Document:

Exhibit

Exhibit 4.1

SECOND AMENDED AND RESTATED
DISTRIBUTION REINVESTMENT PLAN
COLE OFFICE & INDUSTRIAL REIT (CCIT II), INC.

EFFECTIVE AS OF MAY 15, 2020
Cole Office & Industrial REIT (CCIT II), Inc., a Maryland corporation (the “Company”), has adopted this Second Amended and Restated Distribution Reinvestment Plan (the “Plan”), to be administered by the Company or an unaffiliated third party (the “Administrator”) as agent for participants in the Plan (“Participants”), on the terms and conditions set forth below.
1.  Election to Participate. Any holder of shares of Class A common stock of the Company, par value $.01 per share (the “Class A Shares”) and Class T common stock of the Company, par value $.01 per share (the “Class T Shares” and collectively with the Class A Shares, the “Shares”), may become a Participant in the Plan by making a written election to participate in the Plan on such purchaser’s subscription agreement at the time of subscription for Shares or by completing and executing an authorization form obtained from the Administrator or any other appropriate documentation as may be acceptable to the Administrator. Participants in the Plan generally are required to have the full amount of their cash distributions (other than “Excluded Distributions” as defined below) with respect to all Shares owned by them reinvested pursuant to the Plan. However, the Administrator shall have the sole discretion, upon the request of a Participant, to accommodate a Participant’s request for less than all of the Participant’s Shares to be subject to participation in the Plan.
2.  Distribution Reinvestment. The Administrator will receive all cash distributions (other than Excluded Distributions) paid by the Company with respect to Shares of Participants (collectively, the “Distributions”). Participation will commence with the next Distribution payment after receipt of the Participant’s election pursuant to Paragraph 1 hereof, provided it is received at least ten (10) days prior to the last business day of the period to which such Distribution relates. The election will apply to all Distributions attributable to such period and to all periods thereafter, unless and until termination of participation in the Plan, in accordance with Section 7. As used in this Plan, the term “Excluded Distributions” shall mean those cash or other distributions designated as Excluded Distributions by the Company’s board of directors (the “Board”). If the period for Distribution payments shall be changed, then this paragraph shall also be changed, without the need for advance notice to Participants.
3. General Terms of Plan Investments.
The Administrator will apply all Distributions subject to this Plan, as follows:
(a) The Administrator will invest Distributions on Class A Shares in Class A Shares and will invest Distributions on Class T Shares in Class T Shares, in each case at a per share price equal to the most recently disclosed per share net asset value as determined by the Board in accordance with the Company’s valuation policy is amended from time to time (the “Valuation Policy”) less the aggregate distributions per Class A Share and Class T Share of any net sale proceeds from the sale of one or more of the Company’s assets, or other special distributions so designated by the Board, distributed to stockholders. No advance notice of pricing pursuant to this Paragraph 3(a) shall be required other than to the extent the issue is a material event requiring the public filing of a Form 8-K.
(b) The Administrator will invest Distributions in Shares that are registered with the U.S. Securities and Exchange Commission (the “Commission”) pursuant to an effective registration statement for Shares for use in the Plan. No advance notice of pricing pursuant to this Paragraph 3(b) shall be required other than to the extent the issue is a material event requiring the public filing of a Form 8-K.
(c) Selling commissions will not be paid for the Shares purchased pursuant to the Plan.
(d) Dealer manager fees will not be paid for the Shares purchased pursuant to the Plan.
(e) For each Participant, the Administrator will maintain an account which shall reflect for each period in which Distributions are paid (a “Distribution Period”) the Distributions received by the Administrator on behalf of such Participant. A Participant’s account shall be reduced as purchases of Shares are made on behalf of such Participant.
(f) Distributions on Class A Shares will be reinvested in Class A Shares and Distributions on Class T Shares will be reinvested in Class T Shares by the Administrator promptly following the payment date with respect to such Distributions to the extent Shares are available for purchase under the Plan. If sufficient Shares are not available, any such funds that have not been 

invested in Shares within 30 days after receipt by the Administrator and, in any event, by the end of the fiscal quarter in which they are received, will be distributed to Participants. Any interest earned on such accounts will be returned to the respective Participant.
(g) Participants may acquire fractional Shares, computed to four decimal places, so that 100% of the Distributions will be used to acquire Shares. The ownership of the Shares shall be reflected on the books of the Company or its transfer agent.
(h) A Participant will not be able to acquire Shares under the Plan to the extent that such purchase would cause the Participant to exceed the ownership limits set forth in the Company’s charter, as amended, unless exempted by the Board.
4.  Absence of Liability. Neither the Company nor the Administrator shall have any responsibility or liability as to the value of the Shares or any change in the value of the Shares acquired for the Participant’s account. Neither the Company nor the Administrator shall be liable for any act done in good faith, or for any good faith omission to act hereunder.
5.  Reports to Participants. Within ninety (90) days after the end of each calendar year, the Administrator will mail to each Participant a statement of account describing, as to such Participant, the Distributions received, the number of Shares purchased and the per Share purchase price for such Shares pursuant to the Plan during the prior year. Each statement also shall advise the Participant that, in accordance with Section 5 hereof, the Participant is required to notify the Administrator in the event there is any material change in the Participant’s financial condition or if any representation made by the Participant under the subscription agreement for the Participant’s initial purchase of Shares becomes inaccurate. Tax information regarding a Participant’s participation in the Plan will be sent to each Participant by the Company or the Administrator at least annually.
6.  Taxes. Taxable Participants may incur a tax liability for Distributions even though they have elected not to receive their Distributions in cash but rather to have their Distributions reinvested in Shares under the Plan.
7. Termination.
(a) A Participant may terminate or modify his or her participation in the Plan at any time by written notice to the Administrator. To be effective for any Distribution, such notice must be received by the Administrator at least ten (10) days prior to the last day of the Distribution Period to which it relates.
(b) A Participant’s transfer of Shares will terminate participation in the Plan with respect to such transferred Shares as of the first day of the Distribution Period in which such transfer is effective, unless the transferee of such Shares in connection with such transfer demonstrates to the Administrator that such transferee meets the requirements for participation hereunder and affirmatively elects participation by delivering an executed authorization form or other instrument required by the Administrator.
 (c) In the event that a Participant requests a redemption of all of the Participant’s Shares, the Participant will be deemed to have given written notice to the Administrator, at the time the redemption request is submitted, that the Participant is terminating his or her participation in the Plan, and is electing to receive all future distributions in cash. This election will continue in effect even if less than all of the Participant’s Shares are redeemed unless the Participant notifies the Administrator that he or she elects to resume participation in the Plan.
8.  State Regulatory Restrictions. The Administrator is authorized to deny participation in the Plan to residents of any state or foreign jurisdiction that imposes restrictions on participation in the Plan that conflict with the general terms and provisions of this Plan, including, without limitation, any general prohibition on the payment of broker-dealer commissions for purchases under the Plan.

9. Amendment, Suspension or Termination by Company.
(a) The terms and conditions of this Plan may be amended, supplemented or terminated by the Company at any time by majority vote of the Board, including but not limited to an amendment to the Plan to substitute a new Administrator to act as agent for the Participants; provided, however, that (i) notice of any material amendment or termination of the Plan must be provided to Participants at least ten (10) days prior to the effective date thereof and (ii) the Company may not amend the Plan to (1) provide for selling commissions or dealer manager fees to be paid for shares purchased pursuant to this Plan or (2) revoke a Participant’s right to terminate or modify his participation in the Plan.  The Plan may also be suspended by the Company at any time by majority vote of the Board without prior notice to Participants if the Board believes such action is in the best interest of the Company and its stockholders.  The Company may provide notice under this Section 9 by including such information (i) in a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the Commission or (ii) in a separate mailing to the Participants.
(b) The Administrator may suspend or terminate a Participant’s individual participation in the Plan at any time by providing ten (10) days’ prior written notice to a Participant.  
(c) After suspension or termination of the Plan or suspension or termination of a Participant’s participation in the Plan, the Administrator will send to each Participant a check for the amount of any Distributions in the Participant’s account that have not been invested in Shares. Any future Distributions with respect to such former Participant’s Shares made after the effective date of the suspension or termination of the Participant’s participation will be sent directly to the former Participant.
10.  Participation by Limited Partners of Cole Corporate Income Partnership II, LP. For purposes of this Plan, “stockholders” shall be deemed to include limited partners of Cole Corporate Income Operating Partnership II, LP (the “Partnership”), “Participants” shall be deemed to include limited partners of the Partnership that elect to participate in the Plan, and “Distribution,” when used with respect to a limited partner of the Partnership, shall mean cash distributions on limited partnership interests held by such limited partner.
11.  Governing Law. This Plan and the Participants’ election to participate in the Plan shall be governed by the laws of the State of Maryland.
12.  Notice. Any notice or other communication required or permitted to be given by any provision of this Plan shall be in writing and, if to the Administrator, addressed to Shareholder Relations Department, 2398 East Camelback Road, 4th Floor, Phoenix, Arizona 85016, or such other address as may be specified by the Administrator by written notice to all Participants. Notices to a Participant may be given by letter addressed to the Participant at the Participant’s last address of record with the Administrator. Each Participant shall notify the Administrator promptly in writing of any changes of address.pch-ex10a_131.htm

Exhibit 10(a)

Execution Version

 

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT 

 

THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Amendment”) dated as of April 14, 2020 is by and among POTLATCHDELTIC CORPORATION, a Delaware corporation (“PotlatchDeltic”), POTLATCHDELTIC FOREST HOLDINGS, INC., a Delaware corporation (“Potlatch Forest”) and POTLATCHDELTIC LAND & LUMBER, LLC, a Delaware limited liability company and a taxable REIT subsidiary of PotlatchDeltic (“Potlatch Land & Lumber”, and, together with PotlatchDeltic and Potlatch Forest, the “Borrowers”), the Guarantors party hereto, the Lenders identified on the signature pages hereto and NORTHWEST FARM CREDIT SERVICES, PCA, as Administrative Agent (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, term loan facilities have been established in favor of the Borrowers pursuant to the terms of that certain Second Amended and Restated Term Loan Agreement dated as of March 22, 2018 (as amended, restated, modified or supplemented from time to time, the “Term Loan Agreement”) among the Borrowers, the guarantors from time to time party thereto (the “Guarantors”), the Lenders from time to time party thereto (the “Lenders”) and the Administrative Agent; and

 

WHEREAS, the Lenders have requested certain modifications to the Term Loan Agreement, and the Borrowers and all of the Required Lenders have agreed to the requested modifications on the terms set forth herein. 

 

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

 

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

 

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

 

(a)In the definition of “LIBOR” in Section 1.01 of the Term Loan Agreement, the last sentence of such definition is hereby amended and restated to read as follows:

 

Notwithstanding the foregoing, if LIBOR shall be less than zero, such rate shall be deemed zero for the purposes of this Agreement; provided that, solely with respect to the Term Loan D, Term Loan E, Term Loan I, Term Loan K, Term Loan L, Term Loan M and Term Loan N, LIBOR may be less than zero so long as there is a corresponding Swap Contract in place relating to such Term Loan D, Term Loan E, Term Loan I, Term Loan K, Term Loan L, Term Loan M or Term Loan N, as applicable, that does not have a floor of zero.

 

(b)The parenthetical in the last sentence of Section 3.03(b) of the Term Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

(other than with respect to the Term Loan D, Term Loan E, Term Loan I, Term Loan K, Term Loan L, Term Loan M and/or Term Loan N for so long as there is a corresponding Swap Contract with a Lender, Voting Participant or Affiliate of a Lender 

 

 

or Voting Participant in place relating to such Term Loan D, Term Loan E, Term Loan I, Term Loan K, Term Loan L, Term Loan M and/or Term Loan N, as applicable, that does not have a floor of zero)

 

(c)The proviso in the second sentence of Section 3.03(c) of the Term Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

provided, further, that solely with respect to the Term Loan D, Term Loan E, Term Loan I, Term Loan K, Term Loan L, Term Loan M and/or Term Loan N LIBOR may be less than zero so long as there is a corresponding Swap Contract with a Lender, Voting Participant or Affiliate of a Lender or Voting Participant in place relating to such Term Loan D, Term Loan E, Term Loan I, Term Loan K, Term Loan L, Term Loan M and/or Term Loan N, as applicable, that does not have a floor of zero.

 

3.Conditions Precedent.  This Amendment shall become effective upon the satisfaction of the following conditions:

 

(a)Receipt by the Administrative Agent of counterparts of this Amendment duly executed by the Borrowers, the Guarantors, the Administrative Agent and the Required Lenders;

 

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

 

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

 

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

 

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

 

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

 

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

 

 

2

 

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

 

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

 

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

 

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

 

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

 

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

 

 

[SIGNATURE PAGES FOLLOW]

 

 

3

 

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

 

BORROWERS:POTLATCHDELTIC CORPORATION,

a Delaware corporation

By:__/s/ Jerald W. Richards

Name: Jerald W. Richards

Title:  VP, Chief Financial Officer

POTLATCHDELTIC FOREST HOLDINGS, INC.,

a Delaware corporation

By:__/s/ Jerald W. Richards

Name: Jerald W. Richards

Title:  VP, Chief Financial Officer

POTLATCHDELTIC LAND & LUMBER, LLC,

a Delaware limited liability company

By:__/s/ Jerald W. Richards

Name: Jerald W. Richards

Title:  VP, Chief Financial Officer

 

POTLATCHDELTIC CORPORATION

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

 

GUARANTORS:POTLATCHDELTIC TIMBER, LLC,

a Delaware limited liability company

 

By:  /s/ Jerald W. Richards

Name: Jerald W. Richards

Title: VP, Chief Financial Officer

 

 

POTLATCH TIMBERLANDS, LLC,

a Delaware limited liability company

By:__/s/ Jerald W. Richards

Name: Jerald W. Richards

Title:  VP, Chief Financial Officer 

POTLATCH LAKE STATES TIMBERLANDS, LLC

a Delaware limited liability company

By:__/s/ Jerald W. Richards

Name: Jerald W. Richards

Title:  VP, Chief Financial Officer

POTLATCH MINNESOTA TIMBERLANDS, LLC

a Delaware limited liability company

By:__/s/ Jerald W. Richards

Name: Jerald W. Richards

Title:  VP, Chief Financial Officer

POTLATCHDELTIC MANUFACTURING, LLC

an Arkansas limited liability company

By:__/s/ Jerald W. Richards

Name: Jerald W. Richards

Title:  VP, Chief Financial Officer

POTLATCHDELTIC CORPORATION

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

 

ADMINISTRATIVE AGENT

	
AND LENDERS:
	
NORTHWEST FARM CREDIT SERVICES, PCA as Administrative Agent and a Lender

 

By:_/s/ Ashley A. Meyerhuber

Name: Ashley A. Meyerhuber

Title: Authorized Agent

 

 

AMERICAN AGCREDIT, PCA 

as a Lender

 

By:_/s/ Michael J. Balok 

Name: Michael J. Balok

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

POTLATCHDELTIC CORPORATION

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

 

VOTING PARTICIPANTS:Farm Credit Services of Western Arkansas, FLCA

as a Voting Participant

 

By:    /s/ Charlie McConnell

Name:    Charlie McConnell

Title:  SVP-Chief Lending Officer

 

 

AMERICAN AGCREDIT, FLCA

as a Voting Participant

 

By:    /s/ Michael J. Balok

Name:  Michael J. Balok

Title: Vice President

 

 

AgCountry Farm Credit Services, FLCA (f/k/a FCS Commercial Finance Group, for AgCountry Farm Credit Services, FLCA 

as a Voting Participant

 

By:    /s/ Lisa Caswell

Name:  Lisa Caswell

Title: Vice President

 

 

AgFirst Farm Credit Bank

as a Voting Participant

 

By:    /s/ Michael C. Hawkins

Name:  Michael C. Hawkins

Title: Assistant Vice President

 

 

AGRIBANK, FCB

as a Voting Participant

 

By:    /s/ Galen Herr

Name:  Galen Herr

Title:  Vice President Credit - Lending Programs

 

 

CAPITAL FARM CREDIT, FLCA

as a Voting Participant

 

By:    /s/ Donald L. Palm

Name:  Donald L. Palm

Title:  SVP/Capital Markets

 

 

 

POTLATCHDELTIC CORPORATION

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

 

 

COBANK FCB

as a Voting Participant

 

By:    /s/ Robert Prickett

Name:  Robert Prickett

Title:  Vice President

 

 

COMPEER FINANCIAL, FLCA

as a Voting Participant

 

By:    /s/ Lee Fuchs

Name:  Lee Fuchs

Title:  Director, Capital Markets

 

 

Farm Credit West, FLCA

as a Voting Participant

 

By:    /s/ Robert Stornetta

Name: Robert Stornetta 

Title:  Senior Vice President

 

 

FARM CREDIT EAST, ACA

as a Voting Participant

 

By:    /s/ Justin A. Brown

Name:  Justin A. Brown

Title:  Vice President

 

 

Farm Credit Mid-America, FLCA

as a Voting Participant

 

By:    /s/ Tabatha Hamilton

Name:  Tabatha Hamilton

Title:  Vice President Food and Agribusiness

 

 

Farm Credit of New Mexico, FLCA

as a Voting Participant

 

By:    /s/ Mitch Selking

Name:  Mitch Selking

Title: Director Corporate Agribusiness Lending

 

 

 

 

POTLATCHDELTIC CORPORATION

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

 

 

Farm Credit Services of America

as a Voting Participant

 

By:    /s/ Nicholas King

Name:  Nicholas King

Title:  Vice President 

 

 

GREENSTONE FARM CREDIT SERVICES, FLCA

as a Voting Participant

 

By:    /s/ Shane Prichard

Name:  Shane Prichard

Title:  Vice President of Capital Markets

 

 

YOSEMITE LAND BANK, FLCA

as a Voting Participant

 

By:    /s/ Steven Mizuno

Name:  Steven M. Mizuno

Title:  SVP - Credit Administration

 

 

 

 

POTLATCHDELTIC CORPORATION

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

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