Document:

EX-10.2

 Exhibit 10.2 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 dated as of 

January 31, 2013 
 among 
 SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC 

ON SEMICONDUCTOR CORPORATION 
 the LENDERS party hereto 
 and 

SUMITOMO MITSUI BANKING CORPORATION 
 as Administrative Agent 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 Article 1 Drawdown; Interest
	  	 	1	  
		
	 Article 2 Loan Repayment
	  	 	2	  
		
	 Article 3 Payments Generally; Pro Rata Treatment; Sharing of Set-offs; Voluntary Prepayment; Mandatory Prepayment;
Taxes
	  	 	3	  
		
	 Article 4 Representations and Warranties
	  	 	8	  
		
	 Article 5 The Borrower Covenants
	  	 	10	  
		
	 Article 6 Events of Default
	  	 	11	  
		
	 Article 7 Continuing Guarantee
	  	 	13	  
		
	 Article 8 No Set-off
	  	 	13	  
		
	 Article 9 The Administrative Agent
	  	 	13	  
		
	 Article 10 Notices
	  	 	15	  
		
	 Article 11 Confidentiality
	  	 	16	  
		
	 Article 12 Successors and Assigns
	  	 	17	  
		
	 Article 13 Expenses
	  	 	20	  
		
	 Article 14 Governing Law
	  	 	20	  
		
	 Article 15 Resolution of Dispute
	  	 	20	  
		
	 Article 16 Miscellaneous
	  	 	21	  

  
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 AMENDED AND RESTATED LOAN AGREEMENT, dated as of January 31, 2013 (this
“Agreement”), among SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC (“Borrower”), ON SEMICONDUCTOR CORPORATION (“Borrower Parent”), the LENDERS from time to time party hereto by execution of this Agreement as a Lender or
pursuant to the provisions of Article 12(b)(v) (the “Lenders”) and SUMITOMO MITSUI BANKING CORPORATION, as Administrative Agent (the “Administrative Agent”). Each of the Borrower, the Borrower Parent, the Lenders, and the
Administrative Agent in this Agreement may be referred to as a “Party” in the singular, or the “Parties”, collectively. Capitalized terms used herein but not otherwise defined in Article 1 through Article 16 are set
forth on Schedule II. 
 WITNESSETH: THAT 
 WHEREAS, SANYO ELECTRIC CO., LTD (“SANYO”) made a loan (such loan and, on and after the date hereof with respect to any Lender, its respective portion of such loan, the “Loan”) to
Borrower pursuant to a Loan Agreement, dated as of January 1, 2011 (the “Original Loan Agreement”); 
 WHEREAS,
pursuant to the Original Loan Agreement, Borrower Parent guaranteed the Borrower’s repayment obligations under the Original Loan Agreement; 
 WHEREAS, SUMITOMO MITSUI BANKING CORPORATION purchased all of SANYO’s rights under the Original Loan Agreement including the Loan; and 

WHEREAS, the Parties hereto desire to amend and restate the Original Loan Agreement. 

NOW, THEREFORE, for and in consideration of the foregoing premises and of the mutual agreements hereinafter stated, the Parties hereto
agree to amend and restate the Original Loan Agreement in its entirety as follows: 
 Article 1 Drawdown; Interest 

(a) As of the date hereof, the outstanding principal amount of the Loan is $302,011,860.86 and the outstanding principal amount for each Lender is set
forth on Schedule I. 
 (b) The Borrower shall pay interest on the Loan on each interest payment date (each, an “Interest Payment
Date”) as set out in the loan payment schedule attached hereto as Exhibit A (the “Loan Payment Schedule”) for the relevant interest period (the “Interest Period”) beginning on and including January 1, 2011 (the
“Drawdown Date”) (for the first such Interest Period) or beginning on and including the immediately prior Interest Payment Date and ending on but excluding such Interest Payment Date, at a floating rate per annum equal to the sum of three
(3)-month U.S. Dollar London Interbank Offered Rate (“LIBOR”) appearing on Reuters Screen LIBOR 01 two (2) Business Days prior to the beginning of the applicable Interest Period (each such date, an “Interest Rate Setting
Date”) plus a spread of one hundred seventy five (175) basis points (1.75%) per annum (“Interest Rate”). For each Interest Period, the applicable Interest Rate shall be reasonably determined by the Administrative Agent on
each of the Interest Rate Setting Dates as set out in Exhibit A and shall be communicated to the Borrower and each Lender by the Administrative Agent on such date. LIBOR shall mean the three (3)-month

  
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LIBOR at approximately 11:00 a.m. (London Time) on the Interest Rate Setting Date. In the event that such rate or screen page from Reuters is not available for any reason, the applicable LIBOR
shall be determined by reference to the LIBOR of the immediately preceding Business Day or, if Reuters Screen LIBOR 01 is not generally available, then by reference to the LIBOR determined by another reputable source selected by the Administrative
Agent in its reasonable discretion. 
 (c) All payments for interest pursuant to this Article 1 shall be computed on the basis of a
360-day year for the actual days elapsed. Any calculation that would result in a payment that includes a fraction of less than one cent shall be rounded to the nearest cent. In the event that any Interest Payment Date is not a Business Day, then
such Interest Period and the corresponding Interest Payment Date shall be extended to the next succeeding Business Day. For purposes of this Agreement, “Business Day” means any day other than (i) a Saturday or Sunday or (ii) a
day on which banking institutions are authorized or required by law to be closed in the State of New York or, as used in Interest Rate Setting Date, London. 
 (d) Interest shall be payable on each Interest Payment Date in arrears computed based on the outstanding balance of the Loan, with payments to commence on April 1, 2011. 

(e) If the Administrative Agent notifies the Borrower in writing (a “Payment Default Notice”) that it has failed to make payment when due of
any sum hereunder whether at the stated maturity, by acceleration or otherwise, then: 
 (i) interest shall accrue on the amount
of such defaulted payment at the Default Rate (as defined below) from and after the date of such Payment Default Notice to but excluding the date that such defaulted payment is repaid in full; and 

(ii) if the Borrower has failed to cure such payment default no later than the date (the “Payment Default Date”) that is five
(5) Business Days after its receipt of the Payment Default Notice, then the Borrower shall pay the Default Rate on the entire principal amount outstanding under the Loan, payable from and after the Payment Default Date to but excluding the date
that such defaulted payment is repaid in full (upon which date the Interest Rate on the Loan shall resume to be the Interest Rate otherwise applicable to the Loan, as provided in Article 1(b)). 

As used herein, the “Default Rate” shall mean a rate of interest equal to the Interest Rate otherwise applicable to the Loan as provided in
Article 1(b), plus three percent (3.00%) per annum. The Default Rate payable by the Borrower under this Article 1(e) shall be payable in addition to any principal, interest (without duplication of interest payable by reference to
the Default Rate hereunder) and other amounts that may be due and payable under this Agreement. 
 Article 2 Loan Repayment

 (a) The Borrower shall fully pay the Loan within seven (7) years from and after the Drawdown Date. Subject to Article 3, the Loan
shall be repaid over twenty seven (27) equal quarterly principal installments of NINE MILLION, FOUR HUNDRED THIRTY-SEVEN THOUSAND, EIGHT HUNDRED AND SEVENTY U.S. DOLLARS and sixty-five cents (US$ 9,437,870.65), with the balance of ONE HUNDRED
TWENTY-TWO MILLION, SIX HUNDRED NINETY-TWO THOUSAND, THREE HUNDRED AND EIGHTEEN U.S. 

  
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DOLLARS and fifty-one cents (US$ 122,692,318.51) (the “Final Payment”) to be repaid on January 2, 2018 (the “Maturity Date”). Each such quarterly principal installment
shall be payable on the applicable loan repayment date (the “Loan Repayment Date”) as set forth in the Loan Repayment Schedule. 
 (b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from the Loan made by such Lender, including the amounts of principal and interest payable
and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of the Loan and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any
sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made
in the accounts maintained pursuant to paragraph (b) or (c) of this Article 2 shall be conclusive of the existence and amounts of the obligations recorded therein absent manifest error; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

Article 3 Payments Generally; Pro Rata Treatment; Sharing of Set-offs; Voluntary Prepayment; Mandatory Prepayment; Taxes 

(a) The Borrower shall have the option, on any Interest Payment Date after the date hereof to prepay the Loan, in full or in part, subject to the
following terms and conditions: 
 (i) The Borrower shall give to the Administrative Agent written notice of the proposed
prepayment (the “First Prepayment Notice”) not less than ten (10) days prior to the date on which the Loan is proposed to be prepaid, which First Prepayment Notice shall state the amount proposed to be prepaid and the proposed
prepayment date. The actual amount of the prepayment and the actual date of prepayment (the “Prepayment Date”) shall be confirmed (or modified) in a written notice delivered by the Borrower to the Administrative Agent (the “Confirming
Prepayment Notice”) not less than five (5) Business Days prior to the Prepayment Date stated in the Confirming Prepayment Notice. The Confirming Prepayment Notice may not be revoked or modified. 

(ii) The amount payable in respect of each prepayment shall be the full or partial outstanding principal amount of the Loan stated in the
Confirming Prepayment Notice plus any accrued but unpaid interest up to but excluding the Prepayment Date. 
 (iii) The
additional conditions for each partial prepayment are: (y) the minimum principal amount to be prepaid shall be TEN MILLION U.S. DOLLARS (US$10,000,000.00); and (z) the principal of each prepayment shall be applied against the quarterly
principal installments of the Loan and the Final Payment in the inverse order of their scheduled due dates as set out herein and in the Loan Payment Schedule (i.e., each prepayment shall be applied first against the Final Payment and then against
each quarterly principal installment set out in the Loan Payment Schedule, in inverse order). 

  
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 (iv) Promptly following receipt of the First Prepayment Notice and the Confirming Prepayment
Notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment of a Loan shall be applied ratably to the Loans. 
 (b) Within ten (10) Business Days following any Change of Control, the Borrower shall deliver to the Administrative Agent either (i) an irrevocable notice specifying a proposed prepayment date,
which date shall be no later than forty-five (45) days from the date of the occurrence of the Change of Control, in which case the Borrower shall repay the Loan, together with any unpaid interest up to but excluding the prepayment date, in full
on or before the proposed prepayment date or (ii) an irrevocable notice describing the transaction or transactions that constitute the Change of Control and offering to repurchase the Loan (through Borrower or its designee) on the date
specified in such notice, which date shall be no later than forty-five (45) days from the date of the occurrence of the Change of Control, in which case, the Administrative Agent shall deliver such notice to the Lenders, and, if any Lenders
have accepted such repurchase offer, the Borrower or such designee shall repurchase the Loan from such Lender, at a price in cash equal to the outstanding principal amount thereof together with interest on the principal amount up to but not
including the date of such repurchase, and such Lender shall sell the Loan and transfer all related loan documents to the Borrower or such designee upon receipt of such purchase price. In the event that the Borrower (itself or through its designee)
offers to repurchase the Loan pursuant to the foregoing clause (ii) and the Lender does not accept such offer, then the Loan held by such Lender shall remain in place in accordance with the terms hereof. 

(c) “Change of Control” means (i) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or group
(within the meaning of the U.S. Securities Exchange Act of 1934 of the U.S., as amended, and the rules of the U.S. Securities and Exchange Commission (the “SEC”) thereunder as in effect on the date hereof) of equity interests representing
more than 50% of either the aggregate ordinary voting power or the aggregate equity value of the Borrower Parent and (ii) delisting of the Borrower Parent’s common shares from Nasdaq Stock Market. 

(d) [Intentionally Omitted.] 
 (e) The Borrower
shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or otherwise) prior to 12:00 noon, New York City time on the date when due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made in
dollars and to the Administrative Agent at its offices at 277 Park Avenue, New York, New York 10172, except that payments pursuant to Article 3(b) shall be made directly to the persons entitled thereto. The Administrative Agent shall
distribute any such payments in the same currency received by it to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to
the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

  
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 (f) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully
all amounts of principal, interest and fees then due hereunder, such funds shall be applied first towards payment of interest and fees then due hereunder, ratably among the Lenders entitled thereto in accordance with the amounts of interest and fees
then due to such Lenders with any remainder applied in respect of outstanding principal on the Loans ratably among the Lenders entitled thereto. 
 (g) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loan or resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Loan and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value)
participations in the Loans of other Lenders to the extent necessary 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
Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).
“Subsidiary” shall mean any subsidiary of the Borrower Parent other than the Borrower. Without limiting the generality of the definition of the term “subsidiary”, it is understood and agreed that each of (1) ON Semiconductor
Czech Republic, s.r.o., legal successor, a corporation existing under the laws of the Czech Republic, (2) ON Semiconductor Slovakia a.s. (formerly known as Slovakia Electronic Industries, a.s.), a corporation existing under the laws of Slovakia
and (3) Leshan-Phoenix Semiconductor Co., Ltd., an entity existing under the laws of the People’s Republic of China, is a subsidiary of the Borrower Parent as of the date hereof. 
 (h) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event,
if the Borrower has not in fact made such payment, then each of the Lenders, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of (i) the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any
day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the 

  
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quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it and (ii) a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (i) Taxes. 

(i) Withholding of Taxes. Each payment by Borrower Parent or the Borrower under any Loan Document shall be made without
withholding for any Taxes, unless such withholding is required by any law. If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and
shall timely pay the full amount of withheld Taxes to the relevant governmental authority in accordance with applicable law. 

(ii) Payment of Other Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant governmental authority
in accordance with applicable law. 
 (iii) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, Borrower Parent or the Borrower for any Taxes attributable to such Lender that are paid or payable by the Administrative Agent or Borrower Parent or the Borrower (as applicable) in connection with any Loan Document and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant governmental authority. The indemnity under this Article 3(i)(iii) shall be paid within ten
(10) days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent
manifest error. 
 (iv) Status of Lenders. 

 

	 	(1)	 Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any payments under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the
Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by law
or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to any withholding (including backup withholding) or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Article 3(i)(iv)(2)(a) through
(e) below) shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially

  
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prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrower or the Administrative Agent, any Lender shall update any form or certification previously
delivered pursuant to this Article 3(i)(iv). If any form or certification previously delivered pursuant to this Article 3(i) expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall
promptly (and in any event within ten (10) days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification
if it is legally eligible to do so. 

  

	 	(2)	Without limiting the generality of the foregoing, if the Borrower is a U.S. person, any Lender with respect to the Borrower shall, if it is legally eligible to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by the Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies
of whichever of the following is applicable: 

  

	 	(a)	in the case of a Lender that is a U.S. person, IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; 

 

	 	(b)	in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to payments of interest under
any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (2) with respect to any other applicable payments under any
Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

 

	 	(c)	in the case of a Non-U.S. Lender for whom payments under any Loan Document constitute income that is effectively connected with such Lender’s conduct of a trade or
business in the United States, IRS Form W-8ECI; 

  

	 	(d)	 in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code both (1) IRS
Form W-8BEN and (2) a certificate substantially in the form prescribed by the Administrative Agent (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a “controlled foreign

  
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corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively
connected; 

  

	 	(e)	in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a partnership or a participating Lender) (1) an
IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (a), (b), (c), (d) and (f) of this paragraph Article 3(i)(iv)(2) that would be required of each such
beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest under
Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 

  

	 	(f)	any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation
necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld. 

  

	 	(3)	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 Withholding Agent, at the time or times prescribed by law and at such time or
times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Withholding
Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to
deduct and withhold from such payment. 

 Article 4 Representations and Warranties 

Each of the Borrower and the Borrower Parent (as applicable) represents and warrants solely as to itself to the Administrative Agent, for itself and for
the benefit of each Lender, as of the Drawdown Date, as follows: 
 (a) Organization and Good Standing. The Borrower is a limited
liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. The Borrower Parent is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization. 

  
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 (b) Authority; Binding Nature of Agreements. Each of the Borrower and the Borrower Parent has all
requisite corporate power and authority to execute and deliver this Agreement and to carry out the provisions of this Agreement. The execution, delivery and performance by the Borrower and the Borrower Parent of this Agreement have been approved by
all requisite action on the part of the Borrower. This Agreement has been duly and validly executed and delivered by the Borrower and the Borrower Parent. This Agreement constitutes the legal, valid and binding obligation of the Borrower and the
Borrower Parent, enforceable against the Borrower and the Borrower Parent in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws and equitable principles related to or
limiting creditors’ rights generally and by general principles of equity. 
 (c) No Conflicts; Required Consents. The execution,
delivery and performance of this Agreement do not and will not (with or without notice or lapse of time): 
 (i) violate or
result in any breach of (v) any of the provisions of the laws applicable to the Borrower or the Borrower Parent; (w) the organizational documents of the Borrower or the Borrower Parent; (x) any resolutions adopted by the member of the
Borrower or the stockholders or board of directors or committees of the Borrower Parent; (y) any of the terms or requirements of any material governmental approval held by the Borrower or the Borrower Parent or that otherwise relates to the
Borrower’s or the Borrower Parent’s business; or (z) any provision of a material contract to which the Borrower or the Borrower Parent is a party; 
 (ii) give any governmental authority or other person or entity the right to (x) challenge the Loan or any other guaranty thereof; (y) exercise any remedy or obtain any relief under any
applicable law or any order to which the Borrower, the Borrower Parent or any of their respective assets is subject; or (z) declare a default of, exercise any remedy under, accelerate the performance of, cancel, terminate or modify any material
contract to which the Borrower or the Borrower Parent is a party; or 
 (iii) except for applicable requirements, if any, under
any antitrust law, require the Borrower or the Borrower Parent to obtain any consent or make or deliver any filing or notice to a governmental authority that has not so been made or delivered by the Borrower or the Borrower Parent. 

(d) Proceedings. There are no proceedings pending or, to the Borrower’s and the Borrower Parent’s knowledge, threatened against or
affecting the Borrower or the Borrower Parent (i) challenging or seeking to restrain, delay or prohibit the Loan or any other transactions contemplated hereby or (ii) preventing the Borrower or the Borrower Parent from performing their
respective obligations under this Agreement. 
 (e) SEC Filings; Financial Statements. 

(i) The Borrower Parent has delivered or made available to the Administrative Agent accurate and complete copies of all registration
statements, proxy statements and other statements, reports, schedules, forms and other documents filed by the Borrower Parent with the SEC during the period beginning on January 1, 2009 and continuing through the Drawdown Date), and all
amendments thereto (the “SEC Documents”). To the Borrower’s and the 

  
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Borrower Parent’s knowledge, as of the time it was filed with the SEC (or, if amended or superseded by a filing prior to the Drawdown Date, then on the date of such filing): (x) each of
the SEC Documents complied in all material respects with the applicable requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the U.S. Securities Exchange Act of 1934, as amended (as the case may be); and
(y) none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. 
 (ii) The financial statements (including any related notes) contained in the SEC
Documents: (x) complied as to form in all material respects with the published rules and regulations of the SEC applicable thereto; (y) were prepared in accordance with generally accepted accounting principles in the United States applied
on a consistent basis throughout the periods covered (except as may be indicated in the notes to such financial statements and except that the unaudited financial statements may not contain footnotes) and (z) fairly present the consolidated
financial position of the Borrower Parent and its consolidated subsidiaries as of the respective dates thereof and the consolidated results of operations and cash flows of the Borrower Parent and its consolidated subsidiaries for the periods covered
thereby. 
 (iii) Except as disclosed in the SEC Documents, to the Borrower’s and the Borrower Parent’s knowledge, as
of the Drawdown Date, there were no material matters relating to the Borrower or the Borrower Parent that would have a Material Adverse Effect. 

Article 5 The Borrower Covenants 

Until the principal of and interest on the Loan shall have been paid in full, each of the Borrower and the Borrower Parent, as to itself only, covenants
and agrees with the Administrative Agent, for itself and for the benefit of each Lender, that: 
 (a) Notice of Events of Default. The
Borrower shall notify the Administrative Agent promptly upon learning of any Event of Default (as defined in Article 6 below). 
 (b)
Maintenance of Properties. The Borrower and the Borrower Parent shall keep and maintain all tangible property material to the conduct of its business, taken as a whole, in good working order and condition, ordinary wear and tear excepted.

 (c) Insurance. The Borrower, either directly or through the Borrower Parent, shall maintain, with financially sound and reputable
insurance companies insurance in such amounts and against such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses. 
 (d) Books and Records; Discussion Rights. Solely for the purpose of determining compliance with this Agreement, the Borrower shall (i) keep proper books of record and account in which full,
true and correct entries are made of all material dealings and transactions in relation to this Agreement, (ii) permit any representatives designated by the Administrative Agent, upon reasonable prior written notice, to discuss the financial
condition of the Borrower and the Borrower Parent with its officers and independent accountants, all at such reasonable times during normal business hours as may be reasonably requested; provided, however, that
(1)

  
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as long as no Event of Default shall have occurred and be continuing, only two such requests pursuant to this clause (ii) (which shall be made by the Administrative Agent) may be made in any
calendar year, with the exception of informal telephonic or email requests, which informal telephonic or email requests shall be made by the Administrative Agent and may be made no more than twice in any calendar quarter and (2) the information
that may be obtained from the Borrower and the Borrower Parent pursuant to this Article 5(d) shall only include information that is or would be included in the SEC Documents and reasonable explanations thereof. 

(e) Compliance with Laws and Agreement. The Borrower and the Borrower Parent shall comply with all laws, rules, regulations and orders of any
governmental authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower and the Borrower Parent shall comply
with the obligations set out in this Agreement. 
 Article 6 Events of Default 

If any one of the following events (“Event of Default”) shall have occurred, then at any time thereafter, if any such event shall then be
continuing, and not remedied during the cure period (where it is provided for in this Agreement), the Borrower’s obligations to the Lenders shall, upon the Administrative Agent’s written notice to the Borrower (or in the case of clause
(d) below, automatically without any notice) become immediately due and payable. 
 (a) Payment Default. The Borrower or the
Borrower Parent fails to pay (i) any principal of the Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise, and such failure continues unremedied for a
period of five (5) Business Days after notice from the Administrative Agent or (ii) any interest on the Loan payable under this Agreement, when and as the same shall become due and payable, and such failure to pay interest or such other
amount continues unremedied for a period of five (5) Business Days after notice from the Administrative Agent; 
 (b) Misrepresentation
Default. Any representation or warranty made by or on behalf of the Borrower or the Borrower Parent under this Agreement shall be found to be incorrect in any material respect when made; provided, however, that such untrue representation or
warranty shall not be an Event of Default: 
 (i) if the incorrect nature of any representation or warranty set forth in
Article 4(a), (b), (c) or (d) hereof is capable of being cured or corrected and the Borrower or the Borrower Parent, as applicable, cures such incorrect representation or warranty within forty-five
(45) days after the earlier of (y) written notice from the Administrative Agent or (z) the Borrower’s or the Borrower Parent’s knowledge of the incorrect nature of such representation or warranty; or 

(ii) if the false nature of any representation or warranty made herein has not resulted in a Material Adverse Effect; 

(c) Other Provisions Default. The Borrower or the Borrower Parent fails to perform or comply with any term or obligation contained in this
Agreement and, only in the case of failure to perform or comply with any term or obligation other than Article 5(a) and Article 3(b), any such failure, violation, or non-compliance is not remediable or if remediable, continues

  
 11 

 
unremedied for a period of forty five (45) days from the date after written notice thereof shall have been given by the Administrative Agent to the Borrower or the Borrower Parent; provided
that the Borrower or the Borrower Parent, as applicable, shall have up to an additional thirty (30) days to remedy such failure if (i) such failure cannot reasonably be cured within such forty-five (45) day period, (ii) the
Borrower or the Borrower Parent has commenced to cure such failure within such forty-five (45)-day period and thereafter cures such failure within such additional thirty (30) day period and (iii) no Material Adverse Effect is reasonably
likely to occur as a result of the Borrower or the Borrower Parent having the additional thirty (30) day period to cure such failure; 

(d) Insolvency Default. The Borrower or the Borrower Parent becomes insolvent or unable to pay its debts when due or commits or permits any act of
bankruptcy, which act shall include (i) the filing of a petition in any bankruptcy, reorganization, winding up or liquidation of the Borrower or the Borrower Parent, or any other proceeding analogous in purpose and effect; provided, however,
that in case the foregoing petition is filed by any other party, other than the Borrower or the Borrower Parent, such event shall only be an Event of Default if such petition is consented to, or not objected to, by the Borrower or the Borrower
Parent, or continues undismissed for sixty (60) consecutive days or a final order or decree of any court approving or ordering any of the foregoing is entered, (ii) the making of an assignment by the Borrower or the Borrower Parent for the
benefit of its creditors, (iii) the admission in writing by the Borrower or the Borrower Parent of its inability to pay its debts (iv) the entry of any final order or judgment of any court, tribunal or administrative agency, in each case,
having appropriate jurisdiction confirming the bankruptcy or insolvency of the Borrower or the Borrower Parent or approving any reorganization, winding up or liquidation of the Borrower or the Borrower Parent or (v) the filing of an application
for the appointment of a receiver, liquidator, assignee or trustee of the Borrower or the Borrower Parent or a substantial part of its property or assets or a substantial part of its capital stock or to assume custody or control of the Borrower or
the Borrower Parent or the ordering of its dissolution, winding-up or liquidation of its affairs; 
 (e) Cross Default. The Borrower or
the Borrower Parent (i) fails to pay an indebtedness when due and, where applicable, within any applicable grace period or (ii) defaults beyond the period of grace, if any, under any agreement of indebtedness, which default is not waived
by the holders of such indebtedness, and as a result of either (i) or (ii), the holders of such indebtedness accelerate the scheduled maturity thereof or demand in writing that such defaulted payment be immediately paid; provided that this
clause (e) shall not apply if the aggregate amount of such indebtedness is equal to or less than $30,000,000 (or its equivalence in another currency); or 
 (f) Closure Default. Cessation of the entire business of the Borrower or the Borrower Parent. 
 If an Event of Default shall have occurred, then at any time thereafter, if any such event shall then be continuing, and not remedied during any applicable cure period (where it is provided for in this
Agreement), the Administrative Agent may at its election, and at the request of the Required Lenders shall, (i) by written notice to the Borrower, to declare the entire outstanding Loan amount to be immediately due and payable, and the Loan
shall thereupon become immediately due and payable (or in the case of clause (d) above, automatically); and (ii) after accelerating the Loan, to exercise any and all remedies available to the Administrative Agent under applicable law. The
Events of Default in clauses (a), (d), (e) and (f) are “Significant Defaults.” 

  
 12 

 All monies realized and received by the Administrative Agent in the exercise of its rights, powers and
remedies hereunder shall be applied by the Administrative Agent and distributed to the Lenders as specified in this Agreement and shall be applied by each Lender, to the extent permitted, to the payment of the Loan. 

Article 7 Continuing Guarantee 

The Borrower Parent hereby absolutely and unconditionally, jointly and severally, guarantees, as a guaranty of payment and not merely as a guaranty of
collection, prompt payment when due, whether at stated maturity, by required prepayment, or upon acceleration, of any and all of the payment obligations, whether for principal, interest, damages or otherwise, of the Borrower, arising under this
Agreement (this “Guaranty”). This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the obligations or any instrument or agreement evidencing any obligations, or by the existence, validity,
enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the obligations which might otherwise constitute a defense to the obligations of the Borrower Parent under this Guaranty
(other than the defense of payment), and the Borrower Parent hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing (other than the defense of payment). This Guaranty is a
continuing and irrevocable guaranty of all payment obligations now or hereafter existing under this Agreement and shall remain in full force and effect until all principal, interest and other amounts payable to the Lenders under this Agreement are
indefeasibly paid in full in cash. 
 Article 8 No Set-off 
 In no event shall the Borrower or the Borrower Parent be entitled to set-off any obligation due to it against any obligation owed by it pursuant to the this Agreement. 

Article 9 The Administrative Agent 

9.1 Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 

9.2 Sumitomo Mitsui Banking Corporation serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender
as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower Parent or the
Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 9.3 The Administrative Agent
shall not have any duties or obligations except those expressly set forth in this Agreement. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties,
regardless of 

  
 13 

 
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated by this Agreement that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Article 16(d)) and (c) except as expressly set forth in this Agreement, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to Borrower Parent or the Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable
for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Article 16(d)) or in the
absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by Borrower Parent or the Borrower
or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection with this Agreement, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in this Agreement, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in any Loan Document, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 
 9.4 The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person. The Administrative Agent also may rely upon
any statement made to it orally or by telephone and believed by it to be made by the proper person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower
Parent), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.5 The Administrative Agent may perform any and all of its duties and exercise its rights and powers through its Related Parties (defined below). The
exculpatory provisions of the preceding paragraphs shall apply to any specified person, such person’s Affiliates and the respective directors, officers, employees, agents and advisors of such person and such person’s Affiliates (the
“Related Parties”) of the Administrative Agent. 
 9.6 Subject to the appointment and acceptance of a successor Administrative Agent
as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor with the approval of the Borrower
(such approval not to be unreasonably withheld or delayed; provided that no such approval shall be required if a Significant Default has occurred and is continuing). If no successor shall have been so appointed by the Required Lenders (and, if
required, approved by the Borrower) and shall have accepted such appointment 

  
 14 

 
within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent which shall be a bank with an office in New York, New York which has assets of not less than $500,000,000 and has a certificate of deposit, short-term deposit or commercial paper rating of at least A-1+ by
Standard & Poor’s, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees, if any, payable by the Borrower to a successor Administrative Agent shall be the same as
those payable to its predecessor unless otherwise agreed between the Borrower and such successor. For clarity, it is hereby acknowledged and agreed that Borrower is not required to pay any fees of Administrative Agent. After the Administrative
Agent’s resignation hereunder, the provisions of this Article 9 shall continue in effect for the benefit of such retiring Administrative Agent and its respective Related Parties in respect of any actions taken or omitted to be taken by
any of them while it was acting as Administrative Agent. 
 9.7 Each Lender acknowledges that it has, independently and without reliance upon
the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement or any related agreement or any document furnished hereunder. 
 9.8 The Lenders are not partners or co-venturers, and no Lender
shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) be authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders
to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this Agreement. 
 Article 10 Notices 
 (a) All notices, requests, demands and other communications
hereunder shall be either (i) delivered in person; (ii) sent by international courier service or other express commercial delivery service; or (iii) sent by facsimile with confirmation of receipt, and, in each case, addressed as
follows: 
 If to the Administrative Agent: 
 SUMITOMO MITSUI BANKING CORPORATION 
 277 Park Avenue 

New York, NY 10172 
 Attn: Agency Services 
 Fax: +1-212-224-4391 

  
 15 

 If to any Lender, to such Lender’s address and fax number set forth on Schedule
I 
 If to the Borrower: 
 SEMICONDUCTOR COMPONENTS INDUSTRIES LLC 
 5005 E. McDowell Road 

Phoenix, AZ 85008 U.S.A. 
 Attn: Treasurer and General Counsel 
 Fax: +1-602-244-5601 

with copies to (which copy shall not constitute notice): 
 Judy.Boyle@onsemi.com; 
 Nancy.Villar@onsemi.com; and 

Snell & Wilmer L.L.P. 
 400 East Van Buren 
 Phoenix, Arizona 85018 U.S.A. 

Attn: Cheryl Ikegami, Esq. and Brian Burke, Esq. 
 Fax: +1-602-382-6070 
 If to the Borrower Parent: Same as the Borrower.

 (b) All notices, requests, instructions or documents given to any party in accordance with this Article 10 shall be deemed to have
been given on the date of mailing or transmission, whether delivered by hand, by international courier service, or by facsimile, with confirmation of receipt on such date. 
 (c) Any party may change its address specified for notices herein by designating a new address by notice given in accordance with this Article 10. 

Article 11 Confidentiality 
 (a)
Each of the Administrative Agent and the Lenders agree to maintain the confidentiality of the Information (as defined below) until the earlier of (x) one (1) year after the Loan is paid in full or (y) one (1) year after the
Maturity Date, except that Information may be disclosed (i) to either of the Administrative Agent’s or any Lender’s Related Parties, including accountants, legal counsel and other advisors (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), (ii) to the extent requested by any regulatory authority, (iii) to the extent required by
applicable laws or regulations (including any regulations of any applicable stock exchange) or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies
hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Article 11, to any assignee of or
participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement, or to any direct or indirect contractual counterparties in swap 

  
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agreements or such contractual counterparties’ professional advisors, (vii) with the consent of the Borrower or (viii) to the extent such Information (y) becomes publicly
available other than as a result of a breach of this Article or (z) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower, the Borrower Parent or any Affiliate of the
Borrower or the Borrower Parent. For the purposes of this Article 11, the term “Information” means all information received from the Borrower, the Borrower Parent or any Affiliate of the Borrower or the Borrower Parent relating to
any such entity or its business in connection with this Agreement, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any of them. Any person or entity
required to maintain the confidentiality of Information as provided in this Article 11 shall be considered to have complied with its obligation to do so if such person or entity has exercised the same degree of care to maintain the
confidentiality of such Information as such person or entities would accord to its own confidential information. 
 (b) [Intentionally Omitted.]

 Article 12 Successors and Assigns 
 (a) 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 (i) neither the
Borrower Parent nor the Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower Parent or the Borrower without
such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Article 12. 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 paragraph (c) of this Article 12) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or
a portion of the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed so long as the proposed assignee is not a competitor of the Borrower or the Borrower Parent) of: 

 

	 	(1)	the Borrower Parent (provided that the Borrower Parent shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within ten (10) Business Days after having received notice thereof); provided, further, that no consent of the Borrower Parent shall be required for an assignment to a Lender, an Approved Affiliate of a Lender or, if a
Significant Default has occurred and is continuing, any other assignee; and 

  

	 	(2)	the Administrative Agent. 

  
 17 

 (ii) Assignments shall be subject to the following additional conditions: 

 

	 	(1)	except in the case of an assignment to a Lender or an Approved Affiliate of a Lender (or an assignment by a prospective lender approved by the Administrative Agent and
the Borrower to such prospective lender’s Approved Affiliate) or an assignment of the entire remaining amount of the assigning Lender’s and all of its Approved Affiliate’s Loans (if, on an aggregated basis, such Loan are less than
$10,000,000), the amount of the Loans of the assigning Lender and its Approved Affiliates subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent) shall not be less than $10,000,000 unless each of the Borrower and the Administrative Agent otherwise consent (such consent not to be unreasonably withheld or delayed), provided that (x) any Lender, Approved Affiliate and prospective
lender approved by the Administrative Agent and the Borrower may aggregate their Loans for purposes of determining compliance with the minimum amounts set forth herein and (y) no such consent of the Borrower shall be required if a Significant
Default has occurred and is continuing; 

  

	 	(2)	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;

  

	 	(3)	the Borrower, Borrower Parent and the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500 (or such lesser amount as agreed by the Administrative Agent), such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and 

 

	 	(4)	the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form supplied by the Administrative Agent in
which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower Parent and its Affiliates and their Related Parties or their respective
securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

For the purposes of this Article 12(b), the term “Approved Affiliate” has the following meaning: 

“Approved Affiliate” means an Affiliate of any person (other than a natural person) that is engaged in making, purchasing,
holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (A) a Lender, (B) an Approved Affiliate of such Lender, (C) an entity or an Affiliate of
an entity that administers or manages a Lender or (D) a prospective lender approved by the Administrative Agent and the Borrower. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Article 12, from and after the effective date specified in each Assignment and Assumption, the assignee
thereunder shall be a Party hereto and, to the extent of the interest assigned by such 

  
 18 

 
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Party
hereto). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Article 12 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 paragraph (c) of this Article 12. 
 (iv) The Administrative Agent, acting
for this purpose as an agent of the Borrower Parent and the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and
principal amount of the Loans owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower Parent, the Borrower, the
Administrative Agent and the Lenders shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower Parent, the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall
already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Article 12 and any written consent to such assignment required by paragraph (b) of this Article 12, the
Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by
it pursuant to Article 3(h), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together
with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) Any Lender may, without the consent of the Borrower Parent or the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or
a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of the Loans 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 Borrower Parent, the Borrower, the Administrative Agent and the other Lenders 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 or modification that affects such Participant. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower 

  
 19 

 
Parent and the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any person (including the identity of any
Participant or any information relating to a Participant’s interest in any Loans or its other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such Loan or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (d)
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender to secure obligations to a Federal Reserve Bank, and this Article 12 shall not apply
to any such pledge or assignment to a Federal Reserve Bank of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto. 
 Article 13 Expenses 
 The Borrower shall pay all reasonable out-of-pocket expenses incurred by the Administrative Agent, including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, in
connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Article 13 or in connection with the enforcement of the Loan made hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of the Loan. 
 Article 14 Governing Law

 This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

Article 15 Resolution of Dispute 

(a) Each Party agrees that, upon written request of the other Party, it shall use commercially reasonable efforts to settle amicably through good faith
discussions any dispute or disagreement which may arise under or pursuant to this Agreement. 
 (b) Each Party hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court 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, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Parties hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the Parties hereto 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 in any other manner provided by law. 

  
 20 

 (c) Each Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Article 15.
Each of the Parties hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each Party irrevocably consents to service of process in the manner provided for notices in Article 10. Nothing in this Agreement will affect the right of any Party to serve process in any
other manner permitted by law. 
 Article 16 Miscellaneous 
 (a) OFAC. None of the Borrower or the Borrower Parent, nor, to the knowledge of the Borrower or the Borrower Parent, any director, officer, agent, employee or Affiliate thereof, is currently
subject to any U.S. sanctions administered or enforced by the Office of Foreign Assets Control of the United States Department of the Treasury. 

(b) [Intentionally Omitted.] 
 (c)
Language. This Agreement has been made and entered into in the English language. If this Agreement is translated into Japanese or any other language, this English language version shall for all purposes be deemed to be the definitive and
binding version hereof. 
 (d) Waivers; Amendments. 
 (i) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right
or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders
hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower Parent or the Borrower therefrom shall in any event be
effective unless the same shall be permitted by paragraph Article 16(d)(ii) of this Article 16, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

(ii) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Borrower Parent, the Borrower and the Required Lenders or by the Borrower Parent, the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (1) reduce
the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (2) change the scheduled date of payment of the principal
amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive 

  
 21 

 
or excuse any such payment, without the written consent of each Lender directly affected thereby, (3) change Article 3 in a manner that would alter the pro rata sharing of payments
required thereby, without the written consent of each Lender, (4) change any of the provisions of this Article 16(d) or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of
Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender or (5) release the Borrower Parent or the Borrower from its obligations under
Article 7 without the written consent of each Lender. 
 (iii) If, in connection with any proposed amendment, waiver or
consent requiring the consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent
is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may, at its sole cost and expense, elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that,
concurrently with such replacement, (1) another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the
Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the
requirements of Article 12(b), (2) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the
Borrower hereunder to and including the date of termination and (3) the replacement Lender shall provide such consent or the appointment of such replacement Lender will result in the effectiveness of such amendment, waiver or consent.

 (iv) Notwithstanding anything to the contrary herein the Administrative Agent may, upon prior notice to the Lenders, with the
consent of the Borrower Parent and the Borrower only, amend, modify or supplement this Agreement to cure any ambiguity, omission, mistake, defect or inconsistency. 
 (e) Invalid Provisions – Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, such provision shall be fully severable; this Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof; the remaining provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom or therefrom; and in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or
unenforceable provision as may be possible to be legal, valid and enforceable. 
 (f) Headings. Article headings used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 (g) No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof
or of any other Loan Document), each of the Borrower Parent and the 

  
 22 

 
Borrower acknowledges and agrees that: (i) (1) the arranging and other services regarding this Agreement provided by the Lenders are arm’s length commercial transactions between
Borrower Parent, the Borrower and each of their Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (2) each of the Borrower Parent and the Borrower has consulted its own legal, accounting, regulatory and tax
advisors to the extent it has deemed appropriate and (3) each of the Borrower Parent and the Borrower 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) (1) each of the Lenders and their Affiliates 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 Borrower Parent, the Borrower or any of their Affiliates, or any other person and (2) no Lender or any of its Affiliates has any obligation to the Borrower Parent, the Borrower or any of their Affiliates with
respect to the transactions contemplated hereby except, in the case of the Administrative Agent and each Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower Parent, the Borrower and their Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such
interests to the Borrower Parent, the Borrower or their Affiliates. To the fullest extent permitted by law, each of the Borrower Parent and the Borrower hereby waives and releases any claims that it may have against each of the Lenders and their
Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 (h) USA PATRIOT Act. The Administrative Agent, for itself and for each Lender that is subject to the requirements of the Patriot Act, hereby notifies the Borrower and the Borrower Parent, that
pursuant to the requirements of the Act, lenders are required to obtain, verify and record information, which information the Borrower and Borrower Parent agree to promptly provide to the Administrative Agent upon reasonable request, that identifies
the Borrower and the Borrower Parent, including the name and addresses of the Borrower and the Borrower Parent and other information that will allow the Administrative Agent (for itself or for the benefit of any Lender) to identify the Borrower and
the Borrower Parent in accordance with the Patriot Act and applicable “know your customer” and anti-money laundering rules and regulations. 
 (i) Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

  
 23 

 IN WITNESS WHEREOF, the Borrower, the Borrower Parent, the Lenders and the
Administrative Agent have each caused this Agreement to be duly executed by its respective duly authorized officer as of the date first written above. 

 

					
	BORROWER:
	
	SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC
		
	By:	 	Its sole member
		
		 	ON Semiconductor Corporation
			
		 	By:	 	 /s/ BERNARD GUTMANN

		 	Name:	 	Bernard Gutmann
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	BORROWER PARENT:
	
	ON SEMICONDUCTOR CORPORATION
		
	By:	 	 /s/ BERNARD GUTMANN

	Name:	 	Bernard Gutmann
	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	ADMINISTRATIVE AGENT:
	SUMITOMO MITSUI BANKING CORPORATION
		
	By:	 	 /s/ SHUJI YABE

	Name:	 	Shuji Yabe
	Title:	 	Managing Director
	
	LENDERS:
	
	SUMITOMO MITSUI BANKING CORPORATION
		
	By:	 	 /s/ SHUJI YABE

	Name:	 	Shuji Yabe
	Title:	 	Managing Director

  
 24 

 EXHIBIT A 
 LOAN PAYMENT SCHEDULE 
  

															
	 Period
	  	 Interest Rate Setting Date
	  	 Interest Payment Date &
Loan Repayment
Date
	  	No.
of
Days	  	Loan
Repayment
(US$)	 	  	Total
Outstanding
Principal (US$)	 
	Draw-
down
Date	  	Thursday, December 30, 2010	  	Saturday, January 1, 2011	  		  				  	$	377,514,826.06	  
	1	  	Wednesday, March 30, 2011	  	Friday, April 01, 2011	  	90	  	$	9,437,870.65	  	  	$	368,076,955.41	  
	2	  	Wednesday, June 29, 2011	  	Friday, July 01, 2011	  	91	  	$	9,437,870.65	  	  	$	358,639,084.76	  
	3	  	Thursday, September 29, 2011	  	Monday, October 03, 2011	  	94	  	$	9,437,870.65	  	  	$	349,201,214.11	  
	4	  	Thursday, December 29, 2011	  	Tuesday, January 03, 2012	  	92	  	$	9,437,870.65	  	  	$	339,763,343.46	  
	5	  	Thursday, March 29, 2012	  	Monday, April 02, 2012	  	90	  	$	9,437,870.65	  	  	$	330,325,472.81	  
	6	  	Thursday, June 28, 2012	  	Monday, July 02, 2012	  	91	  	$	9,437,870.65	  	  	$	320,887,602.16	  
	7	  	Thursday, September 27, 2012	  	Monday, October 01, 2012	  	91	  	$	9,437,870.65	  	  	$	311,449,731.51	  
	8	  	Friday, December 28, 2012	  	Wednesday, January 02, 2013	  	93	  	$	9,437,870.65	  	  	$	302,011,860.86	  
	9	  	Wednesday, March 27, 2013	  	Monday, April 01, 2013	  	89	  	$	9,437,870.65	  	  	$	292,573,990.21	  
	10	  	Thursday, June 27, 2013	  	Monday, July 01, 2013	  	91	  	$	9,437,870.65	  	  	$	283,136,119.56	  
	11	  	Friday, September 27, 2013	  	Tuesday, October 01, 2013	  	92	  	$	9,437,870.65	  	  	$	273,698,248.91	  
	12	  	Monday, December 30, 2013	  	Thursday, January 02, 2014	  	93	  	$	9,437,870.65	  	  	$	264,260,378.26	  
	13	  	Friday, March 28, 2014	  	Tuesday, April 01, 2014	  	89	  	$	9,437,870.65	  	  	$	254,822,507.61	  
	14	  	Friday, June 27, 2014	  	Tuesday, July 01, 2014	  	91	  	$	9,437,870.65	  	  	$	245,384,636.96	  
	15	  	Monday, September 29, 2014	  	Wednesday, October 01, 2014	  	92	  	$	9,437,870.65	  	  	$	235,946,766.31	  
	16	  	Tuesday, December 30, 2014	  	Friday, January 02, 2015	  	93	  	$	9,437,870.65	  	  	$	226,508,895.66	  
	17	  	Monday, March 30, 2015	  	Wednesday, April 01, 2015	  	89	  	$	9,437,870.65	  	  	$	217,071,025.01	  
	18	  	Monday, June 29, 2015	  	Wednesday, July 01, 2015	  	91	  	$	9,437,870.65	  	  	$	207,633,154.36	  
	19	  	Tuesday, September 29, 2015	  	Thursday, October 01, 2015	  	92	  	$	9,437,870.65	  	  	$	198,195,283.71	  
	20	  	Wednesday, December 30, 2015	  	Monday, January 04, 2016	  	95	  	$	9,437,870.65	  	  	$	188,757,413.06	  
	21	  	Wednesday, March 30, 2016	  	Friday, April 01, 2016	  	88	  	$	9,437,870.65	  	  	$	179,319,542.41	  
	22	  	Wednesday, June 29, 2016	  	Friday, July 01, 2016	  	91	  	$	9,437,870.65	  	  	$	169,881,671.76	  
	23	  	Thursday, September 29, 2016	  	Monday, October 03, 2016	  	94	  	$	9,437,870.65	  	  	$	160,443,801.11	  
	24	  	Thursday, December 29, 2016	  	Tuesday, January 03, 2017	  	92	  	$	9,437,870.65	  	  	$	151,005,930.46	  
	25	  	Thursday, March 30, 2017	  	Monday, April 03, 2017	  	90	  	$	9,437,870.65	  	  	$	141,568,059.81	  
	26	  	Thursday, June 29, 2017	  	Monday, July 03, 2017	  	91	  	$	9,437,870.65	  	  	$	132,130,189.16	  
	27	  	Thursday, September 28, 2017	  	Monday, October 02, 2017	  	91	  	$	9,437,870.65	  	  	$	122,692,318.51	  
						
		  	Maturity Date Final Payment	  	Tuesday, January 02, 2018	  	92	  	$	122,692,318.51	  	  	 	0.00	  

 EXHIBIT B 
 FORM OF 
 ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between [                    ] (the “Assignor”) and
[                    ] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Loan Agreement identified below (the “Loan Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I attached hereto are hereby agreed to and incorporated
herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed
consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Loan
Agreement, as of the Effective Date as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable
law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as Lender) against any Person, whether known or unknown, arising under or in connection with the Loan Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity
related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

											
	1.	  	Assignor:	  	[                    ]
			
	2.	  	Assignee:	  	[                    ]
 
 [and is an Affiliate/ Approved Affiliate /prospective lender of] [Identify
Lender]1

			
	3.	  	Borrower:	  	Semiconductor Components Industries, LLC
			
	4.	  	Loan Agreement:	  	Amended and Restated Loan Agreement, dated as of [            ], 2013, among Semiconductor Components
Industries, LLC, ON Semiconductor Corporation, Sumitomo Mitsui Banking Corporation as Administrative Agent and the various Lenders thereto
			
	5.	  	Assigned Interest:	  	
	 	  	Amount of Loans
Assigned	  	Percentage Assigned
of Loans	  	 Aggregate Amount
 of Loans for all
 Lenders
	  	 
	  	$	  	%	  	$	  
				
	6.	  	Effective Date:	  	            , 20    .	  	

  

	1 	Select as applicable. 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	
	ASSIGNOR
	
	[                    ]
		
	By	 	  

		 	Name
		 	Title
	
	ASSIGNEE
	
	[                    ]
		
	By	 	  

		 	Name
		 	Title

  

					
	Consented to and Accepted:
	
	SUMITOMO MITSUI BANKING CORPORATION,
as Administrative Agent
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	[Consented to:]2
	
	SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  

	2 	To be added only if the consent of the Borrower is required by the terms of the Loan Agreement. 

 ANNEX I 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION

  

	 	1.	Representations and Warranties. 

 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and
(b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Loan Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents, (iii) the financial condition of the Borrower or Borrower Parent or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower
or Borrower Parent or any other Person of any of their respective obligations under any Loan Document. 
 1.2 Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to
become a Lender under the Loan Agreement, (ii) it satisfies the requirements, if any, specified in the Loan Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and
after the Effective Date, it shall be bound by the provisions of the Loan Agreement as a Lender thereunder, and to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Loan
Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such
analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant
to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, Assignor or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Loan Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the
Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This
Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and
Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 SCHEDULE I 

 

					
	 Name of Lender and Address for Notices under Section 10
	  	Amount	 
	 SUMITOMO MITSUI BANKING CORPORATION
	  	$	302,011,860.86	  
		
	 277 Park Avenue

New York, New York 10172
  

Fax: 212-224-4384
	  			

 SCHEDULE II 
 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be
construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations
thereunder having the force of law), and all judgments, orders and decrees of all governmental authorities. Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth
herein), (ii) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws),
(iii) any reference herein to any person shall be construed to include such person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any governmental authority, any other governmental
authority that shall have succeeded to any or all functions thereof, (iv) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and
not to any particular provision hereof, (v) all references herein to Articles, Exhibits and Schedules shall be construed to refer to Articles of, and Exhibits and Schedules to, this Agreement, (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vii) the words “per
annum” as they related to the calculation of interest shall be construed to mean, per annum, computed on a 360-day basis. 

“Affiliate” means, with respect to any person, any other person directly or indirectly controlling, controlled by, or
under common control with such person. For the purposes of this definition, “control,” “controlled by” and “under common control with,” with respect to the relationship between or among two or more persons, means
(i) the ownership of a majority of the voting share capital of a person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a person, whether through the ownership
of voting securities, by agreement or otherwise. 
 “Assignment and Assumption” any Assignment Assumption
Agreement, in a form attached as Exhibit B and executed by the parties to each assignment pursuant to Article 12(b) hereof, and all amendments, restatements, supplements or other modifications thereto. 

“Code” means the Internal Revenue Code of 1986. 

“Default” means any event or condition that constitutes an Event of Default or that upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 

 “FATCA” means Sections 1471 through 1474 of the Code, as amended, and any
regulations or official interpretations thereof, whether in existence on the date hereof or promulgated or published hereafter. 

“Loan Documents” means this Agreement, the promissory note issued in connection herewith and any Assignment and
Assumption Agreement. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall
refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 
 “Material Adverse Effect” means any event that has (i) a material adverse effect on the enforceability of this Agreement or (ii) a material adverse effect on the performance of
the Borrower’s or the Borrower Parent’s payment obligations hereunder. 
 “Non-U.S. Lender”
means a Lender that is not a U.S. Person. 
 “Obligations” means all unpaid principal of and accrued and
unpaid interest on the Loans, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Borrower Parent and the Borrower to any of the Lenders, the Administrative Agent or any indemnified party,
individually or collectively, existing on the date hereof or incurred or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract,
operation of law or otherwise, under this Agreement or any of the other Loan Documents. 
 “Other Connection
Taxes” means, with respect to the Administrative Agent or any Lender, Taxes imposed as a result of a present or former connection between the Administrative Agent or any Lender and the jurisdiction imposing such Taxes (other than a
connection arising from the Administrative Agent or any Lender having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, or engaged in any other transaction pursuant to, or enforced, any Loan
Document, or sold or assigned an interest in any Loan Document). 
 “Other Taxes” means any present or future
stamp, court, documentary, intangible, recording, filing or similar excise or property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Required
Lenders” means Lenders holding more than 50% of the outstanding principal amount of the Loan at such time. Notwithstanding anything to the contrary contained in the Agreement, if Borrower, Borrower Parent or any Affiliate thereof purchase
any portion of the Loan pursuant to Article 3(b) or otherwise, then such Loan shall remain in place in accordance with the terms hereof and Borrower shall be deemed to be a “Lender” for all purposes including for purposes of consenting to
approval of any amendment, modification or waiver of any provision of this Agreement. 

 “Taxes” means any present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 
 “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“Withholding Agent” means any Borrower Parent, the Borrower or the Administrative Agent.EX-10.26

 Exhibit 10.26 
 AMENDED AND RESTATED 
 REVOLVING CREDIT AGREEMENT 

dated as of May 2, 2013 
 among 
 DELTIC TIMBER CORPORATION, 

as Borrower 

THE LENDERS FROM TIME TO TIME PARTY HERETO, 
 and 
 SUNTRUST BANK, 

as Administrative Agent 
 and 
 AMERICAN AGCREDIT, PCA 

REGIONS BANK 

and 

WELLS FARGO BANK, N.A., 
 as Co-Documentation Agents 
  

 
  

SUNTRUST ROBINSON HUMPHREY, INC., 
 as Sole Lead Arranger and Sole Book Manager 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS; CONSTRUCTION
	  	 	2	 
			
	 Section 1.1.
	    	 Definitions
	  	 	2	 
	 Section 1.2.
	    	 Classifications of Loans and Borrowings
	  	 	21	 
	 Section 1.3.
	    	 Accounting Terms and Determination
	  	 	21	 
	 Section 1.4.
	    	 Terms Generally
	  	 	21	 
		
	 ARTICLE II. AMOUNT AND TERMS OF THE COMMITMENTS
	  	 	22	 
			
	 Section 2.1.
	    	 General Description of Facilities
	  	 	22	 
	 Section 2.2.
	    	 Revolving Loans
	  	 	22	 
	 Section 2.3.
	    	 Procedure for Revolving Borrowings
	  	 	22	 
	 Section 2.4.
	    	 Swingline Commitment
	  	 	23	 
	 Section 2.5.
	    	 Procedure for Swingline Borrowing; Etc.
	  	 	23	 
	 Section 2.6.
	    	 Funding of Borrowings
	  	 	25	 
	 Section 2.7.
	    	 Interest Elections
	  	 	25	 
	 Section 2.8.
	    	 Optional Reduction and Termination of Commitments
	  	 	26	 
	 Section 2.9.
	    	 Repayment of Loans
	  	 	27	 
	 Section 2.10.
	    	 Evidence of Indebtedness
	  	 	27	 
	 Section 2.11.
	    	 Prepayments
	  	 	28	 
	 Section 2.12.
	    	 Interest on Loans
	  	 	29	 
	 Section 2.13.
	    	 Fees
	  	 	30	 
	 Section 2.14.
	    	 Computation of Interest and Fees
	  	 	31	 
	 Section 2.15.
	    	 Inability to Determine Interest Rates
	  	 	31	 
	 Section 2.16.
	    	 Illegality
	  	 	32	 
	 Section 2.17.
	    	 Increased Costs
	  	 	32	 
	 Section 2.18.
	    	 Funding Indemnity
	  	 	34	 
	 Section 2.19.
	    	 Taxes
	  	 	34	 
	 Section 2.20.
	    	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	37	 
	 Section 2.21.
	    	 Mitigation of Obligations
	  	 	39	 
	 Section 2.22.
	    	 Replacement of Lenders
	  	 	39	 
	 Section 2.23.
	    	 Letters of Credit
	  	 	40	 
	 Section 2.24.
	    	 Defaulting Lenders
	  	 	44	 
	 Section 2.25.
	    	 Increase of Revolving Commitments; Additional Lenders
	  	 	46	 
	 Section 2.26.
	    	 Effect of Amendment and Restatement
	  	 	48	 
		
	 ARTICLE III. CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT
	  	 	49	 
			
	 Section 3.1.
	    	 Conditions to Effectiveness
	  	 	49	 
	 Section 3.2.
	    	 Each Credit Event
	  	 	51	 
	 Section 3.3.
	    	 Delivery of Documents
	  	 	52	 
		
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES
	  	 	52	 
			
	 Section 4.1.
	    	 Existence; Power
	  	 	52	 
	 Section 4.2.
	    	 Organizational Power; Authorization
	  	 	53	 
	 Section 4.3.
	    	 Governmental Approvals; No Conflicts
	  	 	53	 
	 Section 4.4.
	    	 Financial Statements
	  	 	53	 
	 Section 4.5.
	    	 Litigation and Environmental Matters
	  	 	54	 
	 Section 4.6.
	    	 Compliance with Laws and Agreements
	  	 	54	 
	 Section 4.7.
	    	 Investment Company Act, Etc.
	  	 	54	 
	 Section 4.8.
	    	 Taxes
	  	 	54	 

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 4.9.
	    	 Margin Regulations
	  	 	54	 
	 Section 4.10.
	    	 ERISA
	  	 	55	 
	 Section 4.11.
	    	 Ownership of Property
	  	 	56	 
	 Section 4.12.
	    	 Disclosure
	  	 	56	 
	 Section 4.13.
	    	 Labor Relations
	  	 	56	 
	 Section 4.14.
	    	 Subsidiaries
	  	 	57	 
	 Section 4.15.
	    	 Foreign Assets Control Regulations, Etc.
	  	 	57	 
		
	 ARTICLE V. AFFIRMATIVE COVENANTS
	  	 	57	 
			
	 Section 5.1.
	    	 Financial Statements and Other Information
	  	 	57	 
	 Section 5.2.
	    	 Notices of Material Events
	  	 	59	 
	 Section 5.3.
	    	 Existence; Conduct of Business
	  	 	60	 
	 Section 5.4.
	    	 Compliance with Laws, Etc.
	  	 	60	 
	 Section 5.5.
	    	 Payment of Obligations
	  	 	60	 
	 Section 5.6.
	    	 Books and Records
	  	 	60	 
	 Section 5.7.
	    	 Visitation, Inspection, Appraisals Etc.
	  	 	60	 
	 Section 5.8.
	    	 Maintenance of Properties; Insurance
	  	 	61	 
	 Section 5.9.
	    	 Use of Proceeds and Letters of Credit
	  	 	61	 
	 Section 5.10.
	    	 Additional Subsidiaries
	  	 	61	 
		
	 ARTICLE VI. FINANCIAL COVENANTS
	  	 	61	 
			
	 Section 6.1.
	    	 Leverage Ratio
	  	 	61	 
	 Section 6.2.
	    	 Minimum Timber Market Value
	  	 	61	 
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	 	62	 
			
	 Section 7.1.
	    	 Indebtedness
	  	 	62	 
	 Section 7.2.
	    	 Negative Pledge
	  	 	63	 
	 Section 7.3.
	    	 Fundamental Changes
	  	 	63	 
	 Section 7.4.
	    	 Investments, Loans, Etc.
	  	 	64	 
	 Section 7.5.
	    	 Restricted Payments
	  	 	65	 
	 Section 7.6.
	    	 Sale of Assets
	  	 	65	 
	 Section 7.7.
	    	 Transactions with Affiliates
	  	 	65	 
	 Section 7.8.
	    	 Restrictive Agreements
	  	 	65	 
	 Section 7.9.
	    	 Sale and Leaseback Transactions
	  	 	66	 
	 Section 7.10.
	    	 Hedging Agreements
	  	 	66	 
	 Section 7.11.
	    	 Amendment to Material Documents
	  	 	66	 
	 Section 7.12.
	    	 Accounting Changes
	  	 	66	 
	 Section 7.13.
	    	 Government Regulations
	  	 	66	 
	 Section 7.14.
	    	 ERISA
	  	 	67	 
		
	 ARTICLE VIII. EVENTS OF DEFAULT
	  	 	67	 
			
	 Section 8.1.
	    	 Events of Default
	  	 	67	 
		
	 ARTICLE IX. THE ADMINISTRATIVE AGENT
	  	 	69	 
			
	 Section 9.1.
	    	 Appointment of Administrative Agent
	  	 	69	 
	 Section 9.2.
	    	 Nature of Duties of Administrative Agent
	  	 	70	 
	 Section 9.3.
	    	 Lack of Reliance on the Administrative Agent
	  	 	71	 
	 Section 9.4.
	    	 Certain Rights of the Administrative Agent
	  	 	71	 

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 9.5.
	    	 Reliance by Administrative Agent
	  	 	71	 
	 Section 9.6.
	    	 The Administrative Agent in its Individual Capacity
	  	 	71	 
	 Section 9.7.
	    	 Successor Administrative Agent
	  	 	72	 
	 Section 9.8.
	    	 Authorization to Execute other Loan Documents
	  	 	73	 
	 Section 9.9.
	    	 Withholding Tax
	  	 	73	 
	 Section 9.10.
	    	 Administrative Agent May File Proofs of Claim
	  	 	73	 
		
	 ARTICLE X. MISCELLANEOUS
	  	 	74	 
			
	 Section 10.1.
	    	 Notices
	  	 	74	 
	 Section 10.2.
	    	 Waiver; Amendments
	  	 	76	 
	 Section 10.3.
	    	 Expenses; Indemnification
	  	 	77	 
	 Section 10.4.
	    	 Successors and Assigns
	  	 	79	 
	 Section 10.5.
	    	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	83	 
	 Section 10.6.
	    	 Waiver of Jury Trial
	  	 	84	 
	 Section 10.7.
	    	 Right of Setoff
	  	 	84	 
	 Section 10.8.
	    	 Counterparts; Integration
	  	 	84	 
	 Section 10.9.
	    	 Survival
	  	 	85	 
	 Section 10.10.
	    	 Severability
	  	 	85	 
	 Section 10.11.
	    	 Confidentiality
	  	 	85	 
	 Section 10.12.
	    	 Interest Rate Limitation
	  	 	86	 
	 Section 10.13.
	    	 Waiver of Effect of Corporate Seal
	  	 	86	 
	 Section 10.14.
	    	 Independence of Covenants
	  	 	86	 
	 Section 10.15.
	    	 Patriot Act
	  	 	86	 
	 Section 10.16.
	    	 No Advisory or Fiduciary Relationship
	  	 	86	 

  
 -iii-

					
	 Schedules
	  		  	
			
	 Schedule I
	  	-	  	 Applicable Margins and Applicable Commitment Fee Percentage

	 Schedule II
	  	-	  	 Revolving Commitment Amounts

	 Schedule 2.23
	  	-	  	 Existing Letters of Credit

	 Schedule 4.14
	  	-	  	 Subsidiaries

	 Schedule 7.1
	  	-	  	 Outstanding Indebtedness

	 Schedule 7.2
	  	-	  	 Existing Liens

	 Schedule 7.4
	  	-	  	 Existing Investments

			
	 Exhibits
	  		  	
			
	 Exhibit A
	  	-	  	 Form of Revolving Credit Note

	 Exhibit B
	  	-	  	 Form of Swingline Note

	 Exhibit C
	  	-	  	 Form of Assignment and Acceptance

	 Exhibit D
	  	-	  	 Form of Subsidiary Guarantee Agreement

	 Exhibit E
	  	-	  	 Form of Indemnity, Subrogation and Contribution Agreement

			
	 Exhibit 2.3
	  	-	  	 Form of Notice of Revolving Borrowing

	 Exhibit 2.5
	  	-	  	 Form of Notice of Swingline Borrowing

	 Exhibit 2.9
	  	-	  	 Form of Notice of Conversion/Continuation

	 Exhibit 2.19-1
	  	-	  	 Form of U.S. Tax Compliance Certificate

	 Exhibit 2.19-2
	  	-	  	 Form of U.S. Tax Compliance Certificate

	 Exhibit 2.19-3
	  	-	  	 Form of U.S. Tax Compliance Certificate

	 Exhibit 2.19-4
	  	-	  	 Form of U.S. Tax Compliance Certificate

			
	 Exhibit 3.1(b)(v)
	  	-	  	 Form of Secretary’s Certificate

	 Exhibit 3.1(b)(viii)
	  	-	  	 Form of Officer’s Certificate

  
 -iv-

 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT 

THIS AMENDED AND RESTAETD REVOLVING CREDIT AGREEMENT (this “Agreement”) is made and entered into as of
May 2, 2013, by and among DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions from time to time party hereto (the “Lenders”) and SUNTRUST BANK,
in its capacity as Administrative Agent for the Lenders (the “Administrative Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, pursuant to that certain Revolving Credit Agreement dated as of September 9, 2005 (as
amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”) among the Borrower, the lenders party thereto and SunTrust Bank, as administrative agent, such lenders
established a revolving credit facility in favor of the Borrower; 
 WHEREAS, the parties hereto desire to have each of
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch and Branch Banking and Trust Company (collectively, the “New Lenders”) become a party to this Agreement in its capacity as a
“Lender” and to have all rights, benefits and obligations of a Lender hereunder; 
 WHEREAS, the New Lenders,
by executing this Agreement, desire to become a “Lender” hereunder and under the other Loan Documents with all of the rights and benefits hereunder and thereunder, and be bound by all of the terms and provisions (and subject to all of the
obligations) of a Lender hereunder and thereunder; 
 WHEREAS, the Borrower has requested that the Lenders agree to amend
and restate the Existing Credit Agreement to (i) join the New Lenders, in each case, in its capacity as a “Lender”, (ii) continue to provide a revolving credit facility in favor of the Borrower in the aggregate principal amount
of $340,000,000 and (iii) make certain other amendments, modifications and changes, all as more fully set forth herein; 

WHEREAS, subject to the terms and conditions of this Agreement, the Borrower and the Lenders agree to amend and restate the
Existing Credit Agreement in accordance with the terms, conditions and provisions set forth herein; 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the Borrower, the Lenders, the Administrative Agent, the Issuing Bank and the Swingline Lender agree as follows: 

 ARTICLE I  

DEFINITIONS; CONSTRUCTION 
 Section 1.1. Definitions. In addition to the other terms defined herein, the following terms used herein shall have the meanings herein specified (to be equally applicable to both the
singular and plural forms of the terms defined): 
 “Acquisition” shall mean (a) any Investment by
the Borrower or any of its Subsidiaries in any other Person pursuant to which such Person shall become a Subsidiary of the Borrower or any of its Subsidiaries or shall be merged with the Borrower or any of its Subsidiaries or (b) any
acquisition by the Borrower or any of its Subsidiaries of the assets of any Person (other than an existing Subsidiary of the Borrower) which constitutes all or substantially all of the assets of such Person or which comprises a business unit of such
Person. 
 “Adjusted LIBO Rate” shall mean, with respect to each Interest Period for a Eurodollar
Borrowing, the rate per annum obtained by dividing (i) LIBOR for such Interest Period by (ii) a percentage equal to 100% minus the Eurodollar Reserve Percentage. 

“Administrative Agent” shall have the meaning assigned to such term in the opening paragraph hereof. 

“Administrative Questionnaire” shall mean, with respect to each Lender, an administrative questionnaire in the
form prepared by the Administrative Agent and submitted to the Administrative Agent duly completed by such Lender. 

“Affiliate” shall mean, as to any Person, any other Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such Person. For purposes of this definition, the term “Control” shall mean the power, directly or indirectly, either to (i) vote 5% or more of securities
having ordinary voting power for the election of directors (or persons performing similar functions) of a Person or (ii) direct or cause the direction of the management and policies of a Person, whether through the ability to exercise voting
power, by contract or otherwise; the terms “Controlling”, “Controlled by”, and “under common Control with” have meanings correlative thereto. 
 “Aggregate Revolving Commitment Amount” shall mean the aggregate principal amount of the Aggregate Revolving Commitments from time to time. As of the Closing Date, the Aggregate
Revolving Commitment Amount equals $340,000,000. 
 “Aggregate Revolving Commitments” shall mean,
collectively, all Revolving Commitments of all Lenders at any time outstanding. 
 “Applicable Commitment Fee
Percentage” shall mean, with respect to the commitment fee as of any date, the percentage per annum determined by reference to the applicable Consolidated Total Debt to Consolidated Total Capital Ratio in effect on such date as set
forth on Schedule I attached hereto; provided, that a change in the Applicable Commitment Fee Percentage resulting from a change in the Consolidated Total Debt to Consolidated Total 

  
 -2-

 
Capital Ratio shall be effective on the second Business Day after which the Borrower delivers the financial statements required by Section 5.1(a) or (b) and the compliance
certificate required by Section 5.1 (c); provided, further, that if at any time the Borrower shall have failed to deliver such financial statements and such certificate by the due date as set forth herein, the Applicable
Commitment Fee Percentage shall be at Level IV until such time as such financial statements and certificate are delivered, at which time the Applicable Commitment Fee Percentage shall be determined as provided above. Notwithstanding the foregoing,
the Applicable Commitment Fee Percentage for the commitment fee from the Closing Date until the financial statements and compliance certificate for the fiscal quarter ending on June 30, 2013 are delivered shall be at Level I. 

“Applicable Lending Office” shall mean, for each Lender and for each Type of Loan, the “Lending
Office” of such Lender (or an Affiliate of such Lender) designated for such Type of Loan in the Administrative Questionnaire submitted by such Lender or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from
time to time specify to the Administrative Agent and the Borrower as the office by which its Loans of such Type are to be made and maintained. 
 “Applicable Margin” shall mean with respect to all Revolving Loans outstanding on any date, a percentage per annum determined by reference to the applicable Consolidated Total Debt
to Consolidated Total Capital Ratio in effect on such date as set forth on Schedule I attached hereto; provided, that a change in the Applicable Margin resulting from a change in the Consolidated Total Debt to Consolidated Total Capital Ratio
shall be effective on the second Business Day after which the Borrower delivers the financial statements required by Section 5.1(a) or (b) and the compliance certificate required by Section 5.1 (c);
provided further, that if at any time the Borrower shall have failed to deliver such financial statements and such certificate by the due date as set forth herein, the Applicable Margin shall be at Level IV until such time as such financial
statements and certificate are delivered, at which time the Applicable Margin shall be determined as provided above. Notwithstanding the foregoing, the Applicable Margin from the Closing Date until the financial statements and compliance certificate
for the fiscal quarter ending on June 30, 2013 are delivered shall be at Level I. 
 “Approved
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 business and that
is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” shall mean SunTrust Robinson Humphrey, Inc. 

“Asset Like Kind Exchange” shall mean a like kind exchange of timber or real estate development assets of the
Borrower or any of its Subsidiaries made in accordance with Section 1031 and Section 1033 of the Code. 

“Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is required by Section 10.4(b)) and accepted by the Administrative Agent, in the form of Exhibit C attached hereto or any other form approved by the Administrative Agent.

  
 -3-

 “Availability Period” shall mean the period from the Closing Date to
the Revolving Commitment Termination Date. 
 “Base Rate” shall mean the highest of (i) the per
annum rate which the Administrative Agent publicly announces from time to time as its prime lending rate, as in effect from time to time, (ii) the Federal Funds Rate, as in effect from time to time, plus one-half of one percent (0.50%)
per annum and (iii) the Adjusted LIBO Rate determined on a daily basis for an Interest Period of one (1) month, plus one percent (1.00%) per annum. The Administrative Agent’s prime lending rate is a reference rate and does
not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent may make commercial loans or other loans at rates of interest at, above or below the Administrative Agent’s prime lending rate. Each
change in any of the rates described above in this definition shall be effective from and including the date such change is announced as being effective. 
 “Borrower” shall have the meaning in the introductory paragraph hereof. 
 “Borrowing” shall mean a borrowing consisting of (i) Loans of the same Class and Type, made, converted or continued on the same date and in the case of Eurodollar
Loans, as to which a single Interest Period is in effect, or (ii) a Swingline Loan. 
 “Business
Day” shall mean (i) any day other than a Saturday, Sunday or other day on which commercial banks in Atlanta, Georgia are authorized or required by law to close and (ii) if such day relates to a Borrowing of, a payment or
prepayment of principal or interest on, a conversion of or into, or an Interest Period for, a Eurodollar Loan or a notice with respect to any of the foregoing, any day on which banks are open for dealings in Dollar deposits in the London interbank
market. 
 “Capital Lease Obligations” of any Person shall mean all obligations of such Person to pay
rent or other amounts under any lease (or other arrangement conveying the right to use) of real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of
such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Cash Collateralize” means, in respect of any obligations, to provide and pledge (as a first priority perfected security interest) cash collateral for such obligations in Dollars
(in amounts, unless otherwise specified herein, equal to 100% of such obligations), with the Administrative Agent pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent (and “Cash
Collateralization” has a corresponding meaning). 
 “Change in Control” shall mean the occurrence
of one or more of the following events: (a) any sale, lease, exchange or other transfer (in a single transaction or a series of related transactions) of all or substantially all of the assets of the Borrower to any Person or “group”
(within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder in effect on the date hereof), (b) the acquisition of ownership,

  
 -4-

 
directly or indirectly, beneficially or of record, by any Person or “group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission thereunder as in effect on the date hereof) other than the Murphy Family of 30% or more of the outstanding shares of the voting stock of the Borrower; or (c) occupation of a majority of the seats (other than vacant seats) on the
board of directors of the Borrower by Persons who were neither (i) nominated by the current board of directors nor (ii) appointed by directors so nominated. 
 “Change in Law” means (i) the adoption of any applicable law, rule or regulation after the date of this Agreement, (ii) any change in any applicable law, rule or
regulation, or any change in the interpretation, implementation or application thereof, by any Governmental Authority after the date of this Agreement, or (iii) compliance by any Lender (or its Applicable Lending Office) or the Issuing Bank (or
for purposes of Section 2.17(b), by such Lender’s or Issuing Bank’s holding company, if applicable) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or
issued after the date of this Agreement; provided, however, that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising
such Borrowing, are Revolving Loans or Swingline Loans and when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment or a Swingline Commitment. 

“Closing Date” shall mean May 2, 2013. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to
time, and any rule or regulation issued thereunder. 
 “Commitment” shall mean a Revolving Commitment or
a Swingline Commitment or any combination thereof (as the context shall permit or require). 
 “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 Net Worth” shall mean, as of any date, (i) the total assets of the Borrower and its Subsidiaries that would be reflected on the Borrower’s consolidated
balance sheet as of such date prepared in accordance with GAAP, after eliminating all amounts properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries, minus (ii) the sum of (x) the total
liabilities of the Borrower and its Subsidiaries that would be reflected on the Borrower’s consolidated balance sheet as of such date prepared in accordance with GAAP and (y) the amount of any write-up in the book value of any assets
resulting from a revaluation thereof or any write-up in excess of the cost of such assets acquired reflected on the consolidated balance sheet of the Borrower as of such date prepared in accordance with GAAP. 

  
 -5-

 “Consolidated Total Capital” shall mean, as of any date, the sum of
(i) Consolidated Total Debt as of such date and (ii) Consolidated Net Worth as of such date. 

“Consolidated Total Debt” shall mean, as of any date, all Indebtedness of the Borrower and its Subsidiaries
described in the definition of “Indebtedness”, including, without limitation, the Loans, but excluding Indebtedness of the type described in subsection (xi) of the definition thereof. 

“Default” shall mean any condition or event that, with the giving of notice or the lapse of time or both, would
constitute an Event of Default. 
 “Default Interest” shall have the meaning set forth in
Section 2.12(c). 
 “Defaulting Lender” means, at any time, a Lender as to which the
Administrative Agent has notified the Borrower that (i) such Lender has failed for three or more Business Days to comply with its obligations under this Agreement to make a Revolving Loan, make a payment to the Issuing Bank in respect of a
Letter of Credit (including failure to make a payment in respect of an LC Disbursement) and/or make a payment to the Swingline Lender in respect of a Swingline Loan (each, a “funding obligation”), (ii) such Lender has notified
the Administrative Agent, or has stated publicly, that it will not comply with any such funding obligation hereunder or has defaulted on its funding obligations under any other loan agreement, credit agreement or similar or other financing agreement
unless such Lender’s failure is based on such Lender’s reasonable and good faith determination that the conditions precedent to funding such obligation have not been satisfied and such Lender has notified the Administrative Agent in
writing of the same, (iii) such Lender has, for three or more Business Days, failed to confirm in writing to the Administrative Agent, in response to a written request of the Administrative Agent, that it will comply with its funding
obligations hereunder, or (iv) a Lender Insolvency Event has occurred and is continuing with respect to such Lender. The Administrative Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided for in this
definition. 
 “Del-Tin” shall mean Del-Tin Fiber L.L.C., an Arkansas limited liability company.

 “Del-Tin Credit Agreement” shall mean that certain Amended and Restated Letter of Credit Agreement
dated July 21, 2011 by and among Del-Tin, SunTrust Bank, as administrative agent and the lenders named therein and any refinancings or replacements thereof which do not increase the principal amount thereof or the LC Commitment thereunder.

 “Del-Tin Guarantee” shall mean that certain Guarantee Agreement dated April 1, 2013 executed by
the Borrower in connection with the Del-Tin Credit Agreement, pursuant to which the Borrower guarantees the principal amount not exceeding $30,000,000 in favor of the lenders under the Del-Tin Credit Agreement. 

“Dollar(s)” and the sign “$” shall mean lawful money of the United States of America. 

  
 -6-

 “Eligible Assignee” means any Person that meets the requirements to
be an assignee under Section 10.4(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 10.4(b)(iii)). 

“Employee Benefit Plan” has that meaning as defined in Section 3(3) of ERISA and for which the Borrower or
an ERISA Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by the Borrower or its ERISA Affiliates or on behalf of beneficiaries of such participants. 

“Environmental Laws” shall mean all laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, notices or binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, Release or threatened
Release of any Hazardous Material or to health and safety matters. 
 “Environmental Liability” shall
mean any liability, contingent or otherwise (including any liability for damages, costs of environmental investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of the Borrower or
any Subsidiary directly or indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,
(c) any actual or alleged exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing. 
 “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended from time to time, and any successor statute including any regulations promulgated thereunder. 

“ERISA Affiliate” means any trade or business (whether or not incorporated), which, together with the Borrower,
is treated as a single employer under Section 414(b) or (c) of the Code or, solely for the purposes of Section 303 of ERISA and Section 430 of the Code, is treated as a single employer under Section 414 of the Code.

 “ERISA Event” means with respect to the Borrower or any ERISA Affiliate, (i) any
“reportable event”, as defined in Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (ii) the failure to make required contributions when due to a Multiemployer Plan
or Plan or the imposition of a Lien in favor of a Plan under Section 430(k) of the Code or Section 303(k) of ERISA; (iii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a
waiver of the minimum funding standard with respect to any Plan; (iv) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, or the imposition of a Lien in
favor of the PBGC under Title IV of ERISA; (v) the receipt from the PBGC or a plan administrator appointed by the PBGC of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan;
(vi) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or

  
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Multiemployer Plan or for the imposition of liability under Section 4069 or 4212(c) of ERISA; (vii) the incurrence of any liability with respect to the withdrawal or partial withdrawal
from any Plan including the withdrawal from a Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA, or a cessation of operations that is treated as such
a withdrawal under Section 4062(e) of ERISA; (viii) the incurrence of any Withdrawal Liability with respect to any Multiemployer Plan; (ix) the receipt of any notice, concerning the imposition of Withdrawal Liability or a
determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA) or in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status (within the
meaning of Section 432 of the Code or Section 305 of ERISA); or (x) a determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303
of ERISA). 
 “Eurodollar” when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Eurodollar Reserve Percentage” shall mean the aggregate of the maximum reserve percentages (including, without limitation, any emergency, supplemental, special or other marginal
reserves) expressed as a decimal (rounded upwards to the next 1/100th of 1%) in effect on any day to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate pursuant to regulations issued by the Board of Governors of the Federal Reserve System (or
any Governmental Authority succeeding to any of its principal functions) with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities” under Regulation D). Eurodollar Loans shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D. The Eurodollar Reserve Percentage shall
be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “Event of
Default” shall have the meaning provided in Article VIII. 
 “Excluded Taxes”
shall mean any of the following Taxes imposed on or with respect to a 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, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to
an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under
Section 2.22) or (ii) such Lender changes its Applicable Lending Office, except in each case to the extent that, pursuant to Section 2.19, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Applicable Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.19(g) and
(d) any U.S. federal withholding Taxes imposed under FATCA. 

  
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 “Existing Credit Agreement” shall have the meaning in the first
recital hereof. 
 “Existing Letters of Credit” shall mean, collectively, those outstanding
letters of credit issued by SunTrust Bank for the account of Borrower or its Subsidiaries under the Existing Credit Agreement and set forth on Schedule 2.23. Such letters of credit shall be deemed issued under Section 2.23 as of
the Closing Date. 
 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting
Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Federal Funds Rate” shall mean, for any
day, the rate per annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System arranged by Federal funds brokers, as published by the Federal
Reserve Bank of New York on the next succeeding Business Day or if such rate is not so published for any Business Day, the Federal Funds Rate for such day shall be the average rounded upwards, if necessary, to the next 1/100th of 1% of the
quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent. 
 “Foreign Lender” shall mean any Lender that is not a United States person under Section 7701(a)(3) of the Code. 

“GAAP” shall mean generally accepted accounting principles in the United States applied on a consistent basis and
subject to the terms of Section 1.3. 
 “Governmental Authority” shall mean the government of the
United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank. 

“Guarantee” of or by any Person (the “guarantor”) shall mean any obligation, contingent or otherwise,
of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly and including any obligation, direct
or indirect, of the guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or 

  
 -9-

 
services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial
statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued in support of
such Indebtedness or obligation; provided, that the term “Guarantee” shall not include endorsements for collection or deposits in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to
the stated or determinable amount of the primary obligation in respect of which Guarantee is made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform
thereunder) as determined by such Person in good faith. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or
petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

“Hedging Agreements” shall mean interest rate swap, cap or collar agreements, interest rate future or option
contracts, currency swap agreements, currency future or option contracts, commodity agreements and other similar agreements or arrangements designed to protect against fluctuations in interest rates, currency values or commodity values, in each case
to which any Borrower or any Subsidiary is a party. 
 “Indebtedness” of any Person shall mean, without
duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of the deferred
purchase price of property or services (other than trade payables incurred in the ordinary course of business; provided, that for purposes of Section 8.1(f), trade payables overdue by more than 120 days shall be included in
this definition except to the extent that any of such trade payables are being disputed in good faith and by appropriate measures), (iv) all obligations of such Person under any conditional sale or other title retention agreement(s) relating to
property acquired by such Person, (v) all Capital Lease Obligations of such Person, (vi) all obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of credit, (vii) all
Guarantees of such Person of the type of Indebtedness described in clauses (i) through (vi) above and clause (xi) below, (viii) all Indebtedness of a third party secured by any Lien on property owned by such Person, whether or
not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any capital stock of such Person, (x) Off-Balance Sheet
Liabilities, and (xi) all obligations of such Person under Hedging Agreements. The Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture in which such Person is a general partner or a joint venturer,
except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor. For purposes of determining the amount of attributed Indebtedness from Hedging Agreements, the “principal amount” of the obligations
of the Borrower or any Subsidiary in respect to any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement
were terminated at such time. 

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

“Indemnity and Contribution Agreement” shall mean the Indemnity, Subrogation and Contribution Agreement,
substantially in the form of Exhibit E, among the Borrower, the Subsidiary Loan Parties and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time. 

“Interest Period” shall mean with respect to any Eurodollar Borrowing, a period of one, two, three or six months;
provided, that: 
 (i) the initial Interest Period for such Borrowing shall commence on the date of such
Borrowing (including the date of any conversion from a Borrowing of another Type), and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 

(ii) if any Interest Period would otherwise end on a day other than a Business Day, such Interest Period shall be extended
to the next succeeding Business Day, unless such Business Day falls in another calendar month, in which case such Interest Period would end on the next preceding Business Day; 

(iii) any Interest Period which 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 such calendar month; and 
 (iv) no Interest Period may extend beyond the Revolving Commitment Termination Date. 
 “Investments” shall have the meaning as set forth in Section 7.4. 
 “IRS” shall mean the Internal Revenue Service. 

“Issuing Bank” shall mean SunTrust Bank in its capacity as the issuer of Letters of Credit pursuant to
Section 2.23. 
 “LC Commitment” shall mean that portion of the Aggregate Revolving
Commitments that may be used by the Borrower for the issuance of Letters of Credit in an aggregate face amount not to exceed $50,000,000. 
 “LC Disbursement” shall mean a payment made by the Issuing Bank pursuant to a Letter of Credit. 

  
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 “LC Documents” shall mean all applications, agreements and
instruments relating to the Letters of Credit (but excluding the Letters of Credit). 
 “LC Exposure”
shall mean, at any time, the sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (ii) the aggregate amount of all LC Disbursements that have not been reimbursed by or on behalf of the
Borrower at such time. The LC Exposure of any Lender shall be its Pro Rata Share of the total LC Exposure at such time. 

“Lender Insolvency Event” means that (i) a Lender or its Parent Company is insolvent, or is generally unable
to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii) a Lender or its Parent Company is the subject of a bankruptcy,
insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, custodian or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in
furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment, or (iii) a Lender or its Parent Company has been adjudicated as, or determined by any Governmental Authority having regulatory authority over
such Person or its assets to be, insolvent; provided that, for the avoidance of doubt, a Lender Insolvency Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interest in or control of a Lender
or its Parent Company by a Governmental Authority. 
 “Lenders” shall have the meaning assigned to such
term in the opening paragraph of this Agreement and shall include, where appropriate, the Swingline Lender and each Additional Lender that joins this Agreement pursuant to Section 2.25. 

“Letter of Credit” shall mean any Letter of Credit issued pursuant to Section 2.23 by the Issuing
Bank for the account of the Borrower pursuant to the LC Commitment and shall include the Existing Letters of Credit. 

“Leverage Ratio” shall mean, as of any date of determination with respect to the Borrower, the ratio of
(i) Consolidated Total Debt as of such date to (ii) Consolidated Total Capital. 
 “LIBOR”
shall mean, for any Interest Period with respect to a Eurodollar Loan, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) as the London interbank offered
rate for deposits in Dollars at approximately 11:00 a.m. (London, England time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, LIBOR shall
be, for any Interest Period, the rate per annum reasonably determined by the Administrative Agent as the rate of interest at which Dollar deposits in the approximate amount of the Eurodollar Loan comprising part of such borrowing would be offered by
the Administrative Agent to major banks in the London interbank Eurodollar market at their request at or about 10:00 a.m. two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. 

  
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 “Lien” shall mean any mortgage, pledge, security interest, lien
(statutory or otherwise), charge, encumbrance, hypothecation, assignment, deposit arrangement, or other arrangement having the practical effect of the foregoing or any preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having the same economic effect as any of the foregoing). 

“Loan Documents” shall mean, collectively, this Agreement, the Notes, the LC Documents, the Subsidiary Guarantee
Agreement, the Indemnity and Contribution Agreement, all Notices of Borrowing, all Notices of Conversion/Continuation and any and all other instruments, agreements, documents and writings executed in connection with any of the foregoing. 

“Loan Parties” shall mean the Borrower and the Subsidiary Loan Parties. 

“Loans” shall mean all Revolving Loans and Swingline Loans in the aggregate or any of them, as the context shall
require. 
 “Material Adverse Effect” shall mean, with respect to any event, act, condition or
occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singularly or in conjunction with any other event or events, act or acts, condition or
conditions, occurrence or occurrences whether or not related, a material adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition, assets, liabilities or prospects of the Borrower or of
the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Loan Parties to perform any of their respective obligations under the Loan Documents, (iii) the rights and remedies of the Administrative Agent, the Issuing Bank
and the Lenders under any of the Loan Documents or (iv) the legality, validity or enforceability of any of the Loan Documents. 
 “Material Indebtedness” shall mean Indebtedness (other than the Loans and the Letters of Credit) or obligations in respect of one or more Hedging Agreements, of any one or more of
the Borrower and the Subsidiaries in an aggregate principal amount exceeding $1,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect to any
Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Multiemployer Plan” shall have the meaning set forth in Section 4001(a)(3) of ERISA. 

“Murphy Family” shall mean, collectively, estates and descendants of C.H. Murphy, Jr., his sisters, any of their
spouses or descendants or persons married to their descendants and any investment entity that is controlled by any of the foregoing. 

  
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 “New Lenders” shall have the meaning assigned to such term in the
second WHEREAS clause hereof. 
 “Non-Defaulting Lender” means, at any time, a Lender that is not a
Defaulting Lender. 
 “Note Purchase Agreement” shall mean that certain Amended and Restated Note
Purchase Agreement, dated as of March 30, 2007, by and between the Borrower and American Agcredit, PCA, relating to $40,000,000 Series A Senior Notes due December 18, 2016, as the same may be amended or otherwise modified and in effect
from time to time, or as it may be refinanced or replaced by a credit facility that does not increase the principal amount thereof. 
 “Notes” shall mean, collectively, the Revolving Credit Notes and the Swingline Note. 
 “Notices of Borrowing” shall mean, collectively, the Notices of Revolving Borrowing and the Notices of Swingline Borrowing. 

“Notice of Conversion/Continuation” shall mean the notice given by the Borrower to the Administrative Agent in respect
of the conversion or continuation of an outstanding Borrowing as provided in Section 2.7(b) hereof. 

“Notice of Revolving Borrowing” shall have the meaning as set forth in Section 2.3. 

“Notice of Swingline Borrowing” shall have the meaning as set forth in Section 2.5. 

“Obligations” shall mean all amounts owing by the Borrower to the Administrative Agent, the Issuing Bank or any
Lender (including the Swingline Lender) pursuant to or in connection with this Agreement or any other Loan Document or otherwise with respect to any Loan or Letter of Credit, including without limitation, all principal, interest (including any
interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding), all reimbursement obligations, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses of counsel to the Administrative Agent, the Issuing Bank and any Lender (including the
Swingline Lender) incurred, or required to be reimbursed, by the Borrower, in each case, pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or
hereafter arising hereunder or thereunder, and all obligations arising under Hedging Agreements relating to the foregoing to the extent permitted hereunder, and all obligations and liabilities incurred in connection with collecting and enforcing the
foregoing, together with all renewals, extensions, modifications or refinancings thereof. 
 “Off-Balance
Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale
and leaseback transactions which do not 

  
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create a liability on the balance sheet of such Person, (iii) any liability of such Person under any so-called “synthetic” lease transaction or (iv) any obligation arising
with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former
connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution,
delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an
assignment (other than an assignment made pursuant to Section 2.22). 
 “Parent Company”
means, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such
Lender. 
 “Participant” shall have the meaning set forth in Section 10.4(d). 

“Participant Register” shall have the meaning set forth in Section 10.4(e). 

“Patriot Act” shall have the meaning set forth in Section 3.1(b)(xiii). 

“Payment Office” shall mean the office of the Administrative Agent located at 303 Peachtree Street, N.E.,
Atlanta, Georgia 30308, or such other location as to which the Administrative Agent shall have given written notice to the Borrower and the other Lenders. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA, and any successor entity performing similar functions. 

“Permitted Encumbrances” shall mean 

(i) Liens imposed by law for taxes or special assessments not yet due or which are being contested in good faith by
appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP; 
 (ii) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law created in the ordinary course of business for amounts not yet due or which are
being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP; 

  
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 (iii) pledges and deposits made in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (iv) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the
ordinary course of business; 
 (v) judgment and attachment liens not giving rise to an Event of Default or Liens
created by or existing from any litigation or legal proceeding that are currently being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP; and 

(vi) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in
the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the Borrower and its Subsidiaries
taken as a whole; 
 provided, that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.

 “Permitted Investments” shall mean: 

(i) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the
United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof; 

(ii) commercial paper having the highest rating, at the time of acquisition thereof, of S&P or Moody’s and in
either case maturing within six months from the date of acquisition thereof; 
 (iii) certificates of deposit,
bankers’ acceptances and time deposits maturing within 180 days of the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank
organized under the laws of the United States or any state thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 
 (iv) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (i) above and entered into with a financial institution satisfying the criteria
described in clause (iii) above; and 
 (v) mutual funds investing solely in any one or more of the
Permitted Investments described in clauses (i) through (iv) above. 
 “Person” shall mean any
individual, partnership, firm, corporation, association, joint venture, limited liability company, trust or other entity, or any Governmental Authority. 

  
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 “Plan” means any Employee Benefit Plan (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate either (i) maintains, contributes to or has an obligation to
contribute to on behalf of participants who are or were employed by any of them (or on behalf of beneficiaries of such participants) or (ii) is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA or a “contributing sponsor” (as defined in ERISA Section 4001(a)(13)). 
 “Potential Defaulting Lender” means, at any time, a Lender (i) as to which the Administrative Agent has notified the Borrower that an event of the kind referred to in the
definition of “Lender Insolvency Event” has occurred and is continuing in respect of any financial institution affiliate of such Lender, or (ii) whose Parent Company or a financial institution affiliate thereof has notified the
Administrative Agent, or has stated publicly, that such Person will not comply with its funding obligations under any other loan agreement or credit agreement or other similar/other financing agreement unless such failure is based on such
Person’s reasonable and good faith determination that the conditions precedent to funding such obligation have not been satisfied. The Administrative Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided
for in this definition. 
 “Pro Forma Basis” means, for purposes of calculating compliance with respect
to a proposed Acquisition, that such transaction shall be deemed to have occurred as of the first day of the four fiscal-quarter period ending as of the most recent fiscal quarter end preceding the effective date of such Acquisition. For purposes of
any such calculation in respect of any Acquisition as referred to in Section 7.4(g): (a) any Indebtedness incurred or assumed in connection with such transaction which is not retired in connection with such transaction (i) shall be
deemed to have been incurred as of the first day of the applicable period, and (ii) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined
by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination; (b) income statement items (whether positive or negative) and capital expenditures attributable to the Person
or property acquired in such Acquisition, shall be included beginning as of the first day of the applicable period; and (c) pro forma adjustments may be included to the extent that such adjustments are calculated in a manner not inconsistent
with GAAP and would give effect to events that are: (y) directly attributable to such transaction and (z) expected to have a continuing impact on the Borrower and its Subsidiaries. 

“Pro Forma Compliance Certificate” means a certificate of a Responsible Officer of the Borrower delivered to the
Administrative Agent in connection with any Acquisition referred to in Section 7.4(g), which shall contain a reasonably detailed calculation of compliance with the ratio requirements of Section 7.4(g), upon giving effect to the applicable
transaction on a Pro Forma Basis, as of the most recent fiscal quarter end preceding the date of the applicable Acquisition. 

“Pro Rata Share” shall mean with respect to any Revolving Commitment of any Lender at any time, a percentage, the
numerator of which shall be such Lender’s Revolving Commitment (or if such Revolving Commitments have been terminated or expired or the Loans 

  
 -17-

 
have been declared to be due and payable, such Lender’s Loan funded under such Revolving Commitment), and the denominator of which shall be the sum of such Revolving Commitments of all
Lenders (or if such Revolving Commitments have been terminated or expired or the Loans have been declared to be due and payable, all Loans of all Lenders funded under such Revolving Commitments). 

“Qualified Plan” means an Employee Benefit Plan that is intended to be tax-qualified under Section 401(a) of
the Code. 
 “Recipient” means (a) the Administrative Agent, (b) any Lender and (c) the
Issuing Bank, as applicable. 
 “Register” shall have the meaning set forth in
Section 10.4(c). 
 “Regulation D, T, U and X” shall mean Regulation D, T, U and
X, respectively, of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 
 “Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective managers, administrators, trustees, partners, directors,
officers, employees, agents, advisors or other representatives of such Person and such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge,
dispersal, leaching or migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within any building, structure, facility or fixture. 

“Required Lenders” shall mean, at any time, Lenders holding more than 50% of the aggregate outstanding Revolving
Commitments at such time or if the Lenders have no Commitments outstanding, then Lenders holding more than 50% of the Revolving Credit Exposure; provided, however, that to the extent that any Lender is a Defaulting Lender, such
Defaulting Lender and all of its Commitments and Revolving Credit Exposure shall be excluded for purposes of determining Required Lenders. 
 “Requirement of Law” for any Person shall mean the articles or certificate of incorporation, bylaws, partnership certificate and agreement, or limited liability company certificate
of organization and agreement, as the case may be, and other organizational and governing documents of such Person, and any law, treaty, rule or regulation, or determination of a Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible
Officer” shall mean any of the president, the chief executive officer, the chief operating officer, the chief financial officer, the treasurer or a vice president of the Borrower or such other representative of the Borrower as may be
designated in writing by any one of the foregoing with the consent of the Administrative Agent; and, with respect to the financial covenants and compliance certificates only, the chief financial officer or the treasurer of the Borrower. 

  
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 “Restricted Payment” shall have the meaning set forth
in Section 7.5. 
 “Revolving Commitment” shall mean, with respect to each Lender, the
obligation of such Lender to make Revolving Loans to the Borrower and to participate in Letters of Credit and Swingline Loans in an aggregate principal amount not exceeding the amount set forth with respect to such Lender on Schedule II, as
such schedule may be amended pursuant to Section 2.25(e), or in the case of a Person becoming a Lender after the Closing Date through an assignment of an existing Revolving Commitment, the amount of the assigned “Revolving
Commitment” as provided in the Assignment and Acceptance Agreement executed by such Person as an assignee, as the same may be increased or decreased pursuant to terms hereof. 

“Revolving Commitment Termination Date,” or “Commitment Termination Date” means the earliest of
(i) May 1, 2018, (ii) the date on which the Revolving Commitments are terminated pursuant to Section 2.8 or Section 8.1 and (iii) the date on which all amounts outstanding under this Agreement have been
declared or have automatically become due and payable (whether by acceleration or otherwise). 
 “Revolving Credit
Availability Period” shall mean the period from the Closing Date to the Revolving Commitment Termination Date. 

“Revolving Credit Exposure” shall mean, for any Lender at any time of determination, the sum of the outstanding
principal amount of such Lender’s Revolving Loans, such Lender’s LC Exposure and such Lender’s Swingline Exposure. 
 “Revolving Credit Note” shall mean a promissory note of the Borrower payable to the order of a requesting Lender in the principal amount of such Lender’s Revolving Commitment,
in substantially the form of Exhibit A. 
 “Revolving Loan” shall mean a loan made by a Lender
(other than the Swingline Lender) to the Borrower under its Revolving Commitment, which may either be a Base Rate Loan or a Eurodollar Loan. 
 “S&P” shall mean Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto. 

“Subsidiary” shall mean, with respect to any Person (the “parent”), any corporation, partnership, joint
venture, limited liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, partnership, joint venture, limited liability company, association or other entity (i) of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power, or in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise controlled, by the parent or
one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless otherwise indicated, all references to “Subsidiary” hereunder shall mean a Subsidiary of the Borrower. 

  
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 “Subsidiary Guarantee Agreement” shall mean the Subsidiary Guarantee
Agreement, substantially in the form of Exhibit D, made by the Subsidiary Loan Parties in favor of the Administrative Agent for the benefit of the Lenders, as amended, restated, supplemented or otherwise modified from time to time.

 “Subsidiary Loan Party” shall mean any Subsidiary. 

“Swingline Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate
principal amount at any time outstanding not to exceed $10,000,000. 
 “Swingline Exposure” shall mean,
with respect to each Lender, the principal amount of the Swingline Loans in which such Lender is legally obligated either to make a Base Rate Loan or to purchase a participation in accordance with Section 2.5, which shall equal such
Lender’s Pro Rata Share of all outstanding Swingline Loans. 
 “Swingline Lender” shall mean
SunTrust Bank. 
 “Swingline Loan” shall mean a loan made to the Borrower by the Swingline Lender under
the Swingline Commitment. 
 “Swingline Note” shall mean the promissory note of the Borrower payable to
the order of the Swingline Lender in the principal amount of the Swingline Commitment, substantially in the form of Exhibit B. 
 “Swingline Rate” shall mean the rate as offered by the Administrative Agent and accepted by the Borrower. The Borrower shall have no obligation to accept this rate and the
Administrative Agent shall have no obligation to provide this rate. 
 “Taxes” shall mean any and all
present or future taxes, levies, imposts, duties, deductions, charges, assessments or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Timber Market Value” shall mean the lessor of (i) the fair market value of all timber owned by the
Borrower or any of its Subsidiaries as determined by reference to the average price received by Borrower or any of its Subsidiaries for their sales of timber for the preceding four quarters multiplied by the current quarter’s ending inventory
of timber, or (ii) if an appraisal is requested by the Administrative Agent, the appraised value of all timber owned by the Borrower or any of its Subsidiaries as determined in accordance with Section 5.7. 

“Total Senior Indebtedness” shall mean the Aggregate Revolving Commitments plus the Indebtedness evidenced
by the Note Purchase Agreement. 
 “Type” when used in reference to a Loan or Borrowing, refers to
whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Base Rate. 

  
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 “U.S. Tax Compliance Certificate” has the meaning assigned to such
term in Section 2.19(g). 
 “Withdrawal Liability” shall mean liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means the Borrower and the Administrative Agent. 
 Section 1.2. Classifications of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g. a “Revolving Loan”) or by Type
(e.g. a “Eurodollar Loan” or “Base Rate Loan”) or by Class and Type (e.g. “Revolving Eurodollar Loan”). Borrowings also may be classified and referred to by Class (e.g. “Revolving Borrowing”) or by Type (e.g.
“Eurodollar Borrowing”) or by Class and Type (e.g. “ Revolving Eurodollar Borrowing”). 

Section 1.3. Accounting Terms and Determination. Unless otherwise defined or 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 as in effect from time to time, applied on a basis
consistent with the most recent audited consolidated financial statements of the Borrower and its Subsidiaries delivered pursuant to Section 5.1(a); provided, that if the Borrower notifies the Administrative Agent that the
Borrower wishes to amend any covenant in Article VI to eliminate the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article VI for such
purpose), then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in
a manner satisfactory to the Borrower and the Required Lenders. Furthermore, the Borrower hereby agrees that any election pursuant to FASB ASC 825 shall be disregarded for all purposes of this Agreement, including, without limitation, for
calculating financial ratios herein and determining compliance with the financial covenants herein. 
 Section 1.4.
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect
as the word “shall”. 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 word “to” means “to but excluding”.
Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as it was originally executed or as
it may from time to time be amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any

  
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reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “hereof”, “herein” and
“hereunder” and words of similar import shall be construed to refer to this Agreement as a whole and not to any particular provision hereof, (iv) all references to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles, Sections, Exhibits and Schedules to this Agreement, (v) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to
time and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. To the extent that any of the representations and warranties contained in Article IV under this Agreement is qualified by “Material Adverse Effect”, then the qualifier “in all material respects” contained
in Section 3.2(b) and the qualifier “in any material respect” contained in Section 8.1(c) shall not apply. Unless otherwise indicated, all references to time are references to Eastern Standard Time or Eastern
Daylight Savings Time, as the case may be. Unless otherwise expressly provided herein, all references to dollar amounts shall mean Dollars. 
 ARTICLE II  
 AMOUNT AND TERMS OF THE COMMITMENTS

 Section 2.1. General Description of Facilities. Subject to and upon the terms and conditions
herein set forth, (i) the Lenders hereby establish in favor of the Borrower a revolving credit facility pursuant to which the Lenders severally agree (to the extent of such Lender’s Revolving Commitment) to make Revolving Loans to the
Borrower in accordance with Section 2.2, (ii) the Issuing Bank agrees to issue Letters of Credit in accordance with Section 2.23, (iii) the Swingline Lender agrees to make Swingline Loans in accordance with
Section 2.4, and (iv) each Lender agrees to purchase a participation interest in the Letters of Credit and the Swingline Loans pursuant to the terms and conditions hereof; provided, that in no event shall the aggregate
principal amount of all outstanding Revolving Loans, Swingline Loans and outstanding LC Exposures exceed at any time the Aggregate Revolving Commitments from time to time in effect. 

Section 2.2. Revolving Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to
make Revolving Loans to the Borrower, from time to time during the Availability Period, in an aggregate principal amount outstanding at any time that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such
Lender’s Revolving Commitment or (b) the sum of the aggregate Revolving Credit Exposures of all Lenders exceeding the Aggregate Revolving Commitments. During the Availability Period, the Borrower shall be entitled to borrow, prepay and
reborrow Revolving Loans in accordance with the terms and conditions of this Agreement; provided, that the Borrower may not borrow or reborrow should there exist a Default or Event of Default. 

Section 2.3. Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or
telephonic notice promptly confirmed in 

  
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writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 attached hereto (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. one
(1) Business Day prior to the requested date of each Base Rate Borrowing and (y) prior to 11:00 a.m. three (3) Business Days prior to the requested date of each Eurodollar Borrowing. Each Notice of Revolving Borrowing shall be
irrevocable and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing and (iv) in the
case of a Eurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of Interest Period). Each Revolving Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans,
as the Borrower may request. The aggregate principal amount of each Eurodollar Borrowing shall be not less than $2,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Borrowing shall not be less than
$1,000,000 or a larger multiple of $100,000; provided, that Base Rate Loans made pursuant to Section 2.5 may be made in lesser amounts as provided therein. At no time shall the total number of Eurodollar Borrowings outstanding at
any time exceed ten (10). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Lender of the details thereof and the amount of such Lender’s Revolving Loan to be
made as part of the requested Revolving Borrowing. 
 Section 2.4. Swingline Commitment. Subject to the terms
and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower, from time to time from the Closing Date to the Revolving Commitment Termination Date, in an aggregate principal amount outstanding at any time not
to exceed the lesser of (i) the Swingline Commitment then in effect and (ii) the difference between the Aggregate Revolving Commitments and the aggregate Revolving Credit Exposures of all Lenders; provided, that the Swingline Lender
shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. The Borrower shall be entitled to borrow, repay and reborrow Swingline Loans in accordance with the terms and conditions of this Agreement. 

Section 2.5. Procedure for Swingline Borrowing; Etc. (a) The Borrower shall give the Administrative Agent written
notice (or telephonic notice promptly confirmed in writing) of each Swingline Borrowing (“Notice of Swingline Borrowing”) prior to 12:00 noon on the requested date of each Swingline Borrowing. Each Notice of Swingline Borrowing
shall be irrevocable and shall specify: (i) the principal amount of such Swingline Loan, (ii) the date of such Swingline Loan (which shall be a Business Day) and (iii) the account of the Borrower to which the proceeds of such
Swingline Loan should be credited. The Administrative Agent will promptly advise the Swingline Lender of each Notice of Swingline Borrowing. Each Swingline Loan shall accrue interest at the Swingline Rate and shall have an Interest Period (subject
to the definition thereof) as agreed between the Borrower and the Swingline Lender. The aggregate principal amount of each Swingline Loan shall be not less than $100,000 or a larger multiple of $50,000, or such other minimum amounts agreed to by the
Swingline Lender and the Borrower. The Swingline Lender will make the proceeds of each Swingline Loan available to the Borrower in Dollars in immediately available funds at the account specified by the Borrower in the applicable Notice of Swingline
Borrowing not later than 3:00 p.m. on the requested date of such Swingline Loan. The Administrative Agent will notify the Lenders on a quarterly basis if any Swingline Loans occurred during such quarter. 

  
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 (b) The Swingline Lender, at any time and from time to time in its sole discretion, may, on
behalf of the Borrower (which hereby irrevocably authorizes and directs the Swingline Lender to act on its behalf), give a Notice of Revolving Borrowing to the Administrative Agent requesting the Lenders (including the Swingline Lender) to make Base
Rate Loans in an amount equal to the unpaid principal amount of any Swingline Loan. Each Lender will make the proceeds of its Base Rate Loan included in such Borrowing available to the Administrative Agent for the account of the Swingline Lender in
accordance with Section 2.6, which will be used solely for the repayment of such Swingline Loan. 
 (c) If for any
reason a Base Rate Borrowing may not be (as determined in the sole discretion of the Administrative Agent), or is not, made in accordance with the foregoing provisions, then each Lender (other than the Swingline Lender) shall purchase an undivided
participating interest in such Swingline Loan in an amount equal to its Pro Rata Share thereof on the date that such Base Rate Borrowing should have occurred. On the date of such required purchase, each Lender shall promptly transfer, in immediately
available funds, the amount of its participating interest to the Administrative Agent for the account of the Swingline Lender. If such Swingline Loan bears interest at a rate other than the Base Rate, such Swingline Loan shall automatically become a
Base Rate Loan on the effective date of any such participation and interest shall become payable on demand. 
 (d) Each
Lender’s obligation to make a Base Rate Loan pursuant to Section 2.5(b) or to purchase the participating interests pursuant to Section 2.5(c) shall be absolute and unconditional and shall not be affected by
any circumstance, including without limitation (i) any setoff, counterclaim, recoupment, defense or other right that such Lender or any other Person may have or claim against the Swingline Lender, the Borrower or any other Person for any reason
whatsoever, (ii) the existence of a Default or an Event of Default or the termination of any Lender’s Revolving Commitment, (iii) the existence (or alleged existence) of any event or condition which has had or could reasonably be
expected to have a Material Adverse Effect, (iv) any breach of this Agreement or any other Loan Document by the Borrower, the Administrative Agent or any Lender or (v) any other circumstance, happening or event whatsoever, whether or not
similar to any of the foregoing. If such amount is not in fact made available to the Swingline Lender by any Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for
each day from the date of demand thereof (i) at the Federal Funds Rate until the second Business Day after such demand and (ii) at the Base Rate at all times thereafter. Until such time as such Lender makes its required payment, the
Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of the unpaid participation for all purposes of the Loan Documents. In addition, such Lender shall be deemed to have assigned any and all payments made of
principal and interest on its Loans and any other amounts due to it hereunder, to the Swingline Lender to fund the amount of such Lender’s participation interest in such Swingline Loans that such Lender failed to fund pursuant to this Section,
until such amount has been purchased in full. 

  
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 Section 2.6. Funding of Borrowings. 

(a) Each Lender will make available each Loan to be made by it hereunder on the proposed date thereof by wire transfer in immediately
available funds by 1:00 p.m. to the Administrative Agent at the Payment Office; provided, that the Swingline Loans will be made as set forth in Section 2.5. The Administrative Agent will make such Loans available to the Borrower
by promptly crediting the amounts that it receives, in like funds by the close of business on such proposed date, to an account maintained by the Borrower with the Administrative Agent or at the Borrower’s option, by effecting a wire transfer
of such amounts to an account designated by the Borrower to the Administrative Agent. 
 (b) Unless the Administrative Agent
shall have been notified by any Lender prior to 5 p.m. one (1) Business Day prior to the date of a Borrowing in which such Lender is participating that such Lender will not make available to the Administrative Agent such Lender’s share of
such Borrowing, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date, and the Administrative Agent, in reliance on such assumption, may make available to the Borrower on such
date a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of such Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on
demand from such Lender together with interest at the Federal Funds Rate for up to two (2) days and thereafter at the rate specified for such Borrowing. If such Lender does not pay such corresponding amount forthwith upon the Administrative
Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent together with interest at the rate specified for such Borrowing.
Nothing in this subsection shall be deemed to relieve any Lender from its obligation to fund its Pro Rata Share of any Borrowing hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any default by such
Lender hereunder. 
 (c) All Revolving Borrowings shall be made by the Lenders on the basis of their respective Pro Rata Shares.
No Lender shall be responsible for any default by any other Lender in its obligations hereunder, and each Lender shall be obligated to make its Loans provided to be made by it hereunder, regardless of the failure of any other Lender to make its
Loans hereunder. 
 Section 2.7. Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing, and in the case of a Eurodollar
Borrowing, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, the Borrower may elect to convert such Borrowing into a different Type or to continue such Borrowing, and in the case of a Eurodollar Borrowing,
may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders
holding Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall NOT apply to Swingline Borrowings, which may not be converted or continued. 

  
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 (b) To make an election pursuant to this Section, the Borrower shall give the Administrative
Agent prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing (a “Notice of Conversion/Continuation”) that is to be converted or continued, as the case may be, (x) prior to 10:00 a.m. one
(1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and (y) prior to 11:00 a.m. three (3) Business Days prior to a continuation of or conversion into a Eurodollar Borrowing. Each such Notice of
Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and if different options are being elected with respect to different portions thereof, the portions thereof
that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made
pursuant to such Notice of Conversion/Continuation, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is to be a Eurodollar
Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such Notice of Conversion/Continuation requests a Eurodollar
Borrowing but does not specify an Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings
and Base Rate Borrowings set forth in Section 2.3. 
 (c) If, on the expiration of any Interest Period in respect of
any Eurodollar Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate
Borrowing. No Borrowing may be converted into, or continued as, a Eurodollar Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of
any Eurodollar Loans shall be permitted except on the last day of the Interest Period in respect thereof. 
 (d) Upon receipt of
any Notice of Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

Section 2.8. Optional Reduction and Termination of Commitments. 

(a) Unless previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving
Commitment Termination Date. 
 (b) Upon at least three (3) Business Days’ prior written notice (or telephonic notice
promptly confirmed in writing) to the Administrative Agent (which notice shall be irrevocable), the Borrower may reduce the Aggregate Revolving Commitments in part or terminate the Aggregate Revolving Commitments in whole; provided, that
(i) any partial reduction shall apply to reduce proportionately and permanently the Revolving Commitment of each Lender, (ii) any partial reduction pursuant to this Section 2.8 shall be in an amount of at

  
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least $2,000,000 and any larger multiple of $1,000,000, and (iii) no such reduction shall be permitted which would reduce the Aggregate Revolving Commitments to an amount less than the
outstanding Revolving Credit Exposures of all Lenders. Any such reduction in the Aggregate Revolving Commitments shall result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the Swingline Commitment and the
LC Commitment. The Administrative Agent will promptly notify the Lenders upon receipt of any written request by the Borrower to reduce or terminate the Aggregate Revolving Commitments pursuant to this Section. 

(c) With the written approval of the Administrative Agent, the Borrower may terminate (on a non-ratable basis) the unused amount of the
Revolving Commitment of a Defaulting Lender upon not less than five (5) Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), and in such event the provisions of Section 2.24
will apply to all amounts thereafter paid by the Borrower for the account of any such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts), provided that (i) no Event of
Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any Lender may have against
such Defaulting Lender. 
 Section 2.9. Repayment of Loans. 

(a) The outstanding principal amount of all Revolving Loans shall be due and payable (together with accrued and unpaid interest thereon)
on the Revolving Commitment Termination Date. 
 (b) The principal amount of each Swingline Borrowing shall be due and payable
(together with accrued interest thereon) on the earlier of (i) the date agreed upon by the Borrower and the Swingline Lender applicable to such Borrowing and if no date is agreed upon, the last day of each month and (ii) the Revolving
Commitment Termination Date. 
 Section 2.10. Evidence of Indebtedness. (a) Each Lender shall maintain
in accordance with its usual practice appropriate records evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable thereon and
paid to such Lender from time to time under this Agreement. The Administrative Agent shall maintain appropriate records in which shall be recorded (i) the Revolving Commitment of each Lender, (ii) the amount of each Loan made hereunder by
each Lender, the Class and Type thereof and the Interest Period applicable thereto, (iii) the date of each continuation thereof pursuant to Section 2.7, (iv) the date of each conversion of all or a portion thereof to another
Type pursuant to Section 2.7, (v) the date and amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder in respect of such Loans and (vi) both the date and
amount of any sum received by the Administrative Agent hereunder from the Borrower in respect of the Loans and each Lender’s Pro Rata Share thereof. The entries made in such records shall be prima facie evidence of the existence and
amounts of the obligations of the Borrower therein recorded; provided, that the 

  
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failure or delay of any Lender or the Administrative Agent in maintaining or making entries into any such record or any error therein shall not in any manner affect the obligation of the Borrower
to repay the Loans (both principal and unpaid accrued interest) of such Lender in accordance with the terms of this Agreement. 

(b) The Borrower will execute and deliver to each Lender a Revolving Credit Note and, in the case of the Swingline Lender only, a
Swingline Note, payable to the order of such Lender. 
 Section 2.11. Prepayments. 

(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, without premium or
penalty, by giving irrevocable written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent no later than (i) in the case of prepayment of any Eurodollar Borrowing, 11:00 a.m. not less than three
(3) Business Days prior to any such prepayment, (ii) in the case of any prepayment of any Base Rate Borrowing, not less than one Business Day prior to the date of such prepayment, and (iii) in the case of Swingline Borrowings, prior
to 11:00 a. m. on the date of such prepayment. Each such notice shall be irrevocable and shall specify the proposed date of such prepayment and the principal amount of each Borrowing or portion thereof to be prepaid. Upon receipt of any such notice,
the Administrative Agent shall promptly notify each affected Lender of the contents thereof and of such Lender’s Pro Rata Share of any such prepayment. If such notice is given, the aggregate amount specified in such notice shall be due and
payable on the date designated in such notice, together with accrued interest to such date on the amount so prepaid in accordance with Section 2.12(d); provided, that if a Eurodollar Borrowing is prepaid on a date other
than the last day of an Interest Period applicable thereto, the Borrower shall also pay all amounts required pursuant to Section 2.18. Each partial prepayment of any Loan (other than a Swingline Loan) shall be in an amount that would be
permitted in the case of an advance of a Revolving Borrowing of the same Type pursuant to Section 2.3 or in the case of a Swingline Loan pursuant to Section 2.5. Each prepayment of a Borrowing shall be applied ratably to the
Loans comprising such Borrowing. 
 (b) If at any time the Revolving Credit Exposure of all Lenders exceeds the aggregate
principal amount of the Revolving Credit Commitments at such time, the Borrower shall immediately repay Swingline Loans and Revolving Loans in an amount equal to such excess, together with all accrued and unpaid interest on such excess amount and
any amounts due under Section 2.18. Each prepayment of a Borrowing shall be applied ratably first to the Swingline Loans to the full extent thereof, then to the Revolving Base Rate Loans to the full extent thereof, and finally to
Revolving Eurodollar Loans to the full extent thereof. If the LC Exposure should exceed the LC Commitment, the Borrower shall immediately deliver cash collateral for such excess in the manner set forth in Section 2.23(g). 

(c) Immediately upon receipt by the Borrower of proceeds of the sale or disposition by the Borrower or any of its Subsidiaries of any of
their assets (other than proceeds from the sale of assets in the ordinary course of business), the total consideration of which exceeds $5,000,000 in the aggregate (including condemnation proceeds), the Borrower shall prepay the Loans in an amount
equal to all such proceeds, net of commissions, taxes paid or 

  
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reasonably estimated by the Borrower to be payable in connection with such transaction in the current year or the immediately following year and other reasonable and customary transaction costs,
fees and expenses properly attributable to such transaction and payable by the Borrower in connection therewith (in each case, paid to non-Affiliates) provided, however, if the Borrower intends to (i) enter into an Asset Like Kind
Exchange, the Borrower shall have no obligation to so prepay the Loans if, within 180 days of receipt of such proceeds, the Borrower shall have used such net cash proceeds for the purchase of timber or real estate assets to replace the sold or
disposed assets according to the terms of such Asset Like Kind Exchange; or (ii) replace any other assets, the Borrower shall have no obligation to so prepay the Loans if, within 180 days of receipt of such proceeds, the Borrower shall have
used such net cash proceeds for capital investments to replace the sold or disposed assets; provided, further, however, that if such Asset Like Kind Exchange or capital investment does not occur within such 180-day period, such prepayment
shall be due on the first Business Day following the expiration of the applicable Asset Like Kind Exchange or capital investment period set forth above along with a detailed calculation showing all deductions from gross proceeds in order to arrive
at net cash proceeds. Any such prepayments shall be applied in accordance with paragraph (e) below. 
 (d) If the Borrower
issues any capital stock, any other equity interests, or any debt securities (other than a permitted refinancing of the Note Purchase Agreement which does not increase the principal amount thereof, or notes payable issued in connection with any
timber land acquisition), then no later than the Business Day following the date of receipt of any cash proceeds thereof, the Borrower shall prepay the Loans in an amount equal to all such cash proceeds, net of underwriting discounts and commissions
and other reasonable costs paid to non-Affiliates in connection therewith. Any such prepayment shall be applied in accordance with paragraph (e) below. 
 (e) Any prepayments made by the Borrower pursuant to paragraphs (c) or (d) above shall be applied as follows: first, to fees and reimbursable expenses of the Administrative Agent then due
and payable pursuant to any of the Loan Documents; second, to all other fees and reimbursable expenses of the Lenders then due and payable pursuant to any of the Loan Documents, pro rata to the Lenders based on their respective Pro Rata
Shares of thereof; third, to interest then due and payable on Loans made to the Borrower, pro rata to the Lenders based on their respective Pro Rata Shares thereof; and fourth, to the principal balance of the Revolving Loans until the
same shall have been paid in full, pro rata to the Lenders based on their respective Pro Rata Shares thereof. 

Section 2.12. Interest on Loans. 
 (a) The Borrower shall pay interest on each Base Rate Loan at the Base Rate plus the Applicable Margin for Base Rate Loans, in each case as in effect from time to time, and on each Eurodollar Loan at the
Adjusted LIBO Rate for the applicable Interest Period in effect for such Loan, plus the Applicable Margin for Eurodollar Loans in effect from time to time. 
 (b) The Borrower shall pay interest on each Swingline Loan at the Swingline Rate in effect from time to time. 

  
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 (c) While an Event of Default exists or after acceleration, at the option of the Required
Lenders, the Borrower shall pay interest (“Default Interest”) with respect to all Eurodollar Loans at the rate otherwise applicable for the then-current Interest Period plus an additional 2% per annum until the last day
of such Interest Period, and thereafter, and with respect to all Base Rate Loans (including all Swingline Loans) and all other Obligations hereunder (other than Loans), at an all-in rate in effect for Base Rate Loans, plus an additional
2% per annum. 
 (d) Interest on the principal amount of all Loans shall accrue from and including the date such Loans are
made to but excluding the date of any repayment thereof. Interest on all outstanding Base Rate Loans and Swingline Loans shall be payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving
Commitment Termination Date. Interest on all outstanding Eurodollar Loans shall be payable on the last day of each Interest Period applicable thereto, and, in the case of any Eurodollar Loans having an Interest Period in excess of three months or 90
days, on each day which occurs every three months or 90 days, as the case may be, after the initial date of such Interest Period, and on the Revolving Commitment Termination Date. Interest on any Loan which is converted into a Loan of another Type
or which is repaid or prepaid shall be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid or prepaid) thereof. All Default Interest shall be payable on demand. 

(e) The Administrative Agent shall determine each interest rate applicable to the Loans hereunder and shall promptly notify the Borrower
and the Lenders of such rate in writing (or by telephone, promptly confirmed in writing). Any such determination shall be conclusive and binding for all purposes, absent manifest error. 

Section 2.13. Fees. 
 (a) The Borrower shall pay to the Administrative Agent for its own account fees in the amounts and at the times previously agreed upon by the Borrower and the Administrative Agent. 

(b) Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which
shall accrue at the Applicable Commitment Fee Percentage (determined daily in accordance with Schedule I) on the daily amount of the unused Revolving Commitment of such Lender during the Availability Period. Accrued commitment fees shall be
payable in arrears on the last day of each March, June, September and December of each year and on the Revolving Commitment Termination Date, commencing on the first such date after the Closing Date. For purposes of computing commitment fees with
respect to the Revolving Commitments, the Revolving Commitment of each Lender shall be deemed used to the extent of the outstanding Revolving Loans and LC Exposure of such Lender, but Swingline Loans shall not be deemed usage of the Revolving
Commitments. 
 (c) Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent, for the
account of each Lender, a Letter of Credit fee with respect to its participation in each Letter of Credit, which shall accrue at the Applicable Margin for Eurodollar Loans then in effect on the average daily amount of such Lender’s LC Exposure
(excluding any portion thereof 

  
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attributable to unreimbursed LC Disbursements) attributable to such Letter of Credit during the period from and including the date of issuance of such Letter of Credit to but excluding the date
on which such Letter of Credit expires or is drawn in full (including without limitation any LC Exposure that remains outstanding after the Commitment Termination Date) and (ii) to the Issuing Bank for its own account a fronting fee, which
shall accrue at the rate agreed upon by the Borrower and the Issuing Bank pursuant to that certain letter agreement dated July 6, 2005 among the Borrower, the Issuing Bank and the Arranger, such fee to be based upon the average daily amount of
the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the Availability Period (or until the date that such Letter of Credit is irrevocably canceled, whichever is later), as well as the Issuing
Bank’s standard fees with respect to issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. 
 (d) Payments. Accrued fees under subsection (c) of this Section, shall be payable quarterly in arrears on the last day of each March, June, September and December, commencing on the first such
date after the Closing Date and on the Revolving Commitment Termination Date. 
 (e) Defaulting Lender. Anything herein
to the contrary notwithstanding, during such period as a Lender is a Defaulting Lender, such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to subsections (b) and (c) of this Section (without
prejudice to the rights of the Lenders other than Defaulting Lenders in respect of such fees), or any amendment fees hereafter offered to any Lender, and the pro rata payment provisions of Section 2.20 will automatically be deemed
adjusted to reflect the provisions of this Section; provided that (a) to the extent that a portion of the LC Exposure of a Defaulting Lender is reallocated to the Non-Defaulting Lenders pursuant to subsection (a)(i) of
Section 2.24, such fees that would have accrued for the benefit of such Defaulting Lender will instead accrue for the benefit of and be payable to such Non-Defaulting Lenders, pro rata in accordance with their respective Revolving
Commitments and (b) to the extent any portion of such LC Exposure cannot be so reallocated, such fees will instead accrue for the benefit of and be payable to the Issuing Bank. 

Section 2.14. Computation of Interest and Fees. 

All computations of interest and fees hereunder shall be made on the basis of a year of 360 days for the actual number of days
(including the first day but excluding the last day) occurring in the period for which such interest or fees are payable (to the extent computed on the basis of days elapsed). Each determination by the Administrative Agent of an interest amount or
fee hereunder shall be made in good faith and, except for manifest error, shall be final, conclusive and binding for all purposes. 
 Section 2.15. Inability to Determine Interest Rates. If prior to the commencement of any Interest Period for any Eurodollar Borrowing, 

  
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 (i) the Administrative Agent shall have determined (which determination
shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant interbank market, adequate means do not exist for ascertaining LIBOR for such Interest Period, or 

(ii) the Administrative Agent shall have received notice from the Required Lenders that the Adjusted LIBO Rate does not
adequately and fairly reflect the cost to such Lenders (or Lender, as the case may be) of making, funding or maintaining their (or its, as the case may be) Eurodollar Loans for such Interest Period, 

the Administrative Agent shall give written notice (or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as soon as
practicable thereafter. In the case of Eurodollar Loans, until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) the obligations of the Lenders to make
Eurodollar Revolving Loans or to continue or convert outstanding Loans as or into Eurodollar Loans shall be suspended and (ii) all such affected Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period
applicable thereto unless the Borrower prepays such Loans in accordance with this Agreement. Unless the Borrower notifies the Administrative Agent at least one Business Day before the date of any Eurodollar Revolving Borrowing for which a Notice of
Revolving Borrowing has previously been given that it elects not to borrow on such date, then such Revolving Borrowing shall be made as a Base Rate Borrowing.  
 Section 2.16. Illegality. If any Change in Law shall make it unlawful or impossible for any Lender to make, maintain or fund any Eurodollar Loan and such Lender shall so notify the
Administrative Agent, the Administrative Agent shall promptly give notice thereof to the Borrower and the other Lenders, whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
suspension no longer exist, the obligation of such Lender to make Eurodollar Revolving Loans, or to continue or convert outstanding Loans as or into Eurodollar Loans, shall be suspended. In the case of the making of a Eurodollar Revolving Borrowing,
such Lender’s Revolving Loan shall be made as a Base Rate Loan as part of the same Revolving Borrowing for the same Interest Period and if the affected Eurodollar Loan is then outstanding, such Loan shall be converted to a Base Rate Loan either
(i) on the last day of the then current Interest Period applicable to such Eurodollar Loan if such Lender may lawfully continue to maintain such Loan to such date or (ii) immediately if such Lender shall determine that it may not lawfully
continue to maintain such Eurodollar Loan to such date. Notwithstanding the foregoing, the affected Lender shall, prior to giving such notice to the Administrative Agent, designate a different Applicable Lending Office if such designation would
avoid the need for giving such notice and if such designation would not otherwise be disadvantageous to such Lender in the good faith exercise of its discretion. 
 Section 2.17. Increased Costs. 
 (a) If any Change in Law
shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge
or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; or 

  
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 (ii) subject any Recipient to any Taxes (other than (A) Indemnified
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto; or 
 (iii) impose on any Lender or on the Issuing
Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or any Loans made by such Lender or any Letter of Credit or any participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or
maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, the Issuing Bank or such other Recipient 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, the Issuing Bank or other Recipient hereunder (whether of principal, interest or any other amount) then, upon
request of such Lender, the Issuing Bank or other Recipient, the Borrower will pay to such Lender, the Issuing Bank or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or other
Recipient, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender or the Issuing
Bank determines that any Change in Law affecting such Lender or the Issuing Bank or any lending office of such Lender or such Lender’s or the Issuing Bank’s holding company, if any, regarding capital or liquidity requirements, has or would
have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments
of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such
Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing
Bank’s holding company with respect to capital adequacy), then from time to time, the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank
or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a
Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company, as the case may be, specified in paragraph (a) or
(b) of this Section shall be delivered to the Borrower (with a copy to the Administrative Agent) and shall be conclusive, absent manifest error. The Borrower shall pay any such Lender or such Issuing Bank, as applicable, such amount or amounts
within 10 days after receipt thereof. 

  
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 (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation. 
 Section 2.18. Funding Indemnity. In the event of (a) the payment of any principal of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto
(including as a result of an Event of Default), (b) the conversion or continuation of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto or (c) the failure by the Borrower to borrow, prepay, convert or
continue any Eurodollar Loan on the date specified in any applicable notice (regardless of whether such notice is withdrawn or revoked), then, in any such event, the Borrower shall compensate each Lender, within five (5) Business Days after
written demand from such Lender, for any loss, cost or expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense shall be deemed to include an amount determined by such Lender to be the excess, if any, of
(A) the amount of interest that would have accrued on the principal amount of such Eurodollar Loan if such event had not occurred at the Adjusted LIBO Rate applicable to such Eurodollar Loan for the period from the date of such event to the
last day of the then current Interest Period therefor (or in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Eurodollar Loan) over (B) the amount of interest that would
accrue on the principal amount of such Eurodollar Loan for the same period if the Adjusted LIBO Rate were set on the date such Eurodollar Loan was prepaid or converted or the date on which the Borrower failed to borrow, convert or continue such
Eurodollar Loan. A certificate as to any additional amount payable under this Section 2.18 submitted to the Borrower by any Lender (with a copy to the Administrative Agent) shall be conclusive, absent manifest error. 

Section 2.19. Taxes. 
 (a) For purposes of this Section, the term “Lender” includes the Issuing Bank and the term “applicable law” includes FATCA. 

(b) Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a
Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and,
if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (c) The Borrower shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (d) The
Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) 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, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error. 
 (e) Each Lender shall severally indemnify the Administrative Agent, within 10 days
after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of
the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.4(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable
to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this clause (e). 
 (f) As soon as practicable after any payment of Taxes by the Borrower to a Governmental
Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (g) (i) Any Lender that is entitled to an
exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the

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

(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person: 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal
backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request
of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (i) in the case of a Foreign Lender
claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S.
federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 
 (ii)
executed originals of IRS Form W-8ECI; 
 (iii) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit 2.19-1 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 the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax
Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 
 (iv) to the extent a Foreign Lender
is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the 

  
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form of Exhibit 2.19-2 or Exhibit 2.19-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.19-4 on behalf of each
such direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

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

 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 
 Section 2.20. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 
 (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or of amounts payable under Section 2.17, 2.18 or 2.19, or
otherwise) prior to 1:00 p.m., on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of

  
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the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent at the Payment Office, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.17, 2.18 and 2.19 and 10.3 shall be
made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder
shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be made payable for the period of such extension.
All payments hereunder shall be made in Dollars. 
 (b) If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, to the fees and reimbursable expenses of the Administrative Agent
then due and payable pursuant to any of the Loan Documents, (ii) second, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to
such parties, (iii) third, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties, and (iv) fourth, towards payment of all other Obligations then due, ratably among the parties entitled thereto in accordance with the amounts of such Obligations then due to such parties. 

(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans that would result in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC
Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and
participations in LC Disbursements or Swingline Loans of other Lenders to the extent necessary 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 Loans and participations in LC Disbursements or Swingline Loans; provided, that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to
and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements or Swingline Loans to any
assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower 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 the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation. 

  
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 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, the amount or amounts due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or
Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.5(b),
2.20(c) or (d), 10.3(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the
account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 Section 2.21. Mitigation of Obligations. If any Lender requests compensation under Section 2.17, or if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 2.19, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable under Section 2.17 or
Section 2.19, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all costs and
expenses incurred by any Lender in connection with such designation or assignment. 
 Section 2.22.
Replacement of Lenders. If (a) any Lender requests compensation under Section 2.17, (b) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.19, (c) any Lender is a Defaulting Lender, or (d) in connection with any proposed amendment, waiver, or consent, the consent of all of the Lenders, or all of the Lenders directly affected thereby,
is required pursuant to Section 10.2, and any such Lender refuses to consent to such amendment, waiver or consent as to which the Required Lenders have consented, then, in each case, the Borrower may, at its sole expense and effort (but
without prejudice to any rights or remedies the Borrower may have against such Defaulting Lender), upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions set forth in Section 10.4(b)) all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender but excluding any Defaulting
Lender); provided, that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, (ii) prior to, or contemporaneous with, the replacement of such
Lender, such Lender shall have received 

  
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payment of an amount equal to the outstanding principal amount of all Loans owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including, without
limitation, any amounts then due and owing under Section 2.17 and/or Section 2.19), from the assignee (in the case of such outstanding principal and accrued interest) and from the Borrower (in the case of all other amounts)
and (iii) in the case of a claim for compensation under Section 2.17 or payments required to be made pursuant to Section 2.19, such assignment will result in a reduction in such compensation or payments. 

Section 2.23. Letters of Credit. 
 (a) During the Availability Period, the Issuing Bank, in reliance upon the agreements of the other Lenders pursuant to Section 2.23(d), agrees to issue, at the request of the Borrower, Letters
of Credit for the account of the Borrower on the terms and conditions hereinafter set forth; provided, that (i) each Letter of Credit shall expire on the earlier of (A) the date one year after the date of issuance of such Letter of
Credit (or in the case of any renewal or extension thereof, one year after such renewal or extension) and (B) the date that is five (5) Business Days prior to the Commitment Termination Date; (ii) each Letter of Credit shall be in a
stated amount of at least $100,000; and (iii) the Borrower may not request any Letter of Credit, if, after giving effect to such issuance (A) the aggregate LC Exposure would exceed the LC Commitment or (B) the aggregate LC Exposure,
plus the aggregate outstanding Revolving Loans of all Lenders, would exceed the Aggregate Revolving Commitments. Upon the issuance of each Letter of Credit each Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Issuing Bank without recourse a participation in such Letter of Credit equal to such Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Letter of Credit. Each issuance of a Letter of
Credit shall be deemed to utilize the Revolving Commitment of each Lender by an amount equal to the amount of such participation. As of the Closing Date, each of the Existing Letters of Credit shall be deemed issued under this Section and shall
thereafter be deemed Letters of Credit, subject to the terms hereof. 
 (b) To request the issuance of a Letter of Credit (or
any amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall give the Issuing Bank and the Administrative Agent irrevocable written notice at least three (3) Business Days prior to the requested date of such
issuance specifying the date (which shall be a Business Day) such Letter of Credit is to be issued (or amended, extended or renewed, as the case may be), the expiration date of such Letter of Credit, the amount of such Letter of Credit , the name
and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. In addition to the satisfaction of the conditions in Article III, the issuance of such Letter of Credit
(or any amendment which increases the amount of such Letter of Credit) will be subject to the further conditions that such Letter of Credit shall be in such form and contain such terms as the Issuing Bank shall approve and that the Borrower shall
have executed and delivered any additional applications, agreements and instruments relating to such Letter of Credit as the Issuing Bank shall reasonably require; provided, that in the event of any conflict between such applications,
agreements or instruments and this Agreement, the terms of this Agreement shall control. 
 (c) At least two (2) Business
Days prior to the issuance of any Letter of Credit, the Issuing Bank will confirm with the Administrative Agent (by telephone or in writing) that the 

  
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Administrative Agent has received such notice and if not, the Issuing Bank will provide the Administrative Agent with a copy thereof. Unless the Issuing Bank has received notice from the
Administrative Agent on or before the Business Day immediately preceding the date the Issuing Bank is to issue the requested Letter of Credit (1) directing the Issuing Bank not to issue the Letter of Credit because such issuance is not then
permitted hereunder because of the limitations set forth in Section 2.23(a) or that one or more conditions specified in Article III are not then satisfied, then, subject to the terms and conditions hereof, the Issuing Bank shall, on the
requested date, issue such Letter of Credit in accordance with the Issuing Bank’s usual and customary business practices. 

(d) The Issuing Bank shall examine all documents purporting to represent a demand for payment under a Letter of Credit promptly following
its receipt thereof. The Issuing Bank shall notify the Borrower and the Administrative Agent of such demand for payment and whether the Issuing Bank has made or will make a LC Disbursement thereunder; provided, that any failure to give or
delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to such LC Disbursement. The Borrower shall be irrevocably and unconditionally obligated to reimburse the Issuing
Bank for any LC Disbursements paid by the Issuing Bank in respect of such drawing, without presentment, demand or other formalities of any kind. Unless the Borrower shall have notified the Issuing Bank and the Administrative Agent prior to 11:00
a.m. on the Business Day immediately prior to the date on which such drawing is honored that the Borrower intends to reimburse the Issuing Bank for the amount of such drawing in funds other than from the proceeds of Revolving Loans, the Borrower
shall be deemed to have timely given a Notice of Revolving Borrowing to the Administrative Agent requesting the Lenders to make a Base Rate Borrowing on the date on which such drawing is honored in an exact amount due to the Issuing Bank;
provided, that for purposes solely of such Borrowing, the conditions precedents set forth in Section 3.2 hereof shall not be applicable. The Administrative Agent shall notify the Lenders of such Borrowing in accordance with
Section 2.3, and each Lender shall make the proceeds of its Base Rate Loan included in such Borrowing available to the Administrative Agent for the account of the Issuing Bank in accordance with Section 2.6. The proceeds of
such Borrowing shall be applied directly by the Administrative Agent to reimburse the Issuing Bank for such LC Disbursement. 

(e) If for any reason a Base Rate Borrowing may not be (as determined in the sole discretion of the Administrative Agent), or is not,
made in accordance with the foregoing provisions, then each Lender (other than the Issuing Bank) shall be obligated to fund the participation that such Lender purchased pursuant to subsection (a) in an amount equal to its Pro Rata Share of such
LC Disbursement on and as of the date which such Base Rate Borrowing should have occurred. Each Lender’s obligation to fund its participation shall be absolute and unconditional and shall not be affected by any circumstance, including without
limitation (i) any setoff, counterclaim, recoupment, defense or other right that such Lender or any other Person may have against the Issuing Bank or any other Person for any reason whatsoever, (ii) the existence of a Default or an Event
of Default or the termination of the Aggregate Revolving Commitments, (iii) any adverse change in the condition (financial or otherwise) of the Borrower or any of its Subsidiaries, (iv) any breach of this Agreement by the Borrower or any
other Lender, (v) any amendment, renewal or extension of any Letter of Credit or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. On

  
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the date that such participation is required to be funded, each Lender shall promptly transfer, in immediately available funds, the amount of its participation to the Administrative Agent for the
account of the Issuing Bank. Whenever, at any time after the Issuing Bank has received from any such Lender the funds for its participation in a LC Disbursement, the Issuing Bank (or the Administrative Agent on its behalf) receives any payment on
account thereof, the Administrative Agent or the Issuing Bank, as the case may be, will distribute to such Lender its Pro Rata Share of such payment; provided, that if such payment is required to be returned for any reason to the Borrower or
to a trustee, receiver, liquidator, custodian or similar official in any bankruptcy proceeding, such Lender will return to the Administrative Agent or the Issuing Bank any portion thereof previously distributed by the Administrative Agent or the
Issuing Bank to it. 
 (f) To the extent that any Lender shall fail to pay any amount required to be paid pursuant to paragraphs
(d) or (e) of this Section 2.23 on the due date therefor, such Lender shall pay interest to the Issuing Bank (through the Administrative Agent) on such amount from such due date to the date such payment is made at a rate per
annum equal to the Federal Funds Rate; provided, that if such Lender shall fail to make such payment to the Issuing Bank within three (3) Business Days of such due date, then, retroactively to the due date, such Lender shall be obligated
to pay Default Interest on such amount. 
 (g) If any Event of Default shall occur and be continuing, on the Business Day that
the Borrower receives notice from the Administrative Agent or the Required Lenders demanding that its reimbursement obligations with respect to the Letters of Credit be Cash Collateralized pursuant to this paragraph, the Borrower shall deposit in an
account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Bank and the Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid fees thereon;
provided, that such obligation to Cash Collateralize the reimbursement obligations of the Borrower with respect to Letters of Credit shall become effective immediately, and such deposit shall become immediately due and payable, without demand
or notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (g) or (h) of Section 8.1. Such deposit shall be held by the Administrative Agent as collateral for the payment
and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. The Borrower agrees to execute any documents
and/or certificates to effectuate the intent of this paragraph. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the
Borrower’s risk and expense, such deposits shall not bear interest. Interest and profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing
Bank for LC Disbursements for which it had not been reimbursed and to the extent so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has
been accelerated, with the consent of the Required Lenders, be applied to satisfy other obligations of the Borrower under this Agreement and the other Loan Documents. If the Borrower is required to Cash Collateralize the reimbursement obligations of
the Borrower with respect to Letters of Credit as a result of the occurrence of an Event of Default, such cash collateral so posted (to the extent not so applied as aforesaid) shall be returned to the Borrower within three Business Days after all
Events of Default have been cured or waived. 

  
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 (h) Promptly following the end of each fiscal quarter, the Issuing Bank shall deliver
(through the Administrative Agent) to each Lender and the Borrower a report describing the aggregate Letters of Credit outstanding at the end of such fiscal quarter. Upon the request of any Lender from time to time, the Issuing Bank shall deliver to
such Lender any other information reasonably requested by such Lender with respect to each Letter of Credit then outstanding. 

(i) The Borrower’s obligation to reimburse LC Disbursements hereunder shall be absolute, unconditional and irrevocable and shall be
performed strictly in accordance with the terms of this Agreement under all circumstances whatsoever and irrespective of any of the following circumstances: 
 (i) Any lack of validity or enforceability of any Letter of Credit or this Agreement; 
 (ii) The existence of any claim, set-off, defense or other right which the Borrower or any Subsidiary or Affiliate of the Borrower may have at any time against a beneficiary or any transferee of any
Letter of Credit (or any Persons or entities for whom any such beneficiary or transferee may be acting), any Lender (including the Issuing Bank) or any other Person, whether in connection with this Agreement or the Letter of Credit or any document
related hereto or thereto or any unrelated transaction; 
 (iii) Any draft or other document presented under a
Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect; 
 (iv) Payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document to the Issuing Bank that does not comply with the terms of such Letter of Credit; 

(v) Any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder; or 
 (vi) The existence of a Default or an Event of Default. 
 Neither the
Administrative Agent, the Issuing Bank, the Lenders nor any Related Party of any of the foregoing shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or
failure to make any payment thereunder (irrespective of any of the circumstances referred to above), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided, that the foregoing shall
not be construed to excuse the Issuing Bank 

  
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from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by
applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts or other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto
expressly agree, that in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such
determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit,
the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon
such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (j) Unless otherwise
expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit is issued and subject to applicable laws, (i) each standby Letter of Credit shall be governed by the “International Standby Practices 1998” (ISP98) (or such
later revision as may be published by the Institute of International Banking Law & Practice on any date any Letter of Credit may be issued), (ii) each documentary Letter of Credit shall be governed by the Uniform Customs and Practices
for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600 (or such later revision as may be published by the International Chamber of Commerce on any date any Letter of Credit may be issued) and
(iii) the Borrower shall specify the foregoing in each letter of credit application submitted for the issuance of a Letter of Credit. 
 Section 2.24. Defaulting Lenders. 
 (a) If any Lender becomes,
and during the period it remains, a Defaulting Lender or Potential Defaulting Lender, the following provisions shall apply, notwithstanding anything to the contrary in this Agreement: 

(i) the LC Exposure and Swingline Exposure of such Defaulting Lender will, subject to the limitation in the below proviso in this clause
(i), automatically be reallocated (effective on the day such Lender becomes a Defaulting Lender) among the Non-Defaulting Lenders pro rata in accordance with their respective Revolving Commitments; provided that (a) the sum of each
Non-Defaulting Lender’s total Revolving Credit Exposure may not in any event exceed the Revolving Commitment of such Non-Defaulting Lender as in effect at the time of such reallocation and (b) neither such reallocation nor any payment by a
Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender may have against such Defaulting Lender or cause such
Defaulting Lender to be a Non-Defaulting Lender; 

  
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 (ii) to the extent that any portion (the “unreallocated portion”) of the LC
Exposure and Swingline Exposure of any Defaulting Lender cannot be so reallocated, for any reason, or with respect to the LC Exposure and Swingline Exposure of any Potential Defaulting Lender, the Borrower will, not later than two (2) Business
Days after demand by the Administrative Agent (at the direction of the Issuing Bank and/or the Swingline Lender), (a) Cash Collateralize the obligations of the Borrower to the Issuing Bank or Swingline Lender in respect of such LC Exposure or
Swingline Exposure, as the case may be, in an amount at least equal to the aggregate amount of the unreallocated portion of the LC Exposure and Swingline Exposure of such Defaulting Lender or such Potential Defaulting Lender, or (b) in the case
of such Swingline Exposure, prepay and/or Cash Collateralize in full the unreallocated portion thereof, or (c) make other arrangements satisfactory to the Administrative Agent, the Issuing Bank and the Swingline Lender in their sole discretion
to protect them against the risk of non-payment by such Defaulting Lender or Potential Defaulting Lender; provided that (a) the sum of each Non-Defaulting Lender’s Revolving Credit Exposure may not in any event exceed the Revolving
Commitment of such Non-Defaulting Lender, and (b) neither any such reallocation nor any payment by a Non-Defaulting Lender pursuant thereto nor any such Cash Collateralization or reduction will constitute a waiver or release of any claim the
Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender may have against such Defaulting Lender or Potential Defaulting Lender, or cause such Defaulting Lender or Potential Defaulting Lender to be a
Non-Defaulting Lender; 
 (iii) except as otherwise provided herein, any amount paid by the Borrower for the account of a
Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity payments or other amounts) will be retained by the Administrative Agent in a segregated non-interest bearing account until the termination of the
Revolving Commitments at which time the funds in such account will be applied by the Administrative Agent, to the fullest extent permitted by law, in the following order of priority: first, to the payment of any amounts owing by such
Defaulting Lender to the Administrative Agent under this Agreement, second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the Swingline Lender under this Agreement, third, if
so determined by the Administrative Agent or requested by the Issuing Bank or Swingline Lender, to be held as cash collateral for future funding obligations of such Defaulting Lender in respect of any participation in any Swingline Loan or Letter of
Credit, fourth, to the payment of any amounts owing to the Lenders, the Issuing Bank or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or Swingline Lender against
that Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, fifth, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a
court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and sixth, to pay amounts owing under this Agreement to such
Defaulting Lender or as a court of competent jurisdiction may otherwise direct. Any payments, prepayments or other amounts paid 

  
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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 clause (iii) shall be deemed paid to and
redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (b) If the Borrower, the Administrative
Agent, the Issuing Bank and the Swingline Lender agree in writing that any Defaulting Lender should no longer be deemed to be a Defaulting Lender or a Potential Defaulting Lender should no longer be deemed to be a Potential Defaulting Lender, as the
case may be, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, the LC Exposure and the Swingline Exposure of the other Lenders
shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment, and such Lender will purchase at par such portion of outstanding Revolving Loans of the other Lenders and/or make such other adjustments as the Administrative
Agent may determine to be necessary to cause the Revolving Credit Exposure of the Lenders to be on a pro rata basis in accordance with their respective Revolving Commitments, whereupon such Lender will cease to be a Defaulting Lender or Potential
Defaulting Lender and will be a Non-Defaulting Lender (and such Revolving Credit Exposure of each Lender will automatically be adjusted on a prospective basis to reflect the foregoing), and if any cash collateral has been posted with respect to such
Defaulting Lender or Potential Defaulting Lender, the Administrative Agent will promptly return such cash collateral to the Borrower; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or
on behalf of the Borrower while such 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 or Potential
Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder. 

Section 2.25. Increase of Revolving Commitments; Additional Lenders. 

(a) So long as no Default or Event of Default has occurred and is continuing, the Borrower may, from time to time, upon
prior notice to the Administrative Agent (which shall promptly notify each Lender following its receipt thereof), propose to increase the Aggregate Revolving Commitments up to an amount that would not exceed $390,000,000 (the amount of any such
increase, the “Additional Commitment Amount”). Each Lender shall have the right for a period of 15 days following receipt of such notice to elect by written notice to the Borrower and the Administrative Agent, to increase its
Revolving Commitment by a principal amount equal to its Pro Rata Share of the Additional Commitment Amount. No Lender shall have any obligation to increase its Revolving Commitment and any decision by a Lender to increase its Revolving Commitment
shall be made in its sole discretion independently from any other Lender. Any Lender which does not respond within such 15 day period shall be deemed to have advised the Administrative Agent and the Borrower that it has elected not to increase its
Revolving Commitment. 
 (b) If one or more Lenders shall elect not to increase its Revolving Commitment pursuant
to subsection (a) of this Section, the Administrative Agent shall, 

  
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promptly after the end of such 15-day period or promptly after the date the Administrative Agent shall have received all written responses from the Lenders, whichever shall occur first, notify
all other Lenders (the “Consenting Lenders”) of the amount of the Additional Commitment Amount that remains unsubscribed (the “Unsubscribed Amount”). Each such Consenting Lender shall have the right for a period of
10 days following receipt of such notice to elect by written notice to the Borrower and the Administrative Agent, to increase its Revolving Commitment by a principal amount up to the remaining Unsubscribed Amount. The sum of the increases in the
Revolving Commitments of the Consenting Banks pursuant to subsections (a) and (b) of this Section shall not in the aggregate exceed the Additional Commitment Amount; provided, however, that if accepted by the Borrower, and subject
to the right of any Consenting Bank to promptly revoke its prior election to increase its Revolving Commitment in such event, such increases in the Commitments of the Consenting Lenders may exceed the Unsubscribed Amount (but shall in no event cause
the total Aggregate Revolving Commitments in effect to exceed $390,000,000). If the sum of the additional increases in the Revolving Commitments of the Consenting Lenders pursuant to this subsection (b) exceeds the Unsubscribed Amount, or any
greater amount accepted by the Borrower as provided in the immediately preceding sentence, then the additional increases in Revolving Commitments pursuant to this subsection (b) shall be reduced pro-rata such that amount of the Consenting
Lender’s Commitments increased pursuant to this subsection (b) shall not exceed the Unsubscribed Amount or such greater amount, as applicable. 
 (c) If the Consenting Lenders shall not increase their Revolving Commitments pursuant to subsection (a) and (b) of this Section in an amount equal to the Additional Commitment Amount, then not
later than 20 days after the expiration of the period set forth in subsection (b) of this Section, the Borrower may designate in writing to the Administrative Agent other financial institutions which at the time agree to become parties to this
Agreement (each an “Additional Lender”); provided, however, that any new financial institution must be acceptable to the Administrative Agent. The sum of the increases in the Revolving Commitments of the Consenting
Lenders pursuant to subsections (a) and (b), plus the Commitments of the Additional Lenders pursuant to this subsection (c), shall not in the aggregate exceed the Additional Commitment Amount. 

(d) An increase in the aggregate amount of the Revolving Commitments pursuant to this Section shall become effective upon
the receipt by the Administrative Agent of (i) an agreement in form and substance satisfactory to the Administrative Agent signed by the Borrower, by each Additional Lender and by each Consenting Lender, setting forth the new Revolving
Commitments of such Lenders and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all the terms and provisions hereof, together with such evidence of appropriate authorization on the part of
the Borrower with respect to the increase in the Revolving Commitments and such opinions of counsel for the Borrower with respect to the increase in the Revolving Commitments as the Administrative Agent may reasonably request. 

(e) Upon the acceptance of any such agreements and documentation by the Administrative Agent, the total Revolving
Commitments shall automatically be increased 

  
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by the amount of the Revolving Commitments added through such agreements and this Agreement (including Schedule II) shall automatically be deemed amended to reflect the Revolving
Commitments of all Lenders after giving effect to such additional Revolving Commitments and Additional Lenders, as applicable. 
 (f) Upon any increase in the aggregate amount of the Revolving Commitments pursuant to this Section that is not Pro Rata among all Lenders, and effective upon such increase, the amount of the
participations held by the Lenders (including any Additional Lenders) in the Revolving Credit Exposure shall be adjusted such that, after giving effect to such adjustments, each Lender (including each Additional Lender) shall hold participations in
each such Revolving Credit Exposure in the proportion of its respective Revolving Commitment bears to the aggregate Revolving Commitments after giving effect to such increase. 
 Section 2.26. Effect of Amendment and Restatement. 
 (a) Upon
this Agreement becoming effective pursuant to Section 3.1, from and after the Closing Date: (a)(i) all outstanding “Revolving Loans” (as such term is defined in the Existing Credit Agreement) shall be deemed to be Revolving
Loans outstanding hereunder, (ii) all outstanding “Swingline Loans” (as such term is defined in the Existing Credit Agreement), if any, shall be deemed to be Swingline Loans outstanding hereunder and (iii) each outstanding
“Letter of Credit” (as such term is defined in the Existing Credit Agreement), if any, shall be deemed to be a Letter of Credit issued and outstanding hereunder; (b) all terms and conditions of the Existing Credit Agreement, as
amended and restated by this Agreement, shall be and remain in full force and effect, as so amended, and shall constitute the legal, valid, binding and enforceable obligations of the Borrower to the Lenders and the Administrative Agent; (c) the
terms and conditions of the Existing Credit Agreement shall be amended as set forth herein and, as so amended and restated, shall be restated in their entirety, but shall be amended only with respect to the rights, duties and obligations among the
Borrower, the Lenders and the Administrative Agent accruing from and after the Closing Date; (d) all indemnification obligations of the Loan Parties under the Existing Credit Agreement and any other “Loan Document” as defined therein
shall survive the execution and delivery of this Agreement and shall continue in full force and effect for the benefit of the Lenders, the Administrative Agent, and any other Person indemnified under the Existing Credit Agreement or such other Loan
Document at any time prior to the Closing Date; (e) the Obligations incurred under the Existing Credit Agreement shall, to the extent outstanding on the Closing Date, continue outstanding under this Agreement and shall not be deemed to be paid,
released, discharged or otherwise satisfied by the execution of this Agreement, and this Agreement shall not constitute a substitution or novation of such Obligations or any of the other rights, duties and obligations of the parties hereunder;
(f) the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of the Lenders or the Administrative Agent under the Existing Credit Agreement, nor constitute a waiver of any covenant,
agreement or obligation under the Existing Credit Agreement, except to the extent that any such covenant, agreement or obligation is no longer set forth herein or is modified hereby; and (g) any and all references in the Loan Documents to the
Existing Credit Agreement shall, without further action of the parties, be deemed a reference to the Existing Credit Agreement, as amended and restated by this Agreement, and as this Agreement shall be further amended, modified, supplemented or
amended and restated from time to time hereafter. 

  
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 (b) The Administrative Agent, the Lenders and the Borrower agree that the Revolving Loan
Commitment (as defined in the Existing Credit Agreement) of each of the Lenders immediately prior to the effectiveness of this Agreement shall be reallocated among the Lenders such that, immediately after the effectiveness of this Agreement in
accordance with its terms, the Revolving Commitment of each Lender (including the New Lenders) shall be as set forth on Schedule II. In order to effect such reallocations, assignments shall be deemed to be made among the Lenders (including
the New Lenders) in such amounts as may be necessary, and with the same force and effect as if such assignments were evidenced by the applicable Assignment and Acceptance (but without the payment of any related assignment fee), and no other
documents or instruments shall be required to be executed in connection with such assignments (all of which such requirements are hereby waived). Further, to effect the foregoing, each Lender (including the New Lenders) agrees to make cash
settlements in respect of any outstanding Revolving Loans (including cash settlements to those lenders party to the Existing Credit Agreement who have elected not to be a Lender under this Agreement, if any, on the Closing Date), either directly or
through the Administrative Agent, as the Administrative Agent may direct or approve, such that after giving effect to this Agreement, each Lender holds Revolving Loans equal to its Pro Rata Share (based on the Revolving Commitment of each Lender as
set forth on Schedule II). 
 ARTICLE III  

CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT 

Section 3.1. Conditions To Effectiveness. The obligations of the Lenders (including the Swingline Lender) to make
Loans and the obligation of the Issuing Bank to issue any Letter of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.2).

 (a) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing Date,
including reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel to the Administrative Agent) required to be reimbursed or paid by the Borrower hereunder, under any other Loan Document
and under any agreement with the Administrative Agent or the Arranger. 
 (b) The Administrative Agent (or its counsel) shall
have received the following: 
 (i) a counterpart of this Agreement signed by or on behalf of each party thereto
or written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement; 

(ii) duly executed Notes payable to such Lender; 

  
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 (iii) a duly executed Subsidiary Guarantee Agreement and Indemnity and
Contribution Agreement; 
 (iv) [intentionally omitted]; 

(v) a certificate of the Secretary or Assistant Secretary of each Loan Party, substantially in the form of Exhibit
3.1(b)(v), attaching and certifying copies of its bylaws and of the resolutions of its board of directors, or partnership agreement or limited liability company agreement, or comparable organizational documents and authorizations, authorizing the
execution, delivery and performance of the Loan Documents to which it is a party and certifying the name, title and true signature of each officer of such Loan Party executing the Loan Documents to which it is a party; 

(vi) certified copies of the articles or certificate of incorporation, certificate of organization or limited partnership,
or other registered organizational documents of each Loan Party, together with certificates of good standing or existence, as may be available from the Secretary of State of the jurisdiction of organization of such Loan Party and each other
jurisdiction where such Loan Party is required to be qualified to do business as a foreign entity; 
 (vii) a
favorable written opinion of Jim F. Andrews, Jr., General Counsel of the Loan Parties, addressed to the Administrative Agent and each of the Lenders, and covering such matters relating to the Loan Parties, the Loan Documents and the transactions
contemplated therein as the Administrative Agent or the Required Lenders shall reasonably request; 
 (viii) a
certificate, substantially in the form of Exhibit 3.1(b)(viii), dated the Closing Date and signed by a Responsible Officer, confirming compliance with the conditions set forth in paragraphs (a), (b) and (c) of Section 3.2
including a representation that no event or condition has occurred since the last audited financial statements which would have a Material Adverse Effect; 
 (ix) a duly executed Notice of Borrowing, if applicable; 
 (x)
certified copies of all consents, approvals, authorizations, registrations and filings and orders required or advisable to be made or obtained under any Requirement of Law, or by any contractual obligation of each Loan Party, in connection with the
execution, delivery, performance, validity and enforceability of the Loan Documents or any of the transactions contemplated thereby, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect
and all applicable waiting periods shall have expired; 
 (xi) copies of the consolidated financial statements of
the Borrower and its Subsidiaries for the fiscal years ended 2010, 2011, and 2012, including balance sheets, income and cash flow statements audited by independent public accountants of recognized national standing and prepared in conformity with
GAAP, and such other financial information as the Administrative Agent may reasonably request; 

  
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 (xii) confirmation that no litigation, investigation or proceeding of or
before any arbitrators or Governmental Authorities is pending against or, to the knowledge of the Borrower, threatened against the Borrower or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect; 

(xiii) all information the Administrative Agent and each Lender may request with respect to the Borrower and its
Subsidiaries in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and any other “know your customer” or similar laws or regulations; and

 (xiv) certificates of insurance issued on behalf of insurers of the Borrower and all guarantors, describing in
reasonable detail the types and amounts of insurance (property and liability) maintained by the Borrower and all guarantors, naming the Administrative Agent as additional insured. 

Section 3.2. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing and of
the Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to the satisfaction of the following conditions: 
 (a) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall
exist; and 
 (b) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or
extension of such Letter of Credit, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment,
extension or renewal of such Letter of Credit, in each case before and after giving effect thereto; 
 (c) since the date of the
audited financial statements of the Borrower described in Section 4.4, there shall have been no change which has had or could reasonably be expected to have a Material Adverse Effect; 

(d) the Borrower shall have delivered the required Notice of Borrowing; and 

(e) the Administrative Agent shall have received such other documents, certificates, information or legal opinions as the Administrative
Agent or the Required Lenders may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent or the Required Lenders. 

  
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 In addition to other conditions precedent herein set forth, if any Lender is a Defaulting Lender or a
Potential Defaulting Lender at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, the Issuing Bank will not be required to issue, amend or
increase any Letter of Credit and the Swingline Lender will not be required to make any Swingline Loans, unless in each case it is satisfied that all related LC Exposure and Swingline Exposure of such Defaulting Lender or Potential Defaulting Lender
is fully covered or eliminated by any combination satisfactory to the Issuing Bank or the Swingline Lender, as the case may be, of the following: 
 (i) in the case of a Defaulting Lender, the LC Exposure and Swingline Exposure of such Defaulting Lender is reallocated, as to outstanding and future Letters of Credit and Swingline Exposure, to the
Non-Defaulting Lenders as provided in Section 2.24(a)(i); and 
 (ii) in the case of a Defaulting Lender or a Potential
Defaulting Lender, without limiting the provisions of Section 2.24(a)(ii), the Borrower Cash Collateralizes its payment and reimbursement obligations with respect to such Letter of Credit or Swingline Loan in an amount at least equal to the
aggregate amount of the unreallocated obligations (contingent or otherwise) of such Defaulting Lender or Potential Defaulting Lender in respect of such Letter of Credit or Swingline Loan, or the Borrower makes other arrangements satisfactory to the
Administrative Agent, the Issuing Bank and the Swingline Lender, as the case may be, to protect them against the risk of non-payment by such Defaulting Lender or Potential Defaulting Lender; 
 provided that (a) the sum of each Non-Defaulting Lender’s Revolving Credit Exposure may not in any event exceed the Revolving Commitment of such Non-Defaulting Lender, and
(b) neither any such reallocation nor any payment by a Non-Defaulting Lender pursuant thereto nor any such Cash Collateralization or reduction will constitute a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing
Bank, the Swingline Lender or any other Lender may have against such Defaulting Lender or Potential Defaulting Lender, or cause such Defaulting Lender or Potential Defaulting Lender to be a Non-Defaulting Lender. 

Each Borrowing and each issuance, amendment, extension or renewal of any Letter of Credit shall be deemed to constitute a representation
and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b) and (c) of this Section 3.2. 
 Section 3.3. Delivery of Documents. All of the Loan Documents, certificates, legal opinions and other documents and papers referred to in this Article III, unless otherwise specified,
shall be delivered to the Administrative Agent for the account of each of the Lenders and, except for the Notes, in sufficient counterparts or copies for each of the Lenders and shall be in form and substance satisfactory in all respects to the
Administrative Agent. 
 ARTICLE IV  
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and
warrants to the Administrative Agent and each Lender as follows: 
 Section 4.1. Existence; Power. The
Borrower and each of its Subsidiaries (i) is duly organized, validly existing and in good standing 

  
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as a corporation, partnership or limited liability company under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to carry on its business as now
conducted, and (iii) is duly qualified to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected to result in a Material
Adverse Effect. 
 Section 4.2. Organizational Power; Authorization. The execution, delivery and performance
by each Loan Party of the Loan Documents to which it is a party are within such Loan Party’s organizational powers and have been duly authorized by all necessary organizational, and if required, shareholder, partner or member, action. This
Agreement has been duly executed and delivered by the Borrower, and constitutes, and each other Loan Document to which any Loan Party is a party, when executed and delivered by such Loan Party, will constitute, valid and binding obligations of the
Borrower or such Loan Party (as the case may be), enforceable against it in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement
of creditors’ rights generally and by general principles of equity. 
 Section 4.3. Governmental Approvals; No
Conflicts. The execution, delivery and performance by the Borrower of this Agreement, and by each Loan Party of the other Loan Documents to which it is a party (a) do not require any consent or approval of, registration or filing with,
or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the
Borrower or any of its Subsidiaries or any judgment or order of any Governmental Authority, (c) will not violate or result in a default under any indenture, material agreement or other material instrument binding on the Borrower or any of its
Subsidiaries or any of its assets or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or
any of its Subsidiaries. 
 Section 4.4. Financial Statements. The Borrower has furnished to each Lender
(i) the audited consolidated balance sheet of the Borrower and its Subsidiaries as of December 31, 2012 and the related consolidated statements of income, shareholders’ equity and cash flows for the fiscal year then ended reported on
by KPMG, LLP and (ii) the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of March 31, 2013, and the related unaudited consolidated statements of income and cash flows for the fiscal quarter and
year-to-date period then ending, certified by a Responsible Officer. Such financial statements fairly present the consolidated financial condition of the Borrower and its Subsidiaries as of such dates and the consolidated results of operations for
such periods in conformity with GAAP consistently applied, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii). Since December 31, 2012, there have been no changes with
respect to the Borrower and its Subsidiaries which have had or could reasonably be expected to have, singly or in the aggregate, a Material Adverse Effect. 

  
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 Section 4.5. Litigation and Environmental Matters. 

(a) No litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination that could reasonably be expected to have, either individually or
in the aggregate, a Material Adverse Effect or (ii) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document. 
 (b) Neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any
Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability, in each case
which could reasonably be expected to have a Material Adverse Effect. 
 Section 4.6. Compliance with Laws and
Agreements. The Borrower and each Subsidiary is in compliance with (a) all applicable laws, rules, regulations and orders of any Governmental Authority, and (b) all indentures, agreements or other instruments binding upon it or its
properties, except where non-compliance, either singly or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 Section 4.7. Investment Company Act, Etc. Neither the Borrower nor any of its Subsidiaries is (a) an “investment company,” as defined in, or subject to regulation under,
the Investment Company Act of 1940, as amended, (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding Company Act of 1935, as amended or (c) otherwise subject to any other regulatory
scheme limiting its ability to incur debt or requiring any approval or consent from or registration or filing with, any Governmental Authority in connection therewith. 
 Section 4.8. Taxes. The Borrower and its Subsidiaries and each other Person for whose taxes the Borrower or any Subsidiary could become liable have timely filed or caused to be filed
all Federal income tax returns and all other material tax returns that are required to be filed by them, and have paid all taxes shown to be due and payable on such returns or on any assessments made against it or its property and all other taxes,
fees or other charges imposed on it or any of its property by any Governmental Authority, except (i) to the extent the failure to do so would not have a Material Adverse Effect or (ii) where the same are currently being contested in good
faith by appropriate proceedings and for which the Borrower or such Subsidiary, as the case may be, has set aside on its books adequate reserves. The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of such
taxes are adequate, and no tax liabilities that could be materially in excess of the amount so provided are anticipated. 

Section 4.9. Margin Regulations. None of the proceeds of any of the Loans or Letters of Credit will be used, directly
or 

  
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indirectly, for “purchasing” or “carrying” any “margin stock” with the respective meanings of each of such terms under Regulation U or for any purpose that violates
the provisions of the Regulation T, U or X. Neither the Borrower nor its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin
stock” (as defined in Regulation U). Following the application of the proceeds of any Loan, less than 25% of the value of the assets of the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge or other restriction
hereunder taken as a whole have been, and will continue to be, represented by “margin stock” (as defined in Regulation U). 
 Section 4.10. ERISA. 
 (a) No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The “benefit obligations” of
all Plans did not, as of the date of the most recent financial statements reflecting such amounts, exceed the “fair market value of the assets” of such Plans by more than $10,000,000. No event has occurred since the issuance of such
financial statements that would cause the “benefit obligations” of all Plans to exceed the “fair market value of the assets” of such Plans by the dollar amount specified in the previous sentence. The terms “benefit
obligations” and “fair market value of assets” shall be determined by and with such terms defined in accordance with FASB ASC 715. 
 (b) Each Employee Benefit Plan is in compliance in all material respects with the applicable provisions ERISA, the Code and other Requirements of Law. Except with respect to Multiemployer Plans, each
Qualified Plan (I) has received a favorable determination from the IRS applicable to the Qualified Plan’s current remedial amendment cycle (as described in Revenue Procedure 2007-44 or “2007-44” for short), (II) has timely filed
for a favorable determination letter from the IRS during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the IRS, (III) has filed for a determination letter prior to its “GUST
remedial amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired or (IV) is
maintained under a prototype or volume submitter plan and may rely upon a favorable opinion or letter issued by the IRS with respect to such prototype or volume submitter plan. No event has occurred which would cause the loss of the Borrower’s
or any ERISA Affiliate’s reliance on the Qualified Plan’s favorable determination letter or opinion or advisory letter. 
 (c) With respect to any Employee Benefit Plan that is a retiree welfare benefit arrangement, all amounts have been accrued on the Borrower’s financial statements in accordance with Statement of FASB
ASC 715. 
 (d) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:
(i) there are no pending or to the best of the Borrower’s knowledge, threatened claims, actions or lawsuits or action by any Governmental Authority, participant or beneficiary with respect to an Employee Benefit Plan; (ii) there are
no violations of the fiduciary responsibility rules with respect to any Employee Benefit Plan; and (iii) neither the Borrower nor ERISA Affiliate has engaged in a non-exempt “prohibited

  
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transaction,” as defined in Section 406 of ERISA and Section 4975 of the Code, in connection with any Employee Benefit Plan, that would subject the Borrower to a tax on prohibited
transactions imposed by Section 502(i) of ERISA or Section 4975 of the Code. 
 Section 4.11. Ownership of
Property. 
 (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all of
its real and personal property material to the operation of its business. 
 (b) Each of the Borrower and its Subsidiaries owns,
or is licensed, or otherwise has the right, to use, all patents, trademarks, service marks, tradenames, copyrights and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe
on the rights of any other Person, except for any such infringements that, individually or in the aggregate, would not have a Material Adverse Effect. 
 (c) The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts with such deductibles
and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or any applicable Subsidiary operates (it being acknowledged and agreed by the parties
hereto that the insurance coverage maintained by the Borrower and its Subsidiaries as of the Closing Date satisfies the requirements of this clause (c)). 
 Section 4.12. Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments, and corporate or other restrictions to which the Borrower or any of its Subsidiaries is
subject, and all other matters known to any of them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports (including without limitation all reports that the Borrower is
required to file with the Securities and Exchange Commission), financial statements, certificates or other information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation or
syndication of this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by any other information so furnished) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, taken as a whole, in light of the circumstances under which they were made, not misleading; 
 Section 4.13. Labor Relations. There are no strikes, lockouts or other material labor disputes or grievances against the Borrower or any of its Subsidiaries, or, to the Borrower’s
knowledge, threatened against or affecting the Borrower or any of its Subsidiaries, and no significant unfair labor practice, charges or grievances are pending against the Borrower or any of its Subsidiaries, or to the Borrower’s knowledge,
threatened against any of them before any Governmental Authority, which could reasonably be expected to have a Material Adverse Effect. All payments due from the Borrower or any of its Subsidiaries pursuant to the provisions of any collective
bargaining agreement have been paid or accrued as a liability on the books of the Borrower or any such Subsidiary, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 4.14. Subsidiaries. Schedule 4.14 sets forth the name of,
the ownership interest of the Borrower in, the jurisdiction of incorporation or organization of, and the type of, each Subsidiary as of the Closing Date. 
 Section 4.15. Foreign Assets Control Regulations, Etc. Neither the making of any Loan nor the use of the proceeds thereof will violate (a) the Trading with the Enemy Act, as
amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (b) the Patriot Act or
(c) Executive Order No. 13,224, 66 Fed. Reg. 49,079 (2001), issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism).
Without limiting the foregoing, neither Borrower nor any of its Subsidiaries is or will become a “blocked person” as described in Section 1 of such Executive Order or engages or will engage in any dealings or transactions with, or is
otherwise associated with, any such blocked person. 
 ARTICLE V  

AFFIRMATIVE COVENANTS 
 The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or the principal of and interest on any Loan or any fee or any LC Disbursements remains unpaid or any Letter of
Credit remains unpaid: 
 Section 5.1. Financial Statements and Other Information. The Borrower will deliver
to the Administrative Agent and each Lender: 
 (a) as soon as available and in any event within 90 days after the end of each
fiscal year of Borrower, a copy of the annual audited report for such fiscal year for the Borrower and its Subsidiaries, containing a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal year and the related
consolidated statements of income, shareholders’ equity and cash flows (together with all footnotes thereto) of the Borrower and its Subsidiaries for such fiscal year, setting forth in each case in comparative form the figures for the previous
fiscal year, all in reasonable detail and reported on by KPMG, LLP or other independent public accountants of nationally recognized standing (without a “going concern” or like qualification, exception or explanation and without any
qualification or exception as to scope of such audit) to the effect that such financial statements present fairly in all material respects the financial condition and the results of operations of the Borrower and its Subsidiaries for such fiscal
year on a consolidated and consolidating basis in accordance with GAAP and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards;

 (b) as soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of each
fiscal year of the Borrower, an unaudited consolidated 

  
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balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal quarter and the related unaudited consolidated statements of income and cash flows of the Borrower and its
Subsidiaries for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of Borrower’s previous fiscal year,
all certified by the chief financial officer or treasurer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with
GAAP, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with the delivery of the
financial statements referred to in clauses (a) and (b) above, a certificate of a Responsible Officer, (i) certifying as to whether there exists a Default or Event of Default on the date of such certificate, and if a Default or an
Event of Default then exists, specifying the details thereof and the action which the Borrower has taken or proposes to take with respect thereto, (ii) setting forth in reasonable detail calculations demonstrating compliance with Article VI
including calculations demonstrating Borrower’s Minimum Timber Market Value for each month, and (iii) stating whether any change in GAAP or the application thereof has occurred since the date of the Borrower’s audited financial
statements referred to in Section 4.4 and, if any change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

(d) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the
case may be; 
 (e) promptly upon the consummation of any offering of common or preferred stock of the Borrower, notice thereof
and the aggregate amount of proceeds raised therefrom; and 
 (f) promptly following any request therefor, such other
information regarding the results of operations, business affairs and financial condition of the Borrower or any Subsidiary as the Administrative Agent or any Lender may reasonably request. 

In the event that any financial statement delivered pursuant to clauses (a) or (b) immediately above or any Compliance
Certificate is shown to be inaccurate (regardless of whether this Agreement or any Commitment is in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for
any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a corrected Compliance Certificate for such
Applicable Period, (ii) the Applicable Margin for such Applicable Period shall be determined in accordance with the corrected Compliance Certificate, and (iii) the Borrower shall immediately pay to the Administrative Agent the accrued
additional interest owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent to the Obligations. This Section 5.1 shall not limit the rights of the
Administrative Agent or the Lenders with respect to Section 2.13(c) and Article VIII. 

  
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 Documents and notices required to be delivered pursuant to Section 5.01(a),
(b), or (d), (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which the Borrower posts such documents or notices, or provides a link thereto on the Borrower’s website on the Internet; or (ii) on which such documents or notices are posted on the Borrower’s behalf on an Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided, that: (i) the Borrower shall
deliver paper copies of such documents or notices to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such
Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by telecopy or electronic mail) of the posting of any such documents. The Administrative Agent shall have no obligation to request the delivery or to maintain
copies of the documents or notices referred to above, and in any event shall have no responsibility to monitor compliance by the Loan Parties with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to
it or maintaining its copies of such documents or notices. 
 Section 5.2. Notices of Material
Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default or Event of Default; 
 (b) the filing or
commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of the Borrower, affecting the Borrower or any Subsidiary which, if adversely determined, could reasonably be expected
to result in a Material Adverse Effect; 
 (c) the occurrence of any event or any other development by which the Borrower or any
of its Subsidiaries (i) fails to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) becomes subject to any Environmental Liability,
(iii) receives notice of any claim with respect to any Environmental Liability, or (iv) becomes aware of any basis for any Environmental Liability and in each of the preceding clauses, which individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect; 
 (d) the occurrence of any ERISA Event that alone, or together
with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $5,000,000; and 

(e) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

(f) Each notice delivered under this Section shall be accompanied by a written statement of a Responsible Officer setting forth the
details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

  
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 Section 5.3. Existence; Conduct of Business. The Borrower will, and will
cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and maintain in full force and effect its legal existence and its respective rights, licenses, permits, privileges, franchises, patents, copyrights,
trademarks and trade names material to the conduct of its business; provided, that nothing in this Section shall prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.3. 

Section 5.4. Compliance with Laws, Etc. The Borrower will, and will cause each of its Subsidiaries to, comply with all
laws, rules, regulations and requirements of any Governmental Authority applicable to its properties, except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. 
 Section 5.5. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries
to, pay and discharge at or before maturity, all of its obligations and liabilities (including without limitation all tax liabilities and claims that could result in a statutory Lien) before the same shall become delinquent or in default, except
where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and
(c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.6. Books and Records. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries shall be
made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the consolidated financial statements of Borrower in conformity with GAAP. 

Section 5.7. Visitation, Inspection, Appraisals Etc. 

(a) The Borrower will, and will cause each of its Subsidiaries to, permit any representative of the Administrative Agent or any Lender,
to visit and inspect its properties, to examine its books and records and to make copies and take extracts therefrom, and to discuss its affairs, finances and accounts with any of its officers and with its independent certified public accountants,
all at such reasonable times and as often as the Administrative Agent or any Lender may reasonably request after reasonable prior notice to the Borrower; provided, however, if an Event of Default has occurred and is continuing, no prior
notice shall be required. 
 (b) The Borrower will, and will cause each of its Subsidiaries to, deliver to the Lenders such
appraisals of the timber land of the Loan Parties as the Administrative Agent may reasonably request at any time and from time to time, such appraisals to be conducted by an appraiser, and in form and substance, reasonably satisfactory to the
Administrative Agent conducted at the expense of the Lenders, unless an Event of Default has occurred and is continuing, at which time such appraisals shall be conducted at the expense of the Borrower as frequently as the Required Lenders shall
request. 

  
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 Section 5.8. Maintenance of Properties; Insurance. The Borrower will, and
will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear except where the failure to do so, either individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect and (b) maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business, and the properties and business
of its Subsidiaries, against loss or damage of the kinds customarily insured against by companies in the same or similar businesses operating in the same or similar locations. 
 Section 5.9. Use of Proceeds and Letters of Credit. The Borrower will use the proceeds of all Loans to finance working capital needs, to finance acquisitions and for other general
corporate purposes of the Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that would violate any rule or regulation of the Board of Governors of the Federal Reserve
System, including Regulations T, U or X. All Letters of Credit shall be used for general corporate purposes. 

Section 5.10. Additional Subsidiaries. If any additional Subsidiary is acquired or formed after the Closing Date, the
Borrower will, within ten (10) Business Days after such Subsidiary is acquired or formed, notify the Administrative Agent and the Lenders thereof and will cause such Subsidiary to become a Subsidiary Loan Party by executing agreements in the
form of Annex I to the Subsidiary Guarantee Agreement and Annex I to the Indemnity and Contribution Agreement in form and substance satisfactory to the Administrative Agent and the Required Lenders and will cause such Subsidiary to deliver
simultaneously therewith similar documents applicable to such Subsidiary required under Section 3.1 as reasonably requested by the Administrative Agent. 
 ARTICLE VI  
 FINANCIAL COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or the principal of or interest on or any Loan
remains unpaid or any fee or any LC Disbursement remains unpaid or any Letter of Credit remains outstanding: 

Section 6.1. Leverage Ratio. The Borrower and its Subsidiaries shall maintain as of the last day of each fiscal
quarter of the Borrower, a Leverage Ratio of not greater than 0.65:1.00. 
 Section 6.2. Minimum Timber Market
Value. The Borrower and its Subsidiaries shall maintain a Timber Market Value greater than 175% of outstanding Total Senior Indebtedness. 

  
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 ARTICLE VII  

NEGATIVE COVENANTS 
 The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or the principal of or interest on any Loan remains unpaid or any fee or any LC Disbursement remains unpaid or any
Letter of Credit remains outstanding: 
 Section 7.1. Indebtedness. The Borrower will not, and will not
permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness of the
Borrower and its Subsidiaries under the Loan Documents (including without limitation Letters of Credit issued pursuant to Section 2.23); 
 (b) Indebtedness of the Borrower or any Subsidiary existing on the date hereof and set forth on Schedule 7.1 and extensions, renewals and replacements of any such Indebtedness that do not increase
the outstanding principal amount thereof (immediately prior to giving effect to such extension, renewal or replacement) or shorten the maturity or the weighted average life thereof; 

(c) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or
capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets if secured by a Lien on any such assets prior to the acquisition thereof; provided, that such Indebtedness is
incurred prior to or within 90 days after such acquisition or the completion of such construction or improvements or extensions, renewals, and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof
(immediately prior to giving effect to such extension, renewal or replacement) or shorten the maturity or the weighted average life thereof; provided further, that the aggregate principal amount of such Indebtedness does not exceed $2,000,000 at any
time outstanding; 
 (d) Indebtedness of the Borrower owing to any Subsidiary Loan Party and of any Subsidiary Loan Party owing
to the Borrower or any other Subsidiary Loan Party; 
 (e) Guarantees by the Borrower of Indebtedness of any Subsidiary Loan
Party and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary Loan Party; 
 (f) Indebtedness of any
Person which becomes a Subsidiary after the date of this Agreement; provided, that such Indebtedness exists at the time that such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a
Subsidiary and the aggregate principal amount of such Indebtedness permitted hereunder shall not exceed $5,000,000 outstanding at any time; 
 (g) the Del-Tin Guarantee; 
 (h) Indebtedness in respect of obligations under
Hedging Agreements permitted by Section 7.10; 

  
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 (i) Indebtedness incurred under a line of credit with BancorpSouth in an amount not to
exceed $1,000,000; 
 (j) Letters of credit (which are not issued pursuant to this Agreement) which are issued in the ordinary
course of business of the Borrower in an aggregate stated amount not to exceed $5,000,000; and 
 (k) other unsecured
Indebtedness in an aggregate principal amount not to exceed $5,000,000 at any time outstanding. 
 Section 7.2.
Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien on any of its assets or property now owned or hereafter acquired or, except: 

(a) Permitted Encumbrances; 
 (b) any Liens on any property or asset of the Borrower or any Subsidiary existing on the Closing Date set forth on Schedule 7.2; provided, that such Lien shall not apply to any other
property or asset of the Borrower or any Subsidiary; 
 (c) purchase money Liens upon or in any fixed or capital assets to
secure the purchase price or the cost of construction or improvement of such fixed or capital assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction or improvement of such fixed or capital assets
(including Liens securing any Capital Lease Obligations); provided, that (i) such Lien secures Indebtedness permitted by Section 7.1(c), (ii) such Lien attaches to such asset concurrently or within 90 days after
the acquisition, improvement or completion of the construction thereof; (iii) such Lien does not extend to any other asset; and (iv) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such
fixed or capital assets; 
 (d) any Lien (i) existing on any asset of any Person at the time such Person becomes a
Subsidiary of the Borrower, (ii) existing on any asset of any Person at the time such Person is merged with or into the Borrower or any Subsidiary of the Borrower or (iii) existing on any asset prior to the acquisition thereof by the
Borrower or any Subsidiary of the Borrower; provided, that any such Lien was not created in the contemplation of any of the foregoing and any such Lien secures only those obligations which it secures on the date that such Person becomes a
Subsidiary or the date of such merger or the date of such acquisition; and 
 (e) extensions, renewals, or replacements of any
Lien referred to in paragraphs (a) through (d) of this Section; provided, that the principal amount of the Indebtedness secured thereby is not increased and that any such extension, renewal or replacement is limited to the assets
originally encumbered thereby. 
 Section 7.3. Fundamental Changes. 

(a) The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate into any other Person, or permit any other
Person to merge into or consolidate with it 

  
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or liquidate or dissolve; provided, that if at the time thereof and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing
(i) the Borrower or any Subsidiary may merge with a Person if the Borrower (or such Subsidiary if the Borrower is not a party to such merger) is the surviving Person, (ii) any Subsidiary may merge into another Subsidiary; provided,
that if any party to such merger is a Subsidiary Loan Party, the Subsidiary Loan Party shall be the surviving Person and (iii) any Subsidiary (other than a Subsidiary Loan Party) may liquidate or dissolve if the Borrower determines in good
faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; provided, that any such merger involving a Person that is not a wholly-owned Subsidiary immediately
prior to such merger shall not be permitted unless also permitted by Section 7.4. 
 (b) The Borrower will not, and
will not permit any of its Subsidiaries to, engage in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date hereof and businesses reasonably related thereto. 

Section 7.4. Investments, Loans, Etc. The Borrower will not, and will not permit any of its Subsidiaries to, purchase,
hold or acquire (including pursuant to any merger with any Person that was not a wholly-owned Subsidiary prior to such merger), any capital stock, evidence of indebtedness or other securities (including any option, warrant, or other right to acquire
any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) all or substantially all of the assets of a Person, or any assets of any other Person that constitute a business unit or division of any other Person, or create or form any Subsidiary (all of the foregoing being collectively
called “Investments”), except: 
 (a) Investments (other than Permitted Investments) existing on the date
hereof and set forth on Schedule 7.4 (including Investments in Subsidiaries); 
 (b) Permitted Investments; 

(c) Guarantees constituting Indebtedness permitted by Section 7.1; 

(d) Investments made by the Borrower in or to any Subsidiary Loan Party and by any Subsidiary to the Borrower or in or to another
Subsidiary Loan Party; 
 (e) Loans or advances to employees, officers or directors of the Borrower or any Subsidiary in the
ordinary course of business for travel, relocation and related expenses; provided, however, that the aggregate amount of all such loans and advances does not exceed $500,000 at any time; 

(f) Hedging Agreements permitted by Section 7.10; and 

(g) Investments consisting of the Acquisition of assets of or equity interests in a Person provided: (i) such Acquisition
would not cause the Leverage Ratio or the Minimum Timber Market Value covenants (each calculated on a Pro Forma Basis taking into account such Acquisition) to be violated; (ii) no Default or Event of Default exists or would exist taking into

  
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account such Acquisition; and (iii) the Administrative Agent has received prior to such Acquisition, a Pro Forma Compliance Certificate demonstrating compliance with clause (ii) of this
subsection. 
 Section 7.5. Restricted Payments. The Borrower will not, and will not permit its
Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any dividend or distribution on any class of its stock, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, retirement, defeasance or other acquisition of, any shares of stock or Indebtedness subordinated to the Obligations of the Borrower or any options, warrants, or other rights to purchase such stock or such Indebtedness, whether
now or hereafter outstanding (each, a “Restricted Payment”), except for (i) dividends payable by the Borrower in shares of any class of its common stock, (ii) Restricted Payments made by any Subsidiary to the Borrower or
to another Subsidiary and (iii) cash dividends paid on, and cash redemptions of, the common stock or preferred stock of the Borrower; provided, that no Default or Event of Default has occurred and is continuing at the time such dividend
is paid or redemption is made. 
 Section 7.6. Sale of Assets. The Borrower will not, and will not permit any
of its Subsidiaries to, convey, sell, lease, assign, transfer or otherwise dispose of, any of its assets, business or property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such
Subsidiary’s capital stock to any Person other than the Borrower (or to qualify directors if required by applicable law), except (i) the sale of or other disposition for fair market value of obsolete or worn out property, or other property
which is not necessary for strategic purposes or for operations, which is disposed of in the ordinary course of business, (ii) the sale of inventory and Permitted Investments in the ordinary course of business, (iii) the sale of timber
land and real estate in connection with any Asset Like Kind Exchange, (iv) other sales of assets not to exceed $5,000,000 in the aggregate in any fiscal year of the Borrower or (v) the sale of assets in the ordinary course of business not
to exceed $1,000,000 at any one time. 
 Section 7.7. Transactions with Affiliates. The Borrower will not,
and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its
Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(b) transactions between or among the Borrower and its wholly-owned Subsidiaries not involving any other Affiliates and (c) any Restricted Payment permitted by Section 7.5. 

Section 7.8. Restrictive Agreements. The Borrower will not, and will not permit any Subsidiary to, directly or
indirectly, enter into, incur or permit to exist any agreement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit any Lien upon any of its assets or properties,
whether now owned or hereafter acquired, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to its common stock, to make or repay loans or advances to the Borrower or any other Subsidiary, to
Guarantee 

  
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Indebtedness of the Borrower or any other Subsidiary or to transfer any of its property or assets to the Borrower or any Subsidiary of the Borrower; provided, that (i) the foregoing
shall not apply to restrictions or conditions imposed by law or by this Agreement or any other Loan Document or the Note Purchase Agreement, (ii) the foregoing shall not apply to customary restrictions and conditions contained in
agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is sold and such sale is permitted hereunder, (iii) clause (a) shall not apply to restrictions
or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing such Indebtedness and (iv) clause (a) shall not apply to
customary provisions in leases restricting the assignment thereof. 
 Section 7.9. Sale and Leaseback
Transactions. The Borrower will not, and will not permit any of the Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business,
whether now owned or hereinafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred. 

Section 7.10. Hedging Agreements. The Borrower will not, and will not permit any of the Subsidiaries to, enter into
any Hedging Agreement other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.
Solely for the avoidance of doubt, the Borrower acknowledges that a Hedging Agreement entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedging Agreement under which the Borrower or any of the
Subsidiaries is or may become obliged to make any payment (i) in connection with the purchase by any third party of any capital stock or any Indebtedness or (ii) as a result of changes in the market value of any capital stock or any
Indebtedness) is not a Hedging Agreement entered into in the ordinary course of business to hedge or mitigate risks. 

Section 7.11. Amendment to Material Documents. The Borrower will not, and will not permit any Subsidiary to, amend,
modify or waive any of its rights in a manner materially adverse to the Lenders under (a) its certificate of incorporation, bylaws or other organizational documents or (b) the Note Purchase Agreement. 

Section 7.12. Accounting Changes. The Borrower will not, and will not permit any Subsidiary to, make any significant
change in accounting treatment or reporting practices, except as required or permitted by GAAP, or change the fiscal year of the Borrower or of any Subsidiary, except to change the fiscal year of a Subsidiary to conform its fiscal year to that of
the Borrower. 
 Section 7.13. Government Regulations. Neither the Borrower nor any of its Subsidiaries will
(a) be or become subject at any time to any law, regulation, or list of any Governmental Authority of the United States (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits

  
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or limits the Lenders or the Administrative Agent from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Loan Parties, or (b) fail to
provide documentary and other evidence of the identity of the Loan Parties as may be requested by the Lenders or the Administrative Agent at any time to enable the Lenders or the Administrative Agent to verify the identity of the Loan Parties or to
comply with any applicable law or regulation, including, without limitation, Section 326 of the Patriot Act. 

Section 7.14. ERISA. The Borrower will not cause or permit to occur, and will not cause or permit any ERISA Affiliate
to cause or permit to occur, an ERISA Event to the extent such ERISA Event could reasonably be expected to have a Material Adverse Effect. 
 ARTICLE VIII  
 EVENTS OF DEFAULT 

Section 8.1. Events of Default. If any of the following events (each an “Event of Default”) shall
occur: 
 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC
Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment or otherwise; or 
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount payable under clause (a) of this Article) payable under this Agreement or any other
Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; or 
 (c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any other Loan Document (including the Schedules
attached thereto) and any amendments or modifications hereof or waivers hereunder, or in any certificate, report, financial statement or other document submitted to the Administrative Agent or the Lenders by any Loan Party or any representative of
any Loan Party pursuant to or in connection with this Agreement or any other Loan Document shall prove to be incorrect in any material respect when made or deemed made or submitted; or 

(d) the Borrower shall fail to observe or perform any covenant or agreement contained in Sections 5.1, 5.2, 5.3
(with respect to the Borrower’s existence) or Articles VI or VII; or 
 (e) any Loan Party shall fail to observe or perform
any covenant or agreement contained in this Agreement (other than those referred to in clauses (a), (b) and (d) above), and such failure shall remain unremedied for 30 days after the earlier of (i) any officer of the Borrower
becomes aware of such failure, or (ii) notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender; or 
 (f) the Borrower or any Subsidiary (whether as primary obligor or as guarantor or other surety) shall fail to pay any principal of or premium or interest on any Material

  
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Indebtedness that is outstanding, when and as the same shall become due and payable (whether at scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall
continue after the applicable grace period, if any, specified in the agreement or instrument evidencing such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to such Indebtedness and
shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or permit the acceleration of, the maturity of such Indebtedness; or any such
Indebtedness shall be declared to be due and payable; or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or any offer to prepay, redeem, purchase or defease such
Indebtedness shall be required to be made, in each case prior to the stated maturity thereof; or 
 (g) the Borrower or any
Subsidiary Loan Party shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official of it or any substantial part of its property, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (i) of this Section, (iii) apply for or consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any such
Subsidiary Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or
(vi) take any action for the purpose of effecting any of the foregoing; or 
 (h) an involuntary proceeding shall be
commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary Loan Party or its debts, or any substantial part of its assets, under any federal, state or
foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any Subsidiary Loan Party or for a substantial
part of its assets, and in any such case, such proceeding or petition shall remain undismissed for a period of 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or 

(i) the Borrower or any Subsidiary Loan Party shall become unable to pay, shall admit in writing its inability to pay, or shall fail to
pay, its debts as they become due; or 
 (j) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with other ERISA Events that have occurred, could reasonably be expected to result in liability to the Borrower and the Subsidiaries in an aggregate amount exceeding $5,000,000; or 

(k) Borrower shall fail to observe or perform any covenant or agreement in the Del-Tin Guarantee and such failure shall remain unremedied
after any cure period or grace period therein; or 
 (l) any judgment or order for the payment of money in excess of $5,000,000
in the aggregate shall be rendered against the Borrower or any Subsidiary, and either (i)

  
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enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be a period of 30 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; or 
 (m) any non-monetary
judgment or order shall be rendered against the Borrower or any Subsidiary that could reasonably be expected to have a Material Adverse Effect, and there shall be a period of 30 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; or 
 (n) a Change in Control shall occur
or exist; or 
 (o) any provision of any Subsidiary Guarantee Agreement shall for any reason cease to be valid and binding on,
or enforceable against, any Subsidiary Loan Party, or any Subsidiary Loan Party shall so state in writing, or any Subsidiary Loan Party shall seek to terminate its Subsidiary Guarantee Agreement; or 

(p) an “Event of Default” shall occur under any other Loan Document; 
 then, and in every such event (other than an event with respect to the Borrower described in clause (g) or (h) of this Section) and at any time thereafter during the continuance of such event,
the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate the Commitments, whereupon the
Commitment of each Lender shall terminate immediately; (ii) declare the principal of and any accrued interest on the Loans, and all other Obligations owing hereunder, to be, whereupon the same shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) exercise all remedies contained in any other Loan Document; and that, if an Event of Default specified in either clause
(g) or (h) shall occur, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon, and all fees, and all other Obligations shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

ARTICLE IX  
 THE ADMINISTRATIVE AGENT 
 Section 9.1. Appointment of
Administrative Agent. 
 (a) Each Lender irrevocably appoints SunTrust Bank as the Administrative Agent and authorizes
it to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent under this Agreement and the other Loan Documents, together with all such actions and powers that are reasonably incidental thereto. The
Administrative Agent may perform any of its duties hereunder or under the other Loan Documents by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of
its duties and exercise its rights and powers through their 

  
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respective Related Parties. The exculpatory provisions set forth in this Article shall apply to any such sub-agent and the Related Parties of the Administrative Agent and any such sub-agent and
shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 (b) The 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
Administrative Agent may agree at the request of the Required Lenders to act for the Issuing Bank with respect thereto; provided, that the Issuing Bank shall have all the benefits and immunities (i) provided to the Administrative Agent in this
Article IX with respect to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and the application and agreements for Letters of Credit pertaining to the Letters
of Credit as fully as the term “Administrative Agent” as used in this Article IX included the Issuing Bank with respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to the Issuing Bank.

 Section 9.2. Nature of Duties of Administrative Agent. The Administrative Agent shall not have any duties
or obligations except those expressly set forth in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default or an Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except those discretionary rights
and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.2), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of its Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.2) or in the absence of its own gross negligence or willful misconduct
as determined by a final, non-appealable judgment by a court of competent jurisdiction. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof (which notice shall
include an express reference to such event being a “Default” or an “Event of Default” hereunder) is given to the Administrative Agent by the Borrower or any Lender, and the Administrative Agent shall not be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any 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 and conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of
any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article III or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to
the Administrative Agent. The Administrative Agent may consult with legal counsel (including counsel for the Borrower) concerning all matters pertaining to such duties. 

  
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 Section 9.3. Lack of Reliance on the Administrative Agent. Each of the
Lenders, the Swingline Lender and the Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent, the Issuing Bank or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each of the Lenders, the Swingline Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, the
Issuing Bank or any other Lender and based on such documents and information as it has deemed appropriate, continue to make its own decisions in taking or not taking of any action under or based on this Agreement, any related agreement or any
document furnished hereunder or thereunder. Each of the Lenders acknowledges and agrees that outside legal counsel to the Administrative Agent in connection with the preparation, negotiation, execution, delivery and administration (including any
amendments, waivers and consents) of this Agreement and the other Loan Documents is acting solely as counsel to the Administrative Agent and is not acting as counsel to any Lender (other than the Administrative Agent and its Affiliates) in
connection with this Agreement, the other Loan Documents or any of the transactions contemplated hereby or thereby. 

Section 9.4. Certain Rights of the Administrative Agent. If the Administrative Agent shall request instructions from
the Required Lenders with respect to any action or actions (including the failure to act) in connection with this Agreement, the Administrative Agent shall be entitled to refrain from such act or taking such act, unless and until it shall have
received instructions from such Lenders; and the Administrative Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative
Agent as a result of the Administrative Agent acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders where required by the terms of this Agreement. 

Section 9.5. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, posting or other distribution) believed by it to be genuine and to have been signed,
sent or made by the proper Person. The Administrative Agent may also rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person and shall not incur any liability for relying thereon. The
Administrative Agent may consult with legal counsel (including counsel for the Borrower), independent public 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 such counsel, accountants or experts. 
 Section 9.6. The Administrative Agent in its Individual Capacity.
The bank serving as the Administrative Agent shall have the same rights and powers under this 

  
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Agreement and any other Loan Document in its capacity as a Lender as any other Lender and may exercise or refrain from exercising the same as though it were not the Administrative Agent; and the
terms “Lenders”, “Required Lenders”, “holders of Notes”, or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity. The bank acting as the
Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Subsidiary or Affiliate of the Borrower as if it were not the Administrative Agent hereunder.

 Section 9.7. Successor Administrative Agent. 

(a) The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower. Upon any such resignation,
the Required Lenders shall have the right to appoint a successor Administrative Agent, subject to the approval by the Borrower provided that no Default or Event of Default shall exist at such time. If no successor Administrative Agent shall have
been so appointed, and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a
successor Administrative Agent, which shall be a commercial bank organized under the laws of the United States of America or any state thereof or a bank which maintains an office in the United States, having a combined capital and surplus of at
least $500,000,000. 
 (b) Upon the acceptance of its appointment as the Administrative Agent hereunder by
a successor, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations under this Agreement and the other Loan Documents. If within 45 days after written notice is given of the retiring Administrative Agent’s resignation under this Section 9.7 no successor Administrative Agent
shall have been appointed and shall have accepted such appointment, then on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring Administrative Agent shall thereupon be discharged from its duties and obligations under
the Loan Documents and (iii) the Required Lenders shall thereafter perform all duties of the retiring Administrative Agent under the Loan Documents until such time as the Required Lenders appoint a successor Administrative Agent as provided
above. After any retiring Administrative Agent’s resignation hereunder, the provisions of this Article IX shall continue in effect for the benefit of such retiring Administrative Agent and its representatives and agents in respect of any
actions taken or not taken by any of them while it was serving as the Administrative Agent. 
 (c) In addition to the foregoing,
if a Lender becomes, and during the period it remains, a Defaulting Lender, the Issuing Bank and/or the Swingline Lender may, upon prior written notice to the Borrower and the Administrative Agent, resign as Issuing Bank or Swingline Lender,
respectively, effective at the close of business on a date specified in such notice (which date may not be less than five Business Days after the date of such notice); provided that such resignation by the Issuing Bank will have no effect on
the validity or enforceability of any Letter of Credit then outstanding or on the obligations of the Borrower or any Lender under this Agreement with respect to any such outstanding Letter of Credit or

  
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otherwise to the Issuing Bank; and provided, further, that such resignation by the Swingline Lender will have no effect on its rights in respect of any outstanding Swingline Loans
or on the obligations of the Borrower or any Lender under this Agreement with respect to any such outstanding Swingline Loan. 

Section 9.8. Authorization to Execute other Loan Documents. Each Lender hereby authorizes the Administrative Agent to
execute on behalf of all Lenders all Loan Documents other than this Agreement. 
 Section 9.9. Withholding
Tax. To the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the
United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or
because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent
(to the extent that the Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or
otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. 
 Section 9.10. Administrative Agent May File Proofs of Claim. 

(a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or any Revolving Credit Exposure shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans or Revolving
Credit Exposure 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 Bank, the Swingline Lender and the Administrative Agent
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Bank, the Swingline Lender and the Administrative Agent and its agents and counsel and all other amounts due the Lenders, the
Issuing Bank, the Swingline Lender and the Administrative Agent under Section 10.3) allowed in such judicial proceeding; and 
 (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and 

  
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 (b) Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender, the Swingline Lender and the Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments
directly to the Lenders, the Swingline Lender and the Issuing Bank, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and
any other amounts due the Administrative Agent under Section 10.3. 
 Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender, the Swingline Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the
rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 
 ARTICLE X 
 MISCELLANEOUS 

Section 10.1. Notices. 
 (a) Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications to any party herein to be effective shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
  

					
	To the Borrower:	  	Deltic Timber Corporation
		  	210 East Elm Street
		  	El Dorado, Arkansas 71730
		  	Attention:	 	Ken Mann, Vice President, CFO &
		  		 	Treasurer
		  	Telecopy Number: (870) 881-6457
		
	To the Administrative	  	
	Agent:	  	SunTrust Bank
		  	303 Peachtree Street, N. E.
		  	Atlanta, Georgia 30308
		  	Attention: William Taylor
		  	Telecopy Number: 404-532-0417

  
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	With a copy to:	  	SunTrust Bank
		  	Agency Services
		  	303 Peachtree Street, N. E./ 25th Floor
		  	Atlanta, Georgia 30308
		  	Attention: Mr. Doug Weltz
		  	Telecopy Number: (404) 495-2170
		
		  	and
		
		  	Alston & Bird LLP
		  	1201 West Peachtree Street
		  	Atlanta, Georgia 30309
		  	Attention: Rick D. Blumen, Esq.
		  	Telecopy: (404) 253-8366
		
	To the Issuing Bank:	  	SunTrust Bank
		  	245 Peachtree Center Avenue
		  	17th FL, Mail Code GA-ATL-3707
		  	Atlanta, Georgia 30303
		  	Attention: Standby Letter of Credit Department
		  	Telecopy Number: (404) 588-8129
		
	To the Swingline Lender:	  	SunTrust Bank
		  	Agency Services
		  	303 Peachtree Street, N.E./25th Floor
		  	Atlanta, Georgia 30308
		  	Attention: Mr. Doug Weltz
		  	Telecopy Number: (404) 221-2001
		
	To any other Lender:	  	the address set forth in the Administrative
		  	Questionnaire or the Assignment and Acceptance
		  	Agreement executed by such Lender

 Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to
the other parties hereto. All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery, or transmitted in legible form by facsimile machine,
respectively, or if mailed, upon the third Business Day after the date deposited into the mails or if delivered, upon receipt; provided, that notices delivered to the Administrative Agent, the Issuing Bank or the Swingline Lender shall not be
effective until actually received by such Person at its address specified in this Section 10.1. 
 (b) Any agreement
of the Administrative Agent, the Issuing Bank and the Lenders herein to receive certain notices by telephone, facsimile or other electronic transmission is solely for the convenience and at the request of the Borrower. The Administrative Agent, the
Issuing Bank and the Lenders shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrower to give such notice and the Administrative Agent, the Issuing

  
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Bank and the Lenders shall not have any liability to the Borrower or other Person on account of any action taken or not taken by the Administrative Agent, the Issuing Bank and the Lenders in
reliance upon such telephonic or facsimile notice. The obligation of the Borrower to repay the Loans and all other Obligations hereunder shall not be affected in any way or to any extent by any failure of the Administrative Agent, the Issuing Bank
and the Lenders to receive written confirmation of any telephonic or facsimile notice or the receipt by the Administrative Agent, the Issuing Bank and the Lenders of a confirmation which is at variance with the terms understood by the Administrative
Agent, the Issuing Bank and the Lenders to be contained in any such telephonic or facsimile notice. 
 Section 10.2.
Waiver; Amendments. 
 (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in
exercising any right or power hereunder or any other Loan Document, and no course of dealing between the Borrower and the Administrative Agent or any Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right or power or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power hereunder or thereunder. The rights and remedies of the
Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision of this Agreement or any other Loan
Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the
Administrative Agent or any Lender or the Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time. 
 (b) No amendment or waiver of any provision of this Agreement or the other Loan Documents, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be
in writing and signed by the Borrower and the Required Lenders or the Borrower and the Administrative Agent with the consent of the Required Lenders and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, that no amendment or waiver shall: (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or
reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly adversely affected thereby, (iii) postpone the date fixed for any scheduled payment of any principal (excluding any
mandatory prepayment) of, or interest on, any Loan or LC Disbursement or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of any Commitment, without the
written consent of each Lender directly adversely affected thereby, (iv) change Section 2.8(b) or Section 2.20 (b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without
the written consent of each Lender directly adversely affected thereby, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the

  
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number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the consent of each Lender;
(vi) release the Borrower or any guarantor or limit the liability of the Borrower under the Loan Documents or any such guarantor under any guaranty agreement, without the written consent of each Lender; (vii) release all or substantially
all collateral (if any) securing any of the Obligations, without the written consent of each Lender; provided further, that no such agreement shall amend, modify or otherwise affect the rights, duties or obligations of the Administrative
Agent, the Swingline Lender or the Issuing Bank without the prior written consent of such Person. Notwithstanding anything contained herein to the contrary, (x) no Defaulting Lender shall have any right to approve or disapprove any amendment,
waiver or consent hereunder, except that the Revolving Commitment of such Defaulting Lender may not be increased or extended without the consent of such Lender and (y) this Agreement may be amended and restated without the consent of any Lender
(but with the consent of the Borrower and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Revolving Commitments of such
Lender shall have terminated (but such Lender shall continue to be entitled to the benefits of Section 2.18, Section 2.19, Section 2.20 and Section 10.3, such Lender shall have no other commitment or
other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement. Notwithstanding anything herein or otherwise to the contrary, any Event of Default
occurring hereunder shall continue to exist (and shall be deemed to be continuing) until such time as such Event of Default is waived in writing in accordance with the terms of this Section notwithstanding (i) any attempted cure or other action
taken by the Borrower or any other Person subsequent to the occurrence of such Event of Default or (ii) any action taken or omitted to be taken by the Administrative Agent or any Lender prior to or subsequent to the occurrence of such Event of
Default (other than the granting of a waiver in writing in accordance with the terms of this Section). 
 Section 10.3.
Expenses; Indemnification 
 (a) The Borrower shall pay (i) all reasonable and documented, out-of-pocket costs
and expenses of the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates, in connection with the syndication of the credit facilities provided
for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement or any other Loan Document shall be consummated), (ii) all
reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented
out-of-pocket costs and expenses (including, without limitation, the reasonable and documented fees, charges and disbursements of outside counsel) incurred by the Administrative Agent, the Issuing Bank or any Lender in connection with the
enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or any Letters of Credit issued hereunder, including all such
reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

  
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 (b) The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each
Lender and the Issuing Bank, 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 reasonable losses, claims, damages,
liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any outside counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the 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, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal
by the 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 Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the 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 Borrower or any other Loan Party, and regardless of whether any
Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in
bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction. 
 (c) The Borrower shall pay, and hold the Administrative Agent, the Issuing Bank and each of the Lenders
harmless from and against, any and all stamp, documentary, and other similar filing fees or taxes with respect to the perfection or maintenance of any Lien, if any, in favor of the Administrative Agent granted under any Loan Documents and save the
Administrative Agent and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such fees or taxes. 
 (d) To the extent that the Borrower fails to pay any amount required to be paid to the Administrative Agent, the Issuing Bank or the Swingline Lender under clauses (a), (b) or (c) hereof, each
Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s pro rata share (determined as of the time that the unreimbursed expense or indemnity payment is sought) of
such unpaid amount; provided, that the unreimbursed expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Issuing Bank or the
Swingline Lender in its capacity as such. 
 (e) To the extent permitted by applicable law, neither the Borrower nor any other
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

  
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actual or direct damages) arising out of, in connection with or as a result of, this Agreement or any agreement or instrument contemplated hereby, the transactions contemplated therein, any Loan
or any Letter of Credit or the use of proceeds thereof. To the extent permitted by applicable law, neither the Administrative Agent nor any Lender will assert, and each Lender and the Administrative Agent hereby waives, any claim against Borrower or
any Loan Party, on any theory of liability, for consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of, this Agreement or any agreement or instrument contemplated hereby or the
transactions contemplated therein. 
 (f) All amounts due under this Section shall be payable on the Closing Date if due on such
date or, with respect to any other amounts, within ten (10) Business Days after Borrower’s receipt of written demand therefor. 
 Section 10.4. Successors and Assigns. 
 (a) 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 the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
paragraph (f) of this Section (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 paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and
the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) 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 and the Loans at the time owing to it); provided that any such assignment shall be subject
to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans
at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender
or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in
Section 10.4(b)(i)(A), the aggregate amount of the Commitment (which for this purpose includes Loans and Revolving Credit Exposure outstanding thereunder) or, if the applicable 

  
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Commitment is not then in effect, the principal outstanding balance of the Loans and Revolving Credit Exposure 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 Administrative Agent or, if “Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date) shall not be less than $1,000,000, unless each
of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that the Borrower shall be deemed to have
consented to any such lower amount unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof. 

(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 Loans, Revolving Credit Exposure or the Commitments assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion
of its rights and obligations on a non-pro rata basis. 
 (iii) Required Consents. No consent shall
be required for any assignment except to the extent required by Section 10.4(b)(i)(B) and, in addition: 
 (A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such
assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within 5 Business Days after having received notice thereof; 
 (B) the consent of the
Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and

 (C) the consent of the Issuing Bank and Swingline Lender shall be required for any assignment. 

(iv) Assignment and Acceptance. The parties to each assignment shall deliver to the Administrative Agent (A) a
duly executed Assignment and Acceptance, (B) a processing and recordation fee of $3,500; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment, (C) an Administrative Questionnaire unless the assignee is already a Lender and (D) the documents required under Section 2.19 if such assignee is a Foreign Lender. 

(v) No Assignment to Borrower. No such assignment shall be made to (A) the Borrower or any of the
Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B). 

  
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 (vi) No Assignment to Natural Persons. No such assignment shall be
made to a natural person. 
 (vii) Certain Additional Payments. In connection with any assignment of
rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Bank, the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire
(and fund as appropriate) its full pro rata share of all Revolving Loans and participations in Letters of Credit and Swingline Loans in accordance with its Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment of rights and
obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of
this Agreement until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph
(c) of this Section 10.4, 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
2.17, 2.18, 2.19 and 10.3) with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no
assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this paragraph 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 paragraph (d) of this Section 10.4. If
the consent of the Borrower to an assignment is required hereunder (including a consent to an assignment which does not meet the minimum assignment thresholds specified above), the Borrower shall be deemed to have given its consent five
(5) Business Days after the date notice thereof has actually been delivered by the assigning Lender (through the Administrative Agent) to the Borrower, unless such consent is expressly refused by the Borrower prior to such fifth Business Day.

  
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 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower,
shall maintain at one of its offices in Atlanta, Georgia 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 amounts (and stated
interest) of the Loans and Revolving Credit Exposure 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 Borrower, the
Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Lender
at any reasonable time and from time to time upon reasonable prior notice; information contained in the Register shall also be available for inspection by the Borrower at any reasonable time and from time to time upon reasonable prior notice. In
establishing and maintaining the Register, the Administrative Agent shall serve as the Borrower’s agent solely for tax purposes and solely with respect to the actions described in this Section, and the Borrower hereby agrees that, to the extent
SunTrust Bank serves in such capacity, SunTrust Bank and its officers, directors, employees, agents, sub-agents and affiliates shall constitute an “Indemnitee” for purposes of Section 10.3. 

(d) Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, the Issuing Bank or the
Swingline Lender sell participations to any Person (other than a natural person, a Defaulting Lender, the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans 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 Borrower, the Administrative Agent, the Lenders, the Issuing Bank and the Swingline Lender shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 2.19(e) with
respect to any payments made by such Lender to its Participant(s). 
 (e) 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, modification or waiver described in Section 10.2(b) that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.17, 2.18 and 2.19 (subject to the requirements and limitations therein, including the requirements under Section 2.19(g) (it being understood that
the documentation required under Section 2.19(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section;
provided that such Participant (A) agrees to be subject to the provisions of Sections 2.21 and 2.22 as if it were an assignee under clause (b) of this Section; and (B) shall not be entitled to receive any
greater payment under Sections 2.17 and 2.19, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from
a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate

  
 -82-

 
with the Borrower to effectuate the provisions of Section 2.22 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits
of Section 10.7 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.20(c) 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 Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans 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) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (f) Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation 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. 

Section 10.5. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement and the other Loan Documents shall be construed in accordance with and be governed by the law (without giving effect
to the conflict of law principles thereof) of the State of Georgia. 
 (b) The Borrower hereby irrevocably and unconditionally
submits to the non-exclusive jurisdiction of the United States District Court of the Northern District of Georgia, and of any state court of the State of Georgia located in Fulton County and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Georgia state court or, to the extent permitted by applicable law, such Federal court. Each of the parties hereto 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 in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any
right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower in the courts of any jurisdiction. 

  
 -83-

 (c) The Borrower irrevocably and unconditionally waives any objection which it may now
or hereafter have to the laying of venue of any such suit, action or proceeding described in paragraph (b) of this Section and brought in any court referred to in paragraph (b) of this Section. Each of the parties hereto irrevocably
waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to the service of process in the manner provided for notices in Section 10.1. Nothing in this Agreement or in any other Loan Document will
affect the right of any party hereto to serve process in any other manner permitted by law. 
 Section 10.6. WAIVER
OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 10.7. Right of
Setoff. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, each Lender and the Issuing Bank shall have the right, at any time or from time to time upon the occurrence and
during the continuance of an Event of Default, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, to set off and apply against all deposits (general or special,
time or demand, provisional or final) of the Borrower at any time held or other obligations at any time owing by such Lender or the Issuing Bank to or for the credit or the account of the Borrower against any and all Obligations held by such Lender
or the Issuing Bank irrespective of whether such Lender or the Issuing Bank shall have made demand hereunder and although such Obligations may be unmatured. Each Lender and the Issuing Bank agrees promptly to notify the Administrative Agent and the
Borrower after any such set-off and any application made by such Lender and the Issuing Bank, as the case may be; provided, that the failure to give such notice shall not affect the validity of such set-off and application. 

Section 10.8. Counterparts; Integration. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by telecopy or by email, in .pdf format), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Agreement, the other Loan Documents,
and any separate letter 

  
 -84-

 
agreement(s) relating to any fees payable to the Administrative Agent constitute the entire agreement among the parties hereto and thereto regarding the subject matters hereof and thereof and
supersede all prior agreements and understandings, oral or written, regarding such subject matters. Delivery of an executed counterpart of a signature page of this Agreement and any other Loan Document by telecopy or by email, in pdf format, shall
be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document. 

Section 10.9. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in
the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making
of any Loans and the issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge
of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding, and so long as the Commitments have not expired or terminated. The provisions of Sections 2.17, 2.18, 2.19, and 10.3 and Article IX
shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and, the Commitments or the termination of
this Agreement or any provision hereof. All representations and warranties made herein, in the certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement and
the other Loan Documents, the making of the Loans and the issuance of the Letter of Credit. 
 Section 10.10.
Severability. Any provision of this Agreement or any other Loan Document held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or
unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof or thereof. 

Section 10.11. Confidentiality. The Administrative Agent, the Issuing Bank and each Lender agrees to take normal and
reasonable precautions to maintain the confidentiality of any information designated in writing as confidential and provided to it by the Borrower or any Subsidiary, except that such information may be disclosed (i) to any Related Party of the
Administrative Agent, the Issuing Bank or any such Lender, including without limitation accountants, legal counsel and other advisors, (ii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(iii) to the extent requested by any regulatory agency or authority, (iv) to the extent that such information becomes publicly available other than as a result of a breach of this Section, or which becomes available to the Administrative
Agent, the Issuing Bank any Lender or any Related Party of any of the foregoing on a nonconfidential basis from a source other than the Borrower, (v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder, and (ix) subject to provisions substantially similar to this Section 10.11, to any actual or prospective assignee or

  
 -85-

 
Participant, or (vi) with the consent of the Borrower. Any Person required to maintain the confidentiality of any information as provided for in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such information as such Person would accord its own confidential information. 

Section 10.12. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which may be treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate of interest (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by a Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate
to the date of repayment, shall have been received by such Lender. 
 Section 10.13. Waiver of Effect of Corporate
Seal. The Borrower represents and warrants that neither it nor any other Loan Party is required to affix its corporate or company seal to this Agreement or any other Loan Document pursuant to any requirement of law or regulation, and waives
any shortening of the statute of limitations that may result from not affixing the corporate seal to this Agreement or such other Loan Documents. 
 Section 10.14. Independence of Covenants. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by
any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition
exists. 
 Section 10.15. Patriot Act. The Administrative Agent and each Lender hereby notifies the Loan
Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will
allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. Each Loan Party shall, and shall cause each of its Subsidiaries to, provide to the extent commercially reasonable, such
information and take such other actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act. 

Section 10.16. No Advisory or Fiduciary Relationship. In connection with all aspects of the transactions contemplated
hereby (including in connection with 

  
 -86-

 
any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and the Arranger are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand,
and the Administrative Agent, the Lenders and the Arranger, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower 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) each of the Administrative Agent, the Lenders and the Arranger 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 Borrower or any of its Affiliates, or any other Person and
(B) neither the Administrative Agent nor any Lender or the Arranger has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (iii) the Administrative Agent, each Lender and the Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its
Affiliates, and neither the Administrative Agent nor any Lender or the Arranger has any obligation to disclose any of such interests to the Borrower or any of its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and
releases any claims that it may have against the Administrative Agent or any Lender or the Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

  
 -87-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their respective authorized officers as of the day and year first above written. 
  

			
	DELTIC TIMBER CORPORATION
		
	By:	 	 /s/ Kenneth D. Mann

		
	Name:	 	 Kenneth D. Mann

		
	Title:	 	 Vice President & Chief Financial Officer

 
			
	SUNTRUST BANK,
	as Administrative Agent, Issuing Bank, Swingline Lender and a Lender
		
	By:	 	 /s/ Todd Haynes

		
	Name:	 	 Todd Haynes

		
	Title:	 	 First Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 
			
	AMERICAN AGCREDIT, PCA,
	as a Lender
		
	By:	 	 /s/ Janice T. Thede

		
	Name:	 	 Janice T. Thede

		
	Title:	 	 Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 
			
	REGIONS BANK,
	 as a Lender

		
	 By:
	 	 /s/ Bryan W. Ford

		
	 Name:
	 	 Bryan W. Ford

		
	 Title:
	 	 Senior Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 
			
	WELLS FARGO BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Craig D. Horstmann

		
	Name:	 	 Craig D. Horstmann

		
	Title:	 	 Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 
			
	BANCORPSOUTH BANK,
	as a Lender
		
	By:	 	 /s/ David Skinner

		
	Name:	 	 David Skinner

		
	Title:	 	 Market President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 
			
	BANK OF AMERICA, N.A,
	as a Lender
		
	By:	 	 /s/ Lisa M. Chrzanowski

		
	Name:	 	 Lisa M. Chrzanowski

		
	Title:	 	 Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 
			
	COOPERATIEVE CENTRALE RAIFFEISEN-
	BOERENLEENBANK B.A., “RABOBANK
	NEDERLAND”, NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Bert Corum

		
	Name:	 	 Bert Corum

		
	Title:	 	 Executive Director

		
	By:	 	 /s/ Robert M. Mandula

		
	Name:	 	 Robert M. Mandula

		
	Title:	 	 Managing Director

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 
			
	IBERIA BANK,
	as a Lender
		
	By:	 	 /s/ Robert M. Head

		
	Name:	 	 Robert M. Head

		
	Title:	 	 Executive Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

			
	BRANCH BANKING AND TRUST COMPANY,
	as a Lender
		
	By:	 	 /s/ Sarah Bryson

		
	Name:	 	 Sarah Bryson

		
	Title:	 	 Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Robert S. Roop

		
	Name:	 	 Robert S. Roop

		
	Title:	 	 Senior Vice President

  
 [Signature
page to Deltic Timber Amended and Restated Revolving Credit Agreement] 

 Schedule I 
 APPLICABLE MARGINS AND COMMITMENT FEE PERCENTAGE 
  

																	
	  	  	Revolving Credit Facility	 
	 	  	Consolidated Total Debt to Consolidated Total Capital	 
	(Expressed as Basis Points Per Annum)	  	Level I	 	  	Level II	 	  	Level III	 	  	Level IV	 
	 Facility Pricing
	  	 	<40.0%	  	  	 	340.0% & <50.0%	  	  	 	350.0% & <60.0%	  	  	 	360.0%	  
	 Applicable Margin for Eurodollar Loans
	  	 	137.5	  	  	 	150.0	  	  	 	175.0	  	  	 	200.0	  
	 Applicable Margin for Base Rate Loans
	  	 	37.5	  	  	 	50.0	  	  	 	75.0	  	  	 	100.0	  
	 Commitment Fee Percentage
	  	 	20.0	  	  	 	25.0	  	  	 	30.0	  	  	 	35.0	  

  
 Schedule I

 Schedule II 
 REVOLVING COMMITMENT AMOUNTS 
  

					
	 Lender
	  	Revolving Commitment	 
		
	 SunTrust Bank
	  	$	50,000,000	  
		
	 American Agcredit, PCA
	  	$	45,000,000	  
		
	 Regions Bank
	  	$	45,000,000	  
		
	 Wells Fargo Bank, N.A.
	  	$	45,000,000	  
		
	 BancorpSouth Bank
	  	$	35,000,000	  
		
	 Bank of America, N.A.
	  	$	30,000,000	  
		
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch
	  	$	30,000,000	  
		
	 IBERIABANK
	  	$	25,000,000	  
		
	 Branch Banking and Trust Company
	  	$	25,000,000	  
		
	 JPMorgan Chase Bank, N.A.
	  	$	10,000,000	  
		  	  
	  
	 
		
	 Total:
	  	$	340,000,000	  
		  	  
	  
	 

  
 Schedule II

 Schedule 2.23 

EXISTING LETTERS OF CREDIT 
 None 

  
 Schedule 2.23

 SCHEDULE 4.14 

SUBSIDIARIES 
  

					
	 	  	 State of

Incorporation
	  	Type
			
	 Deltic Timber Purchasers, Inc.
	  	Arkansas	  	C-Corp
			
	 Chenal Properties, Inc.
	  	Arkansas	  	C-Corp
			
	 Chenal Country Club, Inc.
	  	Arkansas	  	C-Corp
			
	 Del-Tin Fiber L.L.C.
	  	Arkansas	  	LLC

  
 Schedule 4.14

 SCHEDULE 7.1 

OUTSTANDING INDEBTEDNESS 

Letters of Credit 
  

													
	 Issuing Bank
	  	 Beneficiary
	  	Amount	 	  	Expiry
Date	 	  	Description
					
	 BancorpSouth
	  	 US Forest Service
	  	 	109,000	  	  	 	5/31/2013	  	  	Timber Contract
		  	 US Forest Service
	  	 	41,000	  	  	 	11/14/2014	  	  	Timber Contract
		  	 US Forest Service
	  	 	30,000	  	  	 	11/26/2014	  	  	Timber Contract
		  	 US Forest Service
	  	 	66,000	  	  	 	11/1/2015	  	  	Timber Contract
		  	 US Forest Service
	  	 	74,000	  	  	 	11/1/2015	  	  	Timber Contract
		  	 US Forest Service
	  	 	70,000	  	  	 	11/14/2015	  	  	Timber Contract
		  	 US Forest Service
	  	 	53,000	  	  	 	11/1/2016	  	  	Timber Contract
		  	 US Forest Service
	  	 	32,000	  	  	 	11/3/2016	  	  	Timber Contract
		  	 US Forest Service
	  	 	97,000	  	  	 	11/17/2016	  	  	Timber Contract
		  	 US Forest Service
	  	 	40,000	  	  	 	6/12/2017	  	  	Timber Contract
		  	 US Forest Service
	  	 	54,000	  	  	 	6/24/2018	  	  	Timber Contract
		  	 US Forest Service
	  	 	91,000	  	  	 	11/25/2018	  	  	Timber Contract
		  		  	  
	  
	 	  				  	
					
	 Total Letters of Credit
	  		  	 	757,000	  	  				  	
		  		  	  
	  
	 	  				  	

 Notes Payable 

 

													
	 Beneficiary
	  	Amount	 	  	Interest
Rate	 	 	Due Date	 
				
	 SunTrust Bank (Revolver)
	  	$	32,000,000	  	  	 	Various	  	 	 	9/9/2015	  
				
	 American AgCredit
	  	 	40,000,000	  	  	 	6.10	% 	 	 	12/18/2016	  
		  	  
	  
	 	  				 			
				
	 Total Notes Payable
	  	$	72,000,000	  	  				 			
		  	  
	  
	 	  				 			

 Del-Tin Guaranty 

 

					
	 Del-Tin Fiber L.L.C.
	  	$	29,688,750	  
		  	  
	  
	 
		
	 Total Outstanding Indebtedness
	  	$	102,445,750	  
		  	  
	  
	 

  
 Schedule 7.1

 SCHEDULE 7.2 

EXISTING LIENS 
 NONE 

  
 Schedule 7.2

 SCHEDULE 7.4 

EXISTING INVESTMENTS 
  

					
	 Promissory Note from Rodizios, LLC and Jerry Barakat
	  	$	8,500	  

  
 Schedule 7.4

 EXHIBIT A 

FORM OF REVOLVING CREDIT NOTE 
  

			
	[$            ]	  	Atlanta, Georgia
		  	            , 2013

 FOR VALUE RECEIVED, the undersigned, Deltic Timber Corporation, a Delaware corporation (the
“Borrower”), hereby promises to pay to [name of Lender] (the “Lender”) or its registered assigns, at the office of SunTrust Bank
(“SunTrust”) at 303 Peachtree Street, N.E., Atlanta, Georgia 30308, on the Commitment Termination Date (as defined in the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as the same
may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time to time party thereto and SunTrust, as Administrative Agent for the
Lenders), the lesser of the principal sum of [amount of such Lender’s Revolving Commitment] and the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to the Credit Agreement, in lawful money of
the United States of America in immediately available funds, and to pay interest from the date hereof on the principal amount thereof from time to time outstanding, in like funds, at said office, at the rate or rates per annum and payable on such
dates as provided in the Credit Agreement. In addition, should legal action or an attorney-at-law be utilized to collect any amount due hereunder, the Borrower further promises to pay all costs of collection, including the reasonable attorneys’
fees of the Lender. Terms not defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 
 The
Borrower promises to pay Default Interest, on demand, on the terms and conditions set forth in the Credit Agreement. 
 All
borrowings evidenced by this Revolving Credit Note and all payments and prepayments of the principal hereof and the date thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation
thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, that the failure of the holder hereof to make such a notation or any error in such notation shall not
affect the obligations of the Borrower to make the payments of principal and interest in accordance with the terms of this Revolving Credit Note and the Credit Agreement. 
 [This Revolving Credit Note is given in substitution and replacement of that certain Revolving Credit Note dated September 9, 2005, in the principal amount of
[$            ], executed by the Borrower in favor of the Lender in connection with the Existing Credit Agreement.] 
 This Revolving Credit Note is issued in connection with, and is entitled to the benefits of, the Credit Agreement which, among other things, contains provisions for the acceleration of the maturity hereof
upon the happening of certain events, for prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified. THIS

  
 Exhibit A - 1

 
REVOLVING CREDIT NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF GEORGIA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

 

			
	DELTIC TIMBER CORPORATION
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Exhibit A - 2

 LOANS AND PAYMENTS 

 

									
	 Date
	  	 Amount and

Type of Loan
	  	Payments of
Principal	  	Unpaid
Principal
Balance of
Note	  	Name of Person
Making
Notation
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 Exhibit A - 3

 EXHIBIT B 

FORM OF SWINGLINE NOTE 
  

			
	[$            ]	  	Atlanta, Georgia
		  	            , 2013

 FOR VALUE RECEIVED, the undersigned, DELTIC TIMBER CORPORATION, a Delaware corporation (the
“Borrower”), hereby promises to pay to SUNTRUST BANK (the “Swingline Lender”) or its registered assigns, at the office of SunTrust Bank
(“SunTrust”) at 303 Peachtree Street, N.E., Atlanta, Georgia 30308, on the Commitment Termination Date (as defined in the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as the same
may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time to time party thereto and SunTrust, as Administrative Agent for the
Lenders), the lesser of the principal sum of Ten Million and No/100 Dollars ($10,000,000.00) and the aggregate unpaid principal amount of all Swingline Loans made by the Swingline Lender to the Borrower pursuant to the Credit Agreement, in lawful
money of the United States of America in immediately available funds, and to pay interest from the date hereof on the principal amount thereof from time to time outstanding, in like funds, at said office, at the rate or rates per annum and payable
on such dates as provided in the Credit Agreement. In addition, should legal action or an attorney-at-law be utilized to collect any amount due hereunder, the Borrower further promises to pay all costs of collection, including the reasonable
attorneys’ fees of the Swingline Lender. Terms not defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 
 The Borrower promises to pay Default Interest, on demand, on the terms and conditions set forth in the Credit Agreement. 
 All borrowings evidenced by this Swingline Note and all payments and prepayments of the principal hereof and the date thereof shall be endorsed by the holder hereof on the schedule attached hereto and
made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, that the failure of the holder hereof to make such a notation or
any error in such notation shall not affect the obligations of the Borrower to make the payments of principal and interest in accordance with the terms of this Swingline Note and the Credit Agreement. 

This Swingline Note is given in substitution and replacement of that certain Swingline Note dated September 9, 2005, in the
principal amount of $10,000,000.00, executed by the Borrower in favor of the Swingline Lender in connection with the Existing Credit Agreement. 
 This Swingline Note is issued in connection with, and is entitled to the benefits of, the Credit Agreement which, among other things, contains provisions for the acceleration of the maturity hereof upon
the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein
specified. THIS 

  
 Exhibit B - 1

 
SWINGLINE NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF GEORGIA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

 

			
	DELTIC TIMBER CORPORATION
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Exhibit B - 2

 LOANS AND PAYMENTS 

 

									
	 Date
	  	 Amount and

Type of Loan
	  	Payments of
Principal	  	Unpaid
Principal
Balance of
Note	  	Name of Person
Making
Notation
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 Exhibit B - 3

 EXHIBIT C 

FORM OF ASSIGNMENT AND ACCEPTANCE 
 [date to be supplied] 
 This Assignment and Acceptance
(the “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from
[the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any letters
of credit, guarantees, and swingline loans included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a
Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in 

 

	1	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If
the assignment is from multiple Assignors, choose the second bracketed language. 

	2	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If
the assignment is to multiple Assignees, choose the second bracketed language. 

	3	Select as appropriate. 

	4	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 Exhibit C - 1

 
connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and
assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

 

							
	1.	  	Assignor[s]:	  	  
	  	
		  		  	  
	  	
		
		  	[Assignor [is] [is not] a Defaulting Lender]
				
	2.	  	Assignee[s]:	  	  
	  	
		  		  	  
	  	
		
		  	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
			
	3.	  	Borrower(s):	  	Deltic Timber Corporation
			
	4.	  	Administrative Agent:	  	SunTrust Bank, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 among Deltic Timber Corporation, the Lenders parties thereto, SunTrust Bank, as
Administrative Agent, and the other agents parties thereto
	6.	  	Assigned Interest[s]:	  	

  

																	
	 Assignor[s]5
	  	Assignee[s]6	  	Aggregate 
Amount
of
Commitment/Loans
for all
Lenders7	 	  	Amount of
Commitment/
Loans
Assigned8	 	  	Percentage
Assigned
of
Commitment
/Loans8	 	 	CUSIP
Number
		  		  	$	            	  	  	$	            	  	  	 	  	% 	 	
		  		  	$	            	  	  	$	            	  	  	 	  	% 	 	
		  		  	$	            	  	  	$	            	  	  	 	  	% 	 	

  

	5	List each Assignor, as appropriate. 

	6	List each Assignee, as appropriate. 

	7	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	8	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

  
 Exhibit C - 2

					
	 [7.
	  	Trade Date:	  	                    
]9

 Effective Date:             , 20    [TO
BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set
forth in this Assignment and Assumption are hereby agreed to: 
  

			
	 ASSIGNOR[S]10

	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	  

		 	Title:

  

	9	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 

	10	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

  
 Exhibit C - 3

 
			
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE[S]11
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

 [Consented to and]12 Accepted: 
  

			
	SUNTRUST BANK, as
	    Administrative Agent
		
	By:	 	  

		 	Title:
	
	[Consented to:]13
	
	[NAME OF RELEVANT PARTY]
		
	By:	 	  

		 	Title:

  

	11	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

	12	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	13	To be added only if the consent of the Borrower and/or other parties (e.g. Swingline Lender, Issuing Bank) is required by the terms of the Credit Agreement. 

  
 Exhibit C - 4

 ANNEX 1 
 DELTIC TIMBER CORPORATION 
 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 

1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of
[the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver
this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made
in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of
any of their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each] Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.4(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under
Section 10.4(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision
to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial
statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to
purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to
the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the 

  
 Exhibit C - 5

 
Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each]
Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have
accrued from and after the Effective Date.14 Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant]
Assignee. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of,
the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of
this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the
State of [New York]. 
  

	14	The Administrative Agent should consider whether this method conforms to its systems. In some circumstances, the following alternative language may be appropriate:

 “From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned
Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor[s] and the Assignee[s] shall make all appropriate
adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.” 

  
 Exhibit C - 6

 EXHIBIT D 

[FORM OF SUBSIDIARY GUARANTEE AGREEMENT] 
 SUBSIDIARY GUARANTEE AGREEMENT dated as of May 2, 2013, among each of the Subsidiaries listed on Schedule I hereto (each such subsidiary individually, a “Guarantor” and collectively,
the “Guarantors”) of DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), and SUNTRUST BANK, a Georgia banking corporation as administrative agent (the “Administrative Agent”) for the
Lenders (as defined in the Credit Agreement referred to below). 
 Reference is made to the Amended and Restated Revolving
Credit Agreement dated as of May 2, 2013 (as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (the
“Lenders”) and SunTrust Bank, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), Swingline Lender and Issuing Bank (in such capacity, the “Issuing Bank”).
Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

The Lenders have agreed to make Loans to the Borrower, and the Issuing Bank has agreed to issue Letters of Credit for the account of the
Borrower, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. Each of the Guarantors is a direct or indirect wholly-owned Subsidiary of the Borrower and acknowledges that it will derive substantial
benefit from the making of the Loans by the Lenders, and the issuance of the Letters of Credit by the Issuing Bank. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit are conditioned on, among other
things, the execution and delivery by the Guarantors of a Subsidiary Guarantee Agreement in the form hereof. As consideration therefor and in order to induce the Lenders to make Loans and the Issuing Bank to issue Letters of Credit, the Guarantors
are willing to execute this Subsidiary Guarantee Agreement. 
 For purposes of this Agreement, the following terms when used in
this Agreement shall have the meanings assigned to them below: 
 “Commodity Exchange Act” means the Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 “Excluded Swap
Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Obligations (as defined below) of such Guarantor is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as
defined in the Commodity Exchange Act at the time the Obligations of such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligations are or become illegal. 

  
 Exhibit D - 1

 “Swap Obligation” means, with respect to any Guarantor, any obligation to
pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 
 Accordingly, the parties hereto agree as follows: 
 SECTION 1. Guarantee.
Each Guarantor unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, (a) the due and punctual payment of (i) the principal of and premium, if any, and interest
(including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of
reimbursement or disbursements, interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or
otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Loan Parties to the Administrative
Agent and the Lenders under the Credit Agreement and the other Loan Documents, (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Loan Parties under or pursuant to the Credit Agreement and the
other Loan Documents; and (c) the due and punctual payment and performance of all obligations of the Borrower, monetary or otherwise, under each Hedging Agreement entered into with a counterparty that was a Lender or an Affiliate of a Lender at
the time such Hedging Agreement was entered into (all the monetary and other obligations referred to in the preceding clauses (a) through (c) being collectively called the “Obligations”; provided, that
“Obligations” shall not include any Excluded Swap Obligations). Each Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound
upon its guarantee notwithstanding any extension or renewal of any Obligation. 
 SECTION 2. Obligations Not Waived. To
the fullest extent permitted by applicable law, each Guarantor waives presentment to, demand of payment from and protest to the Borrower of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for
nonpayment. To the fullest extent permitted by applicable law, the obligations of each Guarantor hereunder shall not be affected by (a) the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce or
exercise any right or remedy against the Borrower or any other Guarantor under the provisions of the Credit Agreement, any other Loan Document or otherwise, (b) any rescission, waiver, amendment or modification of, or any release from any of
the terms or provisions of, this Agreement, any other Loan Document, any Guarantee or any other agreement, including with respect to any other Guarantor under this Agreement, or (c) the failure to perfect any security interest in, or the
release of, any of the security held by or on behalf of the Administrative Agent or any Lender. 
 SECTION 3. Guarantee of
Payment. Each Guarantor further agrees that its guarantee constitutes a guarantee of payment when due and not of collection, and waives any 

  
 Exhibit D - 2

 
right to require that any resort be had by the Administrative Agent or any Lender to any of the security held for payment of the Obligations or to any balance of any deposit account or credit on
the books of the Administrative Agent or any Lender in favor of the Borrower or any other person. 
 SECTION 4. No Discharge
or Diminishment of Guarantee. The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Obligations),
including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or
unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by the failure of the Administrative Agent or
any Lender to assert any claim or demand or to enforce any remedy under the Credit Agreement, any other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or
otherwise, in the performance of the Obligations, or by any other act or omission that may or might in any manner or to the extent vary the risk of any Guarantor or that would otherwise operate as a discharge of each Guarantor as a matter of law or
equity (other than the indefeasible payment in full in cash of all the Obligations). 
 SECTION 5. Defenses of Borrower
Waived. To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of the Borrower or the unenforceability of the Obligations or any part thereof from any cause, or the cessation
from any cause of the liability of the Borrower, other than the final and indefeasible payment in full in cash of the Obligations. The Administrative Agent and the Lenders may, at their election, foreclose on any security held by one or more of them
by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with the Borrower or any other guarantor, without
affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each Guarantor waives any defense arising out of any
such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower or any other Guarantor or guarantor,
as the case may be, or any security. 
 SECTION 6. Agreement to Pay; Subordination. In furtherance of the foregoing and
not in limitation of any other right that the Administrative Agent or any Lender has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Obligation when and as the same
shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for the benefit of the Lenders in cash the
amount of such unpaid Obligations. Upon payment by any Guarantor of any sums to the Administrative Agent, all rights of such Guarantor against the Borrower arising as a result thereof by way of right of subrogation, contribution, reimbursement,
indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations. In addition, any indebtedness of the Borrower now

  
 Exhibit D - 3

 
or hereafter held by any Guarantor is hereby subordinated in right of payment to the prior payment in full in cash of the Obligations. If any amount shall erroneously be paid to any Guarantor on
account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of the Borrower, such amount shall be held in trust for the benefit of the Administrative Agent and the Lenders and
shall forthwith be paid to the Administrative Agent to be credited against the payment of the Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 

SECTION 7. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the
Administrative Agent or the Lenders will have any duty to advise any of the Guarantors of information known to it or any of them regarding such circumstances or risks. 
 SECTION 8. Representations and Warranties. Each Guarantor represents and warrants as to itself that all representations and warranties relating to it (as a Subsidiary of the Borrower) contained in
the Credit Agreement are true and correct. 
 SECTION 9. Termination. The guarantees made hereunder (a) shall
terminate when all the Obligations have been paid in full in cash and the Lenders have no further commitment to lend under the Credit Agreement, the LC Exposure has been reduced to zero and the Issuing Bank has no further obligation to issue Letters
of Credit under the Credit Agreement and (b) shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Lender or any
Guarantor upon the bankruptcy or reorganization of the Borrower, any Guarantor or otherwise. In connection with the foregoing, the Administrative Agent shall execute and deliver to such Guarantor or Guarantor’s designee, at such
Guarantor’s expense, any documents or instruments which such Guarantor shall reasonably request from time to time to evidence such termination and release. 
 SECTION 10. Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against the Borrower or any Guarantor for liquidation
or reorganization, should the Borrower or any Guarantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of the Borrower’s or any
Guarantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is rescinded or reduced in amount, or must otherwise be restored or
returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that
any payment, or any part thereof, is rescinded, reduced, restored or returned for any reason, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

SECTION 11. Binding Effect; Several Agreement; Assignments. Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on 

  
 Exhibit D - 4

 
behalf of the Guarantors that are contained in this Agreement shall bind and inure to the benefit of each party hereto and their respective successors and assigns. This Agreement shall become
effective as to any Guarantor when a counterpart hereof executed on behalf of such Guarantor shall have been delivered to the Administrative Agent, and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and
thereafter shall be binding upon such Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Guarantor, the Administrative Agent and the Lenders, and their respective successors and
assigns, except that no Guarantor shall have the right to assign its rights or obligations hereunder or any interest herein (and any such attempted assignment shall be void). If all of the capital stock of a Guarantor is sold, transferred or
otherwise disposed of pursuant to a transaction permitted by the Credit Agreement, such Guarantor shall be released from its obligations under this Agreement without further action. This Agreement shall be construed as a separate agreement with
respect to each Guarantor and may be amended, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other Guarantor hereunder. 

SECTION 12. Waivers; Amendment. (a) No failure or delay of the Administrative Agent of any in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and of the Administrative Agent hereunder and of the Lenders under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of
any provision of this Agreement or consent to any departure by any Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver and consent shall be effective only in the
specific instance and for the purpose for which given. No notice or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered
into between the Guarantors with respect to which such waiver, amendment or modification relates and the Administrative Agent, with the prior written consent of the Required Lenders (except as otherwise provided in the Credit Agreement). 

SECTION 13. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
GEORGIA. 
 SECTION 14. Notices. All communications and notices hereunder shall be in writing and given as provided in
Section 10.1 of the Credit Agreement. All communications and notices hereunder to each Guarantor shall be given to it at its address set forth on Schedule I attached hereto. 

SECTION 15. Survival of Agreement; Severability. (a) All covenants, agreements representations and warranties made by the
Guarantors herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or the other 

  
 Exhibit D - 5

 
Loan Document shall be considered to have been relied upon by the Administrative Agent and the Lenders and shall survive the making by the Lenders of the Loans and the issuance of the Letters of
Credit by the Issuing Bank regardless of any investigation made by any of them or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any other fee or amount payable under
this Agreement or any other Loan Document is outstanding and unpaid or the LC Exposure does not equal zero and as long as the Commitments have not been terminated. 
 (b) In the event one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 16. Counterparts. This Agreement may be
executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract (subject to Section 11), and shall become effective as provided in Section 11. Delivery of an
executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 17. Rules of Interpretation. The rules of interpretation specified in Section 1.3 of the Credit Agreement shall be applicable to this Agreement. 

SECTION 18. Jurisdiction; Consent to Service of Process. (a) Each Guarantor hereby irrevocably and unconditionally submits,
for itself and its property, to the nonexclusive jurisdiction of any Georgia State court or Federal court of the United States of America sitting in Atlanta, Georgia, and any appellate court from any thereof, in any action or proceeding arising out
of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such Georgia State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto 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 in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or the other Loan Documents against any Guarantor or its properties in the courts of any jurisdiction. 
 (b) Each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any
suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any Georgia State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of
an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  
 Exhibit D - 6

 (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 14. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 19. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE,
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 19. 
 SECTION 20. Additional Guarantors.
Pursuant to Section 5.10 of the Credit Agreement, each Subsidiary Loan Party that was not in existence on the date of the Credit Agreement is required to enter into this Agreement as a Guarantor upon becoming Subsidiary Loan Party. Upon
execution and delivery after the date hereof by the Administrative Agent and such Subsidiary of an instrument in the form of Annex 1, such Subsidiary shall become a Guarantor hereunder with the same force and effect as if originally named as a
Guarantor herein. The execution and delivery of any instrument adding an additional Guarantor as a party to this Agreement shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall
remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 
 SECTION 21.
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and the Issuing Bank are hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Lender or the Issuing Bank to or for the credit or the account of any Guarantor against any or all the obligations
of such Guarantor now or hereafter existing under this Agreement and the other Loan Documents held by such Lender or the Issuing Bank, irrespective of whether or not such Person shall have made any demand under this Agreement or any other Loan
Document and although such obligations may be unmatured. The rights of each Lender and the Issuing Bank under this Section 21 are in addition to other rights and remedies (including other rights of setoff) which such Lender or the Issuing Bank,
as the case may be, may have. 

  
 Exhibit D - 7

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	DELTIC TIMBER PURCHASERS, INC.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	CHENAL PROPERTIES, INC.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	CHENAL COUNTRY CLUB, INC.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	DEL-TIN FIBER L.L.C.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	SUNTRUST BANK, as
Administrative Agent
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Exhibit D - 8

 SCHEDULE I TO THE 

SUBSIDIARY GUARANTEE AGREEMENT 
  

			
	 Guarantor(s)
	  	 Address

		
	 Deltic Timber Purchasers, Inc.
	  	 For all Guarantors:

		
	 Chenal Properties, Inc.
	  	 210 East Elm Street

		
	 Chenal Country Club, Inc.
	  	 El Dorado, Arkansas 71730

		
	 Del-Tin Fiber L.L.C.
	  	

  
 Exhibit D - 9

 ANNEX 1 TO THE 

SUBSIDIARY GUARANTEE AGREEMENT 
 SUPPLEMENT NO. [    ] dated as of [                ], to the Subsidiary Guarantee Agreement (the
“Guarantee Agreement”) dated as of May 2, 2013 among each of the subsidiaries listed on Schedule I thereto (each such Subsidiary individually, a “Guarantor” and collectively, the “Guarantors”)
of DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), and SUNTRUST BANK, a Georgia banking corporation, as Administrative Agent (the “Administrative Agent”) for the Lenders (as defined in the Credit
Agreement referred to below). 
 A. Reference is made to the Amended and Restated Revolving Credit Agreement dated as of
May 2, 2013 (as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (the “Lenders”) and
SunTrust Bank, as Administrative Agent, swingline lender and Issuing Bank (in such capacity, the “Issuing Bank”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the
Credit Agreement. 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such
terms in the Guarantee Agreement and the Credit Agreement. 
 C. The Guarantors have entered into the Guarantee Agreement in
order to induce the Lenders to make Loans and the Issuing Bank to issue Letters of Credit. Pursuant to Section 5.10 of the Credit Agreement, each Subsidiary Loan Party that was not in existence or not a Subsidiary Loan Party on the date of the
Credit Agreement is required to enter into the Guarantee Agreement as a Guarantor upon becoming a Subsidiary Loan Party. Section 20 of the Guarantee Agreement provides that additional Subsidiaries of the Borrower may become Guarantors under the
Guarantee Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary of the Borrower (the “New Guarantor”) is executing this Supplement in accordance with the requirements of the
Credit Agreement to become a Guarantor under the Guarantee Agreement in order to induce the Lenders to make additional Loans and the Issuing Bank to issue additional Letters of Credit and as consideration for Loans previously made and Letters of
Credit previously issued. 
 Accordingly, the Administrative Agent and the New Guarantor agree as follows: 

SECTION 1. In accordance with Section 20 of the Guarantee Agreement, the New Guarantor by its signature below becomes a Guarantor
under the Guarantee Agreement with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby (a) agrees to all the terms and provisions of the Guarantee Agreement applicable to it as Guarantor
thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof. Each reference to a Guarantor in the Guarantee Agreement shall be deemed
to include the New Guarantor. The Guarantee Agreement is hereby incorporated herein by reference. 

  
 Exhibit D - 10

 SECTION 2. The New Guarantor represents and warrants to the Administrative Agent and the
Lenders that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 3. This Supplement may be executed in counterparts each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Guarantor and the
Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement. 

SECTION 4. Except as expressly supplemented hereby, the Guarantee Agreement shall remain in full force and effect. 

SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA. 

SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision
hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 14 of the Guarantee Agreement. All communications and notices hereunder to the New Guarantor
shall be given to it at the address set forth under its signature below, with a copy to the Borrower. 
 SECTION 8. The New
Guarantor agrees to reimburse the Administrative Agent for its out-of-pocket expenses in connection with this Supplement, including the fees, disbursements and other charges of counsel for the Administrative Agent. 

IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this Supplement to the Guarantee Agreement as of
the day and year first above written. 
  

			
	[Name of New Guarantor]
		
	By:	 	  

		 	 Name:

		 	 Title:

		 	 Address:

  
 Exhibit D - 11

 
			
	SUNTRUST BANK, as
Administrative Agent
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Exhibit D - 12

 EXHIBIT E 

[FORM OF INDEMNITY, SUBROGATION AND CONTRIBUTION AGREEMENT] 

INDEMNITY, SUBROGATION and CONTRIBUTION AGREEMENT dated as of May 2, 2013, among DELTIC TIMBER CORPORATION, a Delaware corporation
(the “Borrower”), each Subsidiary listed on Schedule I hereto (the “Guarantors”), SUNTRUST BANK, a Georgia banking corporation, as administrative agent (in such capacity, the “Administrative Agent”)
for the Lenders (as defined in the Credit Agreement referred to below). 
 Reference is made to (a) the Amended and
Restated Revolving Credit Agreement dated as of May 2, 2013 (as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party
thereto (the “Lenders”) and SunTrust Bank, as Administrative Agent, swingline lender and Issuing Bank (in such capacity, the “Issuing Bank”), and (b) the Subsidiary Guarantee Agreement dated as May 2,
2013, among the Guarantors and the Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Guarantee Agreement”). Capitalized terms used herein and not defined herein shall have the meanings
assigned to such terms in the Credit Agreement. 
 The Lenders have agreed to make Loans to the Borrower, and the Issuing Bank
has agreed to issue Letters of Credit for the account of the Borrower, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. The Guarantors have guaranteed such Loans and the other Obligations (as defined
in the Guarantee Agreement) of the Borrower under the Credit Agreement pursuant to the Guarantee Agreement. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit are conditioned on, among other things, the
execution and delivery by the Borrower and the Guarantors of an agreement in the form hereof. 
 Accordingly, the Borrower, each
Guarantor and the Administrative Agent agree as follows: 
 SECTION 1. Indemnity and Subrogation. In addition to all such
rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to Section 3), the Borrower agrees that, in the event a payment shall be made by any Guarantor under the Guarantee Agreement, the Borrower shall
indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment. 

SECTION 2. Contribution and Subrogation. Each Guarantor (a “Contributing Guarantor”) agrees (subject to
Section 3) that, in the event a payment shall be made by any other Guarantor under the Guarantee Agreement and such other Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by the Borrower as provided in
Section 1, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied
by a fraction of which the numerator shall be the net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth 

  
 Exhibit E - 1

 
of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 12, the date of the Supplement hereto executed and delivered by such
Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 2 shall be subrogated to the rights of such Claiming Guarantor under Section 1 to the extent of such payment. 

SECTION 3. Subordination. Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under
Sections 1 and 2 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Obligations. No failure on the part of the Borrower or
any Guarantor to make the payments required under applicable law or otherwise shall in any respect limit the obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for the full
amount of the obligations of such Guarantor hereunder. 
 SECTION 4. Termination. This Agreement shall survive and be in
full force and effect so long as any Obligation is outstanding and has not been indefeasibly paid in full in cash, and so long as the LC Exposure has not been reduced to zero or any of the Commitments under the Credit Agreement have not been
terminated, and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Lender or any Guarantor upon the bankruptcy or
reorganization of the Borrower, any Guarantor or otherwise. 
 SECTION 5. Governing Law. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA. 
 SECTION 6. No Waiver; Amendment. (a) No
failure on the part of the Administrative Agent or any Guarantor to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or
remedy by the Administrative Agent or any Guarantor preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by
law. None of the Administrative Agent and the Guarantors shall be deemed to have waived any rights hereunder unless such waiver shall be in writing and signed by such parties. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Borrower, the Guarantors and the Administrative
Agent, with the prior written consent of the Required Lenders (except as otherwise provided in the Credit Agreement). 
 SECTION
7. Notices. All communications and notices hereunder shall be in writing and given as provided in the Guarantee Agreement and addressed as specified therein. 
 SECTION 8. Binding Agreement; Assignments. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party;
and all covenants, promises and agreements by or on behalf of the parties 

  
 Exhibit E - 2

 
that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. Neither the Borrower nor any Guarantor may assign or transfer any of its
rights or obligations hereunder (and any such attempted assignment or transfer shall be void) without the prior written consent of the Required Lenders. Notwithstanding the foregoing, at the time any Guarantor is released from its obligations under
the Guarantee Agreement in accordance with such Guarantee Agreement and the Credit Agreement, such Guarantor will cease to have any rights or obligations under this Agreement. 
 SECTION 9. Survival of Agreement; Severability. (a) All covenants and agreements made by the Borrower and each Guarantor herein and in the certificates or other instruments prepared or
delivered in connection with this Agreement or the other Loan Documents shall be considered to have been relied upon by the Administrative Agent, the Lenders and each Guarantor and shall survive the making by the Lenders of the Loans and the
issuance of the Letters of Credit by the Issuing Bank, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loans or any other fee or amount payable under the Credit Agreement or this Agreement or
under any of the other Loan Documents is outstanding and unpaid or the LC Exposure does not equal zero and as long as the Commitments have not been terminated. 
 (b) In case one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for
so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 10. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts) each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall be effective with respect to any Guarantor when a counterpart bearing the signature of such
Guarantor shall have been delivered to the Administrative Agent. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 11. Rules of Interpretation. The rules of interpretation specified in Section 1.03 of the Credit Agreement shall be
applicable to this Agreement. 
 SECTION 12. Additional Guarantors. Pursuant to Section 5.10 of the Credit
Agreement, each Subsidiary Loan Party of the Borrower that was not in existence or not such a Subsidiary Loan Party on the date of the Credit Agreement is required to enter into the Guarantee Agreement as Guarantor upon becoming such a Subsidiary
Loan Party. Upon the execution and delivery, after the date hereof, by the Administrative Agent and such Subsidiary of an instrument in the form of Annex I hereto, such Subsidiary shall become a Guarantor hereunder with the same force and effect as
if originally named as a Guarantor hereunder. The execution and delivery of any instrument adding an additional Guarantor as a party to this Agreement shall not 

  
 Exhibit E - 3

 
require the consent of any Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a
party to this Agreement. 

  
 Exhibit E - 4

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized officers as of the date first appearing above. 
  

			
	DELTIC TIMBER CORPORATION
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	DELTIC TIMBER PURCHASERS, INC.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	CHENAL PROPERTIES, INC.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	CHENAL COUNTRY CLUB, INC.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	DEL-TIN FIBER L.L.C.
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	SUNTRUST BANK, as
Administrative Agent
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Exhibit E - 5

 SCHEDULE I 

TO THE INDEMNITY, SUBROGATION 
 AND CONTRIBUTION AGREEMENT 
  

			
	 Guarantor(s)
	  	 Address

		
	 Deltic Timber Purchasers, Inc.
	  	 For all Guarantors:

		
	 Chenal Properties, Inc.
	  	 210 East Elm Street

		
	 Chenal Country Club, Inc.
	  	 El Dorado, Arkansas 71730

		
	 Del-Tin Fiber L.L.C.
	  	

  
 Exhibit E - 6

 ANNEX I TO 

THE INDEMNITY, SUBROGATION AND 
 CONTRIBUTION AGREEMENT 
 SUPPLEMENT NO. [    ]
dated as of [                ], to the Indemnity, Subrogation and Contribution Agreement dated as of May 2, 2013 (as the same may be amended, supplemented or
otherwise modified from time to time, the “Indemnity, Subrogation and Contribution Agreement”) among DELTIC TIMBER CORPORATION, a Delaware corporation (the “Borrower”), each Subsidiary listed on Schedule I thereto
(the “Guarantors”) and SUNTRUST BANK, a Georgia banking corporation, as administrative agent (the “Administrative Agent”) for the Lenders (as defined in the Credit Agreement referred to below). 

A. Reference is made to (a) the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as the same may be
amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (the “Lenders”) and SunTrust Bank, as the Administrative
Agent, swingline lender and Issuing Bank (in such capacity, the “Issuing Bank”), and (b) the Subsidiary Guarantee Agreement dated as May 2, 2013, among the Guarantors and the Administrative Agent (as amended, supplemented
or otherwise modified from time to time, the “Guarantee Agreement”). 
 B. Capitalized terms used herein and
not otherwise defined herein shall have the meanings assigned to such terms in the Indemnity, Subrogation and Contribution Agreement and the Credit Agreement. 
 C. The Borrower and the Guarantors have entered into the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make Loans and the Issuing Bank to issue Letters of Credit.
Pursuant to Section 5.10 of the Credit Agreement, each Subsidiary Loan Party that was not in existence or not such a Subsidiary Loan Party on the date of the Credit Agreement is required to enter into the Guarantee Agreement as a Guarantor upon
becoming a Subsidiary Loan Party. Section 12 of the Indemnity, Subrogation and Contribution Agreement provides that additional Subsidiaries may become Guarantors under the Indemnity, Subrogation and Contribution Agreement by execution and
delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Guarantor”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the
Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make additional Loans and the Issuing Bank to issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously
issued. 
 Accordingly, the Administrative Agent and the New Guarantor agree as follows: 

SECTION 1. In accordance with Section 12 of the Indemnity, Subrogation and Contribution Agreement, the New Guarantor by its
signature below becomes a Guarantor under the Indemnity, Subrogation and Contribution Agreement with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby agrees to all the terms and provisions of the
Indemnity, Subrogation and Contribution Agreement applicable to it as 

  
 Exhibit E - 7

 
Guarantor thereunder. Each reference to a Guarantor in the Indemnity, Subrogation and Contribution Agreement shall be deemed to include the New Guarantor. The Indemnity, Subrogation and
Contribution Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Guarantor represents and warrants to
the Administrative Agent and the Lenders that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts) each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken
together, bear the signature of the New Guarantor and the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this
Supplement. 
 SECTION 4. Except as expressly supplemented hereby, the Indemnity, Subrogation and Contribution Agreement shall
remain in full force and effect. 
 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF GEORGIA. 
 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held
invalid, illegal or unenforceable in any respect, neither party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of
the remaining provisions contained herein and in the Indemnity, Subrogation and Contribution Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 7 of the Indemnity, Subrogation and Contribution Agreement. All communications and notices
hereunder to the New Guarantor shall be given to it at the address set forth under its signature. 
 SECTION 8. The New
Guarantor agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent. 

  
 Exhibit E - 8

 IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this
Supplement to the Indemnity, Subrogation and Contribution Agreement as of the day and year first above written. 
  

			
	[Name of New Guarantor]
		
	By:	 	  

		 	 Name:

		 	 Title:

		 	 Address:

	
	SUNTRUST BANK, as
Administrative Agent
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Exhibit E - 9

 SCHEDULE I 

TO SUPPLEMENT NO.      TO THE INDEMNITY, 

SUBROGATION AND CONTRIBUTION AGREEMENT 
 Guarantors 
  

			
	 Name
	 	 Address

		 	
		 	
		 	
		 	
		 	

  
 Exhibit E - 10

 EXHIBIT 2.3 

FORM OF NOTICE OF REVOLVING BORROWING 
 [Date] 
 SunTrust Bank, 
 as Administrative Agent 
 for the Lenders referred to below 

303 Peachtree Street, N.E. 
 Atlanta, GA 30308

 Attention: 
 Dear Sirs: 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as in effect on the date hereof,
the “Credit Agreement”), among the undersigned, as Borrower, the Lenders named therein, and SunTrust Bank, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This notice constitutes a
Notice of Revolving Borrowing, and the Borrower hereby requests a Revolving Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to the Revolving Borrowing requested hereby:

  

	 	(A)	Aggregate principal amount of Revolving Borrowing 1/:
                     

  

	 	(B)	Date of Revolving Borrowing (which is a Business Day):
                     

  

	 	(C)	Interest Rate basis 2/:                     

  

	 	(D)	Interest Period 3/:                     

  

	 	(E)	Location and number of Borrower’s account to which proceeds of Revolving Borrowing are to be disbursed:
                     

 The Borrower hereby represents and warrants that the conditions specified in paragraphs (a), (b) and (c) of Section 3.2 of the Credit Agreement are satisfied. 

 

			
	Very truly yours,
	
	DELTIC TIMBER CORPORATION
		
	By:	 	  

		 	 Name:

		 	 Title:

  

	1/	Not less than $2,000,000 and an integral multiple of $1,000,000. 

	2/	Eurodollar Borrowing or Base Rate Borrowing. 

	3/	Which must comply with the definition of “Interest Period” and end not later than the Commitment Termination Date. 

  
 Exhibit 2.3 -
1 

 EXHIBIT 2.5 

FORM OF NOTICE OF SWINGLINE BORROWING 
 [Date] 
 SunTrust Bank, 
 as Administrative Agent 
 for the Lenders referred to below 

303 Peachtree Street, N.E. 
 Atlanta, GA 30308

 Attention: 
 Dear Sirs: 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as in effect on the date hereof,
the “Credit Agreement”), among the undersigned, as Borrower, the Lenders named therein, and SunTrust Bank, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This notice constitutes a
Notice of Revolving Borrowing, and the Borrower hereby requests a Revolving Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to the Revolving Borrowing requested hereby:

 (A) Principal amount of Swingline Loan:
                     
 (B)
Date of Swingline Loan (which is a Business Day)                      
 (C) Location and number of Borrower’s account to which proceeds of Swingline Loan are to be disbursed:
                     
 The
Borrower hereby represents and warrants that the conditions specified in paragraphs (a), (b) and (c) of Section 3.2 of the Credit Agreement are satisfied. 

 

			
	Very truly yours,
	
	DELTIC TIMBER CORPORATION
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Exhibit 2.5 -
1 

 EXHIBIT 2.7 

FORM OF NOTICE OF CONVERSION/CONTINUATION 
 [Date] 
 SunTrust Bank, 
 as Administrative Agent 
 for the Lenders referred to below 

303 Peachtree Street, N.E. 
 Atlanta, GA 30308

 Attention: 
 Dear Sirs: 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as in effect on the date hereof,
the “Credit Agreement”), among the undersigned, as Borrower, the Lenders named therein, and SunTrust Bank, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This notice constitutes a
Notice of Conversion/Continuation and the Borrower hereby requests the conversion or continuation of a Revolving Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to the
Revolving Borrowing to be converted or continued as requested hereby: 
  

	 	(A)	Revolving Borrowing to which this request applies:
                     

  

	 	(B)	Principal amount of Revolving Borrowing to be converted/continued:
                     

  

	 	(C)	Effective date of election (which is a Business Day):
                     

  

	 	(D)	Interest rate basis:                      

 

	 	(E)	Interest Period:                      

 

			
	Very truly yours,
	
	DELTIC TIMBER CORPORATION
		
	By:	 	  

	Name:
	Title:

  
 Exhibit 2.7 -
1 

 EXHIBIT 2.19-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For 
 U.S. Federal Income Tax
Purposes) 
 Reference is hereby made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as
the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and SunTrust Bank, as Administrative Agent.

 Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of
the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in
Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower with a
certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the
Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20[    ] 

  
 Exhibit 2.19-1

 EXHIBIT 2.19-2 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants
That Are Not Partnerships For 
 U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as the same may be amended,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and SunTrust Bank, as Administrative Agent. 

Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20[    ] 

  
 Exhibit 2.19-2

 EXHIBIT 2.19-3 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants
That Are Partnerships For 
 U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as the same may be amended,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and SunTrust Bank, as Administrative Agent. 

Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither
the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20[    ] 

  
 Exhibit 2.19-3

 EXHIBIT 2.19-4 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That
Are Partnerships For 
 U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (as the same may be amended,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), among Deltic Timber Corporation, each lender from time to time party thereto and SunTrust Bank, as Administrative Agent. 

Pursuant to the provisions of Section 2.19 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower
and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20[    ] 

  
 Exhibit 2.19-4

 EXHIBIT 3.1(B)(V) 

FORM OF SECRETARY’S CERTIFICATE OF DELTIC TIMBER CORPORATION 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (the “Credit Agreement”),
among Deltic Timber Corporation (the “Borrower”), the lenders named therein, and SunTrust Bank, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This certificate is being delivered
pursuant to Section 3.1 of the Credit Agreement. 
 I,
[                    ], Secretary of the Borrower, DO HEREBY CERTIFY that: 
 (a) there have been no amendments or supplements to, or restatements of, the articles of incorporation of the Borrower delivered pursuant to Section 3.1 of the Credit Agreement; 

(b) no proceeding have been instituted or are pending or contemplated with respect to the dissolution, liquidation or sale of all or
substantially all the assets of the Borrower or threatening its existence or the forfeiture or any of its corporate rights; 

(c) annexed hereto as Exhibit A is a true and correct copy of the Bylaws of the Borrower as in effect on [Date]1/ and at
all times thereafter through the date hereof; 
 (d) annexed hereto as Exhibit B is a true and correct copy of certain
resolutions duly adopted by the Board of Directors of the Borrower at a meeting of said Board of Directors duly called and held on [Date], which resolutions are the only resolutions adopted by the Board of Directors of the Borrower or any committee
thereof relating to the Credit Agreement and the other Loan Documents to which the Borrower is a party and the transactions contemplated therein and have not been revoked, amended, supplemented or modified and are in full force and effect on the
date hereof; and 
 (e) each of the persons named below is and has been at all times since [date] a duly elected and qualified
officer of the Borrower holding the respective office set forth opposite his or her name and the signature set forth opposite of each such person is his or her genuine signature: 

 

					
	 Name
	  	 Title
	  	 Specimen Signature

			
	[Include all officers who are signing the Credit Agreement or any other Loan Documents.]	  		  	

  
 Exhibit
3.1(B)(V) - 1 

 IN WITNESS WHEREOF, I have hereunto signed my name this 2nd day of May, 2013. 

 

	
	  

	Secretary

 I,
[                    ], [                    ] of
the Borrower, do hereby certify that [                    ] has been duly elected, is duly qualified and is the [Assistant] Secretary of the
Borrower, that the signature set forth above is [his/her] genuine signature and that [he/she] has held such office at all times since
[                    ]. 

IN WITNESS WHEREOF, I have hereunto signed my name this 2nd day of May, 2013. 

 

	
	DELTIC TIMBER CORPORATION
	
	  

	Title:

  
 Exhibit
3.1(B)(V) - 2 

 EXHIBIT 3.1(B)(VIII) 

FORM OF OFFICER’S CERTIFICATE 
 Reference is made to the Amended and Restated Revolving Credit Agreement dated as of May 2, 2013 (the “Credit Agreement”), among Deltic Timber Corporation (the “Borrower”), the
Lenders from time to time party thereto, and SunTrust Bank, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This certificate is being delivered pursuant to Section 3.1(b)(viii) of the
Credit Agreement. 
 I,
[                    ], [                    ] of
the Borrower, DO HEREBY CERTIFY that: 
 (a) the representations and warranties of the Borrower set forth in the Credit
Agreement are true and correct on and as of the date hereof; and 
 (b) no Default or Event of Default has occurred and is
continuing at the date hereof; and 
 (c) since December 31, 2012, which is the date of the most recent financial
statements described in Section 5.1(a) of the Credit Agreement, there has been no change which has had or could reasonably be expected to have a Material Adverse Effect; and 

(d) no litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or, to the
knowledge of the Borrower, threatened against the Borrower or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect. 
 IN WITNESS WHEREOF, I have hereunto signed my name this 2nd day of May, 2013. 
  

	
	DELTIC TIMBER CORPORATION
	
	  

	 Name:

	 Title:

  
 Exhibit
3.1(B)(VIII) - 1

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