Document:

AMENDED AND RESTATED GUARANTY AND CREDIT
AGREEMENT

 

dated February 15, 2013

 

among

 

IMTT-FINCO, LLC, INTERNATIONAL-MATEX
TANK TERMINALS, IMTT-BAYONNE, IMTT-VIRGINIA, IMTT-GRETNA, IMTT-BC, IMTT-PIPELINE, IMTT-BX, IMTT-RICHMOND-CA, IMTT-ILLINOIS, IMTT-PETROLEUM
MANAGEMENT, IMTT-GEISMAR, OIL MOP, L.L.C., ST. ROSE NURSERY, INC., EAST JERSEY RAILROAD AND TERMINAL COMPANY, BAYONNE INDUSTRIES,
INC.,

IMTT-QUEBEC INC. AND IMTT-NTL, LTD.,

 

THE LENDERS FROM TIME TO TIME PARTY HERETO,

 

and

 

BRANCH BANKING AND TRUST COMPANY,

as Administrative Agent

 

BB&T CAPITAL MARKETS,

as Lead Arranger and Sole Book Manager

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 
	ARTICLE I. DEFINITIONS; CONSTRUCTION	2
	 	 	 	 
	 	Section 1.1	Definitions.	2
	 	Section 1.2	Joint and Several Obligations.	19
	 	Section 1.3	Accounting Terms and Determination.	19
	 	Section 1.4	Terms Generally.	19
	 	 
	ARTICLE II. THE BONDS	20
	 	 	 	 
	 	Section 2.1	Purchase of Bonds.	20
	 	Section 2.2	Bond Interest and Principal Payments; Interest Rate.	20
	 	Section 2.3	Mandatory Tender for Purchase of Bonds.	21
	 	Section 2.4	Fees.	21
	 	Section 2.5	Obligations of Lenders Several.	21
	 	Section 2.6	Funding Source.	21
	 	Section 2.7	Evidence of Debt.	21
	 	Section 2.8	Additional Bonds.	21
	 	 
	ARTICLE III. GUARANTY	22
	 	 	 	 
	 	Section 3.1	Guarantee.	22
	 	Section 3.2	Obligations Not Waived.	22
	 	Section 3.3	Guarantee of Payment.	23
	 	Section 3.4	No Discharge or Diminishment of Guarantee.	23
	 	Section 3.5	Defenses Waived.	23
	 	Section 3.6	Agreement to Pay; Subordination.	23
	 	Section 3.7	Information.	24
	 	Section 3.8	Indemnity and Subrogation.	24
	 	Section 3.9	Contribution and Subrogation.	24
	 	Section 3.10	Subordination.	25
	 	Section 3.11	Savings Clause.	25
	 	 
	ARTICLE IV. ADDITIONAL PAYMENTS	26
	 	 	 	 
	 	Section 4.1	Reserved.	26
	 	Section 4.2	Reserved.	26
	 	Section 4.3	Increased Costs.	26
	 	Section 4.4	Taxes.	27
	 	Section 4.5	Payments Generally; Pro Rata Treatment; Sharing of Set-offs.	29
	 	Section 4.6	Waterfall.	30
	 	Section 4.7	Mitigation of Obligations.	31
	 	 
	ARTICLE V. CONDITIONS PRECEDENT TO PURCHASE OF BONDS	31

  

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	 	Section 5.1	Conditions To Effectiveness of this Agreement and the Purchase of Bonds.	31
	 	Section 5.2	Delivery of Documents.	34
	 	 
	ARTICLE VI. REPRESENTATIONS AND WARRANTIES	34
	 	 	 	 
	 	Section 6.1	Existence; Power.	34
	 	Section 6.2	Organizational Power; Authorization.	34
	 	Section 6.3	Governmental Approvals; No Conflicts.	34
	 	Section 6.4	Financial Statements.	35
	 	Section 6.5	Litigation and Environmental Matters.	35
	 	Section 6.6	Compliance with Laws and Agreements.	35
	 	Section 6.7	Investment Company Act, Etc.	35
	 	Section 6.8	Taxes.	36
	 	Section 6.9	Margin Regulations.	36
	 	Section 6.10	ERISA.	36
	 	Section 6.11	Ownership of Property.	36
	 	Section 6.12	Disclosure.	37
	 	Section 6.13	Labor Relations.	37
	 	Section 6.14	Subsidiaries.	37
	 	Section 6.15	Insolvency.	37
	 	Section 6.16	OFAC.	38
	 	Section 6.17	Patriot Act.	38
	 	Section 6.18	Other Guarantors.	38
	 	 
	ARTICLE VII. AFFIRMATIVE COVENANTS	38
	 	 	 	 
	 	Section 7.1	Financial Statements and Other Information.	38
	 	Section 7.2	Notices of Material Events.	39
	 	Section 7.3	Existence; Conduct of Business.	40
	 	Section 7.4	Compliance with Laws, Etc.	40
	 	Section 7.5	Payment of Obligations.	40
	 	Section 7.6	Books and Records.	40
	 	Section 7.7	Visitation, Inspection, Etc.	41
	 	Section 7.8	Maintenance of Properties; Insurance.	41
	 	Section 7.9	Use of Bond Proceeds.	41
	 	Section 7.10	Additional Subsidiaries.	41
	 	 
	ARTICLE VIII. FINANCIAL COVENANTS	42
	 	 	 	 
	 	Section 8.1	Leverage Ratio.	42
	 	Section 8.2	Interest Coverage Ratio.	42
	 	Section 8.3	Project EBITDA Adjustments.	42
	 	 
	ARTICLE IX. NEGATIVE COVENANTS	43
	 	 	 	 
	 	Section 9.1	Indebtedness and Preferred Equity.	43
	 	Section 9.2	Negative Pledge.	44
	 	Section 9.3	Fundamental Changes.	45
	 	Section 9.4	Investments, Loans, Etc.	45
	 	Section 9.5	Restricted Payments; Optional Redemptions of Bonds.	46

 

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	 	Section 9.6	Transactions with Affiliates.	47
	 	Section 9.7	Restrictive Agreements.	47
	 	Section 9.8	Sale and Leaseback Transactions.	48
	 	Section 9.9	Hedging Transactions.	48
	 	Section 9.10	Restrictions on Amendments to Organizational Documents.	48
	 	Section 9.11	Accounting Changes; Fiscal Year.	48
	 	Section 9.12	Tax Status.	48
	 	Section 9.13	Trustee.	48
	 	 	 
	ARTICLE X. EVENTS OF DEFAULT	49
	 	 	 	 
	 	Section 10.1	Events of Default.	49
	 	 	 
	ARTICLE XI. THE ADMINISTRATIVE AGENT	52
	 	 	 	 
	 	Section 11.1	Appointment of Agent.	52
	 	Section 11.2	Nature of Duties of Agents.	52
	 	Section 11.3	Lack of Reliance on the Administrative Agent.	53
	 	Section 11.4	Certain Rights of the Administrative Agent.	53
	 	Section 11.5	Reliance by Administrative Agent.	53
	 	Section 11.6	The Administrative Agent in its Individual Capacity.	53
	 	Section 11.7	Successor Administrative Agent.	54
	 	Section 11.8	Authorization to Execute other Loan Documents.	54
	 	Section 11.9	Withholding Tax.	54
	 	 	 
	ARTICLE XII. AFFILIATED LENDER	55
	 	 	 	 
	 	Section 12.1	Lender Acknowledgement.	55
	 	Section 12.2	Affiliated Lender Rights.	55
	 	 	 
	ARTICLE XIII. MISCELLANEOUS	56
	 	 	 	 
	 	Section 13.1	Notices.	56
	 	Section 13.2	Waiver; Amendments.	58
	 	Section 13.3	Expenses; Indemnification.	59
	 	Section 13.4	Successors and Assigns.	61
	 	Section 13.5	Governing Law; Jurisdiction; Consent to Service of Process.	65
	 	Section 13.6	WAIVER OF JURY TRIAL.	66
	 	Section 13.7	Right of Setoff.	66
	 	Section 13.8	Counterparts; Integration.	66
	 	Section 13.9	Survival.	66
	 	Section 13.10	Severability.	67
	 	Section 13.11	Confidentiality.	67
	 	Section 13.12	Reserved.	67
	 	Section 13.13	Waiver of Effect of Corporate Seal.	67
	 	Section 13.14	Patriot Act.	67
	 	Section 13.15	No Advisory or Fiduciary Responsibility.	68
	 	Section 13.16	Location of Closing.	68
	 	Section 13.17	Amendment and Restatement.	69

 

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Schedules

 

	Schedule I	-	Bond Purchase Commitments
	Schedule 6.5	-	Environmental Matters
	Schedule 6.14	-	Subsidiaries
	Schedule 9.1	-	Outstanding Indebtedness
	Schedule 9.2	-	Existing Liens
	Schedule 9.4	-	Existing Investments

 

Exhibits

 

	Exhibit 2.8	 	Form of Lender Joinder Agreement
	Exhibit 7.1(c)	-	Form of Compliance Certificate
	Exhibit 13.4	-	Form of Assignment and Acceptance

 

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AMENDED AND RESTATED GUARANTY AND CREDIT
AGREEMENT

 

This AMENDED AND RESTAED GUARANTY AND
CREDIT AGREEMENT (this “Agreement”) is made and entered into as of February 15, 2013, by and among IMTT-FINCO,
LLC, a Delaware limited liability company (“IMTT-Finco” or “Borrower”); INTERNATIONAL-MATEX
TANK TERMINALS, a Delaware general partnership, IMTT-BAYONNE, a Delaware general partnership, IMTT-VIRGINIA, a Delaware general
partnership, IMTT-GRETNA, a Delaware general partnership, IMTT-BC, a Delaware general partnership, IMTT-PIPELINE, a Delaware general
partnership, IMTT-BX, a Delaware general partnership, IMTT-RICHMOND-CA, a Delaware general partnership, IMTT-ILLINOIS, a Delaware
general partnership, IMTT-PETROLEUM MANAGEMENT, a Delaware general partnership, IMTT-GEISMAR, a Delaware general partnership, OIL
MOP, L.L.C., a Louisiana limited liability company, ST. ROSE NURSERY, INC., a Louisiana corporation, EAST JERSEY RAILROAD AND TERMINAL
COMPANY, a New Jersey corporation, BAYONNE INDUSTRIES, INC., a New Jersey corporation (collectively, the “Guarantors”);
IMTT-QUEBEC INC., a Canadian corporation (“IMTT-Quebec”), IMTT-NTL, LTD, a Canadian corporation (“IMTT-NTL”
and together with IMTT-Quebec, collectively, the “Canadian Borrowers”), the several banks and other financial
institutions and lenders from time to time party hereto (the “Lenders”), and BRANCH BANKING AND TRUST COMPANY,
a North Carolina banking corporation, in its capacity as administrative agent for the Lenders (the “Administrative Agent”).

 

WITNESSETH:

 

WHEREAS, various agencies or instrumentalities
of the State of Louisiana may from time to time issue Gulf Opportunity Zone Revenue Bonds (“GO Zone Bonds”)
for the benefit of IMTT-Finco and its affiliates pursuant to indentures of trust;

 

WHEREAS, the proceeds of such GO
Zone Bonds have been loaned by the issuers of such GO Zone Bonds to IMTT-Finco pursuant to various loan agreements to be entered
into in connection with the issuance of such GO Zone Bonds;

 

WHEREAS, two separate series of GO
Zone Bonds in the aggregate principal amount of $190,000,000 were issued on behalf of the Loan Parties pursuant to certain Indentures
(as hereinafter defined) and such GO Zone Bonds were purchased by certain of the Lenders pursuant to Bond Purchase Agreements (as
hereinafter defined);

 

WHEREAS, as an inducement to such
Lenders to purchase such GO Zone Bonds, the Guarantors guaranteed IMTT-Finco’s obligations under the Loan Agreements (as
hereinafter defined) pursuant to a Guaranty and Credit Agreement dated as of November 1, 2010 among the Borrower, the Guarantors,
the Lenders identified therein and the Administrative Agent (the “Existing Bond Guaranty and Credit Agreement”);

 

WHEREAS, the Loan Parties (as hereinafter
defined) have requested certain amendments to the Existing Bond Guaranty and Credit Agreement, the Bonds, the Loan Agreements and
the Indentures, including (a) the extension of the Purchase Date (as hereinafter defined) of the Bonds, (b) an adjustment to the
interest rate applicable to the Bonds and (c) certain other changes to the terms and covenants set forth therein to conform with
the changes being made to the Existing Credit Agreement (as hereinafter defined);

 

    	 

    	 

    

  

WHEREAS, U.S. Bank, National Association
has agreed to sell $7,727,709.86 of its Bonds to the Borrower, $11,710,591.48 of its Bonds to DNB Bank ASA (previously DnB Nor
Bank ASA), $5,857,246.65 of its Bonds to First Tennessee Bank National Association and $2,138,174.47 of its Bonds to Regions Bank
on the Restatement Date (as hereinafter defined);

 

WHEREAS, subject to the terms and
conditions hereof, the requisite Lenders are willing to agree to such amendments, and the parties hereto have agreed to effect
the amendments, extension of the Purchase Date, the interest rate adjustments, the redemption of Bonds, the purchase of Bonds and
the other transactions described above (collectively, the “Restructure”) through an amendment and restatement
of the Existing Bond Guaranty and Credit Agreement, amendments to the Indentures, amendments to the Loan Agreements and amendments
to the Bonds;

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the Loan Parties, the Lenders and the Administrative Agent agree as
follows:

 

ARTICLE
I.

DEFINITIONS; CONSTRUCTION

 

Section 1.1           Definitions.
In addition to the other terms defined herein, the following terms used herein shall have the meanings herein specified (to be
equally applicable to both the singular and plural forms of the terms defined):

 

“Additional Bonds” means
any Bonds issued after the Restatement Date.

 

“Administrative Agent”
shall have the meaning set forth in the opening paragraph hereof.

 

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

 

“Affiliate” shall mean,
as to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by,
or is under common Control with, such Person. For the purposes of this definition, “Control” shall mean the power,
directly or indirectly, either to (i) vote 10% or more of the securities having ordinary voting power for the election of directors
(or persons performing similar functions) of a Person or (ii) direct or cause the direction of the management and policies of a
Person, whether through the ability to exercise voting power, by control or otherwise. The terms “Controlling”, “Controlled
by”, and “under common Control with” have the meanings correlative thereto. For the avoidance of doubt, with
respect to Macquarie Terminal Holdings LLC, the term Affiliate shall mean only Macquarie Infrastructure Company LLC and its direct
and indirect Subsidiaries.

 

“Affiliated Lender” means
the Borrower.

 

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“Agreement” shall have
the meaning set forth in the opening paragraph hereof.

 

“Applicable Lending Office”
shall mean, for each Lender, the “Lending Office” of such Lender (or an Affiliate of such Lender) designated 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 Guarantor Representative as the office in which the Bonds
held by such Lender are to be maintained.

 

“Approved Fund” shall
mean any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its business and that is administered or managed
by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Assignment and Acceptance”
shall mean an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is
required by Section 13.4(b)) and accepted by the Administrative Agent in connection with the assignment of Bonds by
a Lender in compliance with the assignment and transfer provisions set forth in the applicable Indenture, in the form of Exhibit 13.4
attached hereto or any other form approved by the Administrative Agent.

 

“Avoidance Provision”
shall have the meaning set forth in Section 3.11 hereof.

 

“Bankruptcy Code” shall
mean any of the United States Bankruptcy Code of 1978 (11 U.S.C. § 101 et seq.), as amended and
in effect from time to time.

 

“Bond Purchase Agreement”
shall mean a Bond Purchase Agreement entered into from time to time by an Issuer, IMTT-Finco, the Lenders purchasing Bonds thereunder
and certain other parties thereto pursuant to which such Lenders agree to purchase Bonds in the respective amounts indicated therein,
and references to “Bond Purchase Agreements” means each Bond Purchase Agreement, collectively.

 

“Bond Purchase Commitment”
shall mean, as to any Lender at any time, the amount initially set forth opposite its name on Schedule I in the column labeled
“Amount of Commitment for Purchase of Bonds” and “Bond Purchase Commitments” shall mean the aggregate
Bond Purchase Commitments of all of the Lenders.

 

“Bonds” shall mean a
series of GO Zone Bonds issued pursuant to an Indenture and purchased by one or more Lenders, and references to “Bonds”
also means each series of Bonds, collectively, as the context may require. For purposes hereof, “Bonds” shall exclude
GO-Zone Bonds supported by a GO-Zone Letter of Credit issued under the Existing Credit Agreement.

 

“Borrower” shall have
the meaning set forth in the opening paragraph hereof.

 

“Business Day” shall
mean a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially
all of their commercial lending activities.

 

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“Canadian Borrowers”
shall have the meaning set forth in the opening paragraph.

 

“Canadian Dollar Equivalent”
shall mean, on any date, (i) with respect to any amount denominated in Canadian Dollars, such amount and (ii) with respect to any
amount denominated in US Dollars, the amount of Canadian Dollars that would be required to purchase the amount of such US Dollars
on such date based upon the Exchange Rate as of the applicable date of determination.

 

“Change in Control” shall
mean any event the result of which would be that (i) IMTT Holdings shall fail to own, and hold all voting rights with respect to,
directly or indirectly, all of the outstanding Equity Interests (including without limitation both general and limited partnership
interests and limited liability company membership interests) of the Existing Credit Agreement Borrowers (other than IMTT-Quebec)
and the Guarantors (including any Guarantors formed after the Closing Date), (ii) IMTT Holdings shall fail to own, and hold all
voting rights with respect to, directly or indirectly, at least 66 2/3% of the outstanding Equity Interests of IMTT-Quebec, or
(iii) (x) the Current Shareholder Group shall fail to own, and hold all voting rights with respect to, 50% of the outstanding Equity
Interests in IMTT Holdings, or (y) the Macquarie Group or any part thereof shall fail to own, and hold all voting rights with respect
to, 50% of the outstanding Equity Interests in IMTT Holdings (in each case on a fully diluted basis in accordance with GAAP).

 

“Change in Law” shall
mean (i) the adoption of any applicable law, rule or regulation after the date of this Agreement, (ii) any change in any applicable
law, rule or regulation, or any change in the interpretation or application thereof, by any Governmental Authority after the date
of this Agreement, or (iii) compliance by any Lender (or its Applicable Lending Office) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement provided,
that for purposes of this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued.

 

“Closing Date” shall
mean November 16, 2010.

 

“Code” shall mean the
Internal Revenue Code of 1986, as amended and in effect from time to time.

 

“Combined Acquisition EBITDA Adjustments”
shall mean, for the Loan Parties for any period, Combined EBITDA for such period attributable to any other Person that is acquired
by, and itself becomes, a Loan Party, or all or substantially all of the business or assets of any other Person or operating division
or business unit of any other Person acquired by a Loan Party, in each case during such period for a purchase price of at least
$15,000,000 (as reasonably diligenced by the Loan Parties).

 

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“Combined EBITDA” shall
mean, for the Loan Parties for any period, an amount equal to the sum of (i) Combined Net Income for such period plus (ii)
to the extent deducted in determining Combined Net Income for such period, (A) Combined Interest Expense, (B) income tax expense
determined on a combined basis in accordance with GAAP, (C) depreciation and amortization determined on a combined basis in accordance
with GAAP, and (D) all other non-cash charges (excluding writeoffs and reserves for bad debt and accounts receivable), determined
on a combined basis in accordance with GAAP, in each case for such period. Notwithstanding anything contained herein to the contrary,
all interest income, rental income, interest expense and rental expense related to Intercompany Taxable Bonds and Intercompany
Taxable Bond Obligations shall be excluded for purposes of calculating Combined EBITDA for all purposes of this Agreement.

 

“Combined Interest Expense”
shall mean, for the Loan Parties for any period determined on a combined basis in accordance with GAAP, the sum of (i) total interest
expense, including without limitation the interest component of any payments in respect of Capital Lease Obligations during such
period (whether or not actually paid during such period) plus (ii) the net amount payable (or minus the net amount
receivable) with respect to Hedging Transactions during such period (whether or not actually paid or received during such period).
Notwithstanding anything contained herein to the contrary, all interest income, rental income, interest expense and rental expense
related to Intercompany Taxable Bonds and Intercompany Taxable Bond Obligations shall be excluded for purposes of calculating Combined
Interest Expense for all purposes of this Agreement.

 

“Combined Material Project EBITDA
Adjustments” shall mean, with respect to each Material Project:

 

(i)          prior
to the Commercial Operation Date of a Material Project (but including the Fiscal Quarter in which such Commercial Operation Date
occurs), a percentage (based on the then-current completion percentage of such Material Project) of the amount approved by the
Administrative Agent of the Existing Credit Agreement under the Existing Credit Agreement as the projected Combined EBITDA for
any period attributable to such Material Project for the first 12-month period following the scheduled Commercial Operation Date
of such Material Project (such amount to be determined based on customer contracts relating to such Material Project, the creditworthiness
of the other parties to such contracts, and projected revenues from such contracts, tariffs, capital costs and expenses, scheduled
Commercial Operation Date, commodity price assumptions and other factors deemed appropriate by the Administrative Agent of the
Existing Credit Agreement for such purposes), which may, at the option of the Existing Credit Agreement Borrowers, be added to
actual Combined EBITDA for any period for the Fiscal Quarter in which construction of such Material Project commences and for each
Fiscal Quarter thereafter until the Commercial Operation Date of such Material Project (including the Fiscal Quarter in which such
Commercial Operation Date occurs, but net of any actual Combined EBITDA attributable to such Material Project following such Commercial
Operation Date); provided that if the actual Commercial Operation Date does not occur by the scheduled Commercial Operation Date,
then the foregoing amount shall be reduced, for quarters ending after the scheduled Commercial Operation Date to (but excluding)
the first full quarter after its Commercial Operation Date, by the following percentage amounts depending on the period of delay
(based on the period of actual delay or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90
days, but not more than 180 days, 25%, (iii) longer than 180 days but not more than 270 days, 50%, and (iv) longer than 270 days,
100%; and

 

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(ii)         beginning
with the first full Fiscal Quarter following the Commercial Operation Date of a Material Project and for the two immediately succeeding
Fiscal Quarters, an amount to be approved by the Administrative Agent of the Existing Credit Agreement as the projected Combined
EBITDA attributable to such Material Project (determined in the same manner as set forth in clause (i) above) for the balance
of the four full Fiscal Quarter period following such Commercial Operation Date, which may, at the Existing Credit Agreement Borrowers
option, be added to actual Combined EBITDA for such Fiscal Quarters.

 

Notwithstanding the foregoing:

 

(x)          no
such additions shall be allowed with respect to any Material Project unless (a) the Guarantor Representative shall have delivered
to the Administrative Agent of the Existing Credit Agreement written pro forma projections of Combined EBITDA for any period attributable
to such Material Project, and (b) the Administrative Agent of the Existing Credit Agreement shall have approved (such approval
not to be unreasonably withheld) such projections and shall have received such other information and documentation as the Administrative
Agent of the Existing Credit Agreement may reasonably request, all in form and substance satisfactory to the Administrative Agent
of the Existing Credit Agreement; and

 

(y)          the
aggregate amount of all Combined Material Project EBITDA Adjustments during any period shall be limited to 20% of the total Combined
EBITDA for such period.

 

“Combined Net Income”
shall mean, for any period, the net income (or loss) of the Loan Parties for such period determined on a combined basis in accordance
with GAAP, excluding therefrom (to the extent otherwise included therein) (i) any extraordinary gains or losses in accordance with
GAAP, (ii) any gains attributable to write-ups of assets, (iii) any income (or loss) of any Person accrued prior to the date it
becomes a Loan Party or is merged into or combined with any Loan Party on the date that such Person’s assets are acquired
by any Loan Party (except as provided in clause (y) below) and (iv) any equity interest of the Loan Parties in the unremitted
earnings of any Person that is not a Loan Party, but including without limitation (x) all cash dividends, distributions, interest
and fees actually received by the Loan Parties from Persons (other than Loan Parties, but including Unrestricted Subsidiaries)
where the investments therein are accounted for using the equity method and (y) the net income (or loss) of any Person that was
an Unrestricted Subsidiary on the first day of such period and becomes a Loan Party during such period. Notwithstanding anything
contained herein to the contrary, all interest income, rental income, interest expense and rental expense related to Intercompany
Taxable Bonds and Intercompany Taxable Bond Obligations shall be excluded for purposes of calculating Combined Net Income for all
purposes of this Agreement.

 

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“Combined Total Funded Debt”
shall mean, as of any date, (i) all Indebtedness of the Loan Parties measured on a combined basis as of such date, including without
limitation the Bonds, but excluding (x) Indebtedness of the type described in subsection (xi) of the definition thereto, (y)
Indebtedness that is fully non-recourse to the Loan Parties and (z) Intercompany Taxable Bond Obligations, less (ii) cash
or cash equivalents (x) held in escrow to secure any GO-Zone Bonds and (y) the lesser of (A) $50,000,000 or (B) the amount by which
the average cash maintained in an investment account with Branch Banking and Trust Company or an affiliate thereof over the immediately
preceding 90 days exceeds $2,500,000, but in any event excluding any cash collateral securing Letters of Credit.

 

“Commercial Operation Date”
shall mean the date on which a Material Project is substantially complete and commercially operable.

 

“Compliance Certificate”
shall mean a certificate from the principal financial officer or treasurer of each Existing Credit Agreement Borrower in the form
of, and containing the certifications set forth in, the certificate attached hereto as Exhibit 7.1(c).

 

“Contractual Obligation”
of any Person shall mean any provision of any security issued by such Person or of any agreement, instrument or undertaking under
which such Person is obligated or by which it or any of the property in which it has an interest is bound.

 

“Current Shareholder Group”
shall mean any or all of the following: James J. Coleman, Jr., Thomas B. Coleman, Peter D. Coleman, Dian Coleman Winingder, the
siblings, spouses, ascendants and descendants of the foregoing, all trusts established for the benefit of the foregoing, or other
legal entities that are 100% owned and controlled by any of the foregoing or by Richard B. Jurisich, Jr.

 

“Default” shall mean
any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

 

“Default Rate” shall
have the meaning set forth in the Indentures.

 

“Environmental Laws”
shall mean all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements
issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, Release or threatened Release of any Hazardous Material or to health and safety
matters.

 

“Environmental Liability”
shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental investigation and
remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of any Loan Party directly
or indirectly resulting from or based upon (i) any actual or alleged violation of any Environmental Law, (ii) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (iii) any actual or alleged exposure to any
Hazardous Materials, (iv) the Release or threatened Release of any Hazardous Materials or (v) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

    	7

    	 

    

  

“Equity Interests” shall
mean, for any Person, any non-redeemable capital stock, partnership interests, limited liability company interests or other equity
interest of such Person, whether common or preferred, and of any class.

 

“ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute.

 

“ERISA Affiliate” shall
mean any trade or business (whether or not incorporated), which, together with the Loan Parties, is treated as a single employer
under Section 414(b) or (c) of the Code or, solely for the 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” shall mean
(i) 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); (ii) 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; (iii) 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; (iv) the incurrence by any Existing Credit Agreement Borrower
or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (v) the
receipt by any Existing Credit Agreement Borrower or any ERISA Affiliate from the PBGC or a plan administrator appointed by the
PBGC of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (vi)
the incurrence by any Existing Credit Agreement Borrower or any ERISA Affiliates of any liability with respect to the withdrawal
or partial withdrawal from any Plan or Multiemployer Plan; or (vii) the receipt by any Existing Credit Agreement Borrower or any
ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Existing Credit Agreement Borrower 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.

 

“Event of Default” shall
have the meaning set forth in Article X.

 

“Excluded Taxes” shall
mean with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of
any Obligations, (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 any Lender is located and (c) in the case of a Foreign Lender,
any withholding tax that (i) is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party
to this Agreement, (ii) is imposed on amounts payable to such Foreign Lender at any time that such Foreign Lender designates a
new lending office, other than taxes that have accrued prior to the designation of such lending office that are otherwise not Excluded
Taxes, (iii) is attributable to such Foreign Lender’s failure to comply with Section 4.4(e) and (iv) are imposed
as a result of a failure by such Lender to satisfy the conditions for avoiding withholding under FATCA.

 

    	8

    	 

    

  

“Existing Bond Guaranty and Credit
Agreement” has the meaning set forth in the fourth WHEREAS clause of the WITNESSETH section hereof.

 

“Existing Credit Agreement”
shall mean the Revolving Credit Agreement, dated as of February 15, 2013, among International-Matex Tank Terminals, IMTT-Bayonne,
IMTT-Quebec Inc. and IMTT-NTL, LTD, SunTrust Bank, as administrative agent and swingline lender, the US issuing banks from time
to time party thereto, and Royal Bank of Canada, as Canadian funding agent for the Canadian lenders and as Canadian issuing bank,
as the same may be amended, supplemented and restated from time to time in accordance with its terms.

 

“Existing Credit Agreement Borrowers”
shall mean collectively, International-Matex Tank Terminals, IMTT-Bayonne, IMTT-Quebec Inc. and IMTT-NTL.

 

“FATCA” shall mean Sections
1471 through 1474 of the Code as of the date of this Agreement (known as the Foreign Account Tax Compliance Act), any current or
future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b) of the Code.

 

“Fee Letter” shall mean
that certain fee letter, dated as of January 9, 2013, executed by BB&T Capital Markets and Branch Banking and Trust Company
and accepted by IMTT.

 

“Fiscal Quarter” shall
mean any fiscal quarter of the Existing Credit Agreement Borrowers.

 

“Fiscal Year” shall mean
any fiscal year of the Existing Credit Agreement Borrowers.

 

“Foreign Lender” shall
mean any Lender that is not a United States person under Section 7701(a)(30) of the Code.

 

“GAAP” shall mean generally
accepted accounting principles in the United States applied on a consistent basis and subject to the terms of Section 1.3.

 

“GO-Zone Bonds” shall
mean all Gulf Opportunity Zone bonds issued by a Governmental Authority and supported by a Letter of Credit issued under the Existing
Credit Agreement, to finance a facility owned or leased by any Loan Party pursuant to the Gulf Opportunity Zone Act of 2005.

 

“GO-Zone Bond Obligations”
shall mean the lease or reimbursement obligations of any Loan Party owed to any Governmental Authority that has issued GO-Zone
Bonds or to any financial institution that has provided letter of credit support for such GO-Zone Bonds.

 

“GO-Zone Letter of Credit”
shall mean a Letter of Credit issued to support the payment of GO-Zone Bonds.

 

“Governmental Authority”
shall mean the government of the United States of America, Canada, any other nation or any political subdivision thereof, whether
state, provincial, territorial or local, and any municipality, 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.

 

    	9

    	 

    

  

“Guarantee” of or by
any Person (the “guarantor”) shall mean any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly and including any obligation, direct or indirect, of the guarantor (i) 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, (ii) 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, (iii) 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 (iv) as an account party in respect of any letter of credit
or letter of guaranty issued in support of such Indebtedness or obligation; provided, that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall
be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which Guarantee is
made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person
is required to perform thereunder) as determined by such Person in good faith. The term “Guarantee” used as a verb
has a corresponding meaning.

 

“Guaranteed Obligations”
has the meaning set forth in Section 3.1 hereof.

 

“Guarantor Representative”
shall mean IMTT.

 

“Guarantors” shall have
the meaning set forth in the opening paragraph and any other party that becomes a Guarantor for purposes of this Agreement.

 

“Hazardous Materials”
shall mean all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“Hedging Obligations”
of any Person shall mean any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created,
arising, evidenced or acquired under (i) any and all Hedging Transactions, (ii) any and all cancellations, buy backs, reversals,
terminations or assignments of any Hedging Transactions and (iii) any and all renewals, extensions and modifications of any Hedging
Transactions and any and all substitutions for any Hedging Transactions.

 

    	10

    	 

    

 

“Hedging Transaction”
of any Person shall mean (i) any transaction (including an agreement with respect to any such transaction) now existing or hereafter
entered into by such Person that is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap or option, bond option, interest rate option, foreign exchange transaction, cap transaction,
floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, spot transaction,
credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or any other
similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether or not
any such transaction is governed by or subject to any master agreement and (ii) any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

 

“IMTT” shall mean International-Matex
Tank Terminals, a Delaware general partnership.

 

“IMTT Holdings” shall
mean IMTT Holdings Inc., a Delaware corporation.

 

“IMTT-NTL” shall mean
IMTT-NTL, Ltd., a Canadian corporation.

 

“IMTT-Quebec” shall mean
IMTT-Quebec Inc., a Canadian corporation.

 

“Indebtedness” of any
Person shall mean, without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person
evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of the deferred
purchase price of property or services (other than trade payables incurred in the ordinary course of business; provided,
that for purposes of Section 10.1(g), trade payables overdue by more than 120 days shall be included in this definition
except to the extent that any of such trade payables are being disputed in good faith and by appropriate measures), (iv) all obligations
of such Person under any conditional sale or other title retention agreement(s) relating to property acquired by such Person, (v)
all Capital Lease Obligations of such Person, (vi) all obligations, contingent or otherwise, of such Person in respect of letters
of credit (except letters of credit that support Indebtedness described in clauses (i) to (v) of this definition), acceptances
or similar extensions of credit, (vii) all Guarantees of such Person of the type of Indebtedness described in clauses (i)
through (vi) above (without duplication of such Indebtedness), (viii) all Indebtedness of a third party secured by any Lien on
property owned by such Person, whether or not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person,
contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any common stock of such Person, (x) Off-Balance
Sheet Liabilities and (xi) any Hedging Obligations. The Indebtedness of any Person shall include the Indebtedness of any partnership
or joint venture in which such Person is a general partner or a joint venturer, except to the extent that the terms of such Indebtedness
provide that such Person is not liable therefor.

 

“Indemnified Taxes” shall
mean Taxes other than Excluded Taxes.

 

“Indemnitee” shall have
the meaning set forth in Section 13.3(c).

 

    	11

    	 

    

  

“Indenture” shall mean,
with respect to any series of Bonds, an Indenture of Trust, and any amendments or supplements thereto, between an Issuer and a
Trustee under which such Bonds are issued, and references to “Indentures” shall mean each Indenture, collectively.

 

“Information Memorandum”
shall mean the Confidential Information Memorandum dated October 13, 2010 relating to the Loan Parties and the transactions contemplated
by this Agreement and the other Loan Documents.

 

“Intercompany Taxable Bond Obligations”
shall mean the lease or loan obligations of any Loan Party owed to any Governmental Authority that has issued Intercompany Taxable
Bonds, to the extent that all of the Intercompany Taxable Bonds are owned beneficially and of record by any of the Loan Parties.

 

“Intercompany Taxable Bonds”
shall mean bonds issued by any Governmental Authority, the proceeds of which are applied to finance the purchase or development
of any property that is owned by, or leased to, a Loan Party from time to time, so long as such bonds are owned beneficially and
of record by the Loan Parties and are for the purpose of obtaining ad valorem property tax exemptions and the amounts payable to
the Loan Parties in respect thereof along with the timing of such payments are in all material respects commensurate with the amounts
payable to such Governmental Authority and the timing thereof.

 

“Interest Coverage Ratio”
shall mean, as of any date, the ratio of (i) Combined EBITDA for the four consecutive Fiscal Quarters ending on or immediately
prior to such date, to (ii) Combined Interest Expense for the four consecutive Fiscal Quarters ending on or immediately prior to
such date.

 

“Investments” shall have
the meaning set forth in Section 9.4.

 

“Investor Letters” shall
mean the Investor Letters delivered by each Lender in connection with the purchase of Bonds.

 

“Issuer” shall mean the
applicable agency or instrumentality of the state of Louisiana, any parish or any subdivision thereof which, from time to time,
issues Bonds for the benefit of the Loan Parties which are purchased by one or more Lenders hereunder, and references to “Issuers”
shall mean each Issuer, collectively.

 

“Lead Arranger” shall
mean BB&T Capital Markets.

 

“Lender Joinder Agreement”
shall mean a joinder agreement, substantially in the form of Exhibit 2.8, executed and delivered in accordance with the
provisions of Section 2.8.

 

“Lenders” shall have
the meaning assigned to such term in the opening paragraph of this Agreement and shall include each Lender’s successors and
assigns.

 

“Letters of Credit” has
the meaning set forth in the Existing Credit Agreement.

 

    	12

    	 

    

 

“Leverage Ratio” shall
mean, as of any date, the ratio of (i) Combined Total Funded Debt as of such date to (ii) the sum of (A) Combined EBITDA, plus
(B) any Combined Material Project EBITDA Adjustments, plus (C) any Combined Acquisition EBITDA Adjustments, in each case
for the four consecutive Fiscal Quarters ending on or immediately prior to such date.

 

“Lien” shall mean any
mortgage, pledge, security interest, hypothec, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment, deposit
arrangement, or other arrangement having the practical effect of the foregoing or any preference, priority or other security agreement
or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement
and any capital lease having the same economic effect as any of the foregoing). A negative pledge is not a Lien.

 

“Loan Agreement” shall
mean, with respect to any series of Bonds, a Loan Agreement and any amendments or supplements thereto between an Issuer and IMTT-Finco
under which the proceeds of such Bonds are loaned to IMTT-Finco, and references to “Loan Agreements” shall mean each
Loan Agreement, collectively.

 

“Loan Documents” shall
mean, collectively, this Agreement, the Lender Joinder Agreements, the Bonds, the Indentures, the Loan Agreements, the Bond Purchase
Agreements, the Fee Letter, and any and all other instruments, agreements, documents and writings executed in connection with any
of the foregoing.

 

“Loan Parties” shall
mean IMTT-Finco, the Guarantors and the Canadian Borrowers. For purposes of clarity, Unrestricted Subsidiaries shall not be Loan
Parties.

 

“Macquarie Group” shall
mean Macquarie Terminal Holdings LLC, a Delaware limited liability company, and any affiliate thereof.

 

“Material Adverse Effect”
shall mean, with respect to any event, act, condition or occurrence of whatever nature (including any adverse determination in
any litigation, arbitration, or governmental investigation or proceeding), whether singularly or in conjunction with any other
event or events, act or acts, condition or conditions, occurrence or occurrences whether or not related, resulting in a material
adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition, assets, liabilities
or prospects of the Loan Parties taken as a whole, (ii) the ability of the Loan Parties taken as a whole to perform their respective
obligations under any of the Loan Documents, (iii) the rights and remedies of the Administrative Agent and the Lenders under any
of the Loan Documents or (iv) the legality, validity or enforceability of any of the Loan Documents.

 

“Material Indebtedness”
shall mean Indebtedness (other than the Bonds) and Hedging Obligations of any Loan Party, individually or in an aggregate principal
amount exceeding $10,000,000. For purposes of determining the amount of attributed Indebtedness from Hedging Obligations, the “principal
amount” of any Hedging Obligations at any time shall be the Net Mark-to-Market Exposure of such Hedging Obligations.

 

“Material Project” shall
mean the construction or expansion of any capital project of the Loan Parties, the aggregate capital cost of which exceeds $10,000,000.

 

“Maximum Rate” shall
have the meaning ascribed to such term in the Indentures.

 

    	13

    	 

    

  

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

 

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

 

“Net Mark-to-Market Exposure”
of any Person shall mean, as of any date of determination with respect to any Hedging Obligations, the excess (if any) of all unrealized
losses over all unrealized profits of such Person arising under such Hedging Obligation. “Unrealized losses” shall
mean the fair market value of the cost to settle or terminate the Hedging Transaction giving rise to such final settlement obligation
as of the date of determination (assuming the Hedging Transaction were to be terminated as of that date), and “unrealized
profits” means the fair market value of the gain in settling or terminating such Hedging Transaction as of the date of determination
(assuming such Hedging Transaction were to be terminated as of that date).

 

“Obligations” shall mean
all obligations pursuant to or in connection with this Agreement (including the Guaranteed Obligations), IMTT-Finco’s obligations
under the Loan Agreement, including without limitation, all principal, interest (including any interest accruing after the filing
of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Loan Parties,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), all reimbursement obligations,
fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses of counsel to the
Administrative Agent incurred pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent,
liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder, and all obligations and liabilities incurred
in connection with collecting and enforcing the foregoing, together with all renewals, extensions, modifications or refinancings
thereof.

 

“Off-Balance Sheet Liabilities”
of any Person shall mean (i) any repurchase obligation or liability of such Person with respect to accounts or notes receivable
sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions that do not create a liability
on the balance sheet of such Person, (iii) any Synthetic Lease Obligation or (iv) any obligation arising with respect to any other
transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on
the balance sheet of such Person.

 

“OSHA” shall mean the
Occupational Safety and Health Act of 1970, as amended from time to time, and any successor statute.

 

“Other Taxes” shall mean
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
or any other Loan Document.

 

“Parent Company” shall
mean, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such
Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender.

 

“Participant” shall have
the meaning set forth in Section 13.4(d).

 

    	14

    	 

    

  

“Patriot Act” shall have
the meaning set forth in Section 13.14.

 

“Payment Office” shall
mean with respect to payments hereunder or payments of principal, interest, fees or other amounts relating to the Bonds, the office
of the Administrative Agent located at 200 West Second Street, 16th Floor, Winston-Salem, North Carolina 27101, or such
other location as to which the Administrative Agent shall have given written notice to the Guarantor Representative, the Trustees
and the Lenders, which office must be in the United States of America.

 

“PBGC” shall mean the
Pension Benefit Guaranty Corporation referred to and defined in ERISA, and any successor entity performing similar functions.

 

“Permitted Encumbrances”
shall mean:

 

(i)          Liens
imposed by law for taxes not yet due or which are being contested in good faith by appropriate proceedings diligently conducted
and with respect to which adequate reserves are being maintained in accordance with GAAP;

 

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

 

(iii)        pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

(iv)        deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business;

 

(v)         judgment
and attachment liens not giving rise to an Event of Default or Liens created by or existing from any litigation or legal proceeding
that are currently being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being
maintained in accordance with GAAP;

 

(vi)        customary
rights of set-off, revocation, refund or chargeback under deposit agreements or under the Uniform Commercial Code or common law
of banks or other financial institutions where any Loan Party maintains deposits (other than deposits intended as cash collateral)
in the ordinary course of business; and

 

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

 

    	15

    	 

    

  

“Permitted Investments”
shall mean:

 

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

 

(ii)         commercial
paper having the highest rating, at the time of acquisition thereof, of S&P or Moody’s and in either case maturing within
six months from the date of acquisition thereof;

 

(iii)        certificates
of deposit, bankers’ acceptances and time deposits maturing within 180 days of the date of acquisition thereof issued or
guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank
organized under the laws of the United States or any state thereof or Canada which has a combined capital and surplus and undivided
profits of not less than $500,000,000 or the Canadian Dollar Equivalent thereof;

 

(iv)        fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (i) above and
entered into with a financial institution satisfying the criteria described in clause (iii) above; and

 

(v)         mutual
funds investing solely in any one or more of the Permitted Investments described in clauses (i) through (iv) above.

 

“Person” shall mean any
individual, partnership, firm, corporation, association, joint venture, limited liability company, trust or other entity, or any
Governmental Authority.

 

“Plan” shall mean 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 any Borrower or any ERISA Affiliate 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

 

“Pro Rata Share” shall
mean with respect to any Lender at any time, a percentage, the numerator of which shall be the outstanding principal amount under
such Lender’s Bonds, and the denominator of which shall be the sum of all principal amounts outstanding under all of the
Bonds.

 

“Register” shall have
the meaning set forth in Section 13.4(c).

 

“Regulation D” shall
mean Regulation D of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time,
and any successor regulations.

 

“Regulation T” shall
mean Regulation T of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time,
and any successor regulations.

 

    	16

    	 

    

  

“Regulation U” shall
mean Regulation U of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time,
and any successor regulations.

 

“Regulation X” shall
mean Regulation X of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time,
and any successor regulations.

 

“Related Parties” shall
mean, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person’s Affiliates.

 

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

 

“Required Lenders” shall
mean Lenders (other than the Affiliated Lender) holding more than 50% of the aggregate principal amount of the Bonds.

 

“Requirement of Law”
for any Person shall mean the articles or certificate of incorporation, bylaws, partnership certificate and agreement, or limited
liability company certificate of organization and agreement, as the case may be, and other organizational and governing documents
of such Person, and any law, treaty, rule or regulation, or determination of a Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible Officer”
shall mean any of the president, the chief executive officer, the chief operating officer, the chief banking officer, the chief
financial officer, the treasurer or a vice president of any Existing Credit Agreement Borrowers or such other representative of
the Existing Credit Agreement Borrowers as may be designated in writing by any one of the foregoing with the consent of the Administrative
Agent; and, with respect to the financial covenants only, the chief financial officer or the treasurer of each Existing Credit
Agreement Borrower.

 

“Restatement Date” means
February 15, 2013.

 

“Restricted Payment”
shall mean, for any Person, any dividend or distribution on any class of its Equity Interests, or any payment on account of, or
set apart assets for a sinking or other analogous fund for, the purchase, redemption, retirement, defeasance or other acquisition
of, any shares of its Equity Interests, any Indebtedness subordinated to the Obligations or any Guarantee thereof or any options,
warrants, or other rights to purchase such Equity Interests or such Indebtedness, whether now or hereafter outstanding.

 

“Restructure” has the
meaning set forth in the seventh WHEREAS clause of the WITNESSETH section hereof.

 

“S&P” shall mean
Standard & Poor’s, a Division of the McGraw-Hill Companies.

 

“Sale/Leaseback” shall
have the meaning set forth in Section 9.8.

 

    	17

    	 

    

  

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

 

“Synthetic Lease” shall
mean a lease transaction under which the parties intend that (i) the lease will be treated as an “operating lease”
by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended and (ii) the lessee will be entitled to
various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property.

 

“Synthetic Lease Obligations”
shall mean, with respect to any Person, the sum of (i) all remaining rental obligations of such Person as lessee under Synthetic
Leases which are attributable to principal and, without duplication, and (ii) all rental and purchase price payment obligations
of such Person under such Synthetic Leases assuming such Person exercises the option to purchase the lease property at the end
of the lease term.

 

“Tax-Exempt Bond Obligations”
shall mean the lease or loan obligations of any Loan Party owed to any Governmental Authority that has issued Tax-Exempt Bonds.

 

“Tax-Exempt Bonds” shall
mean tax-exempt bonds issued by any Governmental Authority and supported by a Letter of Credit issued under the Existing Credit
Agreement, the proceeds of which are applied to finance the purchase or development of any property that is owned by, or leased
back to, a Loan Party.

 

“Taxes” shall mean any
and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.

 

“Trustee” shall mean
Wells Fargo Bank, National Association, a national banking association, and any successor trustee under the Indentures.

 

“Unrestricted Subsidiary”
shall mean any Subsidiary of a Loan Party that has been designated in writing by the Guarantor Representative to the Administrative
Agent as an “Unrestricted Subsidiary” and is an “Unrestricted Subsidiary” under the Existing Credit Agreement.

 

“US Dollar”, “Dollar”
and the sign “$” shall mean lawful money of the United States of America.

 

“US Borrowers” shall
mean, collectively, International-Matex Tank Terminals and IMTT-Bayonne, each a Delaware general partnership, and “US Borrower”
means each of such entities.

 

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“US Loan Parties” shall
have the meaning set forth in the Existing Credit Agreement.

 

“Withdrawal Liability”
shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such
terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

Section 1.2           Joint
and Several Obligations. All representations, warranties, covenants, agreements or obligations contained herein made by
or requiring performance on the part of any of the Loan Parties shall be joint and several representations, warranties, covenants,
agreements and obligations as the case may be of each Loan Party.

 

Section 1.3           Accounting
Terms and Determination. Unless otherwise defined or specified herein, all accounting terms used herein shall be interpreted,
all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be
prepared, in accordance with GAAP as in effect from time to time, applied on a basis consistent with the most recent audited combined
financial statement of the Existing Credit Agreement Borrowers delivered pursuant to Section 7.1(a); provided,
that if the Existing Credit Agreement Borrowers notify the Administrative Agent that the Existing Credit Agreement Borrowers wish
to amend any covenant in Article VIII to eliminate the effect of any change in GAAP on the operation of such covenant
(or if the Administrative Agent notifies the Guarantor Representative that the Required Lenders wish to amend Article VIII
for such purpose), then compliance by the Existing Credit Agreement Borrowers with such covenant shall be determined on the basis
of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such
covenant is amended in a manner satisfactory to the Existing Credit Agreement Borrowers and the Required Lenders. Notwithstanding
any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting
Codification Section 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness
of any Loan Party or any Subsidiary of any Loan Party at “fair value”, as defined therein

 

Section 1.4           Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. In the computation
of periods of time from a specified date to a later specified date, the word “from” means “from and including”
and the word “to” means “to but excluding”. Unless the context requires otherwise (i) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as it was originally executed or as it may from time to time be amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference herein
to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “hereof”,
“herein” and “hereunder” and words of similar import shall be construed to refer to this Agreement as a
whole and not to any particular provision hereof, (iv) all references to Articles, Sections, Exhibits and Schedules shall
be construed to refer to Articles, Sections, Exhibits and Schedules to this Agreement and (v) all references to a specific
time shall be construed to refer to the time in the city and state of the Administrative Agent’s principal office, unless
otherwise indicated.

 

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ARTICLE
II.

THE BONDS

 

Section 2.1           Purchase
of Bonds. Subject to and upon the terms and conditions herein set forth and the other Loan Documents, and in reliance upon
the representations and warranties of the Loan Parties set forth herein and in the other Loan Documents, each Lender has executed
one or more Bond Purchase Agreements pursuant to which it has agreed to purchase Bonds equal to such Lender’s Bond Purchase
Commitment.

 

Section 2.2           Bond
Interest and Principal Payments; Interest Rate.

 

(a)          Accrued
and unpaid interest on the Bonds will be due and payable as set forth in the Bonds and the Indentures. The Bonds will be repaid
as set forth in the Indentures and the Bonds. The Bonds are subject to optional and mandatory redemption as set forth in the Bonds
and the Indentures. The Bonds are subject to optional and mandatory purchase as set forth in the Bonds and the Indentures.

 

(b)          As
set forth in the Indentures, amounts payable under the Indentures and the Bonds as principal and interest shall be paid by the
Trustees to the Administrative Agent. Upon receipt of such payments, the Administrative Agent shall pay (i) principal received
on a Lender’s Bonds to such Lender as principal on such Bonds and (ii) interest received on a Lender’s Bonds to such
Lender as interest on such Bonds.

 

(c)          Upon
receipt of the Compliance Certificate delivered pursuant to Section 7.1(c), the Administrative Agent shall send written notice
to the Trustees and the Guarantor Representative of any change in the Applicable Margin (as defined in the Indenture based on any
change in the Leverage Ratio as of the most recent Fiscal Quarter then ended which shall be effective on the first day of the next
Fiscal Quarter.

 

(d)          In
the event that in any Bonds or any Indentures respecting such Bonds, it is provided that the Bonds may not bear interest at a rate
in excess of the Maximum Rate, then the following provisions shall be applicable. If, but for the limitation of the Maximum Rate,
the rate of interest payable on any Bonds would exceed the Maximum Rate, then the Loan Parties shall, to the extent permitted by
applicable law, pay to the Administrative Agent, on the last day of each month in which the interest rate on the Bonds would have,
but for the limit of the Maximum Rate, exceed the Maximum Rate, a fee for the benefit of the Lenders equal to the sum of (A) the
difference between (x) the interest that would have been payable to the Lenders if the Bonds had continuously borne interest at
the rate of interest provided for in the Bonds, without regard to the Maximum Rate, for the month then ended and (y) the interest
actually paid to the Lenders at the Maximum Rate for the month then ended (the “Excess Interest”) and (B) such
amount as shall be necessary to reimburse the Lenders for any tax liabilities attributable to receipt of Excess Interest.

 

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Section 2.3           Mandatory
Tender for Purchase of Bonds. Each of the parties hereto acknowledges that the Bonds are subject to mandatory tender for
purchase by IMTT-Finco, on February 15, 2018 or such later date as set forth in the Indentures (the “Purchase Date”)
at a purchase price of 100% of the outstanding principal amount of the Bonds held by the Lenders plus accrued and unpaid interest
to the Purchase Date. On the Purchase Date, IMTT-Finco shall be required to purchase, or cause the purchase of, the Bonds from
such Lender on the Purchase Date. Upon receipt of the outstanding principal amount of Bonds held by such Lender and accrued and
unpaid interest thereon to the Purchase Date, such Lender shall cause the transfer of its Bonds and assign all of its rights thereunder
to IMTT-Finco or its assigns.

 

Section 2.4           Fees.

 

(a)          The
Loan Parties jointly and severally agree to pay the Administrative Agent, for the benefit of the Lenders, the upfront fees previously
agreed upon in writing by the Borrower and the Administrative Agent, which shall be due and payable on the Restatement Date.

 

(b)          The
Loan Parties agree to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon in writing between the Loan Parties and the Administrative Agent.

 

(c)          Fees
payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution.
Fees paid shall not be refundable under any circumstances.

 

Section 2.5           Obligations
of Lenders Several. The obligations of the Lenders hereunder to purchase the Bonds are several and not joint. The failure
of any Lender to purchase a Bond as required under the applicable Bond Purchase Agreement and in the Loan Documents shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any
other Lender to so purchase Bonds consistent with such Lender’s Bond Purchase Commitment.

 

Section 2.6           Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain funds for the purchase of Bonds in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for purchase of Bonds
in any particular place or manner.

 

Section 2.7           Evidence
of Debt. The obligation of the Issuers to make payments on the Bonds will be evidenced by individual Bonds issued under
the Indentures and payable to the respective Lenders. As set forth in the Indentures and the Bonds, the Issuers have no obligation
to make any payment on any Bonds except from funds provided by IMTT-Finco under the applicable Loan Agreement.

 

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Section 2.8           Additional
Bonds. At any time on or after the Restatement Date, any institution that has purchased Additional Bonds may become party
to this Agreement as a Lender or, if already a Lender thereunder, increase its Bond Purchase Commitment by executing and delivering
to the Administrative Agent a Lender Joinder Agreement substantially in the form attached hereto as Exhibit 2.8. Each Guarantor
shall acknowledge and agree to any such Lender Joinder Agreement for the purpose of, inter alia, affirming its guaranty
of IMTT-Finco’s obligations under the related Loan Agreement. The Loan Parties shall acknowledge and agree to any such Lender
Joinder Agreement for the purpose of reaffirming the representations and warranties set forth herein. None of the Lenders or their
affiliates shall have any obligation to purchase Additional Bonds after the Restatement Date without their prior written approval.
Neither the Administrative Agent nor the Lead Arranger shall have any responsibility for arranging the purchase of Additional Bonds
without their prior written consent and subject to such conditions, including fee arrangements, as they may provide in connection
therewith. Schedule I will be deemed to be revised to reflect the Lenders and their pro rata shares after giving effect
to the purchase of Additional Bonds. The conditions set forth in any Bond Purchase Agreement with respect to the purchase of Additional
Bonds and the conditions set forth in Section 5.1 hereof with respect to the purchase of Additional Bonds shall have been
satisfied prior to any execution and delivery of a Lender Joinder Agreement.

 

ARTICLE
III.

GUARANTY

 

Section 3.1           Guarantee.
Each Guarantor unconditionally guarantees, jointly and severally with the other Guarantors, as a primary obligor and not merely
as a surety, for the benefit of the Issuers and the Lenders, the due and punctual payment of (i) all payments due under the Loan
Agreements, including, but not limited to, payments due under Section 4.02 thereof, when and as due, whether at maturity,
by acceleration, upon one or more dates set for prepayment or otherwise and (ii) any other obligations or payments required to
be made by IMTT-Finco under the Loan Agreements (all the monetary and other obligations referred to in the preceding clauses collectively
called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended
or renewed (including, without limitation, any modifications to the Guaranteed Obligations contemplated by the Restructure), in
whole or in part, without notice to or further assent from such Guarantor, and that such Guarantor will remain bound upon its guarantee
notwithstanding any extension or renewal (including, without limitation, any modifications to the Guaranteed Obligations contemplated
by the Restructure) of any Guaranteed Obligations. Each Guarantor hereby consents to the Restructure.

 

Section 3.2           Obligations
Not Waived. To the fullest extent permitted by applicable law, each Guarantor waives presentment or protest to, demand
of or payment from the other Loan Parties of any of the Guaranteed Obligations, and also waives notice of acceptance of its guarantee
and notice of protest for nonpayment. To the fullest extent permitted by applicable law, the obligations of each Guarantor hereunder
shall not be affected by (i) the failure of the Administrative Agent, any Issuer, any Trustee or any Lender to assert any claim
or demand or to enforce or exercise any right or remedy against IMTT-Finco under the provisions of the Loan Agreement, any other
Loan Document or otherwise, (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or
provisions of, this Agreement, any other Loan Document, any guarantee or any other agreement, including with respect to any other
Guarantor under this Agreement, or (iii) the failure to perfect any security interest in, or the release of, any of the security
held by or on behalf of the Administrative Agent, any Issuer, any Trustee or any Lender.

 

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Section 3.3           Guarantee
of Payment. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due and
not of collection, and waives any right to require that any resort be had by the Administrative Agent, any Issuer, any Trustee
or any Lender to any of the security held for payment of the Guaranteed Obligations or to any balance of any deposit account or
credit on the books of the Administrative Agent, such Issuer, such Trustee or such Lender in favor of IMTT-Finco or any other Person.

 

Section 3.4           No
Discharge or Diminishment of Guarantee. The obligations of each Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations),
including any claim of waiver, release, surrender, alteration or compromise of any of the Guaranteed Obligations, and shall not
be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality
or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations
of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by the failure of the Administrative Agent,
any Issuer, any Trustee or any Lender to assert any claim or demand or to enforce any remedy under the Loan Agreement, any other
Loan Document or any other agreement, by any waiver or modification of any provision thereof, by any default, failure or delay,
willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or omission that may or might in any
manner or to any extent vary the risk of any Guarantor or that would otherwise operate as a discharge of each Guarantor as a matter
of law or equity (other than the indefeasible payment in full in cash of all the Guaranteed Obligations).

 

Section 3.5           Defenses
Waived. To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of
any defense of any Loan Party or the unenforceability of the Guaranteed Obligations or any part thereof from any causes, or the
cessation from any cause of the liability of any Loan Party, other than the final and indefeasible payment in full in cash of the
Guaranteed Obligations. The Administrative Agent, any Issuer, any Trustee and any Lender may at their election, foreclose on any
security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in
lieu of foreclosure, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any other Loan
Party or any other guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the
extent the Guaranteed Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each Guarantor
waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or
to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against IMTT-Finco or any other
Guarantor or guarantor, as the case may be, or any security.

 

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Section 3.6           Agreement
to Pay; Subordination. In furtherance of the foregoing and not in limitation of any other right that the Administrative
Agent, any Issuer, any Trustee or any Lender has at law or in equity against any Guarantor by virtue hereof, upon the failure of
any Guarantor to pay any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, after
notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative
Agent for the benefit of the applicable Lenders, in cash the amount of such unpaid Guaranteed Obligation. Upon payment by any Guarantor
of any sums to the Administrative Agent, all rights of such Guarantor against any Loan Party arising as a result thereof by way
of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in
right of payment to the prior indefeasible payment in full in cash of all the Guaranteed Obligations and the Bonds. In addition,
any indebtedness of any Loan Party now or hereafter held by any Guarantor is hereby subordinated in right of payment to the prior
payment in full in cash of the Guaranteed Obligations. If any amount shall erroneously be paid to any Guarantor on account of (i)
such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Loan Party, such
amount shall be held in trust for the benefit of the Administrative Agent and Lenders and shall forthwith be paid to the Administrative
Agent to be credited against the payment of the Guaranteed Obligations and the Bonds, whether matured or unmatured, in accordance
with the terms of the Loan Documents.

 

Section 3.7           Information.
Each Guarantor assumes all responsibility for being and keeping itself informed of other Loan Parties’ financial condition
and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Administrative Agent, the
Issuers, the Trustees or the Lenders will have any duty to advise any of the Guarantors of information known to it or any of them
regarding such circumstances or risks.

 

Section 3.8           Indemnity
and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable
law (but subject to Section 3.6), IMTT-Finco agrees that (a) in the event a payment shall be made by any Guarantor under this Agreement,
IMTT-Finco shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights
of the person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Guarantor
shall be sold to satisfy a claim of any Lender under this Agreement, IMTT-Finco shall indemnify such Guarantor in an amount equal
to the greater of the book value or the fair market value of the assets so sold.

 

Section 3.9           Contribution
and Subrogation. Each Guarantor (a “Contributing Guarantor”) agrees (subject to Section 3.6)
that, in the event a payment shall be made by any other Guarantor under this Agreement or assets of any other Guarantor shall be
sold to satisfy a claim of any Lender and such other Guarantor (the “Claiming Guarantor”) shall not have been
fully indemnified by the other Guarantors as provided in Section 3.8, the Contributing Guarantor shall indemnify the Claiming
Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets,
as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Guarantor
on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case
of any Guarantor becoming a party hereto pursuant to Section 7.10, the date of the Supplement hereto executed and delivered
by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 3.9 shall
be subrogated to the rights of such Claiming Guarantor under Section 3.8 to the extent of such payment.

 

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Section 3.10         Subordination.
Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Section 3.8 and Section
3.9 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated
to the indefeasible payment in full in cash of the Guaranteed Obligations and the Bonds. No failure on the part of IMTT-Finco or
any Guarantor to make the payments required under applicable law or otherwise shall in any respect limit the obligations and liabilities
of any Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for the full amount of the obligations
of such Guarantor hereunder.

 

Section 3.11         Savings
Clause.

 

(a)          It
is the intent of the parties hereto that each Guarantor’s maximum obligations hereunder shall be but not in excess of:

 

(i)          in
case or proceeding commenced by or against any Guarantor under the provisions of Title 11 of the United States Code, 11 U.S.C.
§§101 et seq. (the “Bankruptcy Code”) on or within one year from the date on which any
of the Guaranteed Obligations are incurred, the maximum amount which would not otherwise cause the Guaranteed Obligations (or any
other obligations of such Guarantor owed to the Agents or the Lenders) to be avoidable or unenforceable against such Guarantor
under (i) Section 548 of the Bankruptcy Code or (ii) any state fraudulent transfer or fraudulent conveyance act or statute
applied in such case or proceeding by virtue of Section 544 of the Bankruptcy Code; or

 

(ii)         in
case or proceeding commenced by or against any Guarantor under the Bankruptcy Code subsequent to one year from the date on which
any of the Guaranteed Obligations are incurred the maximum amount which would not otherwise cause the Guaranteed Obligations (or
any other obligations of such Guarantor to the Agents or the Lenders) to be avoidable or unenforceable against such Guarantor under
any state fraudulent transfer or fraudulent conveyance act or statute applied in any such case or proceeding by virtue of Section 544
of the Bankruptcy Code; or

 

(iii)        in
case or proceeding commenced by or against any Guarantor under any law, statute or regulation other than the Bankruptcy Code (including,
without limitation, any other bankruptcy, reorganization, arrangement, moratorium, readjustment of debt, dissolution, liquidation
or similar debtor relief laws), the maximum amount which would not otherwise cause the Guaranteed Obligations (or any other obligations
of such Guarantor to the Issuers, the Trustees, the Administrative Agent or the Lenders) to be avoidable or unenforceable against
such Guarantor under such law, statute or regulation including, without limitation, any state fraudulent transfer or fraudulent
conveyance act or statute applied in any such case or proceeding.

 

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(b)          The
substantive laws under which the possible avoidance or unenforceability of the Guaranteed Obligations (or any other obligations
of such Guarantor to the Issuers, the Trustees, the Administrative Agent or the Lenders) as may be determined in any case or proceeding
shall hereinafter be referred to as the “Avoidance Provisions”. To the extent set forth in Section 3.11(a)
(i), (ii), and (iii), but only to the extent that the Guaranteed Obligations would otherwise be subject to avoidance or found
unenforceable under the Avoidance Provisions, if any Guarantor is not deemed to have received valuable consideration, fair value
or reasonably equivalent value for the Guaranteed Obligations, or if the Guaranteed Obligations would render such Guarantor insolvent,
or leave such Guarantor with an unreasonably small capital to conduct its business, or cause such Guarantor to have incurred debts
(or to have intended to have incurred debts) beyond its ability to pay such debts as they mature, in each case as of the time any
of the Guaranteed Obligations are deemed to have been incurred under the Avoidance Provisions and after giving effect to the contribution
by such Guarantor, the maximum Guaranteed Obligations for which such Guarantor shall be liable hereunder shall be reduced to that
amount which, after giving effect thereto, would not cause the Guaranteed Obligations (or any other obligations of such Guarantor
to the Issuers, the Trustees, the Administrative Agent or the Lenders), as so reduced, to be subject to avoidance or unenforceability
under the Avoidance Provisions.

 

(c)          This
Section 3.11 is intended solely to preserve the rights of the Administrative Agent, the Issuers, the Trustees and the
Lenders hereunder to the maximum extent that would not cause the Guaranteed Obligations of such Guarantor to be subject to avoidance
or unenforceability under the Avoidance Provisions, and neither the Guarantors nor any other Person shall have any right or claim
under this Section 3.11 as against the Administrative Agent, the Issuers, the Trustees or the Lenders that would not
otherwise be available to such Person under the Avoidance Provisions.

 

ARTICLE
IV.

ADDITIONAL PAYMENTS

 

Section 4.1           Reserved.

 

Section 4.2           Reserved.

 

Section 4.3           Increased
Costs.

 

(a)          If
any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit or similar requirement that is not otherwise included in the determination
of the Adjusted LIBOR Rate, the Adjusted Non-De Minimis LIBOR Rate or the Taxable Adjusted LIBOR Rate (each as defined in the Bonds)
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 LIBOR Rate, the Adjusted Non-De Minimis LIBOR Rate or the Taxable Adjusted LIBOR Rate); or

 

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(ii)         impose
on any Lender or the eurodollar interbank market any other condition affecting this Agreement or the Bonds while bearing interest
at the Adjusted LIBOR Rate, the Adjusted Non-De Minimis LIBOR Rate or the Taxable Adjusted LIBOR Rate or any participation therein;

 

and the result of either of the foregoing is to increase
the cost to such Lender of holding Bonds which bear interest at the Adjusted LIBOR Rate, the Adjusted Non-De Minimis LIBOR Rate
or the Taxable Adjusted LIBOR Rate or to reduce the amount received or receivable by such Lender under the Bonds (whether of principal,
interest or any other amount), then from time to time, within five (5) Business Days after receipt by the Guarantor Representative
of written notice and demand by such Lender (with a copy of such notice and demand to the Administrative Agent), the Loan Parties
shall jointly and severally indemnify any such Lender for such additional amount or amounts sufficient to compensate such Lender,
as the case may be, for such additional costs incurred or reduction suffered.

 

(b)          If
any Lender shall have determined that on or after the date of this Agreement any Change in Law regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s capital (or on the capital of such Lender’s
Parent Company) as a consequence of holding the Bonds to a level below that which such Lender or such Lender’s Parent Company
could have achieved but for such Change in Law (taking into consideration such Lender’s policies or the policies of such
Lender’s Parent Company with respect to capital adequacy) then, from time to time, within five (5) Business Days after receipt
by the Guarantor Representative of written demand by such Lender (with a copy thereof to the Administrative Agent), the Guarantors
shall jointly and severally indemnify any such Lender for such additional amounts as will compensate such Lender or such Lender’s
Parent Company for any such reduction suffered.

 

(c)          A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or such Lender’s Parent Company,
as the case may be, specified in paragraph (a) or (b) of this Section 4.3, and containing a reasonably detailed calculation
of such compensation, shall be delivered to the Guarantor Representative (with a copy to the Administrative Agent) and shall be
conclusive, absent manifest error.

 

(d)          Failure
or delay on the part of any Lender to demand compensation pursuant to this Section 4.3 shall not constitute a waiver of
such Lender’s right to demand such compensation.

 

Section 4.4           Taxes.

 

(a)          Any
and all payments by or on account of any obligation of the Loan Parties hereunder or under the Bonds or with respect thereto shall
be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided, that if any Loan Party
shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased
as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 4.4), the Administrative Agent or any Lender (as the case may be) shall receive an amount equal to the sum it would have
received had no such deductions been made, (ii) the Loan Parties shall make such deductions and (iii) the Loan Parties shall pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 

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(b)          In
addition, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 

(c)          The
Loan Parties shall jointly and severally indemnify the Administrative Agent and each Lender, in each case within five (5) Business
Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent
or such Lender, on or with respect to any payment by or on account of any obligation of such Loan Parties hereunder (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 4.4) 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, together with a reasonably detailed calculation thereof, delivered to the Guarantor Representative
by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(d)          As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority, the Loan
Parties 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 Code or any treaty to which the
United States is a party, with respect to payments under this Agreement shall deliver to the Borrower Representative (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 Loan Parties as will permit such payments to be made without withholding
or at a reduced rate. Without limiting the generality of the foregoing, each Foreign Lender agrees that it will deliver to the
Administrative Agent and the Borrower Representative (or in the case of a Participant, to the Lender from which the related participation
shall have been purchased), as appropriate, two (2) duly completed copies of (i) Internal Revenue Service Form W-8 ECI, or any
successor form thereto, certifying that the payments received from the Issuer under the Bonds or the Loan Parties hereunder are
effectively connected with such Foreign Lender’s conduct of a trade or business in the United States; or (ii) Internal Revenue
Service Form W-8 BEN, or any successor form thereto, certifying that such Foreign Lender is entitled to benefits under an income
tax treaty to which the United States is a party which reduces the rate of withholding tax on payments of interest; or (iii) Internal
Revenue Service Form W-8 BEN, or any successor form prescribed by the Internal Revenue Service, together with a certificate (A)
establishing that the payment to the Foreign Lender qualifies as “portfolio interest” exempt from US withholding tax
under Code section 871(h) or 881(c), and (B) stating that (1) the Foreign Lender is not a bank for purposes of Code section 881(c)(3)(A),
or the obligation of the Loan Parties hereunder is not, with respect to such Foreign Lender, a loan agreement entered into
in the ordinary course of its trade or business, within the meaning of that section; (2) the Foreign Lender is not a 10% shareholder
of the Loan Parties within the meaning of Code section 871(h)(3) or 881(c)(3)(B); and (3) the Foreign Lender is not a controlled
foreign corporation that is related to the Loan Parties within the meaning of Code section 881(c)(3)(C); or (iv) such other Internal
Revenue Service forms as may be applicable to the Foreign Lender, including Forms W-8 IMY or W-8 EXP. Each such Foreign Lender
shall deliver to the Borrower Representative and the Administrative Agent such forms on or before the date that it becomes a party
to this Agreement (or in the case of a Participant, on or before the date such Participant purchases the related participation).
In addition, each such Foreign Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously
delivered by such Foreign Lender. Each such Foreign Lender shall promptly notify the Borrower Representative and the Administrative
Agent at any time that it determines that it is no longer in a position to provide any previously delivered certificate to the
Borrower Representative (or any other form of certification adopted by the Internal Revenue Service for such purpose).

 

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

 

Section 4.5           Payments
Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)          The
Administrative Agent shall distribute any payments received by it for the account of any other Person to the appropriate recipient
promptly following receipt thereof. The Administrative Agent will have no obligation to make any payments to Lenders unless funds
to make such payment are received by the Administrative Agent.

 

(b)          If
any Lender shall fail to make any payment required to be made by it pursuant to Section 13.3(e), 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.

 

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(c)          If
any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any Bonds resulting in such Lender receiving payment of a proportion of the aggregate amount of its Bonds and accrued
interest thereon greater than its Pro Rata Share, then the Lender receiving such greater proportion shall (a) notify the Administrative
Agent of such fact, and (b) purchase (for cash at face value) participations in the Bonds of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with its Pro Rata Share, provided that if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest.

 

Each Loan Party 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 such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

Section 4.6           Waterfall.

 

(a)          Subject
to the provisions of this Agreement, all payments (other than payments described in Section 2.2(b)) made by or on behalf
of the Loan Parties before the exercise of any rights arising under Article X, or otherwise, shall be applied by the Administrative
Agent in each instance in the following order:

 

(i)          first,
in payment of any amounts due and payable as and by way of recoverable expenses hereunder; and

 

(ii)         second,
in payment of any other Obligations due hereunder ratably among the Lenders in proportion to their Pro Rata Share.

 

(b)          All
payments made by or on behalf of the Loan Parties after the exercise of any rights arising under Article X shall be applied
by the Administrative Agent in each instance in the following order:

 

(i)          first,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal
and interest but including all reasonable fees, expenses and disbursements of any law firm or other counsel and amounts payable
under Section 4.4) payable to the Administrative Agent in its capacity as such;

 

(ii)         second,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal
and interest) payable to the Lenders (including all reasonable fees, expenses and disbursements of any law firm or other counsel
and amounts payable under Section 4.4), ratably among the Lenders in proportion to their Pro Rata Share;

 

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(iii)        third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Bonds, ratably among the Lenders
in proportion to their Pro Rata Share;

 

(iv)        fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Bonds, ratably among the Lenders in proportion
to their Pro Rata Share; and

 

(v)         last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by Law.

 

Section 4.7           Mitigation
of Obligations. If any Lender requests compensation under Section 4.3, or if any Loan Party is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.4, then
such Lender shall use reasonable efforts to designate a different Applicable Lending Office for booking its Bonds or to assign
its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the sole judgment of such Lender,
such designation or assignment (i) would eliminate or reduce amounts payable under Section 4.3 or Section 4.4, 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 Loan Parties jointly and severally agree to pay all costs and expenses incurred by any Lender
in connection with such designation or assignment.

 

ARTICLE
V.

CONDITIONS PRECEDENT TO PURCHASE OF BONDS

 

Section 5.1           Conditions
To Effectiveness of this Agreement and the Purchase of Bonds. The amendment and restatement of the Existing Bond Guaranty
and Credit Agreement and the obligation of each Lender to purchase Bonds or continue to hold Bonds in either case up to its Bond
Purchase Commitment is subject to satisfaction of the following conditions precedent (or waived in accordance with Section 13.2):

 

(a)          The
Administrative Agent shall have received payment of all fees and other amounts due and payable on or prior to the Restatement Date,
including reimbursement or payment of other fees and all out-of-pocket expenses of the Administrative Agent and the Lead Arranger
(including reasonable fees, charges and disbursements of counsel to the Administrative Agent) required to be reimbursed or paid
by the Loan Parties hereunder, under any other Loan Document and under the Fee Letter and any other agreement with the Administrative
Agent or the Lead Arranger.

 

(b)          (x)
No Default or Event of Default shall exist, (y) all representations and warranties of each Loan Party set forth in the Loan Documents
are true and correct and (z) since December 31, 2011, there shall have been no change which has had or could reasonably be expected
to have a Material Adverse Effect.

 

(c)          The
Administrative Agent (or its counsel) shall have received the following, each in form and substance satisfactory to the Administrative
Agent:

 

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(i)          counterparts
of this Agreement signed by or on behalf of the Loan Parties, the Administrative Agent and the Lenders or written evidence satisfactory
to the Administrative Agent (which may include telecopy or electronic mail transmission of a signed signature page of this Agreement
or such amendment, as the case may be) that such party has signed a counterpart of this Agreement or Joinder Agreement, as the
case may be;

 

(ii)         any
opinions, certificates and other items required under the Indentures, as amended;

 

(iii)        each
Lender has received a Bond executed by the Issuer in favor of such Lender and authenticated by the Trustee in form and substance
satisfactory to the Administrative Agent and the Lenders;

 

(iv)        counterparts
of amendments to the Indentures duly executed by the Issuer and the Trustee and in form and substance satisfactory to the Administrative
Agent and the Lenders;

 

(v)         counterparts
of amendments to the Loan Agreements, duly executed by the Issuer and IMTT-Finco and in form and substance satisfactory to the
Administrative Agent and the Lenders;

 

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

 

(vii)       certified
copies of the articles or certificate of incorporation, certificate of organization or limited partnership, or other registered
organizational documents of each Loan Party, together with a certificate of good standing or existence, as may be available from
the Secretary of State (or equivalent) of the jurisdiction of organization of such Loan Party;

 

(viii)      favorable
written opinions of Coleman, Johnson, Artigues & Jurisich, LLC and Phelps Dunbar, LLP, counsel to the Loan Parties, and a favorable
written opinion of Heenan Blaikie, Canadian counsel to the Loan Parties, in each case addressed to the Administrative Agent and
each of the Lenders, and covering such matters relating to the Loan Parties, the Loan Documents and the transactions contemplated
therein as the Administrative Agent or the Lenders shall reasonably request;

 

(ix)         an
officer’s certificate, dated the Restatement Date and signed by a Responsible Officer of the Loan Parties, certifying that
the conditions set forth in Section 5.1(b) have been satisfied;

 

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(x)          certified
copies of all consents, approvals, authorizations, registrations and filings and orders required or advisable to be made or obtained
under any Requirement of Law, or by any Contractual Obligation of each Loan Party, in connection with the execution, delivery,
performance, validity and enforceability of the Loan Documents or any of the transactions contemplated thereby, and such consents,
approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods
shall have expired or been terminated, and no investigation or inquiry by any Governmental Authority regarding the Bond Purchase
Commitments or any transaction being financed with the proceeds thereof shall be ongoing, or certification that no such consents,
approvals, authorizations, registrations and filings and orders are required;

 

(xi)         copies
of (A) the internally prepared quarterly financial statements of the Loan Parties and their Subsidiaries on a combined basis for
the Fiscal Quarter ending on September 30, 2012, (B) the audited combined financial statements for the Loan Parties and their Subsidiaries
for the Fiscal Year ending December 31, 2011 and (C) financial projections in reasonable detail prepared on an annual basis for
the Fiscal Years 2013 through 2017;

 

(xii)        An
opinion of Adams & Reese LLP, bond counsel, customary for transactions of this type, addressed to the Lenders, the Administrative
Agent and the Trustee, including an opinion that (i) interest on the Bonds is exempt from federal and Louisiana state income tax,
(ii) interest on the Bonds will not be a specific preference item for purposes of the corporate alternative minimum tax, (iii)
interest on the Bonds will not be included in the adjusted current earnings in calculating alternative minimum taxable income for
certain circumstances and (iv) the Bonds are eligible for the de minimis safe harbor exemption for tax-exempt
interest expense of financial institutions under Section 265(b)(7) of the Code, subject to the limitation in Section 265(b)(7)(B)
of the Code;

 

(xiii)       a
copy of the Existing Credit Agreement, duly executed by all parties and in form and substance reasonably satisfactory to the Administrative
Agent including the extension of the Commitment Termination Date contemplated therein; and

 

(xiv)      all
documentation and other information that the Administrative Agent requests in order to comply with its ongoing obligations under
applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

Without limiting the generality of the provisions of this Section
5.1, for purposes of determining compliance with the conditions specified in this Section 5.1, each Lender that executes
this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent
shall have received notice from such Lender prior to the Restatement Date with respect to any series of Additional Bonds specifying
its objection thereto.

 

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Section 5.2           Delivery
of Documents. All of the Loan Documents, certificates, legal opinions and other documents and papers referred to in this
Article V, unless otherwise specified, shall be delivered to the Administrative Agent for the account of each of the Lenders
and in sufficient counterparts or copies for each of the Lenders and shall be in form and substance satisfactory in all respects
to the Administrative Agent.

 

ARTICLE
VI.

REPRESENTATIONS AND WARRANTIES

 

The Loan Parties represent and warrant to
the Administrative Agent and each Lender as follows:

 

Section 6.1           Existence;
Power. Each of the Loan Parties and their Subsidiaries (i) is duly organized, validly existing and in good standing as
a corporation, partnership or limited liability company under the laws of the jurisdiction of its organization, (ii) has all requisite
power and authority to carry on its business as now conducted, and (iii) is duly qualified to do business, and is in good standing,
in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected
to result in a Material Adverse Effect.

 

Section 6.2           Organizational
Power; Authorization. The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a
party are within such Loan Party’s organizational powers and have been duly authorized by all necessary organizational and,
if required, shareholder, partner or member, action. This Agreement has been duly executed and delivered by the Loan Parties, and
constitutes, and each other Loan Document to which any Loan Party is a party, when executed and delivered by such Loan Party, will
constitute, valid and binding obligations of the Loan Parties or such Loan Party (as the case may be), enforceable against it in
accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

Section 6.3           Governmental
Approvals; No Conflicts. The execution, delivery and performance by the Loan Parties of this Agreement, and by each Loan
Party of the other Loan Documents to which it is a party (i) do not require any consent or approval of, registration or filing
with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect,
or where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect,
(ii) will not violate any Requirements of Law applicable to any Loan Parties or any judgment, order or ruling of any Governmental
Authority, (iii) will not violate or result in a default under any indenture, material agreement or other material instrument binding
on any Loan Parties or any of their assets or give rise to a right thereunder to require any payment to be made by any Loan Parties
and (iv) will not result in the creation or imposition of any Lien on any asset of any Loan Party, except Liens created under the
Loan Documents.

 

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Section 6.4           Financial
Statements. The Existing Credit Agreement Borrowers have furnished to each Lender (i) the audited combined balance sheet
of the Loan Parties and their Subsidiaries as of December 31, 2011 and the related combined statements of income, shareholders’
equity and cash flows for the Fiscal Year then ended audited by KPMG, LLP and (ii) the unaudited combined and combining balance
sheet of the Loan Parties and their Subsidiaries as of September 30, 2012, and the related unaudited combined and combining statements
of income and cash flows for the Fiscal Quarter and year-to-date period then ending, certified by a Responsible Officer. Such financial
statements fairly present the combined financial condition of the Loan Parties and their Subsidiaries as of such dates and the
combined results of operations for such periods in conformity with GAAP consistently applied, subject to year end audit adjustments
and the absence of footnotes in the case of the statements referred to in clause (ii).

 

Section 6.5           Litigation
and Environmental Matters.

 

(a)          No
litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or, to the
knowledge of the Loan Parties, threatened against or affecting any Loan Parties (i) as to which there is a reasonable possibility
of an adverse determination that could reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect or (ii) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document.

 

(b)          Except
for the matters set forth on Schedule 6.5, none of the Loan Parties (i) has failed to comply with any Environmental Law
or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become
subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv)
knows of any basis for any Environmental Liability, in each case with respect to Environmental Liabilities that could reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect.

 

Section 6.6           Compliance
with Laws and Agreements. The Loan Parties and their Subsidiaries are in compliance with all Requirements of Law and all
judgments, decrees and orders of any Governmental Authority except where non-compliance, either singly or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. The Loan Parties are in compliance with all indentures, agreements
or other instruments binding upon it or its properties, except where noncompliance, either singly or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

 

Section 6.7           Investment
Company Act, Etc. None of the Loan Parties is (i) an “investment company” or is “controlled” by
an “investment company”, as such terms are defined in, or subject to regulation under, the Investment Company Act of
1940, as amended, (ii) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding
Company Act of 1935, as amended or (iii) otherwise subject to any other regulatory scheme limiting its ability to incur debt or
requiring any approval or consent from or registration or filing with, any Governmental Authority in connection therewith.

 

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Section 6.8           Taxes.
The Loan Parties and each other Person for whose taxes any Loan Party could become liable have timely filed or caused to be filed
all Federal income tax returns and all other material tax returns that are required to be filed by them, and have paid all taxes
shown to be due and payable on such returns or on any assessments made against it or its property and all other taxes, fees or
other charges imposed on it or any of its property by any Governmental Authority, except where the same are currently being contested
in good faith by appropriate proceedings and for which such Loan Party has set aside on its books adequate reserves in accordance
with GAAP or where failure to do so would not be expected to have a Material Adverse Effect. The charges, accruals and reserves
on the books of the Loan Parties in respect of such taxes are adequate, and no tax liabilities that could have a Material Adverse
Effect are anticipated.

 

Section 6.9           Margin
Regulations. None of the proceeds of any of the Loans will be used, directly or indirectly, for “purchasing”
or “carrying” any “margin stock” with the respective meanings of each of such terms under Regulation U
or for any purpose that violates the provisions of the Regulation U. None of the Loan Parties is engaged principally, or as one
of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin stock.”

 

Section 6.10         ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value
of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Standards
No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of
the assets of such Plan by more than $30,000,000, and the present value of all accumulated benefit obligations of all underfunded
Plans (based on the assumptions used for purposes of Statement of Financial Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans by
more than $30,000,000.

 

Section 6.11         Ownership
of Property.

 

(a)          The
Loan Parties have good title to, or valid leasehold interests in, all of their real and personal property material to the operation
of their businesses taken as a whole, including all such properties reflected in the most recent audited combined balance sheet
of the Loan Parties and their Subsidiaries referred to in Section 6.4 or purported to have been acquired by the Loan Parties
after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens
prohibited by this Agreement. All leases that individually or in the aggregate are material to the business or operations of the
Loan Parties taken as a whole are valid and subsisting and are in full force.

 

(b)          The
Loan Parties own, or are licensed, or otherwise have the right, to use, all patents, trademarks, service marks, trade names, copyrights
and other intellectual property material to their businesses taken as a whole, and the use thereof by the Loan Parties does not
infringe in any material respect on the rights of any other Person.

 

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(c)          The
properties of the Loan Parties are insured with financially sound and reputable insurance companies which are not Affiliates of
the Loan Parties, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged
in similar businesses and owning similar properties in localities where the Loan Parties operate.

 

Section 6.12         Disclosure.
The Loan Parties have disclosed to the Lenders all agreements, instruments, and corporate or other restrictions to which the Loan
Parties are subject, and all other matters known to any of them, that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect. Neither the Information Memorandum nor any of the reports (including without limitation
all reports that the Loan Parties are required to file with the Securities and Exchange Commission), financial statements, certificates
or other information furnished by or on behalf of the Loan Parties to the Administrative Agent or any Lender in connection with
the negotiation or syndication of this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or
supplemented by any other information so furnished) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, taken as a whole, in light of the circumstances under which they were made, not misleading;
provided, that with respect to projected financial information, the Loan Parties represent only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time.

 

Section 6.13         Labor
Relations. As of the date of this Agreement, there are no strikes, lockouts or other labor disputes or grievances against
the Loan Parties having a Material Adverse Effect, or, to the knowledge of any Borrower, threatened against or affecting the Loan
Parties, and no significant unfair labor practice, charges or grievances are pending against the Loan Parties, or to the knowledge
of the Loan Parties, threatened against any of them before any Governmental Authority. All payments due from the Loan Parties pursuant
to the provisions of any collective bargaining agreement have been paid or accrued as a liability on the books of any Loan Party,
except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

Section 6.14         Subsidiaries.
Schedule 6.14 sets forth the name of, the Equity Interests of the Loan Parties in, the jurisdiction of incorporation or
organization of, and the type of, each Subsidiary and identifies each Subsidiary that is a Loan Party or Unrestricted Subsidiary.

 

Section 6.15         Insolvency.
As of the date of this Agreement, after giving effect to the execution and delivery of the Loan Documents and the purchase of the
Bonds, none of the Loan Parties will be “insolvent,” within the meaning of such term as defined in § 101 of Title
11 of the United States Code, as amended from time to time, or be unable to pay its debts generally as such debts become due, or
have an unreasonably small capital to engage in any business or transaction, whether current or contemplated. With respect to each
Person becoming a Loan Party after the Restatement Date, on the date of, and after giving effect to, the execution and delivery
of a Supplement (as defined in Section 7.10 hereof), such Person is not “insolvent,” within the meaning of such
term as defined in § 101 of Title 11 of the United States Code, as amended from time to time, or be unable to pay its debts
generally as such debts become due, or have an unreasonably small capital to engage in any business or transaction, whether current
or contemplated.

 

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Section 6.16         OFAC.
No Loan Party (i) is a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of
Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2
of such executive order, or is otherwise associated with any such person in any manner violative of Section 2, or (iii) is a person
on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other
US Department of Treasury’s Office of Foreign Assets Control regulation or executive order.

 

Section 6.17         Patriot
Act. Each Loan Party is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and
each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended)
and any other enabling legislation or executive order relating thereto, and (ii) the Patriot Act. No part of the proceeds of the
Bonds will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official
of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain
or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as
amended.

 

Section 6.18         Other
Guarantors. There are no “Guarantors” in connection with the Existing Credit Agreement that are not Guarantors
hereunder.

 

ARTICLE
VII.

AFFIRMATIVE COVENANTS

 

The Loan Parties covenant and agree that
so long as any Bonds remain outstanding or any Obligation remains unpaid or outstanding:

 

Section 7.1           Financial
Statements and Other Information. The Existing Credit Agreement Borrowers will deliver to the Administrative Agent and
each Lender:

 

(a)          as
soon as available and in any event within 90 days after the end of each Fiscal Year of Borrowers (including, for the avoidance
of doubt, the Fiscal Year ending on December 31, 2012), (i) a copy of the annual audited report for such Fiscal Year for the Loan
Parties, containing a combined balance sheet of the Loan Parties as of the end of such Fiscal Year and the related combined statements
of income, ownership equity and cash flows (together with all footnotes thereto) of the Loan Parties for such Fiscal Year, setting
forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and reported on by KPMG,
LLP or other independent public accountants of nationally recognized standing (without a “going concern” or like qualification,
exception or explanation and without any qualification or exception as to scope of such audit) to the effect that such financial
statements present fairly in all material respects the financial condition and the results of operations of the Loan Parties for
such Fiscal Year on a combined basis in accordance with GAAP and that the examination by such accountants in connection with such
combined financial statements has been made in accordance with generally accepted auditing standards; and (ii) the combining unaudited
balance sheet of the Loan Parties as of the end of such Fiscal Year and the related combining unaudited statements of income of
the Loan Parties for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year,
all certified by a Responsible Officer of the Guarantor Representative as presenting fairly in all material respects the financial
condition and results of operations of the Loan Parties on a combining basis in accordance with GAAP;

 

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(b)          as
soon as available and in any event within 45 days after the end of each Fiscal Quarter (other than the fourth Fiscal Quarter of
each Fiscal Year), an unaudited combined balance sheet of the Loan Parties as of the end of such Fiscal Quarter and the related
unaudited combined statements of income and cash flows of the Loan Parties for such Fiscal Quarter and the then elapsed portion
of such Fiscal Year, setting forth in each case in comparative form the figures for the corresponding Fiscal Quarter and the corresponding
portion of the previous Fiscal Year;

 

(c)          concurrently
with the delivery of the financial statements referred to in clauses (a) and (b) above, a Compliance Certificate signed by a Responsible
Officer of the Guarantor Representative;

 

(d)          promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed
by the Loan Parties with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions
of said Commission, or with any national securities exchange, or distributed by the Loan Parties to their equity holders generally,
as the case may be;

 

(e)          promptly
following an acquisition for which the Loan Parties wish to include Combined Acquisition EBITDA Adjustments for purposes of calculating
the Leverage Ratio required under Section 8.1, quarterly financial statements demonstrating in reasonable detail the historical
Combined EBITDA for the trailing four-quarter period attributable to any Person that is acquired by, and itself becomes, a Loan
Party, or the business or assets of any Person or operating division or business unit of any Person acquired by a Loan Party; and

 

(f)          promptly
following any request therefor, such other information regarding the results of operations, business affairs and financial condition
of any Loan Party or any Subsidiary as the Administrative Agent or any Lender may reasonably request.

 

Section 7.2           Notices
of Material Events. The Loan Parties will furnish to the Administrative Agent and each Lender prompt written notice of
the following:

 

(a)          the
occurrence of any Default or Event of Default;

 

(b)          the
filing or commencement of, or any material development in, any action, suit or proceeding by or before any arbitrator or Governmental
Authority against or, to the knowledge of the Loan Party, affecting any Loan Party or any Subsidiary thereof which, if adversely
determined, could reasonably be expected to result in a Material Adverse Effect;

 

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(c)          the
occurrence of any event or any other development by which any Loan Party (i) fails to comply with any Environmental Law or to obtain,
maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) becomes subject to any
Environmental Liability, (iii) receives notice of any claim with respect to any Environmental Liability, or (iv) becomes aware
of any basis for any Environmental Liability and in each of the preceding clauses, which individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect;

 

(d)          the
occurrence of any ERISA Event that alone, or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability to the Loan Parties in an aggregate amount exceeding $30,000,000;

 

(e)          the
occurrence of any default or event of default, or the receipt by any Loan Party of any written notice of an alleged default or
event of default, in respect of any Material Indebtedness of any Loan Party; and

 

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

 

Each notice delivered under this Section 7.2 shall be
accompanied by a written statement of a Responsible Officer setting forth the details of the event or development requiring such
notice and any action taken or proposed to be taken with respect thereto.

 

Section 7.3           Existence;
Conduct of Business. Each Loan Party will do all things necessary to preserve, renew and maintain in full force and effect
its legal existence and its respective rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade
names material to the conduct of its business and will continue to engage in the same business as presently conducted or such other
businesses that are reasonably related thereto; provided, that nothing in this Section 7.3 shall prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 9.3.

 

Section 7.4           Compliance
with Laws, Etc. Each Loan Party will comply with all laws, rules, regulations and requirements of any Governmental Authority
applicable to its business and properties, including without limitation, all Environmental Laws, ERISA and OSHA, except where the
failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 7.5           Payment
of Obligations. Each Loan Party will pay and discharge at or before maturity, all of its obligations and liabilities (including
without limitation all taxes, assessments and other governmental charges, levies and all other claims that could result in a statutory
Lien) before the same shall become delinquent or in default, except where (i) the validity or amount thereof is being contested
in good faith by appropriate proceedings, and such Loan Party has set aside on its books adequate reserves with respect thereto
in accordance with GAAP or (ii) the failure to make payment pending such contest could not reasonably be expected to result in
a Material Adverse Effect.

 

Section 7.6           Books
and Records. Each Loan Party will keep proper books of record and account in which full, true and correct entries shall
be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the combined
financial statements of the Loan Parties in conformity with GAAP.

 

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Section 7.7           Visitation,
Inspection, Etc. Each Loan Party will permit any representative of the Administrative Agent or any Lender, to visit and
inspect its properties, to examine its books and records and to make copies and take extracts therefrom, and to discuss its affairs,
finances and accounts with any of its officers and with its independent certified public accountants, all at such reasonable times
and as often as the Administrative Agent or any Lender may reasonably request after reasonable prior notice to the Guarantor Representative;
provided, however, if an Event of Default has occurred and is continuing, no prior notice shall be required.

 

Section 7.8           Maintenance
of Properties; Insurance. Each Loan Party will (i) keep and maintain all property material to the conduct of its business
in good working order and condition, ordinary wear and tear excepted, except where the failure to do so, either individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and (ii) maintain with financially sound
and reputable insurance companies, insurance with respect to its properties and business, against loss or damage of the kinds customarily
insured against by companies in the same or similar businesses operating in the same or similar locations.

 

Section 7.9           Use
of Bond Proceeds. IMTT-Finco will cause its affiliates to use the proceeds of the Bonds to finance the current and/or past
cost of improving and expanding the liquid logistics centers in St. Rose, Louisiana and/or Geismar, Louisiana and/or other Louisiana
locations subsequently approved by the Issuer. No part of the proceeds of the Bonds will be used, whether directly or indirectly,
for any purpose that would violate any rule or regulation of the Board of Governors of the Federal Reserve System, including Regulations
T, U or X.

 

Section 7.10         Additional
Subsidiaries.

 

(a)          If
any Subsidiary is acquired or formed by a Loan Party after the Closing Date, the Guarantor Representative will promptly notify
the Administrative Agent and, within thirty (30) days after any such Subsidiary is acquired or formed, either (x) the Guarantor
Representative will designate such Subsidiary as an Unrestricted Subsidiary in a written notice to the Administrative Agent or
(y) the applicable Loan Party will cause such Subsidiary to become a Guarantor (Loan Party) in accordance with Section 7.10(c).

 

(b)          If
IMTT Holdings (or any Subsidiary of IMTT Holdings that is not a Loan Party) has, acquires or forms a Subsidiary, the Loan Parties
may also, at their sole option, declare such Subsidiary to be a Guarantor (and a Loan Party) by causing such Subsidiary to become
a Guarantor (and a Loan Party) in accordance with Section 7.10(c).

 

(c)          A
Subsidiary shall become an additional Guarantor by executing and delivering to the Administrative Agent a supplement to this Agreement
in form and substance reasonably satisfactory to the Administrative Agent (each, a “Supplement”), accompanied
by (i) all other Loan Documents related thereto, (ii) certified copies of certificates or articles of incorporation or organization,
by-laws, membership operating agreements, and other organizational documents, appropriate authorizing resolutions of the board
of directors of such Subsidiaries, and opinions of counsel comparable to those delivered pursuant to Section 5.1(c), and
(iii) such other documents as the Administrative Agent may reasonably request. No Subsidiary that becomes a Guarantor shall thereafter
cease to be a Guarantor or be entitled to be released or discharged from its Guaranteed Obligations.

 

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(d)          Once
a Person becomes a Loan Party, it cannot thereafter be declared an Unrestricted Subsidiary.

 

(e)          If
either (i) the Guarantor Representative designates a Subsidiary to be an Unrestricted Subsidiary pursuant to Section 7.10(a)
or (ii) IMTT Holdings (or any Subsidiary of IMTT Holdings that is not a Loan Party) has, acquires or forms a Subsidiary that does
not become a Guarantor pursuant to Section 7.10(b), (1) such Subsidiary shall not be a Loan Party, (2) the affirmative and
negative covenants set forth in Articles VII and IX shall not apply to such Subsidiary and (3) the Equity Interests
in any such Subsidiary may be pledged to lenders of such Subsidiary.

 

ARTICLE
VIII.

FINANCIAL COVENANTS

 

The Loan Parties covenant and agree that
so long as any Bonds are outstanding or any Obligation remains unpaid or outstanding:

 

Section 8.1           Leverage
Ratio. The Loan Parties will maintain as of the Fiscal Quarter ending December 31, 2012 a Leverage Ratio of not greater
than 4.75:1.00 and thereafter will maintain as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending March
31, 2013, a Leverage Ratio of not greater than 5.00:1.00.

 

Section 8.2           Interest
Coverage Ratio. The Loan Parties will maintain, as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter
ending December 31, 2012, an Interest Coverage Ratio of not less than 3.00:1.00.

 

Section 8.3           Project
EBITDA Adjustments. To include Combined Material Project EBITDA Adjustments for purposes of the Leverage Ratio set forth
in Section 8.1, the Loan Parties shall deliver to the Administrative Agent and the Administrative Agent under the Existing
Credit Agreement, at least 60 days prior to the date on which the Loan Parties expect to include any Combined Material Project
EBITDA Adjustment for purposes of calculating the Leverage Ratio, projections in reasonable detail setting forth such Combined
Material Project EBITDA Adjustment for each of the following four consecutive fiscal quarters. The Guarantor Representative shall
notify the Administrative Agent as to whether any proposed Combined Material Project EBITDA Adjustment is approved by the Administrative
Agent under the Existing Credit Agreement and the amount of such adjustments. The Administrative Agent shall promptly deliver to
the Lenders copies of any projections it receives setting forth any proposed Combined Material Project EBITDA Adjustment, and the
Administrative Agent shall notify the Lenders of whether any proposed Combined Material Project EBITDA Adjustment has been approved,
promptly after receipt of notice from the Guarantor Representative thereof.

 

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ARTICLE
IX.

NEGATIVE COVENANTS

 

The Loan Parties covenant and agree that
so long as any Bonds are outstanding or any Obligation remains unpaid or outstanding:

 

Section 9.1           Indebtedness
and Preferred Equity. The Loan Parties will not create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)          Indebtedness
created pursuant to the Loan Documents and the Existing Credit Agreement (including, without limitation, all bonds purchased under
a bond purchase facility established in accordance with the Existing Credit Agreement);

 

(b)          Indebtedness
of the Loan Parties existing on the date hereof and set forth on Schedule 9.1 and extensions, renewals and replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to giving effect to such
extension, renewal or replacement) or shorten the maturity or the weighted average life thereof;

 

(c)          Indebtedness
of any Loan Party owed to any other Loan Party; provided, however, that Indebtedness of any Canadian Borrower owed to a US Loan
Party shall be subject to the limitations described in Section 9.4(g);

 

(d)          Guarantees
by any Loan Party of Indebtedness owed by any other Loan Party; provided, however, that Guarantees by any Loan Party of Indebtedness
of any Canadian Borrower shall be subject to the limitations described in Section 9.4(g);

 

(e)          Indebtedness
of any Person which becomes a Loan Party after the date of this Agreement; provided, that such Indebtedness exists at the
time that such Person becomes a Loan Party and is not created in contemplation of or in connection with such Person becoming a
Loan Party;

 

(f)          Hedging
Obligations permitted by Section 9.9;

 

(g)          Intercompany
Taxable Bond Obligations issued after the Restatement Date in an aggregate amount not to exceed $350,000,000 at any one time outstanding;

 

(h)          Go-Zone
Bond Obligations and Tax-Exempt Bond Obligations issued after the Restatement Date in an aggregate amount not to exceed $300,000,000
at any one time outstanding; and

 

(i)          other
Indebtedness of the Loan Parties to the extent that after giving effect to the incurrence of such Indebtedness, the Loan Parties
would be in compliance with Section 8.1; provided, however, that no more than $25,000,000 of the principal
amount of such Indebtedness may be secured by Liens permitted under Section 9.2(i).

 

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Section 9.2           Negative
Pledge. The Loan Parties will not create, incur, assume or suffer to exist any Lien on any of its assets or property now
owned or hereafter acquired, except:

 

(a)          Permitted
Encumbrances;

 

(b)          Liens
securing the Obligations;

 

(c)          any
Liens on any property or asset of the Loan Parties existing on the Restatement Date set forth on Schedule 9.2; provided,
that such Lien shall not apply to any other property or asset of the Loan Parties;

 

(d)          any
Lien (i) existing on any asset of any Person at the time such Person becomes a Loan Party, (ii) existing on any asset of any Person
at the time such Person is merged with or into any Loan Party or (iii) existing on any asset prior to the acquisition thereof by
any Loan Party; provided, that any such Lien was not created in the contemplation of any of the foregoing and any such Lien
secures only those obligations which it secures on the date that such Person becomes a Loan Party or the date of such merger or
the date of such acquisition;

 

(e)          extensions,
renewals, or replacements of any Lien referred to in paragraphs (b) and (c) of this Section 9.2; provided, that the
principal amount of the Indebtedness secured thereby is not increased and that any such extension, renewal or replacement is limited
to the assets originally encumbered thereby;

 

(f)          Liens
on the Equity Interests of Unrestricted Subsidiaries owned by Loan Parties to secure Indebtedness owed by such Unrestricted Subsidiaries;

 

(g)          Liens
on infrastructure improvements made on the property of the Loan Parties in an aggregate amount not to exceed $50,000,000, to the
extent covered by the terminalling agreements between the Loan Parties on the one hand and their customers on the other hand, which
infrastructure improvements are legally owned by customers of the Existing Credit Agreement Borrowers during the duration of the
terminalling agreements but treated as assets of the Loan Parties under GAAP;

 

(h)          Liens
(including capital leases) in favor of the Governmental Authorities issuing Go-Zone Bonds and Tax Exempt Bonds permitted under
Section 9.1(h) so long as such Liens only apply to the improvements or facility financed with the proceeds from the issuance
of such GO-Zone Bonds and Tax-Exempt Bonds, and capital leases of improvements or facilities by the Loan Parties from Governmental
Authorities that issue Intercompany Taxable Bonds permitted under Section 9.1(g) solely to the extent such improvements
and facilities are required to be owned by such Governmental Authorities in order to obtain the related ad valorem property tax
exemptions;

 

(i)          Liens
on the assets of Loan Parties securing other Indebtedness of the Loan Parties in an aggregate principal amount not to exceed $25,000,000
at any time; and

 

(j)          Liens
on assets of the Loan Parties securing Indebtedness under the Existing Credit Agreement provided that simultaneously with granting
such Liens, the Loan Parties grant the same Liens on the same assets to secure the Obligations on a pari passu basis.

 

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Section 9.3           Fundamental
Changes.

 

(a)          The
Loan Parties will not merge into, amalgamate with or consolidate into any other Person, or permit any other Person to merge into,
amalgamate with or consolidate with it, or sell, lease, transfer or otherwise dispose of (in a single transaction or a series of
transactions) all or any material portion of the assets of the Loan Parties taken as a whole (in each case, whether now owned or
hereafter acquired) or liquidate or dissolve; provided, that if at the time thereof and immediately after giving effect
thereto, no Default or Event of Default shall have occurred and be continuing (i) any Loan Party may sell, lease, transfer or otherwise
dispose of any assets to a US Borrower, and may merge with a US Borrower as long as such US Borrower is the surviving Person, (ii)
any Guarantor may sell, lease, transfer or otherwise dispose of any assets to, and may merge with, another Guarantor, (iii) any
Canadian Borrower may sell, lease, transfer or otherwise dispose of any assets to, and may merge with, another Canadian Borrower,
and (iv) any Loan Party may merge with any Person that is not a Loan Party so long as a Loan Party is the surviving Person and
after giving pro forma effect to such merger, no Default or Event of Default would have occurred or be continuing.

 

(b)          The
Loan Parties will not engage in any business other than businesses of the type conducted by the Loan Parties on the Restatement
Date and businesses reasonably related thereto.

 

(c)          The
Loan Parties will not create, form, acquire or permit to exist any Subsidiary other than Subsidiaries that become Loan Parties,
and Subsidiaries that have been designated as “Unrestricted Subsidiary” in a written notification to the Administrative
Agent, in accordance with Section 7.10.

 

Section 9.4           Investments,
Loans, Etc. The Loan Parties will not purchase, hold or acquire (including pursuant to any merger with any Person that
was not a wholly-owned Subsidiary prior to such merger), any common stock, evidence of indebtedness or other securities (including
any option, warrant, or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee
any obligations of, or make or permit to exist any investment or any other interest in, any other Person (all of the foregoing
being collectively called “Investments”), or purchase or otherwise acquire (in one transaction or a series of
transactions) any assets of any other Person that constitute a business unit, except:

 

(a)          Permitted
Investments;

 

(b)          Investments
existing on the Restatement Date and described on Schedule 9.4;

 

(c)          Investments
in or to any US Loan Party;

 

(d)          loans
or advances to employees, officers or directors of the Loan Parties in the ordinary course of business for travel, relocation and
related expenses; provided, however, that the aggregate amount of all such loans and advances does not exceed $1,000,000
at any time;

 

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(e)          Hedging
Transactions permitted by Section 9.9 and Guarantees of Indebtedness permitted by Section 9.1;

 

(f)          acquisitions
by Loan Parties of assets owned by, or all or substantially all of the Equity Interests of, a Person that is not a Loan Party,
so long as (i) the acquired business is in the same line of business as the Loan Parties or a business reasonably related thereto,
(ii) after giving pro forma effect thereto, Loan Parties are in compliance with Section 8.1 and 8.2, which shall
be recomputed as of the day of the most recently ended Fiscal Quarter (for which financial statements are required to have been
delivered) as if such acquisition has occurred as of the first day of each relevant period for testing compliance, and the Guarantor
Representative shall have delivered to the Administrative Agent a certificate of the chief financial officer or treasurer to such
effect, (iii) before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would
result therefrom and all representations and warranties shall be true and correct in all material respects (other than those given
only as of an earlier date), (iv) the board of directors (or the equivalent thereof) of such Person whose assets or stock is being
acquired has approved the acquisition and (v) the Person so acquired becomes a Loan Party, or the assets so acquired are held by
a Loan Party;

 

(g)          other
Investments made after the Restatement Date by Loan Parties in the Canadian Borrowers or Persons that are not Loan Parties which
in the aggregate do not exceed $100,000,000 at cost at any time during the term of this Agreement; provided, however, that
Investments in Persons that are not Loan Parties under this clause (g) shall not exceed $75,000,000 at cost in the aggregate at
any time during the term of this Agreement; and

 

(h)          Investments
in Intercompany Taxable Bonds.

 

Section 9.5           Restricted
Payments; Optional Redemptions of Bonds.

 

(a)          The
Loan Parties will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except for Restricted
Payments (a) made to any Loan Party and (b) made to any other Person and so long as for purposes of this clause (b), (x) no Default
or Event of Default has occurred and is continuing at the time such Restricted Payment is made, or would result therefrom, (y)
such Restricted Payments are not prohibited under the dividend policy set forth in sections 4 and 5 of that certain Shareholder’s
Agreement dated as of April 14, 2006, as amended, by and among Macquarie Terminal Holdings LLC, Loving Enterprises, Inc., the Voting
Trust for Loving Enterprises, Inc., James J. Coleman, Jr., Thomas B. Coleman, Peter D. Coleman and Dian C. Winingder and (z) after
giving pro forma effect to the payment of such Restricted Payment, (A) the aggregate amount of cash, cash equivalents and/or committed
and unutilized credit facilities of the Loan Parties as of the last day of the most recently ended Fiscal Quarter would be at least
$185,000,000 and (B) the Leverage Ratio as of the last day of the most recently ended Fiscal Quarter would not exceed 4.25:1:00;
provided, however, that this clause (z) shall only apply with respect to Restricted Payments made by the Loan Parties that are
ultimately distributed to the shareholders of IMTT Holdings Inc. (which, for the avoidance of doubt, shall not include repayment
of principal and interest by the parent companies of the Loan Parties of certain shareholder loans owed to the Coleman family as
of the Restatement Date). The foregoing provision shall not apply to dividends or other distributions with respect to Equity Interests
so long as the Existing Credit Agreement is in effect. The Loan Parties will not amend or agree to any waiver or modification of
the provisions of Section 9.5 of the Existing Credit Agreement without the prior written consent of the Administrative Agent.

 

    	46

    	 

    

 

(b)          The
Loan Parties will not optionally redeem any Bonds other than on a pro rata basis among all Bonds.

 

Section 9.6           Transactions
with Affiliates. The Loan Parties will not sell, lease or otherwise transfer any property or assets to, or purchase, lease
or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
(a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Loan Parties than could
be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the US Loan Parties
not involving any other Affiliates and (c) transactions expressly permitted under Sections 9.1, 9.2, 9.3,
9.4 and 9.5.

 

Section 9.7           Restrictive
Agreements.

 

(a)          The
Loan Parties will not directly or indirectly, enter into, incur or permit to exist any agreement that prohibits, restricts or imposes
any condition upon (a) the ability of any Loan Party to create, incur or permit any Lien upon any of its assets or properties,
whether now owned or hereafter acquired, to secure the Obligations, or (b) the ability of any Loan Party to pay dividends or other
distributions with respect to its Equity Interests, to make or repay loans or advances to the Loan Parties, to Guarantee Indebtedness
of the Loan Parties or to transfer any of its property or assets to the Loan Parties; provided, that (i) the foregoing shall
not apply to restrictions or conditions imposed by law or by the Existing Credit Agreement or any loan documents executed in connection
therewith, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the
sale of a Guarantor pending such sale, provided such restrictions and conditions apply only to the Guarantor that is to be sold
and such sale is permitted hereunder, (iii) clause (a) shall not apply to restrictions or conditions imposed by (x) documentation
for any other Indebtedness that would permit the Obligations to be secured on a pari passu or senior basis to such Indebtedness,
(y) any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions and conditions apply only to
the property or assets securing such Indebtedness and (z) customary provisions in leases and other contracts restricting the assignment
thereof, (iv) clauses (a) and (b) shall not apply to restrictions on pledging or transferring Equity Interests of Unrestricted
Subsidiaries, (v) the foregoing shall not apply to the ability any Loan Party to create, incur or permit any Lien upon any of its
assets or properties, whether now owned or hereafter acquired, to secure Indebtedness created pursuant to the Existing Credit Agreement
so long as the Loan Party simultaneously creates a Lien upon the same assets and properties to secure the Obligations on a pari
passu basis, and (vi) for so long as the Existing Credit Agreement is in effect, clause (b) above shall not be in effect.

 

    	47

    	 

    

 

(b)          The
Loan Parties will not amend or agree to any waiver or modification of the provisions of Section 9.7(b) of the Existing Credit Agreement
without the prior written consent of the Administrative Agent.

 

Section 9.8           Sale
and Leaseback Transactions. The Loan Parties will not enter into any arrangement, directly or indirectly, whereby it shall
sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and
thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes
as the property sold or transferred (such arrangement, a “Sale/Leaseback”), other than (i) the sale of property
of a Loan Party to a Governmental Authority that issues GO-Zone Bonds, Intercompany Taxable Bonds or Tax-Exempt Bonds permitted
hereunder and leases said property back to a Loan Party in connection with the issuance of such GO-Zone Bonds, Intercompany Taxable
Bonds or Tax Exempt Bonds; and (ii) Sale/Leaseback that involve the sale of up to $10,000,000 of assets in the aggregate. For the
avoidance of doubt, lease transactions entered into in connection with the issuance of Indebtedness (without the involvement of
an asset sale) do not constitute Sale/Leaseback transactions.

 

Section 9.9           Hedging
Transactions. The Loan Parties will not enter into any Hedging Transaction, other than Hedging Transactions entered into
in the ordinary course of business to hedge or mitigate risks to which the Loan Parties are exposed in the conduct of its business
or the management of its liabilities, and not for speculative purposes. For the avoidance of doubt, a Hedging Transaction entered
into (i) in connection with the purchase by any third party of any common stock or any Indebtedness or (ii) as a result of changes
in the market value of any common stock or any Indebtedness) is not a Hedging Transaction entered into in the ordinary course of
business to hedge or mitigate risks.

 

Section 9.10         Restrictions
on Amendments to Organizational Documents. The Loan Parties will not permit any of the other Loan Parties to, amend or
modify the partnership agreements, certificates of incorporation, bylaws and other organizational documents of the Loan Parties
in a manner materially adverse to the Administrative Agent or the Lenders.

 

Section 9.11         Accounting
Changes; Fiscal Year. The Loan Parties will not make any significant change in accounting treatment or reporting practices,
except as required or permitted by GAAP, or change the fiscal year of the Loan Parties.

 

Section 9.12         Tax
Status. The Loan Parties will not take any action or suffer any action to be taken by others that will impair the tax-exempt
status of the Bonds or qualification of the Bonds for the 2% de minimis safe harbor under Section 265(b)(7) of the Code.

 

Section 9.13         Trustee.
The Loan Parties will not take any action or suffer any action to be taken by others that will cause the Trustee with respect to
any Indenture to be a different Person; provided, however, that the Loan Parties may take action to remove the Trustees from all
Indentures so long as the substitute Trustee for each Indenture is the same Person.

 

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ARTICLE
X.

EVENTS OF DEFAULT

 

Section 10.1         Events
of Default. If any of the following events (each an “Event of Default”) shall occur:

 

(a)          IMTT-Finco
shall fail to pay any payments pursuant to the provisions set forth in any Loan Agreement or pay any purchase price of the Bonds
on any purchase date when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment, purchase or otherwise; or the Issuers shall fail to make any payment of principal or interest or pay any purchase price
of any Bonds on any purchase date on such Bonds when and as the same shall become due and payable, whether at the due date thereof
or at a date fixed for prepayment, purchase or otherwise; or

 

(b)          The
Guarantors shall fail to pay any Guaranteed Obligations when and as the same shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment or otherwise;

 

(c)          the
Loan Parties shall fail to pay any fee or any other amount (other than an amount payable under clause (a) and (b) of this Section
10.1) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such
failure shall continue unremedied for a period of three (3) Business Days; or

 

(d)          any
representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Agreement or any
other Loan Document (including the Schedules attached thereto) and any amendments or modifications hereof or waivers hereunder,
or in any certificate, report, financial statement or other document submitted to the Administrative Agent or the Lenders by any
Loan Party or any representative of any Loan Party pursuant to or in connection with this Agreement or any other Loan Document
shall prove to be incorrect in any material respect when made or deemed made or submitted; or

 

(e)          the
Loan Parties shall fail to observe or perform any covenant or agreement contained in Sections 7.1, 7.2, or 7.3
(with respect to the existence of the Loan Parties) or Articles VIII or IX; or

 

(f)          any
Loan Party shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those referred to
in clauses (a), (b) and (d) above) or any other Loan Document, and such failure shall remain unremedied for 30 days after the earlier
of (i) any officer of any Loan Party becomes aware of such failure, or (ii) notice thereof shall have been given to the Guarantor
Representative by the Administrative Agent or any Lender; or

 

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(g)          any
Loan Party (whether as primary obligor or as guarantor or other surety) shall fail to pay any principal of, or premium or interest
on, any Material Indebtedness that is outstanding, when and as the same shall become due and payable (whether at scheduled maturity,
required prepayment, acceleration, demand or otherwise), and such failure shall continue after any required notice has been given
and any applicable grace period, in each case as specified in the agreement or instrument evidencing or governing such Indebtedness;
or any other event shall occur or condition shall exist under any agreement or instrument relating to such Indebtedness and shall
continue after any required notice has been given and any applicable grace period, in each case as specified in the agreement or
instrument evidencing or governing such Indebtedness, if the effect of such event or condition is to accelerate, or permit the
acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required
to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or any
offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity
thereof; or

 

(h)          any
Loan Party shall (i) commence a voluntary case or other proceeding, or file any petition seeking liquidation, reorganization or
other relief under any federal, state, provincial or foreign bankruptcy, insolvency or other similar law now or hereafter in effect
or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official of it or any substantial part
of its property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in clause (i) of this Section 10.1, (iii) apply for or consent to the appointment of a custodian, trustee, receiver,
liquidator or other similar official for such Loan Party or for a substantial part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors, or (vi) take any action for the purpose of effecting any of the foregoing; or

 

(i)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Loan Party or its debts, or any substantial part of its assets, under any federal, provincial, state
or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee,
receiver, liquidator or other similar official for any Loan Party or for a substantial part of its assets, and in any such case,
such proceeding or petition shall remain undismissed for a period of 60 days or an order or decree approving or ordering any of
the foregoing shall be entered; or

 

(j)          any
Loan Party shall become unable to pay, shall admit in writing its inability to pay, or shall fail to pay, its debts as they become
due; or

 

(k)          an
ERISA Event shall have occurred that, when taken together with other ERISA Events that have occurred and are continuing, could
reasonably be expected to result in a Material Adverse Effect; or

 

(l)          any
judgment or order for the payment of money in excess of $20,000,000 in the aggregate shall be rendered against any Loan Party,
and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall
be a period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal
or otherwise, shall not be in effect; or

 

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(m)          any
non-monetary judgment or order shall be rendered against any Loan Party that could reasonably be expected to have a Material Adverse
Effect, and there shall be a period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason
of a pending appeal or otherwise, shall not be in effect; or

 

(n)          a
Change in Control shall occur or exist; or

 

(o)          the
occurrence of a default or an “Event of Default” or “Default” (following the expiration of all applicable
grace or cure periods) under the Existing Credit Agreement or any of the Loan Documents

 

then, and in every such event (other than an event
with respect to any Existing Credit Agreement Borrower described in clause (h) or (i) of this Section 10.1) and at any time
thereafter during the continuance of such event, the Administrative Agent may, and upon the written request of the Required Lenders
shall, by notice to the Guarantor Representative, take any or all of the following actions, at the same or different times: (i)
notify the Trustees that an Event of Default exists and pursuant to the Indentures request the Trustees to declare the principal
and interest on the Bonds to be due and payable whereupon the same shall become, due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties, (ii) declare all other Obligations
owing hereunder, to be due and payable, whereupon the same shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Loan Parties, (iii) proceed directly against any of
the Guarantors or other Loan Parties without resorting to any other security or guaranty, whether held by or available to the Administrative
Agent or the Lenders, (iv) exercise all remedies contained in any other Loan Document, and (iv) exercise any other remedies available
at law or in equity; and that, if an Event of Default specified in either clause (h) or (i) shall occur, the principal and other
amounts payable under the Loan Agreements and the Bonds then outstanding, together with accrued interest thereon, and all fees,
and all other Obligations shall automatically become due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Loan Parties.

 

From and after an Event of Default, all amounts owing
and unpaid hereunder shall bear interest at the Default Rate.

 

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ARTICLE
XI.

THE ADMINISTRATIVE AGENT

 

Section 11.1         Appointment
of Agent. Each Lender irrevocably appoints Branch Banking and Trust Company as the Administrative Agent and authorizes
it to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent under this Agreement
and the other Loan Documents, together with all such actions and powers that are reasonably incidental thereto. The Administrative
Agent may perform any of its duties hereunder or under the other Loan Documents by or through any one or more sub-agents or attorneys-in-fact
appointed by the Administrative Agent. The Administrative Agent and any such subagent or attorney-in-fact may perform any and all
of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions set forth
in this Article shall apply to any such sub-agent or attorney-in-fact and the Related Parties of the Administrative Agent, any
such subagent and any such attorney-in-fact 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.

 

Section 11.2         Nature
of Duties of Agents. The Administrative Agent shall not have any duties or obligations except those expressly set forth
in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred
and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except those discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent
is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 13.2), and (c) except as expressly set forth in the Loan Documents, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Loan Parties or their Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in
any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it, its sub-agents or attorneys-in-fact
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 13.2) or in the absence of its own gross negligence or willful misconduct.
The Administrative Agent shall not be liable for any action taken or not taken by it, its sub-agents or attorneys-in-fact in respect
of the Bonds, the Indentures, the Loan Agreements, the Bond Purchase Agreements or related documents 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 13.2) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent
shall not be responsible for the negligence or misconduct of any sub-agents or attorneys-in-fact selected by it with reasonable
care. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written
notice thereof (which notice shall include an express reference to such event being a “Default” or “Event of
Default” hereunder) is given to the Administrative Agent by the Guarantor Representative or any Lender, and the Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements,
or other terms and conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of
any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article
V or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent. The Administrative Agent may consult with legal counsel (including counsel for the Loan Parties) concerning all matters
pertaining to such duties.

 

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Section 11.3         Lack
of Reliance on the Administrative Agent. The Administrative Agent and the Lenders each acknowledge 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 of the Administrative Agent and the Lenders
acknowledge that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it has deemed appropriate, continue to make its own decisions in taking or not taking of any action
under or based on this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Section 11.4         Certain
Rights of the Administrative Agent. If the Administrative Agent shall request instructions from the Required Lenders with
respect to any action or actions (including the failure to act) in connection with this Agreement, the Administrative Agent shall
be entitled to refrain from such act or taking such act, unless and until it shall have received instructions from such Lenders;
and the Administrative Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting
or refraining from acting hereunder in accordance with the instructions of the Required Lenders where required by the terms of
this Agreement.

 

Section 11.5         Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, posting or other distribution) believed by it to be genuine and to have been signed, sent or made by the proper Person.
The Administrative Agent may also rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (including
counsel for the Loan Parties), independent public accountants and other experts selected by it and shall not be liable for any
action taken or not taken by it in accordance with the advice of such counsel, accountants or experts.

 

Section 11.6         The
Administrative Agent in its Individual Capacity. The bank serving as the Administrative Agent shall have the same rights
and powers under this Agreement and any other Loan Document in its capacity as a Lender and holder of the Bonds as any other Lender
and may exercise or refrain from exercising the same as though it were not the Administrative Agent; and the terms “Lenders”,
“Required Lenders”, or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative
Agent in their individual capacity. The bank acting as the Administrative Agent and its Affiliates may accept deposits from, lend
money to, and generally engage in any kind of business with any Loan Party or any Subsidiary or Affiliate thereof as if it were
not the Administrative Agent hereunder.

 

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Section 11.7         Successor
Administrative Agent.

 

(a)          The
Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Guarantor Representative. Upon any
such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent, subject to the approval
by the Guarantor Representative provided that no Default or Event of Default shall exist at such time. If no successor Administrative
Agent shall have been so appointed, and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative
Agent, which shall be a commercial bank organized under the laws of the United States of America or any state thereof or a bank
which maintains an office in the United States, having a combined capital and surplus of at least $500,000,000.

 

(b)          Upon
the acceptance of its appointment as the Administrative Agent hereunder by a successor, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent,
and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan
Documents. If within 45 days after written notice is given of the retiring Administrative Agent’s resignation under this
Section 11.7 no successor Administrative Agent shall have been appointed and shall have accepted such appointment, then
on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring Administrative
Agent shall thereupon be discharged from its duties and obligations under the Loan Documents and (iii) the Required Lenders shall
thereafter perform all duties of the retiring Administrative Agent under the Loan Documents until such time as the Required Lenders
appoint a successor Administrative Agent as provided above. After any retiring Administrative Agent’s resignation hereunder,
the provisions of this Article shall continue in effect for the benefit of such retiring Administrative Agent and its representatives
and agents in respect of any actions taken or not taken by any of them while it was serving as the Administrative Agent.

 

Section 11.8         Authorization
to Execute other Loan Documents. Each Lender hereby authorizes the Administrative Agent to execute on behalf of all Lenders
all Loan Documents other than this Agreement and the Bond Purchase Agreements.

 

Section 11.9         Withholding
Tax.

 

(a)          To
the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount
equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or any other
jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account
of any Lender (because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify
the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective,
or for any other reason), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has
not already been reimbursed by the Loan Parties and without limiting the obligation of the Loan Parties to do so) fully for all
amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together
with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses.

 

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(b)          Without
duplication of any indemnity provided under subsection (a) of this Section, each Lender shall also indemnify the Administrative
Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (to the extent
that the Administrative Agent has not already been reimbursed by the Borrowers and without limiting the obligation of the Borrower
to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.4(e) relating
to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this subsection.

 

ARTICLE
XII.

AFFILIATED LENDER

Section 12.1         Lender
Acknowledgement. Each Lender acknowledges that the Affiliated Lender has purchased Bonds in the aggregate outstanding principal
amount of $7,727,709.86.

 

Section 12.2         Affiliated
Lender Rights.

 

(a)          Notwithstanding
anything to the contrary in this Agreement, the Affiliated Lender shall not have any right to (A) attend (including by telephone)
any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Loan
Parties are not invited, (B) receive any information or material prepared by the Administrative Agent or any Lender or any communication
by or among the Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been made
available to any Loan Party or its representatives, (C) require the Administrative Agent or any other Lender to undertake any action
(or refrain from taking any action) with respect to this Agreement or any other Loan Document, or (D) make or bring (or participate
in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against
the Administrative Agent or any other Lender with respect to any duties or obligations or alleged duties or obligations of the
Administrative Agent or such other Lender under the Loan Documents.

 

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(b)          Notwithstanding
anything in Section 13.2 or the definition of “Required Lenders” to the contrary, (A) for purposes of determining
whether the “Required Lenders” have (I) consented (or not consented) to any amendment, modification, waiver, consent
or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (II) otherwise
acted on any matter related to any Loan Document, or (III) directed or required the Administrative Agent or any Lender to undertake
any action (or refrain from taking any action) with respect to or under any Loan Document, the Bonds held by the Affiliated Lender
shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have consented (or not consented),
acted or taken any actions (or directed the taking of any actions) and (B) the consent or approval of the Affiliated Lender (in
its capacity as the Affiliated Lender and not as a Loan Party) shall not otherwise be required to affect any other amendment, modification,
waiver or consent to this Agreement or any other Loan Document.

 

(c)          Additionally,
the Affiliated Lender hereby agrees that if a case under Bankruptcy Code of the United States is commenced against any Loan Party,
the Affiliated Lender shall consent to provide that the vote of the Affiliated Lender (in its capacity as a Lender) with respect
to any plan of reorganization of such Loan Party shall be deemed to be without discretion in the same proportion as the allocation
of voting with respect to such matter by Lenders who are not an Affiliated Lender. Each Affiliated Lender hereby irrevocably appoints
the Administrative Agent (such appointment being coupled with an interest) as such Affiliated Lender’s attorney-in-fact,
with full authority in the place and stead of such Affiliated Lender and in the name of such Affiliated Lender, from time to time
in the Administrative Agent’s discretion to take any action and to execute any instrument that the Administrative Agent may
deem reasonably necessary to carry out the provisions of this paragraph.

 

ARTICLE
XIII.

MISCELLANEOUS

 

Section 13.1         Notices.

 

(a)          Written
Notices.

 

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

 

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	 	To any of the Loan Parties:	International-Matex Tank Terminals
	 	 	321 St. Charles Avenue
	 	 	New Orleans, Louisiana 70130
	 	 	Attention: John Siragusa
	 	 	Telecopy Number: (504) 525-0599
	 	 	 
	 	With a copy to:	Coleman, Johnson, Artigues & Jurisich
	 	 	321 St. Charles Avenue
	 	 	New Orleans, Louisiana 70130
	 	 	Attention: Senior Partner
	 	 	Telecopy Number: (504) 525-9464
	 	 	 
	 	To the Administrative Agent:	Branch Banking and Trust Company
	 	 	200 West 2nd Street, 16th Floor
	 	 	Winston-Salem, North Carolina 27101
	 	 	Attention: Chris Verwoerdt
	 	 	Telecopy Number: (336) 733-2740
	 	 	 
	 	With a copy to:	Moore & Van Allen PLLC
	 	 	100 North Tryon Street
	 	 	Charlotte, North Carolina 28202
	 	 	Attention: J. Richard Hazlett
	 	 	Telecopy Number: (704) 409-5655
	 	 	 
	 	To any other Lender:	the address set forth in the Administrative Questionnaire or the Assignment and Acceptance Agreement executed by such Lender.

 

Any party hereto may change its address or telecopy
number for notices and other communications hereunder by notice to the other parties hereto. All such notices and other communications
shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery, or transmitted
in legible form by facsimile machine, respectively, or if mailed, upon the third Business Day after the date deposited into the
mail or if delivered, upon delivery; provided, that notices delivered to the Administrative Agent shall not be effective until
actually received by such Person at its address specified in this Section 13.1.

 

(ii)         Any
agreement of the Administrative Agent and the Lenders herein to receive certain notices by telephone or facsimile is solely for
the convenience and at the request of the Guarantor Representative. The Administrative Agent and the Lenders shall be entitled
to rely on the authority of any Person purporting to be a Person authorized by the Guarantor Representative to give such notice
and the Administrative Agent and the Lenders shall not have any liability to the Loan Parties or any other Person on account of
any action taken or not taken by the Administrative Agent and the Lenders in reliance upon such telephonic or facsimile notice.
The obligation of the Loan Parties to repay the Obligations hereunder shall not be affected in any way or to any extent by any
failure of the Administrative Agent and the Lenders to receive written confirmation of any telephonic or facsimile notice or the
receipt by the Administrative Agent and the Lenders of a confirmation which is at variance with the terms understood by the Administrative
Agent and the Lenders to be contained in any such telephonic or facsimile notice.

 

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(b)          Electronic
Communications.

 

(i)          Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and
Internet or intranet websites) pursuant to procedures approved by the Administrative Agent. The Administrative Agent or the Loan
Parties may, in their 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.

 

(ii)         Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described
in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
therefor.

 

Section 13.2         Waiver;
Amendments.

 

(a)          No
failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or any other Loan Document,
and no course of dealing between any Loan Party, the Administrative Agent, any Issuer, any Trustee or any Lender, shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power or any abandonment or discontinuance of
steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power
hereunder or thereunder. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan
Documents are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision of this Agreement
or any other Loan Document or consent to any departure by the Loan Parties therefrom shall in any event be effective unless the
same shall be permitted by paragraph (b) of this Section 13.2, 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 extension of credit
by a Lender shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent
or any Lender may have had notice or knowledge of such Default or Event of Default at the time.

 

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(b)          No
amendment or waiver of any provision of this Agreement, nor consent to any departure by the Loan Parties therefrom, shall in any
event be effective unless the same shall be in writing and signed by the Loan Parties and the Required Lenders or the Loan Parties
and the Administrative Agent with the consent of the Required Lenders and then such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given and (B) no amendment or waiver of any provision of the Bonds,
the Indentures, the Loan Agreements and the Bond Purchase Agreements shall be consented to by the Administrative Agent without
the consent of the Required Lenders; provided, that no amendment or waiver shall: (i) reduce the principal amount of any
Bond or reduce the rate of interest on any Bond, or reduce any fees payable hereunder, without the written consent of each Lender,
(ii) postpone the date fixed for any payment of any principal of, or interest on, any Bond or any fees hereunder or reduce the
amount of, waive or excuse any such payment, without the written consent of each Lender, (iii) change Section 4.5(b) or
4.6 in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, (iv) change any of the provisions of this Section 13.2 or the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder
or make any determination or grant any consent hereunder, without the consent of each Lender; (v) release any guarantor or limit
the liability of any such guarantor under any guaranty agreement, without the written consent of each Lender; (vi) release all
or substantially all collateral securing any of the Obligations, without the written consent of each Lender; provided further,
that no such agreement shall amend, modify or otherwise affect the rights, duties or obligations of the Administrative Agent without
the prior written consent of such Person. Notwithstanding anything contained herein to the contrary, this Agreement may be amended
and restated without the consent of any Lender (but with the consent of the Loan Parties and the Administrative Agent) if, upon
giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated),
the Lender shall no longer hold any Bonds (but such Lender shall continue to be entitled to the benefits of Section 13.3),
such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest
and other amounts owing to it under this Agreement.

 

Section 13.3         Expenses;
Indemnification.

 

(a)          The
Loan Parties shall jointly and severally pay (i) all reasonable, out-of-pocket costs and expenses of the Administrative Agent and
its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates,
in connection with the syndication of the Bonds provided for herein, the preparation and administration of the Loan Documents and
any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement or any other Loan
Document shall be consummated), and (ii) all out-of-pocket costs and expenses (including, without limitation, the reasonable fees,
charges and disbursements of outside counsel and the allocated cost of inside counsel) incurred by the Administrative Agent or
any Lender in connection with the enforcement or protection of its rights in connection with this Agreement or the Loan Documents,
including its rights under this Section 13.3, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of this Agreement or the Loan Documents.

 

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(b)          Reserved.

 

(c)          The
Loan Parties shall jointly and severally indemnify the Administrative Agent (and any subagent thereof), 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), and shall indemnify and hold harmless each Indemnitee from all fees and time
charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against
any Indemnitee by any third party or by any Loan Party arising out of, in connection with, or as a result of (i) the issuance and
sale of the Bonds and the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation
of the transactions contemplated hereby or thereby, (ii) the loan of the proceeds of the Bonds to IMTT-Finco or the use or proposed
use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned
or operated by any Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to any Loan Party or
any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Loan Party, and regardless
of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y)
result from a claim brought by any Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations
hereunder or under any other Loan Document, if such Loan Party has obtained a final and nonappealable judgment in its favor on
such claim as determined by a court of competent jurisdiction.

 

(d)          The
Loan Parties shall jointly and severally pay, and hold the Administrative Agent and the Lenders harmless from and against, any
and all present and future stamp, documentary, and other similar taxes with respect to this Agreement, the Bonds and any other
Loan Documents, any collateral described therein, or any payments due thereunder, and save the Administrative Agent and the Lenders
harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes.

 

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(e)          To
the extent that the Loan Parties fail to pay any amount required to be paid to the Administrative Agent under clauses (a), (b),
(c) or (d) hereof, each Lender severally agrees to pay to the Administrative Agent such Lender’s Pro Rata Share (determined
as of the time that the unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided, that the unreimbursed
expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
the Administrative Agent in its capacity as such.

 

(f)          To
the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising
out of, in connection with or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated therein, the Bonds or the use of proceeds thereof.

 

(g)          All
amounts due under this Section 13.3 shall be payable promptly after written demand therefor.

 

Section 13.4         Successors
and Assigns.

 

(a)          The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that the Loan Parties may not assign or otherwise transfer any of their rights or obligations
hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise
transfer any of its rights or obligations hereunder except (i) to an assignee of such Lender’s Bonds (but only to the extent
of such Lender’s Bonds transferred to such assignee) and in accordance with the provisions of paragraph (b) of this Section,
(ii) by way of participation of such Lender’s Bonds (but only to the extent of such Lender’s Bonds participated to
such participant) and in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment
of a security interest subject in such Lender’s Bonds to the restrictions of paragraph (f) of this Section (and any other
attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or
by reason of this Agreement.

 

(b)          In
connection with an assignment of a Lender’s Bonds, such Lender shall assign to the assignee of such Lender’s Bonds
all or a portion of its rights and obligations under this Agreement; provided that any such assignment shall be subject
to the following conditions:

 

(i)          Minimum
Amounts.

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender’s Bonds at the time owing to it or in the
case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

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(B)         in
any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Bonds being assigned shall not be less
than $10,000,000, unless each of the Administrative Agent, and, so long as no Event of Default has occurred and is continuing,
the Guarantor Representative otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

(ii)         Compliance
with Indenture. Any transfer of the Bonds shall comply with the requirements of the Indenture.

 

(iii)        Required
Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section
and, in addition:

 

(A)         the
consent of the Guarantor Representative (such consent not to be unreasonably withheld or delayed) shall be required unless (x)
an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate
of a Lender or an Approved Fund or (z) a Person is taking delivery of an assignment in connection with physical settlement of a
credit derivatives transaction; provided, that, the Guarantor Representative shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received notice thereof; and

 

(B)         the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
to a Person that is not a Lender; and

 

(iv)        Assignment
and Acceptance. The parties to each assignment shall deliver to the Administrative Agent (A) a duly executed Assignment and
Acceptance, (B) a processing and recordation fee of $3,500, (C) an Administrative Questionnaire unless the assignee is already
a Lender and (D) the documents required under Section 4.4 if such assignee is a Foreign Lender.

 

(v)         No
Assignment to Loan Parties. No such assignment or other transfer of rights hereunder shall be made to any Loan Party or any
Affiliates or Subsidiaries thereof or any direct or indirect subsidiaries of Macquarie Group Limited or any funds or similar investment
vehicles managed thereby.

 

(vi)        No
Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

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Subject to acceptance and recording thereof by the
Administrative Agent pursuant to paragraph (c) of this Section 13.4, from and after the effective date specified in each
Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 13.3,
4.3 and 4.4 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with paragraph (d) of this Section 13.4. If the consent of the Guarantor Representative to an assignment is required hereunder
(including a consent to an assignment which does not meet the minimum assignment thresholds specified above), the Guarantor Representative
shall be deemed to have given its consent ten (10) days after the date notice thereof has actually been delivered by the assigning
Lender (through the Administrative Agent) to the Guarantor Representative, unless such consent is expressly refused by the Guarantor
Representative prior to such tenth day.

 

(c)          The
Administrative Agent, acting solely for this purpose as an agent of the Loan Parties, shall maintain at one of its offices in Winston-Salem,
North Carolina a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses
of each Lender and the principal amount of the Bonds owing to each Lender (the “Register”). Information contained
in the Register with respect to any Lender shall be available for inspection by such Lender at any reasonable time and from time
to time upon reasonable prior notice; information contained in the Register shall also be available for inspection by the Guarantor
Representative at any reasonable time and from time to time upon reasonable prior notice. In establishing and maintaining the Register,
Administrative Agent shall serve as the agent of the Loan Parties solely for tax purposes and solely with respect to the actions
described in this Section, and the Guarantors jointly and severally agree that, to the extent Branch Banking and Trust Company
serves in such capacity, Branch Banking and Trust Company and its officers, directors, employees, agents, sub-agents and affiliates
shall constitute “Indemnitees.”

 

(d)          Without
the consent of, or notice to, the Administrative Agent, but with the consent of the Guarantor Representative (such consent not
to be unreasonably withheld or delayed) and only in connection with the sale of a participation in such Lender’s Bonds, a
Lender may at any time sell participations to any Person (other than a natural person, the Loan Parties or any of the Affiliates
or Subsidiaries thereof) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement; provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii)
such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Loan
Parties, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement and the Bonds and (iv) no consent of the Guarantor Representative
shall be required at any time that a Default or Event of Default has occurred and is continuing or in connection with the sale
of a participation to a Lender, an Affiliate of a Lender or an Approved Fund.

 

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(e)          Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver with respect to the following to the extent affecting such Participant: (i) increase the principal amount
of the Bonds so participated without the written consent of such Lender, (ii) reduce the principal amount of any Bonds so participated
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 date fixed for any payment of any principal of, or interest on, the Bonds so participated or interest
thereon or any fees hereunder or reduce the amount of, waive or excuse any such payment, without the written consent of each Lender
affected thereby, (iv) change Section 4.5(b) in a manner that would alter the pro rata sharing of payments required thereby,
without the written consent of each Lender, (v) change any of the provisions of this Section 13.4 or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders which are required to waive, amend
or modify any rights hereunder or make any determination or grant any consent hereunder, without the consent of each Lender; (vi)
release any guarantor or limit the liability of any such guarantor under any guaranty agreement without the written consent of
each Lender except to the extent such release is expressly provided under the terms of such guaranty agreement; or (vii) release
all or substantially all collateral (if any) securing any of the Obligations. Subject to paragraph (e) of this Section 13.4,
the Loan Parties agree that each Participant shall be entitled to the benefits of Sections 4.3 and 4.4 to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 13.4.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 13.7 as though it were
a Lender, provided such Participant agrees to be subject to Section 4.5 as though it were a Lender.

 

(f)          A
Participant shall not be entitled to receive any greater payment under Section 4.3 and Section 4.4 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 Guarantor Representative’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 4.4 unless the Borrower Representative is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section
4.4(e) as though it were a Lender.

 

(g)          Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

 

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Section 13.5         Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)          This
Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise)
based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as
expressly set forth therein) and the transactions contemplated hereby and thereby shall be construed in accordance with and be
governed by the law (without giving effect to the conflict of law principles thereof except for Sections 5-1401 and 5-1402 of the
New York General Obligations Law) of the State of New York.

 

(b)          Each
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the
United States District Court of the Southern District of New York, the Supreme Court of the State of New York sitting in New York
County and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any
other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and
each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York state court or, to the extent permitted by applicable law, such Federal court. Each
of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan
Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.

 

(c)          Each
Loan Party irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of venue of any
such suit, action or proceeding described in paragraph (b) of this Section 13.5 and brought in any court referred to in
paragraph (b) of this Section 13.5. Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable
law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)          Each
party to this Agreement irrevocably consents to the service of process in the manner provided for notices in Section 13.1.
Nothing in this Agreement or in any other Loan Document will affect the right of any party hereto to serve process in any other
manner permitted by law.

 

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Section 13.6         WAIVER
OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT, THE BONDS OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

 

Section 13.7         Right
of Setoff. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any
such rights (subject to Section 4.5 hereof), each Lender shall have the right, at any time or from time to time upon the
occurrence and during the continuance of an Event of Default, without prior notice to the Loan Parties, any such notice being expressly
waived by each Loan Party to the extent permitted by applicable law, to set off and apply against all deposits (general or special,
time or demand, provisional or final) of the Loan Parties at any time held or other obligations at any time owing by such Lender
to or for the credit or the account of any Loan Party against any and all Obligations held by such Lender, as the case may be,
irrespective of whether such Lender shall have made demand hereunder and although such Obligations may be unmatured. Each Lender
agrees promptly to notify the Administrative Agent and the Guarantor Representative after any such set-off and any application
made by such Lender, as the case may be; provided, that the failure to give such notice shall not affect the validity of
such set-off and application. Each Lender agrees to comply with the provisions of Section 4.5(b) in connection with any
set-off.

 

Section 13.8         Counterparts;
Integration. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts
(including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
This Agreement, the Fee Letter, the other Loan Documents, and any separate letter agreement(s) relating to any fees payable to
the Administrative Agent constitute the entire agreement among the parties hereto and thereto regarding the subject matters hereof
and thereof and supersede all prior agreements and understandings, oral or written, regarding such subject matters. Delivery of
executed signature pages to any Loan Document by facsimile or electronic mail transmission shall be effective as delivery of a
manually executed counterpart thereof.

 

Section 13.9         Survival.
All covenants, agreements, representations and warranties made by the Loan Parties 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 purchase of the Bonds, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent 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 Bonds or any fee or any other amount payable
under this Agreement is outstanding and unpaid. The provisions of Sections 4.3, 4.4, and 13.3 and Article
XI shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby,
the repayment of the Bonds or the termination of this Agreement or any provision hereof. All representations and warranties made
herein, in the certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution
and delivery of this Agreement and the other Loan Documents, and the issuance and purchase of the Bonds.

 

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Section 13.10         Severability.
Any provision of this Agreement or any other Loan Document held to be illegal, invalid or unenforceable in any jurisdiction, shall,
as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the
legality, validity or enforceability of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability
of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

Section 13.11         Confidentiality.
Each of the Administrative Agent and the Lenders agrees to take normal and reasonable precautions to maintain the confidentiality
of any information designated in writing as confidential and provided to it by the Loan Parties, except that such information may
be disclosed (i) to any Related Party of the Administrative Agent or any such Lender, including without limitation accountants,
legal counsel and other advisors, (ii) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (iii) to the extent requested by any regulatory agency or authority, (iv) to the extent that such information becomes
publicly available other than as a result of a breach of this Section 13.11, or which becomes available to the Administrative
Agent, any Lender or any Related Party of any of the foregoing on a non-confidential basis from a source other than the Loan Parties,
(v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding relating to this Agreement or the
enforcement of rights hereunder, and (vi) subject to provisions substantially similar to this Section 13.11, to any actual
or prospective assignee or Participant, or (vii) with the consent of the Guarantor Representative. Any Person required to maintain
the confidentiality of any information as provided for in this Section 13.11 shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such information as
such Person would accord its own confidential information.

 

Section 13.12         Reserved.

 

Section 13.13         Waiver
of Effect of Corporate Seal. Each of the Loan Parties represents and warrants that neither it nor any other Loan Party
is required to affix its corporate seal to this Agreement or any other Loan Document pursuant to any requirement of law or regulation,
agrees that this Agreement is delivered by the Loan Parties under seal and waives any shortening of the statute of limitations
that may result from not affixing the corporate seal to this Agreement or such other Loan Documents.

 

Section 13.14         Patriot
Act. The Administrative Agent and each Lender hereby notifies the Loan Parties that pursuant to the requirements of the
USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is
required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address
of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such
Loan Party in accordance with the Patriot Act. Each Loan Party shall, and shall cause each other Loan Party to, provide to the
extent commercially reasonable, such information and take such other actions as are reasonably requested by the Administrative
Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act.

 

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Section 13.15         No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof, of any other Loan Document), the Borrower, the Guarantors
and each other Loan Party acknowledges and agrees and acknowledges its Affiliates’ understanding that (i) (A) the services
regarding this Agreement  provided by the Administrative Agent and/or the Lenders are arm’s-length commercial transactions
between the Borrower, the Guarantors, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative
Agent and the Lenders, on the other hand, (B) each of the Borrower, the Guarantors and the other Loan Parties have consulted their
own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate, and (C) the Borrower, the Guarantors
and each other Loan Party is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions
of the transactions contemplated hereby and  by the other Loan Documents; (ii) (A) each of the Administrative Agent and the
Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has
not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, the Guarantors, any other Loan Party
or any of their respective Affiliates, or any other Person, and (B) neither the Administrative Agent nor any Lender has any
obligation to the Borrower, the Guarantors, any other Loan Party or any of their Affiliates  with respect to the transaction
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative
Agent, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Borrower, the Guarantors, the other Loan Parties and their respective Affiliates, and each of the Administrative
Agent and the Lenders has no obligation to disclose any of such interests to  the Borrower, the Guarantors any other Loan
Party or any of their respective Affiliates.  To the fullest extent permitted by law, each of the Borrower, the Guarantors
and the other Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent or
any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

 

Section 13.16         Location
of Closing. Each Lender acknowledges and agrees that it has delivered, with the intent to be bound, its executed counterparts
of this Agreement to the Administrative Agent, c/o Moore & Van Allen PLLC, 100 North Tryon Street, Suite 4700, Charlotte, North
Carolina 28202-4003. The Loan Parties acknowledge and agree that they have delivered, with the intent to be bound, the executed
counterparts of this Agreement and each other Loan Document, together with all other documents, instruments, opinions, certificates
and other items required under Section 5.1, to the Administrative Agent, c/o Moore & Van Allen PLLC.

 

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Section 13.17         Amendment
and Restatement. Effective upon satisfaction of the conditions set forth in Section 5.1, this Agreement amends,
restates, supersedes and replaces the Existing Bond Guaranty and Credit Agreement in its entirety. This Agreement constitutes an
amendment and restatement of the Existing Bond Guaranty and Credit Agreement and is not, and is not intended by the parties to
be, a novation of the Existing Bond Guaranty and Credit Agreement. All rights and obligations of the parties shall continue in
effect, except as otherwise expressly set forth herein. Without limiting the foregoing, no Default or Event of Default existing
under the Existing Bond Guaranty and Credit Agreement as of the Restatement Date shall be deemed waived or cured by this amendment
and restatement thereof, except to the extent that such Default or Event of Default would not otherwise be a Default or Event of
Default hereunder after giving effect to the provisions hereof. The Bond Purchase Commitments of the Lenders under this Agreement
after giving effect to this amendment and restatement are set forth on Schedule II. All references in the other Loan Documents
to the Guaranty and Credit Agreement shall be deemed to refer to and mean this Agreement, as the same may be further amended, supplemented,
and restated from time to time.

 

(remainder of page left intentionally
blank)

 

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[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

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

 

	 	IMTT-FINCO, LLC	 
	 	 	 	 
	 	By:	/s/ John Siragusa	 
	 	 	John Siragusa	 
	 	 	Senior Vice President-Treasurer,	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	By:	/s/ Gerard R. Adam	 
	 	 	Gerard R. Adam	 
	 	 	Chief Accounting Officer	 
	 	 	 	 
	 	IMTT-QUEBEC INC.
	 	 	 	 
	 	By:	/s/ John Siragusa	 
	 	 	John Siragusa	 
	 	 	Senior Vice President-Treasurer,	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	By:	/s/ Gerard R. Adam	 
	 	 	Gerard R. Adam	 
	 	 	Chief Accounting Officer	 
	 	 	 	 
	 	IMTT-NTL, LTD
	 	 	 	 
	 	By:	/s/ John Siragusa	 
	 	 	John Siragusa	 
	 	 	Senior Vice President-Treasurer,	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	By:	/s/ Gerard R. Adam	 
	 	 	Gerard R. Adam	 
	 	 	Chief Accounting Officer	 

 

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[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	INTERNATIONAL-MATEX TANK TERMINALS
	 	IMTT-BAYONNE
	 	IMTT-VIRGINIA
	 	IMTT-GRETNA
	 	IMTT-BC
	 	IMTT-PIPELINE
	 	IMTT-BX
	 	IMTT-RICHMOND-CA
	 	IMTT-ILLINOIS
	 	IMTT-PETROLEUM MANAGEMENT
	 	IMTT-GEISMAR
	 	 	 	 
	 	By:	/s/ John Siragusa	 
	 	 	John Siragusa	 
	 	 	Senior Vice President-Treasurer,	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	By:	/s/ Gerard R. Adam	 
	 	 	Gerard R. Adam	 
	 	 	Chief Accounting Officer	 
	 	 	 	 
	 	EAST JERSEY RAILROAD AND TERMINAL
	 	COMPANY
	 	BAYONNE INDUSTRIES, INC.
	 	 	 	 
	 	By:	/s/ John Siragusa	 
	 	 	John Siragusa	 
	 	 	Senior Vice President-Treasurer,	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	By:	/s/ Gerard R. Adam	 
	 	 	Gerard R. Adam	 
	 	 	Chief Accounting Officer	 

 

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[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	OIL MOP, L.L.C.
	 	 	 	 
	 	By:	/s/ John Siragusa	 
	 	 	John Siragusa	 
	 	 	Senior Vice President-Treasurer,	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	By:	/s/ Gerard R. Adam	 
	 	 	Gerard R. Adam	 
	 	 	Chief Accounting Officer	 

 

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[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	BRANCH BANKING AND TRUST COMPANY,
	 	Individually and as Administrative Agent
	 	 	 	 
	 	By:	/s/ Christopher E. Verwoerdt
	 	Name:	Christopher E. Verwoerdt
	 	Title:	Senior Vice President

 

Address:

 

Branch Banking and Trust Company

200 West 2nd Street, 16th Floor

Winston-Salem, North Carolina 27101

Attention: Chris Verwoerdt

Telecopy Number: (336) 733-2740

 

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[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	JPMORGAN CHASE BANK, N.A.
	 	 	 	 
	 	By:	/s/ Donald K. Hunt	 
	 	 	Donald K. Hunt	 
	 	 	Officer	 

 

Address:

 

JPMorgan Chase Bank, N.A.

201 St. Charles Avenue, 28th
Floor

New Orleans, Louisiana 70170

Attention: Donald Hunt

Telecopy Number: (504) 623-1915

 

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[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	DNB BANK ASA
	 	 	 
	 	By:	/s/ Cathleen Buckley
	 	Name:	Cathleen Buckley
	 	Title:	Senior Vice President
	 	 	 
	 	By:	/s/ Kjell Tore Egge
	 	Name:	Kjell Tore Egge
	 	Title:	Senior Vice President

 

Address:

 

DNB Bank ASA

200 Park Avenue, 31st Floor

New York, New York 10166

Attention: Giacomo Landi

Telecopy Number: (212) 681-3900

 

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[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	REGIONS BANK
	 	 	 
	 	By:	/s/ Christian White
	 	Name:	Christian White
	 	Title:	Senior Vice President

 

Address:

 

Regions Bank

1900 5th Avenue North

Birmingham, Alabama 35203

Attention: Christian White

Telecopy Number: (205) 801-0157

 

    	76

    	 

    

  

[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	FIRST TENNESSEE BANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Bob Nieman
	 	Name:	Bob Nieman
	 	Title:	Senior Vice President

 

Address:

 

First Tennessee Bank National Association

165 Madison Avenue, 10th Floor

Memphis, Tennessee 38103

Attention: Steve Havard

Telecopy Number: (901) 523-4206

 

    	77

    	 

    

  

[SIGNATURE PAGE TO GUARANTY AND CREDIT
AGREEMENT]

 

	 	IMTT-FINCO, LLC, as Affiliate Lender
	 	 	 
	 	By:	/s/ John Siragusa
	 	 	John Siragusa
	 	 	Senior Vice President-Treasurer,
	 	 	Chief Financial Officer
	 	 	 
	 	By:	/s/ Gerard R. Adam
	 	 	Gerard R. Adam
	 	 	Chief Accounting Officer

 

Address:

 

IMTT-FINCO, LLC

321 St. Charles Avenue

New Orleans, Louisiana 70130

Attention: John Siragusa

Telecopy Number: (504) 525 0599

 

    	78

    	 

    

  

Schedule I

BOND PURCHASE COMMITMENTS

 

	Lender	 	Amount of Commitment 
for Purchase of Bonds	 
	 	 	 	 
	Series 2010A Bonds	 	 	 	 
	 	 	 	 	 
	Branch Banking and Trust Company	 	$	43,319,484.63	 
	DNB Bank ASA	 	$	23,069,298.69	 
	Regions Bank	 	$	19,866,057.90	 
	First Tennessee Bank National Association	 	$	4,316,172.86	 
	IMTT-Finco, LLC	 	$	5,694,506.91	 
	 	 	 	 	 
	Series 2010A Sub-Total	 	$	96,265,520.99	 
	 	 	 	 	 
	Series 2010B Bonds	 	 	 	 
	 	 	 	 	 
	Branch Banking and Trust Company	 	$	16,120,117.53	 
	JPMorgan Chase Bank, N.A.	 	$	45,713,766.56	 
	DNB Bank ASA	 	$	6,930,701.31	 
	Regions Bank	 	$	5,133,942.10	 
	First Tennessee Bank National Association	 	$	10,683,827.14	 
	IMTT-Finco, LLC	 	$	2,033,202.95	 
	 	 	 	 	 
	Series 2010B Sub-Total	 	$	86,615,557.59	 
	 	 	 	 	 
	Combined Total	 	$	182,881,078.58	 

 

    	79HPY Exhibit 10.1 TBB Sponsor Bank Agreement (1)

Merchant BIN and ICA Sponsorship and Services Agreement

This Merchant BIN and ICA Sponsorship and Services Agreement ("Agreement") is entered into by and between the following Parties as of the 23rd day of November, 2009 ("Execution Date"):

	
						
	The Bancorp Bank (“Bancorp”), 
a Delaware corporation, having a place of 
business at:
	 
	Heartland Payment Systems, Inc. 
(“Heartland”),
a Delaware corporation, having a place of 
business at:
	 

	 
	 
	 
	 
	 
	 

	1818 Market Street, 28th Floor, 
Philadelphia, PA 19103
	 
	90 Nassau Street, 
2nd Floor
Princeton, NJ 08542
	 

	 
	 
	 
	 
	 
	 

	Attention:
	SVP Acquiring
	 
	Attention:
	Legal Department
	 

	cc:
	 
	 
	cc:
	President
	 

	Telephone: 
	(302) 385-5010
	 
	Telephone:
	 (609) 683-3831 x2224
	 

	Facsimile:
	(302) 385-5194
	 
	Facsimile:
	(609) 683-3815
	 

	E-mail:
	tcrowley@TheBancorp.com
	 
	E-mail:
	Charles.kallenbach@e-hps.com
	 

	 
	 
	 
	 
	 
	 

For purposes of this Agreement, Bancorp and Heartland each will be referred to individually as a "Party" and together as the "Parties." Other defined terms are set forth in Section 2.

WHEREAS, Bancorp has established a credit card merchant processing program ("Program") whereby Bancorp provides processing and related services for Merchants either located in the United States or as defined as a United States territory (within the Visa and/or MasterCard by-laws and regulations) which accept, as a method of payment for goods and services: VISA. MasterCard and other proprietary credit cards that may be approved for acceptance by Bancorp;

WHEREAS, the Program will be operated in conformity with applicable by-laws and regulations of Visa U.S.A., Inc. and its affiliates (collectively, "VISA") or its successor, and MasterCard Worldwide, Inc. and its affiliates (collectively, "MasterCard") or its successor and regulations of governmental agencies;

WHEREAS, Bancorp is a principal member of the VISA and MasterCard Networks;

WHEREAS, Heartland provides various services related to the Program, including, but not limited to, risk management, front-end and back-end processing, and merchant chargebacks; and

WHEREAS, Heartland desires to have Bancorp perform certain processing and related services of the Program, which are applicable to the Program and which are set forth in this Agreement.

NOW, THEREFORE, the Parties hereby agree as follows.

1.     Summary of Business Relationship.

Bancorp and Heartland hereby enter into this Agreement, whereby Bancorp will provide VISA BIN sponsorship and MasterCard ICA sponsorship for Heartland for the exclusive purpose of processing VISA and MasterCard card Transaction Tickets for Heartland's Merchants. 

Heartland will use the BIN(s) to process VISA card Transaction Tickets and the ICA(s) to process MasterCard card Transaction Tickets received by Merchants from their customers. Each respective Party will fulfill the terms and conditions applicable to such Party as set forth in this Agreement.

2.     Definitions.

2.1     "Account" means: a business relationship between a Merchant and Heartland, established on a Bancorp BIN or ICA for purposes of processing the Transaction Tickets of such Merchant.

2.2     "ACH" means: the electronic transfer of funds through the Automated Clearing House service conducted by the Federal Reserve.

2.3     "Additional Compensation" means (i) with respect to the **REDACTED**; (ii) with respect to the **REDACTED**; (iii) with respect to the **REDACTED**; (iv) with respect to the **REDACTED**; (v) with respect to the **REDACTED**; and (v) with respect to **REDACTED**. The date of determination with respect to the amount of the Additional Compensation shall be the date the Merchants or Merchant Agreements shall be effectively transferred to a Successor Bank.

2.4     "Affiliate" means: any present or future entity that, directly or indirectly through one (1) or more intermediaries, controls or is controlled by a Party or is under common control with such Party. For the purposes of this definition, "control" will mean ownership of fifty percent (50%) or more of the voting securities of such entity.

2.5     "Bancorp Service" or "Bancorp Services" means: all of the services to be performed by Bancorp under this Agreement.

2.6     "BIN" means: a Bank Identification Number issued by VISA.

2.7     "Business Day" means: each weekday, Monday through Friday, excluding calendar days that are Federal Reserve holidays.

2.8     "Confidential Business Information" means: any valuable, secret business information, other than Trade Secrets that: (a) is designated or identified as confidential by either Party at the time of the disclosure; (b) is by its nature clearly recognizable as confidential information to a reasonably prudent person with knowledge of the Disclosing Party's business and industry; (c) is proprietary to Heartland or Bancorp, including without limitation, the pricing, fees and charges under this Agreement, and that Heartland or Bancorp may gain knowledge of or access to in connection with this Agreement; (d) consists of a Merchant name or information relating to a Merchant; or (e) is otherwise disclosed in a manner consistent with its confidential or proprietary nature.

2.9     "Disclosing Party" means: the Party disclosing any Proprietary Information hereunder, whether such disclosure is directly from the Disclosing Party or on the Disclosing Party's behalf.

2.10     "Effective Date" means the date upon which Transaction Ticket begin to process under a Bancorp BIN or under a Bancorp ICA.

2.11     "Execution Date" means the date upon which all parties hereto have executed and entered into this Agreement.

2.12     "Fees" means: the fees due and payable to Bancorp under this Agreement, as set forth on 
Exhibit 3.

2.13     "Heartland Monthly Income" means: the sum total of all payments, fees, reimbursements and the like paid by Merchants under agreements with Heartland for Heartland Service, including without limitation a Merchant Agreement.

2.14     "Heartland Service" or "Heartland Services" means: all of the services to be performed by Heartland for a Merchant or Bancorp under this Agreement.

2.15     "ICA" means: Interbank Card Association issued by MasterCard.

2.16     "Interchange Fee" means: the fees paid to the issuing bank in connection with interchange settlement and in accordance with the Network Rules (defined below).

2.17     "Operating Account" means: a bank account established by Heartland and located at Bancorp, which account shall have as its sole and exclusive owner Heartland, that will be used for (i) the transfer by Bancorp of Heartland Monthly Income from the Settlement Account to Heartland and (ii) the payment of all of the payment obligations of Heartland under this Agreement.

2.18    "Loss or Losses" means: any loss, liability, claim, suit, demand, damages, judgments, expenses (including, without limitation, reasonable attorneys' fees and collection costs), orders of restitution, and penalties (including, without limitation, civil monetary penalties and VISA and MasterCard fines and penalties).

2.19    "Merchant" means: an entity located either in the United States or as defined as a United States territory (within the Visa and/or MasterCard by-laws and regulations) in the business of selling products and services to customers that processes its Transaction Tickets under an Account. 

2.20     "Merchant Agreement" means a written agreement among Heartland, Bancorp and a Merchant relating to an Account, or any similar written agreement or arrangement with a Merchant that is or has been assigned or transferred to Heartland.

2.21    "Merchant Loss" means: any loss or extraordinary expense (excluding legal fees related to such loss or extraordinary expense) incurred by Bancorp or Heartland for any reason which is attributable to a Merchant, including but not limited to any loss due to a Merchant chargeback, Merchant business failure or fraudulent or illegal practice of a Merchant, or Merchant privacy or security policies, procedures or practices.

2.22    "Network(s)" or "Association(s)" means: individually or collectively, VISA, MasterCard, American Express and Discover. Upon Heartland's request other card networks may be included in the definition of Networks, but only upon a written amendment to this Agreement in accordance with Section 11.2.

2.23     "Network Rules" means: the then-effective bylaws, rules, regulations, guidelines for members of a Network or Association and third-party service providers, orders and interpretations issued by the respective Networks, as they may be amended from time to time.

2.24     "Permitted Parties" has the meaning set forth in Section 6.1.

2.25     "Personnel" means: the employees, subcontractors, agents, and the employees of such subcontractors and agents of a Party.

2.26     "Proprietary Information" means: Trade Secrets and Confidential Business Information.

2.27     "Receiving Party" means the Party receiving any Proprietary Information hereunder, whether such disclosure is received directly from or on the Receiving Party's behalf.

2.28    "Reserve Account" has the meaning set forth in Section 3.3.1.

2.29     "Settlement Account" means: the bank account, which account shall have as its sole and exclusive owner Bancorp, that Bancorp will establish to be used for the daily settlement of Merchants' VISA and MasterCard processing activity, including without limitation Transaction Tickets, Interchange Fees, Network assessments, Network fees, refunds and chargebacks as well as the collection of certain amounts due from Merchants.

2.30     "Successor Bank" has the meaning set forth in Section 3.10.2.

2.31     "System" means: the system(s) used by Heartland to perform the Heartland Services and which Bancorp may access to receive the Heartland Services, to facilitate the Bancorp Services, and will allow Bancorp to comply with the Network Rules.

2.32     "System Rules" means the written rules and policies of Heartland related to access and use of the System that are provided to Bancorp in advance.

2.33     "Termination Assistance Services" has the meaning set forth in Section 5.5.

2.34     "Trade Secrets" means: trade secrets as defined under Delaware law, as amended from time to time, and will include without limitation and without regard to form, and whether or not reduced to writing: technical or non-technical data; a formula; a pattern; a compilation; a program; a software program; a device; a method; a technique; a drawing; a process; financial data; financial plans; product plans; nonpublic forecasts; studies; projections; analyses; a list of actual or potential customers or suppliers and other customer or potential customer information; business and contractual relationships; discoveries; ideas; concepts: research; development; operating procedures; marketing procedures and materials; fees; pricing; policies; or any information similar to the foregoing which: (a) derives economic value, actual or potential, from not being generally known and not being readily ascertainable by proper means to other persons who can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. For the sake of clarity, Trade Secrets will include information provided to Bancorp or Heartland by any third parties, which Bancorp or Heartland, as applicable, is obligated to hold in confidence.

2.35     "Transaction Ticket" means: a record (whether paper, magnetic, electronic or otherwise) that is created to evidence the use of a customer's bankcard as payment for a Merchant's products, services, cash advances or otherwise or for credit or refund.

3.     Heartland Services and Bancorp Services and Compensation.

3.1     Heartland Services and Bancorp Services and Compensation Obligations.

3.1.1 Each Party's respective obligations to the other Party are set forth in the following

Exhibits to this Agreement:
Heartland Obligations- Exhibit 2
Insurance Requirements- Exhibit 4
Heartland's Underwriting Requirements for Determination of Eligible Merchants- Exhibit 5

3.1.2     Associated compensation rights and obligations are set forth in the following Exhibits to this Agreement:

Compensation- Exhibit 3 and Exhibit 1, Section 3.2.

3.1.3     Except as otherwise provided in this Agreement (such as indemnity), including the Exhibits attached to this Agreement, each Party will be responsible for its own expenses.

3.2     Statements on Compensation.

3.2.1     On or before the seventh (7th) day of each calendar month (and within seven (7) calendar days following the effective date of termination of this Agreement) Heartland will submit to Bancorp monthly processing reports and any supporting documentation that Bancorp may reasonably request from time to time for the calculation of the Fees due to Bancorp under Exhibit 3 for the prior calendar month (or portion thereof if the effective date of termination of this Agreement is other than the last day of a calendar month).

3.2.2     On or before the twentieth (20th) day of each calendar month (and within twenty (20) calendar days following the effective date of termination of the Agreement) Bancorp will submit to Heartland a written statement of Fees and other applicable costs owed to Bancorp by Heartland, including but not limited to wire fees, overdraft fees, interest and reimbursements, plus any supporting documentation for Fees and other applicable costs that Heartland may reasonably request from time to time.

3.2.3     If the terms and conditions of this Section conflict with the terms and conditions in Exhibit 3, the terms and conditions of Exhibit 3 (as amended from time to time in accordance with Section 11.2 hereof) will control.

3.3     Reserve Account.

3.3.1     Bancorp agrees to establish a deposit account, which deposit account shall have as its sole and exclusive owner Bancorp and shall be titled "Bancorp FBO Heartland Merchant Reserves", for the purposes of providing a source of repayment by Merchants to Bancorp or to Heartland (the "Reserve Account").

3.3.2     Reserve Account may hold funds from Merchants on a co-mingled basis. Heartland shall maintain in System all subsidiary records identifying the portion of the balance in the Reserve Account attributable to each Merchant. On a monthly basis, Heartland shall provide to Bancorp the then-current subsidiary records of the Reserve Account. Heartland shall have access to review the Reserve Account at all times.

3.3.3     If Heartland, in its sole but reasonable judgment determines that any Merchant has caused Heartland to suffer or incur any Merchant Loss or reasonably likely to cause Heartland to suffer or incur any Merchant Loss, Heartland may, pursuant to the terms of an applicable written agreement with a Merchant, make any and all changes in the System necessary to cease or to reduce the amount of ACH deposits to any bank account of such Merchant, provided, however, that all such ceased or reduced ACH deposits not remitted to Merchant are deposited directly into Reserve Account.

3.3.4     If Bancorp, in its sole but reasonable judgment determines that any Merchant has caused Bancorp to suffer or incur any Merchant Loss or reasonably likely to cause Bancorp to suffer or incur any Merchant Loss, Heartland shall, pursuant to instructions of Bancorp and consistent with the terms 

of the applicable written agreement with a Merchant, make any and all changes in the System necessary to cease or to reduce the amount of ACH deposits to any bank account of such Merchant and, if so instructed by Bancorp, make any and all changes in the System necessary to redirect ACH deposits directly into Reserve Account.

3.3.5     From time to time, Heartland and Bancorp shall cooperate on deposits to, withdrawals from and other administration of the Reserve Account, pursuant to the terms of this Agreement and applicable agreements with Merchant, including but not limited to Merchant Agreement.

3.4     Right of Set-Off. Heartland agrees that Bancorp has and retains the right of set-off with respect to any actual, identified Loss or Merchant Loss against any property of Heartland which at any time Bancorp shall have in its possession and/or control, including without limitation, any balance or share of any deposit, agency, trust, escrow or other account with Bancorp, and any other amounts which may be owing from time to time by Bancorp to Heartland, excluding, for purposes of the forgoing, property held by Heartland for a Merchant or unaffiliated third party. The right of set-off in favor of Bancorp, if exercised, shall be deemed to have been exercised at the time Bancorp first restricts Heartland's access to property in Bancorp's possession, even though this set-off may be entered on Bancorp's books and records at a later time. Bancorp shall have no right of set-off against any Heartland property for any portion of a Loss or Merchant Loss which shall be contested in good faith by Heartland in writing to Bancorp within ten (10) Business Days following Bancorp's notice of such Loss or Merchant Loss to Heartland.

3.5     Rights to Funds in the Hands of Bancorp.

3.5.1     Heartland hereby acknowledges that all funds deposited in the Settlement Account are and shall be the property of Bancorp, it being the understanding and arrangement of the parties that Heartland merely owns a contractual right to payment from the Settlement Account as provided in this Agreement. Bancorp hereby acknowledges that all funds deposited in Operating Account are and shall be the property of Heartland.

3.5.2     Heartland agrees to use commercially reasonable efforts to amend its existing credit facility or to enter into a replacement credit facility that would permit Heartland to grant Bancorp a security interest in Heartland funds deposited with Bancorp under this or any similar or related agreement; provided, however, that Heartland shall not be obligated to enter into such an amendment or replacement facility in the event that such shall cause Heartland to be subject to materially more restrictive or detrimental terms, including without limitation a higher interest rate, fees or expenses, materially more restrictive covenants, etc.

3.6     No Exclusivity: Use of Confidential Business Information for Solicitations. This Agreement does not create an exclusive arrangement between Heartland and Bancorp. Bancorp and Heartland may contract with other entities and/or sponsor other merchant processing providers or enter into other BIN or ICA sponsorship arrangements from time to time in their respective sole and exclusive discretion. Bancorp may at all times solicit Merchants and other Heartland clients/customers for Bancorp to provide any banking services, including, by way of example and without limitation: demand deposit banking, merchant acquiring relationships and the types of bank sponsorships/services contemplated in this Agreement; provided, however, that Bancorp will not use Confidential Business Information to solicit Merchants, or then current employees, clients, or customers of Heartland except as may be agreed by Heartland and Bancorp in writing.

3.7     Inconsistency of Law and Network Rules. As allowed by applicable law, in the event of any inconsistency between any provision of this Agreement and the Network Rules, the Network Rules in each instance will be afforded precedence and will apply. Each Party will have ninety (90) Business Days upon 

receipt of notice or obtaining knowledge of any inconsistencies between the Network Rules and this Agreement to cure any such inconsistencies that is under such Party's control. Unless otherwise agreed to in writing by Bancorp and Heartland, this Agreement will terminate at the end of such 90-day period if the inconsistency between the Network Rules and this Agreement is not cured.

3.8     Assurances.  Bancorp and Heartland agree that the performance of Heartland Services and Bancorp Services (as applicable to each Party) under this Agreement are hereby made subject, and without notice, to the examination of the Board of Governors of the Federal Reserve System, or such other governmental agency as shall have jurisdiction, together with any resolutions, agreements or assurances encompassing the foregoing matters, in such form as may be required by the Board of Governors of the Federal Reserve System or other such governmental agency.

3.9    Due Care.  Bancorp and Heartland represent and warrant that each Party will exercise due care in inputting and processing data and information and in performing their respective obligations in this Agreement, and each Party will, upon discovery of an error or omission attributable to the malfunction of equipment which it owns or leases or to the acts, negligence or the failure of operators, programmers, or other Personnel or programs employed by the applicable Party, use best efforts to correct such error or omission, and provide prompt notice of the error or omission to the other Party.

3.10     Administration of Merchant Agreements.

3.10.1    Each party acknowledges and agrees that each Merchant does and shall have a direct business relationship with Heartland. Subject to the terms and provisions of this Agreement and to the Network Rules, Heartland shall administer the Merchant relationship including the Merchant Agreement.

3.10.2     Notwithstanding anything to the contrary herein, Bancorp shall have no ownership rights in the Merchant Agreements or Accounts, other than those explicitly required by the Network Rules. Heartland may at any time transfer its ownership or other rights in any or all of the Merchants and Merchant Agreements, and Heartland may by written request require Bancorp to transfer its rights in the Merchants or Merchant Agreements, to a member of the Networks, in accordance with the Network Rules. Bancorp shall promptly comply with such written request and transfer any and all rights and obligations it may have in the Merchant Agreements and the Bancorp BINs or ICAs related to the Merchants, to any financial institution ("Successor Bank") who is a member of the Associations, as directed by Heartland, within the specified period of time requested by Heartland (which shall be no shorter than thirty (30) Business Days and no longer than one hundred eighty (180) calendar days) or such longer period as agreed to by the parties; provided, however, that (i) Heartland has paid all amounts then due from Heartland to Bancorp, including without limitation any Additional Compensation due and owing pursuant to Section 5.6 hereunder, and (ii) Bancorp and Successor Bank have mutually agreed, in writing, to the terms of the transfer of Bancorp's rights and obligations in the Merchant Agreements and the Bancorp BINs or ICAs related to the Merchants. Bancorp's period of time to transfer their rights in the Merchant Agreements and the Bancorp BINs or ICAs to a Successor Bank may be extended, as reasonably necessary, to accommodate Network requirements or limitations.

4.     License to System.

4.1     General License. Subject to the terms and conditions of this Agreement and as a material inducement for Bancorp to enter into this Agreement, Heartland hereby grants to Bancorp a nonexclusive, non-transferable (except as provided herein), non-sublicensable license to the System in accordance with the terms and conditions of this Agreement with a term that coincides with the term of this Agreement and for the sole 

purposes of processing with respect to the Merchants. Bancorp shall promptly notify Heartland if it becomes aware of any data security breach arising out of its use of the System or a failure to comply in any material respect with the System Rules and shall use commercially reasonable efforts to cooperate with Heartland to resolve such issue as soon as reasonably practicable.

4.2     Third-Party Licenses. If any third party software or other System element is a part of the System upon the Effective Date of this Agreement or becomes a part of the System after the Effective Date of this Agreement, Heartland will obtain for Bancorp (and its Personnel) a license to use such third party software or other System element pursuant to this Section 4 at no additional cost or expense to Bancorp. 

4.3     License Fees and Use Restrictions. Any exercisable license for Bancorp to use applicable portions of the System will be subject to, and the Parties will comply with, the following terms and conditions:

4.3.1     There will be **REDACTED**; and

4.3.2     Bancorp's applicable System usage must be: (a) for the internal purposes of Bancorp only; and (b) to receive the Heartland Services or to facilitate delivery of the Bancorp Services.

4.4     Proprietary Rights. Bancorp acknowledges that its applicable software or other System elements usage is licensed and not sold to Bancorp. Heartland and its licensors (as applicable) own and retain all rights, title, and interest in the applicable software or other System elements, including without limitation any modifications or derivative works related thereto, whether created by Bancorp or Heartland.

5.     Term and Termination.

5.1     Term. This Agreement will commence as of the Effective Date and will terminate on the fifth (5th) anniversary of the Effective Date, unless earlier terminated in accordance with the provisions of this Agreement. This Agreement will automatically renew for additional one (1) year periods, beginning and ending on each anniversary of the Effective Date, unless either Party provides the other Party notice of its intention not to renew the Agreement at least one-hundred and eighty (180) calendar days before the automatic renewal date (anniversary of Effective Date) of this Agreement.

5.2     Termination by Bancorp.

5.2.1     For Cause. Bancorp may immediately terminate this Agreement, as a whole, in the event that Heartland breaches any material obligation under this Agreement, and such breach remains uncured for thirty (30) calendar days after notice of such breach is delivered to Heartland. If Bancorp terminates this Agreement pursuant to this Section 5.2.1 then Heartland will provide to Bancorp all software and documentation, pursuant to Section 4, necessary for Bancorp to continue to use and access System from and after termination of this Agreement.

5.2.2     Requirements of Bancorp Regulator. Bancorp may terminate this Agreement, as a whole or in part, in the event that it is expressly required to do so by order of a federal or state regulator having jurisdiction over Bancorp . If Bancorp is required to so terminate, Bancorp shall provide one hundred eighty (180) calendar days  notice to Heartland prior to termination; provided, however, no such prior notice will be required if such notice is prohibited by the applicable regulator.

5.2.3     Loss of Sponsorship or ISO or MSP Network Membership of Heartland. Bancorp may terminate this Agreement, as a whole, in the event any Network provides notice of its termination of Heartland's sponsorship, ISO or MSP membership. If Bancorp intends to so terminate, Bancorp shall provide one hundred eighty (180) calendar days notice prior to termination; provided, however, that 

this notice condition for termination pursuant to this Section 5.2.3 will not apply if such notice is expressly prohibited by the applicable Network.

5.2.4     Change of Control. Bancorp may terminate this Agreement, as a whole, if there shall occur any sale of all or substantially all of the assets of Heartland, or a reorganization, merger, or similar transaction involving Heartland which directly or indirectly causes a change of ownership of a majority of the voting equity of Heartland. If Bancorp intends to so terminate, Bancorp shall provide no less than one hundred eighty (180) calendar days notice prior to termination. 

5.3     Termination by Heartland.

5.3.1     For Cause. Heartland may immediately terminate this Agreement, as a whole, in the event that Bancorp breaches any material obligation under this Agreement, and such breach remains uncured for thirty (30) calendar days after notice of such breach is delivered to Bancorp. If Heartland so terminates, Heartland agrees to pay to Bancorp all compensation that Bancorp earned prior to the date of such termination.

5.3.2     For Convenience. Heartland may terminate this Agreement, as a whole or in part, for convenience (without cause) and in its sole discretion, at any time upon notice to Bancorp six (6) months before Heartland's intended termination date of the Agreement; provided, however, if Heartland terminates this Agreement in part, then Bancorp may terminate this Agreement in whole. If Heartland so terminates, Heartland must pay to Bancorp all compensation that Bancorp earned prior to the date of such termination.

5.3.3     Loss of or Restrictions Upon Association Membership. Heartland may terminate this Agreement, as a whole in the event any Association terminates Bancorp's membership. If Heartland intends to so terminate, Heartland shall provide one hundred eighty (180) calendar days notice to Bancorp.

5.4     Insolvency. Either Party may terminate this Agreement, in whole or in part, as allowed by law, if the other Party: (a) becomes or is declared insolvent or is the subject of any liquidation or insolvency proceedings, including, but not limited to, the appointment of a receiver or similar officer for such Party;
(b) makes an assignment for the benefit of all or substantially all of its creditors; (c) enters into an agreement for the composition, extension, or readjustment of all or substantially all of its debts or obligations; or (d) files a voluntary bankruptcy petition or has an involuntary bankruptcy petition filed against it and either the voluntary or involuntary petition is not dismissed within sixty (60) calendar days of the petition's filing. If Bancorp terminates this Agreement pursuant to this Section 5.4 then Heartland will be provide to Bancorp all software and documentation, pursuant to Section 4, necessary for Bancorp to continue to use and access System from and after termination of this Agreement 

5.5     Termination Assistance Services.

5.5.1     After expiration or termination of this Agreement by either Party, Bancorp will, for a period of time not to exceed one hundred eighty (180) calendar days, continue to perform its obligations (as detailed in Exhibit 1 and Exhibit 2 hereto) pursuant to this Agreement so that Merchants continue to receive Transaction Ticket processing under the Bancorp BINs or ICAs ("Termination Assistance Services"); provided, however, Bancorp shall not have the obligation to provide Termination Assistance Services to Heartland in the event Bancorp terminates this Agreement for cause in accordance with Section 5.2.1 and provided further, Bancorp's obligation to perform Termination Assistance Services in the event Bancorp terminates this Agreement in accordance with Section 5.2.2 

is subject to the Bancorp regulator's right to prohibit Bancorp's provision of such services and Bancorp's obligation to perform Termination Assistance Services in the event Bancorp terminates this Agreement in accordance with Section 5.2.3 is subject to the applicable Network's right to prohibit Bancorp's provision of such services. Notwithstanding anything to the contrary herein, upon a termination of this Agreement in accordance with Section 5.2.2 or Section 5.2.3, Bancorp covenants that it shall use commercial reasonable efforts to negotiate with the regulator or Network, as applicable, in favor of providing such Termination Assistance Services in the event that such regulator or Network shall prohibit the Bancorp's provision of such services.

5.5.2     After the expiration or termination of such Termination Assistance Services, the Parties will answer questions regarding the subject matter of this Agreement or the Heartland or Bancorp Services on an "as needed" basis.

5.5.3     In the event of a termination hereunder as permissible by applicable regulators or Networks, Bancorp shall, after the written request from Heartland and payment in full all amounts then due from Heartland to Bancorp, including without limitation Additional Compensation, transfer any and all rights and obligations it may have in the Merchant Agreements and the Bancorp BINs or ICAs related to the Merchants, to any Successor Bank who is a member of the Associations, as directed by Heartland, within fifteen ( 15) Business Days after termination or such longer period (not to exceed thirty (30) calendar days); provided, however, that Bancorp and Successor Bank have mutually agreed, in writing, to (i) the terms of the transfer of Bancorp's rights and obligations in the Merchant Agreements and the Bancorp BINs or ICAs related to the Merchants and (ii) that Bancorp's period of time to transfer their rights in the Merchant Agreements and the Bancorp BINs or ICAs to a Successor Bank may be extended, as necessary, to accommodate Network requirements or limitations.

5.5.4    Unless prohibited by a regulator or Network, as applicable given the context, Bancorp will provide all Bancorp Services and Heartland shall pay for Bancorp Services as set forth hereunder until Bancorp's rights and obligations in the Merchant Agreements and the Bancorp BINs and ICAs related to the Merchants are transferred to Successor Bank. 

5.6    Additional Compensation

5.6.1     If, through the actions of Heartland, Heartland's Affiliates or their successors, in **REDACTED**  during the term of this Agreement, more than **REDACTED** of Transaction Tickets are relocated, transferred or otherwise redirected from Bancorp's BIN or ICA to another BIN or ICA utilized by another person with which Heartland, Heartland's Affiliates or their successor has a contractual relationship, including without limitation a financial institution, Heartland shall pay to Bancorp Additional Compensation no later than **REDACTED**  after the disclosure by Heartland of such prior effective transfer or the discovery by Bancorp of such effective transfer of transaction processing. For avoidance of doubt, Heartland shall not be required to pay to Bancorp Additional Compensation if (i) a Merchant discontinues the use of Heartland Services as a result of a Merchant terminating such Merchant's business relationship with Heartland, Heartland's Affiliates or their successor or otherwise, or (ii) Bancorp breaches any of its material obligations hereunder or terminates any such Merchants, (iii) Heartland terminates this Agreement pursuant to Section 5.3.1 or Section 5.3.3, Bancorp terminates this Agreement pursuant to Section 5.2.2 or (iv) either party terminates this Agreement pursuant to Section 5.4. 

5.6.2     If Heartland terminates this Agreement pursuant to Section 5.3.2 or if Bancorp terminates this Agreement pursuant to Section 5.2.1, Section 5.2.3 or Section 5.2.4, then Heartland will pay Bancorp Additional Compensation by no later than the effective date of such termination.

6.     Confidentiality of Proprietary Information.

6.1     Ownership and Restrictions on Use. The Receiving Party acknowledges and agrees that, except as otherwise provided in this Agreement, the Proprietary Information of the Disclosing Party will remain the sole and exclusive property of the Disclosing Party or of a third party providing such information to the Disclosing Party. The disclosure of the Disclosing Party's Proprietary Information to the Receiving Party does not confer upon the Receiving Party any license, interest, or right of any kind in or to the Proprietary Information, except as provided under this Agreement. At all times and notwithstanding any termination or expiration of this Agreement, the Receiving Party agrees that it: {a) will hold in strict confidence and not disclose to any third party the Proprietary Information of the Disclosing Party, except as approved in writing by the Disclosing Party; (b) will only use Proprietary Information received by it solely to carry out the purposes of this Agreement and for no other purpose whatsoever; (c) will only permit access to the Proprietary Information of the Disclosing Party to those of its Personnel, officers, directors, internal or external auditors ("Permitted Parties") having a need to know, who have signed confidentiality agreements or are otherwise bound by confidentiality obligations substantially similar to those contained in this Agreement; (d) will be responsible to the Disclosing Party for any Permitted Party's use or disclosure of the Disclosing Party's Proprietary Information provided to such Permitted Party by the Receiving Party; (e) will use at least the same degree of care it would use to protect its own Proprietary Information of like importance, but in any case with no less than a reasonable degree of care, including, maintaining information security standards for such Proprietary Information as are commercially reasonable (and for Heartland, in compliance with Section 9 of this Agreement); and (f) will not alter or remove any identification, copyright or proprietary rights notices which indicate the ownership of any part of the Disclosing Party's Proprietary Information. Neither Party will communicate any information to the other Party in violation of the proprietary rights of any third party.

6.2     Exceptions to Restrictions on Use.

6.2.1     The obligations and restrictions described in Section 6.1 will not restrict either Party with respect to information which: (a) was rightfully in the Receiving Party's possession without restriction on use or disclosure before receipt from the Disclosing Party, as evidenced by written documentation; (b) is or becomes a matter of public knowledge through no fault of the Receiving Party; (c) is rightfully received by the Receiving Party without restrictions on use or disclosure from an unaffiliated third party; (d) is independently developed by the Receiving Party without use of the Disclosing Party's Proprietary Information as evidenced by written documentation; or (e) is disclosed by the Receiving Party with the Disclosing Party's prior written approval.

6.2.2     The obligations and restrictions described in Section 6.1 will not restrict either Party with respect to information which: (a) is required to be disclosed by law, regulations, any regulatory body (including without limitation the SEC), court order or subpoena, provided that the Receiving Party must, if legally permissible: (i) exercise reasonable efforts to notify the Disclosing Party before the disclosure is made; (ii) make a reasonable effort to assist and cooperate with the Disclosing Party in seeking a protective order requiring that the Proprietary Information being disclosed be used only for the purposes for which disclosure is required; and (iii) reasonably cooperate with the Disclosing Party in its efforts to protect the confidentiality of the Proprietary Information required to be disclosed; or (b) is required to be disclosed to comply with or enforce the terms of this Agreement. However, the Parties agree that Proprietary Information may be made available to supervisory or regulatory authorities of either Party or the Internal Revenue Service upon the written request of any such authority or the Internal Revenue Service (as applicable). In addition, despite anything in Section 6.1 or Section 6.2.2 herein to the contrary, Bancorp agrees that Bancorp's Proprietary Information may be made available to the extent necessary to perform the Heartland Services, but for no other purpose.

6.3     Notice of Unauthorized Disclosures. Each Party to this Agreement will immediately notify the other Party in writing upon discovery of any loss or unauthorized disclosure of the Proprietary Information of the other Party.

6.4    Limit on Reproductions. The Receiving Party will not reproduce the Disclosing Party's Proprietary Information in any form except as required to accomplish the intent of this Agreement. Any reproduction of any Proprietary Information by the Receiving Party will remain the property of the Disclosing Party and will contain any and all confidential or proprietary notices or legends that appear on the original, unless otherwise authorized in writing by the Disclosing Party.

6.5     Document Destruction - Information Erasure.

6.5.1     Upon the earlier of: termination of this Agreement, written request of the other Party, or when no longer needed by either Party for fulfillment of its obligations under this Agreement, each Party will either: (a) promptly return to the other Party all documents and other tangible materials representing the other Party's Proprietary Information, and all copies thereof in its possession or control; (b) destroy all tangible copies of the other Party's Proprietary Information in its possession or control; or (c) if return or destruction is not feasible, maintain the other Party's Proprietary Information in compliance with the requirements of this Section 6 and the reasonable record retention policies of the Receiving Party.

6.5.2     If the Receiving Party destroys the Disclosing Party's Proprietary Information instead of returning it, then the Receiving Party will provide the Disclosing Party with information regarding the Receiving Party's procedures and processes for destruction and will give written assurances, reasonably acceptable to the Disclosing Party: (a) that the Proprietary Information was properly and securely destroyed; (b) as to how and by what means it was destroyed; and (c) if applicable, the location where it was disposed of. The requirements of this subsection apply to all Proprietary Information of a Party regardless of format, including, without limitation, printed, magnetic, electronic or other format. The destruction methods described in the grid below are acceptable methods of destruction relative to the identified Proprietary Information. 
	
		
	TYPE OF PROPRIETARY  INFORMATION STORED OR USED
	DESTRUCTION METHOD

	Hard Copy
	Shredding, pulverizing, burning, or other suitable destruction method so that any Proprietary Information is not readable at all and cannot be reassembled or reconstructed in any way so that it is practicably readable.

	Electronic Tangible Media,  such as CDs, Disks, Tapes
	Destruction or erasure of such media so that any Proprietary  Information is not readable at all and cannot be reassembled or reconstructed in any way so that it is practicably readable.

	Hard Drive Storage or similar Computer or Device Storage
	Erasure or elimination of Proprietary Information from such device so that any Proprietary Information is not readable at all and cannot be reassembled or reconstructed in any way so that it is practicably readable.

6.6    Equitable Relief. If either Party should breach or threaten to breach any provision of this Section 6, the non-breaching Party, in addition to any other legal remedy it may have, will be entitled to seek a restraining order, injunction, order of specific performance, or any other equitable remedy in order to obtain the protections provided by this Section 6. Each Party specifically acknowledges that money damages alone 

would be an inadequate remedy for the injuries and damages that would be suffered and incurred by the non-breaching Party as a result of a breach of any provision of this Section 6. In the event that either Party should seek an injunction hereunder, the other Party hereby waives any requirement for the submission of proof of the economic value of any Proprietary Information or the posting of a bond or any other security.

6.7     Survival. Notwithstanding any expiration or termination of this Agreement, all of the Receiving Party's nondisclosure and use obligations pursuant to this Section 6 will survive: (a) for three (3) years after expiration or termination with respect to any Confidential Business Information of Bancorp or Heartland received prior to such expiration or termination; and (b) with respect to Trade Secrets, for so long as such information continues to constitute a trade secret under applicable law. 

6.8     Prior Confidentiality Agreements Superseded. The provisions set forth in this Section 6 supersede any previous oral or written agreement between the Parties relating to the protection of any Proprietary Information.

6.9     Information related to Tax Structure and Treatment. It is the Parties' mutual intent that the tax structure and tax treatment of the transactions contemplated by this Agreement will not be confidential and that notwithstanding anything herein to the contrary, each Party and its Personnel may disclose to any and all persons, without limitation of any kind, the tax structure and tax treatment of the transactions contemplated herein such that the transactions will be treated as not having been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the Treasury Regulations promulgated under Section 6011 of the Internal Revenue Code of 1986, as amended, and any comparable provision in the law of any other jurisdiction. 

6.10     Confidentiality of Agreement. Except as necessary to perform their respective obligations (a) under this Agreement or (b) under applicable law (including without limitation disclosure required by the SEC or under any applicable securities laws), Bancorp and Heartland will use commercially reasonable efforts to keep confidential and not disclose any of the terms and conditions of this Agreement to any third party without the prior written consent of the other Party. 

7.     General Warranties. Representations and Covenants.

7.1     Heartland Warranties. Representations and Covenants.

7.1.1     General.

7.1.1.1  Heartland represents, warrants and covenants that: (a) the Heartland Services will strictly comply with the requirements of this Agreement; (b) Heartland will pay all material and undisputed amounts owed by Heartland to all third party vendors and processors or other related service providers to encourage the Heartland Services and the Bancorp Services are uninterrupted to Merchants; (c) the Heartland Services and System will comply in all material respects with applicable laws, rules and regulations and Network Rules applicable to Heartland.

7.1.1.2  Heartland will follow the underwriting policy referenced as Exhibit 5 in connection with each application of a Merchant, and will not amend, in any material respect, such underwriting policy or form of Merchant agreement without prior notification to Bancorp. 

7 .1.1.3  Heartland will re-perform any Heartland Services which fail to meet the foregoing warranties at Heartland's sole expense.

7.1.1.4  If Heartland breaches any of its representations, warranties and covenants set forth in this Section 7.1.1, without waiving any rights it may have as a result of such breach, Bancorp may, but is not required to, fulfill such obligations and Heartland must reimburse Bancorp for all Losses associated with Bancorp fulfilling of such obligations.

7.1.2      Network Requirements. Heartland represents and warrants that it will establish and maintain the following specific performance standards with regard to the Network Rules:

7.1.2.1  Heartland will provide Bancorp timely management and exception reporting including, but not limited to, the information required by Bancorp for Network quarterly reports and monthly compliance and business reviews, and will provide System access, pursuant to Section 4, necessary for Bancorp to perform its obligations under the Network Rules, including, but not limited to, settlement and reconciliation of Transaction Tickets. 

7 .1.2.2    Heartland will provide Bancorp prompt and appropriate responses to Network risk monitoring program requests and requirements. In the event that a Network assesses any fine against Bancorp arising from, relating to or in connection with the Heartland Services, Heartland will immediately reimburse Bancorp for any such Network fine. In addition, Heartland will reimburse Bancorp for all Network assessment fees arising from, relating to or in connection with this Agreement.

7.2     Bancorp Warranties, Representations, and Covenants. Bancorp represents warrants and covenants that: (a) the Bancorp Services will strictly comply with the requirements of this Agreement; and (b) the Bancorp Services will comply in all material respects with: (1) applicable laws, rules and regulations and (2) Network Rules applicable to Bancorp.

7.3     Mutual Warranties. Each Party hereby represents and warrants that: (a) it is duly organized and validly existing under the laws of the state of its incorporation or formation and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; (b) this Agreement is a legal and valid obligation binding upon both Parties and enforceable in accordance with its terms; and (c) the execution, delivery and performance of this Agreement by each Party does not conflict with any agreement, instrument or understanding, oral or written, to which either Party may be a party or by which either Party may be bound, and does not violate any law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it.

8.     Indemnification, Insurance and Limitation on Liability. For the purposes herein, each Party, when providing indemnification, will be termed an "Indemnifying Party" and each Party, when receiving the benefits of indemnification, shall be termed an "Indemnified Party." The term "Indemnified Party" will include the other Party's respective shareholders, officers, directors, Personnel, successors and assigns. 

8.1     Mutual General Indemnity. The Indemnifying Party will indemnify, defend, and hold harmless the Indemnified Party from and against any and all damages (including any and all third party claims) and (whether ordinary, direct, indirect, incidental, special, consequential or exemplary), judgments, liabilities, fines,  penalties, losses,  claims,  actions, demands,  lawsuits, costs, and expenses  including, without limitation, reasonable attorneys' fees, that arise out of or relate to:

8.1.1  the negligence, willful misconduct or fraud of the Indemnifying Party;

8.1.2  the breach of the Indemnifying Party's confidentiality or security obligations;

8.1.3    the breach of the Indemnifying Party's representations, warranties or obligations; and

8.1.4  any payments, compensation, damages or  other amounts, however characterized or determined, to a third party, including, without limitation, Merchants, to the extent arising out of or relating to any of the foregoing or any other breach of this Agreement by the Indemnifying Party which the Indemnified Party is obligated to pay. 

8.2    Heartland Indemnity. In addition the indemnification obligation of Heartland pursuant to Section 8.1, Heartland will indemnify, defend, and hold harmless each Indemnified Party of Bancorp from and against:

8.2.1     Any Losses relating with respect to any Merchant, Merchant Agreement, Merchant Account or Transaction Ticket;

8.2.2     All Merchant Losses incurred by Bancorp for any reason other than the gross negligence or willful misconduct of Bancorp; or

8.2.3     Any Losses arising from, relating to or in connection with breach of any representation, warranty or covenant of Heartland under this Agreement.

For purposes of this Section 8, the acts or omissions of a Party's Personnel will be deemed the acts or omissions of the Party.

Nothing in this Section 8 in any manner relieves the Indemnified Party of its obligations under statutory workers' compensation law and other laws regarding employer obligations as to the Indemnified Party's Personnel.

8.3     Bancorp Indemnity. In addition the indemnification obligation of Heartland pursuant to Section 8.1, Bancorp will indemnify, defend, and hold harmless each Indemnified Party of Heartland from and against any Losses relating to Bancorp's access to the System.

8.4     Intellectual Property.

8.4.1     Heartland, at its expense, will defend, indemnify, and hold each Indemnified Party of Bancorp harmless from and against any and all damages (including any and all third party claims) and (whether ordinary, direct, indirect, incidental, special, consequential, or exemplary}, judgments, liabilities, fines, penalties, losses, claims, actions, demands, lawsuits, costs, and expenses including, without limitation, reasonable attorneys' fees, against the Indemnified Party of Bancorp arising from, relating to or in connection with a claim, action, lawsuit, or proceeding made or brought against the Indemnified Party of Bancorp by a third party alleging the infringement or violation of such third party's patent, trade secret, copyright, trademark or other intellectual property right by way of Bancorp's use of any Heartland Services or the System.

8.4.2     In addition to, and not in limitation of Heartland's obligation to protect Bancorp as provided in Section 8.4.1, in the event a court of competent jurisdiction makes a determination that any Heartland Services or System infringe or otherwise violate any third party intellectual property right, or if Heartland determines that any Heartland Services or System likely infringe or otherwise violate such third party's intellectual property right, Heartland, at its option and expense, will: (a) modify the infringing portion of the Heartland Services or System so as to make it non-infringing and non-violating, while maintaining substantial similar functionality; (b) replace the infringing portion of the Heartland Services or System with a non-infringing and non-violating product having substantial 

similar functionality; or (c) obtain the right for Bancorp to continue using the infringing or violating portion of the Heartland Services or System. 

8.5     Indemnification Procedures. The indemnity obligations of the Parties in this Section 8 are subject to the following terms and conditions:

8.5.1     The Indemnifying Party's obligations under this Section 8 will be subject to the Indemnified Party: (a) providing the Indemnifying Party prompt notice of the event giving rise to an indemnity obligation; (b) providing reasonable cooperation and assistance in the defense or settlement of the same; (c) and granting the Indemnifying Party control over the defense and settlement of the same.

8.5.2     The Indemnifying Party will not agree to any settlement which results in an admission of liability by the Indemnified Party without its prior written consent.

8.5.3     With respect to this Section 8, in the event the Indemnifying Party fails to provide a reasonably sufficient defense of an claim subject to indemnification in the opinion of the Indemnified Party, the Indemnified Party may retain its own legal counsel and provide its own defense with respect to the indemnified claim, and the Indemnifying Party will reimburse the Indemnified Party for its reasonable attorneys' fees and expenses for such defense. The Indemnifying Party will have the right to consent to any settlement or judgment that is binding upon the Indemnifying Party, which consent will not be unreasonably withheld, delayed or conditioned.

8.6     Limitations on Indemnity Obligations. For the avoidance of doubt, and notwithstanding any other provision in this Agreement, the foregoing indemnification obligations of Parties under Section 8.1, Section 8.2, Section 8.4 and Section 8.5 shall survive termination of this Agreement indefinitely and shall be without dollar limit.

8.7     Insurance Coverage. Unless otherwise agreed to in writing, Heartland will, at its own expense, carry and maintain, during this Agreement, the insurance coverage in amounts no less than what is specified on Exhibit 4. All insurance policies or bonds required by this Agreement will be issued by insurance companies with an A.M. Best Rating of not less than A-, a Standard & Poor's rating of not less than AA- or a Moody's rating of not less than Aa3. Heartland will also be responsible for ensuring that its subcontractors comply with the insurance requirements of this Section.

8.8     Insurance Requirements. Each of the Parties must carry insurance that is customary and prudent for the nature of its business and consistent with prevailing practices in its industry. To the extent not inconsistent with its insurance coverages and contracts, each party agrees to waive, and will require its insurers to waive, all rights of subrogation against the other party, its directors, officers, and Personnel as it relates to the General Liability and Umbrella Liability policies. On or prior to the execution hereof, each Party will provide the other party with a certificate of insurance evidencing such required coverage. In addition, each party will be notified of any material change or cancellation of such policies with at least thirty (30) calendar day's prior notice. If either party, at any time, neglects or refuses to provide the insurance required herein, or should such insurance be cancelled or materially changed without a new policy to replace and/or provide same coverage, the other party will have the right to terminate the Agreement without penalty.

8.9     Limitation of Liability.
    
EXCEPT FOR (a) THE PARTIES' OBLIGATIONS OF CONFIDENTIALITY, SECURITY, INDEMNITY FOR THIRD PARTY CLAIMS, (b) BANCORP'S CLAIMS AGAINST HEARTLAND FOR INFRINGEMENT INDEMNIFICATION AND (c) EITHER PARTY'S CLAIMS AGAINST THE OTHER 

PARTY FOR ACTS OR OMISSIONS OF GROSS NEGLIGENCE, FRAUD, OR WILLFUL MISCONDUCT OF THE OTHER PARTY (INCLUDING ITS OFFICERS, DIRECTORS, PERSONNEL, OR SUCCESSORS OR ASSIGNS, AS APPLICABLE), NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY UNDER THIS AGREEMENT FOR: 

8.9.1 ANY INDIRECT, INCIDENTAL, EXEMPLARY, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOSS OF INCOME, PROFITS OR DATA, EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF, OR HAD REASON TO KNOW OF, THE POSSIBILITY OF SUCH DAMAGES; OR 

8.9.2 ANY AMOUNT GREATER THAN THE AMOUNT OF HEARTLAND'S REQUIRED UMBRELLA INSURANCE COVERAGE ON EXHIBIT 4 (WHETHER OR NOT A CLAIM IS EVER MADE UNDER SUCH POLICY). 

The Parties agree that any amounts payable by either Party in damages to a third party pursuant to a claim for which the other Party has an indemnification obligation under this Section 8, will be characterized as direct damages of the Indemnified Party. 

9.     Information Security and Compliance with Network Rules-Regulations Audit Rights.

9.1     Heartland will provide information, data back-up procedures, and information security so as to reasonably ensure that any Proprietary Information or Confidential Business Information of a Merchant or customers of such Merchant that Heartland receives for Transaction Ticket processing or any other purpose pursuant to this Agreement is not lost and that it is not modified or disclosed to or accessed by any party (other than those Permitted Parties under Section 6 of this Agreement) without Bancorp's prior written approval. Such security measures will: (a) meet or exceed Payment Card Industry Data Security Standards (as amended from time to time) or successor standards to Payment Card Industry Data Security Standards; (b) be designed to meet or exceed the objectives of the Interagency Guidelines Establishing Information Security Standards, published by the federal bank regulatory agencies, as amended from time to time; and (c) meet other information security standards that are applicable to the Heartland Services and the System, which are mandated by the Networks after the Effective Date.

9.2     To the extent required by the Network Rules or laws, rules and regulations that are applicable to the Bancorp Services, Bancorp will provide information security so as to reasonably ensure that any Proprietary Information or Confidential Business Information of a Merchant or customers of such Merchant that Bancorp receives for any purpose pursuant to this Agreement is not lost and that is not modified or disclosed to or accessed by any party (other than those Permitted Parties under Section 6 of this Agreement) without Heartland's prior written approval. Such measures will: (a) be designed to meet or exceed the objectives of the Interagency Guidelines Establishing Information Security Standards, published by the federal bank regulatory agencies, as applicable and as amended from time to time; and (b) meet other commercially reasonable information security standards. 

9.3     Heartland warrants to Bancorp that Heartland will reasonably monitor, evaluate and adjust its information security systems and procedures in response to relevant changes in technology, as determined by the Parties, and internal and external threats to information security as reasonably determined by the Parties.

9.4     During the term of this Agreement, and for one (1) year following termination:

9.4.1     Subject to Heartland's privacy and security policies and procedures and applicable law, Bancorp or Bancorp auditors or regulators will have the right to conduct a remote or on-site audit of Heartland, at Bancorp's discretion, to review the information security systems and procedures, the data security systems, and the processes of Heartland, with respect to the Heartland Services under this Agreement, at any time during Heartland's regular business hours, and without unreasonably interfering with Heartland's operations, upon reasonable advance notice under the circumstances to evaluate and measure: (a) the effective protection of Proprietary Information or Confidential Business Information of a Merchant or customers of such Merchant; and (b) compliance with Network Rules and all applicable federal, state and local privacy and security laws rules and regulations. Such audit and review may be performed by Bancorp, its agent, or an independent third party or regulator bound by a nondisclosure provision substantially similar to that set forth above in this Agreement, and such audit and review may include inquiry, observation and other forms of assessment of Heartland's information security systems, procedures and processes. Heartland agrees to promptly grant access to logs, policies, records, other materials, and Heartland Personnel reasonably required for Bancorp to perform the audit.

9.4.2     Should such an audit or review reveal that Heartland's information security systems and procedures, the data security systems, and processes do not meet the terms of this Agreement, then Heartland will use commercially reasonable efforts to complete and install modifications to its information security systems and procedures, the data security systems, and processes within a commercially reasonable timeframe to meet the terms of this Agreement; provided, however, that Bancorp may not impose upon Heartland any modifications that are not required by Network Rules or applicable federal, state and local privacy and security laws rules and regulations.

9.4.3     Nothing in this Section 9.4 will require Heartland to make available to Bancorp, its agent, or an independent third party or regulators, any logs, policies, records, results or any other materials or information, which would breach confidentiality obligations between Heartland and any third party.

9.4.4     Subject to Bancorp's privacy and security policies and procedures and applicable law, Heartland or Heartland auditors or regulators will have the right to conduct a remote or on-site audit of Bancorp, at Heartland's discretion, to review the information security systems and procedures, the data security systems, and the processes of Bancorp, with respect to the Bancorp Services under this Agreement, at any time during Bancorp's regular business hours, upon reasonable advance notice under the circumstances and without unreasonably interfering with Bancorp's operations, to evaluate and measure: (a) the effective protection of Proprietary Information or Confidential Business Information of a Merchant or customers of such Merchant; and (b) compliance with Network Rules and all applicable federal, state and local privacy and security laws rules and regulations. Such audit and review may be performed by Heartland, its agent, or an independent third party or regulator bound by a nondisclosure provision substantially similar to that set forth above in this Agreement, and such audit and review may include inquiry, observation and other forms of assessment of Bancorp's information security systems, procedures and processes. Bancorp agrees to promptly grant access to logs, policies, records, other materials, and Bancorp Personnel reasonably required for Heartland to perform the audit.

9.4.5     Should such an audit or review reveal that Bancorp's information security systems and procedures, the data security systems, and processes do not meet the terms of this Agreement, then Bancorp will use commercially reasonable efforts to complete and install modifications to its information security systems and procedures, the data security systems, and processes within a commercially reasonable timeframe to meet the terms of this Agreement; provided, however, that 

Heartland may not impose upon Bancorp any modifications that are not required by Network Rules or applicable federal, state and local privacy and security laws rules and regulations. 

9.4.6     Nothing in this Section 9.4 will require Bancorp to make available to Heartland, its agent, or an independent third party or regulators, any logs, policies, records, results or any other materials or information, which would breach confidentiality obligations between Bancorp and any third party.

9.4.7     Prior to initiation of any audit as permitted under this Agreement, the Parties will discuss and mutually agree upon a reasonable estimate of the total costs of the audit, which Party will bear these costs, and the payment schedule for such costs.

9.5     To the extent that regulations promulgated under any relevant law applicable to either party as a provider of the services and/or System require additional or modified security, privacy, or confidentiality agreements  between financial institutions and third party suppliers, the applicable party agrees that it will execute such additional or modified agreements as reasonably required by the requesting party. The requesting party will make a good faith effort to ensure that any additional or modified agreement complies with the requirements of any implementing authorities, regulators, or any other relevant laws. 

10.    Force Majeure; Disaster Recovery; Contingency Planning.

10.1     Force Majeure. Subject to Section 10.2 and notwithstanding Heartland's Information Security, Disaster Recovery and/or Business Continuity obligations set forth in this Agreement, neither Party will be liable for any failure nor delay in the performance of its obligations under this Agreement to the extent such failure or delay both: 

10.1.1     Is caused by any of the following: acts of war, domestic and/or international terrorism, civil riots or rebellions; quarantines, embargoes and other similar unusual governmental actions; extraordinary elements of nature or acts of God; and 

10.1.2     Could not have been prevented by the non-performing Party's reasonable precautions or commercially accepted processes, or could not have been reasonably circumvented by the nonperforming Party through the use of substitute services, alternate sources, work-around plans or other means by which the requirements of a buyer of services substantively similar to the Heartland Services hereunder would be satisfied.

Events meeting both criteria set forth in subsections 10.1.1 and 10.1.2 above are referred to individually and collectively as "Force Majeure Events." The Parties expressly acknowledge that Force Majeure Events do not include vandalism, the regulatory acts of governmental agencies, labor strikes, or the nonperformance of third parties or subcontractors relied on for the delivery of the Heartland Services, unless such failure or non-performance by a third party or subcontractor is itself caused by a Force Majeure Event. Upon the occurrence of a Force Majeure Event, the non-performing Party will be excused from any further performance or observance of the affected obligation(s) for as long as such circumstances prevail, provided that (a) the Party so prevented from performing shall have provided prompt notice thereof to the other Party hereto, and (b) if such condition continues for 30 calendar days or more, the other Party may immediately terminate this Agreement. During Force Majeure Events, Heartland shall implement its Disaster Recovery and/or Business Continuity plans in accordance with its standard business practices to limit the impact of such Force Majeure Events.

10.2     Disaster Recovery I Business Contingency Planning. Notwithstanding any other provision of this Section 10, a Force Majeure Event will obligate and require Heartland to commence and successfully 

implement disaster recovery of all of the Heartland Services and restoration of data and information as follows:

10.2.1     Disaster Recovery Contingency Planning. Heartland will maintain backup servers and telecommunications connections for all Transaction Ticket processing, applications and/or data storage. Heartland will backup such data on a real time basis (with respect to the front-end) and a weekly basis (with respect to the back-end). The backup data will be stored at a site that is 200 miles away from the physical location of Heartland's primary data-center. Heartland's disaster recovery and contingency planning, equipment, software and telecommunications connections will enable Heartland to provide the Heartland Services and restoration of Bancorp data and information on and from such backup servers within 15-45 seconds (with respect to the front-end) and 12 hours (with respect to the back-end) of any disruption of the Heartland Services. Heartland will modify its Disaster Recovery Contingency Planning policies, practices and
standards from time to time to meet or exceed applicable Payment Card Industry standards for such Disaster Recovery Contingency Planning.

10.2.2     Use of Third Parties for Disaster Recoverv. Should Heartland utilize third party(ies) to provide equipment, software and telecommunications connections for disaster recovery and contingency planning, then Heartland's agreement(s) with such third party(ies) must contain provisions that meet or exceed those provisions set forth above. 

10.2.3     Testing of Disaster Recovery Systems. Heartland will test its disaster recovery capabilities at least once each calendar year. At Bancorp's request, Heartland agrees to provide such disaster recovery test results to Bancorp. Heartland acknowledges that Bancorp may request to participate in such disaster recovery testing. In the event Bancorp chooses to do so, and upon Heartland's receipt of Bancorp's request, Heartland will advise Bancorp of the date, time and scope of such disaster recovery test. Heartland further acknowledges, that Bancorp may wish to participate in the test through one or more of the following methods: (a) by accessing the disaster recovery facility from Bancorp's locations; or {b) by being physically present at Heartland's disaster recovery site (at Bancorp's expense), by signing on, entering sample data and/or reviewing on-line response if so requested by Heartland. 

11.     Miscellaneous.

11.1    Entire Agreement. This Agreement constitutes the entire agreement between the Parties concerning the subject matter hereof and supersedes all written or oral, prior or contemporaneous agreements or understandings with respect thereto. No course of dealing or usage of trade will be used to modify the terms hereof. 

11.2     No Oral Modification. No modification, extension, amendment or waiver of or under this Agreement will be valid unless made in writing and signed by an authorized representative of each Party. No written waiver will constitute, or be construed as, a waiver of any other obligation or condition of this Agreement except as expressly set forth in such waiver.

11.3     Enforceability of Signatures. An electronic copy, including a .pdf or other electronic format, or
photocopy or fax of a signature to this Agreement, any written modification, extension, amendment or waiver will be binding upon the signing Party subsequent to the Effective Date of this Agreement. 

11.4     Unenforceability. If any provision of this Agreement is found by a proper authority to be unenforceable or invalid, such unenforceability or invalidity will not render this Agreement unenforceable or invalid as a 

whole; rather, this Agreement will be construed as if not containing the particular invalid or unenforceable provision or portion thereof, and the rights and obligations of the Parties hereto will be construed and enforced accordingly. In such event, the Parties will negotiate in good faith a replacement provision that would best accomplish the objectives of such unenforceable or invalid provision within the limits of applicable law or applicable court decisions.

11.5     Assignment. Heartland may not assign or transfer any right or obligation under this Agreement without the prior written consent of Bancorp. Bancorp may not assign or transfer any right or obligation under this Agreement without the prior written consent of Heartland. Notwithstanding the provisions of this Section, either Party may assign or transfer its rights and obligations under this Agreement to an Affiliate, without the requirement of receiving the other Party's prior written consent; provided, however that each Party must notify the other Party of the assignment or transfer of its rights and obligations within a commercially reasonable period after such assignment or transfer.

11.6     Notices. With respect to notices permitted or required under this Agreement related to the following matters, such notices must be in writing and delivered by personal delivery or certified mail or overnight carrier mail, return receipt requested: (a) notices of default and right to cure, if applicable; (b) notices intended to amend this Agreement; and (c) notices of termination. Such notices will be deemed given upon personal delivery, or upon the date of the certification of written reply acknowledgment, whichever is applicable. All other notices must be in writing and may also be delivered by facsimile transmission or electronic mail, and will be deemed given upon acknowledgement of receipt of facsimile transmission or upon personal electronic reply acknowledging receipt, whichever is applicable. Notices will be sent to the addresses set forth on the first page of this Agreement or to such other address as either Party may specify in writing.

11.7     Survival. Any and all provisions, promises and warranties contained herein, which by their nature or effect are required or intended to be observed, kept or performed after expiration or termination of this Agreement (including, without limitation, representations and warranties, confidentiality, security, audit rights, indemnities, limitation of liability, dispute resolution, miscellaneous provisions), will survive the expiration or termination of this Agreement and remain binding upon and for the benefit of the Parties hereto.

11.8     Publicity. Unless otherwise specified in writing by the other party, each party will not disclose that Bancorp is a sponsoring bank for Heartland; provided, however, that nothing in this Section will preclude either party from complying with the Network Rules or making required public disclosures, such as US Securities and Exchange Commission filings, as applicable. 

11.9     Independent Contractor. Bancorp and Heartland agree that in performing their responsibilities pursuant to this Agreement, they are in the position of independent contractors. This Agreement is not intended to create, nor does it create and will not be construed to create, a relationship, joint venture, agency, or any association for profit between Bancorp and Heartland. Heartland is not authorized through this Agreement to hold itself out as an agent of Bancorp or to inform or represent that Heartland has authority to bind or obligate Bancorp or to otherwise act on behalf of Bancorp. 

11.10     Dispute Resolution.

11.10.1 Except as otherwise expressly set forth in this Agreement, the Parties agree that any dispute arising in connection with the interpretation of this Agreement or the performance of either Party under this Agreement or otherwise relating to this Agreement will be treated in accordance with the procedures set forth in this paragraph, prior to the resort by either Party to arbitration or litigation in connection with such dispute. The dispute will be referred for resolution first to a Senior Vice President for Bancorp, and the Chief Financial Officer for Heartland. Such procedure will be invoked by either 

Party presenting to the other Party a Notice of Request for Resolution of Dispute (a "Notice") identifying the issues in dispute sought to be addressed hereunder. A telephone or personal conference of those executives will be held within ten (10) Business Days after the delivery of the Notice. In the event that the telephone or personal conference between these executives does not take place or does not resolve the dispute, either Party may refer the dispute to binding arbitration pursuant to the arbitration provisions set forth below. 

11.10.2 Except as otherwise expressly set forth in this Agreement and except for actions for equitable relief, all claims or disputes between the Parties arising out of or relating to this Agreement other than equitable actions will be decided by· arbitration pursuant to the JAMS Streamlined Arbitration Rules and Procedures currently in effect and in accordance with Title 9 of the United States Code. Notice of the demand for arbitration must be filed in writing with the other Party to this Agreement and must be made within a reasonable time after the dispute has arisen. If the amount claimed to be in dispute is equal to or greater than Two Hundred Fifty Thousand Dollars ($250,000), then the arbitration will be decided by a panel of three (3) arbitrators selected under the JAMS Streamlined Arbitration Rules and Procedures. If the amount claimed to be in dispute is less than that amount, then the arbitration will be decided by one (1) arbitrator pursuant to the same rules. Arbitration will be initiated in Wilmington, DE. Said arbitration will occur within sixty (60) calendar days after the Party demanding arbitration delivers the written demand on the other Party, unless the Parties mutually agree otherwise in writing. The award rendered by the arbitrators will be final and specifically enforceable under applicable law, and judgment may be entered upon it in any court having jurisdiction thereof. No arbitration arising out of or relating to this Agreement may include, by consolidation, joinder or in any other manner, any person or entity not a party to this Agreement under which such arbitration arises. Neither Party will appeal such award nor seek review, modification, or vacation of such award in any court or regulatory agency if it is for less than $100,000.

11.10.3 The arbitrators will award to the prevailing Party, if any, as determined by the arbitrators, all of its Costs and Fees. "Costs and Fees" mean all reasonable pre-award expenses of the arbitration, including the arbitrators' fees, administrative fees, travel expenses, out-of-pocket expenses such as copying and telephone, court costs, witness fees and attorneys' fees. 

11.11     Governing Law and Jurisdiction. Where the arbitration provisions of this Agreement are inapplicable, this Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without reference to conflict of laws principles. Except for actions for injunctive relief, any legal action brought under or in conjunction with this Agreement will be brought in a federal or state court of appropriate jurisdiction in the State of Delaware and venue will be proper in that court. 

11.12     Permits, Licenses. Heartland will obtain and pay for all permits, governmental fees, and licenses necessary for the provision of the Heartland Services and System and will obtain all required inspections, authorizations and approvals prior to commencement of the Heartland Services and System.

11.13     Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed an original and all of which will constitute the same instrument.

11.14     Compliance with Applicable Laws. During the term of this Agreement, Heartland and Bancorp and each Party's respective Personnel and representatives will fully comply with all applicable laws, governmental regulations, rules, requirements, ordinances and other governing requirements of local and state authorities and the Federal government, as promulgated and amended from time to time. 

11.15     Headings. Headings of particular sections are inserted only for convenience and are not to be considered a part of this Agreement or be used to define, limit or construe the scope of any term or provision of this Agreement. Should any provision of this Agreement require interpretation, the Parties agree that the tribunal interpreting or construing the same will not apply a presumption that the terms of this Agreement will be more strictly construed against one Party than against the other.

11.16     Audit of Business Records.

11.16.1 Heartland will make and keep complete and systematic written records of all the Heartland Services and System provided and expenses and receipts therefore incurred (if applicable) and revenue/compensation earned under this Agreement. Such records will include records relevant to any costs or expenses incurred by Heartland, its Personnel and the employees or subcontractors of same, and Heartland will preserve all such records until three (3) years after work is completed hereunder. During the term of this Agreement and for three (3) years thereafter, Bancorp will have the right to inspect and copy such records during Heartland's regular business hours, and such records may be used by Bancorp, without limitation, subject to any limitations regarding Proprietary Information set forth in this Agreement, if any.

11.16.2 Bancorp will make and keep complete and systematic written records of all the Bancorp Services and System provided and expenses and receipts therefore incurred (if applicable) and revenue/compensation earned under this Agreement. Such records will include records relevant to any costs or expenses incurred by Bancorp, its Personnel and the employees or subcontractors of same, and Bancorp will preserve all such records until three (3) years after work is completed hereunder. During the term of this Agreement and for three (3) years thereafter, Heartland will have the right to inspect and copy such records during Bancorp's regular business hours, and such records may be used by Heartland, without limitation, subject to any limitations regarding Proprietary Information set forth in this Agreement, if any. 

11.17     Copies of Annual SAS-70 Type II Audit Report. Upon Bancorp's request for copies, Heartland will provide Bancorp with copies of Heartland's annual SAS 70 Type II Audit Report produced by Heartland's independent auditors once annually. 

11.18     Tax Status. Before the commencement of any Heartland Services to be provided by Heartland under this Agreement, Heartland shall have provided to Bancorp either: (a) a form W-9, in case Heartland is a domestic U.S. person or entity; or (b) a form W-8, in case Heartland is a non-resident person or entity, certifying Heartland's domestic or foreign tax status, as the case may be. 

11.19     Exhibits. The following Exhibits are attached hereto and incorporated herein by this reference:

Exhibit 1: Bancorp Obligations
Exhibit 2: Heartland Obligations
Exhibit 3: Compensation
Exhibit 4: Insurance Requirements
Exhibit 5: Heartland's Underwriting Requirement for determination of Eligible Merchants

WHEREFORE, the Parties hereto have signed this Agreement.

THE BANCORP BANK            HEARTLAND PAYMENT SYSTEMS, INC.
By: /s/ Frank Mastrangelo                        By: /s/ Conan A. Lane                                     
Print Name: Frank Mastrangelo              Print Name: Conan A. Lane                            

Title: President                                        Title: Chief of Operations                               
Date: November 24, 2009                       Date:  November 23, 2009                             

Exhibit 1

Bancorp Rights and Obligations

1.     Bancorp Services means the following:

1.1     Daily settlement of MasterCard and VISA and other card type activity with the Networks;

1.2     Daily ACH processing for settlement of daily Merchant activity;

1.3     Monthly settlement of Merchant fee income via ACH processing;

1.4     Production and distribution to Heartland of reporting to support the daily and monthly processing;

1.5     Preparation and submission of quarterly or other association reports as required by MasterCard and VISA; and

1.6     Other processing related services as agreed to between Bancorp and Heartland.

2.     Bancorp represents and warrants that it will follow the usual and customary requirements of the Program and the Network Rules, as applicable.

3.     Bancorp will establish the Settlement Account. Notice by Bancorp to an authorized officer of Heartland is required to change the Settlement Account in sufficient time as to permit systematic changes in relation to such changes.

3.1     Bancorp will post all entries to the Settlement Account on the Business Day received.

3.2     Bancorp will collect certain of Heartland Monthly Income that is deposited in the Settlement Account.

3.3     Bancorp will transfer the Heartland Monthly Income deposited in the Settlement Account to the Operating Account on the same Business Day on which Bancorp collects, from the Operating Account, Fees for the same applicable month.

3.4     Except when such failure results from inadvertent error which s immediately cured by Heartland, in addition to any other remedy provided by law or this Agreement, if Heartland fails to comply with Exhibit 2, Sections 8 and 9 on source documentation for Transaction Tickets, general record retention, or this Section 3 associated with the Settlement Account, or fails to reimburse Bancorp or any of its affiliates for any loss or damage for which Heartland has an indemnity obligation to Bancorp under the terms of this Agreement, Bancorp may, after ten (1 0) Business Days notice to Heartland, charge the Operating Account for charges or reimbursements provided for in this Agreement.

4.     Bancorp will not cause the Interchange Fees to exceed the amount as set forth in, and provided by, the applicable regulations of VISA or MasterCard which are then in effect. Except for daily discount Merchants, these Interchange Fees will be settled monthly from the Settlement Account. 

5.     To the extent doing so is possible and reasonable, given the context of the situation, Bancorp will exercise reasonable efforts to cooperate and assist Heartland in responding to and attempting to resolve claims and issues (including reducing and/or obviating any assessed fines) defined by VISA and/or MasterCard, or that may arise between VISA and MasterCard and Heartland according to the bylaws and regulations of VISA and/or MasterCard, as applicable. Within five (5) Business Days after Bancorp receives communications on chargeback handling and review fees and other similar communications on compliance matters, Bancorp will copy and forward such communications to Heartland that Bancorp receives on Heartland's behalf.

6.     Bancorp reserves the right, in its commercially reasonable discretion to (a) reject the application of any Merchant applicant who Bancorp determines, in the good faith exercise of its underwriting judgment, fails to satisfy the underwriting policies (Exhibit 5) as amended from time to time, in accordance with the terms of this Agreement, (b) terminate a Merchant Agreement (which includes removing the Merchant Account from the Bancorp BIN or ICA) with respect to any Merchant in the event that (i) there is reasonable cause to believe that the Merchant represents an unfavorable risk to Bancorp, including without limitation, an adverse change in the Merchant's financial condition, the commencement of a bankruptcy proceeding by or against the Merchant, any Network requires Bancorp to terminate the Merchant Agreement or to cease processing for such Merchant, (ii) there has occurred one or more material violations of any applicable Network Rule, (iii) there is a material risk of Losses, (iv) the Merchant has started (or plans to start) a new line of business or offer new products or services that are, in Bancorp's sole discretion, unacceptable to Bancorp, or (v) a right to terminate exists under the terms of the applicable Merchant Agreement or (c) limit the addition of new Merchants at any time and for any reason, or no reason. Subject to 6(c), Bancorp may not reject the application of any Merchant applicant or terminate the Merchant processing agreement with respect to any Merchant solely because such applicant or Merchant does not transact business within Bancorp's service territory. Bancorp agrees that as a condition to exercising its right to terminate any Merchant from the Program, Bancorp will provide Heartland notice of its intent to terminate such Merchant and Heartland shall have five (5) Business Days to deliver notice to Bancorp that it desires to consult with Bancorp regarding the intended termination. Nothing in this Section 6 will, however, operate as a limitation on Bancorp's discretion in terminating a Merchant following such notice and will not limit Bancorp's ability to suspend deposits to a Merchant's bank account if such action is deemed necessary or appropriate by Bancorp. Nothing in this Agreement or any agreement related hereto will limit or modify, in any respect, any rights and/or remedies available to Bancorp.

7.     Bancorp will **REDACTED**  

Exhibit 2

Heartland Services, Duties and Obligations

1.     Heartland shall provide Heartland Services consistent with the prevailing industry service levels of electronic transaction processors. Heartland Services include, by way of example and not limitation, the following: merchant applications, merchant investigation & underwriting, risk management, front-end and back-end processing, and the servicing of Merchant chargebacks. Without limiting the generality of the sentences above, Heartland will, at its expense, administer Merchant relationships in accordance with established risk management practices and take or cause to be taken any such additional action as may be reasonably appropriate or necessary to protect Bancorp against any loss as a result of abuse or fraud on the part of any Merchant.

2.     Heartland and Bancorp will work together on a commercially reasonable basis to determine all amounts Heartland owes to Bancorp, and Heartland agrees to make payment of such mutually agreed amounts on the Business Day following the agreement thereto. 

3.     Heartland has received, understands and agrees to comply fully with the Network Rules, including, but not limited to, rules regarding independent sales organizations and member service providers, and will provide to Bancorp any information regarding Heartland or its Merchants requested by Bancorp that is required to be provided to VISA and/or MasterCard.

4.     In addition to any other disclosures required by the Network Rules, Heartland shall include the following disclosure on all Merchant agreements, statements, and other related materials delivered to Merchants in the Program for whom processing is provided by Heartland: "Member Services Provider for The Bancorp Bank Wilmington, DE.

5.     Heartland acknowledges and agrees that VISA and MasterCard are the owners of their trademarks and service marks, that Heartland will not contest the ownership of such marks, and that VISA and MasterCard each has the right to immediately and without advance notice prohibit Heartland from performing any further service or activity in relation to use of their respective marks and the operation of their programs should Heartland be deemed by VISA or MasterCard to have violated any VISA or MasterCard bylaw or regulation relating to its performance as an independent sales organization or as a member service provider.

6.     Heartland will **REDACTED**   

7.     Merchant Relationship Requirements.

7.1     Heartland must satisfy all Bancorp requirements for Merchant participation in the Program before any Merchant may become a participant in the Program. 

7.2     Heartland will solicit applications from eligible Merchants at Heartland's expense, and will provide each applicant with application materials prepared by Heartland. Heartland will collect completed, signed application materials from applicants and will forward such application materials to Bancorp or to such other place as Bancorp may designate.

7.3     Heartland will underwrite each application to determine whether each applicant is an eligible Merchant under the underwriting requirements, attached as Exhibit 5, and if such applicant is an eligible Merchant, such applicant may then be added as an approved Merchant to the Program and commence processing. Bancorp has the authority to also review the applications, and in such a 

circumstance, Heartland will promptly terminate and remove from the Program any applicant that is rejected by Bancorp, in accordance with Exhibit 1 to this Agreement. Bancorp may obtain credit reports and such other information, as it deems necessary or appropriate to review and underwrite all completed application materials in accordance with Bancorp's Merchant processing policy. Heartland will monitor online any other activity reports on a timely and regular basis for suspicious Merchant deposit activity, following Heartland's security guidelines. At Heartland's discretion, Bancorp will be notified when activity appears to be fraudulent and loss appears imminent.

7.4     Heartland will exercise commercially reasonable efforts to monitor Merchants to ensure that Merchants are compliant with the Networks bylaws, rules and regulations of any applicable Card Association, including the Payment Card Industry Data Security Standards, and any other applicable laws, rules and regulations. "Payment Card Industry Data Security Standards" shall mean the then-effective security guidelines developed by the payment card industry to ensure the proper handling and protection of cardholder account and transaction information as such guidelines are published by a Network and as officially amended and so published from time to time.

7.5     Heartland will take all necessary actions subject to Heartland's control, authority or related contractual relationships, to ensure that all related services to the Merchants are provided and to avoid any unnecessary disruption in the Merchants' business operations, including, without limitation, payment of all material and undisputed amounts owed by Heartland to third party vendors and processors and Bancorp.

8.     Heartland shall provide to Bancorp certain data input including, without limitation, electronic files, daily reports, System access credentials and other electronic or written information as may reasonably be required by Bancorp to perform its obligations under the terms of this Agreement or Network Rules. Heartland is responsible for the quality and accuracy of all data input to Bancorp or Networks and will implement appropriate procedures and take all necessary action to insure that such data is input in the proper sequence and format as specified by Bancorp or Networks. Any data submitted by Heartland to Bancorp or Networks for processing which is incorrect will be corrected by Heartland at its expense.

9.     Record Retention.

9.1     Pursuant to applicable federal and state laws, Heartland will require Merchants to retain drafts and other evidences of cardholder transactions for timeframes as required by VISA, MasterCard or federal government agency regulations after the respective transaction. In addition, Heartland will communicate to Merchants the importance of providing drafts and other evidences of cardholder transactions. Heartland will also assist the Merchant in directing such documentation to the appropriate area within Bancorp as indicated to Heartland by Bancorp. 

9.2     Heartland will retain evidence of Merchant statements and supporting items relating to the Program for timeframes as required by VISA, MasterCard, or federal government agency regulations.

10.     Should Heartland negotiate the transfer of Merchant Accounts or Merchant Agreements or BINs or ICAs from Heartland Bank to a successor bank, Heartland agrees to provide to Bancorp, for a period of five (5) Business Days, a right of first offer to act as such successor bank upon terms and conditions acceptable to Heartland in its sole discretion.

Exhibit 3

Compensation

		
	1.
	**REDACTED**  Fees

Heartland will **REDACTED**. 

Heartland will **REDACTED**. 

		
	2.
	**REDACTED**   Fees

Heartland will **REDACTED**. 

		
	3.
	**REDACTED**   Fees

Heartland will **REDACTED**.

		
	4.
	**REDACTED**  Fees

Heartland will **REDACTED**.

		
	5.
	**REDACTED**  Fees

Heartland will **REDACTED**.

Exhibit 4

Insurance Requirements for Heartland

Workers' Compensation:

(A)    Workers' Compensation:                                                                                  Statutory
(B)    Employer's Liability:
(1) Bodily Injury by Accident, for Each Accident:                                        $1,000,000
(2) Bodily Injury for Each Employee by Disease:                                         $1,000,000
(3) Policy Limit for Bodily Injury by Disease:                $1,000,000

Commercial General Liability:

Written on a per occurrence basis to include coverage for: Broad Form Property Damage; Bodily Injury; Personal Injury; Blanket Contractual Liability; Products/Completed Operations.
(A)    Combined Single Limit per Occurrence:                     $1,000,000
(B)    General Aggregate:                                 $2,000,000
(C)    Fire Legal Liability per Occurrence:                           $300,000
(D)     Medical Expense per Person per Occurrence:                     $10,000

Subsidiaries, affiliate companies, its officers, directors and Personnel will be listed as additional insureds. Heartland's policy will be primary and non-contributory.

Automotive Liability:

Such policy will include coverage for all vehicles owned, hired, non-hired, non-owned and borrowed by Heartland in the performance of the Heartland Services covered by this Agreement.
Combined Single Limit:                                 $1,000,000

Umbrella Liability:

Combined Single Limit:                                 $35,000,000

Subsidiaries, affiliate companies, its officers, directors and Personnel will be listed as additional insureds.

Errors & Omissions Liability (Professional Liability):

Such policy will include coverage for actual or alleged breach of duty, act, error, omission, misstatement, misleading statement or neglect in the rendering of or failure to render the Services under this Agreement.
Combined Single Limit:                                 $30,000,000

Fidelity Bond (Crime Insurance):

Including blanket employee dishonesty:                          $5,000,000

Cyber/Privacy Liability:                                       $30,000,000

Such policy will include coverage for first and third party legal liability as a result of a physical privacy breach or breach of privacy regulations, as well as damages and claims for expenses arising out of computer attacks caused by security failures.

Exhibit 5

Heartland's Underwriting Requirements for Determination of Eligible Merchants

[intentionally left blank]

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