Document:

5-Year Revolving Credit Agreement

 Exhibit 10.04 
  
  
 5-YEAR REVOLVING CREDIT AGREEMENT

 dated as of December 10, 2007 
 among 
 NUSTAR LOGISTICS, L.P. 
 NUSTAR ENERGY L.P. 
 The Lenders Party Hereto 
 and 
 JPMORGAN CHASE BANK, N.A.,

 as Administrative Agent 
 SUNTRUST BANK, 
 as Syndication Agent 
 and 
 BARCLAYS BANK PLC, 
 MIZUHO CORPORATE BANK LTD., 
 as Co-Documentation Agents 
 J.P. MORGAN SECURITIES INC., 
 as
Sole Bookrunner 
 and 
 J.P. MORGAN SECURITIES INC. and SUNTRUST ROBINSON HUMPHREY, A 
 DIVISION OF SUNTRUST CAPITAL MARKETS, INC., 

as Co-Lead Arrangers 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	
	Definitions	  	
			
	Section 1.01	  	Defined Terms	  	1
	Section 1.02	  	Classification of Loans and Borrowings	  	23
	Section 1.03	  	Terms Generally	  	23
	Section 1.04	  	Accounting Terms; GAAP	  	24
		
	ARTICLE II	  	
	The Credits	  	
			
	Section 2.01	  	Commitments	  	24
	Section 2.02	  	Loans and Borrowings	  	24
	Section 2.03	  	Requests for Revolving Borrowings	  	25
	Section 2.04	  	Competitive Bid Procedure.	  	26
	Section 2.05	  	Swingline Loans.	  	28
	Section 2.06	  	Letters of Credit.	  	29
	Section 2.07	  	Funding of Borrowings	  	34
	Section 2.08	  	Interest Elections	  	35
	Section 2.09	  	Termination and Reduction of Commitments	  	36
	Section 2.10	  	Repayment of Loans; Evidence of Debt	  	37
	Section 2.11	  	Prepayment of Loans	  	38
	Section 2.12	  	Fees	  	39
	Section 2.13	  	Interest	  	40
	Section 2.14	  	Alternate Rate of Interest	  	41
	Section 2.15	  	Increased Costs	  	42
	Section 2.16	  	Break Funding Payments	  	43
	Section 2.17	  	Taxes	  	43
	Section 2.18	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	44
	Section 2.19	  	Mitigation Obligations; Replacement of Lenders	  	46
	Section 2.20	  	Procedures Regarding Increases to the Commitments	  	47
	Section 2.21	  	Extension of Maturity Date.	  	49
	Section 2.22	  	Dollar Equivalent Determinations.	  	50
	Section 2.23	  	Currency Conversion	  	50
		
	ARTICLE III	  	
	Representations and Warranties	  	
			
	Section 3.01	  	Organization; Powers	  	51
	Section 3.02	  	Authorization; Enforceability	  	51
	Section 3.03	  	Governmental Approvals; No Conflicts	  	51
	Section 3.04	  	Financial Condition; No Material Adverse Change	  	52
	Section 3.05	  	Properties	  	52
	Section 3.06	  	Litigation and Environmental Matters	  	52
	Section 3.07	  	Compliance with Laws and Agreements	  	53
	Section 3.08	  	Investment Company Status	  	53

					
	 Section 3.09
	  	Taxes	  	53
	 Section 3.10
	  	ERISA	  	53
	 Section 3.11
	  	Disclosure	  	53
	 Section 3.12
	  	Subsidiaries	  	54
		
	ARTICLE IV	  	
	Conditions	  	
			
	 Section 4.01
	  	Effective Date	  	54
	 Section 4.02
	  	Each Credit Event	  	55
		
	ARTICLE V	  	
	Affirmative Covenants	  	
			
	 Section 5.01
	  	Financial Statements and Other Information	  	56
	 Section 5.02
	  	Notices of Material Events	  	58
	 Section 5.03
	  	Existence; Conduct of Business	  	59
	 Section 5.04
	  	Payment of Obligations	  	59
	 Section 5.05
	  	Maintenance of Properties; Insurance	  	60
	 Section 5.06
	  	Books and Records; Inspection Rights	  	60
	 Section 5.07
	  	Compliance with Laws	  	60
	 Section 5.08
	  	Use of Proceeds and Letters of Credit	  	60
	 Section 5.09
	  	Environmental Laws	  	60
	 Section 5.10
	  	Unrestricted Subsidiaries.	  	61
	 Section 5.11
	  	Subsidiary Guaranty	  	61
		
	ARTICLE VI	  	
	Negative Covenants	  	
			
	 Section 6.01
	  	Indebtedness	  	61
	 Section 6.02
	  	Liens	  	62
	 Section 6.03
	  	Fundamental Changes	  	63
	 Section 6.04
	  	Investments, Loans, Advances, Guarantees and Acquisitions	  	63
	 Section 6.05
	  	Swap Agreements	  	64
	 Section 6.06
	  	Restricted Payments	  	65
	 Section 6.07
	  	Transactions with Affiliates	  	65
	 Section 6.08
	  	Restrictive Agreements	  	65
	 Section 6.09
	  	Limitation on Modifications of Other Agreements	  	66
	 Section 6.10
	  	Designation and Conversion of Restricted and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries.	  	66
	 Section 6.11
	  	Financial Condition Covenant	  	67
		
	ARTICLE VII	  	
	Events of Default	  	
		
	ARTICLE VIII	  	
	MLP Guarantee	  	
			
	 Section 8.01
	  	MLP Guarantee.	  	70
	 Section 8.02
	  	Subrogation	  	71
	 Section 8.03
	  	Amendments, etc. with respect to the Borrower Obligations	  	71
	 Section 8.04
	  	Guarantee Absolute and Unconditional	  	71

					
	 Section 8.05
	  	Reinstatement	  	72
	 Section 8.06
	  	Payments	  	73
		
	ARTICLE IX	  	
	The Administrative Agent	  	
		
	ARTICLE X	  	
	Miscellaneous	  	
			
	 Section 10.01
	  	Notices.	  	75
	 Section 10.02
	  	Waivers; Amendments	  	76
	 Section 10.03
	  	Expenses; Indemnity; Damage Waiver	  	77
	 Section 10.04
	  	Successors and Assigns.	  	78
	 Section 10.05
	  	Survival	  	81
	 Section 10.06
	  	Counterparts; Integration; Effectiveness	  	81
	 Section 10.07
	  	Severability	  	82
	 Section 10.08
	  	Right of Setoff	  	82
	 Section 10.09
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	82
	 Section 10.10
	  	WAIVER OF JURY TRIAL	  	83
	 Section 10.11
	  	Headings	  	83
	 Section 10.12
	  	Confidentiality	  	83
	 Section 10.13
	  	Interest Rate Limitation	  	84
	 Section 10.14
	  	Limitation of Liability	  	84
	 Section 10.15
	  	USA PATRIOT Act	  	84

  

	
	SCHEDULES:
	
	 Schedule 2.01 – Commitments

	 Schedule 2.06 – Existing Letters of Credit

	 Schedule 3.06 – Disclosed Matters

	 Schedule 3.12 – Subsidiaries

	 Schedule 6.01 – Existing Indebtedness

	 Schedule 6.04 – Existing Investments

	 Schedule 6.07 – Affiliate Agreements

	 Schedule 6.08 – Existing Restrictions

	
	EXHIBITS:
	
	 Exhibit A – Form of Assignment and Assumption

	 Exhibit B – Form of Opinion of the Borrower’s and the MLP’s Counsel

	 Exhibit C-1 – Form of Initial Notice of Commitment Increase

	 Exhibit C-2 – Form of Notice of Confirmation of Commitment Increase

	 Exhibit D – Form of Subsidiary Guarantee Agreement

 5-YEAR REVOLVING CREDIT AGREEMENT dated as of December 10, 2007 among NUSTAR LOGISTICS, L.P.,
a Delaware limited partnership, NUSTAR ENERGY L.P., a Delaware limited partnership, the LENDERS party hereto, JP MORGAN CHASE BANK, N.A., as Administrative Agent, SUNTRUST BANK, as Syndication Agent, and BARCLAYS BANK PLC, MIZUHO CORPORATE BANK LTD.
and ROYAL BANK OF CANADA, as Co-Documentation Agents. 
 The parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 Section 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. 
 “Adjusted LIBO Rate” means, with respect to any
Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

 “Administrative Agent” means JPMorgan Chase Bank, N.A., together with its Affiliates, in its capacity as administrative
agent for the Lenders hereunder. It is understood and agreed that matters concerning Loans and Letters of Credit denominated in Euros may be administered by J. P. Morgan Europe Limited and therefore all notices concerning such Loans and Letters of
Credit will be required to be given at the London funding office set forth in Section 10.01. 
 “Administrative Agent’s
Account” means (a) in the case of Loans and Letters of Credit denominated in Dollars, the account of the Administrative Agent as designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders for
such purpose, and (b) in the case of Loans and Letters of Credit denominated in Euros, the account of the Administrative Agent maintained by the Administrative Agent at its office at 125 London Wall, London EC2Y 5AJ, Account No.
DE93501108006001600037, or such other account of the Administrative Agent as is designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders for such purpose. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement” means this 5-Year
Revolving Credit Agreement, as the same may be amended, modified, supplemented or restated from time to time in accordance herewith. 

 “Alternate Base Rate” means, for any day, a rate per annum equal to the higher of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be
effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages
shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 
 “Applicable
Rate” means, for any day, with respect to any ABR Loan or Eurocurrency Revolving Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR
Spread”, “Eurocurrency Spread” or “Facility Fee Rate”, as the case may be, based upon the ratings by Moody’s and/or S&P, respectively, applicable on such date to the Index Debt: 
  

										
	 Index Debt Ratings:
	  	ABR Spread	 	 	Eurocurrency Spread	 	 	Facility Fee Rate	 
	 Tier 1 Greater than BBB or Baa2
	  	0.00	%	 	0.270	%	 	0.080	%
	 Tier 2 BBB or Baa2
	  	0.00	%	 	0.400	%	 	0.100	%
	 Tier 3 BBB- or Baa3
	  	0.000	%	 	0.500	%	 	0.125	%
	 Tier 4 BB+ or Ba1
	  	0.000	%	 	0.575	%	 	0.175	%
	 Tier 5 Less than BB+ or Ba1
	  	0.000	%	 	0.700	%	 	0.200	%

 For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a rating for
the Index Debt (after having established such a rating and other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Tier 5; (ii) if
both Moody’s and S&P have established a rating for the Index Debt and such ratings established or deemed to have been established by Moody’s and S&P shall fall within different Tiers, then (a) so long as either or both such
ratings are Investment Grade or better, the Applicable Rate shall be based on the higher of the two ratings, unless one of the two ratings is two or more Tiers lower than the other, in which case the Applicable Rate shall be determined by reference
to the Tier next below that of the higher of the two ratings; and (b) so long as both such ratings are below Investment Grade, the Applicable Rate shall be based on the lower of the two ratings, unless one of the two ratings is two or more
Tiers lower than the other, in which case the Applicable Rate shall be determined by reference to the Tier next above that of the lower of the two ratings and (iii) if the ratings established or deemed to have been established by Moody’s
and S&P for the Index Debt shall be changed 

  

 2 

 
(other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first
announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the Applicable
Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either
such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings
from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
 “Approved Fund” has the meaning assigned to such term in Section 10.04. 
 “Assessment Rate” means, for any day, the annual assessment rate in effect on such day that is payable by a member of the Bank Insurance
Fund classified as “well-capitalized” and within supervisory subgroup “B” (or a comparable successor risk classification) within the meaning of 12 C.F.R. Part 327 (or any successor provision) to the Federal Deposit Insurance
Corporation for insurance by such Corporation of time deposits made in Dollars at the offices of such member in the United States; provided that if, as a result of any change in any law, rule or regulation, it is no longer possible to
determine the Assessment Rate as aforesaid, then the Assessment Rate shall be such annual rate as shall be determined by the Administrative Agent to be representative of the cost of such insurance to the Lenders. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
 “Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the
date of termination of the Commitments. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule
13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial
ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition.

 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which
is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any ERISA Affiliate. 
 “Board”
means the Board of Governors of the Federal Reserve System of the United States of America. 
  

 3 

 “Borrower” means NuStar Logistics, L.P., a Delaware limited partnership. 
 “Borrower Obligations” means the collective reference to all amounts owing by the Borrower and its Subsidiaries pursuant to this
Agreement and the other Loan Documents, including, without limitation, the unpaid principal of and interest on the Loans and LC Disbursements and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing
at the then applicable rate provided in this Agreement after the maturity of the Loans and LC Disbursements and interest accruing at the then applicable rate provided in this Agreement 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) to the Guaranteed Creditors, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with the Loan Documents, whether on account of principal, interest, reimbursement obligations, fees, indemnities,
costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Guaranteed Creditors that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements). 
 “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of
Eurocurrency Loans, as to which a single Interest Period is in effect, (b) a Competitive Loan or group of Competitive Loans of the same Type made on the same date and as to which a single Interest Period is in effect or (c) a Swingline
Loan. 
 “Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03.

 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to close; provided, that (i) with respect to notices and determinations in connection with, and payments of principal and interest on, Eurocurrency Borrowings denominated in (a) Dollars, such day is
also a day for trading by and between banks in Dollar deposits in the London interbank market and (b) Euros, such day is also a day on which banks in London are open for general banking business, including dealings in foreign currency and
exchange, and on which the TARGET payment system is open for the settlement of payments in Euros. 
 “Calculation Date”
means (a) each day as the Administrative Agent shall from time to time designate in its sole discretion as a “Calculation Date” and (b) each Extension Effective Date. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) 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. 
  

 4 

 “Change in Control” means any of the following events: 
 (a) 100% (and not less than 100%) of the issued and outstanding Equity Interest of the general partner(s) of the Borrower shall cease to be owned,
directly or indirectly, or the Borrower shall cease to be Controlled, by the MLP; or 
 (b) 100% (and not less than 100%) of the limited
partnership interests of the Borrower shall cease to be owned in the aggregate, directly or indirectly, by the MLP; or 
 (c) the occurrence
of any transaction that results in any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than a Permitted Holder becoming the Beneficial Owner, directly or indirectly, of more than
50% of the general partner interests in the MLP. 
 “Change in Law” means (a) the adoption of any law, rule or
regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or
any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any) 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. 
 “Class”, when used in reference to
any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Competitive Loans or Swingline Loans. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing
the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 2.19 or Section 10.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have
assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $1,250,000,000. 
 “Commitment Increase Effective Date” has the meaning assigned such term in Section 2.20. 
 “Competitive Bid” means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04. 
 “Competitive Bid Rate” means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid. 
  

 5 

 “Competitive Bid Request” means a request by the Borrower for Competitive Bids in
accordance with Section 2.04. 
 “Competitive Loan” means a Loan made pursuant to Section 2.04. 
 “Consenting Lenders” has the meaning set forth in Section 2.21(b). 
 “Consolidated Debt Coverage Ratio” means, for any day, the ratio of (a) all Indebtedness of the MLP and its Restricted Subsidiaries
(excluding the principal amount of Hybrid Equity Securities in an aggregate amount not to exceed 15% of Total Capitalization), on a consolidated basis, as of the last day of the then most recent Rolling Period over (b) Consolidated EBITDA for
such Rolling Period. 
 “Consolidated EBITDA” means, without duplication, as to the MLP and its Restricted Subsidiaries, on
a consolidated basis for each Rolling Period, the amount equal to Consolidated Operating Income for such period (a) plus the following to the extent deducted from Consolidated Operating Income in such period: (i) depreciation, amortization
and other non-cash charges for such period (including any non-cash losses or negative adjustments under Statement of Financial Accounting Standards 133 (and any statements replacing, modifying or superseding such statement) as the result of changes
in the fair market value of derivatives) and (ii) cash distributions received by the Borrower from Skelly-Belvieu Pipeline Company, and similar joint ventures, during such period; (b) minus all non-cash income added to Consolidated
Operating Income in such period (including any non-cash gains or positive adjustments under Statement of Financial Accounting Standards 133 (and any statements replacing, modifying or superseding such statement) as the result of changes in the fair
market value of derivatives); and (c) plus any Material Project EBITDA Adjustments for such period; provided that Consolidated EBITDA shall be adjusted from time to time as necessary to give pro forma effect to permitted acquisitions or
Investments (other than Joint Venture Interests) or sales of property by the MLP and its Restricted Subsidiaries. 
 “Consolidated
Net Worth” means, at any time, an amount equal to the consolidated partners’ equity of the MLP and its Restricted Subsidiaries. 
 “Consolidated Operating Income” means, as to the MLP and its Restricted Subsidiaries on a consolidated basis for each Rolling Period, the amount equal to gross margin (including any proceeds received from business
interruption insurance provided that such proceeds are received during any Rolling Period with respect to an event or events that occurred during such Rolling Period) minus operating expenses, general and administrative expenses, depreciation and
amortization, and taxes other than income taxes, in each case for such period 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. 
  

 6 

 “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Disclosed Matters” means
the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06. 
 “Dollar Equivalent” means,
on any date, with respect to any amount in (a) Dollars, such amount and (b) Euros, the equivalent in Dollars of such amount as determined by the Administrative Agent in accordance with Section 2.22. 
 “Dollars” or “$” refers to lawful money of the United States of America. 
 “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with
Section 10.02). 
 “EMU Legislation” means the legislative measures of the European Union for the introduction of,
changeover to or operation of the Euro in one or more member states. 
 “Environmental Approvals” means any Governmental
Approvals required under applicable Environmental Laws. 
 “Environmental Laws” means all laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by 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” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the MLP or any Subsidiary directly or indirectly resulting from or based
upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened
release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Interest” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
corporation, any member interests in a limited liability company, and general or limited partnership interests in a partnership, any and all equivalent ownership interests in a Person and any and all warrants, options or other rights to purchase any
of the foregoing. In addition, “Equity Interest” shall include, without limitation, with respect to the Borrower, the limited partner interests of the Borrower and the General Partner Interests and, with respect to the MLP, the Units and
the general partner interest of the MLP. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time. 
  

 7 

 “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the MLP, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of
the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412
of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by the MLP or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the MLP or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the MLP or any of its ERISA Affiliates of any liability with respect to the withdrawal or
partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the MLP or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the MLP or any ERISA Affiliate of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “EURIBOR Rate” means, with respect to any Eurocurrency Borrowing denominated in Euros for any Interest Period, the rate appearing on Page 248 of the Reuters Telerate Service (or on any successor or
substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for
purposes of providing quotations of interest rates applicable to deposits in Euros in the London interbank market) at approximately 11:00 a.m., Brussels time, two Business Days prior to the commencement of such Interest Period, as the rate for Euro
deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “EURIBOR Rate” with respect to such Eurocurrency Borrowing for such Interest Period shall be
the rate at which deposits in Euros of €5,000,000 and for a maturity comparable to such Interest Period are offered to first class banks in the London interbank market by the principal London office of the Administrative Agent in immediately
available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
 “Euro” or “€” means the single currency of the European Union as constituted by the Treaty on European Union and as referred to in the EMU Legislation for the introduction of,
changeover to or operation of the Euro in one or more member states. 
 “Euro Sublimit” means $250,000,000, as such amount
may be increased from time to time pursuant to Section 2.20. 
  

 8 

 “Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan, the LIBO Rate). 
 “Eurocurrency Rate” means, with respect to any Eurocurrency Borrowing denominated in Dollars for any Interest Period, the rate appearing
on Page 3750 of the Dow Jones Market Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service,
as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for Dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “Eurocurrency Rate” with respect
to such Eurocurrency Borrowing for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered to first class banks in the London interbank market by the principal
London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
 “Event of Default” has the meaning assigned to such term in Article VII. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any statute successor thereto. 

“Exchange Rate” means with respect to Euros on any date, the rate at which Euros may be exchanged into Dollars, as set forth on such
date on the relevant Reuters currency page at or about 11:00 a.m., London time, on such date. In the event that such rate does not appear on any Reuters currency page, the “Exchange Rate” with respect to Euros shall be determined by
reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower or, in the absence of such agreement, such Exchange Rate shall instead be the Administrative
Agent’s spot rate of exchange in the interbank market where its foreign currency exchange operations in respect of Euros are then being conducted, at or about 10:00 a.m., local time, on such date for the purchase of Dollars with Euros, for
delivery two Business Days later; provided, that if at the time of any such determination, for any reason, no such spot rate is being, or can reasonably be, quoted, the Administrative Agent may use any reasonable method as it deems
appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 
 “Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured
by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is
located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the 

  

 9 

 
Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)),
any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply
with Section 2.17(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such
withholding tax pursuant to Section 2.17(a). 
 “Existing Credit Agreement” means that certain 5-Year Revolving Credit
Agreement dated as of December 20, 2004 among the Borrower, the MLP, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as amended, modified, supplemented or restated. 
 “Existing Letters of Credit” means the letters of credit set forth on Schedule 2.06. 
 “Extension Confirmation Date” has the meaning set forth in Section 2.21(b). 
 “Extension Effective Date” has the meaning set forth in Section 2.21(b). 
 “Federal Funds Effective Rate” means, for any day, 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 quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it. 
 “Financial Officer” means with respect to any Person, the chief accounting officer,
chief financial officer, treasurer or controller of such Person. 
 “Fixed Rate” means, with respect to any Competitive Loan
(other than a Eurocurrency Competitive Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related Competitive Bid. 
 “Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and
the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “GAAP” means generally accepted accounting
principles in the United States of America. 
 “General Partner” means NuStar GP, Inc., a Delaware corporation. 

 

 10 

 “General Partner Interest” means all general partner interests in the Borrower.

 “Governmental Authority” means 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. 
 “Guarantee” of or by any Person (the “guarantor”) means 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 of the guarantor, direct or indirect, (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 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 to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 
 “Guaranteed Creditors” means the collective reference to the Administrative Agent and the Lenders. 
 “Guarantor” means each of the MLP, KPOP, and each Subsidiary and other Person that from time to time executes and delivers a Subsidiary
Guaranty (or becomes a party thereto by executing and delivering a supplement thereto or otherwise), other than any such Person that is released from such Subsidiary Guaranty in accordance with the terms thereof. 
 “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. 
 “Hybrid Equity Securities” means, on any date (the “determination date”), any
securities issued by the Borrower or a financing vehicle of the Borrower, other than common stock, that meet the following criteria: (a) (i) the Borrower demonstrates that such securities are classified, at the time they are issued, as
possessing a minimum of “intermediate equity content” by S&P and “Basket C equity credit” by Moody’s (or the equivalent classifications then in effect by such agencies) and (ii) on such determination date such
securities are classified as possessing a minimum of “intermediate equity content” by S&P or “Basket C equity credit” by Moody’s (or the equivalent classifications then in effect by such agencies) and (b) such
securities require no repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to at least 91 days after the later of the termination of the Commitments and the repayment in full of the Borrower Obligations. As used
in this definition, “mandatory redemption” shall not include conversion of a security into common stock. 
  

 11 

 “Increasing Lender” has the meaning assigned to such term in Section 2.20.

 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or
with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments or by any other securities providing for the mandatory payment of money (including, without
limitation, preferred stock subject to mandatory redemption or sinking fund provisions), (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or
other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary
course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all non-contingent obligations of such Person as an account party in
respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) all obligations of such Person with respect to any arrangement, directly or
indirectly, whereby such Person or its Subsidiaries shall sell or transfer any material asset, and whereby such Person or any of its Subsidiaries shall then or immediately thereafter rent or lease as lessee such asset or any part thereof, and
(l) all recourse and support obligations of such Person or any of its Subsidiaries with respect to the sale or discount of any of its accounts receivable. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes.

 “Indentures” means, collectively, the NuStar Logistics Indenture and the KPOP Indenture. 
 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other
Person other than the Guarantors or subject to any other credit enhancement. 
 “Information Memorandum” means the
Confidential Information Memorandum dated November     , 2007 relating to the Borrower and the Transactions. 
 “Initial Notice of Commitment Increase” has the meaning assigned to such term in Section 2.20. 
  

 12 

 “Interest Election Request” means a request by the Borrower to convert or continue a
Revolving Borrowing in accordance with Section 2.08. 
 “Interest Payment Date” means (a) with respect to any ABR
Loan, the last day of each March, June, September and December, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing
with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, (c) with respect to
any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Fixed Rate Borrowing with an Interest Period of more than 90 days’ duration (unless otherwise specified in
the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period, and any other dates that are specified in the applicable
Competitive Bid Request as Interest Payment Dates with respect to such Borrowing and (d) with respect to any Swingline Loan, the day that such Loan is required to be repaid. 
 “Interest Period” means (a) with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six-months thereafter (or, with the consent of each Lender, such other period as the Lenders and the Borrower shall mutually agree upon), as the Borrower
may elect, and (b) with respect to any Fixed Rate Borrowing, the period (which shall not be less than 1 day or more than 270 days) commencing on the date of such Borrowing and ending on the date specified in the applicable Competitive Bid
Request; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency Borrowing only, such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing that commences on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes
hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 “Investment” means, as applied to any Person, (a) any direct or indirect purchase or other acquisition by such
Person of any Equity Interests in any other Person, (b) any direct or indirect loan, advance or capital contribution by such Person to any other Person, including all Indebtedness and receivables from such other Person which are not current
assets or did not arise from sales to such other Person in the ordinary course of business, (c) any Swap Agreement entered into by such Person other than Permitted Swap Agreements and (d) any direct or indirect purchase or other
acquisition by such Person of all or substantially all of the property and assets or business of another Person or assets that constitute a business unit, line of business or division of another Person. In addition, a Letter of Credit issued
hereunder on behalf or for the benefit of any Unrestricted Subsidiary shall constitute an “Investment” in such Unrestricted Subsidiary for the purposes hereof. The amount of any Investment described in clause (c) above shall be the
maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Swap Agreement were terminated at such time. 
  

 13 

 “Investment Grade” means a rating for Index Debt of BBB- or higher by S&P and Baa3
or higher by Moody’s. 
 “Issuing Bank” means each of JPMorgan Chase Bank, N.A. and SunTrust Bank, in each case, in its
capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such
Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Joint Venture Interest” means an acquisition of or Investment in Equity Interests in another Person, held directly or indirectly by the MLP, that will not be a Subsidiary after giving effect to such
acquisition or Investment. 
 “KPOP” means Kaneb Pipe Line Operating Partnership, L.P., a Delaware limited partnership.

 “KPOP Indenture” means that certain Indenture dated February 21, 2002, as amended and supplemented by the First
Supplemental Indenture dated February 21, 2002, the Second Supplemental Indenture dated August 9, 2002, the Third Supplemental Indenture dated May 16, 2003, and the Fourth Supplemental Indenture, dated May 27, 2003, in each case,
between KPOP and JPMorgan Chase Bank, as trustee (the “KPOP Trustee”), and as further amended and supplemented by the Fifth Supplemental Indenture dated July 1, 2005, by and among KPOP, the MLP, as affiliate guarantor, the
Borrower, as affiliate guarantor, and the KPOP Trustee. 
 “KPOP Notes” means KPOP’s $250,000,000 7.750% Senior
Unsecured Notes Due 2012 and KPOP’s $250,000,000 5.875% Senior Unsecured Notes Due 2013, in each case issued under the KPOP Indenture. 
 “LC Disbursement” means a payment made by any Issuing Bank pursuant to a Letter of Credit issued by such Issuing Bank. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been
reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. The LC Exposure of any Issuing Bank at any time shall be the sum of
(a) the aggregate undrawn amount of all outstanding Letters of Credit issued by such Issuing Bank at such time plus (b) the aggregate amount of all LC Disbursements made by such Issuing Bank that have not yet been reimbursed by or on
behalf of the Borrower at such time. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall
have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes
the Swingline Lender. 
  

 14 

 “Lending Office” means, with respect to any Lender, the “Lending Office” of
such Lender (or an Affiliate of such Lender) designated for each Type and/or currency of Loan or Letter of Credit 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 and Letters of Credit of such Type and/or currency are to be made and maintained. 
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement (including the Existing Letters of Credit). 

“LIBO Rate” means, for any Interest Period, with respect to any Eurocurrency Borrowing denominated in (a) Dollars, the
Eurocurrency Rate and (b) Euros, the EURIBOR Rate. 
 “Lien” means, with respect to any asset, (a) any mortgage,
deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

 “Loan Documents” means this Agreement, the Subsidiary Guaranty, any notes issued pursuant to Section 2.10(e), and
any Letter of Credit, as each such agreement may be amended, supplemented or otherwise modified from time to time as permitted hereby, and any and all instruments, certificates, or other agreements delivered in connection with the foregoing.

 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 
 “Margin” means, with respect to any Competitive Loan bearing interest at a rate based on the LIBO Rate, the marginal rate of interest,
if any, to be added to or subtracted from the LIBO Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition (financial or
otherwise) of the MLP and its Restricted Subsidiaries (including the Borrower) taken as a whole, (b) the ability of the MLP, the Borrower or any Guarantor to perform any of their obligations under this Agreement or any other Loan Document or
(c) the rights of or benefits available to the Lenders under this Agreement or any other Loan Document. 
 “Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the MLP and its Restricted Subsidiaries in an aggregate principal amount
exceeding $50,000,000. For 

  

 15 

 
purposes of determining Material Indebtedness, the “principal amount” of the obligations of the MLP or any Restricted Subsidiary in respect of any
Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Swap Agreement were terminated at such time. 
 “Material Project” means each new pipeline, storage facility, processing plant or other capital expansion project wholly owned by the
MLP or its Restricted Subsidiaries, the construction of which commenced after May 31, 2006 and which has a budgeted capital cost exceeding $25,000,000. 
 “Material Project EBITDA Adjustments” means, with respect to each Material Project, (a) for any Rolling Period ending on or prior to the last day of the fiscal quarter during which the Material
Project is completed, a percentage (based on the then-current completion percentage of the Material Project) of an amount determined by the Borrower as the projected Consolidated EBITDA attributable to such Material Project and designated in a
certificate of a Responsible Officer of the Borrower as described in the next sentence of this definition (such amount to be determined by the Borrower in good faith and in a commercially reasonable manner based on contracts relating to such
Material Project, the creditworthiness of the other parties to such contracts and projected revenues from such contracts, capital costs and expenses, scheduled completion, and other similar factors deemed appropriate by the Borrower) shall be added
to actual Consolidated EBITDA for the MLP and its Restricted Subsidiaries for the fiscal quarter in which construction of such Material Project commences and for each fiscal quarter thereafter until completion of the Material Project (net of any
actual Consolidated EBITDA attributable to such Material Project following its completion); provided that if construction of the Material Project is not completed by the scheduled completion date, then the foregoing amount shall be reduced by
the following percentage amounts depending on the period of delay for completion (based on the period of actual delay or then-estimated delay, whichever is longer): (i) longer than 90 days, but not more than 180 days, 25%, (ii) longer than
180 days but not more than 270 days, 50%, and (iii) longer than 270 days, 100%; and (b) for each Rolling Period ending on the last day of the first, second and third fiscal quarters, respectively, immediately following the fiscal quarter
during which the Material Project is completed, an amount equal to the projected Consolidated EBITDA attributable to the Material Project for the period from but excluding the end of such Rolling Period through and including the last day of the
fourth fiscal quarter following the fiscal quarter during which the Material Project is completed shall be added to Consolidated EBITDA for such Rolling Period (net of any actual Consolidated EBITDA attributable to the Material Project for the
period from and including the date of completion through and including the last day of the fiscal quarter during which the Material Project is completed). Notwithstanding the foregoing, (i) no such additions shall be allowed with respect to any
Material Project unless not later than 45 days prior to commencement of construction thereof, the Borrower shall have delivered to the Administrative Agent and the Lenders a certificate of a Responsible Officer of the Borrower certifying as to the
amount determined by the Borrower as the projected Consolidated EBITDA attributable to such Material Project, together with a reasonably detailed explanation of the basis therefor and such other information and documentation as the Administrative
Agent or any Lender may reasonably request, such certificate, explanation and other information and documentation delivered by the Borrower shall be deemed in form and substance satisfactory to the Administrative Agent and the Required 

  

 16 

 
Lenders unless the Administrative Agent or the Required Lenders object thereto within 10 Business Days after receipt thereof, and (ii) the aggregate
amount of all Material Project EBITDA Adjustments during any period shall be limited to 20% of the total actual Consolidated EBITDA of the MLP and its Subsidiaries for such period (which total actual Consolidated EBITDA shall be determined without
including any Material Project EBITDA Adjustments or any adjustments in respect of any acquisitions or dispositions as provided in the definition of Consolidated EBITDA). 
 “Material Subsidiary” means, with respect to the MLP, any Restricted Subsidiary that meets any of the following conditions: (i) the MLP’s and its other Restricted Subsidiaries’ equity
in the income from continuing operations before interest expense and all income taxes of such Restricted Subsidiary exceeds 10% of such income of the MLP and its Restricted Subsidiaries consolidated for the most recently completed fiscal year or
(ii) the MLP’s and its other Restricted Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of such Restricted Subsidiary exceeds 10% of the total assets of the MLP and its Restricted Subsidiaries
consolidated as of the end of the most recently completed fiscal year. 
 “Maturity Date” means December 10, 2012, and
for any Lender agreeing to extend its Maturity Date pursuant to Section 2.21, the date on December 10 in each year thereafter pursuant to which the Maturity Date has been extended, but in no event later than December 10, 2014.

 “MLP” means NuStar Energy L.P., a Delaware limited partnership. 
 “MLP Obligations” means the collective reference to (i) the Borrower Obligations and (ii) all obligations and liabilities of
the MLP which may arise under or in connection with any Loan Document to which the MLP is a party, in each case whether on account of guarantee obligations, reimbursement obligations, loan obligations, fees, indemnities, costs, expenses or otherwise
(including, without limitation, all fees and disbursements of counsel to any Guaranteed Creditor under any Loan Document). 
 “Moody’s” means Moody’s Investors Service, Inc. (or any successor rating organization). 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA, to which the MLP or any ERISA Affiliate makes or is obligated to make contributions. 
 “New Funds Amount” means the amount by which a New Lender’s or an Increasing Lender’s outstanding Loans increase as of a
Commitment Increase Effective Date (without regard to any such increase as a result of Borrowings made on such Commitment Increase Effective Date). 
 “New Lender” has the meaning assigned to such term in Section 2.20. 
 “Notice of Confirmation of
Commitment Increase” has the meaning assigned to such term in Section 2.20. 
 “NuStar Logistics Indenture”
means that certain Indenture dated as of July 15, 2002 among the MLP, the Borrower and The Bank of New York as Trustee (the “NuStar Logistics  

  

 17 

 
Trustee”), as amended and supplemented by a First Supplemental Indenture thereto dated as of July 15, 2002, a Second Supplemental Indenture
thereto dated as of March 18, 2003, and a Third Supplemental Indenture dated as of July 1, 2005 by and among the Borrower, the MLP as guarantor, KPOP, as affiliate guarantor and the NuStar Logistics Trustee. 
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 
 “Partially Increasing Lender” has the meaning assigned to such term in Section 2.20. 
 “Partnership
Agreement (Borrower)” means the Agreement of Limited Partnership of the Borrower among the General Partner and the MLP in the form previously provided to the Lenders, as amended, modified and supplemented from time to time in accordance
herewith. 
 “Partnership Agreement (MLP)” means the Third Amended and Restated Agreement of Limited Partnership of the MLP
dated as of March 18, 2003, as amended, modified and supplemented from time to time in accordance herewith. 
 “PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
 “Permitted Encumbrances” means: 
 (a) Liens imposed by law for Taxes that are not yet due or are being contested in
compliance with Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and
other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04; 
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social
security laws or regulations; 
 (d) 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; 
 (e) judgment
liens in respect of judgments that do not constitute an Event of Default under clause (j) of Article VII; 
 (f) easements, zoning
restrictions, rights-of-way, minor irregularities in title, boundaries, or other survey defects, servitudes, permits, reservations, exceptions, zoning regulations, conditions, covenants, mineral or royalty rights or reservations or oil, gas and
mineral leases and rights of others in any property of the MLP or any Subsidiary for streets, roads, bridges, pipes, pipe lines, railroads, electric transmission and distribution lines, telegraph 

  

 18 

 
and telephone lines, the removal of oil, gas or other minerals or other similar purposes, flood control, water rights, rights of others with respect to
navigable waters, sewage and drainage rights 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 interfere with the ordinary conduct of business of the MLP or any Subsidiary; provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness; and 
 (g) Liens securing an obligation of a third party neither created, assumed nor Guaranteed by the MLP or any Subsidiary upon lands over which easements or
similar rights are acquired by the MLP or any Subsidiary in the ordinary course of business of the MLP or any Subsidiary. 
 “Permitted Holder” means NuStar GP Holdings, LLC, a Delaware limited liability company, or any successor to NuStar GP Holdings, LLC. 
 “Permitted Investments” means: 
 (a) direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one
year from the date of acquisition thereof; 
 (b) investments in commercial paper maturing within 270 days from the date of acquisition
thereof and having, at such date of acquisition, a short term deposit rating of no lower than A2 or P2, as such rating is set forth by S&P or Moody’s, respectively; 
 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from 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 of America or any State thereof which has a combined capital and
surplus and undivided profits of not less than $500,000,000; 
 (d) fully collateralized repurchase agreements with a term of not more than
30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 
 (e) investments in short term debt obligations of an issuer rated at least BBB by S&P’s or Baa2 by Moody’s, and maturing within 30 days from the date of acquisition, in an aggregate amount not to exceed
$50,000,000 at any time. 
 “Permitted Swap Agreements” has the meaning assigned to such term in Section 6.05.

 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
  

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 “Plan” means any employee pension 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 MLP or any ERISA Affiliate contributes or has an obligation to contribute and 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. 
 “Prime
Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective. 
 “Reducing Lender” has the meaning assigned to
such term in Section 2.20. 
 “Reduction Amount” means the amount by which a Reducing Lender’s or a Partially
Increasing Lender’s outstanding Loans decrease as of a Commitment Increase Effective Date (without regard to any such increase as a result of Borrowings made on such Commitment Increase Effective Date). 
 “Register” has the meaning set forth in Section 10.04. 
 “Related Parties” means, with respect 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. 
 “Required Lenders” means, at any time,
Lenders having Revolving Credit Exposures and unused Commitments representing greater than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided that, for purposes of declaring the Loans to be
due and payable pursuant to Article VII, and for all purposes after the Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, the outstanding Competitive Loans of the Lenders shall be included in their
respective Revolving Credit Exposures in determining the Required Lenders. 
 “Responsible Officer” means, as to any Person,
the Chief Executive Officer, the President, any Financial Officer or any Vice President of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrower. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property, with the exception of a
Unit split, combination, or dividend, in each case so long as the only consideration paid in connection therewith is an in-kind payment of additional Units) with respect to any Equity Interest of the MLP or any Subsidiary, or any payment (whether in
cash, securities or other property, with the exception of a Unit split, combination, or dividend, in each case so long as the only consideration paid in connection therewith is an in-kind payment of additional Units), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interest of the MLP or any option, warrant or other right to acquire any such Equity Interest of the MLP. 
  

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 “Restricted Subsidiary” means any Subsidiary that is not an Unrestricted Subsidiary. For
the avoidance of doubt, the Borrower is a Restricted Subsidiary of the MLP, the Borrower may not be an Unrestricted Subsidiary and each Subsidiary that is a Guarantor must be a Restricted Subsidiary. 
 “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 
 “Revolving Loan” means a Loan made
pursuant to Section 2.03. 
 “Rolling Period” means any period of four consecutive fiscal quarters. 
 “SEC” means the Securities and Exchange Commission or any successor Governmental Authority. 
 “S&P” means Standard & Poor’s Ratings Group, a division of McGraw-Hill Companies, Inc. (or any successor rating
organization). 
 “Standard Ratio” has the meaning given such term in Section 6.11. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of
which is the number one minus the aggregate of the maximum reserve, liquid asset or similar percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by any Governmental Authority of the
United States or of the jurisdiction of such currency or any jurisdiction in which Loans in such currency are made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in such
currency or by reference to which interest rates applicable to loans in such currency are determined. Such reserve, liquid asset or similar percentages shall include those imposed pursuant to Regulation D of the Board. Eurocurrency Loans shall be
deemed 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 or any other applicable law, rule or regulation. The
Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, 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, limited liability company, partnership, association
or other entity (a) 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 

  

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50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) 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. 
 “Subsidiary” means: (a) with respect to the MLP, any subsidiary of the MLP (including the Borrower) and (b) with respect to the Borrower, any subsidiary of the Borrower. 
 “Subsidiary Guaranty” means any guaranty executed and delivered pursuant to Section 5.11, including the Subsidiary Guaranty
Agreement substantially in the form of Exhibit D, as from time to time amended, modified, or supplemented. 
 “Swap
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments
or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing
for payments only on account of services provided by current or former directors, officers, employees or consultants of the MLP or the Subsidiaries shall be a Swap Agreement. 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline
Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 
 “Swingline
Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 
 “Swingline
Loan” means a Loan made pursuant to Section 2.05. 
 “Swingline Rate” means, for any day, the “ASK”
rate for over-night Federal funds appearing on Page 5 of the Dow Jones Market Service on such day. 
 “TARGET” means the
Trans-European Automated Real-Time Gross Settlement Express Transfer system. 
 “Taxes” means any and all present or future
taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
 “Term Credit
Agreement” means The 5-Year Term Credit Agreement dated as of July 1, 2005 among the Borrower, the MLP, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other agents from time to time party thereto, as the same
may from time to time be amended, restated, modified or supplemented. 
 “Total Capitalization” means, at the date of any
determination thereof, the sum of (a) all Indebtedness of the MLP and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP plus (b) Consolidated Net Worth. 
  

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 “Transactions” means the execution, delivery and performance by the Borrower and the MLP
of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, and the execution, delivery and performance of the Subsidiary Guaranty. 
 “Type”, when used in reference to any 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 Alternate Base Rate or, in the case of a Competitive Loan or Borrowing, the LIBO Rate or a Fixed Rate. 
 “UK Credit Agreement” means the Amended and Restated Credit Agreement, dated as of July 1, 2005, between Kaneb Terminals Limited
(formerly known as ST Services, Ltd.), the MLP, Kaneb Pipeline Operating Partnership, L.P. and SunTrust Bank, as the same may from time to time be amended, restated, modified, supplemented, refinanced or replaced. 
 “Units” means the common units of limited partner interests in the MLP. 
 “Unrestricted Subsidiary” means any Subsidiary (other than the Borrower or any Guarantor) designated as such on Schedule 3.12 or which
the Borrower has designated in writing to the Administrative Agent to be an Unrestricted Subsidiary pursuant to Section 6.10(b). 
 “Wholly-Owned Subsidiary” means, in respect of any Person, any subsidiary of such Person, all of the Equity Interests of which (other than director’s qualifying shares, as may be required by law) is owned by such
Person, either directly or indirectly through one or more Wholly-Owned Subsidiaries of such Person. Unless otherwise indicated herein, each reference to the term “Wholly-Owned Subsidiary” shall mean a Wholly-Owned Subsidiary of the MLP.

 “Withdrawal Liability” means 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. 
 Section 1.02 Classification 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 “Eurocurrency Loan”) or by Class and Type (e.g., a
“Eurocurrency Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a
“Eurocurrency Revolving Borrowing”). 
 Section 1.03 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”. Unless the context requires otherwise
(a) 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, supplemented or 

  

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otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (c) 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, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) 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. 

Section 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall
be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 
 ARTICLE II 
 The Credits 
 Section 2.01
Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in the Dollar
Equivalent (determined on the date by which a Borrowing Request in respect thereof is required to be delivered pursuant to Section 2.03) of (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment,
(b) the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans exceeding the total Commitments or (c) the sum of the total Revolving Credit Exposures in Euros exceeding the Euro
Sublimit. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 
 Section 2.02 Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective
Commitments. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder;
provided that the Commitments and Competitive Bids of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Subject to Section 2.14, (i) each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may
request in accordance 

  

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herewith and (ii) each Competitive Borrowing shall be comprised entirely of Eurocurrency Loans or Fixed Rate Loans as the Borrower may request in
accordance herewith. Each Lender at its option may make any Eurocurrency Loan denominated in Dollars by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not
affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. Each Lender shall make each Eurocurrency Loan denominated in Euros from its applicable Lending Office. 
 (c) At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, the Dollar Equivalent of such Borrowing shall be in an
aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (in each case, determined on the date by which a Borrowing Request or Interest Election Request is required to be delivered pursuant to Section 2.03 or
Section 2.08, respectively. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000; provided that an ABR Revolving
Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Competitive Borrowing
shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. Borrowings of more than one
Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of five Eurocurrency Revolving Borrowings outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any
Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 Section 2.03 Requests for
Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing to be funded in Dollars, not later than 12:00 noon, New York
City time, three Business Days before the date of the proposed Borrowing, (b) in the case of a Eurocurrency Borrowing to be funded in Euros, not later than 12:00 noon, London time, four Business Days before the date of the proposed Borrowing,
or (c) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance
with Section 2.02: 
 (i) the aggregate amount of the requested Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 
  

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 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; 
 (iv) in the case of a Eurocurrency Borrowing, the currency of such Borrowing, which shall be either Dollars or Euros, and the initial Interest Period to
be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
 (v) the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If
no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the Borrower
shall be deemed to have selected an Interest Period of one month’s duration. If no currency is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected Dollars. Promptly following
receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 Section 2.04 Competitive Bid Procedure. 
 (a) Subject to the terms and conditions set forth herein, from time to time during the Availability Period the Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow
Competitive Loans denominated in Dollars; provided that the Dollar Equivalent of the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans at any time shall not exceed the total
Commitments. To request Competitive Bids, the Borrower shall notify the Administrative Agent of such request by telephone, in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time, four Business Days before the date of
the proposed Borrowing and, in the case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing; provided that the Borrower may submit no more than one Competitive
Bid Request on the same day, but a Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request, unless such previous Competitive Bid Request shall have been withdrawn or all Competitive
Bids received in response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form approved by the
Administrative Agent and signed by the Borrower. Each such telephonic and written Competitive Bid Request shall specify the following information in compliance with Section 2.02: 
 (i) the aggregate amount of the requested Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 
  

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 (iii) whether such Borrowing is to be a Eurocurrency Borrowing or a Fixed Rate Borrowing; 
 (iv) the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the term “Interest
Period”; and 
 (v) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with
the requirements of Section 2.08. 
 Promptly following receipt of a Competitive Bid Request in accordance with this Section, the
Administrative Agent shall notify the Lenders of the details thereof by telecopy, inviting the Lenders to submit Competitive Bids. 
 (b)
Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to the Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and must be
received by the Administrative Agent by telecopy, in the case of a Eurocurrency Competitive Borrowing, not later than 9:30 a.m., New York City time, three Business Days before the proposed date of such Competitive Borrowing, and in the case of a
Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on the proposed date of such Competitive Borrowing. Competitive Bids that do not conform substantially to the form approved by the Administrative Agent may be rejected by the
Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount (which shall be a minimum of $5,000,000 and an integral multiple of
$1,000,000 and which may equal the entire principal amount of the Competitive Borrowing requested by the Borrower) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or Rates at which the Lender
is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof. 
 (c) The Administrative Agent shall promptly notify the Borrower by telecopy of the Competitive Bid Rate and the principal amount specified in each
Competitive Bid and the identity of the Lender that shall have made such Competitive Bid. 
 (d) Subject only to the provisions of this
paragraph, the Borrower may accept or reject any Competitive Bid. The Borrower shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to
accept or reject each Competitive Bid, in the case of a Eurocurrency Competitive Borrowing, not later than 10:30 a.m., New York City time, three Business Days before the date of the proposed Competitive Borrowing, and in the case of a Fixed Rate
Borrowing, not later than 10:30 a.m., New York City time, on the proposed date of the Competitive Borrowing; provided that (i) the failure of the Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid,
(ii) the Borrower shall not accept a Competitive Bid made at a particular Competitive Bid Rate if the Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by
the Borrower shall not exceed the aggregate amount of the requested Competitive 

  

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Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept
Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and
(v) except pursuant to clause (iv) above, no Competitive Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided
further that if a Competitive Loan must be in an amount less than $5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating
the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner determined by the
Borrower. A notice given by the Borrower pursuant to this paragraph shall be irrevocable. 
 (e) The Administrative Agent shall promptly
notify each bidding Lender by telecopy whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions
hereof, to make the Competitive Loan in respect of which its Competitive Bid has been accepted. 
 (f) If the Administrative Agent shall
elect to submit a Competitive Bid in its capacity as a Lender, it shall submit such Competitive Bid directly to the Borrower at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive
Bids to the Administrative Agent pursuant to paragraph (b) of this Section. 
 Section 2.05 Swingline Loans. 
 (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Dollar denominated Swingline Loans to the Borrower from time
to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $100,000,000 or (ii) the Dollar Equivalent
(determined on the date on which a notice of the requested Borrowing is delivered pursuant to Section 2.05(b)) of the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans exceeding the
total Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Swingline Loans. 
 (b) To request a Swingline Loan, the Borrower shall notify the Administrative
Agent of such request by telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business
Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means
of a credit to the general deposit account of the Borrower 

  

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with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e),
by remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan. 
 (c) The Swingline
Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans
outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such
Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender,
such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall
apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of
any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline
Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any
such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear;
provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of
participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 
 Section 2.06 Letters of Credit. 
 (a) General. Subject to the terms and conditions set forth herein, the Borrower
may request the issuance of Letters of Credit denominated in Dollars or Euros for its own account from any Issuing Bank, in a form reasonably acceptable to the Administrative Agent and such Issuing Bank, at any time and from time to time during the
Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by
the Borrower with, an Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
  

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 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance
of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing
Bank) to any Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be
amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section),
the amount of such Letter of Credit, the currency of such Letter of Credit, which must be either Dollars or Euros, 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. If requested by an Issuing Bank, the Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. Following receipt of a notice
requesting the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit) in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof. A Letter of Credit
shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal
or extension, the Dollar Equivalent (determined on the date a request for the issuance, amendment, renewal or extension of such Letter of Credit is delivered pursuant to this Section 2.06(b)) of (i) the total LC Exposure shall not exceed
$500,000,000, (ii) the LC Exposure of JPMorgan Chase Bank, N.A. shall not exceed $250,000,000, (iii) the LC Exposure of SunTrust Bank shall not exceed $250,000,000, (iv) the sum of the total Revolving Credit Exposures in Euros shall
not exceed the Euro Sublimit, (v) the total LC Exposure in Euros shall not exceed $25,000,000 and (vi) the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans shall not exceed
the total Commitments. 
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier
of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the
Maturity Date; provided that, notwithstanding the foregoing, no Letter of Credit may expire beyond the close of business on the date that is five Business Days prior to the earliest Maturity Date applicable to any Lender, unless the Dollar
Equivalent of the amount of such Letter of Credit on the date of issuance, renewal or extension, as applicable, together with the outstanding LC Exposure at such time, is less than or equal to the total Commitments of all Lenders having a later
Maturity Date. 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of the Issuing Bank that issues such Letter of Credit or the Lenders, each Issuing Bank that issues a Letter of Credit hereunder hereby grants to each Lender, and each Lender hereby acquires
from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each
Lender hereby absolutely and 

  

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unconditionally agrees to pay to the Administrative Agent, for the account of each Issuing Bank that issues a Letter of Credit hereunder, such Lender’s
Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for
any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. 
 (e) Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit
issued by such Issuing Bank, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is
made, in Dollars, in the case of any Letter of Credit denominated in Dollars, and in Euros, in the case of any Letter of Credit denominated in Euros, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York
City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives such notice, if such
notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii)) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of
receipt; provided that, in the case of any LC Disbursement in respect of any Letter of Credit denominated in Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that
such payment be financed with an ABR Revolving Borrowing or a Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving
Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable
Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to
Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank that issued such Letter of Credit the amounts so
received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank that issued such Letter
of Credit or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph
to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC
Disbursement. 
  

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 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided
in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack
of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) 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, (iii) payment by any Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or
(iv) 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. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, 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 in the preceding sentence), 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 any Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank 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 such Issuing Bank’s failure to exercise care when determining whether drafts and 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 wilful misconduct on the part of an Issuing Bank (as finally determined by a court of competent jurisdiction), each 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 which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the Issuing Bank that issued such Letter of Credit 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. 
 (g) Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has made or will make an 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 such Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full
on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and 

  

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including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then
applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.12(d) shall apply. Interest accrued pursuant to this
paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such
Lender to the extent of such payment. 
 (i) Replacement of an Issuing Bank. Any Issuing Bank may be replaced at any time by written
agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall
become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have
all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such
successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall
continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
 (j) Cash Collateralization. If (i) 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 (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the Dollar Equivalent of the total LC Exposure) demanding the deposit of cash
collateral pursuant to this paragraph or (ii) the Borrower is required to pay to the Administrative Agent the excess attributable to an LC Exposure in connection with any prepayment pursuant to Section 2.11(c), then the Borrower shall
deposit in one or more accounts with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, in the case of an Event of Default, an amount in cash equal to the LC Exposure as of such date plus any
accrued and unpaid interest thereon, and in the case of a payment required by Section 2.11(c), the amount of such excess as provided in Section 2.11(c) (in each case, in the relevant currencies in which the Letters of Credit associated
with the LC Exposure is denominated); provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon
the occurrence of any Event of Default with respect to the Borrower described in clause (g) or (h) of Article VII. 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. 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 or profits, if any, on such investments 

  

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shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing Bank for LC Disbursements for
which it has not been reimbursed and, to the extent not 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 (but
subject to the consent of Lenders with LC Exposure representing greater than 50% of the Dollar Equivalent of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide
an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, and the Borrower is not otherwise required to pay to the Administrative Agent the excess attributable to an LC Exposure in connection with any prepayment
pursuant to Section 2.11(c), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. 
 (k) Existing Letters of Credit. For all purposes hereunder, on the Effective Date, the Existing Letters of Credit shall be deemed issued under
this Agreement. 
 Section 2.07 Funding of Borrowings. (a) Each Lender shall make available for the account of its
applicable Lending Office each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds in Dollars, in the case of ABR Loans and Eurocurrency Loans to be funded in Dollars, and in Euros, in the
case of Eurocurrency Loans to be funded in Euros, to the applicable Administrative Agent’s Account, by 2:00 p.m., New York City time, with respect to Loans denominated in Dollars, and 2:00 p.m., London time, with respect to Loans denominated in
Euros; provided that Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the
Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request or Competitive Bid Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC
Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank that made such LC Disbursement. 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time of any Borrowing 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 share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In
such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater
of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
  

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 (c) A payment in Euros shall be deemed to have been made by the Administrative Agent on the date on which
it is required to be made under this Agreement if the Administrative Agent has, on or before that date, taken all relevant steps to make that payment. With respect to the payment of any amount denominated in Euros, the Administrative Agent shall not
be liable to the Borrower, any Issuing Bank or any of the Lenders in any way whatsoever for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be paid by the Administrative Agent
if the Administrative Agent shall have taken all relevant steps to achieve, on the date required by this Agreement, the payment of such amount in immediately available, freely transferable, cleared funds in Euros to the relevant account. In this
paragraph, “all relevant steps” means all such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as the Administrative Agent may from time to time determine for
the purpose of clearing or settling payments denominated in Euros. 
 Section 2.08 Interest Elections. (a) Each Revolving
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may
elect to convert such Borrowing (including converting a Eurocurrency Borrowing denominated in Dollars into a Eurocurrency Borrowing denominated in Euros) to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Revolving
Borrowing, may elect Interest Periods therefor, all as provided in this Section; provided that no Eurocurrency Borrowing denominated in Euros may be continued as, or converted into, a Borrowing denominated in Dollars. 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 the Loans comprising such Borrowing, and the Loans comprising each such portion
shall be considered a separate Borrowing. This Section shall not apply to Competitive Borrowings or Swingline Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the
Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
  

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 (ii) the effective date of the election made pursuant to such Interest Election Request,
which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;
and 
 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the currency of such Borrowing, which shall be either
Dollars or Euros, and the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. If an Interest Election Request requests a Eurocurrency Borrowing but does not specify a currency, then the Borrower shall be deemed to have selected Dollars in the case of a conversion of an ABR
Borrowing to a Eurocurrency Borrowing, and in the case of a continuation of a Eurocurrency Borrowing, the same currency in which such Borrowing being continued is denominated. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to
a Eurocurrency Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, in the case of a Eurocurrency Borrowing denominated in
Dollars, such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies
the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Revolving Borrowing denominated
in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
 Section 2.09 Termination
and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date. 
 (b) The
Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and
(ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Equivalent (determined on the date by which a notice of an
election to terminate or reduce the Commitments is required to be delivered pursuant to Section 2.09(c)) of the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total
Commitments. 
  

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 (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the
Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may
state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition
is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
 Section 2.10 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the
Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each
Competitive Loan on the last day of the Interest Period applicable to such Loan and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such
Swingline Loan is made that is the 15th or last day of a calendar month and is at least three Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing or Competitive Borrowing is made, the
Borrower shall repay all Swingline Loans then outstanding. 
 (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 each 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 each Loan made hereunder, the Class and Type thereof
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 Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; 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. 
 (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender
(or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent (including 

  

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payable in the currencies in which the Loans may be funded). Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times
(including after an increase in such Lender’s Commitment pursuant to Section 2.20 or an increase or reduction in such Lender’s Commitment pursuant to an assignment pursuant to Section 10.04) be represented by one or more
promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
 Section 2.11 Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in
whole or in part, subject to prior notice in accordance with paragraph (b) of this Section; provided that the Borrower shall not have the right to prepay any Competitive Loan without the prior consent of the Lender thereof. 

(b) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone
(confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment,
(ii) in the case of prepayment of a Eurocurrency Revolving Borrowing denominated in Euros, not later than 11:00 a.m., London time, four Business Days before the date of prepayment, (iii) in the case of prepayment of an ABR Revolving
Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment, (iv) in the case of prepayment of a Competitive Loan, not later than 11:00 a.m., New York City time, one Business Day before the date of
prepayment or (v) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of
each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment
may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.
Each partial prepayment of any Revolving Borrowing shall be in the Dollar Equivalent (determined on the date by which a notice of prepayment in respect thereof is required to be delivered pursuant to this Section 2.11(b)) of an amount that
would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.13 and any break funding payments required by Section 2.16. 
 (c) If on any Calculation Date, the Dollar Equivalent (determined on such Calculation Date) of (i) the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans exceeds the total
Commitments then in effect or (ii) the sum of the total Revolving Credit Exposures in Euros exceeds the Euro Sublimit, then, in each case, the Borrower shall (A) prepay Borrowings in an aggregate amount equal to such excess and (B) if
any excess remains after prepaying Borrowings as a result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.06(j). Each such
prepayment shall be accompanied by a payment of all accrued and unpaid interest on the Loans prepaid and any 

  

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break funding payments required by Section 2.16. The Borrower shall be obligated to make such prepayment and/or deposit of cash collateral within five
Business Days of written demand from the Administrative Agent. Each prepayment of Borrowings pursuant to (1) clause (i) of this Section 2.11(c) shall be applied, first, ratably to any ABR Borrowings then outstanding, second, to any
Eurocurrency Borrowings denominated in Euros then outstanding, and, third, to any Eurocurrency Borrowings denominated in Dollars then outstanding, and if more than one Eurocurrency Borrowing is then outstanding, to each such Eurocurrency Borrowing
in order of priority beginning with the Eurocurrency Borrowing with the least number of days remaining in the Interest Period applicable thereto and ending with the Eurocurrency Borrowing with the most number of days remaining in the Interest Period
applicable thereto; and (2) clause (ii) of this Section 2.11(c) shall be applied, first, to any Eurocurrency Borrowings denominated in Euros then outstanding, second, ratably to any ABR Borrowings then outstanding, and, third, to any
Eurocurrency Borrowings denominated in Dollars then outstanding, and if more than one Eurocurrency Borrowing is then outstanding, to each such Eurocurrency Borrowing in order of priority beginning with the Eurocurrency Borrowing with the least
number of days remaining in the Interest Period applicable thereto and ending with the Eurocurrency Borrowing with the most number of days remaining in the Interest Period applicable thereto. 
 Section 2.12 Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee, which shall
accrue at the Applicable Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the Effective Date to but excluding the date on which such Commitment terminates; provided that,
if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which
its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June, September and December of each year and on the
date on which the Commitments terminate, commencing on the first such date to occur after the Effective Date; provided that any facility fees accruing after the date on which the Commitments terminate shall be payable on demand. All facility
fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last). 
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable
Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the average daily amount of the Dollar Equivalent of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements)
during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to each Issuing Bank a
fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of that portion of the Dollar Equivalent of the LC Exposure attributable to such Issuing Bank (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure attributable to such Issuing
Bank, as well as 

  

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such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on such last day, commencing on the first such date to occur after the Effective Date;
provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to an Issuing Bank
pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last). 
 (c) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a utilization fee
which shall accrue at a per annum rate equal to 0.100% on the daily amount of the Dollar Equivalent of such Lender’s Revolving Credit Exposure during the time the Dollar Equivalent of the sum of the total Revolving Credit Exposures equals or
exceeds 50% of the total Commitments. Utilization fees shall be computed on the basis of a year of 360 days and shall be payable in arrears on the last day of March, June, September and December of each year. 
 (d) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon
between the Borrower and the Administrative Agent. 
 (e) All fees payable hereunder shall be paid in Dollars on the dates due, in
immediately available funds, to the Administrative Agent (or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not be refundable under any
circumstances. For purposes of calculating fees pursuant to this Section 2.12, the amount of any Revolving Credit Exposure or LC Exposure in Euros shall be the Dollar Equivalent of such amount calculated using the Exchange Rate as of the date
such fees are payable as specified in this Section 2.12. 
 Section 2.13 Interest. (a) The Loans comprising each ABR
Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each Eurocurrency Borrowing
shall bear interest (i) in the case of a Eurocurrency Revolving Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (ii) in the case of a Eurocurrency Competitive Loan, at the
LIBO Rate for the Interest Period in effect for such Borrowing plus (or minus, as applicable) the Margin applicable to such Loan. 
 (c) Each
Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan. 
 (d) Each Swingline Loan shall bear interest at the
Swingline Rate plus the Applicable Rate for Eurocurrency Revolving Loans. 
  

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 (e) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount
payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of
overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph
(a) of this Section. 
 (f) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and,
in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (e)of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any
Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event
of any conversion of any Eurocurrency Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (g) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at
times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
 Section 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist
for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is
advised by the Required Lenders (or, in the case of a Eurocurrency Competitive Loan, the Lender that is required to make such Loan) that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly
reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
 then
the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing shall be ineffective and (ii) if any
Borrowing Request requests a Eurocurrency Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing and (iii) any request by the Borrower for a 

  

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Eurocurrency Competitive Borrowing shall be ineffective; provided that (A) if the circumstances giving rise to such notice do not affect all the
Lenders, then requests by the Borrower for Eurocurrency Competitive Borrowings may be made to Lenders that are not affected thereby and (B) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type
of Borrowings shall be permitted. 
 Section 2.15 Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or
credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank; or 
 (ii)
impose on any Lender or any Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurocurrency Loans or Fixed Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan or Fixed Rate Loan (or of maintaining
its obligation to make any such Loan) or to increase the cost to such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such
Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank, as the
case may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender or any Issuing Bank determines that any Change in
Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as
a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such
Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing
Bank’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing
Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender or
an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
  

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 (d) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to
this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this
Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and
of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred
to above shall be extended to include the period of retroactive effect thereof. 
 (e) Notwithstanding the foregoing provisions of this
Section, a Lender shall not be entitled to compensation pursuant to this Section in respect of any Competitive Loan if the Change in Law that would otherwise entitle it to such compensation shall have been publicly announced prior to submission of
the Competitive Bid pursuant to which such Loan was made. 
 Section 2.16 Break Funding Payments. In the event of (a) the
payment of any principal of any Eurocurrency Loan or Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on
the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan or Fixed Rate Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.11(b) and is revoked in accordance therewith), (d) the failure to borrow any Competitive Loan after accepting the Competitive Bid to make such Loan, or (e) the assignment of any Eurocurrency Loan
or Fixed Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and
expense attributable to such event. In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would
have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such 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 Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement of such period, for Dollar or Euro (as applicable) deposits of a comparable amount and period from other banks in the Eurocurrency market. A certificate of any Lender
setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any
such certificate within 10 days after receipt thereof. 
 Section 2.17 Taxes. (a) Any and all payments by or on account of
any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such
payments, then (i) the sum payable shall be increased as 

  

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necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative
Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes
to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower shall indemnify the Administrative Agent, each
Lender and each Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or such Issuing Bank, as the case may be, on or with respect to any
payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other 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 or an Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, 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. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the
jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. 
 Section 2.18 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 reimbursement of LC Disbursements, or of amounts payable under Section 2.15, Section 2.16 or Section 2.17, or otherwise) on the date when due, in immediately available funds,
without set-off or counterclaim, to the applicable Administrative Agent’s Account, in the case of payments in Dollars, prior to 12:00 noon, New York City time, and in the case of payments in Euros, prior to 12:00 noon, London time. 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 to the
Administrative Agent, except payments to be made directly to an Issuing Bank or 

  

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the Swingline Lender as expressly provided herein and except that payments pursuant to Section 2.15, Section 2.16, Section 2.17 and
Section 10.03 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 in like funds to the appropriate recipient, for the account of
its applicable Lending Office, 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. All payments hereunder shall be made in Dollars, except with respect to Loans denominated in Euros or reimbursement of LC Disbursements in respect of Letters of
Credit denominated in Euros, which shall be prepaid or repaid, including interest thereon, in Euros. 
 (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, 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, and (ii) second, 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. 
 (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
resulting 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 and 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 and 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 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 any 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 such Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or such
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 such 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 Effective 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 2.06(d) or (e),
Section 2.07(b) or Section 2.18(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 2.19
Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, 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 2.17, 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 judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or Section 2.17, 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 reasonable costs and expenses incurred by any Lender in connection with any such designation
or assignment. 
 (b) If any Lender requests compensation under Section 2.15, 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 2.17, or if any Lender defaults in its obligation to fund Loans hereunder or if any Lender shall fail to agree to extend the Maturity Date
pursuant to Section 2.21 if the Required Lenders have agreed to do so, then the Borrower may, at its sole expense and effort, 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 contained in Section 10.04), all its interests, rights and obligations under this Agreement (other than outstanding Competitive Loans held by it) to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a Commitment is being assigned,
each Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans (other than Competitive Loans) and 

  

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participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15
or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 Section 2.20 Procedures Regarding Increases to the Commitments. (a) So long as no Default or Event of Default has occurred and is continuing, the Borrower may request from time to time, subject to the terms and conditions
hereinafter set forth, that the aggregate amount of the Lenders’ Commitments be increased and, in connection therewith, that the Euro Sublimit be increased. Any such request shall be made by written notice to the Administrative Agent;
provided, however, that any such notice must be given no later than 60 days prior to the Maturity Date. Each such notice (a “Initial Notice of Commitment Increase”) shall be in the form of Exhibit C-1 and specify
therein: 
 (i) the proposed effective date of such increase to the Lenders’ Commitments, which date (the requested “Commitment
Increase Effective Date”) shall be no earlier than forty-five days after receipt by the Administrative Agent of such notice; 
 (ii)
the amount of the requested increase to the Lenders’ Commitments; provided, however, that (A) such increase must be at least $25,000,000 and (B) after giving effect to such requested increase, the aggregate amount of the
Lenders’ Commitments shall not exceed $1,500,000,000; and 
 (iii) the amount of the requested increase to the amount of the Euro
Sublimit, if any; provided, however, that the amount by which the Euro Sublimit is increased shall not exceed the amount of the requested increase to the Lenders’ Commitments. 
 The Administrative Agent shall deliver a copy of such Initial Notice of Commitment Increase to each Lender via facsimile transmission on or before the third Business Day
next succeeding the date the Administrative Agent receives such Initial Notice of Commitment Increase. After receipt of the Initial Notice of Commitment Increase, each Lender shall determine, in its sole discretion, whether to participate, and to
what extent, if any, in such Commitment increase and shall communicate such decision in writing to the Administrative Agent and the Borrower on or before the eleventh day prior to the proposed Commitment Increase Effective Date. 
 (b) On the tenth day prior to the proposed Commitment Increase Effective Date, so long as no Default or Event of Default has occurred and is continuing,
the Borrower shall deliver to the Administrative Agent a written notice confirming the requested increase in the aggregate amount of the Lenders’ Commitments. Each such notice (a “Notice of Confirmation of Commitment Increase”)
shall be in the form of Exhibit C-2 and specify therein: 
 (i) the proposed Commitment Increase Effective Date, which date shall be no
earlier than five Business Days after receipt by the Administrative Agent of such Notice of Confirmation of Commitment Increase; 
  

 47 

 (ii) the amount of the requested increase to the Lenders’ Commitments; provided,
however, that (A) such increase must be at least $25,000,000 and (B) after giving effect to such requested increase, the aggregate amount of the Lenders’ Commitments shall not exceed $1,500,000,000; 
 (iii) the amount of the requested increase to the amount of the Euro Sublimit, if any; provided, however, that the amount by which the
Euro Sublimit is increased shall not exceed the amount of the requested increase to the Lenders’ Commitments; 
 (iv) the identity of
each of the then Lenders, if any, which has agreed with the Borrower to increase its Commitment in an amount such that its Applicable Percentage after giving effect to such requested increase will be the same or greater than its Applicable
Percentage prior to giving effect to such requested increase (each such Lender being an “Increasing Lender”), each of the other then Lenders, if any, which has agreed to increase its Commitment in an amount such that its Applicable
Percentage after giving effect to such a requested increase will be less than its Applicable Percentage prior to giving effect to such requested increase (each such Lender being a “Partially Increasing Lender”) and the identity of
each financial institution not already a Lender, if any, which has agreed with the Borrower to become a Lender to effect such requested increase in the aggregate amount of the Lenders’ Commitments (each such financial institution shall be
reasonably acceptable to the Administrative Agent and each such financial institution being a “New Lender” and each of the other then Lenders, if any, which has not agreed to increase its Commitment being a “Reducing
Lender”); and 
 (v) the amount of the respective Commitments of the then existing Lenders, such Increasing Lenders, such Partially
Increasing Lenders, such Reducing Lenders and such New Lenders from and after the effective date of such increase. 
 (c) On or before each
Commitment Increase Effective Date: 
 (i) the Borrower, each Increasing Lender, each Partially Increasing Lender and each then New Lender
shall execute and deliver to the Administrative Agent for its acceptance, as to form, documentation embodying the provisions of the Notice of Commitment Increase relating to the increase in the aggregate amount of the Lenders’ Commitments to be
effected on such Commitment Increase Effective Date; and 
 (ii) upon acceptance of such documentation by the Administrative Agent, which
acceptance shall not be unreasonably withheld, and so long as no Default or Event of Default has occurred and is continuing, (A) the Administrative Agent shall give prompt notice of such acceptance to each Lender, (B) it shall become
effective, and each Increasing Lender’s and Partially Increasing Lender’s Commitment shall be increased to the amount specified therein, on such Commitment Increase Effective Date and (C) the Administrative Agent shall record each New
Lender’s information in the Register. 
  

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 (d) On each Commitment Increase Effective Date: 
 (i) each then New Lender and each then Increasing Lender shall, by wire transfer of immediately available funds, deliver to the Administrative Agent such
Lenders’ New Funds Amount for such Commitment Increase Effective Date, which amount, for each such Lender, shall constitute Loans made by such Lender to the Borrower pursuant to Section 2.01 on such Commitment Increase Effective Date; and

 (ii) the Administrative Agent shall, by wire transfer of immediately available funds, pay to each then Reducing Lender and to each
Partially Increasing Lender its Reduction Amount for such Commitment Increase Effective Date, which amount, for each such Lender, shall constitute a prepayment by the Borrower pursuant to Section 2.11, ratably in accordance with the respective
principal amounts thereof, of the principal amounts of all then outstanding Loans of such Lender. 
 The Administrative Agent shall record each then New
Lender’s, each then Increasing Lender’s and each then Partially Increasing Lender’s information in the Register. Also effective as of each Commitment Increase Effective Date, each then New Lender and each then Increasing Lender shall
be deemed to have purchased and had transferred to it, and each then Reducing Lender and each Partially Increasing Lender shall be deemed to have sold and transferred as provided in Section 2.06(d) to such New Lenders and Increasing Lenders,
such undivided interest and participation in such Reducing Lender’s and such Partially Increasing Lender’s interest and participation in all then outstanding Letters of Credit, to the extent necessary so that such undivided interests and
participations of all Lenders (including each New Lender) shall accord with their respective Applicable Percentages after giving effect to the increase in the aggregate amount of the Lenders’ Commitments on such Commitment Increase Effective
Date. 
 Section 2.21 Extension of Maturity Date. 
 (a) Not earlier than 90 days prior to, nor later than 30 days prior to, each anniversary of December 10, 2007, the Borrower may, upon notice to the Administrative Agent (which shall promptly notify the Lenders),
request a one-year extension of the Maturity Date then in effect. Within 20 days of delivery of such notice, each Lender shall notify the Administrative Agent whether or not it consents to such extension (which consent may be given or withheld in
such Lender’s sole and absolute discretion). Any Lender not responding within the above time period shall be deemed not to have consented to such extension. The Administrative Agent shall promptly notify the Borrower and the Lenders of the
Lenders’ responses. 
 (b) The Maturity Date shall be extended only if the Required Lenders (calculated excluding any Lender in default
in its obligation to fund Loans hereunder and prior to giving effect to any replacements of Lenders permitted herein) (the Lenders that so consent being the “Consenting Lenders” and the Lenders that do not consent being the
“Non-Consenting  

  

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Lenders”) have consented thereto. If so extended, the Maturity Date, as to the Consenting Lenders, shall be extended to the same date in the year
following the Maturity Date then in effect (such existing Maturity Date being the “Extension Effective Date”). The Administrative Agent and the Borrower shall promptly confirm to the Lenders such extension, specifying the date of
such confirmation (the “Extension Confirmation Date”), the Extension Effective Date, and the new Maturity Date (after giving effect to such extension). As a condition precedent to such extension, the Borrower shall deliver to the
Administrative Agent a certificate of the Borrower dated as of the Extension Confirmation Date signed by a Responsible Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such
extension and (ii) certifying that, (A) before and after giving effect to such extension, the representations and warranties contained in Article III made by it are true and correct on and as of the Extension Confirmation Date, except to
the extent that such representations and warranties specifically refer to an earlier date, (B) before and after giving effect to such extension no Default exists or will exist as of the Extension Confirmation Date, and (C) since
December 31, 2006, no event, development or circumstance that has had a Material Adverse Effect has occurred. The Borrower shall pay to the Administrative Agent for the account of each Non-Consenting Lender the then unpaid principal amount of
such Non-Consenting Lender’s Loans outstanding on the Extension Effective Date (and pay any additional amounts required pursuant to Section 2.16). In addition, the Borrower shall prepay any Loans outstanding on the Extension Effective Date
(and pay any additional amounts required pursuant to Section 2.16) to the extent necessary to keep outstanding Loans ratable with any revised and new Applicable Percentages of all the Lenders effective as of the Extension Effective Date.

 Section 2.22 Dollar Equivalent Determinations. 
 (a) Not later than 5:00 p.m. (New York time) on each date on which the Dollar Equivalent of any amount in Euros is required to be determined hereunder (other than pursuant to Section 2.23 or except as otherwise
expressly provided for herein), the Administrative Agent shall determine the Dollar Equivalent of such amount using the Exchange Rate for such date. 
 (b) Promptly after the determination of the Dollar Equivalent of any amount in Euros pursuant to this Section 2.22, the Administrative Agent shall promptly notify the Borrower, the Issuing Banks and the Lenders
of the results thereof. All determinations by the Administrative Agent of the Exchange Rate and the Dollar Equivalent of any amount shall be deemed to be conclusive absent manifest error. 
 Section 2.23 Currency Conversion. Notwithstanding anything to the contrary contained herein, if any payment of any obligation shall be made
in a currency other than the currency required hereunder, such amount shall be converted into the currency required hereunder at the rate determined by the Administrative Agent, as the rate quoted by it in accordance with methods customarily used by
the Administrative Agent for such or similar purposes as the spot rate for the purchase by the Administrative Agent of the required currency with the currency of actual payment through its principal foreign exchange trading office at approximately
11:00 a.m. (local time at such office) two Business Days prior to the effective date of such conversion, provided that the Administrative Agent may obtain such spot rate from another financial institution 

  

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actively engaged in foreign currency exchange if the Administrative Agent does not then have a spot rate for the required currency. The parties hereto hereby
agree, to the fullest extent that they may effectively do so under applicable law, that if for the purposes of obtaining any judgment or award it becomes necessary to convert from any currency other than the currency required hereunder into the
currency required hereunder any amount in connection with any obligation hereunder, then the conversion shall be made as provided above on the Business Day before the day on which the judgment or award is given, in the event that there is a change
in the applicable conversion rate prevailing between the Business Day before the day on which the judgment or award is given and the date of payment, the Borrower will pay to the Administrative Agent, for the benefit of the Lenders, such additional
amounts (if any) as may be necessary, and the Administrative Agent, on behalf of the Lenders, will pay to the Borrower such excess amounts (if any) as result from such change in the rate of exchange, to assure that the amount paid on such date is
the amount in such other currency, which when converted at the conversion rate described herein on the date of payment, is the amount then due in the currency required hereunder, and any amount due from the Borrower under this Section 2.23
shall be due as a separate debt and shall not be affected by judgment or award being obtained for any other sum due. 
 ARTICLE III

 Representations and Warranties 
 The MLP and the Borrower, in each case with respect to itself and its Restricted Subsidiaries, each represents and warrants to the Lenders that: 
 Section 3.01 Organization; Powers. It and its Restricted Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite
power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is
in good standing in, every jurisdiction where such qualification is required. 
 Section 3.02 Authorization; Enforceability. The
Transactions are within its and its Restricted Subsidiaries corporate, limited liability company or partnership powers and have been duly authorized by all necessary corporate, limited liability company or partnership and, if required, stockholder,
member or limited partner action. This Agreement has been duly executed and delivered by it and constitutes a legal, valid and binding obligation of it, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 Section 3.03 Governmental Approvals; No Conflicts. The Transactions (a) do not require any material consent or approval of, registration
or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable material law or regulation or the charter, by-laws or other
organizational documents of it or any of its subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other 

  

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instrument relating to Material Indebtedness binding upon it or any of its Restricted Subsidiaries or its assets, or give rise to a right thereunder to
require any payment to be made by it or any of its Restricted Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of it or any of its Subsidiaries. 
 Section 3.04 Financial Condition; No Material Adverse Change. (a) It has heretofore furnished to the Lenders (i) the consolidated
balance sheet and statements of income, partners equity and cash flows of the MLP (A) as of and for the fiscal year ended December 31, 2006, reported on by KPMG, and (B) as of and for the fiscal quarter and the portion of the fiscal
year ended September 30, 2007, certified by its chief financial officer; and (ii) the consolidated balance sheet and statements of income, partners equity and cash flows of the Borrower (A) as of and for the fiscal year ended
December 31, 2006, certified by its chief financial officer, and (B) as of and for the fiscal quarter and the portion of the fiscal year ended September 30, 2007, certified by its chief financial officer. Such financial statements
present fairly, in all material respects, the financial position and results of operations and cash flows of (x) the MLP and its consolidated subsidiaries, and the Borrower and its consolidated subsidiaries, as of such dates and for such
periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clauses (B) above. 
 (b) Since December 31, 2006, there has been no material adverse change in the business, assets, operations or condition (financial or otherwise) of it and its Restricted Subsidiaries, taken as a whole.

 Section 3.05 Properties. (a) It and its Restricted Subsidiaries has good title to, or valid leasehold interests in, all
its real and personal property material to its business, free and clear of all Liens except Permitted Encumbrances and Liens otherwise permitted or contemplated by this Agreement, except where the failure to have such title or leasehold interest
could not reasonably be expected to result in a Material Adverse Effect. 
 (b) It and its Restricted Subsidiaries owns, or is licensed to
use, or has made all required federal filings (and has not been notified of any contest) with respect to, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by it and its
Restricted Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 Section 3.06 Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of it, threatened against or affecting it or any of its Restricted Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions. 
 (b) Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected
to result in a 

  

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Material Adverse Effect, neither it 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. 
 (c) Since the Effective Date, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 Section 3.07 Compliance with Laws and Agreements. It and its Restricted Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures,
agreements and other instruments binding upon 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. No Default has occurred and is
continuing. 
 Section 3.08 Investment Company Status. Neither it nor any of its Subsidiaries is an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940. The Borrower is not subject to regulation under any Federal or State statute or regulation which limits its ability to incur Indebtedness. 

Section 3.09 Taxes. It and its Subsidiaries has each timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which it or such subsidiary, as applicable, has set aside on its
books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 Section 3.10 ERISA. Except as could not reasonably be expected to result in a Material Adverse Effect, each ERISA Affiliate has fulfilled its obligations under the minimum funding standards of ERISA and
the Code with respect to each Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan. Except as could not reasonably be expected to result in a Material Adverse
Effect, no ERISA Affiliate has (a) sought a waiver of the minimum funding standard under Section 412 of the Code in respect of any Plan, (b) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of
any Benefit Arrangement or made any amendment to any Plan or Benefit Arrangement, which has resulted or could reasonably be expected to result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code or
(c) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 
 Section 3.11 Disclosure. It has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its subsidiaries is subject, and all other matters known to it, that, individually or
in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of it to the

  

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Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that,
with respect to projected financial information, it represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
 Section 3.12 Subsidiaries. As of the date hereof, Schedule 3.12: (a) sets forth the name and jurisdiction of incorporation or
organization of each Subsidiary; (b) identifies each Subsidiary of the MLP as either a Restricted Subsidiary or Unrestricted Subsidiary, (c) identifies each Subsidiary of the MLP as a Wholly-Owned Subsidiary or a non Wholly-Owned
Subsidiary and (d) identifies each Subsidiary of the MLP that is a Material Subsidiary. 
 ARTICLE IV 
 Conditions 
 Section 4.01
Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters 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 10.02): 
 (a) The Administrative Agent (or its counsel) shall have received (i) this Agreement, executed
and delivered by a duly authorized officer of the Borrower and the MLP, and by the Lenders and the Administrative Agent and (ii) the Subsidiary Guaranty, executed and delivered by a duly authorized officer of each Guarantor (other than the MLP)
and satisfactory in form and substance to the Administrative Agent. 
 (b) The Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (i) Andrews Kurth LLP, counsel for the Borrower and the MLP and (ii) Bradley C. Barron, in-house counsel of the MLP, collectively providing the
opinions set forth in Exhibit B, and each such opinion covering such other matters relating to the Borrower, the General Partner, the Guarantors, this Agreement or the Transactions as the Lenders shall reasonably request. The Borrower hereby
requests each such counsel to deliver its applicable opinion to the Administrative Agent and the Lenders. 
 (c) The Administrative Agent
shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the General Partner, the MLP, the Guarantors, the
authorization of the Transactions, and any other legal matters relating to the Borrower, the General Partner, the MLP, the Guarantors, the Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its
counsel. 
 (d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, Vice
President or a Financial Officer of each of the Borrower and the MLP, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 
  

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 (e) The Administrative Agent shall have received (i) counterpart originals of the Partnership
Agreement (MLP) substantially in the form listed as Exhibit 3.4 to the MLP’s annual report on Form 10-K for the fiscal year ended December 31, 2003, the Indentures and the Partnership Agreement (Borrower) in form and substance acceptable
to the Lenders, in each case duly executed by each of the parties thereto and (ii) evidence satisfactory to the Lenders that the Partnership Agreement (Borrower), the Indentures and the Partnership Agreement (MLP) are in full force and effect
and have not been amended or modified except to the extent such amendments or modifications have been delivered to the Administrative Agent, which evidence may be in the form of a certificate of the President or a Vice President (or equivalent
officer) of each of the Borrower and the MLP. 
 (f) The Administrative Agent shall have received the financial statements referred to in
Section 3.04(a). 
 (g) The Administrative Agent shall have received evidence satisfactory to it that all loans, letters of credit and
other obligations owing pursuant to the Existing Credit Agreement and the Term Credit Agreement shall have been paid in full or will be paid in full contemporaneous herewith and all commitments thereunder shall have been terminated. 
 (h) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
 The Administrative Agent
shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit under
this Agreement shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 10.02) at or prior to 3:00 p.m., New York City time, on December 12, 2007 (and, in the event such conditions are
not so satisfied or waived, the Commitments shall terminate at such time). 
 Section 4.02 Each Credit Event. The obligation of
each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Banks to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Borrower and the MLP set forth in this Agreement shall be true and correct on and as of the date of such
Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (unless such representations and warranties are stated to relate to a specific earlier date, in which case such representations and warranties
shall be true and correct as of such earlier date). 
  

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 (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, as applicable, no Default shall have occurred and be continuing. 
 (c) The Administrative
Agent shall have received each additional document, instrument, legal opinion or item of information reasonably requested by the Administrative Agent, including, without limitation, a copy of any debt instrument, security agreement or other material
contract to which the MLP or any Restricted Subsidiary may be a party. 
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of
Credit shall be deemed to constitute a representation and warranty by the Borrower and the MLP on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section 4.02. 
 ARTICLE V 
 Affirmative Covenants

 Commencing on the Effective Date, until the Commitments have expired or been terminated and the principal of and interest on each Loan
and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the MLP and the Borrower each covenants and agrees with the Lenders that:

 Section 5.01 Financial Statements and Other Information. It will furnish to the Administrative Agent and each Lender:

 (a) no later than 15 days following the date required by applicable SEC rules (without giving effect to any extensions available
thereunder) for the filing of such financial statements after the end of each fiscal year of the MLP: 
 (i) the audited consolidated balance
sheet and related statements of income, partners equity and cash flows of the MLP as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other
independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated
financial statements present fairly in all material respects the financial condition, results of operations and cash flows of the MLP and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; and

 (ii) the consolidated balance sheet and related statements of income, partners equity and cash flows of the Borrower as of the end of and
for such year, setting forth in each case in comparative form the figures from the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations
of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to the absence of footnotes. 
  

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 (b) no later than 15 days following the date required by applicable SEC rules (without giving effect to
any extensions available thereunder) for the filing of such financial statements after the end of each of the first three fiscal quarters of each fiscal year of the MLP: 
 (i) the consolidated balance sheet and related statements of income, partners equity and cash flows of the MLP as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting
forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in
all material respects the financial condition and results of operations of the MLP and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence
of footnotes; and 
 (ii) the consolidated balance sheet and related statements of income, partners equity and cash flows of the Borrower as
of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of)
the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated subsidiaries on a consolidated basis in
accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. 
 (c) concurrently
with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of each of the Borrower and the MLP (i) certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.11 and (iii) stating whether any change in
GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying
such certificate; 
 (d) promptly after Moody’s or S&P shall have announced a change in the rating established or deemed to have
been established for the Index Debt, written notice of such rating change; 
 (e) if, at any time, any of the consolidated Subsidiaries of
the MLP are Unrestricted Subsidiaries, then concurrently with any delivery of financial statements under Section 5.01(a) or Section 5.01(b), a certificate of a Financial Officer setting forth consolidating spreadsheets that show all
consolidated Unrestricted Subsidiaries and the eliminating entries, in such form as would be presentable to the auditors of the MLP; and 
 (f) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower, the MLP or any of their subsidiaries, or compliance with the terms of this Agreement, as
the Administrative Agent or any Lender may reasonably request. 
  

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 Documents required to be delivered pursuant to Section 5.01(a) or Section 5.01(b) (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 MLP posts
such documents, or provides a link thereto on the MLP’s website on the Internet at www.nustarenergy.com; or (ii) on which such documents are posted on the MLP’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 the Borrower shall notify the Administrative Agent and each Lender (by telecopier or
electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the MLP and the
Borrower shall be required to provide paper copies of the compliance certificate required by Section 5.01(c) to the Administrative Agent and the Lenders. Except for such compliance certificates, the Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the MLP and the Borrower 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. 
 Section 5.02 Notices of Material
Events. The MLP and the Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following: 
 (a)
the occurrence of any Default; 
 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or
Governmental Authority against or affecting the MLP, the Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 
 (c) if and when any ERISA Affiliate (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in
Section 4043 of ERISA) with respect to any Plan which could reasonably be expected to constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give
notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any
Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under
Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Code, a copy of such application;
(v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a
copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multi-Employer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could reasonably
be expected to result in the imposition of a 

  

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Lien or the posting of a bond or other security, a certificate of a Financial Officer of each of the Borrower and the MLP setting forth details as to such
occurrence and action, if any, which the Borrower, the MLP or applicable ERISA Affiliate is required or proposes to take, but only to the extent that any occurrence described in the preceding clauses (i) through (vii) could reasonably be
expected to result in a Material Adverse Effect; 
 (d) any other development that results in, or could reasonably be expected to result in,
a Material Adverse Effect; 
 (e) any material amendment to the Partnership Agreement (MLP) or the Partnership Agreement (Borrower), together
with a certified copy of such amendment; and 
 (f) any of the following events, in each case if the occurrence of such event could
reasonably be expected to have a Material Adverse Effect: 
 (i) the receipt by the MLP (or its general partner(s)), the Borrower or the
General Partner of any notice of any claim with respect to any Environmental Liability; 
 (ii) if the President or a Vice President (or
equivalent officer) of the MLP or the Borrower, or the officer of the MLP or the Borrower primarily responsible for monitoring compliance by the MLP or the Borrower and its subsidiaries with Environmental Laws, shall obtain actual knowledge that
there exists any Environmental Liability pending or threatened against the MLP, the Borrower or any of their Subsidiaries; or 
 (iii) any
release, emission, discharge or disposal of any Hazardous Materials that could reasonably be expected to form the basis of any Environmental Liability with respect to the MLP, the Borrower or any of their Subsidiaries. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or President or any Vice President (or equivalent officer) of each of
the Borrower and the MLP setting forth a description of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 Section 5.03 Existence; Conduct of Business. It will, and will cause each of its Restricted Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect
its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under
Section 6.03. 
 Section 5.04 Payment of Obligations. It will, and will cause each of its Restricted Subsidiaries to, pay
its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect 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) it or such Restricted 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. 
  

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 Section 5.05 Maintenance of Properties; Insurance. It will, and will cause each of its
Restricted 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 excepted, and (b) maintain, with financially sound and reputable insurance
companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 
 Section 5.06 Books and Records; Inspection Rights. It will, and will cause each of its Restricted Subsidiaries to, keep proper books of
record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. It will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated by
the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested. 
 Section 5.07 Compliance with Laws. It will,
and will cause each of its Restricted Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property and the terms and provisions of the Partnership Agreement (MLP), except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.08 Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used for working capital and general partnership purposes of the Borrower, its Restricted Subsidiaries and subject to Section 6.04(g))
its Unrestricted Subsidiaries (including, without limitation, for distributions to the MLP to allow the MLP to make distributions to unitholders as contemplated in the Partnership Agreement (MLP) and to fund Investments permitted under
Section 6.04). The Letters of Credit shall be used for general business purposes of the Borrower, its Restricted Subsidiaries and (subject to Section 6.04(g)) its Unrestricted Subsidiaries or for such other purposes as may be approved by
the Administrative Agent. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 
 Section 5.09 Environmental Laws. It will, and will cause each of its Subsidiaries to: 
 (a) comply with all applicable Environmental Laws and obtain and comply with and maintain any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and 
 (b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all lawful orders and directives of
all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings could not reasonably be expected to have a Material
Adverse Effect. 
  

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 Section 5.10 Unrestricted Subsidiaries. 
 (a) It will cause the management, business and affairs of each of it and its Unrestricted Subsidiaries to be conducted in such a manner (including,
without limitation, by keeping separate books of account, furnishing separate financial statements of Unrestricted Subsidiaries to creditors and potential creditors thereof and by not permitting assets or properties of it and its respective
Restricted Subsidiaries to be commingled (except pursuant to contractual arrangements that comply with Section 6.07)) so that each Unrestricted Subsidiary that is a corporation or other entity will be treated as a corporate or other entity
separate and distinct from it and the Restricted Subsidiaries. 
 (b) Except as permitted by Section 6.04(g), it will not, and will not
permit any of the Restricted Subsidiaries to, incur, assume, guarantee or be or become liable for any Indebtedness of any of the Unrestricted Subsidiaries. 
 (c) It will not permit any Unrestricted Subsidiary to hold any Equity Interest in, or any Indebtedness of, it or any Restricted Subsidiary. 
 Section 5.11 Subsidiary Guaranty. It will cause each of its Subsidiaries that guarantees any public debt of the MLP or any Subsidiary of the
MLP (including, without limitation, any debt issued pursuant to any Indenture), to guarantee the Borrower Obligations, by executing and delivering to the Administrative Agent, for the benefit of the Lenders, on or prior to the Effective Date with
respect to any Subsidiary that guarantees any such public debt as of the Effective Date, and thereafter, within five (5) Business Days after any Subsidiary guarantees any such public debt, (a) a Subsidiary Guaranty (or a supplement thereto
as may be requested by the Administrative Agent) and (b) such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. For the avoidance of doubt, if at any time any
Subsidiary referenced above does not guarantee any obligations of the MLP or any of its Subsidiaries under any public debt instrument (including the Indentures), then such Subsidiary shall be released from the Subsidiary Guaranty in accordance with
Section 6.15 of the Subsidiary Guaranty. 
 ARTICLE VI 
 Negative Covenants 
 Commencing on the Effective Date, until the Commitments have expired or
terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, each of the MLP and the
Borrower covenants and agrees with the Lenders that: 
 Section 6.01 Indebtedness. It will not, and will not permit any of its
Restricted Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except: 
 (a) Indebtedness created under this
Agreement; 
  

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 (b) Indebtedness created under the UK Credit Agreement, the principal amount of which does not exceed
£21,000,000 in the aggregate at any time; 
 (c) Indebtedness of the MLP to any Restricted Subsidiary and of any Restricted Subsidiary
to the MLP or any other Restricted Subsidiary; 
 (d) Guarantees by the MLP of Indebtedness of any Restricted Subsidiary and by any
Restricted Subsidiary of Indebtedness of the MLP or any other Restricted Subsidiary; 
 (e) Indebtedness consisting of the KPOP Notes, and
any guarantees thereof, the principal amount of which does not exceed $500,000,000 in the aggregate; and 
 (f) other Indebtedness of the MLP
and any Restricted Subsidiary; provided that, both before and after such Indebtedness is created, incurred or assumed, no Event of Default shall have occurred and be continuing under this Agreement, including, without limitation, an Event of
Default with respect to the Consolidated Debt Coverage Ratio set forth in Section 6.11. 
 Notwithstanding the foregoing or anything to
the contrary contained herein, the MLP and the Borrower will not permit the aggregate principal amount of Indebtedness of all Restricted Subsidiaries (other than Indebtedness described on Schedule 6.01 and Indebtedness of the Borrower) at any time
to exceed 5% of Consolidated Net Worth. 
 Section 6.02 Liens. It will not, and will not permit any of its Restricted
Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:

 (a) Permitted Encumbrances; 
 (b) any Lien existing on any property or asset prior to the acquisition thereof by the MLP or any Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted Subsidiary after the date hereof prior to
the time such Person becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be,
(ii) such Lien shall not apply to any other property or assets of the MLP or any Restricted Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes
a Restricted Subsidiary, as the case may be; 
 (c) Liens on fixed or capital assets acquired, constructed or improved by the MLP or any
Restricted Subsidiary; provided that (i) such security interests secures Indebtedness permitted by clause (f) of Section 6.01, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or
within 90 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such
security interests shall not apply to any other property or assets of the MLP or any Restricted Subsidiary; 
  

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 (d) other Liens securing Indebtedness in an amount that does not at any time exceed 10% of Consolidated
Net Worth; and 
 (e) extensions, renewals, modifications or replacements of any of the Liens and other matters referred to in clauses
(a) through (d) of this Section, provided that such Lien is otherwise permitted by the terms hereof and, with respect to Liens securing Indebtedness, no extension or renewal Lien shall (i) secure more than the amount of the
Indebtedness or other obligations secured by the Lien being so extended or renewed or (ii) extend to any property or assets not subject to the Lien being so extended or renewed. 
 Section 6.03 Fundamental Changes. (a) It will not, and will not permit any of its Restricted Subsidiaries to, merge into or consolidate
with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets (it being understood
that “substantially all of its assets” shall mean more than 50% of the aggregate total assets of the MLP and its Restricted Subsidiaries, taken as a whole), or all or substantially all of the stock (it being understood that
“substantially all of the stock” shall mean stock representing ownership interests in more than 50% of the aggregate total assets of the MLP and its Restricted Subsidiaries, taken as a whole) of any of its Restricted Subsidiaries (in each
case whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Restricted Subsidiary may merge
into the Borrower in a transaction in which the Borrower is the surviving entity or the Borrower may merge into or consolidate with another Person so long as (A) the surviving entity or purchaser, if other than the Borrower, assumes, pursuant
to the terms of such transaction, each of the obligations of the Borrower hereunder and under any other documents entered into in connection with the Loans and (B) each such assumption is expressly evidenced by an agreement executed and
delivered to the Lenders in a form reasonably satisfactory to the Administrative Agent, (ii) any Restricted Subsidiary (other than the Borrower) may merge into or consolidate with any Restricted Subsidiary (other than the Borrower) in a
transaction in which the surviving entity is a Restricted Subsidiary (other than the Borrower), (iii) any Restricted Subsidiary (other than the Borrower) may sell, transfer, lease or otherwise dispose of all or any portion of its assets to the
Borrower or to another Restricted Subsidiary and (iv) any Restricted Subsidiary (other than the Borrower) may liquidate or dissolve if the MLP determines in good faith that such liquidation or dissolution is in the best interests of the MLP and
is not materially disadvantageous to the Lenders; provided that any such merger or consolidation involving a Person that is not a Wholly-Owned Restricted Subsidiary immediately prior to such merger shall not be permitted unless also permitted
by Section 6.04. 
 (b) It will not, and will not permit any of its Restricted Subsidiaries to, engage to any material extent in any
business other than businesses of the type conducted by it and its Restricted Subsidiaries on the date of this Agreement and businesses reasonably related thereto. 
 Section 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. It will not, and will not permit any of its Restricted 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 Investment in or Guarantee any obligations of, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any
other Person constituting a business unit, except: 
 (a) Permitted Investments; 
  

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 (b) Investments by the MLP and any Restricted Subsidiary in the Equity Interests of any Restricted
Subsidiary; 
 (c) loans or advances made by the MLP to any Restricted Subsidiary and made by any Restricted Subsidiary to the MLP or any
other Restricted Subsidiary; 
 (d) Guarantees constituting Indebtedness permitted by Section 6.01; 
 (e) the Borrower’s interest in (i) the Skelly-Belvieu Pipeline Company, L.L.C. and (ii) ST Linden Terminal, LLC; 
 (f) the purchase or other acquisition by the MLP or a Restricted Subsidiary of the assets of another Person constituting all or substantially all of the
property and assets or business of another Person or assets that constitute a business unit, line of business or division of another Person, or the purchase or other acquisition by the MLP or a Restricted Subsidiary of all or substantially all of
the Equity Interests in any Person, that immediately upon the consummation thereof, will be a Restricted Subsidiary (including, without limitation, as a result of a merger or consolidation otherwise permitted under this Agreement); provided,
that, both before and after giving effect to any such Investment, no Default shall exist, including, without limitation, a Default with respect to (i) use of proceeds set forth in Section 5.08, or (ii) the Consolidated Debt Coverage
Ratio set forth in Section 6.11; 
 (g) Investments in Joint Venture Interests and Unrestricted Subsidiaries; provided, that,
both before and after giving effect to any such Investment, no Default shall exist, including, without limitation, a Default with respect to (i) use of proceeds set forth in Section 5.08 or (ii) the Consolidated Debt Coverage Ratio
set forth in Section 6.11; provided further that the aggregate amount of Investments made pursuant to this clause (g) (other than Investments described in Schedule 6.04) shall not exceed $500,000,000 in the aggregate at any
time; 
 (h) Investments in Swap Agreements other than Permitted Swap Agreements; provided, that, both before and after giving effect
to any such Investment, no Default shall exist, including, without limitation, a Default with respect to (i) use of proceeds set forth in Section 5.08 or (ii) the Consolidated Debt Coverage Ratio set forth in Section 6.11;
provided further that the aggregate amount of Investments made pursuant to this clause (h) shall not exceed $100,000,000 in the aggregate at any time; and 
 (i) Guarantees of obligations not constituting Indebtedness of Restricted Subsidiaries. 
 Section 6.05 Swap Agreements. It will not, and will not permit any of its Restricted Subsidiaries to, enter into any Swap Agreement, other
than (a) Swap Agreements entered into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency 

  

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exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for speculative purposes, (b) other Swap
Agreements entered into in the ordinary course of business to hedge or mitigate risks to which it or any of its subsidiaries is exposed in the conduct of its business or the management of its liabilities, and not for speculative purposes (the Swap
Agreements in clauses (a) and (b), collectively the “Permitted Swap Agreements”) or (c) Swap Agreements other than Permitted Swap Agreements to the extent permitted by Section 6.04(h). 
 Section 6.06 Restricted Payments. It will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except (a) any Subsidiary may declare and pay Restricted Payments to its parent and (b) as long as no Default has occurred and is continuing or would result therefrom, the MLP may make
Restricted Payments in accordance with the terms of the Partnership Agreement (MLP). 
 Section 6.07 Transactions with
Affiliates. It will not, and will not permit any of its Restricted 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) at prices and on terms and conditions not less favorable to it or such Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(b) transactions between or among it and its Wholly-Owned Restricted Subsidiaries not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.06, and (d) pursuant to the agreements listed on Schedule
6.07, which agreements are at prices and on terms and conditions not less favorable to it than could be obtained on an arm’s-length basis from unrelated third parties. 
 Section 6.08 Restrictive Agreements. It will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of it or any of its Restricted Subsidiaries to create, incur or permit to exist any Lien upon any of its
property or assets, or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the MLP or any other Restricted Subsidiary or to
Guarantee Indebtedness of the Borrower or any other Restricted Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law, by this Agreement, by the UK Credit Agreement or any Hybrid Equity
Securities (but, in the case of Hybrid Equity Securities, only with respect to the ability of the Borrower to pay dividends or other distributions with respect to its Equity Interests), (ii) the foregoing shall not apply to restrictions and
conditions (x) existing on the date of this Agreement identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition so as to cause such
restriction or condition to be more restrictive than the restriction or condition in existence on the date of this Agreement) or (y) arising or agreed to after the date of this Agreement; provided that such restrictions or conditions are
not more restrictive than the restrictions and conditions existing on the date of this Agreement, (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Restricted
Subsidiary pending such sale; provided such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of 

  

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the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof.

 Section 6.09 Limitation on Modifications of Other Agreements. It will not, and will not permit any of its Restricted
Subsidiaries to, amend, modify or change, or consent to any amendment, modification or change to, any of the terms of, the Partnership Agreement (MLP), except to the extent the same could not reasonably be expected to have a Material Adverse Effect.

 Section 6.10 Designation and Conversion of Restricted and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries.

 (a) Unless designated as an Unrestricted Subsidiary on Schedule 3.12 as of the date hereof or thereafter, assuming compliance with
Section 6.10(b), any Person that becomes a Subsidiary of the MLP or any Restricted Subsidiary shall be classified as a Restricted Subsidiary. 
 (b) The Borrower may designate by written notification thereof to the Administrative Agent, any Restricted Subsidiary (other than the Borrower or any Guarantor), as an Unrestricted Subsidiary if: (i) prior, and after giving effect, to
such designation, no Default would exist and (ii) such designation is deemed to be an Investment in an Unrestricted Subsidiary in an amount equal to the fair market value as of the date of such designation of the MLP’s direct and indirect
ownership interest in such Subsidiary and such Investment would be permitted to be made at the time of such designation under Section 6.04(g). Except as provided in this Section 6.10(b), no Restricted Subsidiary may be redesignated as an
Unrestricted Subsidiary. 
 (c) The Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary if after giving effect
to such designation: (i) the representations and warranties of the MLP and the Borrower contained in each of the Loan Documents are true and correct on and as of the date of such designation as if made on and as of the date of such designation
(or, if stated to have been made expressly as of an earlier date, were true and correct as of such date), (ii) no Default would exist and (iii) the MLP and the Borrower complies with the requirements of Section 5.10. Any such
designation shall be treated as a cash dividend in an amount equal to the lesser of the fair market value of the MLP’s direct and indirect ownership interest in such Subsidiary or the amount of the MLP’s cash investment previously made for
purposes of the limitation on Investments under Section 6.04(g). 
 (d) Notwithstanding the foregoing or anything to the contrary
contained herein, for the purposes of this Agreement the Borrower and each Guarantor is a Restricted Subsidiary of the MLP and may not be an Unrestricted Subsidiary. 
 (e) The Borrower shall notify the Administrative Agent in writing promptly upon any Subsidiary becoming a Material Subsidiary. 
  

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 Section 6.11 Financial Condition Covenant. The MLP will not permit at any time its
Consolidated Debt Coverage Ratio to be in excess of 5.00 to 1.00 (the “Standard Ratio”) for any Rolling Period; provided that if at any time the MLP or any of its Restricted Subsidiaries consummates an acquisition for which
the MLP or any of its Restricted Subsidiaries has paid aggregate net consideration of at least $100,000,000, then, for the two Rolling Periods the last day of which immediately follow the date on which such acquisition is consummated, the numerator
of the maximum Consolidated Debt Coverage Ratio otherwise permitted above shall be increased by 0.5; thereafter, compliance shall be determined by reverting back to the Standard Ratio. 
 ARTICLE VII 
 Events of Default 
 From (and including) the Effective Date, if any of the following events (“Events 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 thereof or otherwise; 
 (b) the Borrower shall
fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of five Business Days; 
 (c) any representation or warranty made or deemed made by or on behalf of the
Borrower, the MLP or any of their Restricted Subsidiaries in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished
pursuant to or in connection with the Loan Documents or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) the MLP or the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), (c), or (e),
Section 5.03 (with respect to the MLP’s or the Borrower’s existence), Section 5.08, Section 5.11 or in Article VI; 
 (e) the MLP, the Borrower or any Guarantor shall fail to observe or perform any covenant, condition or agreement contained in the Loan Documents (other than those specified in clause (a), (b) or (d) of this Article), and such
failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender); 
 (f) the MLP or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any
Material Indebtedness, when and as the same shall become due and payable (subject to any applicable 

  

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grace period), whether by acceleration or otherwise, of any Material Indebtedness; or a default shall occur in the performance or observance of any
obligation or condition with respect to any Material Indebtedness if the effect of such default is to accelerate the maturity of any such Indebtedness or such default shall continue unremedied for any applicable period of time sufficient to permit
the holder or holders of such Indebtedness, or any trustee or agent for such holders, to cause such Indebtedness to become due and payable prior to its expressed maturity; 
 (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief
in respect of the General Partner, the MLP (or its general partner(s)), the Borrower, any Guarantor or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the General Partner, the MLP (or its general partner(s)), the Borrower, any
Guarantor or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be
entered; 
 (h) the General Partner, the MLP (or its general partner(s)), the Borrower, any Guarantor or any Material Subsidiary shall
(i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the General Partner, the MLP (or its general partner(s)), the Borrower, any Guarantor or any Material Subsidiary 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; 
 (i) the General Partner, the MLP (or its general partner(s)), the Borrower, any Guarantor or any Material Subsidiary shall become unable, admit in
writing its inability or fail generally to pay its debts as they become due; 
 (j) one or more judgments for the payment of money in an
aggregate amount in excess of $50,000,000 and that are not covered by insurance shall be rendered against the MLP, any Restricted Subsidiary, or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the MLP or any Restricted Subsidiary to enforce any such judgment; 
 (k) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred,
could reasonably be expected to result in a Material Adverse Effect; 
  

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 (l) the MLP or any Subsidiary shall incur an Environmental Liability or Environmental Liabilities that
could reasonably be expected to have a Material Adverse Effect; 
 (m) the MLP shall (i) conduct, transact or otherwise engage in, or
commit to conduct, transact or otherwise engage in, any business or operations other than (X) those incidental to its ownership of the limited partner interests in the Borrower or of Equity Interests in other Wholly-Owned Subsidiaries and
(Y) the incurrence and maintenance of Indebtedness or (ii) own, lease, manage or otherwise operate any properties or assets (including cash and cash equivalents), other than (A) the limited partner interests in the Borrower,
(B) ownership interests of a Subsidiary, (C) ownership interests in other subsidiaries not Subsidiaries of the Borrower, (D) cash received in connection with dividends made by the Borrower in accordance with Section 6.06(b)
pending application to the holders of the Units and the General Partner Interest, (E) cash received in connection with the incurrence of Indebtedness and (F) cash received in connection with dividends made by other subsidiaries;

 (n) this Agreement or the Subsidiary Guaranty after delivery thereof shall for any reason, except to the extent permitted by the terms
hereof or thereof (or as waived by the Lenders in accordance with Section 10.02), ceases to be valid, binding and enforceable in accordance with its terms against the Borrower, the MLP or a Guarantor party thereto or shall be repudiated by any
of them, or the Borrower, the MLP or any Guarantor shall so state in writing; or 
 (o) a Change in Control shall occur; 
 then, and in every such event (other than an event with respect to the Borrower described in clause (g) or (h) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be
declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, 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 in case of any event with respect to the Borrower described in clause (g) or (h) of this Article, the
Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, 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. 
  

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 ARTICLE VIII 
 MLP Guarantee 
 Section 8.01 MLP Guarantee. 
 (a) The MLP, to the maximum extent permitted by applicable law, (i) absolutely, unconditionally and irrevocably, guarantees to the Administrative
Agent for the ratable benefit of the Guaranteed Creditors and their respective successors, endorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by acceleration
or otherwise) of the Borrower Obligations and (ii) indemnifies and holds harmless each Guaranteed Creditor from, and agrees to pay to such Guaranteed Creditor, all reasonable costs and expenses (including reasonable counsel fees and expenses)
incurred by such Guaranteed Creditor in enforcing any of its rights under the guarantee contained in this Section 8.01. The MLP agrees that notwithstanding any stay, injunction or other prohibition preventing the payment by the Borrower of all
or any portion of the Borrower Obligations and notwithstanding that all or any portion of the Borrower Obligations may be unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the
Borrower, to the maximum extent permitted by applicable law, such Borrower Obligations shall nevertheless be due and payable by the MLP for the purposes of this guarantee at the time such Borrower Obligations would by payable by the Borrower under
the provisions of this Agreement. Notwithstanding the foregoing, any enforcement of this guarantee with respect to the rights of any Guaranteed Creditor shall be accomplished by the Administrative Agent acting on behalf of such Guaranteed Creditor.
The guarantee contained in this Section 8.01 is a guarantee of payment and not collection, and the liability of the MLP is primary and not secondary. Anything to the contrary notwithstanding, the maximum liability of the MLP under the guarantee
provided for in this Article VIII shall in no event exceed the amount which can be guaranteed by the MLP under applicable federal and state laws relating to insolvency of debtors (after giving effect to any right of contribution provided for herein
or in any other Loan Document). 
 (b) The MLP agrees that if the maturity of the Borrower Obligations is accelerated by bankruptcy or
otherwise, such maturity shall also be deemed accelerated for the purpose of this guarantee without demand or notice to the MLP. The guarantee contained in this Section 8.01 is a continuing guarantee and shall remain in full force and effect
until all the Borrower Obligations and the obligations of the MLP under the guarantee contained in this Section 8.01 shall have been satisfied by payment in full in cash, no Letter of Credit shall be outstanding and the Commitments shall be
terminated, notwithstanding that from time to time during the term of this Agreement the Borrower may be free from any Borrower Obligations. 
 (c) No payment made by the Borrower, the MLP, any other guarantor or any other Person or received or collected by any Guaranteed Creditor from the Borrower, the MLP, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the MLP hereunder
which shall, notwithstanding any such payment (other than any payment made by the Borrower or MLP in respect of the Borrower Obligations or any payment received 

  

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or collected from the Borrower or MLP in respect of the Borrower Obligations), remain liable for the Borrower Obligations until, subject to
Section 8.05, the Borrower Obligations are paid in full in cash, no Letter of Credit shall be outstanding and the Commitments are terminated. 
 Section 8.02 Subrogation. The MLP shall be subrogated to all the rights of any Guaranteed Creditor against the Borrower in respect of any amounts paid by the MLP pursuant to the provisions of the guarantee contained in
Section 8.01; provided, however, that the MLP shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation with respect to any of the Borrower Obligations, nor shall the MLP
seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor (or any other guarantor) in respect of payments made by the MLP hereunder, until all of the Borrower Obligations and the Guarantees thereof shall
have been indefeasibly paid in full in cash or discharged. A director, officer, employee or stockholder, as such, of the MLP shall not have any liability for any obligations of the MLP under the guarantee contained in Section 8.01 or any claim
based on, in respect of or by reason of such obligations or their creation. 
 Section 8.03 Amendments, etc. with respect to the
Borrower Obligations. The MLP shall remain obligated hereunder notwithstanding that, without any reservation of rights against the MLP and without notice to or further assent by the MLP, any demand for payment of any of the Borrower Obligations
made by any Guaranteed Creditor may be rescinded by such Guaranteed Creditor and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security
or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by any Guaranteed Creditor, and any Loan
Document and any other document executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may
deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by any Guaranteed Creditor for the payment of the Borrower Obligations may be sold, exchanged, waived, surrendered or released. Except as
required by applicable law, no Guaranteed Creditor shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in Section 8.01 or any
property subject thereto. 
 Section 8.04 Guarantee Absolute and Unconditional. To the fullest extent permitted by applicable
law, the MLP hereby (a) waives diligence, presentment, demand of payment, notice of intent to accelerate, notice of acceleration, notice of acceptance, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the
Borrower or the MLP, and all demands and notices whatsoever, (b) acknowledges that any agreement, instrument or document evidencing the MLP Obligations may be transferred and that the benefit of its obligations hereunder shall extend to each
holder of any agreement, instrument or document evidencing the MLP Obligations without notice to them and (c) covenants that the MLP Obligations will not be discharged except by complete performance thereof. The MLP further agrees that to the
fullest extent permitted by applicable law, if at any time all or any part of any payment theretofore applied by any Person to any of the MLP Obligations is, or must be, rescinded or returned for any reason whatsoever, including without limitation,
the insolvency, bankruptcy or 

  

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reorganization of the MLP, such MLP Obligations shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in
existence notwithstanding such application, and the MLP Obligations shall continue to be effective or be reinstated, as the case may be, as though such application had not been made. 
 To the fullest extent permitted by applicable law, the obligations of the MLP under this guarantee shall be as aforesaid full, irrevocable, unconditional
and absolute and shall not be impaired, modified, discharged, released or limited by any occurrence or condition whatsoever, including, without limitation, (i) any compromise, settlement, release, waiver, renewal, extension, indulgence or
modification of, or any change in, any of the obligations and liabilities of the Borrower or the MLP contained in any of the Borrower Obligations or this Agreement, (ii) any impairment, modification, release or limitation of the liability of
the Borrower, the MLP or any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable bankruptcy law, as amended, or other statute or from the
decision of any court, (iii) the assertion or exercise by the Borrower or the MLP of any rights or remedies under any of the Borrower Obligations or this Agreement or their delay in or failure to assert or exercise any such rights or remedies,
(iv) the assignment or the purported assignment of any property as security for any of the Borrower Obligations, including all or any part of the rights of the Borrower or the MLP under this Agreement, (v) the extension of the time for
payment by the Borrower or the MLP of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of any of the Borrower Obligations or this Agreement or of the time for performance by the Borrower or the
MLP of any other obligations under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of the
Borrower or the MLP set forth in this Agreement, (vii) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Borrower or any of the MLP or any of their respective assets, or the disaffirmance of any of
the Borrower Obligations, or this Agreement in any such proceeding, (viii) the release or discharge of the Borrower or the MLP from the performance or observance of any agreement, covenant, term or condition contained in any of such instruments
by operation of law, (ix) the unenforceability of any of the Borrower Obligations or this Agreement, (x) any change in the name, business, capital structure, corporate existence, or ownership of the Borrower or the MLP or any other person
or entity liable on the obligations guaranteed hereby, (xi) the existence of any collateral or other guaranty, or any exchange, release or non-perfection of any collateral or other guaranty, or (xii) any other circumstance which might
otherwise constitute a defense available to, or a legal or equitable discharge of, a surety or the MLP. 
 Section 8.05
Reinstatement. To the maximum extent permitted by applicable law, the guarantee contained in Section 8.01 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the
Borrower Obligations is rescinded or must otherwise be restored or returned by any Guaranteed Creditor upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or the MLP, or upon or as a result of the appointment
of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or the MLP or any substantial part of its property, or otherwise, all as though such payments had not been made. 
  

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 Section 8.06 Payments. The MLP hereby guarantees that payments hereunder will be paid to the
Administrative Agent without set-off or counterclaim and without deduction for any taxes and in immediately available funds and in the relevant currency at the Administrative Agent’s payment office at the address provided in Section 10.01
of this Agreement. 
 ARTICLE IX 
 The Administrative Agent 
 Each of the Lenders and the Issuing Banks 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 hereof, together with such actions and powers as are reasonably incidental
thereto. 
 The bank 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 or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein. 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 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 hereby 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 Section 10.02), and (c) except as expressly set forth
herein, 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 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 Section 10.02) or in the absence of its own gross negligence or wilful 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 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 herewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein, (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 Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  

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 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), 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. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers 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 its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply
to any such sub-agent and to 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. 
 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, the Issuing Banks and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of
the Lenders and the Issuing Banks, appoint a successor Administrative Agent which shall be a Lender and a commercial bank with an office in New York, New York and having a combined capital and surplus of at least $500,000,000, 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 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. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 10.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their 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. 
 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 

  

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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, any related agreement or any document furnished hereunder or thereunder. 
 None of the Syndication Agent, the Co-Documentation Agents or the Co-Managing Agents shall have any duties, responsibilities or liabilities under this Agreement or the other Loan Documents other than their duties,
responsibilities and liabilities in their capacity as Lenders hereunder. 
 ARTICLE X 
 Miscellaneous 
 Section 10.01 Notices. 
 (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (i) if to the Borrower or the MLP, to it at 2330 N. Loop 1604 West, San Antonio, Texas 78248, Attention of Senior Vice President, Chief Financial Officer
and Treasurer (Telecopy No. (210) 918-5055); 
 (ii) if to the Administrative Agent at its London funding office, to J. P. Morgan
Europe Limited, Loan and Agency Services Group, 125 London Wall, London, EC2Y 5AJ, Attention of Maxine Graves (Telecopy No. +44 207 777 2360), with a copy to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 8th Floor,
Houston, Texas 77002, Attention of Maria Arreola (Telecopy No. (713) 750-2228); and if to the Administrative Agent at its domestic funding office, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 8th Floor, Houston,
Texas 77002, Attention of Maria Arreola (Telecopy No. (713) 750-2228); 
 (iii) if to JPMorgan Chase Bank, N.A., in its capacity as
Issuing Bank, to it at JPMorgan Chase Bank, N.A., Letter of Credit Group, Global Trade Services, 10420 Highland Manor Dr., Tampa, Florida 33610, Attention of James Alonzo (Telecopy No. (813) 432-5161); 
 (iv) if to SunTrust Bank, in its capacity as Issuing Bank, to it at SunTrust Bank, 25 Park Place, 16th Floor, Standby Letter of Credit Dept., MC-3706,
Atlanta, Georgia 30303, Attention of Nivetta Freeman (Telecopy No. (404) 588-8129)), with a copy to it at the same address and telecopy number, Attention of Aimee Maier; 
 (v) if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 8th Floor, Houston, Texas 77002,
Attention of Rose Salvacion (Telecopy No. 713-750-2501); and 
  

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 (vi) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative
Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to
particular notices or communications. 
 (c) Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 
 Section 10.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any Issuing Bank 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, the Issuing Banks 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 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 issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. 
 (b) Neither
this Agreement nor the Subsidiary Guaranty nor any provision hereof or thereof may be waived, amended or modified (except as expressly set forth herein or therein) except pursuant to an agreement or agreements in writing entered into by the
Borrower, the MLP and the Required Lenders or by the Borrower, the MLP and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement 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 affected thereby,
(iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled
date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written
consent of each Lender, (v) waive or amend Section 2.21, Section 4.01, 

  

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Article VIII or release the MLP from its obligations hereunder or release any other Guarantor from a Subsidiary Guaranty (except as expressly set forth in
the Subsidiary Guaranty) without the written consent of each Lender or (vi) change any of the provisions of this Section 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; provided further that no such agreement shall amend, modify or
otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be.

 Section 10.03 Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the
preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket
expenses incurred by any 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 out-of-pocket expenses incurred by the Administrative Agent, any
Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement,
including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or
Letters of Credit. 
 (b) The Borrower shall indemnify the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of
any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee 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 the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit
or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit issued by it 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 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 are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee. 
  

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 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent, any Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section (and without limiting the Borrower’s obligation to do so), each Lender severally agrees to pay to the Administrative Agent, such
Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, such Issuing Bank or the Swingline Lender in its capacity as such. 

(d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable not later than 5
Business Days after written demand therefor. 
 Section 10.04 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 (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not 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 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 Section.
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 (including any Affiliate of any Issuing Bank that issues any
Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks 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 its Commitment and the Loans at the time owing to it) with the prior written consent (such
consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower; provided that no consent of the Borrower shall be
required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 
  

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 (B) the Administrative Agent; provided that no consent of the Administrative Agent shall be
required for an assignment of any Commitment to an assignee that is a Lender with a Commitment immediately prior to giving effect to such assignment; and 
 (C) each Issuing Bank. 
 (ii) Assignments shall be subject to the following additional conditions:

 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the
assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender 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 $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has
occurred and is continuing; 
 (B) 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; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class
of Commitments or Loans; 
 (C) 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; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to
the Administrative Agent an Administrative Questionnaire. 
 For the purposes of this Section 10.04(b), the term “Approved
Fund” has the following meaning: 
 “Approved Fund” means 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 Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph
(b)(iv) of this Section, 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 

  

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assigned by such 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 but shall continue to be entitled to the benefits of Section 2.15, Section 2.16, Section 2.17 and 10.03). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section 10.04 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 Section.

 (iv) The Administrative Agent, acting for this purpose as an agent of 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 the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders may 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, the Issuing Banks 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 Section and any written consent to such
assignment required by paragraph (b) of this Section, 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 Section 2.06(d) or (e), Section 2.07(b), Section 2.18(d) or 10.03(c), 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) (i) Any Lender may, without the consent of the Borrower, the Administrative
Agent, any Issuing Bank or the Swingline Lender, 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 its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Banks 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 

  

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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 the first proviso to Section 10.02(b) that affects such
Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Section 2.15, Section 2.16, Section 2.17 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided such
Participant agrees to be subject to Section 2.18(c) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive
any greater payment under Section 2.15 or Section 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.17(e) as though it were a Lender. 
 (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, including without limitation any pledge or assignment to secure obligations
to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment 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. 
 Section 10.05 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 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, any 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 Section 2.15, Section 2.16, Section 2.17 and 10.03 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. 
 Section 10.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which 

  

 81 

 
shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with
respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each of the other required parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 10.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 Section 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is 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 obligations at
any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower or the MLP against any of and all the obligations of the Borrower or the MLP now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have. 
 Section 10.09 Governing Law; Jurisdiction; Consent to Service of Process.
(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) The Borrower and the
MLP each hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive 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 hereto 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 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, any
Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. 
  

 82 

 (c) The Borrower and the MLP each hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection which 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 Section.
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. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01. 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 10.10
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 ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY (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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 Section 10.11 Headings. Article and Section headings and the Table of Contents 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. 
 Section 10.12 Confidentiality. Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, 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), (b) to the extent requested by any regulatory authority, (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) 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, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent
of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a
nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from the 

  

 83 

 
Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any
Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided 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 to its own confidential information. 
 Section 10.13 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 are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the 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 Effective Rate to the date of repayment, shall have been received by such Lender. 
 Section 10.14 Limitation of Liability. Neither the General Partner nor the general partner(s) of the MLP shall be liable for (a) the obligations of the Borrower under this Agreement or (b) the
obligations of the MLP under this Agreement, including in each case, without limitation, by reason of any payment obligation imposed by governing state partnership statutes and any provision of the applicable limited partnership agreement of the
Borrower or the MLP that requires such General Partner or general partner(s), as the case may be, to restore a capital account deficit. 
 Section 10.15 USA PATRIOT Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that
pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to
identify the Borrower in accordance with the Act. 
  

 84 

 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. 
  

					
	NUSTAR LOGISTICS, L.P.
		
	By:	 	NuStar GP, Inc., its General Partner
			
		 	By:	 	 /s/ Steven A. Blank

		 		 	Steven A. Blank
		 		 	Senior Vice President, Chief Financial Officer and Treasurer
	
	NUSTAR ENERGY L.P.
		
	By:	 	Riverwalk Logistics, L.P., its General Partner
		
	By:	 	NuStar GP, LLC, its General Partner
			
		 	By:	 	 /s/ Steven A. Blank

		 	Name:	 	Steven A. Blank
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  

 Schedule 2.01 

			
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent
		
	By:	 	 /s/ Robert Traband

	Name:	 	Robert Traband
	Title:	 	Executive Director

  

 Schedule 2.01 

			
	SUNTRUST BANK, individually and as Syndication Agent
		
	By:	 	 /s/ Carmen J. Malizia

	Name:	 	Carmen J. Malizia
	Title:	 	Vice President

  

 Schedule 2.01 

			
	BARCLAYS BANK PLC, individually and as Co-Documentation Agent
		
	By:	 	 /s/ Nicholas Bell

	Name:	 	Nicholas Bell
	Title:	 	Director

  

 Schedule 2.01 

			
	MIZUHO CORPORATE BANK LTD., individually and as Co-Documentation Agent
		
	By:	 	 /s/ Raymond Ventura

	Name:	 	Raymond Ventura
	Title:	 	Deputy General Manager

  

 Schedule 2.01 

			
	BANK OF AMERICA, N.A.,
		
	By:	 	 /s/ Ronald E. McKaig

	Name:	 	Ronald E. McKaig
	Title:	 	Senior Vice President

  

 Schedule 2.01 

			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
		
	By:	 	 /s/ Linda Terry

	Name:	 	Linda Terry
	Title:	 	Vice President & Manager

  

 Schedule 2.01 

			
	BNP PARIBAS,
		
	By:	 	 /s/ Mark A. Cox

	Name:	 	Mark A. Cox
	Title:	 	Managing Director
		
	By:	 	 /s/ Greg Smothers

	Name:	 	Greg Smothers
	Title:	 	Vice President

  

 Schedule 2.01 

			
	CITIBANK, N.A.,
		
	By:	 	 /s/ James Reilly

	Name:	 	James Reilly
	Title:	 	Attorney-in-Fact

  

 Schedule 2.01 

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
		
	By:	 	 /s/ Vanessa Gomez

	Name:	 	Vanessa Gomez
	Title:	 	Vice President
		
	By:	 	 /s/ Morenikeji Ajayi

	Name:	 	Morenikeji Ajayi
	Title:	 	Associate

  

 Schedule 2.01 

			
	DEUTSCHE BANK AG NEW YORK BRANCH,
		
	By:	 	 /s/ Marcus Tarkington

	Name:	 	Marcus Tarkington
	Title:	 	Director
		
	By:	 	 /s/ Ranier Meier

	Name:	 	Ranier Meier
	Title:	 	Vice President

  

 Schedule 2.01 

			
	LEHMAN BROTHERS BANK, FSB
		
	By:	 	 /s/ George Janes

	Name:	 	George Janes
	Title:	 	Chief Credit Officer

  

 Schedule 2.01 

			
	MORGAN STANLEY BANK
		
	By:	 	 /s/ Daniel Twenge

	Name:	 	Daniel Twenge
	Title:	 	Authorized Signatory

  

 Schedule 2.01 

			
	SUMITOMO MITSUI BANKING CORPORATION,
		
	By:	 	 /s/ William M. Ginn

	Name:	 	William M. Ginn
	Title:	 	General Manager

  

 Schedule 2.01 

			
	UBS LOAN FINANCE LLC
		
	By:	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director

  

 Schedule 2.01 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Paul Pritchett

	Name:	 	Paul Pritchett
	Title:	 	Vice President

  

 Schedule 2.01 

			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION,
		
	By:	 	 /s/ Richard A. Gould

	Name:	 	Richard A. Gould
	Title:	 	Senior Vice President

  

 Schedule 2.01 

			
	WILLIAM STREET CAPITAL CORPORATION
		
	By:	 	 /s/ Mark Walton

	Name:	 	Mark Walton
	Title:	 	Assistant Vice President

  

 Schedule 2.01 

			
	BAYERISCHE LANDESBANK, NEW YORK BRANCH
		
	By:	 	 /s/ Craig Anderson

	Name:	 	Craig Anderson
	Title:	 	First Vice President
		
	By:	 	 /s/ Nickolai von Mengden

	Name:	 	Nickolai von Mengden
	Title:	 	Senior Vice President

  

 Schedule 2.01 

			
	THE ROYAL BANK OF SCOTLAND plc
		
	By:	 	 /s/ David Slye

	Name:	 	David Slye
	Title:	 	Vice President

  

 Schedule 2.01 

			
	COMPASS BANK
		
	By:	 	 /s/ Frank Carvelli

	Name:	 	Frank Carvelli
	Title:	 	Vice President

  

 Schedule 2.01 

			
	THE FROST NATIONAL BANK
		
	By:	 	 /s/ Sarah Cernosek

	Name:	 	Sarah Cernosek
	Title:	 	Asst. Vice President

  

 Schedule 2.01Sale and Purchase Agreement

 Exhibit 10.52 
  
  
  
 SALE AND PURCHASE AGREEMENT 
 between 
 CITGO Asphalt Refining Company, 
 a New Jersey General Partnership 
 and 
 NuStar Asphalt Refining, LLC, 
 a
Delaware limited liability Company 
 dated 
 November 5, 2007 
  
  

 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page #
	Article I DEFINITIONS	  	1
	Section 1.1	  	Definitions	  	1
	Section 1.2	  	Construction	  	14
		
	Article II SALE AND TRANSFER OF TRANSFERRED ASSETS; CLOSING	  	14
	Section 2.1	  	Sale and Transfer of Transferred Assets	  	14
	Section 2.2	  	Purchase Price	  	16
	Section 2.3	  	Closing; Closing Date	  	16
	Section 2.4	  	Deliveries at the Closing	  	16
	Section 2.5	  	Closing Adjustments	  	17
	Section 2.6	  	Excluded Assets	  	18
	Section 2.7	  	Assumed Obligations and Retained Obligations	  	19
	Section 2.8	  	Allocation	  	24
		
	Article III REPRESENTATIONS AND WARRANTIES OF SELLER	  	24
	Section 3.1	  	Organization and Qualification	  	24
	Section 3.2	  	Due Authority	  	25
	Section 3.3	  	Governmental Authorization	  	25
	Section 3.4	  	Conflicts and Approvals	  	25
	Section 3.5	  	No Brokers	  	26
	Section 3.6	  	Absence of Undisclosed Liabilities	  	26
	Section 3.7	  	Transferred Assets	  	26
	Section 3.8	  	Material Contracts	  	27
	Section 3.9	  	Authorizations	  	30
	Section 3.10	  	Compliance with Laws	  	30
	Section 3.11	  	Environmental	  	30
	Section 3.12	  	Litigation	  	31
	Section 3.13	  	Labor Matters	  	31
	Section 3.14	  	Intellectual Property	  	31
	Section 3.15	  	Tax Matters	  	32
	Section 3.16	  	Employee Benefits	  	32
	Section 3.17	  	No Knowledge of Breach	  	33
	Section 3.18	  	Customer and Supplier Relations	  	33
	Section 3.19	  	Books and Records	  	33
	Section 3.20	  	Certain Payments	  	33
	Section 3.21	  	Insurance	  	33
	Section 3.22	  	Assumed Contracts	  	34
	Section 3.23	  	No Material Adverse Effect	  	34
	Section 3.24	  	Disclosure	  	34
		
	Article IV REPRESENTATIONS AND WARRANTIES OF BUYER	  	34
	Section 4.1	  	Organization and Qualification	  	34
	Section 4.2	  	Due Authority	  	34

  

 -i- 

					
	Section 4.3	  	Conflicts and Approvals	  	35
	Section 4.4	  	Litigation	  	35
	Section 4.5	  	No Brokers	  	35
	Section 4.6	  	Availability of Funds	  	35
	Section 4.7	  	No Knowledge of Breach	  	35
		
	Article V PRE-CLOSING COVENANTS	  	35
	Section 5.1	  	Operation of the Business	  	35
	Section 5.2	  	Appropriate Action; Consents; Filings	  	37
	Section 5.3	  	Breach Notice	  	38
	Section 5.4	  	Title Matters Related to the Real Property	  	38
	Section 5.5	  	Right of Entry	  	39
	Section 5.6	  	Condition of Transferred Assets	  	40
	Section 5.7	  	Independent Investigation	  	40
	Section 5.8	  	Supplement to Seller Disclosure Schedule	  	41
	Section 5.9	  	NSR Consent Decree	  	41
	Section 5.10	  	ISRA	  	42
	Section 5.11	  	Exclusivity	  	43
		
	Article VI EMPLOYEE MATTERS	  	44
	Section 6.1	  	Employees	  	44
	Section 6.2	  	Employment Offers	  	44
	Section 6.3	  	Transfer Time	  	44
	Section 6.4	  	Level of Employee Benefits Provided by Buyer	  	45
	Section 6.5	  	Buyer’s Adoption of the Collective Bargaining Agreements	  	45
	Section 6.6	  	WARN Act	  	45
	Section 6.7	  	No Employee Rights	  	46
		
	Article VII POST-CLOSING COVENANTS	  	46
	Section 7.1	  	Insurance	  	46
	Section 7.2	  	Further Assurances	  	46
	Section 7.3	  	Use of Name	  	46
	Section 7.4	  	Prorations, Deposits and Taxes	  	46
	Section 7.5	  	Third-Party Consents or Authorizations Not Obtained as of Closing	  	48
	Section 7.6	  	Collection of Amounts Owed to a Party	  	49
	Section 7.7	  	Access; Records	  	49
	Section 7.8	  	Foreign Trade Subzones	  	49
	Section 7.9	  	Savannah Project	  	50
	Section 7.10	  	Audit Rights	  	50
		
	Article VIII CLOSING CONDITIONS	  	51
	Section 8.1	  	Conditions to Obligations of Each Party Under this Agreement	  	51
	Section 8.2	  	Additional Conditions to Seller’s Obligations	  	51
	Section 8.3	  	Additional Conditions to Buyer’s Obligations	  	51
	Section 8.4	  	Casualty; Condemnation	  	53

  

 -ii- 

					
		
	Article IX TERMINATION	  	55
	Section 9.1	  	Termination	  	55
	Section 9.2	  	Effect of Termination	  	55
		
	Article X INDEMNIFICATION AND REMEDIES	  	55
	Section 10.1	  	Survival	  	55
	Section 10.2	  	Indemnification Provisions for Benefit of Buyer	  	56
	Section 10.3	  	Indemnification Provisions for Benefit of Seller	  	58
	Section 10.4	  	Indemnification Procedures; Matters Involving Third Parties	  	59
	Section 10.5	  	Determination of Losses	  	60
	Section 10.6	  	Exclusion of Materiality	  	60
	Section 10.7	  	No Right of Contribution	  	60
	Section 10.8	  	Limitations on Liability	  	60
	Section 10.9	  	Governing Law	  	62
	Section 10.10	  	Jurisdiction; Consent to Service of Process; Waiver	  	62
		
	Article XI MISCELLANEOUS	  	62
	Section 11.1	  	Amendment	  	62
	Section 11.2	  	Waiver	  	62
	Section 11.3	  	Notices	  	63
	Section 11.4	  	Public Announcements	  	64
	Section 11.5	  	Expenses	  	64
	Section 11.6	  	Headings	  	64
	Section 11.7	  	Severability	  	64
	Section 11.8	  	Assignment	  	64
	Section 11.9	  	Parties in Interest	  	65
	Section 11.10	  	Failure or Indulgence Not Waiver	  	65
	Section 11.11	  	Time of the Essence	  	65
	Section 11.12	  	Counterparts	  	65
	Section 11.13	  	Entire Agreement	  	65
	Section 11.14	  	Certain Notices - Wilmington Assets	  	65

  

			
	 Exhibits
	  	
		
	Exhibit A	  	Form of Asphalt Sales Agreement
		
	Exhibit B	  	Form of Assignment and Assumption Agreement
		
	Exhibit C	  	Form of Assignment and Assumption of Leases and Easements
		
	Exhibit D	  	Form of Bill of Sale
		
	Exhibit E	  	Form of Crude Oil Sales Agreement
		
	Exhibit F	  	Knowledge Individuals
		
	Exhibit G	  	Form of Subcharter Agreement
		
	Exhibit H	  	Form of Transition Services Agreement
		
	Exhibit I	  	Form of Deed
		
	Exhibit J	  	Form of Partners Guarantee Agreement
		
	Exhibit K	  	Form of NSR CD Modification

  

 -iii- 

			
		
	Exhibit L	  	Form of Noncompetition Agreement
		
	Exhibit M	  	Form of Affidavit of Non-Foreign Status
		
	Exhibit N	  	Form of Assignment of CITERCO Interests
	
	 Seller Disclosure Schedule

		
	Section 3.3	  	Governmental Authorization
		
	Section 3.4	  	Conflicts and Approvals
		
	Section 3.6	  	Absence of Undisclosed Liabilities
		
	Section 3.7	  	Transferred Assets
		
	Section 3.8(a)	  	Material Contracts
		
	Section 3.8(b)	  	Material Contracts – Certain Disclosures
		
	Section 3.10	  	Compliance with Laws
		
	Section 3.11	  	Environmental
		
	Section 3.12	  	Litigation
		
	Section 3.13	  	Labor Matters
		
	Section 3.14	  	Intellectual Property
		
	Section 3.15	  	Tax Matters
		
	Section 3.17	  	No Knowledge of Breach
		
	Section 3.18	  	Customer and Supplier Relations
		
	Section 3.21	  	Insurance
		
	Section 3.22	  	Assumed Contracts
	
	 Schedules

		
	Schedule 1.1(a)	  	Land
		
	Schedule 1.1(b)	  	CBA
		
	Schedule 1.1(c)	  	Permitted Liens
		
	Schedule 1.1(d)	  	Wilmington Assets
		
	Schedule 2.1(e)	  	Rolling Stock
		
	Schedule 2.1(f)	  	Throughput Rights
		
	Schedule 2.1(m)	  	Excluded Claims
		
	Schedule 2.4(a)	  	Seller Third Party Consents and Authorizations
		
	Schedule 2.4(b)	  	Buyer Third Party Consents and Authorizations
		
	Schedule 2.5	  	Inventory Valuation
		
	Schedule 2.6(a)	  	Excluded Assets - Other Assets

  

 -iv- 

			
		
	Schedule 2.6(h)	  	Excluded Assets – Non-Banking Deposits, Prepaid Expenses, Refunds and Offset Rights
		
	Schedule 2.6(i)	  	Excluded Assets – Contracts
		
	Schedule 2.7(c)	  	Specific Retained Obligations
		
	Schedule 5.1	  	Operation of the Business
		
	Schedule 6.1	  	Employees
		
	Schedule 6.2(a)	  	Employment Offers
		
	Schedule 6.2(b)	  	Employment Offers
		
	Schedule 8.3(g)	  	Necessary Third-Party Consents and Authorizations
		
	Schedule 8.4	  	Determination of Repair Estimate

  

 -v- 

 SALE AND PURCHASE AGREEMENT 
 This SALE AND PURCHASE AGREEMENT (this “Agreement”) is entered into as of November 5, 2007 (the “Execution Date”),
by and between CITGO Asphalt Refining Company, a New Jersey general partnership (“Seller”), and NuStar Asphalt Refining, LLC, a Delaware limited liability company (“Buyer”). 
 RECITALS 
 A. Seller owns and operates
an asphalt refinery in Paulsboro, New Jersey, an asphalt refinery in Savannah, Georgia, a marine asphalt terminal in Wilmington, North Carolina, and certain other assets; and 
 B. Seller desires to sell the Transferred Assets (as hereinafter defined) to Buyer, and Buyer desires to buy the Transferred Assets from Seller and
assume certain liabilities related thereto on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of
the foregoing premises and the representations, warranties and covenants contained herein, the parties hereto agree as follows: 
 ARTICLE
I 
 DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement (including in the Recitals), the following terms, when capitalized, shall have the following meanings: 
 “Affiliate” means any Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with the Person specified. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise,
except that for the purposes of this Agreement Petróleos de Venezuela, S.A. is not, nor shall be deemed for any purpose to be, an affiliate of Seller or the Partners. 
 “Agreement” has the meaning given such term in the preamble of this Agreement. 
 “Asphalt Sales Agreement” means the Asphalt Sales Agreement for asphalt to be entered into by and between Buyer and PDVSA
Petróleo, S.A. as of the Effective Time, substantially in the form attached hereto as Exhibit A. 
 “Assignment and
Assumption Agreement” means the Assignment and Assumption Agreement to be entered into by and between Buyer and Seller as of the Effective Time, substantially in the form attached hereto as Exhibit B. 
 “Assignment of Leases and Easements” means the Assignment and Assumption of Leases and Easements to be entered into by and between Buyer
and Seller as of the Effective Time, substantially in the form attached hereto as Exhibit C. 
 “Assumed
Authorizations” has the meaning given such term in Section 2.7(a)(i). 

 “Assumed Contracts” has the meaning given such term in Section 2.7(a)(i).

 “Assumed Obligations” means the Specific Assumed Obligations and the Other Assumed Obligations. 
 “Assumed Vacation” means the aggregate amount, determined in accordance with GAAP, of the Transferred Employees’ unused vacation
and short-term leave entitlement immediately prior to the Effective Time. 
 “Authorization” means any franchise, permit,
license, authorization, order, certificate, registration, plan, exemption, variance, decree, agreement, right or other consent or approval granted by any Governmental Authority, including Environmental Permits. 
 “Base Purchase Price” means $450,000,000. 
 “Benefit Plan” means any employee benefit plan or arrangement, including any stock purchase, stock option, stock bonus, stock ownership, phantom stock or other stock or equity plan, pension, profit
sharing, bonus, retirement, deferred compensation, incentive compensation, severance or termination pay, hospitalization or other medical or dental, life or other insurance, supplemental unemployment, salary continuation, or vacation benefits plan
or agreement or policy or other arrangement providing employee benefits, employment-related compensation, fringe benefits or other benefits (whether qualified or nonqualified, written or unwritten) and including “employee benefit plans,”
as defined in Section 3(3) of ERISA. 
 “Bill of Sale” means the Bill of Sale to Buyer to be executed by Seller as of
the Effective Time, substantially in the form attached hereto as Exhibit D. 
 “Books and Records” means, as they
relate to the Business and/or CITERCO, design manuals, operation and safety manuals, process flow diagrams, blueprints, drawings, engineering studies and engineering reports and with respect to computer software, object code; user operations and
system documentation; system engineering and design information; and all associated data files and data bases; all historical operating and maintenance data; and all personnel and employment records of the Transferred Employees, other than any such
records that may not be provided to Buyer under applicable Law or any applicable licensing agreement. For the avoidance of doubt, Books and Records specifically excludes (i) all records, documents, plans, strategies and financial records
relating to the competitive bid process resulting in the transactions contemplated by this Agreement; (ii) any of Seller’s minute books and records, Tax Returns or other materials that do not pertain to the Transferred Assets or the
Business; and (iii) the contents of any files maintained by the CITGO Legal Department and any audit reports by CITGO’s Internal Audit Department. 
 “Breach Notice” has the meaning given such term in Section 5.3. 
 “Business” means the business conducted as of the Execution Date by Seller and CITERCO, including the ownership and operation of the Transferred Assets. 
 “Business Day” means a day other than Saturday, Sunday or any other day on which banks located in the State of New York or Houston,
Texas are authorized or obligated to close. 
  

 -2- 

 “Buyer” has the meaning given such term in the preamble of this Agreement. 

“Buyer Indemnification Ceiling” means $40,000,000. 
 “Buyer Indemnification Deductible” means $3,400,000. 
 “Buyer Indemnitees”
means Buyer, its Affiliates and their respective officers, directors, employees, agents, representatives, successors and assigns. 
 “Buyer Material Adverse Effect” means a material adverse effect on the ability of Buyer to perform its obligations under this Agreement or consummate the transactions contemplated by this Agreement. 
 “Buyer Plan” means Benefit Plans sponsored, maintained or contributed to by Buyer. 
 “Buyer Transaction Documents” has the meaning given such term in Section 4.2. 
 “Buyer’s Auditor” has the meaning given such term in Section 7.10. 
 “CBA” means the Savannah CBA and the Paulsboro CBA. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. 
 “CITERCO” means CITERCO Asphalt Products LLC, a Delaware limited liability company. 
 “CITERCO Agreements” means, collectively, (i) that certain CITERCO Sublicense Agreement dated as of February 27, 1997, by and between CITERCO and Ergon, Inc., (ii) that certain CITGO Marketing Agreement dated
as of February 27, 1997, by and among CITERCO, Seller and Ergon, Inc., and (iii) that certain Statement of Consent and Assignment and Assumption Agreement dated as of February 27, 1997, by and among Noordhollandse Asfalt Centrale
B.V., CITERCO, Seller and Ergon, Inc. 
 “CITERCO Interests” means all the outstanding equity interests in CITERCO.

 “CITGO” means CITGO Petroleum Corporation, a Delaware corporation. 
 “CITGO Records” means the books and records of the Partners not located at the Real Property but used or held for use solely in the
conduct of the Business or otherwise relating or pertaining to the Transferred Assets and specifically excluding the contents of (i) any files maintained by the CITGO Legal Department and (ii) any audit reports by CITGO’s Internal
Audit Department, except to the extent (i) and (ii) relate to any Assumed Obligation; provided, however, that CITGO reserves the right to redact any information contained in CITGO Records that is not related to any Assumed
Obligation or such documents and records subject to attorney-client privilege. 
  

 -3- 

 “Claim” means (i) any demand, claim, grievance or Litigation, made or pending for
any Loss, specific performance, injunctive relief, remediation or other equitable relief or (ii) any charge or notice of violation issued by a Governmental Authority, in each of cases (i) and (ii), whether or not ultimately determined to
be valid. 
 “Closing” has the meaning given such term in Section 2.3. 
 “Closing Adjustment” means an amount, positive or negative, equal to the difference of (i) the value of the Inventory as of the
Effective Time, calculated in accordance with Schedule 2.5, minus (ii) the amount of any Prepayments as of the Effective Time, minus (iii) the amount of Assumed Vacation. 
 “Closing Adjustment Payment” has the meaning given such term in Section 2.5(c). 
 “Closing Adjustment Statement” has the meaning given such term in Section 2.5(b). 
 “Closing Conditions” means each of the conditions to the Closing set forth in Article VIII. 
 “Closing Date” has the meaning given such term in Section 2.3. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commercial Matters” means any Litigation related to or arising out of any commercial dispute or disagreement. 
 “Confidentiality Agreement” means the Confidentiality Agreement dated as of January 25, 2007 by and between Seller and Buyer, and
amended on May 31, 2007. 
 “Contracts” means any written, oral, implied or other promise, agreement, contract,
understanding, arrangement, instrument, note, guaranty, indemnity, representation, warranty, assignment, power of attorney, certificate, purchase order, work order, commitment, covenant, assurance or undertaking of any nature, but excluding the
Deeds. 
 “Corrective Action” means any investigation, sampling, analysis, monitoring, abatement, demolition, dismantlement,
removal, decontamination, remediation, cleanup, treatment, storage, disposal or other action that is reasonably required in order to comply with Environmental Laws with respect to a Release(s) of Hazardous Material. 
 “Crude Supply Agreement” means the Crude Oil Sales Agreement to be entered into by and between Buyer and PDVSA Petróleo S.A. as
of the Effective Time, substantially in the form attached hereto as Exhibit E. 
 “Deeds” has the meaning given such
term in Section 2.4(a)(i). 
 “Diligence Representatives” has the meaning given such term in
Section 5.5. 
 “Dock Agreement” has the meaning given such term in Section 11.14. 
  

 -4- 

 “Dollars” and the symbol “$” mean the lawful currency of the United
States of America. 
 “DOJ” means the United States Department of Justice. 
 “Easements” means the surface leases, easements, rights of way, servitudes, permits, licenses and other grants conveying to Seller
rights and interests in the portions of the Land or otherwise held for the benefit of Seller with respect to the Transferred Assets and otherwise not conveyed in the Deeds. 
 “Effective Time” means (i) 11:59 P.M. Central time on the Closing Date, if the Closing Date shall occur on the last day of any
month or (ii) 12:01 A.M. Central time on the Closing Date, if the Closing Date shall occur on any day other than the last day of any month. 
 “Employees” has the meaning given such term in Section 6.1. 
 “Employee Transfer
Time” has the meaning given such term in Section 6.3. 
 “Environmental Condition” means the existence
of Hazardous Materials at or immediately adjacent to any of the Transferred Assets, if such adjacent Hazardous Materials are related to Seller’s activity, including in or on the soil, surface water, groundwater at, on or under any of the
Transferred Assets, in each case to the extent the levels of any such Hazardous Material reasonably require Corrective Action. 
 “Environmental Law” means any Law pertaining to the protection, pollution or remediation of natural resources, wildlife, or the environment or public health or safety in any or all jurisdictions in which Seller owns or
operates, or has owned or has operated, property, including the Clean Air Act, as amended, CERCLA, the Federal Water Pollution Control Act, as amended, the Resource Conservation and Recovery Act of 1976, as amended, the Safe Drinking Water Act, as
amended, the Toxic Substances Control Act, as amended, the Hazardous & Solid Waste Amendments Act of 1984, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act, as
amended, the Occupational Safety and Health Act of 1970, as amended, the Oil Pollution Act of 1990, as amended, the Emergency Planning and Community Right to Know Act, and any regulations promulgated pursuant to any of the foregoing, as well as any
state and local Laws implementing or comparable to the foregoing federal Laws, including ISRA and any regulations promulgated pursuant thereto. 
 “Environmental Matters” means (a) the actual or threatened presence or release into the environment of Hazardous Materials at or from any of the Transferred Assets or any other location owned or operated, or formerly
owned or operated, by Seller, (b) any condition that now requires or may in the future require remediation of soil, groundwater or any other environmental medium, (c) any condition that now gives rise to or may in the future give rise to a
Claim by any party relating to damage to natural resources, (d) any condition that now gives rise to or may in the future give rise to a Claim by any party relating to exposure to Hazardous Materials, (e) any actual or asserted liability
for noncompliance with, or lack of an Authorization under, any Environmental Law, or (f) any condition that otherwise could result in the imposition of liability under Environmental Law. 
  

 -5- 

 “Environmental Permits” means all Authorizations required, issued or granted by any
Governmental Authority or Person pursuant to Environmental Law or in relation to Releases of Hazardous Materials. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended. 
 “Estimated Adjustment” has the meaning given such
term in Section 2.5(a). 
 “Exception Documents” has the meaning given such term in Section 5.4(a).

 “Excluded Assets” has the meaning given such term in Section 2.6. 
 “Execution Date” has the meaning given such term in the preamble of this Agreement. 
 “FTC” means the United States Federal Trade Commission. 
 “GAAP” means accounting principles generally accepted in the United States of America, consistently applied. 
 “Governmental Authority” means any national, federal, regional, state, local or other governmental agency, authority, administrative agency, regulatory body, commission, instrumentality, court or
arbitral tribunal having governmental or quasi-governmental powers; provided, however, that such term shall not include any entity or organization that is engaged primarily in industrial or commercial operations and is wholly or partly
owned by any government. 
 “Hazardous Materials” means those pollutants, contaminants, chemicals or toxic, hazardous or
petroleum hydrocarbon substances or wastes that are regulated under applicable Environmental Laws, including petroleum products and any fraction thereof. 
 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 “Indemnified Party” has the meaning given such term in Section 10.4(a). 
 “Indemnifying
Party” has the meaning given such term in Section 10.4(a). 
 “Intangible Property” means
(i) any and all business trade secrets and other Intellectual Property, including sales tools, and supplier lists and (ii) other intangible properties, including any goodwill or going concern value associated with any of the foregoing.

 “Intellectual Property” has the meaning given such term in Section 3.14. 
 “Inventory” means all product inventory held by Seller for sale to third parties or for use in the production of products for sale to
third parties, including crude oil, intermediate feedstock, asphalt, semi-finished refined products, refined products (such as vacuum gas oil and marine diesel oil), including recoverable hydrocarbons in tank heels, and roofing products. 

“IRS” means the United States Internal Revenue Service. 
  

 -6- 

 “ISRA” means the New Jersey Industrial Site Recovery Act. 
 “Knowledge” means, in the case of Seller, the actual knowledge of the individuals listed in Part I of Exhibit F, after a
reasonable inquiry of appropriate personnel, and, in the case of Buyer, the actual knowledge of the individuals listed on Part II of Exhibit F, after a reasonable inquiry of appropriate personnel. 
 “Koch” has the meaning given such term in Section 11.14. 
 “Land” means all of the tracts or parcels of land, and interests in land, owned or leased by Seller in connection with the Business,
including those described on Schedule 1.1(a). 
 “Law” means any applicable law, statute or ordinance of any nation
or state, including the United States of America, and any political subdivision thereof, including any state of the United States of America, any regulation, policy, protocol, proclamation, directive or executive order promulgated by any
Governmental Authority, any rule or regulation of any self-regulatory organization such as a securities exchange, or any applicable judgment, order, decree or decision of any court or other Governmental Authority having the effect of law in any such
jurisdiction. 
 “Leave” has the meaning given such term in Section 6.1. 
 “Lien” means any mortgage, pledge, security interest, lien, deed of trust, floating charge or other charge of any kind, gaps in record
title, right of possession, encumbrance or other adverse claim to or burden upon title (including any agreement to give any of the foregoing), purchase or lease options, preferential rights of purchase or possession, any conditional sale or other
title retention agreement, or the filing of or agreement to give any security interest, charge or financing statement under the Laws of any jurisdiction. 
 “Litigation” means any action, case, suit, arbitration, hearing, investigation, charge, claim (including any claim of a violation of Law), litigation or other proceeding pending, commenced, brought,
conducted or prosecuted before, or otherwise involving, any Governmental Authority or arbitrator. 
 “Loss” means all
damages, dues, penalties, fines, costs, amounts paid in settlement, liabilities, Obligations, Taxes, Liens, losses, assessments, judgments, awards, arbitration awards, demands, claims, orders, expenses and fees, including costs of investigation,
court costs, costs of defense and reasonable attorneys’ fees and expenses. 
 “Material Adverse Effect” means a
material adverse effect on the business, properties, financial condition, prospects or results of operations of Seller and CITERCO, in the aggregate; provided, however, that in no event shall any effect that results from any one or
more of the following be deemed to constitute a Material Adverse Effect: (a) this Agreement or any actions expressly required to be taken pursuant to this Agreement, the transactions contemplated hereby, or the pendency or announcement thereof,
(b) changes or conditions affecting the petroleum industry (including feedstock pricing, refining, marketing, transportation, terminaling and trading) generally or regionally that are not directly or indirectly caused by Seller or any of its
Affiliates, or the Bolivarian Republic of Venezuela, (c) changes in general economic, capital markets, regulatory or political conditions in the United States, the Bolivarian Republic of 

  

 -7- 

 
Venezuela or elsewhere (including interest rate fluctuations) that are not directly or indirectly caused by Seller or any of its Affiliates, or the
Bolivarian Republic of Venezuela, (d) changes in Laws or GAAP or regulatory accounting requirements or interpretations thereof that are not directly or indirectly caused by Seller or any of its Affiliates, or the Bolivarian Republic of
Venezuela, (e) fluctuations in currency exchange rates, (f) acts of war, insurrection, sabotage or terrorism that are not directly or indirectly caused by Seller or any of its Affiliates, or the Bolivarian Republic of Venezuela, or
(g) the failure of the Business to meet financial expectations or projections. 
 “Material Contracts” has the meaning
given such term in Section 3.8(a). 
 “NJDEP” means the New Jersey Department of Environmental Protection.

 “Non-Union Employees” has the meaning given such term in Section 6.1. 
 “Non-Union Transferred Employees” has the meaning given such term in Section 6.2. 
 “NSR Consent Decree” means the Consent Decree filed on or about October 6, 2004 in United States et al. v. CITGO Petroleum
Corporation et al. (S.D. Tex., No. H-04-3883) concerning allegations of violations of the Clean Air Act by the defendant at various facilities, including the Savannah Refinery and the Paulsboro Refinery. 
 “NSR CD Modification” has the meaning given such term in Section 5.9(c). 
 “Objection” has the meaning given such term in Section 5.4(b). 
 “Obligations” shall mean duties, liabilities and obligations, whether vested, absolute or contingent, primary or secondary, direct or
indirect, known or unknown, asserted or unasserted, accrued or unaccrued, liquidated or unliquidated, due or to become due, and whether contractual, statutory or otherwise. 
 “Original Litigation” has the meaning given such term in Section 2.7(c)(xi). 
 “Other Agreements” means the Crude Supply Agreement, the Asphalt Sales Agreement and the Transition Services Agreement. 
 “Other Assumed Obligations” has the meaning given such term in Section 2.7(b). 
 “Other Assumed Obligations Time” means the earlier of either: (a) the date that is seven (7) years after the Closing Date or
(b) the time at which the aggregate amount of (i) the cash amount(s) paid by Seller as a result of all Other Retained Obligations and (ii) the aggregate cash amount(s) paid by Seller to Buyer Indemnitees for all Claims pursuant to
Section 10.2(a)(i) of this Agreement (other than (A) Claims arising with respect to Section 3.1, Section 3.2, Section 3.7(a) or Section 3.7(d), or (B) any Claims for any breach
of, or any inaccuracy in, any representation or warranty by Seller of which Seller had Knowledge at any time prior to the time at which such representation or warranty was made) exceeds $40,000,000. 
 “Other Retained Obligations” has the meaning given such term in Section 2.7(d). 
  

 -8- 

 “Partners” means CITGO and CITGO East Coast Oil Corporation, a Delaware corporation.

 “Paulsboro CBA” means the collective bargaining agreement and all existing contract extension agreements, memoranda of
agreement, letters of understanding and similar agreements and instruments between Seller and the Union at the Paulsboro Refinery as listed on Schedule 1.1(b). 
 “Paulsboro Property Tax Dispute” means the litigation styled Citgo Petroleum Corp. v. West Deptford Twp. and Citgo Petroleum
Corp. v. Borough of Paulsboro: 2469-1997; 2465-1997; 459-1998; 458-1998; 1826-1999; 1000-1999; 958-2000; 1026-2000; 490-2001; 537-2001; 489-2001; 717-2002; 709-2002; 414-2003; 3709-2003; 4706-2004; 1833-2004; 1046-2005; 1052-2005; 4000-2005;
3972-2005; 4213-2005; 694-2006; 4570-2006; 4426-2006; 739-2006; 6890-2007; 38-2007; 40-2007; 6940-2007. 
 “Paulsboro
Refinery” means the asphalt refinery located on the real property near Paulsboro, New Jersey, as more particularly described in Schedule 1.1(a), and a light oils terminal located thereon, and all storage tanks, truck racks,
pipelines, equipment, machinery, boilers, pumps, buildings, terminal facilities, dock facilities, rail and tank car facilities, and all other improvements thereon and thereunder. 
 “Permitted Lien” means: 
 (i) inchoate Liens and charges imposed by Law and incidental to the construction, maintenance, development or operation of Seller’s properties or the Business, if payment of the obligation secured thereby is not
yet overdue or if the validity or amount of which is being contested in good faith by Seller; 
 (ii) Liens for Taxes,
assessments, obligations under workers’ compensation or other social welfare legislation or other requirements, charges or levies of any Governmental Authority, in each case not yet overdue, or which are being contested in good faith by Seller;

 (iii) easements, rights-of-way and similar servitudes filed of record affecting any of the Land which do not, on an
individual or aggregate basis, constitute a material impairment to the use or operation of the affected item of Real Property; 
 (iv) conventional provisions contained in any contracts or agreements affecting properties under which Seller is required immediately before the expiration, termination or abandonment of rights, titles or interests in or to a particular
property to reassign to such Person’s predecessor in title all or a portion of such Person’s rights, titles and interests in and to all or a portion of such property; 
 (v) only with respect to any parcel of Land for which Buyer does not obtain any survey, any state of facts that an accurate survey would
show (but not including any unrecorded lease or easement); 
  

 -9- 

 (vi) pre-printed standard form exceptions to an owner’s policy of title insurance
commonly applied to properties of the same type as the Real Property, based upon the geographic region where the pertinent parcel of Real Property is located; 
 (vii) pledges and deposits to secure the performance of bids, tenders, trade or government contracts (other than for repayment of borrowed
money), leases, licenses, statutory obligations, surety bonds, performance bonds and completion bonds or as otherwise incurred in the ordinary course of business consistent with past practice, in each case to the extent relating to any Assumed
Obligation; 
 (viii) any Liens consisting of (A) statutory landlord’s liens under leases to which Seller is a party
or other Liens on leased property reserved in leases thereof for rent or for compliance with the terms of such leases, (B) statutory bailee’s liens under bailments and terminaling agreements to which Seller is a party, (C) rights
reserved to or vested in any Governmental Authority (other than the Bolivarian Republic of Venezuela) to control or regulate any property of Seller, or to limit the use of such property in any manner which does not materially impair the use of such
property for the purposes for which it is held by Seller (D) obligations or duties to any Governmental Authority (other than the Bolivarian Republic of Venezuela) with respect to any franchise, grant, license, lease or permit and the rights
reserved or vested in any such Governmental Authority to terminate any such franchise, grant, license, lease or permit or to condemn or expropriate any property, or (E) zoning or other land use or Environmental Laws and ordinances of any
Governmental Authority (but excluding any Lien arising out of any violation of same); 
 (ix) Liens in respect of judgments or
awards with respect to which an appeal or other proceeding for review is being prosecuted and with respect to which a stay of execution pending such appeal or such proceeding for review has been obtained, but only to the extent the judgment secured
by said Lien constitutes a Retained Obligation; 
 (x) Liens that will be paid in full or released on or prior to the
Effective Time; 
 (xi) Liens caused or created by Buyer; and/or 
 (xii) Liens set forth on Schedule 1.1(c). 
 “Permitted Schedule Update Losses” means any Losses that Buyer suffers or incurs as a result of matters disclosed in any supplement(s) or amendment(s) to the Seller Disclosure Schedule made by Seller
in accordance with Section 5.8 to the extent such supplement(s) or amendment(s): (i) relate to any action (or the effect of any such action) consented to in writing by Buyer, (ii) relate to any action (or the effect of any such
action) expressly required to be taken by Seller pursuant to this Agreement, or (iii) are made to add any new Contract(s) entered into 

  

 -10- 

 
after the date of this Agreement in accordance with Seller’s obligations under Section 5.1 or to remove any Contract(s) that have been fully
performed in accordance with their terms or terminated in accordance with Seller’s obligations under Section 5.1. 
 “Person” means an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, association or unincorporated organization, Governmental Authority, or any other form of
business or professional entity. 
 “Possible Alternative” has the meaning given such term in Section 5.11.

 “Pre-Closing Adverse Effect” has the meaning given such term in Section 8.4(a). 
 “Pre-Closing Off-Site Disposal” means the transportation, storage, treatment, or disposal or the arrangement for such transportation,
storage, treatment or disposal of a Hazardous Material at any location other than any of the Real Property on or before the Effective Time; provided, however, that this does not include any migration of a Hazardous Material from any of the Real
Property. 
 “Prepayments” means any customer deposits, prepayments and other similar amounts received by Seller prior to
the Effective Time for goods or services to be provided by Buyer after the Effective Time. 
 “Purchase Price” has the
meaning given such term in Section 2.2. 
 “Real Property” means (i) the Land; (ii) all buildings and
other structures, facilities or improvements currently or hereafter located thereon and permanently affixed thereto; (iii) all fixtures, systems, owned or (to the extent transferable) leased equipment and other items of tangible personal
property situated thereon or attached thereto but not permanently affixed thereto (including any docks, but excluding raw materials, work in process and Inventory); (iv) all Easements; and (v) all appurtenances relating to the property
described in any of the foregoing clauses. 
 “Release(s) of Hazardous Material” means any discharge, emission, spill,
seepage, leak, escape, leaching, injection, pumping, pouring, emptying, dumping, burying, abandoning, unauthorized disposing, migration or release of any Hazardous Material into or upon the environment (including the air, soil, surface water, and
groundwater), including the abandonment of barrels, containers and other closed receptacles containing or formerly containing any Hazardous Material. 
 “Repair Estimate” has the meaning given such term in Section 8.4(b). 
 “Retained Obligations” means the Specific Retained Obligations and the Other Retained Obligations. 
 “Savannah CBA” means the collective bargaining agreement and all existing contract extension agreements, memoranda of agreement, letters of understanding and similar agreements and instruments between Seller and the Union
at the Savannah Refinery as listed in Schedule 1.1(b). 
  

 -11- 

 “Savannah Project” means the replacement of the No. 1 crude tank at the Savannah
Refinery upon the specifications previously disclosed to Buyer. 
 “Savannah Refinery” means the asphalt refinery located on
the real property near Savannah, Georgia, as more particularly described in Schedule 1.1(a), and a light oils terminal located thereon, and all storage tanks, truck racks, pipelines, equipment, machinery, boilers, pumps, buildings, terminal
facilities, dock facilities, rail and tank car facilities, and all other improvements thereon and thereunder. 
 “SEC” has
the meaning given such term in Section 7.10. 
 “Seller” has the meaning given such term in the preamble of this
Agreement. 
 “Seller Benefit Plan” means any Benefit Plan that is or was directly sponsored, maintained, or contributed to
by Seller or any of its Affiliates for the benefit of Seller’s current or former directors, officers or employees. 
 “Seller
Disclosure Schedule” means the disclosure schedule relating to Article III delivered by Seller to Buyer on the Execution Date. The Seller Disclosure Schedule has been arranged in sections corresponding to the numbered sections of
Article III. 
 “Seller Indemnitees” means Seller, its Affiliates (other than CITERCO) and their respective officers,
directors, employees, agents, representatives, successors and assigns. 
 “Seller Transaction Documents” has the meaning
given such term in Section 3.2. 
 “Specific Assumed Obligations” has the meaning given such term in
Section 2.7(a). 
 “Specific Retained Obligations” has the meaning given such term in
Section 2.7(c). 
 “Subcharter Agreement” means that certain Subcharter Agreement relating to that certain
Tanker Time Charter Party dated March 31, 2001, by and between AHL Shipping Company and CITGO, in the form attached hereto as Exhibit G. 
 “Subsequent Litigation” has the meaning given such term in Section 2.7(c)(xi). 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, joint venture or other legal entity (and any successor to any such legal entity) of which such Person owns, directly
or indirectly, more than fifty percent (50%) of the stock or other equity or partnership interests, the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation,
partnership, limited liability company, joint venture or other legal entity. 
 “Survey” has the meaning given such term in
Section 5.4(a). 
 “Taking” means, as to any property or asset, any taking thereof by condemnation or eminent
domain or by agreement in lieu thereof with any Person authorized to exercise such rights. 
  

 -12- 

 “Tax” and “Taxes” means taxes of any kind, levies or other like
assessments, customs, duties, imposts, charges or fees, including income taxes, gross receipts, ad valorem, value added, excise, real or property, asset, sales, use, franchise, license, payroll, transaction, capital, net worth, withholding,
estimated, social security, utility, workers’ compensation, severance, disability, wage, employment, production, unemployment compensation, occupation, premium, windfall profits, transfer and gains taxes or other governmental taxes imposed by
or on behalf of or payable to any Governmental Authority, together with any interest, penalties or additions with respect thereto and any interest in respect of such additions or penalties. 
 “Tax Returns” has the meaning given such term in Section 3.15(a). 
 “Termination Date” has the meaning given such term in Section 9.1(d). 
 “Third-Party Claim” has the meaning given such term in Section 10.4(b). 
 “Third-Party Consent” means any approval, consent, amendment or waiver of a Person that is required under any organizational document of
Seller, CITERCO or Buyer or under any Contract to which Seller, CITERCO or Buyer is a party or by which it or its assets is bound in order to effect the transactions contemplated hereby or any part thereof, including waivers and consents by lenders
and waivers of transfer restrictions. 
 “Time Estimate” has the meaning given such term in Section 8.4(c).

 “Title Cure Period” has the meaning given such term in Section 5.4(b). 
 “Title Commitment” has the meaning given such term in Section 5.4(a). 
 “Title Company” has the meaning given such term in Section 5.4(a). 
 “Transferred Assets” has the meaning given such term in Section 2.1. 
 “Transferred Employees” has the meaning given such term in Section 6.2. 
 “Transition Services Agreement” means the Transition Services Agreement to be entered into by and among Buyer, Seller and the other
parties thereto as of the Effective Time, substantially in the form attached hereto as Exhibit H. 
 “UBS Engagement
Letter” means that certain letter agreement dated January 13, 2006 by and between CITGO and UBS Securities LLC. 
 “Union” has the meaning given such term in Section 6.1. 
 “Union Employees” has the
meaning given such term in Section 6.1. 
 “Union Transferred Employees” has the meaning given such term in
Section 6.2. 
 “WARN Act” means the Worker Adjustment and Retraining Notification Act, as amended. 

 

 -13- 

 “Wilmington Assets” means the Real Property at Wilmington, North Carolina as more
particularly described on Schedule 1.1(d), and all storage tanks, pipelines, equipment, machinery, boilers, pumps, truck racks, dock facilities, rail and tank car facilities, buildings, and all other improvements thereon and thereunder, all
other tangible assets and properties used primarily in the operations thereof, all Contracts and Authorizations relating primarily to the foregoing properties and assets or the operation thereof, and the Inventory located at such Real Property.

 “Wilmington Obligations” means all Obligations, Claims and Litigation related to the Wilmington Assets or the business or
operations thereof, including any of same relating to Environmental Matters or any Employees employed at the Wilmington Assets. 
 Section 1.2 Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine, feminine and neuter. Terms defined in the singular have the corresponding meanings in the plural,
and vice versa. All references to Articles and Sections refer to articles and sections of this Agreement, all references to Exhibits refer to exhibits to this Agreement and all references to Schedules refer to Schedules to this Agreement, which
Exhibits and Schedules are attached hereto and made a part hereof for all purposes. The word “includes” or “including” means “including, but not limited to.” The words “hereof,” “hereby,”
“herein,” “hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear. Any reference to a statute, regulation or law shall include
any amendment thereof or any successor thereto and any rules and regulations promulgated thereunder, all as in effect as of the Execution Date. Currency amounts referenced herein, unless otherwise specified, are in Dollars. Whenever this Agreement
refers to a number of days, such number shall refer to calendar days unless Business Days are specified. 
 ARTICLE II 
 SALE AND TRANSFER OF TRANSFERRED ASSETS; CLOSING 
 Section 2.1 Sale and Transfer of Transferred Assets. Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, for the consideration specified in Section 2.2,
Seller shall sell, convey, assign, transfer and deliver to Buyer free and clear of all Liens, other than Permitted Liens, and Buyer shall purchase and acquire from Seller, all of Seller’s property and assets (but excluding the Excluded Assets),
real, personal or mixed, tangible and intangible, completed or inchoate, fixed or unfixed, absolute or contingent, liquidated or unliquidated, known or unknown, that are used in or for, or relate to, the Business, or are necessary for the continued
operation of the Business consistent with prior operations, including the following: 
 (a) the Paulsboro Refinery; 
 (b) the Savannah Refinery; 
 (c) the Real
Property and all tangible assets and properties of Seller that are located on the Land; 
  

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 (d) 100% of the CITERCO Interests and the minute books and similar records of CITERCO; 
 (e) the rolling stock described in Schedule 2.1(e), including the 87 railroad tank cars that are to be located at the Savannah Refinery by Seller
on the Closing Date, and vehicles owned by Seller and used in the Business; 
 (f) throughput rights at the other terminals as contained in
the terminaling agreements listed in Schedule 2.1(f); 
 (g) all of Seller’s and CITERCO’s rights and incidents of interest
in any other real property including all easements, rights of way, and prescription rights; 
 (h) all spare parts, supplies, furniture,
office furniture, computers and computer software that is stand alone within the Transferred Assets, fixtures, computer and telecommunication systems, printers, network equipment, security and video surveillance equipment, data storage systems and
on-site or off-site back-up tapes, and other tangible personal property and all other machinery, equipment, boilers (including the boiler owned by Seller or its Affiliates at a terminal in Baltimore), tanks, pipelines and pumps that are
(i) located at the Paulsboro Refinery, the Savannah Refinery or the Wilmington Assets or (ii) owned by Seller or CITERCO and used in the Business, including the low NOx burners previously purchased by Seller for installation at the
Savannah Refinery as required by the NSR Consent Decree; 
 (i) all rights of Seller or CITERCO in and to all Assumed Contracts and Assumed
Authorizations; 
 (j) all rights of Seller or CITERCO in and to all customer lists and supplier lists of the Business; 
 (k) all of Seller’s and CITERCO’s interest in the telephone numbers related to or used at the Paulsboro Refinery, the Savannah Refinery, the
Wilmington Assets and the other Land; 
 (l) the Inventory; 
 (m) all Claims of Seller against third Persons (including CITERCO, but excluding any Claims set forth on Schedule 2.1(m) against either or both Partners or any of their Affiliates other than CITERCO) relating
to the Transferred Assets or the Business, whether choate or inchoate, known or unknown, contingent or non-contingent, to the extent that the same either (x) relate to any Assumed Obligation or (y) are against CITERCO; 
 (n) all rights of Seller relating to deposits, return of deposits, prepaid expenses (other than prepaid insurance premiums) or rights of offset to the
extent that the same relate to any Assumed Obligation; 
 (o) the Books and Records; 
 (p) Seller’s interest in all Intangible Property; 
  

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 (q) Seller’s interest in all Intellectual Property; 
 (r) any and all Authorizations (including Environmental Permits) that are transferable by Seller to Buyer; 
 (s) all manufacturer’s, vendor’s and other third-party warranties or undertakings to the extent related to any of the Transferred Assets, to
the extent transferable by Seller to Buyer; 
 (t) the Wilmington Assets; 
 (u) any insurance proceeds relating to the Assumed Obligations received after the Effective Time; and 
 (v) any and all other assets owned by Seller or CITERCO that are used in the Business and are not Excluded Assets. 
 All of the property and assets to be transferred to Buyer hereunder are herein referred to collectively as the “Transferred Assets.”

 Section 2.2 Purchase Price. The purchase price for the Transferred Assets is the Base Purchase Price plus an amount
equal to the Closing Adjustment as determined in accordance with Section 2.5 (collectively, the “Purchase Price”). 
 Section 2.3 Closing; Closing Date. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Curtis, Mallet-Prevost, Colt & Mosle LLP in Houston,
Texas, or at such other place as Buyer and Seller may mutually agree, at 9:00 A.M. Central time on the third Business Day after the day on which the last to be fulfilled of the Closing Conditions (other than Closing Conditions to be fulfilled at the
Closing) is fulfilled or waived by the relevant party or parties hereto or at such other date as Buyer and Seller may mutually agree (the “Closing Date”). 
 Section 2.4 Deliveries at the Closing. 
 (a) At the Closing, Seller shall deliver, or cause to be delivered, to Buyer: 
 (i) one or more properly executed
and acknowledged special warranty deeds (the “Deeds”) conveying to Buyer good and indefeasible title to all Real Property (other than the Leases), each such Deed to be substantially in the form of Exhibit I. The Deeds shall
be in a form suitable for recording in the county records in which the pertinent item of Real Property is located; 
 (ii)
duly executed Assignment and Assumption Agreement; 
 (iii) duly executed Assignment of Leases and Easements; 
 (iv) duly executed Bill of Sale; 
  

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 (v) a copy of each Third-Party Consent and Authorization set forth on Schedule
2.4(a) for which consent has been obtained; 
 (vi) a copy of each Third-Party Consent and Authorization set forth on
Schedule 8.3(g); 
 (vii) the certificates referred to in Section 8.3(a) and Section 8.3(b);

 (viii) duly executed Other Agreements; 
 (ix) duly executed Assignment of CITERCO Interests in the form attached hereto as Exhibit N; 
 (x) a guarantee from each of the Partners of Seller’s obligations hereunder in the form attached hereto as Exhibit J; and

 (x) such other deeds, bills of sale, endorsements, assignments, releases, and other good and sufficient instruments of
transfer, assignment, and conveyance, in form and substance reasonably satisfactory to Buyer and its counsel, as shall be effective to convey to Buyer good and indefeasible title in and to all of the Real Property and good and marketable title in
and to all of the Transferred Assets that are not Real Property, and all other documents and instruments required to be delivered by the Seller pursuant to this Agreement. 
 (b) At the Closing, Buyer shall: 
 (i) deliver to Seller the certificates referred to in Section 8.2(a) and Section 8.2(b); 
 (ii) pay to Seller, by wire transfer or delivery of other immediately available funds, an amount equal to the sum of the Base Purchase Price, plus the Estimated Adjustment; 
 (iii) deliver to Seller a duly executed Assignment and Assumption Agreement; 
 (iv) deliver to Seller a copy of each Third-Party Consent and Authorization set forth on Schedule 2.4(b); 
 (v) duly execute and deliver to Seller the Other Agreements. 
 Section 2.5 Closing Adjustments. 
 (a) Seller shall deliver a notice to Buyer no later than three (3) Business Days prior to the reasonably anticipated Closing Date including Seller’s reasonable good faith estimate, together with supporting calculations and
information and determined in accordance with the procedures described on Schedule 2.5, of the value of the Inventory, the Prepayments as of the Effective Time, the Assumed Vacation and the resulting estimated Closing Adjustment 

  

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(the “Estimated Adjustment”), subject to Buyer’s review and consent to such estimate, which consent shall not be unreasonably withheld.
Buyer and its representatives shall have access to such records of Seller as may be reasonably requested for verifying the Estimated Adjustment. 
 (b) After the Closing, Seller shall initially calculate the Closing Adjustment and shall deliver to Buyer a statement (the “Closing Adjustment Statement”) setting forth the amount of the Closing Adjustment, together with
supporting calculations and information, on or before the 30th day after the Closing Date. Buyer shall cause its employees to give Seller and its advisors access at all reasonable times to the personnel, properties and books and records of the
Business and Buyer’s working papers for the purpose of conducting the physical inventory and preparing the Closing Adjustment Statement, and Buyer and its representatives and advisors may be present for and participate in such physical
inventory. Unless Buyer gives notice to Seller on or before the 15th day after Buyer’s receipt of the Closing Adjustment Statement that Buyer disputes the Closing Adjustment specified in the Closing Adjustment Statement, the Closing Adjustment
shall be as specified in the Closing Adjustment Statement. If Buyer gives notice to Seller on or before such 15th day that it disputes the Closing Adjustment specified in the Closing Adjustment Statement, (i) Buyer or Seller, as the case may
be, shall pay all undisputed portions of the Closing Adjustment Payment to the other party not later than five (5) calendar days after receiving Buyer’s notice of dispute, and (ii) Seller and Buyer shall consult in good faith and use
commercially reasonable efforts to agree upon the calculation of the Closing Adjustment. If on or before the 30th day after Buyer’s receipt of the Closing Adjustment Statement Seller and Buyer have not agreed on the Closing Adjustment, such
matters as remain in dispute shall be submitted to KPMG LLP, or such other accounting firm as Seller and Buyer shall agree, for final resolution, which resolution shall be binding upon Seller and Buyer, with no rights of appeal therefrom. The fees
and expenses of such accounting firm for its services in resolving such dispute shall be borne equally by Seller and Buyer. 
 (c) If the
actual Closing Adjustment, determined in accordance with Section 2.5(b) above, is greater than the Estimated Adjustment, Buyer shall make an additional payment to Seller in an amount equal to the amount by which the Closing Adjustment
exceeds the Estimated Adjustment, which payment shall be made by wire transfer or delivery of other immediately available funds on or before the fifth Business Day after the final determination of the Closing Adjustment in accordance with this
Section 2.5. If the actual Closing Adjustment is less than the Estimated Adjustment, Seller shall make a payment to Buyer in an amount equal to the amount by which the Estimated Adjustment exceeds the Closing Adjustment, which payment
shall be made by wire transfer or delivery of other immediately available funds on or before the fifth Business Day after the final determination of the Closing Adjustment in accordance with this Section 2.5. The payment to be made by
Buyer or by Seller, as applicable, is herein called the “Closing Adjustment Payment.” 
 Section 2.6 Excluded
Assets. Notwithstanding anything to the contrary contained in Section 2.1 or elsewhere in this Agreement, the following assets of Seller, its Affiliates and/or other third parties (collectively, the “Excluded
Assets”) are not part of the sale and purchase contemplated hereunder, are excluded from the Transferred Assets and shall remain the property of Seller, its Affiliates and/or relevant third parties after the Effective Time: 
 (a) all assets listed on Schedule 2.6(a); 
  

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 (b) all cash, cash equivalents and short-term investments; 
 (c) all bank deposits and bank accounts; 
 (d) all receivables, including accounts receivable or trade receivables owed to Seller (other than by CITERCO) by reason of deliveries made by Seller or on account of the Transferred Assets prior to the Effective Time; 
 (e) the financial books and records of Seller, the personnel, employment and other records of Seller as to any current or former employee who is not a
Transferred Employee, and the personnel, employment and other records of Seller as to any Transferred Employee that are not Books and Records; 
 (f) all minute books and similar materials related to maintenance of partnership records of Seller that are not Books and Records; 
 (g) any Claims or other rights to receive monies arising prior to or after the Execution Date which Seller or any of its Affiliates has or may have which are attributable to its ownership of the Transferred Assets prior to the Effective
Time; 
 (h) those rights relating to non-banking deposits and prepaid expenses and Claims for refunds and rights to offset in respect
thereof listed on Schedule 2.6(h); 
 (i) the Contracts listed on Schedule 2.6(i); 
 (j) all Claims for refund of Taxes and other governmental charges of whatever nature (including with respect to the Paulsboro Property Tax Dispute)
relating to the period of time prior to the Effective Time; 
 (k) all insurance policies and rights and Claims thereunder, except to the
extent such rights and Claims relate to any Assumed Obligation; and 
 (l) the Seller Benefit Plans. 
 For the avoidance of doubt, all property and assets owned by an Affiliate of Seller and/or a third party that are located on a part of the Land and which
property or assets are leased to Seller in connection with the Business (1) shall remain the property of such third party and (2) are not a part of the Transferred Assets, except to the extent that Seller’s leasehold interest in such
property or assets constitutes an Assumed Obligation. 
 Section 2.7 Assumed Obligations and Retained Obligations. 
 (a) From and after the Effective Time, Buyer shall assume and agree to pay, perform and discharge, and indemnify, defend and hold Seller, the Partners and
their Affiliates harmless from only the following Obligations of Seller (other than the Retained Obligations) (collectively, the “Specific Assumed Obligations”): 
  

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 (i) all Obligations of Seller under (x) all Contracts to which Seller is a party as
of the Effective Time to the extent relating to the Business or the Transferred Assets (collectively, the “Assumed Contracts”) and (y) all Authorizations held by Seller as of the Effective Time (collectively, the
“Assumed Authorizations”), but only, in the case of each Assumed Contract and each Assumed Authorization, to the extent such Obligations arise after the Effective Time; provided, however, that Buyer does not assume any
Obligation under any of the Assumed Contracts to pay any rebate or other similar amount, apply any credit or make any other similar concession to the extent such Obligation arises out of any transaction occurring prior to the Effective Time;

 (ii) all Claims, Losses and Obligations arising out of or related to Buyer’s ownership of the Transferred Assets and
operation of the Business after the Effective Time, including any Obligations arising out of or related to the condition of the Transferred Assets at the Effective Time but excluding any Obligations relating to Environmental Matters to the extent
not assumed by Buyer pursuant to Section 2.7(a)(iv) and Section 2.7(a)(v) below; 
 (iii) effective as
of the Employee Transfer Time, those Obligations with respect to the Transferred Employees required to be assumed by Buyer pursuant to Article VI; 
 (iv) without prejudice to Buyer’s rights of indemnification pursuant to Section 10.2(b), all Obligations under Environmental Law to perform Corrective Action of any Environmental Condition to the
extent the same relate to, result from or arise out of any Environmental Condition that existed prior to the Effective Time; and 
 (v) those Obligations relating to responsibilities under the NSR Consent Decree that relate to the Paulsboro Refinery, the Savannah Refinery and the Wilmington Assets required to be assumed or performed by Buyer pursuant to
Section 5.9. 
 (b) In addition to the Specific Assumed Obligations, and subject to Section 2.7(d), from and after
the Other Assumed Obligations Time, Buyer shall assume and agree to pay, perform and discharge, and indemnify, defend and hold Seller, the Partners and their Affiliates harmless from all Obligations of Seller arising after the Other Assumed
Obligations Time relating to or arising from the Transferred Assets and relating to the period of time prior to the Effective Time (other than Specific Retained Obligations or Other Retained Obligations) (collectively, “Other Assumed
Obligations”), including any Obligation arising out of or related to the exposure of any Person (including any Transferred Employee) prior to the Effective Time to any Hazardous Material existing at or released from any of the Transferred
Assets. Buyer shall have the sole right and authority to defend and take all other actions with respect to any Other Assumed Obligation. 
 (c) From and after the Effective Time, Seller shall retain and agree to pay, perform and discharge, and indemnify, defend and hold Buyer and its Affiliates harmless from the following Obligations of Seller (other than the Assumed
Obligations) (collectively, the “Specific Retained Obligations”): 
 (i) any Tax (including deficiencies,
interest and penalties relating thereto) accruing to or for any period ending prior to the Effective Time, except to the extent provided otherwise in Section 7.4; 
  

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 (ii) any expenses (except Taxes described in Section 7.4(b),
Section 7.4(e) and Section 7.4(f)) incurred in connection with the transfer of the Transferred Assets as contemplated by this Agreement; 
 (iii) any fees payable by Seller in connection with the UBS Engagement Letter; 
 (iv) any accounts payable, trade payables, distribution payables, accrued interest or interest payable, liabilities associated with
industry insurance consortia, loans payable and exchange balances owed to a third party (including all accounts payable with respect to the Inventory); 
 (v) any indebtedness for borrowed money, and any Obligations evidenced by any loan agreement, mortgage, bond, indenture, debenture, promissory note, guarantee or similar instrument, together with any Contract
evidencing or relating to any of the foregoing; 
 (vi) any Contract listed on Schedule 2.6(i); any Obligation under
any of the Assumed Contracts or Assumed Authorizations arising prior to the Effective Time (including any Obligation arising out of or relating to a breach of any Assumed Contract or Assumed Authorization that occurred prior to the Effective Time,
including any warranty claim or similar claim with respect to any product delivered by Seller prior to the Effective Time) or arising after the Effective Time but relating to any Obligation to pay any rebate or other similar amount, apply any credit
or make any other similar concession to the extent such Obligation arises out of transactions occurring prior to the Effective Time; and any Obligation under any derivative, option, hedge, futures or similar Contracts; 
 (vii) any Obligations of Seller under this Agreement or any Seller Transaction Document, including any Losses assumed by Seller as
provided in Section 7.4 and Section 7.5 of this Agreement; 
 (viii) any Obligations, Losses or
Litigation relating to the Excluded Assets (including the Paulsboro Property Tax Dispute) or Seller’s business or assets after the Effective Time; 
 (ix) any Obligations under any Benefit Plan of Seller or any of its Affiliates or relating to payroll, bonuses, vacation, sick leave, worker’s compensation, unemployment benefits, pension benefits, employee stock
option or profit-sharing plans, health care plans or benefits, or any other employee plans or benefits of any kind for Seller’s or its Affiliates’ employees or former employees, or both; 
  

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 (x) any Obligations to indemnify, reimburse or advance amounts to any officer, director,
manager, member, shareholder, employee or agent of Seller or any other third party in respect of matters arising prior to Closing; 
 (xi) any Obligations arising out of any Litigation that shall have been commenced on or prior to the Effective Time, or threatened and set forth in Section 3.12 of the Seller Disclosure Schedule; it being understood that for
purposes of this Agreement, Litigation commenced after the Effective Time shall be deemed to have been commenced before the Effective Time if, and only to the extent that, such Litigation (“Subsequent Litigation”) involves the same
parties (irrespective of the joinder of other parties) and arises out of the same factual or legal allegations or claims as asserted or alleged in Litigation that was in fact commenced before the Effective Time or set forth in
Section 3.12 (“Original Litigation”), regardless of the venue or forum in which such Subsequent Litigation shall have been commenced; 
 (xii) any Losses arising out of any non-compliance with Law by Seller or any of its Affiliates; 
 (xiii) any Obligations to make payments to Union Employees under the CBA or any other Contract with a labor union resulting from the
consummation of the transactions contemplated by this Agreement accruing prior to the Effective Time, including pursuant to Article XXVI of the Paulsboro CBA; 
 (xiv) any and all Obligations, Losses or Litigation arising from claims, obligations, causes of action, fines, penalties, litigation,
administrative proceedings, costs and expenses, and all associated reasonable fees for legal and technical counsel, arising from or relating to the M/T Athos I allision near the Paulsboro Refinery on or about November 26, 2004, or the
associated release of crude oil and Hazardous Materials to the natural and human environment; 
 (xv) except with respect to
any Obligations assumed by Buyer pursuant to Section 2.7(a)(iv) and Section 2.7(a)(v), all Obligations relating to or arising out of Environmental Matters, whether arising or first occurring on, before or after the Effective
Time and that, (x) in the case of Environmental Matters relating to any of the Transferred Assets, relate to any act or occurrence, or condition that existed, prior to the Effective Time, and (y) in the case of Environmental Matters
relating to any property or asset owned, leased or operated or formerly or hereafter owned, leased or operated by Seller or any of its Affiliates, other than the Transferred Assets, relate to any act or occurrence, or condition that existed, prior
to or after the Effective Time, including: 
 (A) Any Obligations under Environmental Law to perform Corrective Action with
respect to Hazardous Materials that exist at or 

  

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immediately adjacent to any property or asset owned, leased or operated or formerly or hereafter owned, leased or operated by Seller or any of its
Affiliates, other than the Transferred Assets; 
 (B) Any Obligations arising out of or related to any enforcement action
brought by a Governmental Authority that relates to, results from or arises out of either: (x) any of the Transferred Assets’ non-compliance with any Environmental Law, or any Environmental Condition that existed, prior to the Effective
Time, (y) the Excluded Assets or (z) any property or asset formerly owned, leased or operated by Seller or any of its Affiliates, or operations thereon, other than the Transferred Assets; 
 (C) Any Obligations arising out of or related to any Claim by any third party that relates to, results from or arises out of either:
(x) any of the Transferred Assets’ non-compliance with any Environmental Law, or any Environmental Condition that existed, prior to the Effective Time, (y) the Excluded Assets or (z) any property or asset formerly owned, leased
or operated by Seller or any of its Affiliates, or operations thereon, other than the Transferred Assets; 
 (D) any
Pre-Closing Off-Site Disposal; and 
 (E) Any Obligations arising out of or related to the exposure of any Person (including
any Transferred Employee) to any Hazardous Material existing at or released from any property or asset owned, leased or operated (or formerly owned, leased or operated) by Seller or any of its Affiliates, other than the Transferred Assets.

 (xv) any other Obligations listed on Schedule 2.7(c). 
 (d) Without prejudice to Seller’s rights of indemnification pursuant to Section 10.3(b), from and after the Effective Time, in addition
to the Specific Retained Obligations, Seller shall retain and agree to pay, perform and discharge, and indemnify, defend and hold Buyer and its Affiliates harmless from, all Obligations arising prior to the Other Assumed Obligations Time to the
extent relating to or arising from the Transferred Assets and relating to the period of time prior to the Effective Time (other than Specific Assumed Obligations and Specific Retained Obligations) (collectively, “Other Retained
Obligations”), including, any Obligations arising out of or related to the exposure of any Person (including any Transferred Employee) prior to the Effective Time to any Hazardous Material existing at or released from any of the Transferred
Assets. Notwithstanding the occurrence of the Other Assumed Obligations Time, any Other Retained Obligation related to any Original Litigation (or Subsequent Litigation) that is pending as of the Other Assumed Obligations Time shall remain as an
Other Retained Obligation and shall not be considered an Other Assumed Obligation, but without prejudice to Seller’s indemnification rights under Section 10.3(b). 
  

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 (e) In the event Seller shall suffer or incur any Other Retained Obligation, or any Claim shall be made
or commenced against Seller that constitutes or, if successful, would result in any liability related to, an Other Retained Obligation, Seller shall give Buyer prompt written notice thereof describing in reasonable detail the facts and circumstances
then known with respect thereto and the amount of cash payments that Seller has been required to pay, or is projecting to be required to pay, in connection therewith, and Seller shall thereafter provide Buyer additional periodic written notices of
any additional amounts paid or required to be paid by Seller in connection therewith as well as the aggregate amount of such payments made by Seller as a result of all Other Retained Obligations. Upon request from Buyer, Seller shall provide Buyer
with such information as Buyer may reasonably request to evidence or support such payments or to support that such payments arise out of an Other Retained Obligation. In the event Buyer would be responsible for indemnifying Seller in respect of any
Other Retained Obligation pursuant to Section 10.3(b), then Buyer shall be entitled to participate in the defense of such Other Retained Obligation, and Seller shall not settle or compromise, or consent to the entry of any judgment in
connection with, such Other Retained Obligation without the prior written consent of Buyer. 
 Section 2.8 Allocation. Buyer and
Seller agree that subsequent to but in no event later than sixty (60) days after the execution of this Agreement they will use their best efforts to agree on an estimate of the proper allocation of the consideration paid or received in
connection with the transactions contemplated hereunder for purposes of Section 1060 of the Code and IRS Form 8594. Additionally, no later than 120 days after the Effective Time, Buyer will either prepare or obtain a valuation report and
forward the relevant information needed by the Seller to prepare IRS Form 8594. Buyer and Seller shall use such information in order to agree upon the proper allocation of the consideration paid or received in connection with the
transactions contemplated hereunder for purposes of Section 1060 of the Code and IRS Form 8594. If the parties are not able to reach an agreement, each party shall make such filings as required of it under applicable tax laws applying the
requirements of Section 1060 of the Code in its own discretion. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 Except as set forth in the Seller Disclosure Schedule, which exceptions shall be deemed to be part of the representations and warranties made hereunder, Seller hereby represents and warrants to Buyer that all of the statements contained in
this ARTICLE III are true and correct as of the Execution Date, and will be true and correct as of the Closing Date as though made on and as of the Closing Date. 
 Section 3.1 Organization and Qualification. 
 (a) Seller is a New Jersey general partnership duly
organized and validly existing and in good standing under New Jersey Law. Seller has the requisite partnership power and authority to carry on its business as it is now being conducted. Seller is duly qualified as a foreign partnership and in good
standing in each jurisdiction in which the character of its properties owned or held under lease or the nature of its activities makes such qualification necessary, except where the failure to be so qualified would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. Seller has heretofore made available 

  

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to Buyer correct and complete copies of its organizational documents. Seller does not own, directly or indirectly, any capital stock or other equity or
ownership or proprietary interest in any other corporation, partnership, association, trust, joint venture or other entity, other than the CITERCO Interests. 
 (b) Seller has only one Subsidiary, CITERCO. CITERCO is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware, has the requisite power and authority to carry on
its business as it is now being conducted, and is duly qualified as a foreign limited liability company and in good standing in each jurisdiction where the character of its properties owned or held under lease or the nature of its activities makes
such qualification necessary. Seller has heretofore made available to Buyer correct and complete copies of CITERCO’s organizational documents. The only property or assets of CITERCO are the CITERCO Agreements, and the only Obligations of
CITERCO are the obligations under the CITERCO Agreements. CITERCO is not a party to or bound by any Contract other than the CITERCO Agreements. CITERCO has conducted no business or operations other than holding the CITERCO Agreements and utilizing
the same in connection with the Business. 
 Section 3.2 Due Authority. The execution, delivery and performance of this Agreement
and each document, instrument or agreement executed pursuant to this Agreement by Seller (the “Seller Transaction Documents”) and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all
necessary action, and no other action on the part of Seller is necessary to authorize and approve the execution, delivery and performance of this Agreement or any Seller Transaction Documents or the consummation of the transactions contemplated
hereby and thereby. Neither Seller nor CITERCO is subject to any provision of its organizational documents or any order or decree of any court or governmental body which would prevent the consummation of the transactions contemplated by this
Agreement or any Seller Transaction Documents. This Agreement has been, and each Seller Transaction Document will be, duly and validly executed by Seller and, assuming the due authorization, execution, and delivery of this Agreement and each
applicable Seller Transaction Document by Buyer, this Agreement constitutes, and each Seller Transaction Document will constitute, the legal, valid and binding obligation of Seller enforceable in accordance with its terms, except as enforcement may
be limited by bankruptcy, insolvency or other similar Laws affecting the enforcement of creditors’ rights generally and except that the availability of equitable remedies, including specific performance, is subject to the discretion of the
court before which any proceeding therefor may be brought. 
 Section 3.3 Governmental Authorization. The execution,
delivery and performance by Seller of this Agreement and each Seller Transaction Document, and the consummation of the transactions contemplated hereby and thereby, require no action by or in respect of, or filing with, any Governmental Authority
other than as may be required under the HSR Act and ISRA and as set forth in Section 3.3 of the Seller Disclosure Schedule.  
 Section 3.4 Conflicts and Approvals. Assuming the accuracy of the representations and warranties set forth in Section 4.3, except as set forth in Section 3.4 of the Seller Disclosure Schedule, neither the
execution and delivery by Seller of this Agreement or any of the Seller Transaction Documents nor the performance by Seller of its obligations hereunder or thereunder 

  

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will (A) violate or breach the terms of, cause a default under or give any Person any right to exercise any remedy or obtain any relief under
(i) any Law applicable to Seller or CITERCO, (ii) Seller’s partnership agreement or CITERCO’s organizational documents or (iii) any Material Contract or any material Contract to which CITERCO is a party or by which any of
its properties or assets is bound, (B) with the passage of time, the giving of notice or the taking of any action by a third Person, have any of the effects set forth in clause (A) of this Section 3.4, (C) constitute a
default under or give rise to any right of termination, cancellation or acceleration of any right or obligation, or result in a loss of any benefit to which Seller or CITERCO is entitled under any provision of any Contract binding upon Seller or
CITERCO, (D) contravene, conflict with, or result in a violation of, or give any governmental body or other Person the right to challenge any of the transactions contemplated hereby or to exercise any remedy or obtain any relief under, any
applicable laws and regulations or any order issued by any Governmental Authority to which Seller, CITERCO or any of the Transferred Assets or CITERCO Agreements may be subject or (E) result in the creation or imposition of any Lien on any
Assets or any assets of CITERCO, except for Permitted Liens. 
 Section 3.5 No Brokers. Other than pursuant to the UBS Engagement
Letter, no broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller or
CITERCO, except any fees and commissions which will be discharged by Seller. 
 Section 3.6 Absence of Undisclosed Liabilities.
Except as set forth in Section 3.6 of the Seller Disclosure Schedule and those liabilities and obligations incurred in the ordinary course of business consistent with past practice since December 31, 2006, to the Knowledge of
Seller, neither Seller nor CITERCO is aware of any liabilities or obligations (whether direct, indirect, accrued or contingent) in excess of $5,000,000 individually or in the aggregate. 
 Section 3.7 Transferred Assets. Except as set forth in Section 3.7 of the Seller Disclosure Schedule: 
 (a) Seller (i) has good and indefeasible title to the Real Property, (ii) has a valid and subsisting leasehold estate in and the right to quiet
enjoyment of the real properties leased by it as lessee above for the full term of the applicable lease and is not in material default in relation thereto, and (iii) has good and marketable title to each Transferred Asset other than Real
Property; in each case free and clear of any Liens and subject only to Permitted Liens. To the Knowledge of Seller, Schedule 1.1(a) sets forth accurate legal descriptions of the Land. 
 (b) Neither the whole nor any portion of the Real Property material to the conduct of the Business is subject to any governmental decree or order to be
sold or is being condemned, expropriated or otherwise taken by any public authority with or without payment or compensation therefor, nor, to the Knowledge of Seller, has any such condemnation, expropriation or taking been proposed. 
 (c) To the Knowledge of Seller, Seller has obtained all appropriate easements, licenses and rights-of-way required to use the Real Property in the manner
in which the Real Property is currently being used and which are required for the ownership, operation and maintenance of the Paulsboro Refinery, the Savannah Refinery and the Wilmington Assets. 
  

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 (d) Seller owns beneficially and of record, good and marketable title to the CITERCO Interests free and
clear of any Liens except for Permitted Liens and any restrictions on sales or transfers of securities under applicable securities laws. The CITERCO Interests constitute 100% of the authorized, issued and outstanding membership interests of CITERCO.
All of the CITERCO Interests have been duly authorized, and are validly issued, fully paid and non-assessable and were not issued in violation of the preemptive rights of any Person. Except as contemplated in this Agreement, there are no outstanding
or authorized options, warrants, rights, subscriptions, claims of any character, agreements, obligations, convertible or exchangeable securities, or other commitments, contingent or otherwise, relating to the membership interests of CITERCO pursuant
to which CITERCO is or may become obligated to issue membership interests or any securities convertible into, exchangeable for, or evidencing the right to subscribe for, any interest of CITERCO, and there are no outstanding agreements affecting or
relating to the voting, issuance, purchase, redemption, repurchase or transfer of the CITERCO Interests. 
 (e) Except for (i) assets
disposed of in the ordinary course of business consistent with past practice subsequent to the Execution Date or which were disposed of in such a manner prior to the Effective Time and (ii) the Excluded Assets, the Transferred Assets include
all material assets which would be reasonably required to conduct the Business immediately following the Effective Time substantially in the manner in which the Business is currently conducted by Seller in all material respects. 
 (f) All Inventory (including crude oil, feedstocks, and finished petroleum products) meet their respective specifications and other supplies are
merchantable or if purchased by specification, met those specifications. 
 (g) To the Knowledge of Seller, Seller’s current use and
occupancy of the Real Property, and the operation of the Business as currently conducted thereon, does not violate or breach in any material respect any Easement. 
 (h) Seller is not a “foreign person” but is a “United States person” as such terms are defined in Sections 1445 and 7701 of the Code. 
 Section 3.8 Material Contracts. 
 (a) Except for the Contracts listed in Section 3.8(a) of the Seller Disclosure Schedule (collectively with the CITERCO Agreements, the “Material Contracts”), and except for this Agreement, neither Seller nor
CITERCO is a party to or bound by any of the following: 
 (i) any Contract for the purchase or sale of feedstocks,
intermediate stocks or refined products that will not be terminated prior to the Effective Time, cannot be terminated on less than ninety (90) days notice and (A) provides for forward physical delivery on a date more than ninety
(90) days in the future or (B) provides for the future payment by or to Seller or CITERCO of more than $5,000,000; 
  

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 (ii) any Contract for the supply of goods or services to or by Seller or CITERCO not
covered in any other paragraph of this Section 3.8(a) that will not be terminated prior to the Effective Time, cannot be terminated on less than ninety (90) days notice and provides for future payments by or to Seller or CITERCO of
more than $5,000,000; 
 (iii) any Contract for the sale of any asset by Seller not covered in any other paragraph of this
Section 3.8(a) that cannot be terminated on less than ninety (90) days notice and provides for the future payment by or to Seller or CITERCO of more than $1,000,000; 
 (iv) any Contract that provides for the sale of any material assets of Seller or CITERCO or the acquisition of any material assets, other
than Inventory in the ordinary course of business consistent with past practice; 
 (v) any Contract that grants to any Person
a preferential right to purchase any of the Transferred Assets or any of CITERCO’s assets; 
 (vi) any Contract that
grants to any Person a right to occupy or use any portion of the Transferred Assets (or any portion of the premises or other assets covered by any lease or other agreement constituting part of the Transferred Assets); 
 (vii) Any Contract relating to the storage, terminaling or transportation (including any lease, service agreement or other Contract
relating to Seller’s use of railcars or similar equipment) of Inventory or any other feedstocks, intermediate stocks, refined products or other goods, in each case whether by or for Seller or CITERCO or otherwise relating to any of the
Transferred Assets (or any portion of the premises or other assets covered by any lease or other agreement constituting part of the Transferred Assets); 
 (viii) any Contract that would restrict Buyer from owning, operating, selling, transferring, pledging or otherwise disposing of or encumbering any of the Transferred Assets or the CITERCO Agreements or from competing
with any Person or engaging in any business or activity in any geographic area; 
 (ix) any license, royalty or other Contract
constituting, governing or relating to Intellectual Property; 
 (x) any joint venture, partnership or alliance Contracts;

 (xi) any Contracts (i) containing any so-called “most favored nation” provisions or any similar provision
requiring Seller or CITERCO to offer a third party terms or concessions at least as favorable as offered to one or more parties or (ii) containing any so-called “change of control” provisions; 
  

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 (xii) any Contracts with clients, customers or any other Person for the sharing of fees,
the rebating of charges or purchase price or other similar arrangements other than consistent with general industry practice; 
 (xiii) any Contracts that contain restrictions with respect to payment of dividends or any other distribution in respect of the CITERCO Interests; 
 (xiv) any Contract that relates to the employment of any employee or would require the payment of severance or bonus by Buyer or CITERCO to any employee, including any severance obligation that may be required under
any collective bargaining agreement; 
 (xv) any Contract relating to any indebtedness of CITERCO or to be assumed by Buyer
hereunder, whether or not evidenced by a note, bond, debenture or similar instrument; 
 (xvi) any collective bargaining
agreement or other Contract with a labor union; 
 (xvii) any Contract with any Affiliate of Seller; and 
 (xviii) any Contracts material to the Business or operations of Seller or CITERCO. 
 (b) Except as set forth in Section 3.8(b) of the Seller Disclosure Schedule: 
 (i) All of the Material Contracts are valid and binding agreements in full force and effect and enforceable in accordance with their
respective terms. The enforceability of such Material Contracts will not be affected in any manner by the execution and delivery of this Agreement or any of the Seller Transaction Documents or the consummation of the transactions contemplated hereby
and thereby. 
 (ii) Neither Seller nor CITERCO has breached the terms of any Material Contract. Each Material Contract is in
full force and effect, and none of Seller, CITERCO or, to the Knowledge of Seller, any other party thereto has failed to perform its obligations thereunder to date. 
 (iii) To the Knowledge of Seller, no event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of
time) would reasonably be expected to result in a breach or violation of, or a default under, the terms of any Material Contract. 
 (iv) Neither Seller nor CITERCO is providing any additional products or services, without charge, to any customer covered by any of the Material Contracts. Complete and accurate copies of each of the Material Contracts, including any
amendments or modifications thereto, have been provided, or made available, to Buyer. 
  

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 Section 3.9 Authorizations. Except with respect to matters subject to
Section 3.11, (a) Seller and CITERCO have obtained all material Authorizations that are necessary to carry on the Business as currently conducted, (b) no event has occurred, and no circumstance or condition exists, that (with
or without notice or lapse of time) would reasonably be expected to constitute or result in a material violation by Seller or CITERCO of, or a failure on the part of Seller or CITERCO to comply in any material respect with the terms of, any such
Authorization, (c) neither Seller nor CITERCO has received from any Governmental Authority written notification that any such Authorization (i) is not in full force and effect, (ii) has been violated in any respect, or (iii) is
subject to any suspension, revocation, modification or cancellation, and (d) there is no Litigation pending or, to the Knowledge of Seller or CITERCO, threatened regarding suspension, revocation, adverse modification or cancellation of any such
Authorization. 
 Section 3.10 Compliance with Laws. Except for matters that are described in Section 3.10 of the
Seller Disclosure Schedule, for the preceding three (3) years, except with respect to matters subject to Section 3.11, to the Knowledge of Seller: (i) each of Seller and CITERCO has been in compliance in all material respects
with all applicable Laws, (ii) neither Seller nor CITERCO has received any written notification from any applicable Governmental Authority asserting that it is not in material compliance with any applicable Laws, and (iii) no event has
occurred, and no circumstance or condition exists, that (with or without notice or lapse of time) would reasonably be expected to constitute or result in a material failure of Seller or CITERCO to comply with the terms of any applicable Law.

 Section 3.11 Environmental. Except for matters that are described in Section 3.11 of the Seller Disclosure
Schedule, to the Knowledge of Seller: 
 (a) For the preceding three (3) years, Seller, CITERCO, the Transferred Assets, the CITERCO
Agreements and the Business have been in material compliance with all applicable Environmental Laws; 
 (b) all Environmental Permits
required to be obtained or filed by or complied with by Seller under any applicable Environmental Law currently in effect in connection with the Business as currently conducted, including those relating to Hazardous Materials, have been duly
obtained or filed for, and Seller is in material compliance with the terms and conditions of all such Environmental Permits; and 
 (c) none
of the Real Property is the subject of (i) any outstanding order or judgment or arbitration award from any Governmental Authority under any applicable Environmental Laws requiring remediation or similar actions, the payment of a fine or
penalty, or the performance of any Corrective Action or environmental project, or (ii) any investigation or other Litigation that might result in any of the foregoing, except for the requirements of ISRA at the Paulsboro Refinery; 

(d) for the preceding three (3) years, there has been no reportable Release of Hazardous Materials or disposal of any Hazardous Materials by
Seller at, on, or underlying any of the Real Property that is subject to any remedial obligations under any applicable Environmental Laws; 
  

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 (e) there is no pending or, to the Knowledge of Seller, threatened Litigation against Seller under any
applicable Environmental Law relating to the Business or any of the Real Property; 
 (f) Seller has provided Buyer access to or copies of
all soil and groundwater investigation reports that are in Seller’s or CITERCO’s custody or control that were prepared during the three (3) years prior to the date hereof. 
 Section 3.12 Litigation. Except as set forth in Section 3.12 of the Seller Disclosure Schedule, there is no material Litigation
pending or, to the Knowledge of Seller, threatened against Seller or CITERCO, including any Litigation involving a claim for indemnification pursuant to any statute, organizational document or contract relating to any other Litigation. To the
Knowledge of Seller, neither Seller nor CITERCO has any material Commercial Matters. 
 Section 3.13 Labor Matters. 

(a) Except as set forth in Section 3.13 of the Seller Disclosure Schedule, there are no strikes, labor disputes, unfair labor practices,
slow downs or work stoppage or similar material labor difficulty pending or, to Seller’s Knowledge, threatened against Seller ,and there have been no such strikes, labor disputes, unfair labor practices, slow downs, picketing or work stoppage
or similar material labor difficulty during the past two (2) years. There is not presently pending or existing, and to the Knowledge of Seller there is not threatened any application for certification of a collective bargaining agent. There is
currently no lockout of any employees by Seller, and to the Knowledge of Seller no such action is contemplated by Seller. Seller has not materially breached or otherwise failed to comply in any material respect with any provision of any collective
bargaining agreement and will not because of the transaction(s) contemplated by this Agreement or otherwise. Except for the CBA as set forth in Schedule 1.1(b), Seller is not a party to any collective bargaining agreement covering
Seller’s employees. Seller has not received written notice of any pending representation petition with the National Labor Relations Board regarding Seller’s employees. 
 (b) The Union Employees are represented by the Union. No other Employees are represented by a union. 
 Section 3.14 Intellectual Property. 
 (a) Section 3.14 of the Seller Disclosure Schedule sets forth a list of all registered and unregistered patents, patent rights, patent applications, inventions upon which patent applications have not yet been filed, trade names,
trademarks, service marks, trademark and service mark registrations and applications, logos, copyrights (whether or not registered), copyright registrations and applications, and software and computer programs (other than “shrink-wrap”
licensed software) presently owned, possessed, licensed, sublicensed or used by Seller and/or CITERCO in the conduct of the Business (“Intellectual Property”). Set forth in Section 3.14 of the Seller Disclosure Schedule
opposite each item of Intellectual Property listed thereon are, to the Knowledge of Seller, the names and addresses of the true and correct owners thereof. Seller and CITERCO have valid and enforceable rights to utilize in the Business as presently
operated the Intellectual Property respectively owned by or licensed by them from any 

  

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other Person, free and clear of any Liens or right of termination, and without payment to any Person other than payments required pursuant to the terms of
those licenses listed in Section 3.14 of the Seller Disclosure Schedule. 
 (b) Each of Seller and CITERCO has taken reasonable
precautions to protect its rights in and to the Intellectual Property owned by it including maintaining the confidentiality of trade secrets, pending patent applications, know-how and other confidential Intellectual Property. 
 (c) (i) Nothing has come to the attention of either Seller or CITERCO, without any independent investigation on the part of either of them, that
would lead either of them to believe that any Person has infringed on the respective Intellectual Property owned by them or that there has been unlawful use by any Person of any of the respective Intellectual Property owned by them;
(ii) neither Seller nor CITERCO have, in the ownership or use of the Intellectual Property, infringed, or unlawfully used the Intellectual Property and (iii) the Intellectual Property owned by Seller and CITERCO does not infringe the
patents, trade names, trademarks, logos, copyrights or other proprietary rights of any Person. 
 Section 3.15 Tax Matters.
Except as set forth in Section 3.15 of Seller Disclosure Schedule: 
 (a) CITERCO has timely filed, or there have been timely
filed on CITERCO’s behalf, all material returns, declarations, reports, estimates, information returns and statements required to be filed in respect of Taxes (“Tax Returns”); and 
 (b) All Taxes payable with respect to such material CITERCO Tax Returns have been paid. To the Knowledge of Seller, all such material CITERCO Tax Returns
were correct and complete in all material respects and were prepared in substantial compliance with all applicable laws and regulations. To the Knowledge of Seller, no claims have ever been made by an authority in a jurisdiction where CITERCO does
not file Tax Returns that CITERCO is or may be subject to taxation by that jurisdiction. 
 (c) Section 3.15 of the Seller
Disclosure Schedule lists all material federal, state, local and foreign Tax Returns filed with respect to CITERCO for the 2004 to 2006 taxable years and indicates those Tax Returns that have been audited, and indicates those Tax Returns that
currently are the subject of audit. 
 (d) Effective January 1, 2004 and for all taxable years thereafter, CITERCO has been treated as a
disregarded entity within the meaning of Treasury Regulation § 301.7701-3. 
 (e) There are no Liens, other than Permitted Liens, on any
of the Transferred Assets that arose in connection with any failure (or alleged failure) to pay any Tax. 
 Section 3.16 Employee
Benefits. Seller has provided all material information regarding the level of employee benefits currently being provided to its Employees under the Seller Benefit Plans. 
  

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 Section 3.17 No Knowledge of Breach. To the Knowledge of Seller, Buyer is not in breach in
any material respect, as of the date hereof, of any of the representations or warranties of Buyer contained in this Agreement. Except as set forth in Section 3.17 of the Seller Disclosure Schedule all information and data that have been
or will be made available by Seller or their representatives or advisors to Buyer (whether prior to or on or after the date hereof) in the Data Site, is and will be complete and correct in all material respects and does not and will not, taken as a
whole, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements contained therein not misleading in light of the circumstances under which such statements are made. 
 Section 3.18 Customer and Supplier Relations. Since December 31, 2006, there has not been any adverse change in the relationships
between either Seller or CITERCO and any of its material suppliers or customers. Since December 31, 2006, no material customer or supplier of Seller or CITERCO has terminated or reduced its business with Seller or CITERCO and no oral or written
notice of termination or cancellation or indication of an intention to terminate or cancel any of such relationships with such customer or suppliers has been given or received. Section 3.18 of the Seller Disclosure Schedule is a list,
together with a brief description, of all material complaints and disputes with any of Seller’s or CITERCO’s customers or suppliers since December 31, 2006 or that were made prior to such date and remain unresolved to the satisfaction
of such customer or supplier. Each Contract entered into by Seller or CITERCO with any of its customers or suppliers has been entered into in the ordinary course of business consistent with past practice. 
 Section 3.19 Books and Records. The minute books of CITERCO contain accurate and complete records of substantially all meetings held of, and
corporate action taken by, CITERCO’s managers, members and/or other governing authorities. 
 Section 3.20 Certain Payments.
Neither Seller, CITERCO nor any officer, agent or employee of Seller or CITERCO, nor any other Person associated with or acting for or on behalf of Seller or CITERCO, has directly or indirectly (a) made, offered or agreed to offer any
contribution, gift, bribe, rebate, payoff, influence payment, kickback or other payment to any Person, private or public, regardless of form, whether in money, property or services (i) to obtain favorable treatment in securing business,
(ii) to pay for favorable treatment for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect of Seller, CITERCO or any of their respective Affiliates or (iv) in violation
of any Law or (b) established or maintained any fund or asset that has not been recorded in the Books and Records of Seller or CITERCO, as applicable. 
 Section 3.21 Insurance. Seller and CITERCO have each maintained, and as of the date hereof have in effect, such policies of property, casualty, workers’ compensation, general liability and other
insurance, including, without limitation, group insurance and other life, health, disability or other insurance for the benefit of employees or their dependents or both as are required by Law or any Contract to which it is a party and are adequate
and appropriate with respect to the Business. Set forth in Section 3.21 of the Seller Disclosure Schedule is a complete list, with a summary thereof, of all insurance policies that Seller and CITERCO maintain with respect to the Business
or their respective properties or employees, which insurance policies are in full force and effect. During the last three (3) years, there has not been any material adverse change in the relationship of Seller or CITERCO with its insurers or in
the premiums payable pursuant to its insurance policies. 
  

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 Section 3.22 Assumed Contracts. 
 (a) To the Knowledge of Seller, Section 3.22 of the Seller Disclosure Schedule sets forth all Assumed Contracts. 
 (b) Each of the Assumed Contracts to which Seller is a party is fully assignable (effective as of the Effective Time), by Seller to Buyer. 
 Section 3.23 No Material Adverse Effect. Since December 31, 2006, there has been no Material Adverse Effect. 
 Section 3.24 Disclosure. Neither this Agreement, nor any Schedule, Exhibit or certificate delivered in accordance with the terms hereof or
any document or statement in writing that has been supplied by or on behalf of Seller or CITERCO in connection with the transactions contemplated by this Agreement contains any untrue statement of a material fact or omits any statement of a material
fact necessary in order to make the statements contained herein or therein not misleading. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer hereby represents and warrants to Seller that all of the statements contained in this Article IV are true and correct as of the Execution Date, and will be true and correct as of the Closing Date as though made on and as of the
Closing Date. 
 Section 4.1 Organization and Qualification. Buyer is a limited liability company duly organized and validly
existing and in good standing under Delaware Law. Buyer has the requisite limited liability company power and authority to carry on its business as it is now being conducted. Buyer is duly qualified as a foreign limited liability company and in good
standing in each jurisdiction where the character of its properties owned or held under lease or the nature of its activities makes such qualification necessary. 
 Section 4.2 Due Authority. The execution, delivery and performance of this Agreement and each document, instrument or agreement executed pursuant to this Agreement by Buyer (the “Buyer Transaction
Documents”) and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary action, and no other action on the part of Buyer is necessary to authorize and approve the execution, delivery
and performance of this Agreement or any Buyer Transaction Documents or the consummation of the transactions contemplated hereby and thereby. Buyer is not subject to any provision of its organizational documents or any order or decree of any court
or governmental body which would prevent the consummation of the transactions contemplated by this Agreement or any Buyer Transaction Documents. This Agreement has been, and each Buyer Transaction Document will be, duly and validly executed by Buyer
and, assuming the due authorization, execution, and delivery of this Agreement and each applicable Buyer Transaction Document by Seller, this Agreement constitutes, and each Buyer Transaction Document will constitute, the legal, valid 

  

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and binding obligation of Buyer enforceable in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency or other similar
Laws affecting the enforcement of creditors’ rights generally and except that the availability of equitable remedies, including specific performance, is subject to the discretion of the court before which any proceeding therefor may be brought.

 Section 4.3 Conflicts and Approvals. Assuming the accuracy of Seller’s representations and warranties set forth in
Section 3.4, as of the date hereof, neither the execution and delivery by Buyer of this Agreement nor the performance by Buyer of its obligations hereunder will, to the Knowledge of Buyer, (A) violate or breach the terms of or cause
a default under (i) any Law applicable to Buyer, (ii) the organizational documents of Buyer or (iii) any contract or agreement to which Buyer is a party or by which it or any of its properties or assets is bound or (B), with the
passage of time, the giving of notice or the taking of any action by a third Person, have any of the effects set forth in clause (A) of this Section 4.3, except for any matters described in this Section 4.3 that would
not reasonably be expected to have a Buyer Material Adverse Effect. 
 Section 4.4 Litigation. There is no Litigation pending or,
to the Knowledge of Buyer, threatened against Buyer except any Litigation that, individually or in the aggregate, would not reasonably be expected to have a Buyer Material Adverse Effect. 
 Section 4.5 No Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in
connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer, except any fees and commissions for which will be discharged by Buyer. 
 Section 4.6 Availability of Funds. Buyer will at the Closing have sufficient immediately available funds, in cash, sufficient to pay the
Purchase Price, as it may be adjusted pursuant to this Agreement. 
 Section 4.7 No Knowledge of Breach. To the Knowledge of
Buyer, Seller is not in breach, as of the date hereof, of any of the representations or warranties of Seller contained in this Agreement. 
 ARTICLE V 
 PRE-CLOSING COVENANTS 
 Section 5.1 Operation of the Business. Except (i) as set forth on Schedule 5.1, (ii) as otherwise contemplated by this Agreement or (iii) as otherwise consented to by Buyer in
writing, such consent not to be unreasonably withheld, from the Execution Date until the Closing, Seller shall (and, where applicable, shall cause CITERCO to): 
 (a) afford to Buyer and its agents, advisors and representatives reasonable access to Seller’s and CITERCO’s properties, personnel, documents and records, except those documents and records subject to
attorney-client privilege or other confidentiality restrictions, and shall furnish such information about Seller and CITERCO as Buyer shall reasonably request, all upon reasonable notice to Seller and in a manner that does not interfere in any
material respect with the normal operations of the Business; 
  

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 (b) operate the Business in the ordinary course consistent with past practice or as otherwise provided on
Schedule 5.1, including maintenance of Inventory in amounts consistent with past practice; 
 (c) keep and preserve the Business and
the Transferred Assets in good condition and repair; 
 (d) operate the Business in all material respects in accordance with all applicable
Laws currently in effect; 
 (e) timely file all Tax returns and all reports required to be filed with any Governmental Authority;

 (f) use commercially reasonable efforts to preserve beneficial relationships with agents, lessors, suppliers, customers, employees and
others having business relationships with Seller or CITERCO; 
 (g) refrain from making, or committing to make, any bonus, pension,
retirement, welfare or insurance payment or arrangement to or with any such Persons except those that may have already been accrued, and bonus and insurance payments in the ordinary course of business and consistent with past practices; 

(h) not incur any obligations for borrowed money or purchase money indebtedness, whether or not evidenced by a note, bond, debenture or similar
instrument, nor enter into any guarantees, which indebtedness is secured by some or all of the Transferred Assets except indebtedness that will be paid in full at or prior to the Closing; 
 (i) not sell, assign, lease, mortgage, pledge, create or assume or permit to exist any Lien upon, any of Seller’s or CITERCO’s assets, except
for Permitted Liens and sales of Inventory in the ordinary course of business; 
 (j) except in the ordinary course consistent with past
practice, not destroy or remove any Books and Records; 
 (k) promptly notify Buyer of any material emergency or other material change in the
Business or any of the Transferred Assets; 
 (l) not enter into any Contract other than in the ordinary course of business consistent with
past practice or any Contract having a commitment for expenditure over $50,000; 
 (m) not amend, modify or terminate any Material Contract
or Authorization, or otherwise waive, release or assign any material rights, Claims or benefits of Seller under any Material Contract or Authorization or enter into any derivative, option, hedge or futures contracts, except any derivative, option,
hedge or futures contracts entered into in the ordinary course of business consistent with past practice; 
  

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 (n) not make any capital expenditure or other commitment for expenditure over $50,000 for which Buyer
would be responsible; 
 (o) maintain CITERCO’s organizational documents in their form on the date of this Agreement; 
 (p) not adopt any Seller Benefit Plan; 
 (q)
not hire or terminate any Employees except in the ordinary course of business consistent with past practices, and not enter into any Contract with any Employee (other than at-will employment arrangements); and 
 (r) not agree, resolve or commit to do any of the actions prohibited in Section 5.1 that would, or the effects of which would, survive the
Closing. 
 Section 5.2 Appropriate Action; Consents; Filings. From the Execution Date until the Closing: 
 (a) Seller and Buyer shall each use commercially reasonable efforts to (i) take, or cause to be taken, all actions, and do, or cause to be done, all
things that, in either case, are necessary, proper or advisable under applicable Law or otherwise to consummate and make effective the transactions contemplated by this Agreement, (ii) obtain from the relevant Governmental Authorities all
Authorizations required to be obtained at or prior to the Closing by Seller or Buyer in connection with the authorization, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, and
(iii) make all necessary filings, including filings under the HSR Act, and thereafter make any other required submissions, with respect to this Agreement and the transactions contemplated hereby required under any applicable Law at or prior to
the Closing. Buyer and Seller shall bear the costs and expenses of their respective filings; provided, however, that Buyer shall pay the filing fee in connection with any such filings. Seller and Buyer shall cooperate in connection with the making
of all such filings, including by providing copies of all such documents to the non-filing party and its advisors prior to filing. Seller and Buyer shall each use commercially reasonable efforts to furnish or cause to be furnished all information
required for any application or other filing to be made pursuant to any applicable Law in connection with the transactions contemplated by this Agreement. 
 (b) Seller and Buyer shall each timely give or cause to be given all notices to third Persons and use commercially reasonable efforts to obtain all Third-Party Consents and Authorizations (i) set forth on
Schedule 2.4(a) and Schedule 2.4(b), as applicable, or (ii) required under any Assumed Contract in connection with the consummation of the transactions contemplated hereby. 
 (c) Seller and Buyer shall each give prompt notice to the other of the receipt of any written notice or other written communication from (i) any
Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated hereby, (ii) any Governmental Authority in connection with the transactions contemplated hereby, (iii) any Governmental
Authority or other Person regarding the initiation or threat of initiation of any Claims against, relating to, or involving or otherwise affecting Buyer or Seller 

  

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that relate to the consummation of the transactions contemplated hereby, and (iv) any Person regarding the occurrence or nonoccurrence of any event the
occurrence or nonoccurrence of which would be reasonably likely to (A) cause any condition to the obligations of the other party to consummate the transactions contemplated hereby not to be satisfied, (B) cause a breach of the
representations, warranties or covenants of such party under this Agreement, or (C) delay or impede the ability of either Buyer or Seller, respectively, to consummate the transactions contemplated by this Agreement or to fulfill their
respective obligations set forth herein. No delivery of any notice pursuant to clause (iv) of this Section 5.2(c) shall cure any breach of any representation, warranty or covenant of the party hereto giving such notice contained in
this Agreement. 
 (d) Buyer and Seller each agree to cooperate and to vigorously contest and resist any administrative or judicial action,
and to seek to have vacated, lifted, reversed or overturned any order (whether temporary, preliminary or permanent) of any court or other Governmental Authority that restricts, prevents or prohibits the consummation of the transactions contemplated
by this Agreement, including the vigorous pursuit of all available avenues of administrative and judicial appeal. Buyer shall not be obligated to agree or consent to any material conditions upon its ability to acquire, own or operate the Transferred
Assets or to agree to dispose of, hold separate or take any other action with respect to any material portion of the Transferred Assets. 
 Section 5.3 Breach Notice. Between the date of this Agreement and the Closing Date, Seller and Buyer shall each promptly notify (the “Breach Notice”) the other party in writing if it obtains knowledge of any
fact or condition that causes or constitutes a breach of any of its representations and warranties as of the date of this Agreement, or if it obtains knowledge of the occurrence after the date of this Agreement of any fact or condition that would
(except as expressly contemplated by this Agreement) cause or constitute a breach of any of its representations or warranties had such representation or warranty been made as of the time of occurrence or discovery of such fact or condition, such
Breach Notice to be given within three (3) Business Days of such discovery or on the day prior to the Closing Date, whichever is earlier. The Breach Notice shall contain reasonable details regarding the alleged breach and the notifying
party’s good faith estimate of the potential Losses associated with such breach. 
 Section 5.4 Title Matters Related to the
Real Property. 
 (a) Buyer may obtain for its own benefit one or more standard commitments for title insurance covering the Real Property
(collectively, the “Title Commitment”) and effective as of a date which is on or prior to the Closing Date. The Title Commitment shall be issued by Fidelity National Title Insurance Company – National Title Services, 1900 West
Loop South, Suite 650, Houston, Texas, 77027 (the “Title Company”). Buyer in its sole discretion may obtain any such extended coverage or endorsements from the Title Company covering the Real Property as it desires, the expense
for same being solely Buyer’s, provided that Seller shall reasonably cooperate with same. If Buyer elects to purchase a title insurance policy pursuant to the Title Commitment, Buyer shall be responsible for paying the premium therefor. Seller
agrees to deliver to Buyer within fifteen (15) Business Days after the date of this Agreement, copies of all prior title reports and commitments and title insurance policies, surveys, plats and site plans of the Real Property, in Seller’s
or any of its Affiliates’ possession or control (the “Exception Documents”). Buyer may obtain, at its cost, current new or recertified surveys of the Real Property (collectively, the “Survey”), and Seller will
reasonably cooperate with same. 
  

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 (b) Buyer shall have ten (10) Business Days after its receipt of the last of the Title Commitment,
the Survey or the Exception Documents to object to any issue disclosed therein or otherwise discovered by Buyer, relating to title to the Real Property (an “Objection”), except that Buyer may not object to any Permitted Liens. Buyer
shall make any Objection by delivering to Seller written notice of such Objection. Seller shall have the option to (i) cure the Title Objections, in which case Seller will provide Buyer with notice of its intention to cure the same
seven (7) Business Days of receipt of notice of Buyer’s Title Objections. Seller will thereafter have an opportunity, at its expense, to remove or cure such Title Objections within sixty (60) days following receipt of written notice
from Buyer identifying the Title Objections (the “Title Cure Period”), or (ii) reimburse Buyer for any increase in title insurance premiums caused by Seller’s failure to cure the Title Objections to the extent that the
Title Company agrees to insure over such Title Objections if such additional premiums are paid; it being understood that Buyer shall consult with the Title Company prior to the commencement of the Title Cure Period and promptly notify Seller if the
Title Company has refused to insure over any Title Objection and, if the Title Company has agreed to insure over such Title Objections, the amount of the premium associated therewith. If Seller declines to or cannot cure all Title Objections within
the Title Cure Period, or address uncured Title Objections pursuant to clause (ii) immediately above, then Buyer may elect to terminate this Agreement by written notice to Seller, with neither party having any further obligations to the other
hereunder, except as provided in Section 9.2; provided that Buyer’s termination right in this regard shall not accrue unless and until the aggregate estimated amount of Losses associated with any and all uncured Title Objections
exceeds $10,000,000. If Buyer does not exercise its termination right under this Section 5.4, or if such termination right does not accrue, then Buyer will be deemed to have waived any uncured Title Objections and shall proceed with
Closing, subject to ARTICLE VIII. 
 Section 5.5 Right of Entry. Promptly following the Execution Date and until the
Closing Date (or the earlier termination of this Agreement), upon Buyer’s reasonable request, Seller shall permit representatives, consultants or other Persons acting by or on behalf of Buyer (“Diligence Representatives”):

 (a) to have reasonable access (at reasonable times, upon reasonable advance notice and in a manner so as not to interfere unduly with the
business operations of Seller or CITGO) to Seller, CITGO and their respective agents and employees, and to the premises of the Business and the CITGO Records, and to CITGO IT systems personnel in order to commence the IT migration process, insofar
as such access would not (i) violate any legal constraints or any legal obligation, (ii) waive any attorney/client, work product or like privilege, (iii) disclose information about the activities of Seller or CITGO that is unrelated
to the operation of the Transferred Assets or (iii) disclose information regarding Seller’s and CITGO’s auction process regarding the Transferred Assets; and 
 (b) subject to any required consent of any third Person and upon reasonable advance notice to Seller, to conduct at reasonable times, in the presence of
representatives of Seller, reasonable inspections of the Transferred Assets; provided, however, that neither Buyer nor its Due Diligence Representatives shall be permitted to conduct any environmental testing or sampling without prior written
consent of Seller. 
  

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 Buyer hereby acknowledges that any access to the Transferred Assets utilized by Buyer or any Diligence
Representative shall be at the sole risk, cost and expense of Buyer. Buyer shall comply with, and shall ensure that each Diligence Representative complies with, all safety and similar requirements customarily imposed by Seller on its properties;
provided, that Seller has provided to Buyer a description of such safety and other requirements. Before and after the Closing, Buyer shall assume and indemnify, defend and hold harmless the Seller Indemnitees from and against any and all
Claims for personal injury, death or property damage arising out of Buyer’s or any Diligence Representative’s entry upon or access to the Transferred Assets and all Losses incurred by the Seller Indemnitees with respect to each such Claim,
IN EACH CASE REGARDLESS OF THE NEGLIGENCE OR OTHER FAULT (OTHER THAN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE SELLER INDEMNITEES OR ANY EMPLOYEE OF ANY SUCH PERSON) OF THE SELLER INDEMNITEES OR ANY EMPLOYEE OF ANY SUCH PERSON. 
 Section 5.6 Condition of Transferred Assets. In consummating the purchase and the sale of the Transferred Assets contemplated hereunder,
Buyer acknowledges that it will become the owner of the Transferred Assets and Buyer accepts the Transferred Assets in their AS-IS, WHERE-IS CONDITION WITH ALL FAULTS, WITHOUT ANY EXPRESS OR IMPLIED COVENANT, WARRANTY AS TO TITLE, CONDITION
(INCLUDING ANY ENVIRONMENTAL CONDITION), MERCHANTABILITY, PERFORMANCE, FITNESS (BOTH GENERALLY AND FOR ANY PARTICULAR PURPOSE) OR OTHERWISE (WHICH WARRANTIES SELLER HEREBY EXPRESSLY DISCLAIMS), OR RECOURSE, OTHER THAN AS EXPRESSLY SET FORTH HEREIN.

 Section 5.7 Independent Investigation. Buyer acknowledges and affirms that (i) it has had full access to the extent it
deems useful or necessary to all information and materials made available by Seller and its representatives during the course of Buyer’s due diligence investigation of Seller, and (ii) it has had access to the personnel, officers,
professional advisors, operations and records of Seller. As of the Closing, Buyer will have completed its independent investigation, verification, analysis, review and evaluation of this Agreement, the Other Agreements, the Transferred Assets and
Seller, as Buyer has deemed necessary or appropriate. EXCEPT FOR THE REPRESENTATIONS EXPRESSLY MADE BY SELLER HEREIN , IN Article III, OR IN ANY CERTIFICATE, AGREEMENT OR INSTRUMENT TO BE DELIVERED PURSUANT HERETO, BUYER ACKNOWLEDGES AND AGREES THAT
(a) THERE ARE NO REPRESENTATIONS, WARRANTIES, STATEMENTS, ASSURANCES OR GUARANTEES MADE BY SELLER, EXPRESS OR IMPLIED, AS TO (i) THE TRANSFERRED ASSETS, OR (ii) THE OBLIGATIONS, BUSINESS, RESULTS OF OPERATIONS, CONDITION (FINANCIAL,
ENVIRONMENTAL OR OTHERWISE) OR PROSPECTS RELATING TO THE BUSINESS, AND THAT IN MAKING ITS DECISION TO ENTER INTO THIS AGREEMENT AND TO CONSUMMATE THE PURCHASE OF THE TRANSFERRED ASSETS AND THE ASSUMPTION OF THE ASSUMED OBLIGATIONS, BUYER HAS RELIED
AND WILL RELY SOLELY UPON ITS OWN INDEPENDENT INVESTIGATION, VERIFICATION, ANALYSIS AND EVALUATION; (b) SELLER DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, 

  

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WARRANTY, STATEMENT OR INFORMATION ORALLY OR IN WRITING MADE OR COMMUNICATED TO BUYER INCLUDING ANY OPINION, INFORMATION OR ADVICE WHICH MAY HAVE BEEN
PROVIDED TO BUYER BY SELLER OR ANY OF ITS AFFILIATES (INCLUDING ANY BACKCAST DATA OR MODELS PROVIDED BY SELLER, WHICH HAVE BEEN PROVIDED FOR ILLUSTRATION PURPOSES ONLY, ANY OTHER INFORMATION PROVIDED IN THE CONFIDENTIAL INFORMATION MEMORANDUM DATED
WINTER 2007, AS SUPPLEMENTED TO THE DATE OF THIS AGREEMENT, ANY CORRESPONDENCE FROM SELLER OR ANY OF ITS AFFILIATES OR FROM UBS SECURITIES LLC AS SELLER’S ADVISOR, ANY PRESENTATION BY THE MANAGEMENT OF SELLER OR ANY OF ITS AFFILIATES AND ANY
INFORMATION, DOCUMENT OR MATERIAL PROVIDED OR MADE AVAILABLE TO BUYER, OR STATEMENTS MADE TO BUYER DURING SITE OR OFFICE VISITS, IN ANY DATAROOMS OR MANAGEMENT PRESENTATIONS); (c) NEITHER SELLER NOR ANY OF ITS AFFILIATES HAVE MADE, AND SELLER
HEREBY EXPRESSLY DISCLAIMS AND NEGATES, ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, FITNESS (BOTH GENERALLY AND FOR A PARTICULAR PURPOSE), OR CONFORMITY TO MODELS OR SAMPLES AND ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS, STATUTORY OR
IMPLIED, RELATING TO THE TRANSFERRED ASSETS OR THE BUSINESS; AND (d) SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE USE OR CONDITION (INCLUDING ENVIRONMENTAL USE OR CONDITION), THE PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS
AT, ON OR UNDER ANY PORTION OF THE TRANSFERRED ASSETS, COMPLIANCE WITH APPLICABLE LAWS AND AUTHORIZATIONS. 
 Section 5.8 Supplement
to Seller Disclosure Schedule. Seller may, from time to time prior to the Closing, and as promptly as reasonably practicable after its obtaining Knowledge thereof (but not later than three (3) days prior to the Closing except for matters
that arise within three (3) days prior to the Closing), by written notice to Buyer, supplement or amend the Seller Disclosure Schedule to correct any matter that would constitute a breach of any representation or warranty of Seller in
ARTICLE III, but only to the extent the necessity of such correction comes to the Knowledge of Seller after the date of this Agreement. For purposes of determining whether Buyer’s conditions set forth in Section 8.3(a) have
been fulfilled, the Seller Disclosure Schedule shall be deemed to include only that information contained therein on the Execution Date and shall be deemed to exclude all information contained in any supplement or amendment thereto, but if the
Closing shall occur, then any matters disclosed to Buyer pursuant to any such supplement or amendment after the Execution Date and prior to the Closing shall be deemed to be subject to ARTICLE X. 
 Section 5.9 NSR Consent Decree. 
 (a) Buyer hereby acknowledges receipt of written notice of, and a copy of, the NSR Consent Decree. 
 (b) No later than thirty
(30) days prior to Closing, Seller shall provide written notices of the transaction contemplated by this Agreement to the United States, the State of New Jersey, and the State of Georgia as required by Paragraph 6 of the NSR Consent Decree.

  

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 (c) Buyer shall assume those responsibilities of
the NSR Consent Decree that are required after the Effective Time that concern the Paulsboro Refinery or the Savannah Refinery, including, without limitation, installation of the qualifying NOx
controls as required by Paragraph 54 of such decree. Prior to Closing, Seller and Buyer each shall cooperate and work together to reach agreement on a motion to the Court having jurisdiction
over the NSR Consent Decree to modify the NSR Consent Decree (the “NSR CD Modification”) as contemplated under Paragraph 7 of such decree and seek approval of such modification by such Court. The NSR CD Modification shall be in
substantially the form provided in Exhibit K. 
 (d) If the parties hereto fail to receive the requested NSR CD Modification from the
Court, then Buyer shall perform on Seller’s behalf Seller’s NSR Consent Decree obligations as such obligations concern the Paulsboro Refinery or the Savannah Refinery. If Buyer fails to perform hereunder, Seller shall have the right, upon
written notice to Buyer, to undertake such actions as it deems necessary or appropriate to remedy Buyer’s failure to perform and Buyer shall reimburse Seller for all Seller’s reasonable costs and expenses in undertaking such remedy.

 Section 5.10 ISRA. 
 (a) Seller shall comply with all obligations imposed by ISRA prior to Closing. Such obligations shall include, without limitation, preparation and submission, within the timeframes established by ISRA and the regulations promulgated
pursuant to ISRA, any and all filings required by the NJDEP to allow the transaction to proceed under ISRA, including a General Information Notice as defined in ISRA but excluding the ISRA-related documents to be prepared and submitted to NJDEP by
Buyer pursuant to Section 5.10(b). Seller shall provide Buyer drafts of such documents three (3) Business Days prior to submitting such documents to NJDEP. Seller and Buyer shall each work together to reach agreement on such
documents prior to submittal of such documents to NJDEP by Seller. 
 (b) Notwithstanding the provisions of Section 5.10(a)
above, Buyer shall make timely application for a Remediation Agreement, or if there is an existing Remediation Agreement applicable to the Paulsboro Refinery, an Amendment to that Remediation Agreement designating Buyer as the responsible party
under the Remediation Agreement and which, once executed, allows the parties hereto to complete the transactions contemplated by this Agreement pursuant to the requirements of ISRA. Buyer shall provide Seller drafts of such documents ten (10)
days prior to submitting such documents to NJDEP and Seller and Buyer shall each work together to reach agreement on such documents prior to submittal of such documents to NJDEP by Buyer. Buyer shall submit the Remediation Agreement to NJDEP for
approval at least fifteen (15) Business Days prior to the Closing. Except for Buyer’s costs to prepare and submit such documents to the NJDEP, Buyer’s costs and expenses that relate to the Remediation Agreement or any remediation
activity conducted pursuant to ISRA and this Agreement shall be considered costs and expenses for conditions that existed at the Transferred Assets prior to the Effective Time and shall apply to Buyer’s rights of indemnification pursuant to
Section 10.2(b). 
 (c) Buyer shall be responsible for and shall establish and maintain a Remediation Funding Source as NJDEP may
require in accordance with N.J.A.C. 7:26C-7. 
  

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 (d) Seller shall assist and fully cooperate with, in a prompt and timely manner, Buyer’s reasonable
requests in connection with satisfying the terms of any such Remediation Agreement and performing any obligations under or complying with all other directives, orders or requirements of ISRA relating to the Transferred Assets. 
 (e) As the designated responsible party in the Remediation Agreement, Buyer shall perform all necessary work in order to satisfy the terms of the
Remediation Agreement. If NJDEP fails to designate Buyer as the responsible party in the Remediation Agreement and Seller remains the person responsible for ISRA compliance, Buyer shall assume all of Seller’s obligations and responsibilities as
if designated the responsible party in the Remediation Agreement. Buyer shall cooperate fully with Seller regarding Seller’s performance of said ISRA obligations Upon request, Buyer shall supply Seller with copies of all reports or other
documentation related to the Remediation Agreement or other environmental obligations of Seller related to ISRA. If Buyer fails to perform hereunder, Seller shall have the right, upon written notice to Buyer, to undertake such actions that are
necessary or appropriate to comply with ISRA and Buyer shall reimburse Seller for all Seller’s costs and expenses in undertaking such remedy, including, without limitation, Seller’s costs and expenses associated with Buyer’s failure
to promptly fulfill its obligations under this Section 5.10 including Buyer’s obligations to comply with all ISRA requirements related thereto. If related to this Section 5.10 ISRA and Buyer’s failure to perform
hereunder, Seller’s costs shall include, without limitation, any fines and penalties imposed by Governmental Authority on Seller and Seller’s attorney and consultant costs to defend against allegations of such non-compliance. 

Section 5.11 Exclusivity. From and after the Execution Date through and including the earlier to occur of (a) a termination of this
Agreement and (b) the Effective Time, Seller shall (a) terminate all discussions and negotiations with others regarding a sale or other transaction involving any of the Transferred Assets, the equity interests (whether newly issued or
currently outstanding) of Seller or CITERCO, any merger, business combination or recapitalization involving Seller or CITERCO, the liquidation, dissolution or reorganization of Seller or CITERCO, or any similar transaction (each, a “Possible
Alternative”); and (b) Seller shall not, directly or indirectly, nor shall it authorize any of its Affiliates, officers, directors or employees, or any investment banker, financial advisor, attorney, accountant or other representative
retained by it, and shall advise each of such persons not, (i) to solicit, initiate, encourage (including by way of furnishing information or assistance), conduct discussions regarding or engage in negotiations regarding or take any other
action to facilitate, the making of any proposal which constitutes or may reasonably be expected to lead to a Possible Alternative, (ii) to enter into an agreement (including any confidentiality agreement, letter of intent or similar document)
with any person, other than Buyer, providing for or relating to a Possible Alternative or (iii) to make or authorize any statement, recommendation or solicitation in support of any Possible Alternative by any Person, other than by Buyer. If any
such inquiries or proposals are received by, any such information is requested from, or any such negotiations or discussions are sought to be initiated or continued with, Seller or any of its representatives, then Seller shall promptly notify Buyer
of the nature and terms of any of the foregoing and the identity of the parties involved. 
  

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 ARTICLE VI 
 EMPLOYEE MATTERS 
 Section 6.1 Employees. 
 (a) Schedule 6.1 contains a list of all employees of Seller (collectively, the “Employees”), including employees who are
receiving disability benefits or are on family, medical, administrative, military, or any other type of leave that entitles the employee to reinstatement upon completion of the leave under the applicable leave policies of Seller (collectively,
“Leave”), and each such Employee’s date of hire, position, base salary or wages, and status as active or on Leave. For each Employee on Leave, Schedule 6.1 specifies the type or reason for the Leave and the date such
Employee is expected to return to work. Schedule 6.1 sets forth both Employees represented by the United Steelworkers of America, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union,
United Steel Workers Local 2-911 and United Steel Workers Local 3-673 (collectively, the “Union,” and the Employee membership of the Union, “Union Employees”) and Employees not represented by the Union
(“Non-Union Employees”). Seller shall provide Buyer with an updated Schedule 6.1 as necessary at any time prior to Closing to reflect any and all employment changes. 
 (b) Nothing herein shall be deemed to prevent or preclude Seller, with Buyer’s prior written consent, from granting salary, bonus, or benefit
increases in accordance with its normal business practices prior to the Effective Time. 
 Section 6.2 Employment Offers. Prior
to the Effective Time, Buyer or its Affiliate shall offer employment, effective as of the Employee Transfer Time, to substantially all of those Non-Union Employees and Union Employees set forth on Schedule 6.2(a) with salaries and
benefits that are substantially the same as those enjoyed by current Buyer employees with similar duties and responsibilities. Also prior to the Effective Time, Buyer or its Affiliate may interview the Employees set forth on Schedule 6.2(b)
for the purpose of determining whether, in Buyer’s sole discretion, Buyer or its Affiliate desires to offer employment to such Employees. Buyer shall have no obligation to offer employment to any Employee set forth on
Schedule 6.2(a) or Schedule 6.2(b) that is on Leave at the Effective Time, other than as required by Law. The consummation of any offer shall be subject to compliance with Buyer’s applicable policies, procedures and
requirements relating to drug testing and criminal background checks. All Employees who accept employment with and become employees of Buyer as of the Employee Transfer Time pursuant to the offers described in this Section 6.2 are
referred to herein as “Transferred Employees.” Transferred Employees who are Union Employees are also referred to herein as “Union Transferred Employees,” and Transferred Employees who are Non-Union Employees are
referred to herein as “Non-Union Transferred Employees.” Nothing in this Agreement shall affect Buyer’s right to change the terms of employment or terminate the employment of any Transferred Employee on or after the date he or
she becomes Buyer’s employee, with or without cause. Buyer will give each Non-Union Employee and each Union Employee no less than seven (7) days in which to accept or reject Buyer’s employment offer. 
 Section 6.3 Transfer Time. All Transferred Employees shall become employees of Buyer as of the time (the “Employee Transfer
Time”) that is the later of (x) 12:01 a.m. on 

  

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March 31, 2008, and (y) the Effective Time, and except as otherwise provided herein, at such time, Buyer shall assume and be responsible for
payment of all salaries and benefits, and all other costs and liabilities, relating to the period from and after the Employee Transfer Time relating to the Transferred Employees, except that with regard to an Employee on Leave to whom Buyer makes an
employment offer, such obligations shall not attach unless and until the Employee on Leave commences employment with Buyer. 
 Section 6.4 Level of Employee Benefits Provided by Buyer. 
 (a) From and after the Employee Transfer Time until
December 31, 2008, Buyer shall provide to all Transferred Employees employee benefits that are substantially similar to the employee benefits Buyer provides to its similarly situated employees. 
 (b) Transferred Employees shall be credited with all years of service for which each such Employee was credited before the Employee Transfer Time under
all Buyer Plans applicable to such Employee, but in no event shall Buyer have any obligation to recognize such years of service for benefit accrual in any Buyer Plans. 
 (c) A Transferred Employee’s unused vacation and short-term leave entitlement immediately prior to the Employee Transfer Time under the vacation or short term leave policy applicable to such Transferred Employee
immediately prior to the Employee Transfer Time shall be recognized by Buyer following the Employee Transfer Time. At the Employee Transfer Time, Seller shall pay to Buyer an amount in cash equal to the aggregate amount, determined in accordance
with GAAP, of the Transferred Employees’ unused vacation and short-term leave entitlement immediately prior to the Employee Transfer Time (after giving effect to the Assumed Vacation). 
 Section 6.5 Buyer’s Adoption of the Collective Bargaining Agreements. Buyer will recognize the Union as the exclusive representative of
the Union Transferred Employees and will adopt the CBAs provided, however, that Buyer will not adopt the provisions of the CBAs as they relate to employee benefits including health and welfare, sickness and disability, and pension
benefits. Pursuant to Article XXVI of the Paulsboro CBA listed in Schedule 1.1(b), Seller acknowledges its obligation to and shall, upon the Closing Date, satisfy or otherwise settle its obligations required by Article XXVI of the Paulsboro
CBA. 
 Section 6.6 WARN Act. 
 (a) Seller shall be solely responsible for and subject to any and all liabilities in connection with the performance and discharge of all obligations or requirements under the WARN Act and under applicable state and
local Laws and regulations that may arise on or prior to the Closing Date. 
 (b) Buyer shall not engage within sixty (60) days
following the Closing Date in a “plant closing” or “mass layoff” as such terms are defined in the WARN Act. Buyer shall pay all severance payments, damages for wrongful dismissal and related costs with respect to the termination
of any Transferred Employee after the Effective Time, including any severance payments under Buyer Plans regarding severance. 
  

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 Section 6.7 No Employee Rights. Nothing contained herein shall (i) confer upon any
former, current or future employee of Seller or Buyer or any legal representative or beneficiary thereof any rights or remedies, including any right to employment or continued employment of any nature, for any specified period, or (ii) cause
the at-will employment status of any former, present or future employee of Buyer or Seller to be other than terminable at will. 
 ARTICLE
VII 
 POST-CLOSING COVENANTS 
 Section 7.1 Insurance. Buyer acknowledges and agrees that as of and after the Effective Time, Buyer shall be responsible for all insurance coverage for the Transferred Assets and the Business, and that Seller shall not be
responsible for providing insurance coverage for the Transferred Assets or the Business, and that all such coverage, including coverage under any owner controlled insurance programs, shall be canceled at the Closing. As of the Effective Time and
thereafter, Buyer shall obtain and maintain workers compensation insurance, commercial general liability insurance and excess umbrella insurance with such limits and endorsements sufficient to satisfy Buyer’s Obligations to supply insurance for
any contractor as part of the owner controlled insurance programs contained in those third party vendor Contracts assumed by Buyer containing such a program. 
 Section 7.2 Further Assurances. Seller and Buyer each agree that from time to time after the Effective Time they will execute and deliver, and will cause their respective Affiliates to execute and deliver,
such further instruments, and take, and cause their respective Affiliates to take, such other actions as may be reasonably necessary to carry out the purposes and intents of this Agreement and the Other Agreements. 
 Section 7.3 Use of Name. Buyer acknowledges and agrees that after the Closing it shall use neither Seller nor CITGO’s name nor
any similar name in the conduct of its business, and, within sixty (60) days after the Closing Date, Buyer shall remove, obliterate, cover or replace, Seller’s name from the Transferred Assets, including removing any signage with
Seller’s name or logo from the Transferred Assets. 
 Section 7.4 Prorations, Deposits and Taxes. Taxes and other
charges with respect to the transactions contemplated by this Agreement shall be paid or prorated by the parties as follows: 
 (a) Except as
expressly set forth in this Agreement, all income and expenses attributable to the Transferred Assets for the period before the Effective Time are for the account of Seller, and all income and expenses attributable to the Transferred Assets
thereafter are for the account of Buyer. 
 (b) Seller and Buyer agree that all state and local sales and use Taxes or other similar Taxes
relating to the sale and conveyance of the Transferred Assets shall be the liability of Buyer, and shall be borne by Buyer. At Closing, Seller shall collect from Buyer any state and local sales and use Taxes. Seller shall remit such Taxes directly
to the appropriate Governmental Authorities. 
  

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 (c) Prior to Closing, Buyer shall provide Seller with an appropriate exemption certificate to establish
the right to any exemption from state and local sales and use Taxes and for any exemptions from any other applicable state Tax. Buyer shall thereafter provide Seller with any additional exemption certificates and other documentation as may be
required by the Governmental Authorities for such purpose. Seller shall reasonably cooperate with Buyer, including providing Buyer with such data as Buyer may reasonably request in order to support all applicable sales Tax exemptions, subject to the
Confidentiality Agreement. 
 (d) If any state and local sales and use Taxes or other similar Taxes relating to the sale and conveyance of
the Transferred Assets, are subsequently assessed by any Governmental Authority, and as a result of such subsequent assessment Seller is assessed additional Taxes, then Buyer shall reimburse Seller, or its assignees, for such assessed Taxes,
including interest and penalty. 
 (e) All real or personal property transfer Taxes or other similar Taxes shall be borne by and paid
directly to the Governmental Authorities by Buyer. 
 (f) All real property, personal property, ad valorem and other similar Taxes,
including payments in-lieu-of property Taxes, as well as all rents, utilities, maintenance charges and similar expenses, assessed on or associated with the Business or any of the Transferred Assets in the Tax period in which the Closing date occurs,
shall be prorated between Buyer and Seller as of the Effective Time. After the Closing, the party receiving each property Tax or other such bill or notice applicable to the Transferred Assets for the period before or after the Closing Date occurred
shall promptly notify the other party and shall pay each such bill prior to the last day the same may be paid without penalty or interest. The party responsible or liable under this Agreement with respect to such amount shall promptly on receipt of
a written request (accompanied by appropriate supporting documentation) reimburse the responsible party’s share of such amount so paid as provided under this Agreement. Seller and Buyer shall reasonably cooperate with each other after Closing
with respect to any property Tax assessment or valuation (or protest in connection therewith) by any Governmental Authority with respect to the Tax periods in which the Closing Date occurs. If either party receives a refund of any property Taxes for
which the other is liable or responsible under this Agreement including any final judgments in the Paulsboro Property Tax Dispute, the party receiving such refund, whether received in cash, or as a credit against another state and/or local Tax,
shall, within thirty (30) days after the receipt of such refund, remit it to the party who is liable. Furthermore, Buyer and Seller agree that should a refund be due to Seller for overpaid Taxes from the Paulsboro Property Tax Dispute, and
should either municipal entity (i.e., the Township of West Deptford and/or the Borough of Paulsboro) apply a portion of that refund to Taxes unpaid by Buyer, then Buyer agrees that it will pay to Seller the amount so credited by the municipal entity
for the benefit of Buyer within thirty (30) days after being notified of such credit. 
 (g) Except as provided otherwise in this
Agreement: (A) for any Tax period or portion of any Tax period on or prior to the Closing Date, Seller shall be responsible for timely filing of all income, excise, franchise, privilege, sales, use and similar Tax returns required by applicable
Law to be filed, and payment of all Taxes levied or imposed, in connection with the Transferred Assets, the Business, or employees and independent contractors engaged in operating or maintaining the Transferred Assets or marketing products produced
by the 

  

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Transferred Assets; (B) for any Tax period or portion of any Tax period after the Closing Date, Buyer shall be responsible for the timely filing of all
income, excise, franchise, privilege, sales, use and similar Tax returns required by applicable Law to be filed, and payment (subject to the provisions of Section 7.4(f)) of all such Taxes levied or imposed, in connection with the
Transferred Assets, the Business, or employees and independent contractors engaged in operating or maintaining the Transferred Assets or marketing the products produced by the Transferred Assets; and (C) control of any legal or administrative
proceedings concerning any such Taxes with respect to the Transferred Assets, and entitlement to any refunds or awards concerning any such Taxes with respect to the Transferred Assets, shall rest with the party responsible for payment therefor under
this Section 7.4(g). If, however, any Claim for property Taxes is asserted against the Transferred Assets or the Business for any Tax period or Tax periods prior to the Closing Date, Seller shall not have the right to agree to a
settlement or compromise that would materially prejudice Buyer. Buyer shall also be afforded a reasonable opportunity (but not a duty) to participate in the defense of any such Claim for property Taxes at its own expense. However, with respect to
the conduct of the Paulsboro Property Tax Dispute, Seller shall have the right to agree to a settlement or compromise in its sole discretion and Buyer shall not participate in the conduct of such dispute provided that such settlement or compromise
does not materially prejudice Buyer; provided, however, that changes in property tax rates as a result of any such settlement or compromise shall not be deemed to materially prejudice Buyer so long as such changes apply generally to
properties in the relevant taxing jurisdiction, and provided, further, that changes in the appraised value of the Transferred Assets as a result of the transactions contemplated by this Agreement shall not be deemed to materially
prejudice Buyer. 
 (h) In the event of a Tax audit or an examination of Seller or Buyer involving the Transferred Assets, CITERCO or the
Business for any Tax period prior to the Closing Date, Buyer and Seller shall cooperate with each other in connection with such Tax audit or examination. Seller shall promptly reimburse Buyer for all reasonable out-of-pocket costs and expenses
(other than compensation to employees) incurred in connection with such cooperation. 
 Section 7.5 Third-Party Consents or
Authorizations Not Obtained as of Closing. Subject to and without limiting the provisions of Section 8.3(g), this Agreement shall not constitute an agreement to assign or assume any Contract or Authorization if an attempted
assignment thereof, without a required Third-Party Consent or Authorization that has not been obtained as of the Closing, would constitute a breach or other contravention of the rights of such third party, would be ineffective with respect to any
party to an agreement concerning such Contract or Authorization, or would violate or otherwise is not permitted by applicable Law. If any transfer or assignment by Seller to, or any assumption by Buyer of, any interest in, or Assumed Obligations
under, any Contract or Authorization requires any Third-Party Consent or Authorization, then no such assignment or assumption shall be made without such Third-Party Consent or Authorization being obtained. Notwithstanding the foregoing, upon the
receipt of any such Third-Party Consent or Authorization after the Effective Time, any such Contract or Authorization shall be assigned to Buyer and Buyer shall assume same as and to the extent provided herein. 
 (a) If any such Third-Party Consent or Authorization is not obtained prior to the Closing Date, then: (i) after Closing, Seller and Buyer shall
cooperate to procure the transfer of any Contracts or Authorizations not transferred to Buyer at Closing (including cooperating in 

  

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obtaining required Third-Party Consents or Authorizations and sharing equally the economic cost required to obtain the pertinent consent, provided that to
the extent any costs or obligations required by third parties to obtain any such Third Party Consents or Authorizations are attributable to the acts or omissions of Seller or any of its Affiliates prior to the Closing (other than as a result of the
act of soliciting such Third Party Consent or Authorization), Seller shall solely pay or satisfy such costs or obligations, as the case may be)), (ii) Seller and Buyer shall cooperate (each at its own expense) in any lawful and reasonable
arrangement reasonably proposed by Buyer or Seller under which Buyer shall obtain to the extent practicable the economic Claims, rights and benefits under the Contract or Authorization with respect to which the Third-Party Consent or Authorization
has not been obtained in accordance with this Agreement, and (iii) Seller shall indemnify Buyer to the extent Buyer is unable to conduct the Business in all material respects in the manner in which it was conducted immediately prior to the
Closing Date. 
 Section 7.6 Collection of Amounts Owed to a Party. Except as otherwise provided in Article II, it is the
intention of the parties that, as between the parties, Seller shall be entitled to all income attributable to the Business conducted prior to the Effective Time and Buyer shall be entitled to all income attributable to the Business conducted on and
after the Effective Time. Except as otherwise provided in Article II, each party shall pay to the other party, promptly after receipt thereof, any amount received by said party from any third party with respect to (i) rentals, fees or other
revenues relating to the Business and attributable to the ownership period of the other party; and (ii) products delivered, services performed or other obligations performed by the other party and attributable to the ownership period of such
other party. 
 Section 7.7 Access; Records. From and after the Effective Time, both Buyer and Seller will afford to the other
party and its authorized representatives reasonable access during normal business hours to any financial books, records or accounts related to the Transferred Assets in the possession of such party, and, if requested, will furnish to such other
party such additional information and cooperate with such other party in such other respects, including the making of employees available to such other party at such other party’s expense as witnesses or deponents, as such other party may
reasonably request for (a) financial reporting, (b) tax or similar purposes, (c) purposes of investigating Claims or conducting Litigation, (d) in the case of Buyer, in connection with any Assumed Obligation, or (e) in the
case of Seller, in connection with the Retained Obligations; it being understood that this Section 7.7 shall not apply to information that is subject to attorney-client privilege except to the extent reasonably necessary to allow Buyer
to defend any Assumed Obligation. Buyer and Seller shall not destroy or dispose of any such books, records and accounts related to the Transferred Assets for a period of at least seven years, or such longer period as may be required by Law, after
the Closing Date without first offering to surrender to the other party such books, records and accounts which such party may intend to destroy or dispose of. 
 Section 7.8 Foreign Trade Subzones. With respect to any foreign trade subzone agreements to which the Transferred Assets are subject, Seller shall reasonably cooperate with Buyer in obtaining either the
assignment of such agreements from Seller to Buyer or a new replacement agreement. Each party shall keep the other reasonably informed of the status of such assignments or applications for new agreements. 
  

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 Section 7.9 Savannah Project. Seller agrees to complete, at Seller’s expense, the
Savannah Project as has been previously described to Buyer in a timely manner and in accordance with good industry practice. Buyer shall provide Seller, its employees, contractors, and representatives with such access to the Savannah Refinery as
Seller may request in order to complete the Savannah Project. Seller hereby acknowledges that any access to the Savannah Refinery utilized by Seller or any of its representatives, contractors, subcontractors or other Persons acting on Seller’s
behalf shall be at the sole risk, cost and expense of Seller. Seller shall comply with, and shall ensure that each such representative, contractor, subcontractor or other Person complies with, all safety and similar requirements customarily imposed
by Buyer on its properties; provided, that Buyer has provided to Seller a description of such safety and other requirements. Seller shall assume and indemnify, defend and hold harmless the Buyer Indemnitees from and against any and all Claims
for personal injury, death or property damage arising out of the entry upon or access to the Savannah Refinery by Seller or any such representative, contractor, subcontractor or other Person and all Losses incurred by the Buyer Indemnitees with
respect to each such Claim, IN EACH CASE REGARDLESS OF THE NEGLIGENCE OR OTHER FAULT (OTHER THAN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE BUYER INDEMNITEES OR ANY EMPLOYEE OF ANY SUCH PERSON) OF THE BUYER INDEMNITEES OR ANY EMPLOYEE OF ANY SUCH
PERSON. 
 Section 7.10 Audit Rights. Seller agrees to make available to Buyer prior to and for a period of eighteen (18)
months following Closing any and all existing information and documents in the possession of Seller or any of its Affiliates that Buyer may reasonably require to comply with Buyer’s financial reporting requirements and audits, including, but
not limited to the information and documents necessary to comply with the requirement, if any, to file with the United States Securities and Exchange Commission (the “SEC”) audited financial statements for the periods required under
Regulation S-X with respect to the purchase of the Transferred Assets within seventy-one (71) days after the due date for the filing of the Form 8-K with respect to the closing of the purchase of the Transferred Assets. Without limiting the
generality of the foregoing, Seller will use its commercially reasonable efforts after execution of this Agreement and for eighteen (18) months following Closing to cooperate with the independent auditors chosen by Buyer (“Buyer’s
Auditor”) in connection with their audit of any annual financial statements with respect to the Transferred Assets or the Business that Buyer or any of its Affiliates requires to comply with their financial reporting requirements, and their
review of any interim financial statements of the Transferred Assets that Buyer requires to comply with such reporting requirements. Buyer’s cooperation will include (i) such reasonable access to Seller’s employees who were
responsible for preparing the work papers and other supporting documents used in the preparation of such financial statements as may be required by Buyer’s Auditor to perform an audit in accordance with generally accepted auditing standards,
and (ii) delivery of one or more customary representation letters from Seller to Buyer’s Auditor that are reasonable requested by Buyer to allow such auditors to complete an audit (or review of any interim quarterly financial statements),
and to issue an opinion as required by the SEC with respect to an audit or review of those financial statements required pursuant to this Section 7.10. Buyer will reimburse Seller, within three (3) Business Days after demand
therefor, for any reasonable out-of-pocket costs with respect to any costs incurred by Seller, including the hiring of temporary employees, in complying with the provisions of this Section 7.10. 
  

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 ARTICLE VIII 
 CLOSING CONDITIONS 
 Section 8.1 Conditions to Obligations of Each Party Under this
Agreement. 
 The respective obligations of Buyer and Seller to consummate the transactions contemplated hereby shall be subject to the
satisfaction at or prior to the Closing of the following conditions, any or all of which may be waived by Buyer and Seller, as the case may be in whole or in part, to the extent permitted by applicable Law: 
 (a) No temporary restraining order, preliminary or permanent injunction or other judgment or order issued by any court of competent jurisdiction or other
statute, rule or legal restraint of a Governmental Authority shall be in effect preventing the consummation of the transactions contemplated hereby. 
 (b) No provision of any applicable Law shall prohibit the consummation of the Closing. 
 Section 8.2
Additional Conditions to Seller’s Obligations. The obligations of Seller to effect the transactions contemplated hereby shall be subject to the satisfaction at or prior to the Closing of the following conditions, any or all of which may
be waived by Seller, in whole or in part, to the extent permitted by applicable Law: 
 (a) Each of the representations and warranties of
Buyer set forth in this Agreement shall be true and correct in all material respects (it being understood that for purposes of determining the accuracy of such representations and warranties, all “Buyer Material Adverse Effect”
qualifications and other materiality qualifications contained in such representations and warranties shall be disregarded) as of the Execution Date and as of the Closing Date as though made on and as of the Closing Date (except that, in each case,
representations and warranties that speak as of a specified date shall have been true and correct (or true and correct in all material respects, as appropriate) only on such date), and Seller shall have received a certificate of an executive officer
of Buyer, dated the Closing Date, to such effect. 
 (b) Buyer shall have performed or complied in all material respects with all agreements
and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date, and Seller shall have received a certificate of an executive officer of Buyer, dated the Closing Date, to such effect. 
 (c) The applicable waiting period under the HSR Act and any extension thereof shall have terminated or expired, and neither the FTC nor the DOJ shall
have imposed any material conditions upon Seller’s ability to dispose of the Transferred Assets. 
 (d) Buyer shall have duly executed
and delivered each of the Other Agreements simultaneously with the Closing. 
 Section 8.3 Additional Conditions to Buyer’s
Obligations. The obligations of Buyer to effect the transactions contemplated hereby shall be subject to the satisfaction at or prior to the Closing of the following conditions, any or all of which may be waived by Buyer, in whole or in part, to
the extent permitted by applicable Law: 
  

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 (a) Each of the representations and warranties of Seller set forth in this Agreement shall be true and
correct in all material respects (it being understood that for purposes of determining the accuracy of such representations and warranties, all “Material Adverse Effect” qualifications and other materiality qualifications contained in such
representations and warranties shall be disregarded) as of the Execution Date and as of the Closing Date as though made on and as of the Closing Date (except that, in each case, representations and warranties that speak as of a specified date shall
have been true and correct (or true and correct in all material respects, as appropriate) only on such date), except for inaccuracies of representations or warranties the circumstances giving rise to which, individually or in the aggregate, do not
constitute a Material Adverse Effect, and Buyer shall have received a certificate of an officer of Seller, dated the Closing Date, to such effect; provided, however, that for purposes of this Section 8.3(a), a Material
Adverse Effect shall be deemed to have occurred if and only if effects of the circumstances giving rise to any such inaccuracies of representations or warranties have caused, will cause, or may reasonably be expected to cause any Loss or Losses,
individually or in the aggregate, in excess of $3,400,000. 
 (b) Seller shall have performed or complied in all material respects with all
agreements and covenants required by this Agreement to be performed or complied with by it on or prior to Closing Date, and Buyer shall have received a certificate of an officer of Seller, dated the Closing Date, to such effect. 
 (c) The applicable waiting period under the HSR Act and any extension thereof shall have terminated or expired, and neither the FTC nor the DOJ shall
have imposed any material conditions upon Buyer’s ability to acquire, own or operate the Transferred Assets or require Buyer to dispose of, hold separate or take any other action with respect to the Transferred Assets. 
 (d) Seller shall have, or shall have caused to be, duly executed and delivered, each of the Other Agreements simultaneously with the Closing. 

(e) CITGO shall have, or shall have caused to be, duly executed and delivered a Noncompetition Agreement in the form attached hereto as Exhibit
L simultaneously with the Closing. 
 (f) Each of the Partners shall have, or shall have caused to be, duly executed and delivered a
Guarantee Agreement in the form attached hereto as Exhibit J simultaneously with the Closing. 
 (g) All Third-Party Consents and all
Authorizations listed on Schedule 8.3(g) shall have been obtained in a form reasonably satisfactory to Buyer and, to the extent relating to Real Property, recordable in the applicable real property records. 
 (h) No Material Adverse Effect shall have occurred and be continuing. 
  

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 (i) To the extent required by the Title Company, Buyer shall have received all documents it may
reasonably request relating to the existence of Seller and CITERCO and the authority of Seller for this Agreement and the transactions contemplated hereby. 
 (j) Seller shall have, or shall have caused to be, duly executed and delivered the Subcharter Agreement in the form attached hereto as Exhibit G. 
 (k) Buyer shall have received an Affidavit of Non-Foreign Status of Seller in the form of Exhibit M attached to this Agreement. 
 Section 8.4 Casualty; Condemnation. 
 (a) Seller shall give Buyer prompt notice of (i) any damage or destruction (including by reason of any collision, fire, explosion, hurricane, tornado, earthquake, flood or terrorist act) of all or any portion of the Transferred Assets
after the date hereof and prior to the Closing (a “Pre-Closing Adverse Effect”) and (ii) any actual, pending or proposed Taking of all or any portion of Seller’s or CITERCO’s assets, or any planned or pending Taking
as to which Seller or CITERCO has received written notice from the condemning authority, after the date hereof and prior to the Closing. Subject to this Section 8.4, Seller shall retain the risk of loss or damage with respect to the
Transferred Assets until title passes at the Effective Time. 
 (b) If the cost to repair (or replace, to the extent not reasonably subject
to repair) the damage or destruction to the Transferred Assets resulting from all Pre-Closing Adverse Effects (the “Repair Estimate”) is expected to be $25,000,000 or less and the damage resulting from such Pre-Closing Adverse
Effect is commercially reasonably capable of being repaired within 120 days after the date of such Pre-Closing Adverse Effect, then Seller may, by notice to Buyer, elect to extend the Termination Date to a date no more than 120 days after the
original Termination Date (i.e. before any extension pursuant to this Section 8.4) and repair the damage resulting from such Pre-Closing Adverse Effect and proceed with Closing (upon and subject to the remaining terms and conditions of
this Agreement) upon and subject to completion of repairs of such damage to the Transferred Assets in all material respects at any time prior to the Termination Date (as extended pursuant to this Section 8.4, if applicable).
Alternatively, if the parties mutually agree, the parties may elect to proceed with the Closing (upon and subject to the remaining terms and conditions of this Agreement) without repairing such damage (or such portion of such damage as the parties
may mutually designate), and Seller shall pay to Buyer at the Closing an amount in cash equal to the amount of the Repair Estimate. 
 (c)
Upon the occurrence of the Pre-Closing Adverse Effect, the parties hereto shall cooperate in reaching mutual agreement on the amount of the Repair Estimate and the expected time to repair such Pre-Closing Adverse Effect (the “Time
Estimate”) as soon as practicable and, in any event, within at least sixty (60) days of the Pre-Closing Adverse Effect. If the parties hereto are unable to reach mutual agreement, after using their good faith reasonable best efforts to
reach mutual agreement, on the amount of the Repair Estimate and the Time Estimate, either party may initiate the procedures set forth in Schedule 8.4 for the purpose of utilizing such mechanisms as may be reasonably appropriate and
available to them to determine in all due haste such matters prior to the Termination Date (as extended pursuant to this Section 8.4, if applicable). 
  

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 (d) If, prior to the Termination Date (as extended pursuant to this Section 8.4, if
applicable), Buyer and Seller (or their independent experts, if applicable) have mutually agreed upon the amount of the Repair Estimate and the Time Estimate (or the Repair Estimate and/or the Time Estimate have been determined pursuant to the
procedures set forth in Schedule 8.4) and either the Repair Estimate is more than $25,000,000 or the Time Estimate is more than 120 days (measured from the date of the Pre-Closing Adverse Effect), Buyer shall not be obligated to effect the
transactions contemplated by this Agreement. 
 (e) If, prior to the Termination Date (as extended pursuant to this Section 8.4,
if applicable), Buyer and Seller (or their independent experts, if applicable) have not mutually agreed on the Repair Estimate or the Time Estimate, Seller or Buyer may elect to extend the Termination Date by an additional thirty (30) days and
the parties shall implement the procedure for determining the Repair Estimate and Time Estimate, and if applicable, proceed with the Closing (upon and subject to the remaining terms and conditions of this Agreement), as set forth in
Section 8.4. 
 (f) If the value of the assets of Seller and/or CITERCO subject to any actual, pending or proposed Taking of all
or any portion of Seller’s or CITERCO’s assets, or any planned or pending Taking as to which Seller or CITERCO has received written notice from the condemning authority, after the date hereof and prior to the Closing, when aggregated with
all other such Takings, equals: 
 (i) less than $10,000,000 the Closing shall take place as provided herein (upon and subject
to the remaining terms and conditions of this Agreement) without abatement of the Purchase Price, and there shall be assigned to Buyer at the Closing all interest of Seller in any award which may be payable to Seller on account of such Taking(s); or

 (ii) $10,000,000 or more, Buyer shall have the option to terminate this Agreement without any further obligation of any of
the parties or their Affiliates pursuant hereto; provided that if Buyer elects to proceed with the Closing, the Closing shall take place as provided herein (upon and subject to the remaining terms and conditions of this Agreement) without abatement
of the Purchase Price, and there shall be assigned to Buyer at the Closing all interest of Seller in any award which may be payable to Seller on account of such Taking(s). 
 In the event condemnation proceedings for a Taking are commenced prior to the Closing Date, then, prior to the Closing, the parties shall cooperate in
connection with such proceedings and Buyer shall be allowed to participate therein, but Seller shall have sole control of such proceedings; provided, however, that Seller shall use commercially reasonable efforts to maximize the value
obtained for the property subject to the condemnation proceedings and shall consult with Buyer prior to reaching a settlement or compromise. After the Closing, Buyer shall have sole control over any such proceedings. 
  

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 ARTICLE IX 
 TERMINATION 
 Section 9.1 Termination. This Agreement may be terminated at any time prior
to the Closing: 
 (a) by mutual written consent of Seller and Buyer; 
 (b) by Seller upon notice to Buyer, if any of the conditions in Section 8.1 or Section 8.2 shall not have been fulfilled by the
time required or shall have become incapable of fulfillment on or prior to the Termination Date; provided, that Seller has fulfilled, or has caused its appropriate Affiliate to fulfill, its obligations, if any, under such condition; 
 (c) by Buyer upon notice to Seller, if any of the conditions in Section 8.1 or Section 8.3 shall not have been fulfilled by the
time required or shall have become incapable of fulfillment on or prior to the Termination Date; provided, that Buyer has fulfilled, or has caused its appropriate Affiliate to fulfill, its obligations, if any, under such condition; 
 (d) by Seller upon notice to Buyer, if the Closing contemplated hereby shall not have occurred on or before April 30, 2008 (subject to the extension
of such date pursuant to Section 8.4) (the “Termination Date”); provided, however, that, in the event that all conditions of Section 8.1 and Section 8.3 other than termination or expiration of the
waiting period under the HSR Act are satisfied, then Seller may not terminate under this clause (d) before an additional ninety (90) days after the Termination Date; 
 (e) by Buyer upon notice to Seller, if the Closing contemplated hereby shall not have occurred on or before the Termination Date (subject to the
extension of such date pursuant to Section 8.4); provided, however, that, in the event that all conditions of Section 8.1 and Section 8.2 other than termination or expiration of the waiting period under the HSR
Act are satisfied, then Buyer may not terminate under this clause (e) before an additional ninety (90) days after the Termination Date; or 
 (f) by Buyer in accordance with Section 5.4 or Section 8.4. 
 Section 9.2
Effect of Termination. Except for this Section 9.2, Section 10.8, Section 10.9, Section 10.10, Section 11.4 and Section 11.5, this Agreement shall, upon termination
hereof pursuant to Section 9.1, forthwith become of no further force or effect and (a) there shall be no liability on the part of Seller or Buyer or any of their respective officers or directors to any other party and (b) all
rights and obligations of any party hereto shall cease; provided, however, that any such termination shall not relieve Seller or Buyer from liability for any willful and material breach of this Agreement occurring prior to such termination.

 ARTICLE X 
 INDEMNIFICATION AND REMEDIES 
 Section 10.1 Survival. Subject to the limitations and other provisions of this
Agreement: (a) the representations and warranties of the parties hereto contained in this Agreement and the covenants and agreements of the parties hereto contained in this Agreement 

  

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which by their terms are contemplated to be performed on or before the Closing shall survive the Closing and shall remain in full force and effect for a
period of twelve months after the Closing Date, except that the representations and warranties set forth in Section 3.1, Section 3.2, Section 4.1, Section 4.2, Section 3.7(a) and
Section 3.7(d) shall each survive until expiration of the statute of limitations applicable to the matters covered thereby (giving effect to any waiver, mitigation or extension thereof), if later, (b) each covenant and agreement of
the parties hereto contained in this Agreement which by its terms are contemplated to be performed after the Closing Date shall survive the Closing and shall remain in full force and effect until such covenant or agreement is fully performed (which,
in the case of the provisions of Section 10.2(a)(iii)-(viii), Section 10.3(a)(iii), and Section 10.3(b) shall be deemed to extend indefinitely after the Closing), and (c) Seller’s indemnity obligation
pursuant to Section 10.2(b) shall survive until the date that is seven (7) years after the Closing Date. 
 Section 10.2 Indemnification Provisions for Benefit of Buyer. 
 (a) If the Closing occurs, Seller agrees from and after
the Closing to indemnify Buyer Indemnitees from and against any Losses actually suffered or incurred by them, or any of them, arising out of or related to: 
 (i) any breach of, or any inaccuracy in, any representation or warranty of Seller contained in this Agreement or any agreement, certificate or instrument delivered pursuant hereto or in connection herewith;

 (ii) any breach of, or failure to perform or comply with, any covenant or obligation of Seller contained in this Agreement
or any Seller Transaction Document; 
 (iii) any of the Excluded Assets; 
 (iv) any of the Retained Obligations; 
 (v) any actual or asserted right on the part of any third-party to occupy or use any portion of the Transferred Assets (or any portion of the premises or other assets covered by any lease or other agreement
constituting part of the Transferred Assets); 
 (vi) any Taxes of Seller, CITERCO or any of their respective Affiliates,
other than Taxes of CITERCO accruing after the Effective Time; 
 (vii) any Obligations of CITERCO as of the Effective Time,
other than those accruing after the Effective Time under the CITERCO Agreements; and/or 
 (viii) notwithstanding that such
matters have been disclosed to Buyer, any item disclosed in Section 3.12 of the Seller Disclosure Schedule. 
 No Claim may be
asserted or commenced against Seller pursuant to this Section 10.2(a) unless written notice of such Claim is received by Seller describing in reasonable detail the facts and circumstances then known with respect to the subject matter of
such Claim on 

  

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or prior to the date on which the representation, warranty, covenant or obligation (as applicable) on which such Claim is based ceases to survive as set
forth in Section 10.1, and any Claim with respect to which such notice shall have been timely made may be continued after the time at which the representation, warranty, covenant or obligation (as applicable) on which such Claim is based
so ceases to survive and shall not be affected thereby. 
 (b) In addition to the
indemnification provisions set forth in Section 10.2(a), if the Closing occurs, Seller agrees from and after the Closing to indemnify Buyer Indemnitees from and against fifty percent (50%) of the aggregate amount of any Losses
actually suffered or incurred by them, or any of them, arising out of or related to any Corrective Action of any Environmental Condition to the extent the same relate to, result from or arise out of any Environmental Condition that existed prior to
the Effective Time, but only to the extent such Losses, in the aggregate, exceed the difference of (x) $7,000,000 minus (y) the aggregate amount of cash amounts paid by Buyer in connection with its obligations under
Section 5.10 or ISRA. No Claim may be asserted or commenced against Seller pursuant to this Section 10.2(b) unless written notice of such Claim is received by Seller describing in reasonable detail the facts and circumstances
then known with respect to the subject matter of such Claim on or prior to the date that is seven (7) years after the Closing Date, and any Claim with respect to which such notice shall have been timely made may be continued after such seventh
(7th) anniversary of the Closing Date. Further, if Buyer at any time after the Closing conveys any portion of the Real Property to any Person
other than an Affiliate of Buyer, Buyer shall not be permitted to assign its rights under this Section 10.2(b) with respect to such portion of the Real Property to such transferee. 
 (c) Subject to the provisions of paragraph (d) below, the obligations of Seller to indemnify the Buyer Indemnitees pursuant to this
Section 10.2 are subject to the following limitations: 
 (i) The Buyer Indemnitees shall not be entitled to
indemnification pursuant to Section 10.2(a)(i) unless and until the aggregate amount of Losses for which the Buyer Indemnitees are entitled to be indemnified for all Claims pursuant to Section 10.2(a)(i) of this Agreement
exceeds the difference of (x) the Buyer Indemnification Deductible minus (y) the aggregate amount of Losses (other than Permitted Schedule Update Losses) that Buyer actually suffers or incurs as a result of any matters disclosed in
any supplement(s) or amendment(s) to the Seller Disclosure Schedule made by Seller in accordance with Section 5.8 (and then only to the extent such aggregate Losses exceed such amount). Further, the Buyer Indemnitees shall not submit any
new Claims for indemnification pursuant to Section 10.2(a)(i) until the date that is eleven months after the Closing Date unless and until the aggregate amount of Losses for which the Buyer Indemnitees are seeking indemnification under
all such Claims (whether or not related) are at least $50,000 (without regard to whether or not such Losses, together with all other Losses for which the Buyer Indemnitees are entitled to be indemnified for all Claims pursuant to
Section 10.2(a)(i) of this Agreement exceed the difference of (x) the Buyer Indemnification Deductible minus (y) the aggregate amount of Losses (other than Permitted Schedule Update Losses) that Buyer actually suffers or
incurs as a result of any matters disclosed in any supplement(s) or amendment(s) to the Seller Disclosure Schedule made by Seller in accordance with Section 5.8). 
  

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 (ii) In no event shall Seller’s aggregate obligation to indemnify the Buyer
Indemnitees pursuant to Section 10.2(a)(i) and Section 10.2(b) of this Agreement exceed the Buyer Indemnification Ceiling. 
 (d) The provisions of Section 10.2(c) shall not apply (A) to any Claim arising with respect to Section 3.1, Section 3.2, Section 3.7(a) or Section 3.7(d), or (B) to any
Claim for any breach of, or any inaccuracy in, any representation or warranty by Seller of which Seller had Knowledge at any time prior to the time at which such representation or warranty was made. 
 (e) Notwithstanding anything that may be to the contrary in this Agreement, the parties hereto agree that in no event shall the aggregate amount of cash
that Seller shall be required to pay in respect of (i) the Other Retained Obligations and (ii) all Claims pursuant to Section 10.2(a)(i) of this Agreement (other than (A) Claims arising with respect to
Section 3.1, Section 3.2, Section 3.7(a) or Section 3.7(d), or (B) any Claims for any breach of, or any inaccuracy in, any representation or warranty by Seller of which Seller had Knowledge at any
time prior to the time at which such representation or warranty was made) exceed $40,000,000. 
 Section 10.3 Indemnification
Provisions for Benefit of Seller. 
 (a) If the Closing occurs, Buyer agrees from and after the Closing to indemnify Seller Indemnitees
from and against any Losses actually suffered or incurred by them, or any of them, arising out of or related to: 
 (i) any
breach of, or any inaccuracy in, any representation or warranty of Buyer contained in this Agreement or any agreement, certificate or instrument delivered pursuant hereto or in connection herewith; 
 (ii) any breach of, or failure to perform or comply with, any covenant or obligation of Buyer contained in this Agreement or any
agreement, certificate or instrument delivered pursuant hereto or in connection herewith, including Buyer’s obligations under Section 5.9; and/or 
 (iii) any of the Assumed Obligations. 
 No Claim may be asserted nor may any action be commenced against Buyer pursuant to this Section 10.3 unless written notice of such Claim is received by Buyer describing in reasonable detail the facts and
circumstances then known with respect to the subject matter of such Claim on or prior to the date on which the representation or warranty or covenant (as applicable) on which such Claim is based ceases to survive as set forth in
Section 10.1, and any Claim with respect to which such notice shall have been timely made may be continued after the time at which the representation, warranty, covenant or obligation (as applicable) on which such Claim is based so
ceases to survive and shall not be affected thereby. 
 (b) In addition to the indemnification provisions set forth in
Section 10.3(a), if the Closing occurs, Buyer agrees to indemnify Seller Indemnitees for any and all cash amounts that 

  

 -58- 

 
they, or any of them, are required to pay arising out of or related to the Other Retained Obligations, but only to the extent such payments, in the
aggregate, exceed the difference of (x) $40,000,000 minus (y) the aggregate cash amount received by Buyer from Seller in respect of all Claims pursuant to Section 10.2(a)(i) of this Agreement (other than (A) Claims
arising with respect to Section 3.1, Section 3.2, Section 3.7(a) or Section 3.7(d), or (B) any Claims for any breach of, or any inaccuracy in, any representation or warranty by Seller of which
Seller had Knowledge at any time prior to the time at which such representation or warranty was made). 
 Section 10.4
Indemnification Procedures; Matters Involving Third Parties. 
 (a) Subject to the provisions of Section 10.2(c)(i), a
Seller Indemnitee or Buyer Indemnitee, as the case may be (for purposes of this Section 10.4, an “Indemnified Party”), shall give the indemnifying party under Section 10.2 and Section 10.3, as
applicable (for purposes of this Section 10.4, an “Indemnifying Party”), prompt written notice of any matter which it has determined has given or could give rise to a right of indemnification under this Agreement stating
the amount of the Loss, if known, and method of computation thereof, containing a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed or arises; provided, however, that the failure to provide
such notice shall not relieve the Indemnifying Party from its obligations under this ARTICLE X except to the extent the Indemnifying Party is prejudiced by such failure. 
 (b) If any third party shall notify an Indemnified Party with respect to any matter (a “Third-Party Claim”) that may give rise to a
Claim for indemnification against the Indemnifying Party under this ARTICLE X, then the Indemnified Party shall promptly notify the Indemnifying Party thereof in writing; provided, however, that the failure to provide such notice shall
not relieve the Indemnifying Party from its obligations under this ARTICLE X except to the extent the Indemnifying Party is prejudiced by such failure. 
 (c) If (i) in the judgment of the Indemnified Party a Third-Party Claim can properly be resolved by money damages alone and the Indemnifying Party has the financial resources to pay such damages and (ii) the
Indemnifying Party admits that this indemnity fully covers the claim or litigation and agrees to be fully responsible for any Losses with respect thereto, the Indemnifying Party will have the right to assume and thereafter conduct the defense of the
Third-Party Claim with counsel of its choice reasonably satisfactory to the Indemnified Party; provided, however, that (i) the Indemnifying Party will not consent to the entry of any judgment or enter into any settlement with
respect to the Third-Party Claim without the prior written consent of the Indemnified Party (not to be unreasonably withheld), and (ii) the Indemnified Party shall be entitled to participate in the defense of such Third-Party Claim and to
employ separate counsel of its choice for such purpose, the fees and expenses of such separate counsel shall be paid by the Indemnified Party. 
 (d) Unless and until the Indemnifying Party assumes the defense of the Third Party Claim as provided in Section 10.4(c), the Indemnified Party may defend against the Third-Party Claim in any manner it may reasonably deem
appropriate. 
  

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 (e) In no event will the Indemnified Party consent to the entry of any judgment or enter into any
settlement with respect to the Third-Party Claim without the prior written consent of the Indemnifying Party (not to be unreasonably withheld). 
 Section 10.5 Determination of Losses. 
 (a) Subject to Section 10.5(b), the Losses giving rise to any
indemnification obligation hereunder shall be limited to the actual loss suffered by the Indemnified Party (i.e., reduced by any insurance proceeds or other payment or recoupment received, realized or retained by the Indemnified Party as a result of
the events giving rise to the claim for indemnification net of any expenses related to the receipt of such proceeds, payment or recoupment, including retrospective premium adjustments, if any, occasioned by such loss or damage). Upon the request of
the Indemnifying Party, the Indemnified Party shall provide the Indemnifying Party with information sufficient to allow the Indemnifying Party to calculate the amount of the indemnity payment in accordance with this Section 10.5. An
Indemnified Party shall take all commercially reasonable steps to mitigate damages in respect of any claim for which it is seeking indemnification and shall use commercially reasonable efforts to avoid any costs or expenses associated with such
claim and, if such costs and expenses cannot reasonably be avoided, to minimize the amount thereof. 
 (b) Notwithstanding any other
provision of this Agreement, for purposes of determining the amount of Losses for which the Buyer Indemnitees are entitled to be indemnified for Claims pursuant to Section 10.2(b), any insurance proceeds or other payment or recoupment
received, realized or retained by the Buyer Indemnitees as a result of the events giving rise to the Claim for indemnification shall not serve to reduce the amount of Losses suffered or incurred by the Buyer Indemnitees with respect thereto (i.e.
the Buyer Indemnitees will be deemed to have suffered or incurred at least $7,000,000.00 in Losses for purposes of Section 10.2(b) at such time as the Buyer Indemnitees, together with any insurer or other Person, have in the aggregate
suffered or incurred at least $7,000,000.00 in Losses of the type described in Section 10.2(b)). 
 Section 10.6
Exclusion of Materiality. Solely for purposes of this ARTICLE X and notwithstanding any provision to the contrary in this Agreement, in determining the amount of any Loss resulting from a breach of a representation or warranty by
either Party contained in this Agreement, the provisions of such representations and warranties that are qualified by “material,” “Material Adverse Effect” or any similar qualification shall be read and interpreted as if such
qualification was not included therein. 
 Section 10.7 No Right of Contribution. After the Closing, neither Seller, the Partners
nor any of their respective Affiliates shall be entitled to contribution or any other payments from CITERCO for any Losses that the Seller is obligated to pay. 
 Section 10.8 Limitations on Liability. 
 (a) BUYER ACKNOWLEDGES AND AGREES THAT THE REMEDIES SET
FORTH IN ARTICLE IX AND THIS ARTICLE X, INCLUDING THE DEDUCTIBLES, LIABILITY LIMITS AND SURVIVAL PERIODS SET FORTH ABOVE AND THE 

  

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DISCLAIMERS SET FORTH IN SECTION 5.6 AND SECTION 5.7, ARE INTENDED TO BE, AND SHALL BE, THE EXCLUSIVE REMEDIES OF BUYER WITH RESPECT TO ANY ASPECT
OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. BUYER HEREBY RELEASES, WAIVES AND DISCHARGES, AND COVENANTS NOT TO SUE OR OTHERWISE ASSERT ANY RIGHTS, REMEDIES OR RECOURSE WITH RESPECT TO, ANY CAUSE OF ACTION OR CLAIM NOT EXPRESSLY PROVIDED FOR
IN THIS AGREEMENT TO THE MAXIMUM EXTENT PERMITTED BY LAW. 
 (b) SELLER ACKNOWLEDGES AND AGREES THAT THE REMEDIES SET FORTH IN Article IX AND
THIS ARTICLE X, INCLUDING THE DEDUCTIBLES AND SURVIVAL PERIODS SET FORTH ABOVE, ARE INTENDED TO BE, AND SHALL BE, THE EXCLUSIVE REMEDIES OF SELLER WITH RESPECT TO ANY ASPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. SELLER HEREBY RELEASES,
WAIVES AND DISCHARGES, AND COVENANTS NOT TO SUE OR OTHERWISE ASSERT ANY RIGHTS, REMEDIES OR RECOURSE WITH RESPECT TO, ANY CAUSE OF ACTION OR CLAIM NOT EXPRESSLY PROVIDED FOR IN THIS AGREEMENT TO THE MAXIMUM EXTENT PERMITTED BY LAW. 
 (c) NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, NO PARTY HERETO SHALL BE ENTITLED TO RECOVER FROM ANY OTHER PARTY HERETO ANY
AMOUNT IN RESPECT OF EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES, INCLUDING LOST PROFITS; PROVIDED, HOWEVER, THE RIGHT TO RECOVER ANY SUCH DAMAGES THAT ARE PAYABLE BY ANY PARTY TO A THIRD PARTY IN RESPECT OF
ANY CLAIM AGAINST WHICH A PARTY IS ENTITLED TO INDEMNIFICATION UNDER THIS AGREEMENT SHALL NOT BE EXCLUDED BY OPERATION OF THIS SECTION 10.8(C). 
 (d) ALL RELEASES, DISCLAIMERS, LIMITATIONS ON LIABILITY AND INDEMNITIES IN THIS AGREEMENT, INCLUDING THOSE IN THIS Article X, SHALL APPLY EVEN IN THE EVENT OF THE SOLE, JOINT, AND/OR CONCURRENT, ACTIVE OR PASSIVE NEGLIGENCE, STRICT
LIABILITY OR FAULT OF THE PARTY WHOSE LIABILITY IS RELEASED, DISCLAIMED, LIMITED OR INDEMNIFIED (EXCLUDING GROSS NEGLIGENCE OR WILLFUL MISCONDUCT). 
 (e) EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, FROM AND AFTER THE CLOSING, THE BUYER INDEMNITEES SHALL HAVE NO RIGHTS TO RECOVERY OR INDEMNIFICATION, DIRECTLY OR INDIRECTLY, FOR ANY LIABILITIES ARISING IN RELATION TO ANY
ENVIRONMENTAL MATTERS ASSUMED BY BUYER HEREUNDER AND ALL RIGHTS OR REMEDIES WHICH ANY BUYER INDEMNITEE MAY HAVE AGAINST SELLER AT OR UNDER LAW (INCLUDING ANY ENVIRONMENTAL LAW) WITH RESPECT TO ANY LIABILITIES ARISING IN RELATION TO ANY SUCH
ENVIRONMENTAL MATTERS ARE, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, EXPRESSLY WAIVED. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, FROM AND AFTER THE CLOSING, BUYER AND ALL BUYER INDEMNITEES DO HEREBY AGREE, WARRANT AND
COVENANT TO 

  

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RELEASE, ACQUIT AND FOREVER DISCHARGE SELLER AND ALL SELLER INDEMNITEES FROM ANY AND ALL CLAIMS, DEMANDS AND CAUSES OF ACTION OF WHATSOEVER NATURE, INCLUDING
ALL CLAIMS, DEMANDS AND CAUSES OF ACTION FOR CONTRIBUTION AND INDEMNITY UNDER STATUTE, COMMON OR CIVIL LAW, WHICH COULD BE ASSERTED NOW OR IN THE FUTURE AND THAT RELATE TO OR IN ANY WAY ARISE OUT OF ANY ENVIRONMENTAL MATTERS ASSUMED BY BUYER
HEREUNDER. FROM AND AFTER THE CLOSING BUYER AND ALL BUYER INDEMNITEES WARRANT, AGREE AND COVENANT NOT TO SUE OR INSTITUTE ARBITRATION AGAINST SELLER OR ANY SELLER INDEMNITEE UPON ANY CLAIM, DEMAND OR CAUSE OF ACTION FOR INDEMNITY AND CONTRIBUTION
THAT HAVE BEEN ASSERTED OR COULD BE ASSERTED FOR ANY ENVIRONMENTAL MATTERS ASSUMED BY BUYER HEREUNDER. 
 Section 10.9
Governing Law. This Agreement shall be construed (both as to validity and performance), interpreted and enforced in accordance with, and governed by, the Laws of the State of Texas, without regard to the conflict of laws principles of
Texas. 
 Section 10.10 Jurisdiction; Consent to Service of Process; Waiver. Each of the parties to this Agreement agrees
that it shall bring any action or proceeding in respect of any Claim arising out of or related to this Agreement, whether in tort or contract or at law or in equity, exclusively in any Federal or state courts located in Harris County, Texas and
solely in connection with Claims arising under such agreement or instrument or the transactions contained in or contemplated by such agreement or instrument, (i) irrevocably submits to the exclusive jurisdiction of such courts, (ii) waives
any objection to laying venue in any such action or proceeding in such courts, (iii) waives any objection that such courts are an inconvenient forum or do not have jurisdiction over it and (iv) agrees that service of process upon it may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to it at its address specified in Section 11.3. The foregoing consents to jurisdiction and service of
process shall not constitute general consents to service of process in the State of Texas for any purpose except as provided herein and shall not be deemed to confer rights on any Person other than the parties to this Agreement. Each of the parties
hereto hereby knowingly and intentionally, irrevocably and unconditionally waives trial by jury in any legal action or proceeding relating to this Agreement and for any counterclaim therein. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.1 Amendment. This Agreement may not be amended except by an instrument in writing authorized by Seller and Buyer and signed by
Seller and Buyer. 
 Section 11.2 Waiver. At any time prior to the Closing, either Seller or Buyer may (a) extend the time
for the performance of any of the obligations or other acts of the other, (b) waive any inaccuracies in the representations and warranties of the other contained herein or in any document delivered pursuant hereto, and (c) waive compliance
by the other with any of the agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party hereto to be bound thereby. 
  

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 Section 11.3 Notices. All notices and other communications that are required to be or may be
given pursuant to this Agreement shall be in writing and shall be deemed to have been duly given if delivered in person or by courier or mailed by registered or certified mail (postage prepaid, return receipt requested) to the relevant party hereto
at the following addresses or sent by facsimile to the following numbers: 
  

	
	 If to Seller, to:

	
	 CITGO Asphalt Refining Company
 c/o CITGO Petroleum Corporation

	 1293 Eldridge Parkway
 Houston, Texas 77077

	 Attention: Vice President, Finance

	 Telephone: (832) 486-5232

	 Facsimile: (832) 486-1819

	
	 with a copy to:

	
	 CITGO Petroleum Corporation

	 1293 Eldridge Parkway
 Houston, Texas 77077

	 Attention: General Counsel

	 Telephone: (832) 486-5558

	 Facsimile: (832) 486-1817

	
	 If to Buyer, to:

	
	 NuStar Asphalt Refining, LLC
 c/o NuStar Energy L.P.

	 2330 Loop 1604 W.
 San Antonio, Texas 78248

	 Attn: Michael Hoeltzel

	 Phone: (210) 918-2959

	 Fax: (210) 918-3629

	
	 with a copy to:

	
	 NuStar Asphalt Refining, LLC
 c/o NuStar Energy L.P.

	 2330 Loop 1604 W.
 San Antonio, Texas 78248

	 Attn: Brad Barron, General Counsel

	 Phone: (210) 918-2106

	 Fax: (210) 918-5500

	
	 and

  

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	 Cox Smith Matthews Incorporated

	 112 E. Pecan, Suite 1800
 San Antonio, Texas 78205

	 Attn: Tobin E. Olson

	 Phone: (210) 554-5298

	 Fax: (210) 226-8395

 or to such other address or facsimile number as Seller or Buyer may, from time to time, designate in a written
notice given in accordance with this Section 11.3. Any such notice or communication shall be effective (a) if delivered in person or by courier, upon actual receipt by the intended recipient, (b) if sent by facsimile
transmission, upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next Business Day after receipt if not received during recipient’s normal business hours, or
(c) if mailed, upon the earlier of five (5) days after deposit in the mail and the date of delivery as shown by the return receipt therefor. 
 Section 11.4 Public Announcements. Neither Seller nor Buyer will issue or make any press releases or similar public announcements concerning the transactions contemplated hereby or by the Other Agreements
without the other party’s prior written consent, which shall not be unreasonably withheld, except as may be required by Law. 
 Section 11.5 Expenses. Except as otherwise expressly provided herein, all costs and expenses incurred by Seller in connection with this Agreement and the transactions contemplated hereby shall be paid by Seller, and all costs
and expenses incurred by Buyer in connection with this Agreement and the transactions contemplated hereby shall be paid by Buyer. 
 Section 11.6 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 11.7 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of
Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 
 Section 11.8 Assignment. This Agreement shall not be assigned by either party hereto, except that (i) Buyer may assign its rights
hereunder to purchase all or any portion of the Transferred Assets (and assume any related Assumed Obligations) to one or more of its Affiliates, provided that Buyer shall provide evidence reasonably acceptable to Seller that a financially
responsible party shall remain liable for all Obligations of Buyer under this Agreement and (ii) after the Closing, Seller may assign its rights and obligations hereunder to CITGO connection with its winding up and dissolution. No such
assignment shall release the assigning party from its obligations hereunder. Except as permitted in the first sentence of this Section 11.8, any purported assignment of this Agreement in violation of this Section 11.8 shall
be null and void. 
  

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 Section 11.9 Parties in Interest. This Agreement shall be binding upon and inure solely to
the benefit of each party hereto and its successors, and to the benefit of the Buyer Indemnitees and the Seller Indemnitees, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 11.10 Failure or Indulgence Not Waiver. No
failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement herein, nor
shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. 
 Section 11.11 Time of the Essence. Time is of the essence in this Agreement. If the date specified in this Agreement for giving any notice or taking any action is not a Business Day (or if the period during which any notice is
required to be given or any action taken expires on a date which is not a Business Day), then the date for giving such notice or taking such action (and the expiration date of such period during which notice is required to be given or action taken)
shall be the next day which is a Business Day. 
 Section 11.12 Counterparts. This Agreement may be executed in multiple
counterparts and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 
 Section 11.13 Entire Agreement. This Agreement (together with the Exhibits, the Seller Disclosure Schedule and the Schedules) constitute the
entire agreement of the parties hereto, and supersede all prior agreements and undertakings, both written and oral, among the parties hereto, with respect to the subject matter hereof (other than the Confidentiality Agreement, which shall continue
in full force and effect). 
 Section 11.14 Certain Notices - Wilmington Assets. Seller and Buyer acknowledge that that certain
Dock Use and Operating Agreement dated January 1, 1999 (the “Dock Agreement”), by and between Koch Petroleum Group, L.P. (collectively with its successors in interest, if any, under the Dock Agreement, “Koch”)
and CITGO Asphalt Refining Company provides for certain notices to Koch of Buyer’s intended acquisition of the Wilmington Assets and that Koch may assert a right to acquire the Wilmington Assets pursuant to the Dock Agreement by reason of the
transactions contemplated by this Agreement (though neither Seller nor Buyer acknowledge such a right arises by reason of the transactions contemplated by this Agreement). If (and only if) Seller is unable to transfer and convey the Wilmington
Assets to Buyer at the Closing solely because Koch is in fact entitled to exercise, and does so exercise, a right to acquire the Wilmington Assets pursuant to the Dock Agreement by reason of the transactions contemplated by this Agreement, then the
following provisions shall automatically become effective: 
  

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 (a) Effective as of the date of this Agreement, (i) all references in this Agreement (and the
attachments, schedules and exhibits hereto) to the Wilmington Assets (or any particular property, Contract, Authorization or other asset constituting part of the Wilmington Assets) and the Wilmington Obligations (or any particular Obligation, Claim
or Litigation constituting part of the Wilmington Liabilities) shall be deemed redacted out of this Agreement in their entirety, (ii) all of the Wilmington Assets shall be deemed to be “Excluded Assets” for all purposes of this
Agreement, and this Agreement shall be deemed to have been modified to provide as such, (iii) the term “Business” as used in this Agreement shall be deemed to have been modified to read in its entirety as follows: “`Business`
means the business conducted as of the Execution Date by Seller and CITERCO, including the ownership and operation of the Transferred Assets, but excluding the business and operations conducted by Seller relating to the Wilmington Assets.”; and
(iv) all of the Wilmington Obligations shall be deemed to be “Specific Retained Obligations” for all purposes of this Agreement, and this Agreement shall be deemed to have been modified to provide as such. 
 (b) the Base Purchase Price shall automatically be reduced to $433,650,000. 
 [Balance of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date
first written above by its officer thereunto duly authorized. 
  

			
	
	CITGO ASPHALT REFINING COMPANY
		
	 By:
	 	CITGO PETROLEUM CORPORATION,
General Partner
		
	 By:
	 	 /s/ Alejandro Grandado

	 Name:
	 	Alejandro Granado
	 Title:
	 	President and CEO
		
	 By:
	 	CITGO East Coast Oil Corporation,
General Partner
		
	 By:
	 	 /s/ Dean M. Hasseman

	 Name:
	 	Dean M. Hasseman
	 Title:
	 	Assistant Secretary
	
	NUSTAR ASPHALT REFINING, LLC
		
	 By:
	 	 /s/ Curtis V. Anastasio

	 Name:
	 	Curtis V. Anastasio
	 Title:
	 	President and CEO

  

 -67-

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