Clearwater Paper Corp

Permit the Current Ratio as of the end of any Reference Period ending as of the end of any fiscal quarter of the Borrower set forth below to be less than 1.75 to 1.0.

• From Sep 30, 2027 · 2.75x
• From Dec 31, 2027 · 3.00x

Permit the Consolidated Debt Service Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than: (i) from the Closing Date through and including the fiscal quarter of the Borrower ending June 30, 2027, 2.65 to 1.0, (ii) with respect to the fiscal quarter of the Borrower ending September 30, 2027, 2.75 to 1.0, and (iii) for any fiscal quarter of the Borrower ending thereafter, 3.00 to 1.0.

Make or become legally obligated to make any Capital Expenditure, except for Capital Expenditures not exceeding, in the aggregate for the Borrower and its Subsidiaries in any Fiscal Year of the Borrower, $90,000,000;