AMENDED AND RESTATED TIMBER MANAGER SUBORDINATION AGREEMENTTimber Manager Subordination Agreement • March 26th, 2010 • Wells Timberland REIT, Inc. • Real estate investment trusts
AMENDED AND RESTATED TIMBER MANAGER SUBORDINATION AGREEMENT (this “Agreement”), dated as of March 24, 2010, among (i) COBANK, ACB, in its capacity as administrative agent (in such capacity, the “Administrative Agent”) for the benefit of itself and each other Lender Party (such capitalized term and all other capitalized terms used herein shall have the meanings provided in Section 1.1), (ii) TIMBERLANDS II, LLC, a Delaware limited liability company (“Wells Timberland”), and WELLS TIMBERLAND OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Wells Partnership” and, together with Wells Timberland, each a “Borrower” and collectively, the “Borrowers”) and (iii) WELLS TRS HARVESTING OPERATIONS, LLC, a Delaware limited liability company (“Wells TRS Subsidiary”), (iv) WELLS TIMBERLAND HBU, LLC, a Delaware limited liability company (“Wells HBU” and together with the Borrowers and Wells TRS Subsidiary, each a “Loan Party” and collectively, the “Loan Parties”) and (v) FOREST RESOURCE C
