subsidiary so long as such encumbrances and restrictions contained in any agreement or instrument will
not materially affect Holdings’ or any Loan Party’s ability to make anticipated principal or interest payments on the Advances (as determined in good faith by Holdings); provided that in the case of each of clauses (A) and (B),
such Indebtedness, Disqualified Capital Stock or Preferred Stock is permitted to be Incurred subsequent to the Closing Date pursuant to Section 7.02(a); 

(13) any Restricted Investment not prohibited by Section 7.02(b) and any Permitted Investment; 

(14) the Fernandina Cogeneration Project; or 

(15) any encumbrances or restrictions of the type referred to in Section 7.02(c)(i) or
(ii) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (14) above
or this clause (15); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of Holdings, no more restrictive with respect to such
dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

For purposes of determining compliance with this Section 7.02(c), (i) the priority of any Preferred Stock in
receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of
loans or advances made to Holdings or a Restricted Subsidiary to other Indebtedness Incurred by Holdings or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

  
 168 

 (d) Sale of Capital Stock and Assets. Except as set forth herein, no Loan Party
shall, or shall permit any of its Restricted Subsidiaries to, sell, transfer, convey, assign or otherwise Dispose of any of its properties or other assets, including the Capital Stock of any of its Subsidiaries (whether in a public or a private
offering or otherwise), other than: 
 (i) the Disposition (including the abandonment of any Copyright, Patent, Trademark or
other intellectual property or surrender or transfer for no consideration) of obsolete, no longer used or useful, surplus, uneconomic, negligible or worn out property in the ordinary course of business or otherwise as may be required pursuant to the
terms of any lease, sublease, license or sublicense; 
 (ii) the sale of inventory or other assets in the ordinary course of
business; 
 (iii) Dispositions permitted by Sections 7.02(b), 7.02(g) and 7.02(h); 

(iv) (1) the sale or issuance of any Subsidiary’s Capital Stock to Holdings or any Restricted Subsidiary and
(2) the sale or issuance of Capital Stock of Holdings to any employee (and, where required by law, to any officer or director) under any employment or compensation plans or to qualify such officers and directors; 

(v) the Disposition of assets that do not constitute Borrowing Base assets, so long as (1) no Default or Event of Default
then exists or would result therefrom, (2) each such Disposition is in an arm’s-length transaction and Holdings or the applicable Subsidiary receives at least fair market value (as determined in good
faith by Lead Borrower), and (3) the consideration received by Holdings or such Subsidiary consists of at least 75% cash and is paid at the time of the closing of such Disposition; provided, however, that the following shall be
deemed to be cash in respect of assets that are not ABL Priority Collateral: (A) the assumption by the transferee of Indebtedness or other liabilities contingent or otherwise of Holdings or any of its Restricted Subsidiaries (other than Junior
Indebtedness) and the valid release of Holdings or such Restricted Subsidiary, by all applicable creditors in writing, from all liability on such Indebtedness or other liability in connection with such Disposition, (B) Indebtedness (other than
Junior Indebtedness) of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Disposition, to the extent that Holdings and each other Restricted Subsidiary are released from any guarantee of payment of such
Indebtedness in connection with such Disposition and (C) any Designated Non-cash Consideration received by Holdings or any Restricted Subsidiary in such Disposition having an aggregate Fair Market Value
(as determined in good faith by Lead Borrower), taken together with all other Designated Non-cash Consideration received pursuant to this Section 7.02(d)(v) that is at that time
outstanding, not to exceed $50.0 million (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes
in value); 

  
 169 

 (vi) subject to compliance with Payment Conditions, the Disposition of
assets that constitute Borrowing Base assets, so long as (1) each such Disposition is in an arm’s-length transaction and Holdings or the applicable Subsidiary receives at least fair market value (as
determined in good faith by Lead Borrower), and (2) the consideration received by Holdings and its Subsidiaries in connection with such sale consists of at least 75% cash and is paid at the time of the closing of such Disposition; 

(vii) Dispositions of cash and Cash Equivalents; 

(viii) Dispositions of Accounts in connection with compromise, write down or collection thereof in the ordinary course of
business and consistent with past practice; 
 (ix) leases, subleases, licenses or sublicenses of property (i) which do
not materially interfere with the business of Holdings and its Restricted Subsidiaries or (ii) in connection with the Fernandina Cogeneration Project; 

(x) Dispositions of Capital Stock to directors where required by applicable Law or to satisfy other requirements of applicable
Law with respect to the ownership of Capital Stock of Foreign Subsidiaries; 
 (xi) Dispositions of the Capital Stock of any
Joint Venture to the extent required by the terms of customary buy/sell type arrangements entered into in connection with the formation of such Joint Venture; 

(xii) transfer or disposition of property subject to or as a result of a casualty or condemnation (or agreement in lieu of
condemnation) (1) upon receipt of net cash proceeds of such casualty or (2) to a Governmental Authority as a result of condemnation (or agreement in lieu of condemnation); 

(xiii) the sale, transfer, lease, license or other disposition of Receivables Assets pursuant to a Permitted Supplier
Receivables Sale Program; 
 (xiv) (1) any Loan Party may Dispose of its property to another Loan Party, (2) any
Restricted Subsidiary that is not a Loan Party may Dispose of its property to another Restricted Subsidiary and (3) asset Dispositions among Loan Parties and their Restricted Subsidiaries in the ordinary course of business; 

(xv) Dispositions of any property to the extent that (1) (x) such property is exchanged for credit against the purchase price
of similar replacement property or (y) such Disposition represents an exchange of assets (including a combination of Cash Equivalents and assets) for assets related to a Similar Business of comparable or greater market value or usefulness to
the business of Holdings and its Restricted Subsidiaries as a whole, as determined in good faith by Lead Borrower or (z) such Disposition represents a swap of assets or lease, assignment or sublease of any real of personal property in exchange
for services (including in connection with any outsourcing arrangements) of comparable or greater value or 

  
 170 

 
usefulness to the business of Holdings and its Restricted Subsidiaries as a whole, as determined in good faith by Lead Borrower, or (2) the proceeds of such Disposition are reasonably
promptly applied to the purchase price of such replacement property; 
 (xvi) Dispositions of assets which constitute
Investments permitted under Section 7.02(b); 
 (xvii) Dispositions of property (other than ABL
Priority Collateral) in connection with (i) Sale/Leaseback Transactions for fair value (as determined at the time of the consummation thereof in good faith by the applicable Loan Party or Restricted Subsidiary) so long as (x) 75% of the
consideration received by such Loan Party or Restricted Subsidiary from such Sale/Leaseback Transaction is in the form of cash and (ii) any Sale/Leaseback Transactions between Excluded Subsidiaries; 

(xviii) any disposition by Holdings or a Subsidiary to charitable foundations, not-for-profits or other similar organizations with an aggregate fair market value (as determined in good faith by Holdings) not to exceed $5,000,000 in any calendar year; 

(xix) Dispositions of assets or issuances of Holdings or any Restricted Subsidiary or sale of Capital Stock of Holdings or any
Restricted Subsidiary which assets or Capital Stock so Disposed or issued, in any single transaction or related series of transactions, have a fair market value (as determined in good faith by Lead Borrower) of less than $10 million; 

(xx) foreclosure or any similar action with respect to any property or other asset of Holdings or any of its Subsidiaries; 

(xxi) any Disposition of Capital Stock in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 

(xxii) any Disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a
Person (other than Holdings or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), in
each case following the Effective Date, made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

(xxiii) Dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course
of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

  
 171 

 (xxiv) any surrender, expiration or waiver of contract rights or the
settlement, release, recovery on or surrender of contract, tort or other claims of any kind; 
 (xxv) Dispositions of real
property for the purpose of (x) resolving minor title disputes or defects, including encroachments and lot line adjustments or, or (y) granting easements, rights of way or access and egress agreements, or (z) to any Governmental
Authority in consideration of the grant, issuance, consent or approval of or to any development agreement, change of zoning or zoning variance, permit or authorization in connection with the conduct of any Loan Party’s business, in each case
which does not materially interfere with the business conducted on such real property; 
 (xxvi) so long as no Default or
Event of Default would result therefrom, (i) dispositions of the brownfield properties (or similarly situated properties) identified to the Agent on or prior to the Effective Date and (ii) dispositions of certain lumber mills located in
the Province of Ontario, a list of which was delivered to the Agent on or prior to the Effective Date; and 
 (xxvii) any
transfer of accounts receivable and related assets in connection with any factoring or similar arrangements entered into by Foreign Subsidiaries (other than any Foreign Subsidiary organized in Canada or any province or territory thereof) on
arms’ length terms; 
 provided, that any Disposition of Trademarks of the Loan Parties, which Trademarks are necessary or
useful in connection with the exercise of any rights or remedies with respect to the ABL Priority Collateral, pursuant to any of the foregoing clauses to any Person that is not a Loan Party shall be made expressly subject to a non-exclusive, irrevocable (until the Obligations have been paid in full) royalty-free license in favor of the Agent to use such Trademarks in connection with the exercise of any such rights or remedies. 

(e) Affiliate Transactions. 

(i) Holdings shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, make any payment
to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of Holdings (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $20 million, unless: 

(1) such Affiliate Transaction is on terms that are not materially less favorable to Holdings or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by Holdings or such Restricted Subsidiary with an unrelated Person; and 

  
 172 

 (2) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $40 million, Holdings delivers to Agent a resolution adopted in good faith by the majority of the Board of Directors of Holdings, approving such Affiliate Transaction and an
Officer’s Certificate certifying that such Affiliate Transaction complies with clause (1) above. 
 (ii) The
provisions of Section 7.02(e)(i) shall not apply to the following: 
 (1) transactions between or
among Holdings and/or any of the Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of Holdings and any direct parent of Holdings; provided
that such parent shall have no material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock of Holdings and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Agreement
and effected for a bona fide business purpose; 
 (2) Restricted Payments permitted by
Section 7.02(b) and Permitted Investments; 
 (3) the payment of reasonable and customary fees and
reimbursement of expenses paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of Holdings, any Restricted Subsidiary, or any direct or indirect parent of Holdings; 

(4) transactions in which Holdings or any Restricted Subsidiary, as the case may be, delivers to Agent a letter from an
Independent Financial Advisor stating that such transaction is fair to Holdings or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (1) of this Section 7.02(e)(i); 

(5) payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a
majority of the Board of Directors of Holdings in good faith; 
 (6) any agreement as in effect as of the Effective Date or
any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the Lenders in any material respect than the original agreement as in effect on the Effective Date) or any
transaction contemplated thereby as determined in good faith by Holdings; 

  
 173 

 (7) the existence of, or the performance by Holdings or any Restricted
Subsidiary of its obligations under the terms of any stockholders or limited liability company agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Effective Date, any
transaction, agreement or arrangement described in the offering memorandum relating to the 2026 Senior Notes and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter;
provided, however, that the existence of, or the performance by Holdings or any Restricted Subsidiary of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar
transaction, agreement or arrangement entered into after the Effective Date shall only be permitted by this clause (7) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto,
taken as a whole, or new transaction, agreement or arrangement are not otherwise more disadvantageous to the Lenders in any material respect than the original transaction, agreement or arrangement as in effect on the Effective Date; 

(8) (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions
otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement, which are fair to Holdings and the Restricted Subsidiaries in the
reasonable determination of the Board of Directors or the senior management of Holdings, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint
ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norm; 

(9) the execution of the Transactions, and the payment of all fees, expenses, bonuses and awards related to the Transactions;

 (10) the issuance of Equity Interests (other than Disqualified Capital Stock) of Holdings to any Person; 

  
 174 

 (11) the issuances of securities or other payments, awards or grants in
cash, securities or otherwise pursuant to, or the funding of, employment arrangements, management equity plans, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of Holdings or the Board of
Directors of any direct or indirect parent of Holdings, or the Board of Directors of a Restricted Subsidiary, as applicable, in good faith; 

(12) the entering into of any tax sharing agreement or arrangement that complies with clauses (11) and (12) of
Section 7.02(b)(ii) and the performance under any such agreement or arrangement; 
 (13) any
contribution to the capital of Holdings; 
 (14) transactions permitted by, and complying with,
Section 7.02(h); 
 (15) transactions between Holdings or any Restricted Subsidiary and any
Person, a director of which is also a director of Holdings or any direct or indirect parent of Holdings; provided, however, that such director abstains from voting as a director of Holdings or such direct or indirect parent of
Holdings, as the case may be, on any matter involving such other Person; 
 (16) pledges of Equity Interests of Unrestricted
Subsidiaries; 
 (17) the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash
pooling or management purposes in the ordinary course of business; 
 (18) any employment agreements entered into by
Holdings or any Restricted Subsidiary and their respective officers and employees in the ordinary course of business; 

(19) transactions undertaken in good faith (as certified by a responsible financial or accounting officer of Holdings in an
Officer’s Certificate) for the purpose of improving the consolidated tax efficiency of Holdings and its Subsidiaries and not for the purpose of circumventing any covenant set forth in this Agreement; and 

(20) non-exclusive licenses of Intellectual Property to or among Holdings and its
Restricted Subsidiaries and Affiliates. 
 (f) Amendments of Certain Documents; Line of Business. No Loan Party shall amend its
charter, bylaws or other organizational documents in any manner materially adverse to the interest of the Lenders or such Loan Party’s duty or ability to repay the Obligations. No Loan Party shall engage in any business other than the
businesses currently engaged in by it on the Effective Date or businesses that are similar, reasonably related, incidental or ancillary thereto or is a reasonable extension, development or expansion thereof (a “Similar Business”).

  
 175 

 (g) Liens. Holdings shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien securing Indebtedness of Holdings or any Restricted Subsidiary, other than Permitted Liens, on any asset or property of Holdings or such Restricted Subsidiary. 

With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common stock of Holdings, the payment of
dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of
fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (3) of the definition of “Indebtedness.” 

(h) Mergers, Amalgamations, Fundamental Changes, Etc. No Loan Party shall, or shall permit any of its Restricted Subsidiaries to,
directly or indirectly, by operation of law or otherwise, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its
property or business, except that: 
 (i) any Borrower may be merged, amalgamated or consolidated with or into another
Borrower; provided that in all mergers, amalgamations or consolidations involving Lead Borrower, Lead Borrower shall be the continuing or surviving entity; 

(ii) any Restricted Subsidiary of Holdings may be merged, amalgamated or consolidated with or into a Borrower (provided
that a Borrower (or the Lead Borrower, if applicable) shall be the continuing or surviving entity) or with or into any Guarantor (provided that a Guarantor shall be the continuing or surviving entity); 

(iii) any Subsidiary of Holdings that is not a Guarantor may be merged, amalgamated or consolidated with or into any other
Subsidiary of Holdings that is not a Guarantor; provided that if one Subsidiary to such merger, amalgamation or consolidation is a Wholly Owned Subsidiary, the Wholly Owned Subsidiary shall be the continuing or surviving entity; 

  
 176 

 (iv) any Borrower may Dispose of any or all of its assets to another
Borrower and any Subsidiary of Holdings may Dispose of any or all of its assets to, or enter into any merger, amalgamation or consolidation with, (1) a Borrower or any Guarantor (upon voluntary liquidation or otherwise), (2) a Subsidiary that
is not a Guarantor if the Subsidiary making the Disposition is not a Guarantor; provided that any such Disposition by a Wholly Owned Subsidiary must be to a Wholly Owned Subsidiary, or (3) pursuant to a Disposition otherwise permitted by
Section 7.02(d); 
 (v) any Investment expressly permitted by
Section 7.02(b) may be structured as a merger, consolidation or amalgamation; 
 (vi) any
Subsidiary may be dissolved or liquidated so long as any Dispositions of assets of such Person in connection with such liquidation or dissolution would be to Persons entitled to receive such assets; 

(vii) any Subsidiary may enter into any merger, amalgamation or consolidation in connection with a Disposition otherwise
permitted by Section 7.02(d). 
 (i) Sanctions. Holdings shall not, and shall not permit any Restricted
Subsidiary to, use the proceeds of any Credit Extension directly or, to the knowledge of the Lead Borrower, indirectly, to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned
Entity, except to the extent licensed or otherwise approved by OFAC or any other applicable Sanctions authority. Notwithstanding anything in this Agreement, nothing in this Agreement shall require the Borrowers or any Subsidiary of any Borrower or
any director, officer, employee, agent, Affiliate of any Borrower that is registered or incorporated under the laws of Canada or of a province to commit an act or omission that contravenes the Foreign Extraterritorial Measures (United States) Order,
1992. 
 (j) Anti-Corruption Laws. Holdings shall not, and shall not permit any Restricted Subsidiary to, directly or, to the
knowledge of the Lead Borrower, indirectly, use the proceeds of any Credit Extension in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, the Bribery Act 2010 of the United Kingdom, as amended, the Corruption of
Foreign Public Officials Act (Canada), as amended, and French Law n°2016-1691 of December 9, 2016 (i.e., “Sapin II”), as amended, and (ii) maintain in effect policies and procedures designed to promote and achieve compliance
by Holdings and its Subsidiaries with such laws. 
 (k) Deposit Accounts. Holdings shall not, and shall not permit any Restricted
Subsidiary, to open new bank accounts that are collection accounts unless the applicable Loan Parties shall have delivered to the Agent appropriate Blocked Account Agreements consistent with the provisions of
Section 7.01(i) as and when required thereby. No Restricted Subsidiary shall maintain any bank accounts other than the ones contemplated in this Agreement and Excluded Accounts. 

Section 7.03 Financial Covenants. From and after the Closing Date until the Release Date, Holdings will, unless it has the written
consent of the Majority Lenders to do otherwise: 
 (a) [Reserved]. 

  
 177 

 (b) Fixed Charge Coverage Ratio. If Availability shall be less than the greater of
(x) $25.0 million and (y) 15.0% of the Loan Cap (such greater amount, the “Covenant Trigger” and the date on which the Covenant Trigger occurs, the “Covenant Trigger Date”), until the date that Availability shall have been
greater than or equal to the Covenant Trigger for 30 consecutive days thereafter (such period, a “Compliance Period”), maintain a Fixed Charge Coverage Ratio as of (x) the Covenant Trigger Date and (y) last day of each
subsequently completed Test Period ending during a Compliance Period, in each case determined on the basis of the most recently completed Test Period, of not less than 1.00 to 1.00. 

Section 7.04 Reporting Requirements. Holdings will furnish to the Agent for distribution to the Lenders: 

(a) As soon as available and in any event within 45 days after the end of each of the first three Fiscal Quarters, Consolidated balance sheets
of the Holdings and its Subsidiaries as of the end of such Fiscal Quarters and Consolidated statements of income and retained earnings of Holdings and its Subsidiaries for the period commencing at the end of the previous Fiscal Quarter and ending
with the end of such Fiscal Quarter, setting forth in each case in comparative form the figures for (i) the corresponding Fiscal Quarter of the previous fiscal year and (ii) the corresponding portion of the previous Fiscal Year, certified
by the chief financial officer or treasurer of Holdings and accompanied by a certificate of said officer stating that such have been prepared in accordance with GAAP. 

(b) As soon as available and in any event within 75 days after the end of each Fiscal Year, a copy of the annual report for such year for
Holdings and its Subsidiaries, containing Consolidated financial statements of Holdings and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year and certified by Grant
Thornton LLP or other independent public accountants reasonably acceptable to the Majority Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit (other than solely with respect to, or resulting solely from, a final scheduled maturity date under any Indebtedness occurring within
one year from the time such opinion is delivered or any potential inability to satisfy a financial covenant thereunder). 
 (c) Upon the
occurrence and during the continuance of a Cash Dominion Period, within 30 days after the end of each Fiscal Month of each Fiscal Year of Holdings, Holdings will furnish to the Agent for distribution to the Lenders a Consolidated balance sheet of
Holdings and its Subsidiaries as at the end of such Fiscal Month, and the related Consolidated statements of income and retained earnings for such Fiscal Month, and for the portion of Holdings’ Fiscal Year then ended, certified by the chief
financial officer or treasurer of Holdings as fairly presenting, in all material respects, the financial information required thereby for Holdings and its Subsidiaries on a consolidated basis, consistent with past practice; 

(d) Together with the financial statements required by Sections 7.04(a), (b) and (c), a compliance certificate signed by
the chief financial officer, treasurer or assistant treasurer of Holdings attaching a calculation of the Fixed Charge Coverage Ratio and stating (i) whether or not he or she has knowledge of the occurrence of any Event of Default or Default

  
 178 

 
and, if so, stating in reasonable detail the facts with respect thereto and (ii) whether or not Holdings is in compliance with the requirements set forth in
Section 7.03 (if applicable) and showing the computations used in determining such compliance or non-compliance. 

(e) As soon as possible and in any event within five Business Days after a Responsible Officer becomes aware of each Event of Default and
Default, a statement of a Responsible Officer of the Lead Borrower setting forth details of such Event of Default or Default and the action which Lead Borrower has taken and proposes to take with respect thereto. 

(f) Promptly after the sending or filing thereof, copies of all reports which Holdings sends to any of its security holders, and copies of all
reports and registration statements which Holdings or any Subsidiary files with the SEC or any national securities exchange. 
 (g) Promptly
following any request therefor, information and documentation reasonably requested by the Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act, the Proceeds of Crime
(Money Laundering) and Terrorist Financing Act (Canada), the Beneficial Ownership Regulation or other applicable anti-money laundering laws. 

(h) Such other information respecting the condition or operations, financial or otherwise, of Holdings or any of its Subsidiaries as any Lender
Party, through the Agent, may from time to time reasonably request. 
 (i) On the 20th day of each Fiscal Month (or, if such day is not a
Business Day, on the next succeeding Business Day and, in the case of the Fiscal Month ending December 31, 2020, on January 20, 2021), commencing with the Fiscal Month ending December 31, 2020, a Borrowing Base Certificate showing the
Borrowing Base as of the close of business as of the last day of the immediately preceding Fiscal Month (provided that the Appraised Value percentage applied to the Eligible Inventory and Eligible FOB Inventory set forth in each Borrowing
Base Certificate shall be the percentage set forth in the most recent appraisal obtained by the Agent pursuant to Section 7.01(c) for the applicable monthly period in which such Borrowing Base Certificate is delivered),
each Borrowing Base Certificate to be certified as complete and correct in all material respects by a Responsible Officer of Lead Borrower; provided that (x) at any time that a Weekly Borrowing Base Delivery Event has occurred and is
continuing (or if Lead Borrower elects, so long as the frequency of delivery is maintained by Lead Borrower for at least 90 days), such Borrowing Base Certificate shall be delivered on Wednesday of each week (or, if Wednesday is not a Business Day,
on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday and (y) Lead Borrower shall be required to compute the Borrowing Base and deliver an updated Borrowing Base Certificate in connection with
any Disposition or Investment of ABL Priority Collateral outside of the ordinary course of business that results in assets constituting greater than 5% of the Borrowing Base being removed from the Borrowing Base; 

(j) Within 120 days after the end of each Fiscal Year of Holdings, forecasts prepared by management of Holdings, in form reasonably
satisfactory to the Agent, of Consolidated balance sheets and statements of income or operations and cash flows of Holdings and its Subsidiaries, and an Availability analysis, in each case on a monthly basis for the immediately following Fiscal Year
(including the Fiscal Year in which the Termination Date occurs), and as soon as available, any significant revisions to such forecast with respect to such Fiscal Year; and 

  
 179 

 (k) Simultaneously with the delivery of each set of consolidated financial statements
referred to in clauses (a), (b) and (c) above, related consolidating financial statements reflecting adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements. 

Documents required to be delivered pursuant to Section 7.04(a), (b) or (c) or
Section 7.04(f) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on
which Holdings posts such documents, or provides a link thereto on Holdings’ website on the Internet at the website address “https://rayonieram.com” (or any successor page notified to the Lenders); or (ii) on which such documents
are posted on Holdings’ behalf on an Internet or intranet website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent). The Agent shall have no obligation to
request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Holdings with any such request by a Lender for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents. 
 Holdings hereby acknowledges that (a) the
Agent will make available to the Lender Parties materials and/or information provided by or on behalf of Holdings hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or a substantially
similar electronic transmission system (the “Platform”) and (b) certain of the Lender Parties (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to Holdings or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to
such Persons’ securities. Holdings hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials
shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Holdings
shall be deemed to have authorized the Agent and the Lender Parties to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with
respect to Holdings or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Confidential Information, they shall be treated as set
forth in Section 10.11); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Agent shall
be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, Holdings shall be
under no obligation to mark any Borrower Materials “PUBLIC”. 

  
 180 

 ARTICLE VIII 

EVENTS OF DEFAULT 

Section 8.01 Events of Default. If any of the following events (“Events of Default”) shall occur and be
continuing on or after the Closing Date: 
 (a) Non-Payment. Any Loan Party shall fail to pay
any principal of any Advance or any reimbursement obligation under any Letter of Credit when the same becomes due and payable, and in the currency required hereunder; or shall fail to pay any interest on any Advance, fees or any other amounts
hereunder or under any other Loan Document within five Business Days after the same become due and payable by it; or 
 (b)
Representations and Warranties. Any representation or warranty made by any Loan Party in any Loan Document (whether made on behalf of itself or otherwise) or by any Loan Party (or any of its officers) in connection with any Loan Document
(including, without limitation, any representation made in any Borrowing Base Certificate) shall prove to have been incorrect in any material respect when made; or 

(c) Specific Covenants and Other Defaults. (i) Any Loan Party shall fail to perform or observe any covenant contained in
Section 7.01(a) (as to the existence of each Borrower), 7.01(g), 7.01(i), 7.01(p), 7.02, 7.03 or 7.04(e); (ii) any Loan Party shall fail to perform or observe any covenant contained
in Section 7.04(i) if the failure to perform or observe such covenant shall continue unremedied for five (5) Business Days (or, in the case of Section 7.04(i), two (2) Business Days if
Borrowing Base Certificates are being delivered weekly); and (iii) any Loan Party shall fail to perform or observe such other term, covenant or agreement contained in any Loan Document on its part to be performed or observed if the failure to
perform or observe such other term, covenant or agreement shall remain unremedied for 30 days after written notice thereof shall have been given to such Loan Party by any Lender Party; or 

(d) Cross-Default. A default or breach shall occur under any other agreement, document or instrument to which any Loan Party or any
Restricted Subsidiary is a party that is not cured within any applicable grace period therefor, and such default or breach (i) involves the failure to make any payment when due in respect of any Indebtedness (other than the Obligations) of any
Loan Party or any Restricted Subsidiary in an aggregate amount of not less than $75,000,000, or (ii) causes or permits any holder of such Indebtedness or a trustee, with the giving of notice, if required, to cause Indebtedness or a portion
thereof in excess of $75,000,000 in the aggregate outstanding principal amount to become due prior to its stated maturity or prior to its regularly scheduled dates of payment, or cash collateral in respect thereof (in excess of $75,000,000) is
demanded as a result of any such breach or default, in each case, regardless of whether such right is exercised, by such holder or trustee; provided that this clause (d)(ii) shall not apply to secured Indebtedness that becomes due as a result
of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; or 

  
 181 

 (e) Insolvency Proceeding, Etc. Any Loan Party shall generally not pay its debts as
such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Loan Party seeking to adjudicate it a
bankrupt or insolvent, or seeking receivership, interim receivership, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any Debtor Relief Law, or seeking the entry of an
order for relief or the appointment of a receiver, interim receiver, monitor, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not
instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a
receiver, interim receiver, monitor, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or any Loan Party shall take any corporate action to authorize any of the actions set forth above in
this subsection (e); or 
 (f) Judgments. One or more judgments or orders for the payment of money in excess of $75,000,000 in the
aggregate shall be rendered against any Loan Party and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of forty-five (45) consecutive days
during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided, however, that any such judgment or order shall not give rise to an Event of Default under this
Section 8.01(f) if and so long as (A) the amount of such judgment or order which remains unsatisfied is covered by a valid and binding policy of insurance between the respective Loan Party and the insurer covering full
payment of such unsatisfied amount and (B) such insurer has been notified, and has not disputed the claim made for payment, of the amount of such judgment or order; or 

(g) Change of Control. A Change of Control shall have occurred; or 

(h) ERISA and Canadian Pension Plans. Any of the following events or conditions shall have occurred and such event or condition, when
aggregated with any and all other such events or conditions set forth in this subsection (h), has resulted or is reasonably expected to result in liabilities of the Loan Parties and/or the ERISA Affiliates in an aggregate amount that would have a
Material Adverse Effect: 
 (i) any ERISA Event shall have occurred with respect to a Plan; or 

(ii) any of the Loan Parties or any of the ERISA Affiliates shall have been notified by the sponsor of a Multiemployer Plan
that it has incurred Withdrawal Liability to such Multiemployer Plan; or 
 (iii) any of the Loan Parties or any of the ERISA
Affiliates shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization, is insolvent or is being terminated, within the meaning of Title IV of ERISA, or has been determined to be in
“endangered” or “critical” status within the meaning of Section 432 of the Code or Section 305 of ERISA and, as a result of such reorganization, insolvency, termination or determination,

  
 182 

 
the aggregate annual contributions of the Loan Parties and the ERISA Affiliates to all of the Multiemployer Plans that are in reorganization, are insolvent, being terminated or in endangered or
critical status at such time have been or will be increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization, insolvency or
termination occurs; or 
 (iv) any failure to satisfy the applicable minimum funding standards under Section 412(a) of
the Code or Section 302(a) of ERISA, whether or not waived, shall exist with respect to one or more of the Plans; or 

(v) any Lien shall exist on the property and assets of any of the Loan Parties or any of the ERISA Affiliates in favor of the
PBGC; 
 (vi) a Canadian Pension Event shall have occurred; or 

(vii) any Lien arises (save for contribution amounts not yet due) in connection with any Canadian Pension Plans. 

(i) Invalidity of Loan Documents. (i) Any provision of any Loan Document, at any time after its execution and delivery and for any
reason (other than as a result of the gross negligence or willful misconduct of the Agent or payment in full of the Obligations), ceases to be in full force and effect; or any Loan Party contests in any manner the validity or enforceability of any
provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document or seeks to avoid,
limit or otherwise adversely affect any Lien purported to be created under any Security Document; or (ii) any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party or any other
Person not to be, a valid and perfected Lien on a material portion of the Collateral, with the priority required by the applicable Collateral Document (other than as a result of the gross negligence or willful misconduct of the Agent); 

then, and in any such event, the Agent shall at the request, or may with the consent, of the Majority Lenders, by notice to the Lead Borrower,
(A) declare the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, (B) declare the Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith
due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by each Loan
Party, (C) declare the obligation of the Issuing Banks to issue further Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and/or (D) demand from time to time that the Lead Borrower, and if such demand is
made the Lead Borrower shall, pay or cause to be paid to the Agent for the benefit of the Issuing Banks, an amount in immediately available funds equal to the then outstanding L/C Obligations which shall be held by the Agent (or the applicable
Issuing Bank) as Cash Collateral and applied to the reduction of such L/C Obligations as drawings are made on outstanding Letters of Credit; provided, however, that in the event of an actual or deemed entry of an order for relief with
respect to any Loan Party under the Federal 

  
 183 

 
Bankruptcy Code, the obligation of each Lender to make Advances shall automatically be terminated, the Cash Collateral obligations under subsection (D) above shall be automatically due and
payable without demand, the then outstanding Advances, all such interest and all such amounts 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 each Loan Party and the obligation of the Issuing Banks to Issue Letters of Credit shall automatically be terminated. 

Section 8.02 Application of Funds. After the exercise of remedies provided for in Section 8.01 (or after
the Advances have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.01), any amounts received on
account of the Obligations shall be applied by the Agent in the following order: 
 First, to payment of that portion of the
Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Agent and amounts payable under Article II) payable to the Agent; 

Second, to payment of that portion of the Obligations constituting indemnities, expenses, and other amounts (other than
(i) principal, (ii) interest and (iii) fees and obligations under Bank Product Agreements, Secured Hedge Agreements and Secured Supply Chain Financings) payable to the Lenders and Issuing Banks (including amounts payable under Article
II), ratably among them in proportion to the amounts described in this clause Second payable to them; 
 Third, to the
extent not previously reimbursed by the Lenders, to payment to the Agent of that portion of the Obligations constituting principal and accrued and unpaid interest on any Permitted Overadvances; 

Fourth, to the extent that Swing Line Loans have not been refinanced by a Revolving Credit Advance, payment to the Swing Line Lender of
that portion of the Obligations constituting accrued and unpaid interest on the Swing Line Loans; 
 Fifth, to the extent that Swing
Line Loans have not been refinanced by a Revolving Credit Advance, to payment to the Swing Line Lender of that portion of the Obligations constituting unpaid principal of the Swing Line Loans; 

Sixth, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Revolving Credit Advances and fees
(including Letter of Credit Fees), ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause Sixth payable to them; 

Seventh, to payment of that portion of the Obligations constituting unpaid principal of the Revolving Credit Advances, ratably among the
Lenders in proportion to the respective amounts described in this clause Seventh held by them; 
 Eighth, to the Agent for the
account of the Issuing Banks, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; 

  
 184 

 Ninth, to payment of that portion of the Obligations arising from Bank Products and
Secured Hedging Obligations (other than Secured Hedging Obligations in respect of the Existing Hedge Agreements), ratably among the Secured Parties in proportion to the respective amounts described in this clause Ninth held by them; 

Tenth, to payment of that portion of the Obligations arising from Secured Supply Chain Financings and Secured Hedging Obligations in
respect of the Existing Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Tenth held by them; 

Eleventh, to payment of that portion of the Obligations constituting unpaid accrued and unpaid interest on the FILO Term Loans, if any,
ratably among the Lenders in proportion to the respective amounts described in this clause Eleventh payable to them; 

Twelfth, to payment of that portion of the Obligations constituting unpaid principal of the FILO Term Loans, if any, ratably among the
Lenders in proportion to the respective amounts described in this clause Twelfth payable to them; 
 Thirteenth, to payment of
all other Obligations, ratably among the Secured Parties in proportion to the respective amounts described in this clause Thirteen held by them; 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Loan Parties or as otherwise
required by Law. 
 Subject to Section 2.13, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Eighth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such
remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
 ARTICLE IX 

THE AGENT 

Section 9.01 Appointment and Authority. Each of the Lenders and Issuing Banks hereby irrevocably appoints Bank of America to act
on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article (other than Section 9.06, Section 9.11 and Section 9.12) are solely for the benefit of the
Agent, the Lenders and the Issuing Banks, and neither the Lead Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 

Each Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit Issued by it and the documents associated therewith
until such time and except for so long as the Agent may elect to act for each Issuing Bank with respect thereto; provided, however, that such Issuing Bank shall have all of the benefits and immunities (i) provided to the Agent in
this Article IX with respect to any acts taken or omissions suffered by such Issuing Bank in 

  
 185 

 
connection with Letters of Credit Issued by it or proposed to be Issued by it and the applications and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term
“Agent,” as used in this Article IX, included such Issuing Bank with respect to such acts or omissions, and (ii) as additionally provided in this Agreement with respect to such Issuing Bank. 

For the purposes of holding any hypothec granted pursuant to the laws of the Province of Quebec, each of the Secured Parties hereby irrevocably
appoints and authorizes the Agent and, to the extent necessary, ratifies the appointment and authorization of the Agent, to act as the hypothecary representative of the Secured Parties as contemplated under Article 2692 of the Civil Code of Quebec,
and to enter into, to take and to hold on their behalf, and for their benefit, any hypothec, and to exercise such powers and duties that are conferred upon the Agent under any related deed of hypothec. The Agent shall have the sole and exclusive
right and authority to exercise, except as may be otherwise specifically restricted by the terms hereof, all rights and remedies given to the Agent in its capacity as hypothecary representative pursuant to any such deed of hypothec and applicable
Law. Any person who becomes a Secured Party in accordance with the terms of this Agreement, shall be deemed to have consented to and confirmed the Agent as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid
and to have ratified as of the date it becomes a Secured Party, all actions taken by the Agent in such capacity. The substitution of the Agent pursuant to the provisions of this Article IX shall also constitute the substitution of the Agent
as hypothecary representative as aforesaid without any further act or formality being required to appoint such successor Agent as the successor hypothecary representative for the purposes of any then existing deeds of hypothec. The execution by Bank
of America, as the Agent in the capacity as hypothecary representative for the Secured Parties, prior to this Agreement of any deeds of hypothec is hereby ratified and confirmed. 

Section 9.02 Rights as a Lender. The Person serving as the Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with the Lead Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders. 

Section 9.03 Exculpatory Provisions. The Agent shall not have any duties or obligations except those expressly set forth herein
and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent: 
 (a) shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is continuing; 
 (b) shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Majority Lenders (or
such other number or percentage of the Lenders as shall be expressly 

  
 186 

 
provided for herein or in the other Loan Documents); provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Agent to liability or that is contrary to any Loan Document or applicable Law; and 
 (c) shall not, except as expressly set forth herein and
in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Loan Parties or any of their Affiliates, that is communicated to, obtained or in the possession of, the Agent, any Joint Lead Arranger or any of their Related Parties in any capacity, except for notices, reports and other documents
expressly required to be furnished to the Lenders by the Agent herein. 
 The Agent shall not be liable for any action taken or not taken by
it (i) with the consent or at the request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Sections 10.01 and 8.01) or (ii) in the absence of its own gross negligence or willful misconduct. The Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the
Agent by the Lead Borrower, a Lender or an Issuing Bank. 
 The Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or sufficiency of any
Collateral, or (vi) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agent. 

Section 9.04 Reliance by Agent. The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any
notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or
otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of an Advance, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Agent may presume that such condition
is satisfactory to such Lender Party unless the Agent shall have received notice to the contrary from such Lender Party prior to the making of such Advance or the issuance of such Letter of Credit. The Agent may consult with legal counsel (who may
be counsel for the Lead Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

  
 187 

 Section 9.05 Delegation of Duties. The Agent may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Agent. 
 Section 9.06 Resignation of Agent. (a) The Agent may at
any time give notice of its resignation to the Lenders, the Issuing Banks and the Lead Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, in consultation with the Lead Borrower, to appoint a
successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such
appointment within 30 days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Majority Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be
obligated to) on behalf of the Lenders and the Issuing Banks, appoint a successor Agent meeting the qualifications set forth above; provided that in no event shall any such successor Agent be a Defaulting Lender. Whether or not a successor
has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 
 (b) If the
Person serving as Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Majority Lenders may, to the extent permitted by applicable Law, by notice in writing to the Lead Borrower and such Person remove such Person
as Agent and, in consultation with the Lead Borrower, appoint a successor. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by
the Majority Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Agent shall
be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Agent on behalf of the Lenders or the Issuing Banks under any of the Loan Documents, the
retiring or removed Agent shall continue to hold such collateral security until such time as a successor Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments,
communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender and each Issuing Bank directly, until such time, if any, as the Majority Lenders appoint a successor Agent as provided for
above. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Agent (other than as provided in
Section 4.02(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or
removed Agent shall be discharged from all of 

  
 188 

 
its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Lead Borrower to a
successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Lead Borrower and such successor. After the retiring or removed Agent’s resignation or removal hereunder and under the other Loan
Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring or removed Agent, its sub agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them (i) while the retiring or removed Agent was acting as Agent and (ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan
Documents, including in respect of any actions taken in connection with transferring the agency to any successor Agent. 
 (d) Any
resignation by Bank of America as Agent pursuant to this Section shall also constitute its resignation as Issuing Bank and Swing Line Lender. If Bank of America resigns as an Issuing Bank, it shall retain all the rights, powers, privileges and
duties of an Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base
Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.04(c). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder
with respect to Swing Line Advances made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Advances pursuant
to Section 2.03(c). Upon the acceptance of a successor’s appointment as Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
Issuing Bank and Swing Line Lender, (b) the retiring Issuing Bank and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor Issuing Bank
shall issue letters of credit in substitution for the Letters of Credit issued by Bank of America, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the
obligations of the retiring Issuing Bank with respect to such Letters of Credit. 
 Section 9.07
Non-Reliance on Agent and Other Lenders. Each Lender and each Issuing Bank expressly acknowledges that none of the Agent nor any Joint Lead Arranger has made any representation or warranty to it, and
that no act by the Agent or any Joint Lead Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or
warranty by the Agent or any Joint Lead Arranger to any Lender or Issuing Bank as to any matter, including whether the Agent or the Joint Lead Arrangers have disclosed material information in their (or their Related Parties’) possession. Each
Lender and each Issuing Bank represents to the Agent and each Joint Lead Arranger that it has, independently and without reliance upon the Agent, any Joint Lead Arranger, any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their
Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend 

  
 189 

 
credit to the Borrowers hereunder. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Agent, the Joint Lead Arrangers, any other Lender
or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and
other condition and creditworthiness of the Loan Parties. Each Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making,
acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or Issuing Bank for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be
applicable to such Lender or Issuing Bank, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender and Issuing Bank agrees not to assert a claim in contravention of the foregoing. Each
Lender and Issuing Bank represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing
Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing
such other facilities. 
 Section 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Joint
Lead Arrangers listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Agent, a Lender or an Issuing Bank hereunder.

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

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Advances, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Banks and the Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Banks and the Agent under Sections 2.04(h) and (i), 2.06
and 10.04) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable
on any such claims and to distribute the same; 

  
 190 

 and any custodian, receiver, interim receiver, monitor, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each Issuing Bank to make such payments to the Agent and, in the event that the Agent shall consent to the making of such payments
directly to the Lenders and the Issuing Banks, to pay to the Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections
2.06 and 10.04. 
 Nothing contained herein shall be deemed to authorize the Agent to authorize or consent to or accept or adopt
on behalf of any Lender or any Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any Issuing Bank to authorize the Agent to vote in respect of the claim of any
Lender or any Issuing Bank in any such proceeding. 
 The Secured Parties hereby irrevocably authorize the Agent, at the direction of the
Majority Lenders, to credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner
purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123
or 1129 of the Bankruptcy Code of the United States, or any similar Debtor Relief Laws or other applicable Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in
lieu of debt conducted by (or with the consent or at the direction of) the Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Obligations owed to the
Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon
the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the
acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the
governance of the acquisition vehicle or vehicles (provided that any actions by the Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof shall be governed, directly or
indirectly, by the vote of the Majority Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Majority Lenders contained in Section 10.01 of this
Agreement), (iii) the Agent shall be authorized to assign the relevant Obligations to any such acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders shall be deemed to have received a pro rata portion of any Equity
Interests and/or debt instruments issued by such an acquisition vehicle on account of the assignment of the Obligations to be credit bid, all without the need for any Secured Party or acquisition vehicle to take any further action, and (iv) to
the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle
exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata 

  
 191 

 
and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be
cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. 
 Section 9.10 Lender
ERISA Matters.. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a
Lender party hereto, for the benefit of, the Agent and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Lead Borrower or any other Loan Party, that at least one of the
following is and will be true: 
 (i) such Lender is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments or this Agreement,

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

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

(iv) such other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion,
and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding

  
 192 

 
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender
party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent and not, for the avoidance of doubt, to or for the benefit of Lead Borrower or any other Loan Party, that the Agent is not a fiduciary with
respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement (including in connection with the
reservation or exercise of any rights by the Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 
 As
used in this Section, the following terms shall have the following meanings: 
 “Benefit Plan” means any of (a) an
“employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA
Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 Section 9.11 Collateral and Guaranty Matters. Without limiting the provisions of
Section 9.09, each of the Lenders (including in its capacities as a potential Cash Management Bank, a potential Hedge Bank and a potential Supply Chain Bank) and the Issuing Banks irrevocably authorize the Agent, at its
option and in its discretion, 
 (a) to release any Lien on any property granted to or held by the Agent under any Loan Document
(i) upon the Release Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder and under the other Loan Document to a Person
that is not a Loan Party (including pursuant to any Permitted Supplier Receivables Program), (iii) that constitutes Excluded Assets, or (iv) if approved, authorized or ratified in writing in accordance with
Section 10.01; and 
 (b) to release any Guarantor (other than the Lead Borrower and Holdings) from its obligations
hereunder if such Person ceases to be a Restricted Subsidiary as a result of a transaction permitted under the Loan Documents or otherwise in accordance with Section 3.09. 

Upon request by the Agent at any time, the Majority Lenders will confirm in writing the Agent’s authority to release its interest in
particular types or items of property, or to release any Guarantor from its obligations under its Guaranty pursuant to this Section 9.11. In each case as specified in this Section 9.11, the Agent
will, at the Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted
under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this
Section 9.11. 

  
 193 

 The Agent shall not be responsible for or have a duty to ascertain or inquire into any
representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall
the Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 
 Section 9.12
Bank Product Documents, Hedging Obligations and Secured Supply Chain Financings. No Cash Management Bank, Hedge Bank or Supply Chain Bank (in its capacity as such) that obtains the benefits of Section 8.02, any
Guaranty or any Collateral by virtue of the provisions hereof or any other Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect
of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender, Issuing Bank or Agent and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other
provision of this Article IX to the contrary, the Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Bank Product Documents, Hedging
Obligations or Secured Supply Chain Financings unless the Agent has received written notice of such Obligations, together with such supporting documentation as the Agent may request, from the applicable Cash Management Bank, Hedge Bank or Supply
Chain Bank, as the case may be. 
 Section 9.13 Withholding Tax. To the extent required by any applicable Laws, the Agent may
withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the IRS or any other Governmental Authority asserts a claim that the Agent did not properly withhold Tax from amounts paid to or for the account of
any Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Agent of a change in circumstance that rendered the exemption from, or reduction of withholding
Tax ineffective), such Lender shall indemnify and hold harmless the Agent (but only to the extent that the Loan Parties have not already indemnified the Agent for such Taxes and without limiting the obligation of the Loan Parties to do so) fully for
all amounts paid, directly or indirectly, by the Agent as Tax or otherwise, together with all expenses incurred, including legal expenses and any out-of-pocket expenses,
in each case, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to
the Agent under this Section 9.13. Each party’s obligations under this Section 9.13 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement
of, a Lender Party, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For purposes of this Section 9.13, the term “Lender” includes any Issuing Bank and any
Swing Line Lender. 

  
 194 

 ARTICLE X 

MISCELLANEOUS 

Section 10.01 Amendments, Etc. 

(a) Lenders. Except as is otherwise expressly provided in this Section 10.01 or in Sections 2.06(d) or
2.09, no amendment or waiver of any provision of this Agreement or any other Loan Document, nor consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the
Majority Lenders and acknowledged by the Agent; provided, however, that (i) no amendment, waiver or consent shall, unless in writing and signed by all the Lenders, do any of the following: (A) waive any of the conditions
specified in Section 5.01, 5.02 or 5.03, (B) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances, or the number of Lenders, which shall be required for the
Lenders or any of them to take any action hereunder, or the definition of “Majority Lenders” hereunder, (C) amend this Section 10.01, (D) release (or subordinate the Lien securing the Obligations on) all or
substantially all of the Collateral, (E) release all or substantially all of the value of the Guarantees provided by the Loan Parties and (F) subordinate the Obligations hereunder; (ii) no amendment, waiver or consent shall, unless in
writing and signed by each Lender directly affected thereby, do any of the following: (A) increase the Commitment of such Lender, (B) reduce or forgive the principal of, or rate of interest (other than default interest) on, the Advances
made pursuant to Section 2.01 or any reimbursement obligation in respect of any Letter of Credit or any fees or other amounts payable hereunder to such Lender, (C) postpone any date fixed for any payment of principal
of, or interest on, the Advances made pursuant to Section 2.01 or any reimbursement obligation in respect of any Letter of Credit or any fees or other amounts payable hereunder to such Lender, (D) change
Section 4.03 or Section 8.02 and (E) modify the definition of “Permitted Overadvance” so as to increase the amount thereof, or, except as provided in such definition, the time period
for which a Permitted Overadvance may remain outstanding and (iii) no amendment, waiver or consent shall, unless in writing and signed by each Lender affected thereby, do any of the following: (A) increase the advance rate percentages
applied to eligible assets included in the Borrowing Base and (B) modify the definition of “Borrowing Base” or any component thereof in a manner that would result in an increase in the amount of the Borrowing Base; provided
that this clause (B) shall not limit the Agent’s right to add, increase, eliminate or reduce the amount of Reserves or exercise its Permitted Discretion with respect to such matters as otherwise provided herein); provided,
further, that any Loan Document may be amended and waived with the consent of the Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to
comply with local Law or advice of local counsel, (ii) to cure ambiguities or defects or (iii) to cause any Loan Document to be consistent with this Agreement and the other Loan Documents. 

(b) Agent, Issuing Banks and Swing Line Lender. No amendment, waiver or consent given or effected pursuant to this
Section 10.01 shall, unless in writing and signed by the Agent, each Issuing Bank or the Swing Line Lender, as the case may be, in addition to the Lenders required above to take such action, affect the rights, obligations
or duties of the Agent, such Issuing Bank or Swing Line Lender, as the case may be, under this Agreement. 

  
 195 

 (c) Limitation of Scope. All waivers and consents granted under this
Section 10.01 shall be effective only in the specific instance and for the specific purpose for which given. 
 (d)
Secured Obligations. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of any Bank Products Obligations, Hedging Obligations or obligations in respect of Secured Supply Chain
Financings (in each case, in such capacity) shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider or holder of such agreements or products or the Obligations owing thereunder, nor
shall the consent of any such provider or holder be required (other than in their capacities as Lenders, Issuing Banks or Swingline Lender to the extent applicable) for any matter hereunder or under any of the other Loan Documents, including as to
any matter relating to the Collateral or the release of Collateral or any Loan Party. 
 (e)
Non-Consenting Lender. If any Lender does not consent (a “Non-Consenting Lender”) to a proposed amendment, waiver, consent or release with
respect to any Loan Document that requires the consent of each Lender and that has been approved by the Majority Lenders, Lead Borrower may replace such Non-Consenting Lender in accordance with
Section 10.12; provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by Lead Borrower
to be made pursuant to this paragraph). 
 Section 10.02 Notices, Etc. 

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

(i) if to the Lead Borrower, the Agent, an Issuing Bank or the Swing Line Lender, to the address, telecopier number, electronic
mail address or telephone number specified for such Person on Schedule 10.02; and 
 (ii) if to any other Lender, to
the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to the Lead Borrower). 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have

  
 196 

 
been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in
subsection (b) below, shall be effective as provided in such subsection (b). 
 (b) Electronic Communications. Notices and other
communications to the Lender Parties hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent;
provided that the foregoing shall not apply to notices to any Lender Party pursuant to Article II if such Lender Party has notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The
Agent or the Lead Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited
to particular notices or communications. 
 Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT
WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH
THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender Party or any other Person for losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Lead Borrower’s or the Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or
electronic messaging service or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that
in no event shall any Agent Party have any liability to any Loan Party, any Lender Party or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

  
 197 

 (d) Change of Address, Etc. Each of the Lead Borrower, the Agent, the Issuing Banks
and the Swing Line Lenders may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for
notices and other communications hereunder by notice to the Lead Borrower, the Agent, the Issuing Banks and the Swing Line Lender. In addition, each Lender agrees to notify the Agent from time to time to ensure that the Agent has on record
(i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public
Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable
such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Requirement of Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not
made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Lead Borrower or its securities for purposes of
United States Federal or state securities laws. 
 (e) Reliance by Agent and Lender Parties. The Agent and the Lender Parties
shall be entitled to rely and act upon any notices (including telephonic notices, Committed Advance Notices and Swing Line Advance Notices) purportedly given by or on behalf of the Borrowers even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the
Agent, each Lender Party and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reasonable reliance by such Person on each notice purportedly given by or on behalf of any Loan Party. All
telephonic notices to and other telephonic communications with the Agent may be recorded by the Agent, and each of the parties hereto hereby consents to such recording. 

Section 10.03 No Waiver; Remedies. No failure on the part of any Lender Party or the Agent to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
 Section 10.04 Costs and Expenses. 

(a) Expenses. The Borrowers agree to pay on demand all reasonable and documented costs and expenses of the Agent incurred in connection
with the preparation, execution, delivery, modification and amendment of this Agreement, and the other documents to be delivered hereunder, including, without limitation, the reasonable and documented fees and out-of-pocket expenses of counsel for the Agent (and appropriate local counsel) with respect thereto and with respect to advising the Agent as to its rights and responsibilities under this Agreement (in its
capacity as such). The Borrowers further agree to pay on demand all costs and expenses of the Agent, each Issuing Bank, the Swing Line Lender and each other Lender Party (including, without limitation, reasonable and documented fees and expenses of
counsel), incurred in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of the Loan Documents, the Letters of Credit, the documents delivered in connection with the Swing Line Advances and the other
documents to be delivered hereunder and thereunder. 

  
 198 

 (b) Breakage. If any payment of principal of, or Conversion of, any Eurocurrency Rate
Loan is made other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Sections 2.09(d), 2.10, 2.12, acceleration of the maturity of the Advances pursuant to
Section 8.01 or for any other reason, or by an Eligible Assignee to a Lender other than on the last day of an Interest Period for such Advance upon an assignment of rights and obligations under this Agreement pursuant to
Section 10.07 as a result of a demand by the Lead Borrower pursuant to Sections 10.07(h) or 10.12, or if any Loan Party fails for any reason to make any payment or prepayment of an Advance for which a notice
of prepayment was given or that is otherwise required to be made, whether pursuant to Sections 2.06, 2.10, 8.01 or otherwise, or if any Loan Party fails to make payment of any Advance or drawing under any Letter of Credit (or
interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency, or upon any failure by any Loan Party (for a reason other than the failure of such Lender to make an Advance) to
borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by such Loan Party, the applicable Loan Party shall, upon written demand by any Lender (with a copy of such demand to the Agent), pay to the Agent
for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses which it may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may be,
including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. 

(c) Indemnification by the Lead Borrower. The Loan Parties shall indemnify the Agent (and any
sub-agent thereof), each Lender Party, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Lead
Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by
the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Agent (and any sub-agent thereof) and
its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Advance or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Substance on or from any
property owned or operated by the Lead Borrower or any of its Subsidiaries, or any liability under Environmental Laws related in any way to the Lead Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Lead Borrower or any other Loan Party, and regardless of whether any Indemnitee is a

  
 199 

 
party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by
a court of competent jurisdiction by final and non-appealable judgment to have resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee (for purposes of this proviso
only, each of the Agent, any Joint Lead Arranger, any Issuing Bank, the Swing Line Lender or any Lender shall be treated as several and separate Indemnitees, but each of them together with its respective Related Parties, shall be treated as a single
Indemnitee) or any of its Related Parties or (y) any material breach of any Loan Document by such Indemnitee or any of its Related Parties or (z) arising from any claim, action, suit, inquiry, litigation, investigation or proceeding that
does not involve an act by or omission of Holdings, the Lead Borrower or any of their affiliates and that is brought by an Indemnitee against any other Indemnitee (other than any claim, actions, suits, inquiries, litigation, investigation or
proceeding against any Agent, any Joint Lead Arranger, any Issuing Bank or the Swing Line Lender acting in its capacity as such). 
 provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses 

(d) This Section 10.04(c) shall not apply with respect to Taxes other than any Taxes that represent losses, damages,
liabilities, or expenses arising from any non-Tax claim. 
 (e) Reimbursement by Lenders. To
the extent that the Lead Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (c) of this Section to be paid by it to the Agent (or any sub-agent thereof), any
Issuing Bank or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent), such Issuing Bank or such Related Party, as the case may be, such
Lender’s Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Agent (or any such sub-agent) or such Issuing Bank in its capacity as such, or against any Related Party of any of the
foregoing acting for the Agent (or any such sub-agent) or such Issuing Bank in connection with such capacity. The obligations of the Lenders under this subsection (d) are several, and the failure of any
Lender to fund its obligations hereunder shall not relieve any other Lender of its obligation, but no Lender shall be responsible for the failure of any other Lender to fund its obligations hereunder. 

(f) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan
Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Advance or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of
such Indemnitee as determined by a final judgment of a court of competent jurisdiction. 

  
 200 

 (g) The Borrowers hereby acknowledge that the funding method by each Lender of its Advances
hereunder shall be in the sole discretion of such Lender. The Borrowers agree that for purposes of any determination to be made under Sections 2.08, 2.11(a), 2.12 or 10.04(b) each Lender shall be deemed to have funded its
Eurocurrency Rate Advances with proceeds of Dollar deposits in the London interbank market. 
 (h) Without prejudice to the survival of any
other obligation of the Loan Parties hereunder, the indemnities and obligations contained in this Section 10.04 shall survive the payment in full of all the Obligations. 

Section 10.05 Right of Set-off. Upon (i) the occurrence and during the continuance of
any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 8.01 to authorize the Agent to declare the Advances due and payable pursuant to the provisions of
Section 8.01 or to demand payment of (or cash collateralization of) all then outstanding L/C Obligations, each Lender, each Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at
any time owing by such Lender, such Issuing Bank or any such Affiliate to or for the credit or the account of any Loan Party against any and all of the obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan
Document to such Lender Party, irrespective of whether or not such Lender Party shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Loan Party may be contingent or unmatured or are owed to
a branch or office of such Lender Party different from the branch or office holding such deposit or obligated on such indebtedness (it being understood and agreed that, notwithstanding anything in this Agreement or any of the other Loan Documents to
the contrary, accounts, deposits, sums, securities or other property of any Foreign Subsidiary or of any Subsidiary of a Foreign Subsidiary (including any Foreign Subsidiary that is a Loan Party) will not serve at any time, directly or indirectly,
to collateralize or otherwise offset the Obligations of the Lead Borrower or any Domestic Subsidiary, and, in addition, unless otherwise agreed to by the Lead Borrower, the accounts, deposits, sums, securities or other property of a Foreign
Subsidiary or Subsidiary of a Foreign Subsidiary will only serve to collateralize or offset the Obligations of another Foreign Subsidiary or Subsidiary of a Foreign Subsidiary that is a Loan Party and is not a United States Person for U.S. federal
income tax purposes if such former Foreign Subsidiary or Subsidiary of a Foreign Subsidiary is owned by such latter Foreign Subsidiary or Subsidiary of a Foreign Subsidiary that is a Loan Party). The rights of each Lender, each Issuing Bank and
their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and each Issuing Bank agrees to
notify the Lead Borrower and the Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

  
 201 

 Section 10.06 Binding Effect. This Agreement shall become effective when it
shall have been executed by each Loan Party to be a party hereto on the date hereof, each Issuing Bank to be a party hereto on the date hereof, and the Agent and when the Agent shall have been notified by each Lender that such Lender has executed it
and thereafter shall be binding upon and inure to the benefit of each Loan Party, each Issuing Bank, the Agent and each Lender and their respective successors and assigns, except that no Loan Party shall have the right to assign its respective
rights hereunder or any interest herein without the prior written consent of the Lenders. 
 Section 10.07 Assignments and
Participations. (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that
neither the Lead Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 10.07(b), (ii) by way of participation in accordance with the provisions of
Section 10.07(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.07(f) (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent
provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Lender Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment(s) and the Advances (including for purposes of this Section 10.07(b), participations in L/C Obligations and in Swing Line Advances) at the time
owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum
Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment
under any Facility and the Advances at the time owing to it under such Facility or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Advances outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Advances of the assigning Lender subject to each such assignment, determined as of the date the Assignment and
Acceptance with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date, shall not be less than $10,000,000 unless each of the Agent and, so long as no
Event of Default has occurred and is continuing, Lead Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); 

  
 202 

 (ii) Proportionate Amounts. Each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Advances or the Commitment assigned, except that this clause (ii) shall not (A) apply to the Swing
Line Lender’s rights and obligations in respect of Swing Line Advances or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro
rata basis; 
 (iii) Required Consents. No consent shall be required for any assignment except to the extent required
by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Lead Borrower (such consent not to be,
in the case of assignments to major banks, unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate
of a Lender or an Approved Fund; provided that the Lead Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Agent within ten (10) Business Days after having received
notice thereof; 
 (B) the consent of the Agent (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of any Revolving Credit Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such
Lender; 
 (C) the consent of each Issuing Bank (such consent not to be unreasonably withheld or delayed) shall be required
for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

(D) the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment in respect of the Revolving Credit Facility. 
 (iv) Assignment and Acceptance. The parties to each
assignment shall execute and deliver to the Agent an Assignment and Acceptance, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Agent may, in its sole discretion, elect to waive such
processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Agent an Administrative Questionnaire. 

  
 203 

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

Subject to acceptance and recording thereof by the Agent pursuant to subsection (c) of this Section, from and after the effective date
specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.11, 4.02 and 10.03 with respect to facts and
circumstances occurring prior to the effective date of such assignment. Upon request, the applicable Loan Party (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.07(d).

 (c) Register. The Agent, acting solely for this purpose as a non-fiduciary agent of the
Lead Borrower (and such agency being solely for tax purposes), shall maintain at the Agent’s Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal and interest amounts of the Advances and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error, and the Lead Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Lead Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Lead Borrower or the Agent, sell
participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person, a Defaulting Lender or the Lead Borrower or any of the Lead
Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s 

  
 204 

 
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances (including such Lender’s participations in L/C Obligations and/or Swing Line
Advances) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) the Lead Borrower, the Agent, the Lender Parties shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clause (i) of the proviso to
Section 10.01(a) that affects such Participant. The Lead Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.11 and 4.02 subject to the requirements and limitations therein,
including the requirements under Section 4.02(e) (it being understood that the documentation required under Section 4.02(e) shall be delivered solely to the participating Lender) to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.07(b); provided that such Participant (A) shall be subject to the provisions of Section 10.12
as if it were a Lender, and (B) shall not be entitled to receive any greater payment under Sections 2.11 or 4.02 with respect to any participation than its participating Lender would have been entitled to receive, except to the
extent that such entitlement to receive greater payment results from a Change in Law after the participant acquired the participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 10.05 as though it were a Lender; provided such Participant shall be subject to Section 4.03 as though it were a Lender. 

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of the Lead Borrower (and such agency being solely for tax purposes), maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each Participant’s interest in the
Advances or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) and proposed Section 1.163-5 of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement, notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. 

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

  
 205 

 (g) Resignation as Issuing Bank or Swing Line Lender after Assignment.
Notwithstanding anything to the contrary contained herein, if at any time a Lender that is, or has an Affiliate or branch that is, an Issuing Bank or the Swing Line Lender (a “Fronting Bank”) assigns all of its Revolving Credit Commitment
and Revolving Credit Advances pursuant to Section 10.07(b), such Fronting Bank may, (i) upon 30 days’ notice to the Lead Borrower and the Lenders, resign as Issuing Bank and/or (ii) upon 30 days’ notice
to the Lead Borrower, resign as Swing Line Lender. In the event of any such resignation as Issuing Bank or Swing Line Lender, the Lead Borrower shall be entitled to appoint from among the Lenders a successor Issuing Bank or Swing Line Lender
hereunder; provided, however, that no failure by the Lead Borrower to appoint any such successor shall affect the resignation of the applicable Fronting Bank as Issuing Bank or Swing Line Lender, as the case may be. If a Fronting Bank
resigns as Issuing Bank, it shall retain all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all L/C Obligations
with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.04(c)). If a Fronting Bank resigns as Swing Line Lender, it
shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Advances made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate
Loans or fund risk participations in outstanding Swing Line Advances pursuant to Section 2.03(c). Upon the appointment and acceptance of such appointment of a successor Issuing Bank and/or Swing Line Lender, (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank or Swing Line Lender, as the case may be, and (b) the successor Issuing Bank shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the applicable Fronting Bank to effectively assume the obligations of such Fronting Bank with respect to such
Letters of Credit. 
 (h) If any Lender requests any payment from any Loan Party under 2.11 or 4.02, or if any Lender is a Defaulting Lender,
then, subject to Section 10.07(a) and provided no Default or Event of Default shall have occurred and be continuing, the Lead Borrower may, at its sole expense and effort, upon notice to such Lender and the Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.07), all of its interests, rights and obligations under this
Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(i) the Lead Borrower shall have paid to the Agent the assignment fee specified in Section 10.07(b);

 (ii) such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Advances and
L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 10.04(b)) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Lead Borrower (in the case of all other amounts); 

  
 206 

 (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.11 or payments required to be made pursuant to Section 4.02, such assignment will result in a reduction in such compensation or payments thereafter; and 

(iv) such assignment does not conflict with applicable Requirements of Law. 

(i) Voting Participants. Notwithstanding anything in this Section 10.07 to the contrary, any Farm
Credit Lender that (i) is the owner of a participation in a Commitment (including Revolving Credit Borrowings outstanding hereunder) initially in the amount of at least $10,000,000; (ii) is, by written notice to the Lead Borrower and the Agent
(a “Voting Participant Notification”), designated by the selling Lender as being entitled to be accorded the rights of a voting participant hereunder (any Farm Credit Lender so designated being called a “Voting
Participant”); and (iii) receives the prior written consent of the Lead Borrower and the Agent to become a Voting Participant, shall be entitled to vote for so long as such Farm Credit Lender owns such participation and notwithstanding
any sub-participation by such Farm Credit Lender (and the voting rights of the selling Lender shall be correspondingly reduced), on a dollar for dollar basis, as if such Participant were a Lender, on any
matter requiring or allowing a Lender to provide or withhold its consent, or to otherwise vote on any proposed action; provided, however, that if such Voting Participant has at any time failed to fund any portion of its participation
when required to do so, then until such time as all amounts of its participation required to have been funded have been funded, such Voting Participant shall not be entitled to exercise its voting rights pursuant to the terms of this
Section 10.07(i), and the voting rights of the selling Lender shall not be correspondingly reduced by the amount of such Voting Participant’s participation. Notwithstanding the foregoing, each Farm Credit Lender
designated as a Voting Participant on Schedule 10.07(i) hereto shall be a Voting Participant without delivery of a Voting Participant Notification and without the prior written consent of the Lead Borrower and the Agent. To be effective, each
Voting Participant Notification shall, with respect to any Voting Participant, (A) state the full name, as well as all contact information required for an assignee in the Assignment and Acceptance; and (B) state the dollar amount of the
participation purchased. The selling Lender and the Voting Participant shall notify the Agent and the Lead Borrower within three (3) Business Days of any termination of, reduction or increase in the amount of, such participation. The Lead
Borrower and the Agent shall be entitled to conclusively rely on information contained in notices delivered pursuant to this Section 10.07(i). The voting rights hereunder are solely for the benefit of the Voting
Participants and shall not inure to any assignee or participant of a Voting Participant. 
 A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Lead Borrower to require such assignment and delegation cease to apply. 

  
 207 

 Section 10.08 Payments Set Aside. To the extent that any payment by or on behalf
of the Lead Borrower is made to the Agent or any Lender Party, or the Agent, any Issuing Bank or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to
be fraudulent or preferential or a transfer at undervalue, set aside or required (including pursuant to any settlement entered into by the Agent or such Lender Party in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such setoff had not occurred, and (b) each Lender and each Issuing Bank severally agrees to pay to the Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by
the Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The
obligations of the Lender Parties under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

Section 10.09 Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

Section 10.10 Independence of Provisions. All agreements and covenants hereunder shall be given independent effect such that if a
particular action or condition is prohibited by the terms of any such agreement or covenant, the fact that such action or condition would be permitted within the limitations of another agreement or covenant shall not be construed as allowing such
action to be taken or condition to exist. 
 Section 10.11 Confidentiality. Each Lender, each Issuing Bank and the Agent (each,
a “Recipient”) agrees that it will not disclose to any third party any Confidential Information provided to it by the Lead Borrower; except that Confidential Information may be disclosed (a) to its Affiliates and to its Related
Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (b) to the extent required or requested by any
regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or
regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made
by reference to the Borrowers and their obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Lead Borrower or its Subsidiaries or the credit facilities
provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the
consent of 

  
 208 

 
the Lead Borrower or (i) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Agent, any
Lender, any Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than the Lead Borrower. In addition, the Agent and the Lenders may disclose the existence of this Agreement and information about this
Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments). 

Section 10.12 Replacement of Lenders. If any Lender is a Defaulting Lender or a
Non-Consenting Lender, then the Lead Borrower may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in, and consents required by, Section 10.07), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 
 (a) Lead Borrower shall
have paid to the Agent the assignment fee specified in Section 10.07; 
 (b) such Lender shall have received
payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 2.11) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); and 

(c) such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling Lead Borrower to require such assignment and delegation cease to apply. 
 Section 10.13
Headings. Article and Section headings in this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 10.14 Entire Agreement. This Agreement sets forth the entire agreement of the parties with respect to its subject matter
and, except for the letter agreements referred to in Section 2.05(b), supersedes all previous understandings, written or oral, in respect thereof. 

Section 10.15 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different 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. 

Section 10.16 Consent to Jurisdiction. (a) Each of the parties hereto hereby irrevocably and unconditionally agrees that it
will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against 

  
 209 

 
any party hereto or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the
courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally
submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable Law, in such
federal court. Each of the parties hereby irrevocably agrees, to the fullest extent each may effectively do so, that each will not assert any defense that such courts do not have subject matter or personal jurisdiction of such action or proceeding
or over any party hereto. Each of the parties hereby irrevocably consents to the service of copies of the summons and complaint and any other process which may be served in any such action or proceeding by certified mail, return receipt requested,
or by delivering of a copy of such process to such party at its address specified in Section 10.02 or by any other method permitted by law. Each of the parties hereby agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or by any other manner provided by law. Each Loan Party (other than the Lead Borrower) hereby agrees that service of process may be made upon the Lead
Borrower and each other Loan Party hereby irrevocably appoints the Lead Borrower its authorized agent to accept such service of process, and agrees that the failure of the Lead Borrower to give any notice of any such service shall not impair or
affect the validity of such service or of any judgment rendered in any action or proceeding based thereon. To the extent that any Loan Party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, each Loan Party hereby irrevocably waives such immunity in respect of its obligations under this
Agreement. 
 (b) Nothing in this Section 10.16 shall affect the right of any of the parties hereto to serve legal
process in any other manner permitted by law or affect the right of any of the parties to bring any action or proceeding against any of the parties or their property in the courts of other jurisdictions. 

Section 10.17 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 Section 10.18 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Agent (for
itself and not on behalf of any Lender) hereby notifies the Lead Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Agent, as
applicable, to identify each Loan Party in accordance with the Act. The Borrowers shall, promptly following a request by the Agent or any Lender, provide all documentation and other information that the Agent or such Lender requests in order to
comply with its ongoing obligations under applicable “know your customer” an anti-money laundering rules and regulations, including the Act and the Beneficial Ownership Regulation. 

  
 210 

 Section 10.19 No Advisory or Fiduciary Responsibility. In connection with all
aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Lead Borrower and each other Loan Party acknowledges and agrees that: (i) (A)
the arranging and other services regarding this Agreement provided by the Agent, the Joint Lead Arrangers and the Lenders are arm’s-length commercial transactions between the Lead Borrower, each other
Loan Party and their respective Subsidiaries, on the one hand, and the Agent, the Joint Lead Arrangers and the Lenders, on the other hand, (B) each of the Lead Borrower and the other Loan Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Lead Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii) (A) the Agent, each Joint Lead Arranger and each Lender each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary for the Lead Borrower, any other Loan Party or any of their respective Subsidiaries, or any other Person and (B) none of the Agent, any Joint Lead Arranger or any Lender has any obligation to
the Lead Borrower, any other Loan Party or any of their respective Subsidiaries with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agent, the
Joint Lead Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Lead Borrower, the other Loan Parties and their respective Subsidiaries, and
none of the Agent, any Joint Lead Arranger or any Lender has any obligation to disclose any of such interests to the Lead Borrower, any other Loan Party or any of their respective Subsidiaries. To the fullest extent permitted by law, each of
the Lead Borrower and the other Loan Parties hereby waives and releases any claims that it may have against the Agent, the Joint Lead Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby. 
 Section 10.20 Judgment Currency. If, for the purposes of
obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent
could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Loan Party in respect of any such sum due from it to the Agent or the Lenders hereunder or under
the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the Agent of any sum adjudged to be so due in the Judgment Currency, the Agent may in accordance with normal banking procedures purchase the Agreement
Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Agent from any Loan Party in the Agreement Currency, the Lead Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Agent in such currency,
the Agent agrees to return the amount of any excess to the Lead Borrower (or to any other Person who may be entitled thereto under applicable Law). 

  
 211 

 Section 10.21 Electronic Execution of Assignments and Certain Other Documents.
The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby
(including without limitation Assignment and Acceptance, amendments or other modifications, Committed Advance Notices, Swing Line Advance Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of
assignment terms and contract formations on electronic platforms approved by the Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act or other similar applicable Laws including the Personal Information Protection and Electronic Documents Act (Canada) and the Electronic Commerce
Act, 2000 (Ontario); provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Agent
pursuant to procedures approved by it. 
 Section 10.22 Acknowledgement and Consent to
Bail-In of Affected Financial Institutions. Solely to the extent any Lender or Issuing Bank that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or Issuing Bank that is an Affected Financial Institution arising under any
Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Lender or Issuing Bank that is an Affected Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full
or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by
it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

  
 212 

 Section 10.23 WAIVER OF JURY TRIAL. EACH OF THE LOAN PARTIES, THE AGENT, THE
LENDERS AND EACH ISSUING BANK HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE ADVANCES OR THE LETTERS OF CREDIT, OR THE ACTIONS OF THE AGENT OR ANY LENDER PARTY IN CONNECTION WITH THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 

Section 10.24 Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a
guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as
follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact
be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 
 (a) In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as
the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the
United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or
any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan
Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 
 (b) As used in this
Section 10.24, the following terms have the following meanings: 
 “BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

  
 213 

 “Covered Entity” means any of the following: (i) a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “QFC” has the meaning assigned to
the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 [The remainder
of this page intentionally left blank.] 

  
 214 

 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. 
  

			
	RAYONIER ADVANCED MATERIALS INC., as Holdings
		
	By:	 	/s/ Frank A. Ruperto
	Name:	 	Frank A. Ruperto
	Title:	 	Executive Vice President
	
	RAYONIER A.M. PRODUCTS INC., as Lead Borrower
		
	By:	 	/s/ Frank A. Ruperto
	Name:	 	Frank A. Ruperto
	Title:	 	Executive Vice President
	
	RAYONIER PERFORMANCE FIBERS, LLC, as Guarantor
		
	By:	 	/s/ Frank A. Ruperto
	Name:	 	Frank A. Ruperto
	Title:	 	Executive Vice President

 [Signature Page to Credit Agreement] 

 
			
	GUARANTORS
	
	RAYONIER A.M. CHINA LIMITED
	RAYONIER A.M. FAR EAST LTD.
	RAYONIER A.M. INVESTMENTS USA II INC.
	RAYONIER A.M. PAPERBOARD SALES INC.
	RAYONIER A.M. PROPERTIES LLC
	RAYONIER A.M. SALES AND TECHNOLOGY INC.
	RAYONIER ADVANCED MATERIALS INDUSTRIES LTD.
		
	By:	 	/s/ Frank A. Ruperto
	Name:	 	Frank A. Ruperto
	Title:	 	Executive Vice President
	
	SOUTHERN WOOD PIEDMONT COMPANY
		
	By:	 	/s/ William R. Manzer
	Name:	 	William R. Manzer
	Title:	 	President
	
	TEMBEC LAND COMPANY LLC
		
	By:	 	/s/ Carla Yetter
	Name:	 	Carla Yetter
	Title:	 	Manager
	
	RAYONIER A.M. CANADA ENTERPRISES INC.
	RAYONIER A.M. CONSTRUCTION COMPANY INC.
	SPRUCE FALLS ACQUISITION CORP.
		
	By:	 	/s/ Jared Rollins
	Name:	 	Jared Rollins
	Title:	 	Assistant Treasurer
	
	RAYONIER A.M. CANADA G.P.
	
	By: Rayonier A.M. Canada Industries Inc., its managing partner
		
	By:	 	/s/ Jared Rollins
	Name:	 	Jared Rollins
	Title:	 	Assistant Treasurer

 [Signature Page to Credit Agreement] 

 
			
	THE AGENT:
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ John Olsen
	Name:	 	John Olsen
	Title:	 	Senior Vice President

 [Signature Page to Credit Agreement] 

 
			
	THE LENDERS:
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ John Olsen
	Name:	 	John Olsen
	Title:	 	Senior Vice President

 [Signature Page to Credit Agreement] 

 
			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Todd Austhof
	Name:	 	Todd Austhof
	Title:	 	Senior Vice President

 [Signature Page to Credit Agreement] 

 
			
	COBANK, ACB
		
	By:	 	/s/ Robert Prickett
	Name:	 	Robert Prickett
	Title:	 	Vice President

 [Signature Page to Credit Agreement] 

 
			
	THE ISSUING BANKS:
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ John Olsen
	Name:	 	John Olsen
	Title:	 	Senior Vice President

 [Signature Page to Credit Agreement] 

 
			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Todd Austhof
	Name:	 	Todd Austhof
	Title:	 	Senior Vice President

 [Signature Page to Credit Agreement] 

 
			
	COBANK, ACB
		
	By:	 	/s/ Robert Prickett
	Name:	 	Robert Prickett
	Title:	 	Vice President

 [Signature Page to Credit Agreement] 

 
			
	THE SWING LINE LENDER:
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ John Olsen
	Name:	 	John Olsen
	Title:	 	Senior Vice President

 [Signature Page to Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]